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Broadstone Net Lease: A Spread Worth Considering

Broadstone Net Lease (NYSE:BNL) is an internally managed REIT that owns single-tenant properties net leased to a diversified group of tenants. As of June 30th 2023, the company owned 801 properties, 794 of which are located across 44 U.S. states and the remaining seven in Canada. 51.6% of their annual base rent (ABR) comes from industrial properties with meaningful concentrations in manufacturing, distribution and warehousing. The next largest segment is healthcare related properties with 17.5% of ABR. 13.5% of ABR come from quick service restaurants and casual dining establishments. 11.6% from retail with the remaining 5.8% coming from office properties. In terms of tenant diversity, BNL has 221 distinct tenants that operate 209 brands across 54 different ...

seekingalpha.com     Sep 21, 2023