The 10-Q/A is purely administrative and does not change the company's reported results or financial position. The underlying Q2 2026 results were strong, but the forward equity issuance and elevated leverage ratio (5.9x) warrant monitoring for future acquisition funding and potential dilution. Watch for rate environment impacts on the ~$600M of unhedged variable-rate debt and the progress of $163.8M in build-to-suit projects expected to stabilize by late 2027.
Price Chart
Executive Summary
Broadstone Net Lease filed a Form 10-Q/A solely to implement XBRL tagging; no financial or disclosure changes were made to the original Q2 2026 report. The underlying results show strong YoY growth with net income more than doubling to $40.3M (Q2) and $86.6M (H1), lease revenues up ~10%, and a stable investment-grade balance sheet with 5.9x pro-forma leverage. This technical amendment does not alter the company's reported financial position or forward outlook.
Key Facts
- Amendment 1 to Form 10-Q filed solely to add XBRL tagging — no changes to financial statements, notes, or MD&A
- Q2 2026 net income: $40.3M vs $19.8M YoY (up 103%); H1 2026 net income: $86.6M vs $37.3M YoY (up 132%)
- Lease revenues, net: $122.3M Q2 2026 vs $113.0M Q2 2025 (up 8.3%); H1 $243.7M vs $221.7M (up 9.9%)
- Diluted EPS: $0.21 Q2 2026 vs $0.10 Q2 2025; $0.45 H1 2026 vs $0.19 H1 2025
- Pro Forma Net Debt to Annualized Adjusted EBITDAre: 5.9x (consistent with Q1 2026, up from 5.2x a year ago)
- Portfolio 100% leased; 766 properties; ABR $439.8M; weighted-average lease term 9.3 years
- $542.1M available under $1.0B revolver; $237.3M ATM capacity remaining
- Subsequent to quarter end: amended credit facility reducing SOFR margins by 5-10bps, added $300M delayed-draw term loan, sold ~1.63M shares forward at $21.45 for ~$33.9M
- Remaining build-to-suit commitments of $163.8M; $303M new BTS transaction with JV partner post quarter
Financial Impact
No financial restatement; original Q2 2026 results unchanged — net income $40.3M, lease revenues $122.3M, diluted EPS $0.21
Risk Factors
- Elevated net debt to EBITDAre (6.4x on an as-reported basis) leaves limited balance sheet flexibility if rate cuts do not materialize
- Subsequent equity issuance (1.63M shares at $21.45) may signal continued reliance on ATM for funding and potential dilution
- Impairment charges of $3.5M in Q2 2026 (vs $11.9M in Q2 2025) reflect ongoing asset recycling but expose the portfolio to market value risk
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 9 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 10-Q/A Filing (BNL) — Batch item 1 | 0001424182-26-000068 |
| Document: bnl-20260630xexx312.htm | 0001424182-26-000068 |
| Document: bnl-20260630xexx311.htm | 0001424182-26-000068 |
| Document: bnl-20260630xexx322.htm | 0001424182-26-000068 |
| Document: bnl-20260630xexx321.htm | 0001424182-26-000068 |
| Document: 0001424182-26-000068-index-headers.html | 0001424182-26-000068 |
| Document: 0001424182-26-000068-index.html | 0001424182-26-000068 |
| Document: 0001424182-26-000068.txt | 0001424182-26-000068 |
| 10-Q/A Filing (BNL) — Batch item 9 | 0001424182-26-000068 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 5, 2026 21d ago | 8-K | $18.63 $18.32 | ▼ −1.66% | ▼ −1.53% | $17.24 (−7.49%) |
Sep 22, 2026 5w ago | Institutional Cluster | $19.12 $18.88 | ▼ −1.26% | ▼ −0.07% | $17.24 (−9.86%) |
Aug 10, 2026 11w ago | 8-K | $20.65 $20.78 | ▼ −0.63% | ▼ −1.03% | $17.24 (+16.54%) |
Aug 10, 2026 11w ago | 424B5 | $20.46 $21.22 | ▼ −3.71% | ▼ −3.76% | $17.24 (+15.76%) |
Jul 29, 2026 12w ago | 10-Q/A | $21.50 $21.16 | ▼ −1.58% | ▼ −5.20% | $17.24 (−19.84%) |
Jul 8, 2026 15w ago | 8-K | $21.85 $21.87 | ▲ +0.09% | ▼ −0.77% | $17.24 (−21.12%) |
Apr 29, 2026 25w ago | 8-K | $19.80 $19.86 | ▲ +0.30% | ▼ −1.42% | $17.24 (−12.95%) |
Mar 20, 2026 31w ago | DEFA14A | $18.34 $18.29 | ▼ −0.27% | ▲ +3.30% | $17.24 (−6.01%) |
Feb 25, 2026 34w ago | 8-K | $19.09 $18.60 | ▼ −2.58% | ▼ −1.48% | $17.24 (−9.74%) |
US Market Status
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