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VICTOR, N.Y.--(BUSINESS WIRE)--Broadstone Net Lease, Inc. (NYSE: BNL), (“BNL”), today announced the pricing of an underwritten public offering of 11,000,000 shares of its common stock, at a price to the public of $20.50 per share, less underwriting discounts and commissions, in connection with the forward sale agreements described below. The underwriters also have been granted a 30-day option to purchase up to an additional 1,650,000 shares of common stock at the public offering price, less underwriting discounts and commissions. The closing of the offering is expected to occur on August 10, 2026, subject to the satisfaction of customary closing conditions.

Morgan Stanley and J.P. Morgan are acting as joint book-running managers of the offering. BMO Capital Markets, KeyBanc Capital Markets, Truist Securities, BTIG, Capital One Securities, M&T Securities and Regions Securities LLC are acting as bookrunners for the offering. Huntington Capital Markets and Ramirez & Co., Inc. are acting as co-managers for the offering.

BNL has entered into forward sale agreements with each of Morgan Stanley & Co. LLC and JPMorgan Chase Bank, National Association or their affiliates (the “forward purchasers”). In connection with the forward sale agreements, the forward purchasers or their affiliates are expected to borrow and sell to the underwriters an aggregate of 11,000,000 shares of common stock that will be delivered in this offering (or an aggregate of 12,650,000 shares of common stock if the underwriters exercise their option to purchase additional shares in full). Subject to its right to elect cash or net share settlement, which right is subject to certain conditions, BNL intends to deliver, upon physical settlement of such forward sale agreements on one or more dates specified by BNL occurring no later than September 30, 2027, an aggregate of 11,000,000 shares of common stock (or an aggregate of 12,650,000 shares of common stock if the underwriters exercise their option to purchase additional shares in full) to the forward purchasers in exchange for cash proceeds per share equal to the applicable forward sale price, which will be the public offering price, less underwriting discounts and commissions, and will be subject to certain adjustments as provided in the forward sale agreements.

BNL will not initially receive any proceeds from the sale of shares of common stock by the forward purchasers and their affiliates in the offering. BNL intends to contribute the net proceeds, if any, it receives upon the future settlement of the forward sale agreements to its operating company (the “OP”). The OP intends to subsequently use such net proceeds to fund potential investment activity, to repay amounts outstanding from time to time under its unsecured revolving credit facility and other indebtedness, and for other general corporate and working capital purposes.

A shelf registration statement (including a prospectus) relating to these securities was filed on May 3, 2024 with the Securities and Exchange Commission (the “SEC”) and automatically became effective upon filing. The offering will be made only by means of a prospectus supplement and an accompanying prospectus. Copies of these documents are available at no charge on the SEC’s website at www.sec.gov. Alternatively, copies of the prospectus supplement and the accompanying prospectus may be obtained, when available, from: Morgan Stanley & Co. LLC, Attention: Prospectus Department, 180 Varick Street, 2nd floor, New York, NY 10014; and J.P. Morgan Securities LLC, Attention: Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, telephone: 1-866-803-9204 or email: [email protected].

The offering of these securities is being made only by means of a prospectus supplement and an accompanying prospectus. This press release shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state or jurisdiction.

About Broadstone Net Lease, Inc.

BNL is an industrial-focused, diversified net lease REIT that invests in primarily single-tenant commercial real estate properties that are net leased on a long-term basis to a diversified group of tenants. Utilizing an investment strategy underpinned by strong fundamental credit analysis and prudent real estate underwriting, as of June 30, 2026, BNL’s diversified portfolio consisted of 766 individual net leased commercial properties with 759 properties located in 44 U.S. states and seven properties located in four Canadian provinces across the industrial, retail, and other property types.

Forward-Looking Statements

This press release contains “forward-looking” statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, regarding, among other things, our public offering and our plans, strategies, and prospects, both business and financial. Such forward-looking statements can generally be identified by our use of forward-looking terminology such as “outlook,” “potential,” “may,” “will,” “should,” “could,” “seeks,” “approximately,” “projects,” “predicts,” “expect,” “intends,” “anticipates,” “estimates,” “plans,” “would be,” “believes,” “continues,” or the negative version of these words or other comparable words. Forward-looking statements involve known and unknown risks and uncertainties, which may cause BNL’s actual future results to differ materially from expected results, including, without limitation, risks and uncertainties related to general economic conditions, including but not limited to increases in the rate of inflation and/or fluctuation of interest rates, local real estate conditions, tenant financial health, property investments and acquisitions, and the timing and uncertainty of completing these property investments and acquisitions, and uncertainties regarding future distributions to our stockholders. These and other risks, assumptions, and uncertainties are described in Item 1A “Risk Factors” of the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2025, filed with the SEC on February 19, 2026 which you are encouraged to read, and is available on the SEC’s website at www.sec.gov. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those indicated or anticipated by such forward-looking statements. Accordingly, you are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date they are made. The Company assumes no obligation to, and does not currently intend to, update any forward-looking statements after the date of this press release, whether as a result of new information, future events, changes in assumptions, or otherwise.

More News From Broadstone Net Lease, Inc.

Broadstone Net Lease, Inc. (BNL - Free Report) came out with quarterly funds from operations (FFO) of $0.39 per share, beating the Zacks Consensus Estimate of $0.38 per share. This compares to FFO of $0.38 per share a year ago. These figures are adjusted for non-recurring items.

This quarterly report represents an FFO surprise of +2.63%. A quarter ago, it was expected that this company would post FFO of $0.38 per share when it actually produced FFO of $0.38, delivering no surprise.

Over the last four quarters, the company has surpassed consensus FFO estimates two times.

Broadstone Net Lease, which belongs to the Zacks REIT and Equity Trust - Residential industry, posted revenues of $122.31 million for the quarter ended June 2026, missing the Zacks Consensus Estimate by 0.59%. This compares to year-ago revenues of $112.99 million. The company has topped consensus revenue estimates three times over the last four quarters.

The sustainability of the stock's immediate price movement based on the recently-released numbers and future FFO expectations will mostly depend on management's commentary on the earnings call.

Broadstone Net Lease shares have added about 29% since the beginning of the year versus the S&P 500's gain of 8.5%.

What's Next for Broadstone Net Lease?While Broadstone Net Lease has outperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock?

There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's FFO outlook. Not only does this include current consensus FFO expectations for the coming quarter(s), but also how these expectations have changed lately.

Empirical research shows a strong correlation between near-term stock movements and trends in estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of estimate revisions.

Ahead of this earnings release, the estimate revisions trend for Broadstone Net Lease was favorable. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #2 (Buy) for the stock. So, the shares are expected to outperform the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.

It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus FFO estimate is $0.39 on $126.24 million in revenues for the coming quarter and $1.57 on $501.42 million in revenues for the current fiscal year.

Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, REIT and Equity Trust - Residential is currently in the top 28% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.

One other stock from the same industry, Centerspace (CSR - Free Report) , is yet to report results for the quarter ended June 2026. The results are expected to be released on August 3.

This real estate investment trust is expected to post quarterly earnings of $1.22 per share in its upcoming report, which represents a year-over-year change of -4.7%. The consensus EPS estimate for the quarter has been revised 2.1% higher over the last 30 days to the current level.

Centerspace's revenues are expected to be $67.6 million, down 1.4% from the year-ago quarter.