as of 11-02-2026 3:51pm EST
Broadstone Net Lease Inc is an internally managed real estate investment trust that invests in, owns, and manages single-tenant commercial real estate properties that are net leased on a long-term basis to a diversified group of tenants. The company has selectively invested in net leased assets in the industrial, healthcare, restaurant, retail, and office property types. The company focuses on investing in real estate that is operated by creditworthy single tenants in industries characterized by positive business drivers and trends. The company targets properties that are an integral part of the tenants' businesses and are therefore opportunities to secure long-term net leases.
| Founded: | 2007 | Country: | United States |
| Employees: | N/A | City: | VICTOR |
| Market Cap: | 3.7B | IPO Year: | 2008 |
| Target Price: | $22.50 | AVG Volume (30 days): | 2.8M |
| Analyst Decision: | Buy | Number of Analysts: | 11 |
| Dividend Yield: | Dividend Payout Frequency: | quarterly | |
| EPS: | 0.58 | EPS Growth: | -41.86 |
| 52 Week Low/High: | $16.70 - $23.10 | Next Earning Date: | 10-28-2026 |
| Revenue: | $454,138,000 | Revenue Growth: | 5.17% |
| Revenue Growth (this year): | 8.96% | Revenue Growth (next year): | 9.71% |
| P/E Ratio: | 29.48 | Index: | |
| Free Cash Flow: | 269.8M | FCF Growth: | N/A |
Director
Avg Cost/Share
$21.10
Shares
5,000
Total Value
$105,500.00
Owned After
31,250
SEC Form 4
Director
Avg Cost/Share
$21.22
Shares
5,000
Total Value
$106,100.00
Owned After
31,250
SEC Form 4
| Insider | Ticker | Relationship | Date | Transaction | Avg Cost | Shares | Total Value | Owned After | SEC Forms |
|---|---|---|---|---|---|---|---|---|---|
| Imperiale Richard P | BNL | Director | Aug 21, 2026 | Buy | $21.10 | 5,000 | $105,500.00 | 31,250 | |
| Imperiale Richard P | BNL | Director | Aug 20, 2026 | Buy | $21.22 | 5,000 | $106,100.00 | 31,250 |
SEC 8-K filings with transcript text
Oct 28, 2026 · 100% conf.
1D
+0.71%
$16.85
Act: +3.20%
5D
+2.16%
$17.10
20D
+3.91%
$17.39
2 bnl-20260930xexx991.htm
Document
For Immediate Release
October 28, 2026
Company Contact:
Brent Maedl
Director, Corporate Finance & Business Analytics
brent.maedl@broadstone.com
585.382.8507
Broadstone Net Lease Announces Third Quarter 2026 Results
VICTOR, N.Y. – Broadstone Net Lease, Inc. (NYSE: BNL) (“BNL”, the “Company”, “we”, “our”, or “us”), today announced its operating results for the quarter ended September 30, 2026.
“We delivered a strong third quarter, generating AFFO growth of 5.4% year-over-year, as our portfolio continued to perform well and our pipeline matured as expected,” said John Moragne, BNL’s Chief Executive Officer. “During the quarter, we were thrilled to return to the public equity markets and complete our $259 million public equity offering - a milestone we are proud of after four years away. Combined with a committed build-to-suit pipeline of $456 million as of today, we have our capital already at work and our path forward clearly defined. With a strengthened balance sheet and the continued confidence of our tenant and developer partners, we believe we remain on track to deliver on our full-year guidance and are energized by what lies ahead.”
•Generated net income of $28.1 million, or $0.14 per diluted share, consistent with the same period in the prior year.
•Generated AFFO of $77.8 million, or $0.39 per diluted share, representing a 5.4% increase compared to the previous year.
•Achieved same store rental revenue growth of 0.7% compared to the same period in the previous year, driven by strong contractual rent increases and leasing activity in prior periods.
•Incurred $10.8 million of general and administrative expenses. Incurred core general and administrative expenses of $7.4 million, which primarily excludes stock-based compensation and severance.
•As of the date of this release, we collected 99.9% of base rents due for the quarter for all properties under lease.
•Invested $236.6 million, including $63.8 million in new property acquisitions, $137.1 million in build-to-suit developments, $35.1 million in transitional capital, and $0.6 million in redevelopments. The completed acquisition had an initial cash capitalization rate, lease term, and annual rent increase of 7.7%, 15.0 years, and 2.0%, respectively, resulting in a straight-line yield of 8.8%.
•Started three build-to-suit developments totaling $325.8 million in estimated total project investments, with a weighted average initial cap rate of 8.4%, and straight-line yield of 11.3% with rent commencement expected in March and June of 2027. For additional information, please reference the Real Estate Portfolio and Investment Update section below.
•During the third quarter, we stabilized six build-to-suit developments totaling $95.3 million of estimated total project investment at a weighted average cash capitalization rate of 7.3%. For additional information, please reference the Real Estate Portfolio and Investment Update section below.
•Sold three properties for gross proceeds of $12.5 million at a capitalization rate of 6.6% on tenanted properties.
•Subsequent to quarter-end, we invested $12.2 million in connection with our in-process build-to-suit investments. As of the date of this release, we have a total of approximately $337.6 million in remaining estimated investments for build-to-suit developments to be funded through the fourth quarter of 2027.
•In August 2026, we completed a public offering to sell an aggregate of 12,650,000 shares of common stock at a price of $20.50 per share for estimated gross proceeds of approximately $259.3 million, in connection with forward sale agreements. We expect to settle the common equity offering program by the September 2027 maturity date.
•During the third quarter, we sold, on a forward basis, 1.8 million shares of our common stock at a weighted average gross price per share of $21.43 for estimated gross proceeds of approximately $38.9 million under our at-the-market common equity offering (“ATM Program”), none of which has settled. Inclusive of the forward equity offering, the total outstanding expected net proceeds from forward sale agreements, if settled as of September 30, 2026, are approximately $409.3 million.
•During the third quarter, we entered into a new $300 million senior unsecured delayed-draw term loan with an initial maturity date of January 30, 2030. Please reference the Balance Sheet Capital Markets Activities section below for additional details.
•As of September 30, 2026, the treasury stock method resulted in a diluted share impact from our outstanding forward sale agreements of approximately 945,000 shares given current forward sale prices relative to market pricing during the quarter; as these agreements are settled, their full share count will be reflected in our diluted w
Jul 29, 2026 · 28% conf.
1D
+0.46%
$22.25
Act: -2.93%
5D
+1.38%
$22.46
20D
+2.50%
$22.70
2 bnl-20260630xexx991.htm
Document
For Immediate Release
July 29, 2026
Company Contact:
Brent Maedl
Director, Corporate Finance & Investor Relations
brent.maedl@broadstone.com
585.382.8507
Broadstone Net Lease Announces Second Quarter 2026 Results
VICTOR, N.Y. – Broadstone Net Lease, Inc. (NYSE: BNL) (“BNL”, the “Company”, “we”, “our”, or “us”), today announced its operating results for the quarter ended June 30, 2026.
“Our second quarter results underscore the earnings power of our portfolio and the continued strength of our investment activity," said John Moragne, BNL’s Chief Executive Officer. "The highlight of the quarter, and arguably of our history as a public company, was the announcement of our $303 million build-to-suit development for a Fortune 20 Investment-Grade Company, a transaction that validates everything we have been building toward and demonstrates what is possible when you combine our differentiated strategy with the execution capabilities of our team and the depth of our developer relationships. With 2.1% in-place rent increases across the portfolio, a committed build-to-suit pipeline of $645 million, and sound balance sheet management, we have the visibility and confidence to raise the midpoint of our full-year AFFO per share guidance range to $1.56, and we enter the back half of 2026 with real conviction in what lies ahead."
•Generated net income of $40.3 million, or $0.21 per diluted share, representing a 110.0% increase compared to the same period in the prior year.
•Generated AFFO of $78.2 million, or $0.39 per diluted share, representing a 2.6% increase compared to the previous year.
•Achieved same store rental revenue growth of 2.2% compared to the same period in the previous year, driven by strong contractual rent increases and leasing activity in prior periods.
•Incurred $11.9 million of general and administrative expenses. Incurred core general and administrative expenses of $7.3 million, which primarily excludes stock-based compensation and non-capitalized transaction costs.
•Collected 99.9% of base rents due for the quarter for all properties under lease.
•During the second quarter, invested $91.5 million, including $77.3 million in build-to-suit developments, $13.5 million in transitional capital, and $0.7 million in revenue generating capital expenditures and redevelopments.
•During the second quarter, we started two build-to-suit developments totaling $70.8 million in estimated total project costs, with a weighted average initial cap rate of 6.7%, and straight-line yield of 8.1% with rent commencement expected in October and November of 2027. Subsequent to quarter-end and as previously announced, we started a $303 million build-to-suit with a Fortune 20 Investment Grade tenant. For additional information, please reference the Real Estate Portfolio and Investment Update section below.
•Subsequent to quarter-end, we invested $97.8 million in connection with our in-process build-to-suit investments. As of the date of this release, we have a total of approximately $149.3 million in remaining estimated investments for build-to-suit developments to be funded through the fourth quarter of 2026.
•During the second quarter, we sold nine properties for gross proceeds of $62.0 million at a capitalization rate of 6.4% on tenanted properties. Subsequent to quarter-end, we sold two properties for gross proceeds of $4.2 million, bringing our year-to-date total to 12 properties for gross proceeds of $78.3 million at capitalization rate of 6.2%.
•During the second quarter of 2026, we sold, on a forward basis, 2.2 million shares of our common stock at a weighted average gross price per share of $20.77 for estimated gross proceeds of approximately $45.5 million under our at-the-market common equity offering (“ATM Program”), none of which has settled.
•Subsequent to quarter-end, we entered into a new $300 million senior unsecured delayed-draw term loan maturing January 30, 2030, and amended the pricing grids on the Company’s existing term loans and revolving credit facility to reduce the applicable margin by 5 basis points. Please reference the Balance Sheet Capital Markets Activities section below for additional details.
•Declared a quarterly dividend of $0.2925 per share which is unchanged.
For the Three Months EndedFor the Six Months Ended
(in thousands, except per share data)June 30, 2026March 31, 2026June 30, 2025June 30, 2026June 30, 2025
Revenues$122,309 $121,401 $112,986 $243,710 $221,677
Net income, including non-controlling interests$40,255 $46,392 $19,830 $86,647 $37,323
Net earnings per share – diluted$0.21 $0.24 $0.10 $0.45 $0.19
FFO per share$0.40 $0.40 $0.37 $0.80 $0.74
Core FFO$78,528 $79,251 $77,150 $157,779 $1
Apr 29, 2026 · 100% conf.
1D
-2.40%
$19.45
Act: -0.65%
5D
-2.55%
$19.42
Act: -0.25%
20D
-0.96%
$19.74
Act: +2.06%
2 bnl-20260331xexx991.htm
Document
For Immediate Release
April 29, 2026
Company Contact:
Brent Maedl
Director, Corporate Finance & Investor Relations
brent.maedl@broadstone.com
585.382.8507
Broadstone Net Lease Announces First Quarter 2026 Results and Adds $30 million to its Committed Pipeline of Build-to-Suit Developments
VICTOR, N.Y. – Broadstone Net Lease, Inc. (NYSE: BNL) (“BNL”, the “Company”, “we”, “our”, or “us”), today announced its operating results for the year and quarter ended March 31, 2026.
“We are off to a great start for the year, delivering 5.6% year-over-year AFFO growth during the quarter," said John Moragne, BNL's Chief Executive Officer. "We strengthened our committed build-to-suit pipeline, invested over $60 million in high yielding stabilized acquisitions, and realized no lost rent, highlighting another quarter of diligent execution across the organization. We remain focused on adding to our growing pipeline of build-to-suits and driving long-term sustainable shareholder value."
•Generated net income of $46.4 million, or $0.24 per diluted share.
•Generated AFFO of $76.9 million, or $0.38 per diluted share, representing a 5.6% increase compared to the previous year.
•Achieved same store rental revenue growth of 2.8% compared to the previous year, driven by strong contractual rent increases and leasing activity in prior periods.
•Incurred $10.3 million of general and administrative expenses, representing a 7.0% increase compared to the same period in the prior year. Incurred core general and administrative expenses of $7.8 million, which excludes $2.5 million of stock-based compensation, representing a 5.4% increase compared to the same period in the prior year.
•Collected 100.0% of base rents due for the quarter for all properties under lease.
•During the quarter, following the previously announced assumption by Gardner White of all six former American Signature sites, we entered into a new 10-year master lease covering all six locations.
•During the first quarter, invested $171.9 million, including $61.2 million in new property acquisitions, $99.4 million in build-to-suit developments, including $21.4 million for two new build-to-suit developments started during the quarter, $10.4 million in transitional capital, and $0.9 million revenue generating capital expenditures. The completed acquisition and revenue generating capital expenditures had a weighted average initial cash capitalization rate, lease term, and annual rent increase of 9.0%, 4.1 years, and 0.8%, respectively, and the completed acquisition had a weighted average straight-line yield of 9.4%. For additional information, please reference the Real Estate Portfolio and Investment Update section below.
•As of the date of this release, we have a total of approximately $179.8 million in remaining estimated investments for build-to-suit developments to be funded through the fourth quarter of 2026. Additionally, we have $5.4 million of commitments to fund revenue generating capital expenditures with existing tenants.
•During the first quarter, we sold one property for gross proceeds of $12.1 million at a capitalization rate of 5.6%. Subsequent to quarter-end, we sold three properties for gross proceeds of $54.8 million.
•During the first quarter of 2026, we sold, on a forward basis, 3,718,219 shares of our common stock at a weighted average gross price per share of $19.13 for estimated gross proceeds of approximately $71.1 million under our at-the-market common equity offering (“ATM Program”), none of which has settled. These sales may be settled, at our discretion, at any time prior to December 2026. After considering the shares sold subject to forward sale agreements we have $281.0 million of capacity remaining under the ATM Program as of March 31, 2026.
•Declared a quarterly dividend of $0.2925 per share.
For the Three Months Ended
(in thousands, except per share data)March 31, 2026December 31, 2025March 31, 2025
Revenues$121,401 $118,295 $108,690
Net income, including non-controlling interests$46,392 $35,028 $17,493
Net earnings per share – diluted$0.24 $0.17 $0.09
FFO per share$0.40 $0.37 $0.37
Core FFO$79,251 $77,699 $75,280
Core FFO per share$0.40 $0.39 $0.38
AFFO per share$0.38 $0.38 $0.36
Diluted Weighted Average Shares Outstanding199,754197,935196,898
FFO, Core FFO, and AFFO are measures that are not calculated in accordance with accounting principles generally accepted in the United States of America (“GAAP”). See the Reconciliation of Non-GAAP Measures later in this press release.
As of March 31, 2026, we owned a diversified portfolio of 773 individual net leased commercial properties with 766 prop
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