Wolfe downgrades Broadstone Net Lease into earnings headwinds

Wolfe Research analyst Andrew Rosivach last night downgraded Broadstone Net Lease to Peer Perform from Outperform without a price target. Broadstone “had a window where growth was possible due to a lack of interest rate headwinds,” but this advantage will dissipate with the passage of time, the analyst tells investors in a research note. The firm says that beginning in mid-2025, the company has meaningful swap rollover which will lead to earnings headwinds in 2026. Broadstone’s office exposure leads to added expiration risk in the medium term, with 2027-2028 major expiration years, contends Wolfe.