HIGHBuilt-inProperty_type
61.9%
industrial properties
“10-K Item 1A: 'approximately 61.9% of our ABR came from industrial properties and 30.1% from retail properties'”
BNL · Concentration risk · 10-K extracted
Broadstone Net Lease (BNL) concentration risks
Updated
The most significant concentration Broadstone Net Lease discloses is industrial properties at 61.9%, classified HIGH by disclosed size. Below: the full set from the latest 10-K — verbatim quotes, filing references, and a synthesis of what these exposures mean together.
Model-generated analysis — not investment advice. Not a registered investment advisor. Past performance does not guarantee future results.
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Source: Broadstone Net Lease’s SEC Form 10-K filed — view the filing on SEC EDGAR ↗
At a glance
Disclosed-size breakdown · 4 disclosed concentrations
HIGH1
MEDIUM2
LOW1
Disclosed concentrations
Each card carries a disclosed-size chip (HIGH / MEDIUM / LOW — how large the exposure is as a share of revenue, not how dangerous it is) and a nature tag: Built-in(the company’s own model, geography, or products) or Outside party (an external customer, supplier, or distributor it relies on).
MEDIUMBuilt-inGeographic
35.4%
top five states
“10-K Item 1A: 'approximately 35.4% of our ABR came from properties in our top five states: Texas (10.2%), Michigan (8.6%), Florida (5.9%), Illinois (5.4%), and California (5.3%)'”
MEDIUMBuilt-inProperty_type
30.1%
retail properties
“10-K Item 1A: 'approximately 61.9% of our ABR came from industrial properties and 30.1% from retail properties'”
LOWOutside partyTenant
21.1%
top 10 tenants
“10-K Item 1A: 'our top 10 tenants together represented 21.1% of our ABR'”
TrendMatrix Research · concentration synthesis
What these concentrations mean together
updated 2026-06-24The company's concentration profile spans property-type, geographic, and tenant dimensions, with varying disclosed sizes across each axis. The largest disclosed exposure is a property-type tilt: industrial properties contributed approximately 61.9% of annualized base rent, a high-share structural concentration reflecting a deliberate portfolio composition weighted toward industrial real estate. Retail properties added approximately 30.1% of annualized base rent, a moderate structural complement. Together these two categories account for the vast majority of the income stream, and both reflect the intentional strategy of the portfolio rather than idiosyncratic counterparty risk. Geographic dispersion provides modest offset: the top five states — Texas at 10.2%, Michigan at 8.6%, Florida at 5.9%, Illinois at 5.4%, and California at 5.3% — contributed approximately 35.4% of annualized base rent collectively. While this is a moderate share, no single state dominates, limiting the tail risk from any one regional economic downturn. Tenant concentration is limited by disclosed size: the top ten tenants together represented 21.1% of annualized base rent, a small share that points to meaningful name-level diversification within the portfolio. On balance, the disclosed profile is anchored by the property-type tilt toward industrials — a structural feature that is well-understood and deliberate — rather than by tenant or geographic dependencies that could shift abruptly.
For the engine’s reasoning on BNL’s current verdict — including which dimensions drove the score — see the per-dimension breakdown.
Industry peers · REIT - Diversified
Peer concentration profile
| Symbol | Name | HIGH | MEDIUM | LOW | Total |
|---|---|---|---|---|---|
| GNL | Global Net Lease, Inc. | 1 | 3 | 1 | 5 |
| VICI | VICI Properties Inc. | 1 | 3 | 0 | 4 |
| BNL● | Broadstone Net Lease, Inc. | 1 | 2 | 1 | 4 |
| ESRT | Empire State Realty Trust, Inc. | 1 | 1 | 2 | 4 |
| WPC | W. P. Carey Inc. REIT | 1 | 1 | 0 | 2 |
Concentration counts reflect items disclosed in each peer’s most recent 10-K; disclosed-size classification uses TrendMatrix’s internal 10-K extraction taxonomy.