The Q1 beat and maintained guidance are positive, but elevated leverage and ongoing ATM dilution reduce conviction. Watch for updates on the $179.8M remaining build-to-suit pipeline and any de-leveraging progress in Q2.
Price Chart
Executive Summary
Broadstone Net Lease reported Q1 2026 AFFO of $0.38 per share, beating the $0.37 consensus by 2.7%, with revenue up 11.7% YoY to $121.4M driven by acquisitions and 2.8% same-store rent growth. 2026 AFFO guidance of $1.53-$1.57 per share was maintained, but net leverage rose to 6.1x and the company continues to issue ATM shares, tempering the positive earnings beat.
Key Financial Metrics
Key Facts
- Q1 2026 AFFO per share $0.38 vs consensus $0.37 (beat)
- Revenue $121.4M, +11.7% YoY from $108.7M
- Same-store rental revenue growth 2.8% YoY
- 2026 AFFO guidance maintained at $1.53-$1.57 per share
- Net debt to annualized adjusted EBITDAre 6.1x vs 5.1x a year ago
- Issued 3.7M shares via ATM program on a forward basis for ~$71.1M gross proceeds
Financial Impact
Quarterly AFFO beat consensus by $0.01 per share; revenue beat not calculable due to lack of consensus; guidance unchanged.
Risk Factors
- Net leverage increased to 6.1x, above prior quarters
- ATM share issuance could pressure per-share metrics
- Interest rate sensitivity on floating-rate debt (21.9% of total debt)
- Tenant credit risk in net lease portfolio
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 7 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001424182-26-000034 |
| Document: bnl-20260331xexx991.htm | 0001424182-26-000034 |
| Document: bnl-20260429.htm | 0001424182-26-000034 |
| Document: 0001424182-26-000034-index-headers.html | 0001424182-26-000034 |
| Document: 0001424182-26-000034-index.html | 0001424182-26-000034 |
| Document: 0001424182-26-000034.txt | 0001424182-26-000034 |
| 8-K Data (Synthetic) | 0001424182-26-000034 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 5, 2026 21d ago | 8-K | $18.63 $18.32 | ▼ −1.66% | ▼ −1.53% | $17.36 (−6.82%) |
Sep 22, 2026 4w ago | Institutional Cluster | $19.12 $18.88 | ▼ −1.26% | ▼ −0.07% | $17.36 (−9.21%) |
Aug 10, 2026 11w ago | 8-K | $20.65 $20.78 | ▼ −0.63% | ▼ −1.03% | $17.36 (+15.93%) |
Aug 10, 2026 11w ago | 424B5 | $20.46 $21.22 | ▼ −3.71% | ▼ −3.76% | $17.36 (+15.15%) |
Jul 29, 2026 12w ago | 10-Q/A | $21.50 $21.16 | ▼ −1.58% | ▼ −5.20% | $17.36 (−19.26%) |
Jul 8, 2026 15w ago | 8-K | $21.85 $21.87 | ▲ +0.09% | ▼ −0.77% | $17.36 (−20.55%) |
Apr 29, 2026 25w ago | 8-K | $19.80 $19.86 | ▲ +0.30% | ▼ −1.42% | $17.36 (−12.32%) |
Mar 20, 2026 31w ago | DEFA14A | $18.34 $18.29 | ▼ −0.27% | ▲ +3.30% | $17.36 (−5.32%) |
Feb 25, 2026 34w ago | 8-K | $19.09 $18.60 | ▼ −2.58% | ▼ −1.48% | $17.36 (−9.08%) |
US Market Status
Subscribe to SecBot
Get Real-Time SEC Filing Intelligence
Comprehensive SEC filing analysis delivered the moment filings hit EDGAR. Sentiment scoring, impact analysis, and actionable insights for every material event.
Create a free account Live analysis, Telegram alerts, watchlists and the MCP server for subscribers