Broadstone Net Lease Inc

Latest Results (20.05.2026):

Broadstone Net Lease Inc — first quarter of 2026: reported net income of $46.4 million ($0.24 diluted) and AFFO of $76.9 million ($0.38), a 5.6% year‑over‑year AFFO increase. Revenue was $121.4 million. The company invested $171.9 million during the quarter, strengthened its build‑to‑suit pipeline, kept collections at 100% of base rent, and reiterated 2026 AFFO guidance of $1.53–$1.57 per diluted share.

Net income & AFFO

Q1 2026 net income was $46.4M ($0.24 per diluted share). AFFO totaled $76.9M, or $0.38 per diluted share (5.6% YoY growth). FFO was $80.7M ($0.40 per share) and Core FFO $79.3M ($0.40 per share).

Operating performance

Same‑store rental revenue grew 2.8% YoY. The company collected 100% of base rents due for the quarter. GAAP general & administrative expense was $10.3M (+7.0% YoY); core G&A (excl. $2.5M stock comp) was $7.8M (+5.4% YoY).

Investments & development pipeline

Invested $171.9M in Q1: $61.2M acquisitions, $99.4M in build‑to‑suit developments (including $21.4M for two starts during the quarter), $10.4M transitional capital, $0.9M revenue‑generating capex. Remaining estimated build‑to‑suit funding ≈ $179.8M through Q4 2026. Subsequent to quarter end, commenced a Tesla build‑to‑suit (~$30.4M total project).

Portfolio & occupancy

Portfolio: 773 properties (766 U.S., 7 Canada) totaling ~41.9M rentable sq ft. 99.8% of rentable sq ft subject to lease, 209 tenants, no single tenant >3.8% of ABR. ABR weighted average lease term ~9.5 years and average annual rent escalations ~2.1%.

Capital structure & liquidity

Total outstanding debt ~$2.7B; Net Debt ~$2.6B. Net Debt to Annualized Adjusted EBITDAre was 6.1x (Pro Forma 5.8x). Revolver availability ~$591.9M and no material maturities until 2027. Sold 3,718,219 shares on a forward basis under the ATM for estimated gross proceeds ~$71.1M (not settled); ≈$281.0M capacity remains under the $400M ATM Program.

Dispositions & dividend

Sold one property in Q1 for $12.1M (cap rate 5.6%); subsequent to quarter end sold three properties for $54.8M. Board declared a quarterly dividend of $0.2925 per common share.

2026 guidance

AFFO guidance unchanged at $1.53–$1.57 per diluted share. Guidance assumptions include $500–$625M of real estate investments, $75–$100M of dispositions, and core G&A of $30–$31M.