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Midas Edge

Broadstone Net Lease, Inc.

For the period ended Dec 31, 2025. Filed Feb 19, 2026.

View on SEC.gov

About this filing

A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.

FY2025 · Filed Feb 19, 2026

BNL$17.69-0.9%Stored close · as of Nov 11, 2026

Extracted filing text, with the paragraph anchors used by the comparison.

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Contents

Schedule III – Real Estate Assets and Accumulated Depreciation

Checking your notes…

As of December 31, 2025

(in thousands)

Initial Costs toCompany(a) · Costs CapitalizedSubsequentto Acquisition · Gross Amount at Which Carried atClose of Period · Life onWhichDepreciationis Computed(Years)
Property Type · Encumbrance · Land · Buildings andImprovements · Land · Improvements · Land · Buildings andImprovements · Total(b) · AccumulatedDepreciation · Date ofConstruction · DateAcquired
Industrial
Manufacturing$—$134,349$804,315$—$14,927$134,349$819,242$953,591$130,1281932-20252011-202515-39
Distribution & Warehouse—125,241934,8744,51034,436129,751969,3101,099,061118,4701929-20212012-202515-39
Food Processing—56,053592,428—57,43256,053649,860705,91385,3341907-20222012-202515-39
Flex and R&D41,39351,864169,942—2,58451,864172,526224,39043,0281973-20182013-201915-39
Cold Storage—12,599143,601—6812,599143,669156,26827,4701933-20172017-20187-39
Services—61,10979,936—3,68061,10983,616144,72515,3661960-20222011-202415-39
In-Process Development——252,532———252,532252,532—
Retail
General Merchandise15,324107,960439,711—2,560107,960442,271550,23150,2191984-20252016-202515-39
Casual Dining—78,185255,422—1278,185255,434333,61958,1791972-20142011-202415-39
Quick Service Restaurants—57,346238,2201972,70557,543240,925298,46868,1621965-20252009-202515-39
Automotive—32,424113,350—7432,424113,424145,84828,6401909-20212014-20247-39
Animal Services—15,943111,107—2,92015,943114,027129,97023,9651954-20172015-202115-39
Home Furnishings—3,62590,644—9813,62591,62595,25022,0971974-20142017-201815-39
Healthcare Services—11,16262,332—25011,16262,58273,74413,8521965-20202009-202115-39
Education—3,84131,105—1653,84131,27035,1115,2051996-20222017-202215-39
Untenanted—4992,401——4992,4012,900192022202315-39
In-Process Development——11,124———11,12411,124—
Other
Office—18,147191,380—22,18518,147213,565231,71258,5581975-20122012-20227-39
Clinical & Surgical—5,822101,0152411756,063101,190107,25323,8971970-20182012-202215-39
Development & Acquisitions in Process (c)——2,483———2,4832,483—
Total (d)$56,717$776,169$4,627,922$4,948$145,154$781,117$4,773,076$5,554,193$772,589

(a)The initial cost to the Company represents the original purchase price of the property (see Note 3).

(b)The aggregate cost of real estate owned as of December 31, 2025 for U.S. federal income tax purposes was approximately $5.5 billion.

(c)Acquisition costs in progress represents costs incurred during the year ended December 31, 2025 related to asset acquisitions expected to close during the year ending December 31, 2026.

(d)This schedule excludes properties subject to leases that are classified as direct financing leases, sales-type leases, as well as the value of right-of-use assets recorded on certain of the properties where the Company is lessee under a ground lease.

For the Year Ended December 31,
Change in Total Real Estate Assets202520242023
Balance, beginning of period$4,986,116$4,983,660$5,008,230
Acquisitions, developments, and improvements723,840392,793167,089
Dispositions(118,048)(358,944)(154,907)
Impairment(37,715)(31,393)(36,752)
Balance, end of period$5,554,193$4,986,116$4,983,660
For the Year Ended December 31,
Change in Accumulated Depreciation202520242023
Balance, beginning of period$672,478$626,597$533,965
Acquisitions and building improvements128,745122,949122,778
Dispositions(17,319)(70,114)(24,547)
Impairment(11,315)(6,954)(5,599)
Balance, end of period$772,589$672,478$626,597
ContentsView on SEC.gov

The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.