Broadstone Net Lease (BNL) is an industrial-focused net lease REIT that owns 771 single-tenant commercial properties totaling ~41.6M rentable square feet across 44 U.S. states and four Canadian provinces. The portfolio is roughly 62% industrial and 30% retail by annualized base rent (ABR), with industrial exposure concentrated in distribution and warehouse, manufacturing, and food processing. BNL leases these properties on a long-term net lease basis, meaning tenants cover property taxes, insurance, and maintenance, allowing rental income to flow through with minimal property-level costs. BNL targets properties that are mission-critical to tenant operations, which underpins its near-perfect occupancy and rent collection. About 98% of leases include contractual rent escalators averaging 2.1% annually, providing steady organic growth. BNL grows its portfolio through three channels: stabilized acquisitions, build-to-suit developments, and transitional preferred equity investments. BNL argues that its build-to-suit program is a key differentiator — BNL funds new tenant-specific facilities, signs long-term leases before construction begins, and targets higher yields and longer lease terms than the stabilized acquisition market offers. BNL targets a rolling $350M–$500M of committed build-to-suit projects at any time, providing multi-year forward ABR visibility. BNL's transitional capital includes a ~$100M preferred equity investment in a large industrial site in Northeastern Pennsylvania that management is evaluating for potential hyperscale data center development.