Broadstone Net Lease, Inc.
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Range $20 – $26
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About the company
Broadstone Net Lease, Inc. (BNL) operates as a self-managed Real Estate Investment Trust. Its strategy focuses on acquiring, owning, and overseeing primarily single-tenant commercial properties that are subject to long-term net leases with a varied tenant base.
- CEO
- John D. Moragne
- IPO
- 2020
- Employees
- 62
- HQ
- Victor, NY, US
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Similar companies
Peers in the same neighborhood.
- Market Cap
- $4.07B
- P/E
- 27.91
- Fwd P/E
- 27.01
- PEG
- 0.69
- P/S
- 8.51
- P/B
- 1.40
- EV/EBITDA
- 15.85
- Div Yield
- 5.49%
- Gross Margin
- 43.19%
- Op Margin
- 48.87%
- Net Margin
- 30.22%
- ROE
- 5.00%
- ROIC
- 3.95%
Latest fiscal year · YoY change
- Revenue
- $459.14M+4.6%
- Gross Profit
- $108.00M+6.2%
- Op Income
- $228.20M
- Net Income
- $102.91M-34.1%
- EPS
- $0.51-40.7%
- OCF Growth
- +8.4%
- FCF Growth
- +4.0%
- 52W High
- $23.10
- 52W Low
- $17.16
- 50D MA
- $21.42
- 200D MA
- $19.51
- Beta
- 0.95
- RSI (14)
- 48
- Avg Volume
- 2.09M
Earnings call summaries
Pick a quarter — each call distilled into takeaways, results, and a bull vs bear read.
Broadstone Net Lease raised 2026 guidance after a strong quarter, highlighted by improved portfolio performance, a larger committed build-to-suit pipeline, and the announced Colorado development.· July 30, 2026
- AFFO per share was $0.39 in Q2, up 2.6% year over year, and management raised full-year 2026 AFFO guidance to $1.55-$1.57 from $1.53-$1.57.
- The committed and in-process build-to-suit pipeline grew to about $645 million after the $303 million Colorado joint venture, with management saying it adds meaningful visibility into 2027-2028 growth.
- Portfolio fundamentals were strong: occupancy was nearly 100%, same-store rental revenue rose 2.2% year over year, and base rents collected were 99.9%.
- Disposition activity stayed active, with 9 properties sold in Q2 for $62 million at a 6.4% cap rate on tenanted assets, and year-to-date sales of 12 properties for $78.3 million at a 6.2% cap rate.
- Management lowered full-year bad debt assumption to 50 bps from 75 bps and said the balance sheet and funding setup are constructive, with about $1 billion of in-place liquidity.
Q2 adjusted funds from operations was $78.2 million, or $0.39 per share, up 2.6% from Q2 2025. Same-store rental revenue increased 2.2% year over year, led by 3.3% industrial growth. Occupancy ended nearly fully occupied with all but 1 of 766 properties leased, and 99.9% of base rents were collected. For the quarter, Broadstone invested $91.5 million, including $77.3 million in build-to-suit developments and $13.5 million in transitional capital. It sold 9 properties for $62 million at a 6.4% cap rate on tenanted properties; year to date, it sold 12 properties for $78.3 million at a 6.2% cap rate. The company raised about $45.5 million of equity in Q2 at a weighted average price of $20.77 per share, and total unsettled equity sales were about $163 million at a weighted average price of $19.97. Management raised full-year 2026 AFFO per share guidance to $1.55-$1.57, from $1.53-$1.57, and lifted investment guidance to $600 million-$800 million from $500 million-$625 million. Disposition guidance was revised to $100 million-$150 million from $75 million-$100 million. Core G&A is expected to be $30 million-$31 million, and the bad debt assumption was lowered to 50 bps from 75 bps.
John D. Moragne framed the quarter as a culmination of years of work on Broadstone’s differentiated growth strategy. He emphasized that the company is seeing durable earnings growth, stronger visibility into 2027-2028, and better capital access, while remaining disciplined on deployment and dispositions. His tone was upbeat and confident, especially around the Colorado JV, which he described as validating the strategy and potentially making Broadstone’s largest tenant by ABR once rent commences.
Kevin Fennell said Q2 AFFO was $78.2 million, or $0.39 per share, and that results benefited from same-store rent growth and build-to-suit investments reaching stabilization. He noted core G&A was $7.3 million and remains on pace for full-year core G&A of $30 million-$31 million. On the balance sheet, Broadstone ended the quarter with $2.7 billion of total debt and 5.9x pro forma leverage, then added a new $300 million delayed-draw term loan and cut bank loan pricing margins by 5 bps; he also said the company has about $1 billion of in-place liquidity. He highlighted forward equity sales, including 2.2 million shares sold in Q2 at $20.77 and another 1.6 million shares after quarter-end at $21.45, and said the company is managing toward a roughly 6x leverage target.
Analysts pressed management on whether the Colorado deal could become a source of capital or be sold later; management said every asset is reviewed hold-versus-sell, and while the economics are attractive, Broadstone is open to recycling it in the future if that makes sense. Questions also focused on why development is dominating over regular acquisitions: management said build-to-suit offers better economics, stronger tenant credit, and more control, while the regular market remains competitive and pricing pressured. On Project Triboro, management said it remains cautiously optimistic on the data center path, expects clarity on zoning, power, and tenant demand this year, and still views year-end as the decision point among land sale, industrial development, or hyperscale data center campus.
The bullish case is that Broadstone has unusually visible growth already lined up: management said committed developments should bring about $46 million of incremental annualized base rent online between Q3 2026 and the first half of 2027, equal to over 10% growth on current in-place ABR. Portfolio performance is solid, with nearly full occupancy, 99.9% rent collection, and improved bad-debt expectations. The company also has strong funding flexibility, a lower borrowing spread, and what management called the deepest accretive pipeline since becoming public.
The main risks are timing and execution on large development projects, especially Colorado and Triboro, where rent commencement, power delivery, zoning, and tenant demand still matter. Management acknowledged that future project economics could require more nuanced financing and potentially joint ventures, especially for very large powered-land or data-center-style opportunities. The company is also still dependent on capital recycling and forward equity issuance, and management noted that per-share results remain sensitive to the timing and mix of investments, dispositions, and capital markets activity.
AI summary of the company's earnings call · Paraphrased · Not investment advice
- Free Float
- 98.9%
- Shares Outstanding
- 191.77M
- Float Shares
- 189.68M
of shares held by institutions
354 13F filers
Buy/sell ratio 0.00. Sells can include pre-scheduled 10b5-1 plan sales, not just discretionary selling.
Top institutional holders
Largest 13F positions, with quarter-over-quarter change.
| Holder | Shares | Δ Quarter |
|---|---|---|
| Blackrock, Inc. | 34.46M | ▲ 9.10M |
| Vanguard Group Inc | 27.24M | ▼ 62.49K |
| State Street Corp | 10.82M | ▲ 2.92M |
| Vanguard Capital Management LLC | 8.62M | ▲ 94.70K |
| Geode Capital Management, LLC | 5.63M | ▲ 352.36K |
| Nuveen, LLC | 4.59M | ▼ 1.36M |
| Alliancebernstein L.P. | 4.44M | ▼ 28.20K |
| Invesco Ltd. | 4.31M | ▼ 238.99K |
| Charles Schwab Investment Management Inc | 3.72M | ▲ 244.83K |
| Sixth Street Partners Management Company, L.P. | 3.72M | ▲ 3.72M |
| Aew Capital Management L P | 3.26M | ▲ 242.40K |
| Fuller & Thaler Asset Management, Inc. | 2.95M | ▼ 107.01K |
Held by 383 ETFs
Biggest fund positions in BNL by dollar value.
Recent insider transactions
Who's buying, who's selling, and how much.
| Date | Insider | Type | Shares |
|---|---|---|---|
| May 1, 26 | Hawkes Laurie A. | other | 4,987 |
| May 1, 26 | Imperiale Richard P | other | 4,987 |
| May 1, 26 | COKE MICHAEL A | other | 4,987 |
| May 1, 26 | Watters James H | other | 4,987 |
| May 1, 26 | Duran Jessica | other | 4,987 |
| May 1, 26 | Saffire Joseph | other | 4,987 |
| May 1, 26 | Felice Laura L. | other | 4,987 |
| May 1, 26 | JACOBSTEIN DAVID M | other | 4,987 |
| Mar 12, 26 | Wiegel Molly | other | 9,917 |
| Mar 12, 26 | Wiegel Molly | other | 3,576 |
A “Sell” may be a pre-scheduled 10b5-1 plan sale rather than a discretionary decision — read insider selling with that in mind.
Our BNL coverage
Recent articles, reports, and earnings notes.
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Generate BNL report →Broadstone Net Lease, Inc. Announces Pricing of Public Offering of Common Stock
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Broadstone Net Lease, Inc. Announces Public Offering of Common Stock
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