newsfilter
← Latest News
Business Wire·

Broadstone Net Lease Announces First Quarter 2026 Results and Adds $30 million to its Committed Pipeline of Build-to-Suit Developments

BNL
  • Broadstone Net Lease, Inc. reported net income of $46.4 million ($0.24 per diluted share) & AFFO of $76.9 million ($0.38 per diluted share) for the quarter ended March 31, 2026.
  • AFFO increased 5.6% year-over-year while same-store rental revenue grew 2.8% due to contractual rent increases & leasing activity.
  • The company achieved 100% base rent collection & incurred no lost rent during the quarter.
  • Total investments for the quarter reached $171.9 million, including $61.2 million in new property acquisitions & $99.4 million in build-to-suit developments.
  • Specific investments included a 60-acre industrial campus in Massachusetts for Charles River Laboratories & stabilization of a second hangar for Sierra Nevada Corporation at Dayton International Airport.
  • Subsequent to quarter-end, the company sold three properties for $54.8 million & commenced a new build-to-suit project for Tesla, Inc. in Texas.
  • The company sold 3.7 million shares via its ATM program for $71.1 million in estimated gross proceeds, with $281.0 million of capacity remaining.
  • A quarterly dividend of $0.2925 per share was declared, payable by July 15, 2026.
  • The portfolio as of March 31, 2026, comprised 773 net-leased properties across the U.S. & Canada with a weighted average lease term of 9.5 years.
  • Total outstanding debt stood at $2.7 billion, resulting in a Net Debt to Annualized Adjusted EBITDAre ratio of 6.1x.
  • The company reaffirmed its 2026 AFFO guidance of $1.53 to $1.57 per diluted share.
  • Approximately $179.8 million remains in estimated investments for build-to-suit developments through the fourth quarter of 2026.