Broadstone Net Lease (BNL)


Market Price (11/10/2026): $17.845 | Market Cap: $3.4 BilSector: Real Estate | Industry: Industrial REITs

Broadstone Net Lease (BNL)


Market Price (11/10/2026): $17.845
Market Cap: $3.4 Bil
Sector: Real Estate
Industry: Industrial REITs

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

0

Attractive yield
Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 11%, Dividend Yield is 6.5%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 5.4%, FCF Yield is 7.7%

Attractive operating margins
Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 48%

Attractive cash flow generation
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 63%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 54%

Low stock price volatility
Vol 12M is 20%

Megatrend and thematic drivers
Megatrends include E-commerce Logistics & Data Centers, Automation & Robotics, and Sustainable & Green Buildings. Themes include E-commerce Logistics REITs, Show more.

Weak multi-year price returns
2Y Excs Rtn is -13%, 3Y Excs Rtn is -19%

Meaningful short interest
Short Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 11%

Debt is significant
Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 84%

Key risks
BNL key risks include [1] vulnerability to tenant bankruptcies and vacancies, Show more.

0 Attractive yield
Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 11%, Dividend Yield is 6.5%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 5.4%, FCF Yield is 7.7%
1 Attractive operating margins
Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 48%
2 Attractive cash flow generation
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 63%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 54%
3 Low stock price volatility
Vol 12M is 20%
4 Megatrend and thematic drivers
Megatrends include E-commerce Logistics & Data Centers, Automation & Robotics, and Sustainable & Green Buildings. Themes include E-commerce Logistics REITs, Show more.
5 Weak multi-year price returns
2Y Excs Rtn is -13%, 3Y Excs Rtn is -19%
6 Meaningful short interest
Short Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 11%
7 Debt is significant
Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 84%
8 Key risks
BNL key risks include [1] vulnerability to tenant bankruptcies and vacancies, Show more.

BNL in ETFs

Weight = BNL's share of each fund

VTI0.01%
ITOT0.00%
IWM0.12%
IJR0.19%
VB0.05%
USRT0.29%
VIOV0.29%
SLYV0.26%
+14 more covered ETFs

Valuation & Metrics

Price Chart

Why The Stock Moved

Qualitative Assessment

AI Analysis | Feedback

Updated on 11/1/2026

Broadstone Net Lease (BNL) stock has lost about 15% since 7/31/2026 because of the following key factors:

1. Public Equity Offering and Potential Dilution.

Broadstone Net Lease completed a public offering of 12,650,000 shares at a price of $20.50 per share in August 2026, generating estimated gross proceeds of approximately $259.3 million through forward sale agreements. As of September 30, 2026, the total outstanding expected net proceeds from unsettled forward sale agreements amounted to approximately $409.3 million. While this capital raise strengthens the balance sheet and provides funds for investment activities, a significant increase in outstanding shares can lead to dilution of existing shareholders' ownership and earnings per share, which often exerts downward pressure on the stock price.

2. Missed Q3 2026 Revenue and EPS Estimates.

For the fiscal quarter ended September 30, 2026, Broadstone Net Lease reported revenue of $121.9 million, which fell slightly below the consensus estimate of $122.19 million. Additionally, diluted earnings per share (EPS) came in at $0.14, missing analysts' consensus estimates of $0.16. Despite a 5.4% year-over-year growth in Adjusted Funds From Operations (AFFO) and a beat on AFFO per share, the misses on these traditional financial metrics likely contributed to negative investor sentiment.

Show more
Updated on 11/1/2026

Broadstone Net Lease (BNL) stock has lost about 15% since 7/31/2026 because of the following key factors:

1. Public Equity Offering and Potential Dilution.

Broadstone Net Lease completed a public offering of 12,650,000 shares at a price of $20.50 per share in August 2026, generating estimated gross proceeds of approximately $259.3 million through forward sale agreements. As of September 30, 2026, the total outstanding expected net proceeds from unsettled forward sale agreements amounted to approximately $409.3 million. While this capital raise strengthens the balance sheet and provides funds for investment activities, a significant increase in outstanding shares can lead to dilution of existing shareholders' ownership and earnings per share, which often exerts downward pressure on the stock price.

2. Missed Q3 2026 Revenue and EPS Estimates.

For the fiscal quarter ended September 30, 2026, Broadstone Net Lease reported revenue of $121.9 million, which fell slightly below the consensus estimate of $122.19 million. Additionally, diluted earnings per share (EPS) came in at $0.14, missing analysts' consensus estimates of $0.16. Despite a 5.4% year-over-year growth in Adjusted Funds From Operations (AFFO) and a beat on AFFO per share, the misses on these traditional financial metrics likely contributed to negative investor sentiment.

3. Concerns Regarding the Interest Rate Environment and Financing Costs.

Management highlighted market volatility, elevated construction and financing costs, and the variable interest rate environment as persistent challenges impacting the company's operations and investment decisions. During the Q3 2026 earnings call, management specifically noted the impact of a volatile interest rate environment on borrowing costs, which can constrain investment activity and potentially affect future profitability, especially for a real estate investment trust (REIT) sensitive to interest rate fluctuations.

4. High Dividend Payout Ratio.

Broadstone Net Lease increased its quarterly dividend to $0.295 per share, representing an annualized dividend of $1.18 and a yield between 6.7% and 6.8%. However, the reported dividend payout ratio for the company stands at a high 153.95%. A payout ratio significantly above 100% indicates that the company is distributing more in dividends than it is generating in earnings, which can raise concerns about the long-term sustainability of the dividend and the company's capacity to retain earnings for internal growth initiatives or debt reduction.

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Stock Movement Drivers

Fundamental Drivers

The -15.4% change in BNL stock from 7/31/2026 to 11/9/2026 was primarily driven by a -15.7% change in the company's P/E Multiple.
(LTM values as of)731202611092026Change
Stock Price ($)21.0817.84-15.4%
Change Contribution By: 
Total Revenues ($ Mil)4764841.6%
Net Income Margin (%)30.6%30.3%-1.2%
P/E Multiple27.623.3-15.7%
Shares Outstanding (Mil)191191-0.1%
Cumulative Contribution-15.4%

LTM = Last Twelve Months as of date shown

Market Drivers

7/31/2026 to 11/9/2026
ReturnCorrelation
BNL-15.4% 
Market (SPY)0.8%18.2%
Sector (XLRE)-1.0%59.8%

Fundamental Drivers

The -7.2% change in BNL stock from 4/30/2026 to 11/9/2026 was primarily driven by a -19.9% change in the company's P/E Multiple.
(LTM values as of)430202611092026Change
Stock Price ($)19.2217.84-7.2%
Change Contribution By: 
Total Revenues ($ Mil)4674843.6%
Net Income Margin (%)27.0%30.3%12.0%
P/E Multiple29.023.3-19.9%
Shares Outstanding (Mil)190191-0.2%
Cumulative Contribution-7.2%

LTM = Last Twelve Months as of date shown

Market Drivers

4/30/2026 to 11/9/2026
ReturnCorrelation
BNL-7.2% 
Market (SPY)5.0%0.0%
Sector (XLRE)1.4%60.1%

Fundamental Drivers

The 5.9% change in BNL stock from 10/31/2025 to 11/9/2026 was primarily driven by a 51.0% change in the company's Net Income Margin (%).
(LTM values as of)1031202511092026Change
Stock Price ($)16.8417.845.9%
Change Contribution By: 
Total Revenues ($ Mil)4484848.0%
Net Income Margin (%)20.0%30.3%51.0%
P/E Multiple35.323.3-34.1%
Shares Outstanding (Mil)188191-1.4%
Cumulative Contribution5.9%

LTM = Last Twelve Months as of date shown

Market Drivers

10/31/2025 to 11/9/2026
ReturnCorrelation
BNL5.9% 
Market (SPY)11.3%5.7%
Sector (XLRE)12.1%53.1%

Fundamental Drivers

The 54.2% change in BNL stock from 10/31/2023 to 11/9/2026 was primarily driven by a 73.5% change in the company's P/E Multiple.
(LTM values as of)1031202311092026Change
Stock Price ($)11.5717.8454.2%
Change Contribution By: 
Total Revenues ($ Mil)4444849.0%
Net Income Margin (%)36.3%30.3%-16.6%
P/E Multiple13.423.373.5%
Shares Outstanding (Mil)187191-2.1%
Cumulative Contribution54.2%

LTM = Last Twelve Months as of date shown

Market Drivers

10/31/2023 to 11/9/2026
ReturnCorrelation
BNL54.2% 
Market (SPY)86.2%27.5%
Sector (XLRE)48.2%68.2%

Return vs. Risk

Price Returns Compared

 202120222023202420252026Total [1]
Returns
BNL Return33%-31%14%-1%17%7%31%
Peers Return34%-10%5%1%10%6%50%
S&P 500 Return27%-19%24%23%16%8%96%

Monthly Win Rates [3]
BNL Win Rate75%33%42%50%58%64% 
Peers Win Rate63%45%48%52%60%62% 
S&P 500 Win Rate75%42%67%75%67%36% 

Max Drawdowns [4]
BNL Max Drawdown-15%-36%-21%-17%-14%-25% 
Peers Max Drawdown-12%-28%-26%-17%-13%-19% 
S&P 500 Max Drawdown-5%-25%-10%-8%-19%-9% 


[1] Cumulative total returns since the beginning of 2021
[2] Peers: O, WPC, NNN, EPRT, STAG.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 11/9/2026 (YTD)

How Low Can It Go

EventBNLS&P 500
Summer-Fall 2023 Five Percent Yield Shock
  % Loss-16.7%-9.5%
  % Gain to Breakeven20.0%10.5%
  Time to Breakeven42 days24 days
2023 SVB Regional Banking Crisis
  % Loss-15.1%-6.7%
  % Gain to Breakeven17.7%7.1%
  Time to Breakeven203 days31 days
2022 Inflation Shock & Fed Tightening
  % Loss-35.8%-24.5%
  % Gain to Breakeven55.7%32.4%
  Time to Breakeven1213 days427 days

Compare to O, WPC, NNN, EPRT, STAG

In The Past

Broadstone Net Lease's stock fell -3.7% during the 2025 US Tariff Shock. Such a loss loss requires a 3.8% gain to breakeven.

Preserve Wealth

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Asset Allocation

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EventBNLS&P 500
2022 Inflation Shock & Fed Tightening
  % Loss-35.8%-24.5%
  % Gain to Breakeven55.7%32.4%
  Time to Breakeven1213 days427 days

Compare to O, WPC, NNN, EPRT, STAG

In The Past

Broadstone Net Lease's stock fell -3.7% during the 2025 US Tariff Shock. Such a loss loss requires a 3.8% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

About Broadstone Net Lease (BNL)

Broadstone Net Lease (BNL) is a Real Estate Investment Trust (REIT) that acquires, owns, and manages commercial real estate. Its core business involves investing in single-tenant properties, which it then leases out to various businesses under long-term "net lease" agreements. In this structure, the tenant typically covers most property-related expenses, such as taxes, insurance, and maintenance, in addition to rent. BNL's strategy emphasizes robust credit analysis of its tenants and careful real estate underwriting to build a stable portfolio.

BNL's portfolio is diversified across multiple property types, including industrial, healthcare, restaurant, office, and retail sectors. As of September 2020, the company owned 627 properties located throughout 41 U.S. states and one property in Canada, representing approximately $4.0 billion in gross asset value. Its primary customers are the wide array of businesses that occupy these single-tenant properties, ranging from manufacturers and healthcare providers to restaurant chains and retailers, all seeking long-term real estate solutions for their operations.

AI Analysis | Feedback

Broadstone Net Lease (BNL) is like Realty Income (O) for a highly diversified portfolio of commercial properties, including industrial, healthcare, office, and retail sectors.

Think of BNL as a "landlord to many businesses," similar to how Realty Income (O) operates, where tenants are responsible for most property expenses, generating stable, long-term income.

AI Analysis | Feedback

  • Industrial Property Leasing: BNL provides long-term net leases for single-tenant industrial properties.
  • Healthcare Property Leasing: BNL provides long-term net leases for single-tenant healthcare properties.
  • Restaurant Property Leasing: BNL provides long-term net leases for single-tenant restaurant properties.
  • Office Property Leasing: BNL provides long-term net leases for single-tenant office properties.
  • Retail Property Leasing: BNL provides long-term net leases for single-tenant retail properties.

AI Analysis | Feedback

Broadstone Net Lease (BNL) is a real estate investment trust (REIT) whose business involves leasing properties to commercial tenants. Therefore, its major customers are the companies that lease properties from its portfolio. Based on disclosures as of September 30, 2020, BNL's portfolio is diversified across various industries and tenants. The following are some of its major tenants by annualized base rent:

  • Bon Secours Mercy Health
  • Red Lobster
  • ArcLight Cinemas
  • CVS Health Corporation (NYSE: CVS)
  • LifePoint Health
  • OrthoCarolina
  • U-Haul International (subsidiary of Amerco, NASDAQ: UHAL)
  • Chewy, Inc. (NYSE: CHWY)

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Deloitte & Touche LLP

Goodwin Procter LLP

JPMorgan Chase & Co. (JPM)

Computershare Trust Company, N.A.

AI Analysis | Feedback

John D. Moragne Chief Executive Officer and Director

John D. Moragne has served as Broadstone Net Lease's Chief Executive Officer and a member of its Board of Directors since March 2023. Prior to this, he held various roles within the Company, including Executive Vice President and Chief Operating Officer from 2018 to 2023, and General Counsel and Chief Compliance Officer from 2016 through 2018. Before joining Broadstone Net Lease, Mr. Moragne worked as a corporate, securities, and M&A attorney from 2007 to 2016, providing legal counsel to BNL since its inception in 2007.

Kevin M. Fennell Executive Vice President, Chief Financial Officer and Treasurer

Kevin M. Fennell has served as Broadstone Net Lease's Executive Vice President and Chief Financial Officer since March 2023, and as Treasurer since September 2024. He is responsible for leading the Company's accounting, tax, internal audit, finance, capital markets, investor relations, and IT/IS functions. Mr. Fennell previously served as the Company's Senior Vice President, Capital Markets & Credit Risk from March 2019 to March 2023.

Ryan M. Albano President and Chief Operating Officer

Ryan M. Albano has served as Broadstone Net Lease's President and Chief Operating Officer since March 2023. In this role, he oversees the Company's investment strategy and real estate operations, including acquisitions, build-to-suit development, dispositions, and property management. Mr. Albano has been with the Company since 2013, previously holding positions such as Executive Vice President and Chief Financial Officer from February 2017 to March 2023, and Vice President of Finance from 2013 until February 2017. Before joining Broadstone, Mr. Albano served in various roles for Manning & Napier, Inc. from 2011 to 2013, assisting in their IPO and acting as Assistant CFO of their mutual fund division. He also worked for KPMG LLP in audit roles for both public and private companies from 2004-2011.

John D. Callan Jr. Senior Vice President, General Counsel and Secretary

John D. Callan Jr. has served as Broadstone Net Lease's Senior Vice President since February 2020, as General Counsel since August 2018, and as Secretary since July 2021. His responsibilities include overseeing the legal, corporate governance, and risk management affairs of the Company. Prior to Broadstone, he was Corporate Counsel at Kodak Alaris from 2015 to 2017 and a corporate and securities attorney at Harter Secrest & Emery from 2011 to 2015.

Michael B. Caruso Senior Vice President, Underwriting and Strategy

Michael B. Caruso has served as Broadstone Net Lease's Senior Vice President, Underwriting & Strategy since October 2023. He oversees real estate underwriting, investment return modeling, property management, leasing, dispositions, and general investment strategy and research. Mr. Caruso joined Broadstone in November 2015 and has served in various capacities, including Senior Vice President, Corporate Strategy and Investor Relations, and Vice President, Finance.

AI Analysis | Feedback

The key risks to Broadstone Net Lease (BNL) primarily revolve around the financial health of its tenants, the impact of interest rate fluctuations, and the broader commercial real estate market dynamics.

  1. Tenant Credit Risk, Bankruptcies, and Vacancies: As a net-lease REIT specializing in single-tenant properties, BNL is highly susceptible to the financial performance and creditworthiness of its tenants. A downturn in a tenant's business or economic headwinds can lead to non-payment of rent or bankruptcies, resulting in property vacancies and loss of rental income. Re-leasing vacant single-tenant properties, especially those that are build-to-suit, can be challenging and costly. The company's decision to divest certain healthcare properties due to challenges like "Tenant bankruptcies, hands-on property management, heavier landlord responsibilities and costs" highlights the significance of this risk. Management has acknowledged tenant-specific credit issues and adopted a cautious stance in its future outlook.

  2. Interest Rate Risk and Rising Borrowing Costs: REITs like BNL often rely on debt financing for property acquisitions and operations. Fluctuations in interest rates, particularly a "higher-for-longer" rate environment, can directly increase BNL's borrowing costs, thereby compressing its profit margins and potentially limiting its ability to acquire new properties or refinance existing debt favorably. Rising interest expenses are seen by investors as a "biggest counterweight" to the company's growth strategy.

  3. Commercial Real Estate Market Volatility and Competition: BNL's performance is affected by the overall health and competitiveness of the commercial real estate market. Broader economic conditions, market volatility, and inflation can impact the valuation of BNL's properties and tenants' ability to meet lease obligations. The commercial real estate sector is highly competitive, with BNL facing competition from other REITs and various investors. This competition can limit access to attractive investment opportunities and exert pressure on property acquisition costs, rental rates, and yields, challenging BNL's growth and market position.

AI Analysis | Feedback

The permanent shift towards remote and hybrid work models poses an emerging threat to the demand for traditional office properties, a segment of BNL's diversified portfolio. This shift fundamentally alters the need for centralized physical office space, potentially impacting long-term occupancy rates, lease durations, and property valuations.

The accelerating and evolving landscape of e-commerce, including last-mile logistics and dark store models, presents an emerging threat to traditional retail properties within BNL's portfolio. This evolution challenges the conventional utility and valuation of certain retail spaces, requiring adaptation to new consumer behaviors and fulfillment strategies.

AI Analysis | Feedback

Broadstone Net Lease (BNL) operates within various commercial real estate sectors in the U.S. and Canada. The addressable markets for their main products and services are sized as follows: * U.S. Healthcare Real Estate: The U.S. healthcare real estate market size was estimated at USD 1,324.52 billion in 2024. This market is projected to expand to USD 2,270.40 billion by 2030. * U.S. Office Real Estate: The U.S. Office Real Estate Market was valued at USD 369.58 billion in 2025. It is estimated to grow from USD 381.48 billion in 2026 to reach USD 447.86 billion by 2031. * U.S. Industrial Real Estate: North America's industrial real estate inventory is over 5.4 billion square feet, with the U.S. alone accounting for nearly 4.7 billion square feet in 2024. The market size in dollar value for U.S. industrial real estate is not consistently reported in the provided sources in a single, clear figure. However, the global Industrial Real Estate Market size was valued at USD 41.72 million in 2024. This figure seems exceptionally low for the U.S. alone, suggesting it might pertain to a very specific sub-segment or a different metric. Given the lack of a clear, comprehensive market value for U.S. industrial real estate, a precise dollar value cannot be provided at this time. * U.S. Retail Real Estate: The U.S. retail real estate market's overall market value is not directly stated as a single comprehensive figure in the provided information. While there's data on net absorption (4.7 million square feet in Q3 2025) and trends, a specific total market size in dollar value for U.S. retail real estate is not available. * U.S. Restaurant Real Estate: The addressable market size specifically for U.S. restaurant real estate is not provided as a distinct dollar value. Restaurant real estate is generally considered a sub-segment of the broader retail real estate market. * Canada Commercial Real Estate: The Canada commercial real estate market was valued at approximately USD 79.40 billion in 2025. It is projected to grow to USD 86.77 billion in 2026 and reach USD 106.89 billion by 2031. Commercial real estate represented the largest revenue-generating property segment in Canada in 2024, accounting for 39.1% of the total real estate market, which generated USD 195.9 billion. While an overall value is provided for the commercial real estate, specific breakdowns for individual sectors (industrial, healthcare, restaurant, office, and retail) within Canada are not available.

AI Analysis | Feedback

Broadstone Net Lease (BNL) is expected to drive future revenue growth over the next 2-3 years through a combination of strategic investments, organic rent growth, and focused portfolio management.

Here are the key drivers:

  • New Property Acquisitions: BNL consistently targets new acquisitions to expand its portfolio. The company closed on $69.3 million of new acquisitions in Q3 2024 and plans for $500 million to $625 million in acquisitions for 2026. These investments contribute directly to increasing lease revenues.
  • Build-to-Suit Developments: A cornerstone of BNL's differentiated strategy is its robust build-to-suit development pipeline. This approach provides visibility into future embedded revenue growth, with projects like the UNFI development, completed in late 2024, now fully contributing to earnings with attractive initial cash yields and annual rent escalations. BNL plans to continue growing this pipeline, aiming to add $500 million in build-to-suit projects in 2025.
  • Contractual Rent Escalations: A significant portion of BNL's revenue growth is derived from contractual rent increases embedded in its long-term leases. For instance, the UNFI build-to-suit project features 2.5% annual rent escalations. New property acquisitions and revenue-generating capital expenditures in 2025 had a weighted average annual rent increase of 2.6%, contributing to a 2.0% same-store rental revenue growth in 2025.
  • Portfolio Repositioning: BNL has strategically repositioned its portfolio by executing a "clinical healthcare simplification strategy" to focus on industrial, retail, and restaurant assets. This shift is aimed at establishing a foundation for attractive and sustainable growth in adjusted funds from operations (AFFO) per share. The company's continued focus on these higher-growth sectors, with 80% of its Q1 2025 investments weighted towards industrial properties, is expected to enhance overall portfolio performance and revenue generation.

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Share Issuance

  • Broadstone Net Lease had 191,423,000 common shares issued and outstanding as of December 31, 2025, an increase from 188,626,000 shares at December 31, 2024.
  • In February 2026, the company sold 621,487 shares of common stock on a forward basis through its at-the-market equity offering program, generating estimated net proceeds of approximately $11.0 million.

Inbound Investments

  • In September 2025, Broadstone Net Lease completed a public offering of $350.0 million in 5.00% senior unsecured notes due in 2032. These proceeds were allocated to repaying borrowings on its unsecured revolving credit facility, funding real estate investments, and for general corporate purposes.
  • In February 2025, the company extended its $1.0 billion revolving credit facility to March 2029 and secured a new $500.0 million unsecured term loan maturing in March 2028.

Capital Expenditures

  • In 2025, Broadstone Net Lease made total investments of $748.4 million, which included $429.9 million in new property acquisitions, $209.3 million in build-to-suit developments, $100.8 million in transitional capital, and $8.3 million in revenue-generating capital expenditures. The primary focus of these investments was industrial properties ($663.4 million) and retail properties ($85.0 million).
  • Annual capital expenditures for BNL were $413.853 million in 2024 and $170.746 million in 2023.
  • For 2026, the company plans to invest between $500 million and $625 million in real estate properties, with $174.8 million in remaining estimated investments for build-to-suit developments to be funded through the fourth quarter of 2026, and an additional $7.0 million committed for revenue-generating capital expenditures with existing tenants. These ongoing investments support the company's build-to-suit pipeline, with a significant portion expected to come online in 2026 and 2027, primarily in industrial and retail sectors.

Better Bets vs. Broadstone Net Lease (BNL)

Peer Outperformance in Industrial REITs

BNL has trailed 60% of its 10 Industrial REITs peers over 5Y. Industrial REITs ranks 6th of 12 industries in Real Estate by median 5Y return.
Share of Industrial REITs constituents that BNL has outperformed, by holding period. Peers without a full price history over a given window are excluded from that window.
1Y
25%
of 12 industry peers · 4.8% return
3Y
90%
of 10 industry peers · 50.2% return
5Y
40%
of 10 industry peers · -5.2% return
No Industrial REITs peer with a comparable growth profile has beaten BNL by more than 20pp over 5Y.
Median price return by industry across the Real Estate sector, ranked by 5Y. Industrial REITs is BNL's own industry. Use this to see which corners of the sector have carried the returns.
Industry Names 1Y med3Y med5Y med Top 3 by 5Y
Health Care REITs 15 18.7%67.8%68.5% WELL 225% · OHI 152% · CTRE 134%
Retail REITs 23 17.3%43.0%35.7% SKT 139% · SPG 81% · IVT 55%
Hotel & Resort REITs 16 52.0%54.7%13.4% HST 77% · RHP 76% · APLE 65%
Other Specialized REITs 11 0.5%24.6%12.3% IRM 182% · EPR 68% · LAMR 67%
Real Estate Development 6 -0.9%29.7%10.6% JOE 52%
Industrial REITs ← 11 14.3%36.8%1.9% EGP 17% · STAG 8% · CUBE 5%
Single-Family Residential REITs 4 1.5%4.7%-17.4% AMH -6% · ELS -14% · INVH -21%
Multi-Family Residential REITs 12 -0.8%19.5%-26.4% ESS -3% · VMRK -6% · UDR -19%
Diversified REITs 12 3.3%16.1%-28.9% EPRT 20% · WPC 16%
Office REITs 19 3.0%51.4%-31.4% CDP 47% · CUZ -4% · HIW -4%
Real Estate Services 27 -21.5%-18.3%-35.4% JLL 41% · CBRE 30% · COMP -14%
Telecom Tower REITs 3 3.1%7.9%-37.8% AMT -21% · CCI -38% · SBAC -41%
Median of constituents with a full price history over each window. Top names are limited to companies above $2B market cap.

Recent Active Movers

Peer Comparisons

Peers to compare with:

Financials

BNLOWPCNNNEPRTSTAGMedian
NameBroadsto.Realty I.W.P. Car.NNN REIT Essentia.Stag Ind. 
Mkt Price17.8459.4165.9141.7028.3037.4539.57
Mkt Cap3.456.115.28.06.17.27.6
Rev LTM4846,0691,828973639901937
Op Inc LTM2322,798982595406342500
FCF LTM2634,1491,243675433369554
FCF 3Y Avg2533,7581,438658363391524
CFO LTM3064,1491,243675433480578
CFO 3Y Avg2863,7581,438658363464561

Growth & Margins

BNLOWPCNNNEPRTSTAGMedian
NameBroadsto.Realty I.W.P. Car.NNN REIT Essentia.Stag Ind. 
Rev Chg LTM8.0%9.5%9.0%7.3%20.4%9.3%9.1%
Rev Chg 3Y Avg2.6%16.2%2.1%6.3%23.9%9.0%7.7%
Rev Chg Q6.7%7.0%8.6%8.5%16.4%9.4%8.5%
QoQ Delta Rev Chg LTM1.6%1.6%2.1%2.0%3.9%2.3%2.1%
Op Inc Chg LTM5.6%13.0%15.9%6.7%20.2%10.9%12.0%
Op Inc Chg 3Y Avg1.5%21.0%7.4%5.9%26.0%13.6%10.5%
Op Mgn LTM48.0%46.1%53.7%61.1%63.5%37.9%50.9%
Op Mgn 3Y Avg48.9%44.1%50.5%61.7%63.5%36.7%49.7%
QoQ Delta Op Mgn LTM-1.8%0.3%0.9%-0.1%-0.6%0.1%0.0%
CFO/Rev LTM63.3%68.4%68.0%69.4%67.8%53.3%67.9%
CFO/Rev 3Y Avg63.3%68.3%85.7%71.9%68.3%56.4%68.3%
FCF/Rev LTM54.3%68.4%68.0%69.4%67.8%41.0%67.9%
FCF/Rev 3Y Avg56.0%68.3%85.7%71.9%68.3%47.7%68.3%

Valuation

BNLOWPCNNNEPRTSTAGMedian
NameBroadsto.Realty I.W.P. Car.NNN REIT Essentia.Stag Ind. 
Mkt Cap3.456.115.28.06.17.27.6
P/S7.09.28.38.29.68.08.2
P/Op Inc14.720.115.513.415.121.115.3
P/EBIT13.420.715.113.015.717.115.4
P/E23.341.423.420.023.426.823.4
P/CFO11.113.512.211.814.215.012.9
Total Yield10.8%7.8%9.7%10.8%8.6%7.2%9.2%
Dividend Yield6.5%5.4%5.5%5.8%4.3%3.4%5.4%
FCF Yield 3Y Avg7.3%7.0%10.0%8.0%6.3%5.7%7.1%
D/E0.80.60.60.60.50.50.6
Net D/E0.80.60.60.60.50.50.6

Returns

BNLOWPCNNNEPRTSTAGMedian
NameBroadsto.Realty I.W.P. Car.NNN REIT Essentia.Stag Ind. 
1M Rtn-2.3%10.2%4.0%5.2%11.5%4.0%4.6%
3M Rtn-11.4%-2.6%-5.4%-7.7%-5.1%2.9%-5.2%
6M Rtn-8.1%-2.1%-8.5%-3.2%-7.7%-0.9%-5.4%
12M Rtn4.8%10.2%3.4%8.4%-3.3%-0.3%4.1%
3Y Rtn50.3%40.1%44.7%29.0%41.0%22.0%40.5%
1M Excs Rtn3.3%15.7%9.6%10.8%17.1%9.6%10.2%
3M Excs Rtn-7.7%1.9%0.1%-2.2%-0.2%7.5%-0.0%
6M Excs Rtn-7.6%-1.6%-8.0%-2.7%-7.2%-0.4%-4.9%
12M Excs Rtn-3.0%1.5%-4.6%1.5%-10.8%-9.0%-3.8%
3Y Excs Rtn-18.8%-30.6%-29.5%-43.9%-32.3%-51.0%-31.4%

Financials

Segment Financials

Revenue by Segment
$ Mil20252024202320222021
Acquisition, leasing, and ownership of net leased properties454432443408 
Adjustment to recognize contractual operating lease billings on a straight-line basis    20
Adjustment to revenue recognized for uncollectible rental amounts billed, net    0
Contractual rental amounts billed for operating leases    309
Earned income from direct financing leases    3
Interest income from sales-type leases    0
Net write-offs of accrued rental income    -0
Operating expenses billed to tenants    17
Other income from real estate transactions    34
Variable rental amounts earned    1
Total454432443408383


Price Behavior

Price Behavior
Market Price$17.84 
Market Cap ($ Bil)3.4 
First Trading Date09/17/2020 
Distance from 52W High-20.7% 
   50 Days200 Days
DMA Price$18.59$19.36
DMA Trenddownindeterminate
Distance from DMA-4.0%-7.9%
 3M1YR
Volatility21.2%19.7%
Downside Capture65.380.41
Upside Capture-7.145.88
Correlation (S&P 500)17.6%3.7%
BNL Betas & Captures as of 10/31/2026

 1M2M3M6M1Y3Y
Beta0.000.140.13-0.140.030.37
Up Beta1.920.44-0.31-0.50-0.070.37
Down Beta0.600.330.30-0.000.160.44
Up Capture-101%-58%-28%-17%2%12%
Bmk +ve Days12182862130427
Stock +ve Days8132255123379
Down Capture23%86%92%7%1%54%
Bmk -ve Days10253664121325
Stock -ve Days14304269124360

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with BNL
BNL6.8%19.7%0.20-
Sector ETF (XLRE)12.6%14.7%0.5753.3%
Equity (SPY)13.3%13.7%0.654.7%
Gold (GLD)3.7%28.8%0.122.1%
Commodities (DBC)38.2%21.3%1.42-16.2%
Real Estate (VNQ)13.7%14.3%0.6557.0%
Bitcoin (BTCUSD)-25.3%43.6%-0.55-8.5%

Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with BNL
BNL-1.7%23.0%-0.13-
Sector ETF (XLRE)1.8%19.2%-0.0172.6%
Equity (SPY)11.8%17.3%0.5144.5%
Gold (GLD)17.8%19.1%0.7511.5%
Commodities (DBC)8.0%19.6%0.294.9%
Real Estate (VNQ)1.5%18.9%-0.0375.2%
Bitcoin (BTCUSD)4.4%51.6%0.2716.6%

Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with BNL
BNL38.3%595.0%0.42-
Sector ETF (XLRE)7.4%20.4%0.31-3.3%
Equity (SPY)15.3%18.0%0.72-1.2%
Gold (GLD)12.1%16.5%0.60-4.1%
Commodities (DBC)7.6%18.1%0.33-5.0%
Real Estate (VNQ)6.1%20.7%0.25-3.9%
Bitcoin (BTCUSD)60.0%66.3%1.00-2.7%

Smart multi-asset allocation framework can stack odds in your favor. Learn How

Short Interest

Short Interest: As Of Date10152026
Short Interest: Shares Quantity20.8 Mil
Short Interest: % Change Since 9302026-2.6%
Average Daily Volume2.1 Mil
Days-to-Cover Short Interest10.0 days
Basic Shares Quantity190.8 Mil
Short % of Basic Shares10.9%

Earnings Returns History

Updated 8/31/2026
Expand for More
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
7/29/2026-2.9%-4.3%-4.6%
4/29/2026-0.7%-0.3%1.5%
2/18/2026-4.2%-0.6%-0.8%
10/29/2025-1.0%0.6%-2.5%
7/30/20252.1%5.3%16.0%
6/2/20250.7%1.8%4.4%
2/19/20253.1%7.0%10.4%
11/18/2024-0.8%0.3%-2.5%
...
SUMMARY STATS   
# Positive101515
# Negative151010
Median Positive1.3%2.1%5.5%
Median Negative-0.8%-2.3%-2.9%
Max Positive4.2%7.0%16.7%
Max Negative-5.0%-6.1%-14.5%
Collapse to Preview
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
7/29/2026-2.9%-4.3%-4.6%
4/29/2026-0.7%-0.3%1.5%
2/18/2026-4.2%-0.6%-0.8%
10/29/2025-1.0%0.6%-2.5%
7/30/20252.1%5.3%16.0%
6/2/20250.7%1.8%4.4%
2/19/20253.1%7.0%10.4%
11/18/2024-0.8%0.3%-2.5%
9/9/20240.2%2.1%0.7%
7/2/2024-0.4%1.1%9.5%
5/1/20244.2%2.7%5.0%
2/21/2024-5.0%-6.1%-3.3%
11/1/20231.9%3.8%16.7%
8/2/2023-0.5%0.4%-1.9%
5/3/20230.9%2.1%1.2%
1/11/2023-0.6%-1.1%1.1%
11/2/2022-1.0%1.2%4.5%
8/3/2022-0.8%1.7%-14.5%
5/3/20221.0%-5.8%5.5%
2/22/20220.1%-2.0%-1.8%
11/1/2021-0.6%-2.6%-9.3%
8/3/20211.6%3.0%5.9%
5/4/2021-0.9%-0.1%16.1%
2/24/2021-2.1%-3.0%-3.6%
11/5/2020-0.2%3.0%12.7%
SUMMARY STATS   
# Positive101515
# Negative151010
Median Positive1.3%2.1%5.5%
Median Negative-0.8%-2.3%-2.9%
Max Positive4.2%7.0%16.7%
Max Negative-5.0%-6.1%-14.5%

SEC Filings

Expand for More
Report DateFiling DateFiling
09/30/202610/28/202610-Q
06/30/202607/29/202610-Q
03/31/202604/30/202610-Q
12/31/202502/19/202610-K
09/30/202510/29/202510-Q
06/30/202507/31/202510-Q
03/31/202505/01/202510-Q
12/31/202402/20/202510-K
09/30/202410/31/202410-Q
06/30/202407/31/202410-Q
03/31/202405/02/202410-Q
12/31/202302/22/202410-K
09/30/202311/02/202310-Q
06/30/202308/03/202310-Q
03/31/202305/04/202310-Q
12/31/202202/23/202310-K
Collapse to Preview
Report DateFiling DateFiling
09/30/202610/28/202610-Q
06/30/202607/29/202610-Q
03/31/202604/30/202610-Q
12/31/202502/19/202610-K
09/30/202510/29/202510-Q
06/30/202507/31/202510-Q
03/31/202505/01/202510-Q
12/31/202402/20/202510-K
09/30/202410/31/202410-Q
06/30/202407/31/202410-Q
03/31/202405/02/202410-Q
12/31/202302/22/202410-K
09/30/202311/02/202310-Q
06/30/202308/03/202310-Q
03/31/202305/04/202310-Q
12/31/202202/23/202310-K
09/30/202211/03/202210-Q
06/30/202208/04/202210-Q
03/31/202205/05/202210-Q
12/31/202102/23/202210-K
09/30/202111/02/202110-Q
06/30/202108/04/202110-Q
03/31/202105/05/202110-Q
12/31/202002/25/202110-K
09/30/202011/05/202010-Q
06/30/202009/17/2020424B4
03/31/202005/07/202010-Q
09/30/201911/12/201910-Q

Recent Forward Guidance

Updated 11/2/2026

Latest: Q2 2026 Earnings Reported 7/29/2026

Forward GuidanceGuidance Change
MetricSourceLowMidHigh% Chg% DeltaChangePrior
2026 AFFO per shareReported1.551.561.570.6% RaisedGuidance: 1.55 for 2026
2026 Investments in real estate propertiesReported600.00 Mil700.00 Mil800.00 Mil24.4% RaisedGuidance: 562.50 Mil for 2026
2026 Dispositions of real estate propertiesReported100.00 Mil125.00 Mil150.00 Mil42.9% RaisedGuidance: 87.50 Mil for 2026
2026 Total core general and administrative expensesReported30.00 Mil30.50 Mil31.00 Mil0 AffirmedGuidance: 30.50 Mil for 2026


Prior: Q1 2026 Earnings Reported 4/29/2026

Forward GuidanceGuidance Change
MetricSourceLowMidHigh% Chg% DeltaChangePrior
2026 AFFO per shareReported1.531.551.570 AffirmedGuidance: 1.55 for 2026
2026 Investments in real estate propertiesReported500.00 Mil562.50 Mil625.00 Mil0 AffirmedGuidance: 562.50 Mil for 2026
2026 Dispositions of real estate propertiesReported75.00 Mil87.50 Mil100.00 Mil0 AffirmedGuidance: 87.50 Mil for 2026
2026 Total core general and administrative expensesReported30.00 Mil30.50 Mil31.00 Mil0 AffirmedGuidance: 30.50 Mil for 2026

Q4 2025 Earnings Reported 2/18/2026

Forward GuidanceGuidance Change
MetricSourceLowMidHigh% Chg% DeltaChangePrior
2026 AFFO per diluted shareReported1.531.551.573.7% Higher NewActual: 1.5 for 2025
2026 Investments in real estate propertiesReported500.00 Mil562.50 Mil625.00 Mil-19.6% Lower NewActual: 700.00 Mil for 2025
2026 Dispositions of real estate propertiesReported75.00 Mil87.50 Mil100.00 Mil0 Same NewActual: 87.50 Mil for 2025
2026 Total core general and administrative expensesReported30.00 Mil30.50 Mil31.00 Mil0 Same NewActual: 30.50 Mil for 2025

Q3 2025 Earnings Reported 10/29/2025

Forward GuidanceGuidance Change
MetricSourceLowMidHigh% Chg% DeltaChangePrior
2025 AFFO per shareReported1.491.51.50.3% RaisedGuidance: 1.49 for 2025
2025 Investments in real estate propertiesReported650.00 Mil700.00 Mil750.00 Mil16.7% RaisedGuidance: 600.00 Mil for 2025
2025 Dispositions of real estate propertiesReported75.00 Mil87.50 Mil100.00 Mil16.7% RaisedGuidance: 75.00 Mil for 2025
2025 Total core general and administrative expensesReported30.00 Mil30.50 Mil31.00 Mil0 AffirmedGuidance: 30.50 Mil for 2025

Insider Activity

Updated 10/2/2026
Expand for More
#OwnerTitleHoldingActionFiling DatePriceSharesTransacted
Value
Value of
Held Shares
Form
1Imperiale, Richard P DirectBuy824202621.105,000105,500659,375Form
2Imperiale, Richard P DirectBuy824202621.225,000106,100557,025Form
3Fennell, KevinEVP, CFO & TreasurerDirectBuy304202615.9285913,6772,854,267Form
Collapse to Preview
#OwnerTitleHoldingActionFiling DatePriceSharesTransacted
Value
Value of
Held Shares
Form
1Imperiale, Richard P DirectBuy824202621.105,000105,500659,375Form
2Imperiale, Richard P DirectBuy824202621.225,000106,100557,025Form
3Fennell, KevinEVP, CFO & TreasurerDirectBuy304202615.9285913,6772,854,267Form

Investor Activity (13F)

Updated Nov 10, 2026
13F holdings as of Mar 31, 2026 (Q1 2026)

Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.

Active ManagerValue% of PortfolioTotal PositionsQoQFiling
GRS Advisors, LLC$48.7 Mil4.8%32New13F
Hazelview Securities Inc.$14.7 Mil2.7%45Hold13F
Mycio Wealth Partners, LLC$5.3 Mil1.1%49Hold13F
Active ManagerValue% of PortfolioTotal PositionsQoQFiling
GRS Advisors, LLC$48.7 Mil4.8%32New13F
Active Manager
Active ManagerValue% of PortfolioTotal PositionsQoQFiling
GRS Advisors, LLC$48.7 Mil4.8%32New13F
Hazelview Securities Inc.$14.7 Mil2.7%45Hold13F
Mycio Wealth Partners, LLC$5.3 Mil1.1%49Hold13F
Core Cache Last Updated: 11/9/2026