Broadstone Net Lease is a publicly traded real estate investment trust (NYSE: BNL) formed in 2007 and headquartered in the Rochester, New York metro (Victor, NY), with an additional office in Phoenix. The company internalized management in 2020 and today operates as an internally managed, industrial-focused net-lease REIT. BNL invests primarily in single-tenant commercial properties on long-term, triple-net leases and emphasizes diversification by tenant, industry, and geography. The portfolio has evolved toward an industrial bias through capital recycling, build-to-suit development and accretive acquisitions, while maintaining selective exposure to retail and a small “other” bucket. As of the latest quarter, the portfolio was 99% leased with a weighted-average lease term of roughly 9–10 years and weighted-average annual rent escalations of ~2%. Growth is driven by four “building blocks”: in-place escalations and stable collections, revenue-generating capex with existing tenants, a multi-year build-to-suit pipeline, and disciplined acquisitions. Top markets exposure is broad across 44 U.S. states and four Canadian provinces; Texas is the single largest state at ~9–10% of annualized base rent. The top-10 states, collectively, account for a little over half of annualized base rent, with remaining exposure spread across dozens of states. Tenant concentration is intentionally constrained: the top tenant contributes roughly 4% of annualized base rent and the top-10 tenants about 22%. Notable names include Roskam Foods, United Natural Foods (UNFI) and AHF Products, reflecting BNL’s preference for mission-critical industrial and daily-needs retail.