The raised AFFO guidance and strong build-to-suit pipeline signal confidence in near-term growth, but the deceleration in same-store rent growth and higher leverage warrant monitoring. Watch for settlement of the $409M in forward equity agreements and the pace of development stabilizations in coming quarters.
Price Chart
Executive Summary
Broadstone Net Lease reported Q3 2026 AFFO of $0.39 per diluted share, in line with the $0.38 consensus, and revenue of $121.9M slightly below the $122.4M estimate. The company raised its full-year AFFO guidance to $1.55-$1.57 per share, completed a $259M equity offering, and declared a 0.9% dividend increase to $0.295 per share. Same-store rental revenue growth slowed to 0.7% from 1.9% in the prior-year period, and net debt leverage ticked up to 6.9x on a gross basis.
Key Financial Metrics
Key Facts
- Q3 2026 AFFO of $77.8M, or $0.39 per diluted share, up 5.4% YoY from $0.37
- Revenue of $121.9M, up 6.7% YoY from $114.2M, but slightly below consensus of $122.4M
- Same-store rental revenue growth of 0.7% in Q3 2026 vs 1.9% in Q3 2025
- Full-year 2026 AFFO guidance raised to $1.55-$1.57 per diluted share
- Completed $259M public equity offering (12.65M shares at $20.50) in August 2026
- Declared quarterly dividend of $0.295 per share, a 0.9% increase from $0.2925
- Net Debt to Annualized EBITDAre increased to 6.9x from 5.7x a year ago
- Invested $236.6M in Q3, including $63.8M in acquisitions and $137.1M in build-to-suit developments
- Total in-process build-to-suit pipeline of $456.3M as of the release date
- Portfolio occupancy at 100.0% with 99.9% rent collection
Financial Impact
AFFO per share of $0.39 vs consensus $0.38 (in line); revenue $121.9M vs consensus $122.4M (slight miss); full-year AFFO guidance raised to $1.55-$1.57
Risk Factors
- Same-store rental revenue growth slowed to 0.7% from 1.9% a year ago, driven by cash-basis tenant adjustments and redevelopment vacancies
- Net Debt to Annualized EBITDAre rose to 6.9x from 5.7x, reflecting increased borrowing for investments
- Floating-rate debt exposure increased to 30.7% of total debt, up from 21.9% in Q1 2026, creating interest rate sensitivity
- Forward equity overhang of 20.9M shares (potential $409M in proceeds) could dilute EPS if settled
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 7 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001424182-26-000079 |
| Document: bnl-20260930xexx991.htm | 0001424182-26-000079 |
| Document: bnl-20261028.htm | 0001424182-26-000079 |
| Document: 0001424182-26-000079-index-headers.html | 0001424182-26-000079 |
| Document: 0001424182-26-000079-index.html | 0001424182-26-000079 |
| Document: 0001424182-26-000079.txt | 0001424182-26-000079 |
| 8-K Data (Synthetic) | 0001424182-26-000079 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 28, 2026 2d ago | 8-K | $17.40 | awaiting T+5 | awaiting T+5 | $17.10 (−1.72%) |
Oct 5, 2026 25d ago | 8-K | $18.63 $18.32 | ▼ −1.66% | ▼ −1.53% | $17.10 (−8.21%) |
Sep 22, 2026 5w ago | Institutional Cluster | $19.12 $18.88 | ▼ −1.26% | ▼ −0.07% | $17.10 (−10.56%) |
Aug 10, 2026 11w ago | 8-K | $20.65 $20.78 | ▼ −0.63% | ▼ −1.03% | $17.10 (+17.19%) |
Aug 10, 2026 11w ago | 424B5 | $20.46 $21.22 | ▼ −3.71% | ▼ −3.76% | $17.10 (+16.42%) |
Jul 29, 2026 13w ago | 10-Q/A | $21.50 $21.16 | ▼ −1.58% | ▼ −5.20% | $17.10 (−20.47%) |
Jul 8, 2026 16w ago | 8-K | $21.85 $21.87 | ▲ +0.09% | ▼ −0.77% | $17.10 (−21.74%) |
Apr 29, 2026 26w ago | 8-K | $19.80 $19.86 | ▲ +0.30% | ▼ −1.42% | $17.10 (−13.64%) |
Mar 20, 2026 32w ago | DEFA14A | $18.34 $18.29 | ▼ −0.27% | ▲ +3.30% | $17.10 (−6.74%) |
Feb 25, 2026 35w ago | 8-K | $19.09 $18.60 | ▼ −2.58% | ▼ −1.48% | $17.10 (−10.44%) |
US Market Status
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