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Broadstone Net Lease
(NYSE:BNL)
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Rating:69Neutral
Price Target:
$19.00
â–¼(-10.84% Downside)
Action:Reiterated
Date:08/26/26
BNL’s score is primarily supported by strong operating and free-cash-flow generation and a positive earnings outlook with raised AFFO guidance and visible pipeline-driven rent growth. The score is tempered by leverage considerations and variability in earnings/cash-flow growth, while technical signals are mixed and valuation is balanced (high dividend yield offset by a higher P/E).
Positive Factors
Cash Generation
Consistently strong operating and free cash flow indicates that reported earnings are supported by cash generation rather than accounting effects. This provides funding capacity for investment, debt service, and shareholder distributions, strengthening BNL’s resilience across the next several quarters.
Negative Factors
Meaningful Leverage
Meaningful leverage increases BNL’s sensitivity to financing costs, asset values, and operating disruptions. Although liquidity is substantial, debt near the company’s stated leverage target can constrain financial flexibility and limit the margin for error when funding additional growth.
Read all positive and negative factors
Positive Factors
Negative Factors
Cash Generation
Consistently strong operating and free cash flow indicates that reported earnings are supported by cash generation rather than accounting effects. This provides funding capacity for investment, debt service, and shareholder distributions, strengthening BNL’s resilience across the next several quarters.
Read all positive factors
Broadstone Net Lease (BNL) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$3.41B
Dividend Yield6.78%
Average Volume (3M)2.03M
Price to Earnings (P/E)22.7
Beta (1Y)0.14
Revenue Growth6.71%
EPS Growth46.35%
CountryUS
Employees62
SectorReal Estate
Sector Strength53
IndustryREIT - Diversified
Share Statistics
EPS (TTM)0.76
Shares Outstanding191,892,970
10 Day Avg. Volume2,173,031
30 Day Avg. Volume2,033,758
Financial Highlights & Ratios
PEG Ratio-0.84
Price to Book (P/B)1.13
Price to Sales (P/S)7.12
P/FCF Ratio12.11
Enterprise Value/Market Cap2.05
Enterprise Value/Revenue14.60
Enterprise Value/Gross Profit33.81
Enterprise Value/Ebitda16.48
Forecast
1Y Price Target
$23.57Price Target Upside10.61% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering7
EPS Forecast (FY)0.76
Revenue Forecast (FY)$490.13M
Broadstone Net Lease Business Overview & Revenue Model
Company Description
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 varie...
How the Company Makes Money
BNL makes money primarily by owning income-producing real estate and collecting contractual rent from tenants under net lease agreements. Under a typical net lease (often structured as triple-net), the tenant is responsible for most property-level...
Broadstone Net Lease Earnings Call Summary
Earnings Call Date:Jul 29, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Oct 28, 2026
Earnings Call Sentiment Positive
The call conveys a positive outlook driven by a landmark Colorado joint venture, materially expanded build-to-suit pipeline (~$645M), a guidance raise (AFFO midpoint $1.56, ~5% growth), strong portfolio metrics (nearly 100% occupancy, 99.9% rent collection, same-store rent +2.2%), and multiple near-term ABR contributors (~$46M incremental ABR through H1 2027). Key risks include remaining zoning/approval uncertainty at Project Triboro, pursuit costs on deals not completed, sensitivity of per-share results to timing and mix of activity, and added financing complexity for very large powered projects. Overall, the highlights notably outweigh the lowlights, supporting a constructive view of the company’s near-term growth trajectory.Positive Updates
Raised Full-Year AFFO Guidance and Earnings Growth
Raised 2026 AFFO per share guidance to $1.55–$1.57 (midpoint $1.56), up from $1.53–$1.57, with the midpoint representing nearly 5% earnings growth over 2025.
Negative Updates
Ongoing Zoning and Approval Uncertainty at Project Triboro
While progress is being made, Triboro faces zoning and permitting paths that remain unresolved. The borough adopted a zoning amendment that makes data centers a conditional use (an alternative to the company's by-right position), creating process uncertainty and potential delay risk; final decision targeted by year-end but not guaranteed.
Read all updates
Q2-2026 Updates
Positive
Negative
Raised Full-Year AFFO Guidance and Earnings Growth
Raised 2026 AFFO per share guidance to $1.55–$1.57 (midpoint $1.56), up from $1.53–$1.57, with the midpoint representing nearly 5% earnings growth over 2025.
Read all positive updates
Company Guidance
Broadstone raised full‑year 2026 AFFO guidance to $1.55–$1.57 per diluted share (midpoint $1.56, up from $1.53–$1.57), implying nearly 5% AFFO growth versus 2025; investment activity guidance was increased to $600–$800M of real estate investments (prior $500–$625M) with dispositions now expected at $100–$150M (prior $75–$100M), core G&A is guided to $30–$31M and the bad‑debt assumption was lowered to 50 bps from 75 bps. Q2 AFFO was $78.2M ($0.39/sh); the quarter closed with $2.7B of total debt (pro‑forma leverage ~5.9x), a new $300M delayed‑draw term loan, roughly $1B of in‑place liquidity, ongoing ATM activity (≈$45.5M raised in Q2 at a $20.77 average; total unsettled equity ≈$163M at a $19.97 avg; ~$197M ATM capacity remaining), and a pro‑forma leverage target of ~6.0x.Broadstone Net Lease Financial Statement Overview
Summary
Income Statement
74
Positive
Balance Sheet
58
Neutral
Cash Flow
77
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 478.04M | 459.14M | 438.77M | 448.09M | 408.94M | 383.22M |
| Gross Profit | 206.48M | 108.00M | 101.67M | 108.26M | 77.55M | 100.57M |
| EBITDA | 423.61M | 372.74M | 418.60M | 430.11M | 349.26M | 293.67M |
| Net Income | 144.44M | 102.91M | 156.24M | 157.16M | 116.42M | 102.49M |
Balance Sheet | ||||||
| Total Assets | 5.87B | 5.72B | 5.22B | 5.27B | 5.46B | 4.62B |
| Cash, Cash Equivalents and Short-Term Investments | 11.10M | 4.85B | 14.85M | 19.49M | 21.79M | 21.67M |
| Total Debt | 2.73B | 2.62B | 1.91B | 1.91B | 2.02B | 1.69B |
| Total Liabilities | 2.86B | 2.68B | 2.07B | 2.07B | 2.20B | 1.88B |
| Stockholders Equity | 2.88B | 2.90B | 3.00B | 3.05B | 3.09B | 2.58B |
Cash Flow | ||||||
| Free Cash Flow | 270.27M | 269.79M | 259.46M | 224.82M | 224.54M | 243.34M |
| Operating Cash Flow | 283.02M | 299.50M | 276.25M | 271.07M | 255.91M | 244.94M |
| Investing Cash Flow | -664.60M | -675.27M | -59.70M | 24.34M | -859.64M | -582.30M |
| Financing Cash Flow | 372.53M | 393.43M | -221.19M | -334.82M | 636.00M | 254.41M |
Broadstone Net Lease Technical Analysis
Negative
21.31
Price Trends
19.41
Negative
20.16
Negative
19.37
Negative
Market Momentum
-0.50
Positive
32.79
Neutral
14.62
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For BNL, the sentiment is Negative. The current price of 21.31 is above the 20-day moving average (MA) of 18.20, above the 50-day MA of 19.41, and above the 200-day MA of 19.37, indicating a bearish trend. The MACD of -0.50 indicates Positive momentum. The RSI at 32.79 is Neutral, neither overbought nor oversold. The STOCH value of 14.62 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for BNL.
Broadstone Net Lease Risk Analysis
Broadstone Net Lease disclosed 65 risk factors in its most recent earnings report. Broadstone Net Lease reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Broadstone Net Lease Peers Comparison
UnderperformOutperform
Sector (65)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
69 Neutral | $3.41B | 22.67 | 5.00% | 6.78% | 6.71% | 46.35% | |
69 Neutral | $14.62B | 21.35 | 7.83% | 5.98% | 8.96% | 92.38% | |
67 Neutral | $5.62B | 20.07 | 5.99% | 5.06% | 22.73% | 7.26% | |
65 Neutral | $2.17B | 12.19 | 3.79% | 4.94% | 3.15% | 1.96% | |
59 Neutral | $567.29M | 21.91 | 11.69% | 10.07% | 10.78% | -30.46% | |
58 Neutral | $481.02M | 14.76 | 10.50% | 8.30% | 9.52% | 21.63% | |
53 Neutral | $1.70B | -26.37 | -0.84% | 10.67% | -29.60% | 77.14% |
* Real Estate Sector Average
BNL
Broadstone Net Lease
17.55
-0.05
-0.30%
GOOD
Gladstone Commercial
12.00
1.66
16.04%
OLP
One Liberty Properties
22.37
3.30
17.32%
WPC
W. P. Carey Inc.
64.54
0.30
0.46%
GNL
Global Net Lease
7.28
0.28
4.06%
EPRT
Essential Properties Realty
26.26
-4.25
-13.93%
Broadstone Net Lease Corporate Events
Business Operations and StrategyFinancial Disclosures
Broadstone Net Lease Schedules Third-Quarter 2026 Earnings Release
Neutral
Oct 5, 2026
Broadstone Net Lease, Inc. announced on October 5, 2026, that it planned to release financial and operating results for the quarter ended September 30, 2026, after the market close on October 28, 2026. The company also scheduled an earnings confer...
Business Operations and Strategy
Broadstone Net Lease Expands Build-to-Suit Retail Portfolio
Positive
Aug 25, 2026
On August 25, 2026, Broadstone Net Lease announced that it has secured land and begun construction on two additional build-to-suit retail developments for Hobby Lobby and Academy Sports. The off-market transactions add approximately $23 million to...
Business Operations and StrategyPrivate Placements and Financing
Broadstone Net Lease Completes Equity Offering Via Forward Sale
Positive
Aug 10, 2026
On August 6, 2026, Broadstone Net Lease entered an underwriting agreement with Morgan Stanley and J.P. Morgan for a public offering of 11,000,000 shares of common stock at $20.50 per share, with underwriters exercising an option on August 9, 2026 ...
Business Operations and StrategyPrivate Placements and Financing
Broadstone Net Lease Expands and Simplifies Credit Facilities
Positive
Jul 29, 2026
On July 28, 2026, Broadstone Net Lease amended its existing Amended and Restated Credit Agreement, adding a new $300 million Term Loan II Facility maturing on January 30, 2030, and securing lower interest rate margins across both new and pre-exist...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.