{"id":1014832,"date":"2026-10-28T18:31:32","date_gmt":"2026-10-28T22:31:32","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/broadstone-net-lease-announces-third-quarter-2026-results\/"},"modified":"2026-10-28T18:31:32","modified_gmt":"2026-10-28T22:31:32","slug":"broadstone-net-lease-announces-third-quarter-2026-results","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/broadstone-net-lease-announces-third-quarter-2026-results\/","title":{"rendered":"Broadstone Net Lease Announces Third Quarter 2026 Results"},"content":{"rendered":"

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Broadstone Net Lease Announces Third Quarter 2026 Results<\/b><\/p>\n

VICTOR, N.Y.–(BUSINESS WIRE<\/a>)–
\nBroadstone Net Lease, Inc. (NYSE: BNL) (\u201cBNL\u201d, the \u201cCompany\u201d, \u201cwe\u201d, \u201cour\u201d, or \u201cus\u201d), today announced its operating results for the quarter ended September 30, 2026.<\/p>\n

MANAGEMENT COMMENTARY<\/b><\/p>\n

\u201cWe delivered a strong third quarter, generating AFFO growth of 5.4% year-over-year, as our portfolio continued to perform well and our pipeline matured as expected,\u201d <\/i>said John Moragne, BNL\u2019s Chief Executive Officer. \u201cDuring the quarter, we were thrilled to return to the public equity markets and complete our $259 million public equity offering – a milestone we are proud of after four years away. Combined with a committed build-to-suit pipeline of $456 million as of today, we have our capital already at work and our path forward clearly defined. With a strengthened balance sheet and the continued confidence of our tenant and developer partners, we believe we remain on track to deliver on our full-year guidance and are energized by what lies ahead.\u201d<\/i><\/p>\n

THIRD QUARTER 2026 HIGHLIGHTS<\/b><\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
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OPERATING<\/b><\/p>\n

RESULTS<\/b><\/p>\n<\/td>\n

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  • \nGenerated net income of $28.1 million, or $0.14 per diluted share, consistent with the same period in the prior year.<\/p>\n<\/li>\n<\/ul>\n<\/td>\n<\/tr>\n
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  • \nGenerated AFFO of $77.8 million, or $0.39 per diluted share, representing a 5.4% increase compared to the previous year.<\/p>\n<\/li>\n<\/ul>\n<\/td>\n<\/tr>\n
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  • \nAchieved same store rental revenue growth of 0.7% compared to the same period in the previous year, driven by strong contractual rent increases and leasing activity in prior periods.<\/p>\n<\/li>\n<\/ul>\n<\/td>\n<\/tr>\n
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  • \nIncurred $10.8 million of general and administrative expenses. Incurred core general and administrative expenses of $7.4 million, which primarily excludes stock-based compensation and severance.<\/p>\n<\/li>\n<\/ul>\n<\/td>\n<\/tr>\n
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  • \nAs of the date of this release, we collected 99.9% of base rents due for the quarter for all properties under lease.<\/p>\n<\/li>\n<\/ul>\n<\/td>\n<\/tr>\n
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INVESTMENT & DISPOSITION ACTIVITY<\/b><\/p>\n<\/td>\n

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  • \nInvested $236.6 million, including $63.8 million in new property acquisitions, $137.1 million in build-to-suit developments, $35.1 million in transitional capital, and $0.6 million in redevelopments. The completed acquisition had an initial cash capitalization rate, lease term, and annual rent increase of 7.7%, 15.0 years, and 2.0%, respectively, resulting in a straight-line yield of 8.8%.<\/p>\n<\/li>\n<\/ul>\n<\/td>\n<\/tr>\n
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  • \nStarted three build-to-suit developments totaling $325.8 million in estimated total project investments, with a weighted average initial cap rate of 8.4%, and straight-line yield of 11.3% with rent commencement expected in March and June of 2027. For additional information, please reference the Real Estate Portfolio and Investment Update section below.<\/p>\n<\/li>\n<\/ul>\n<\/td>\n<\/tr>\n
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  • \nDuring the third quarter, we stabilized six build-to-suit developments totaling $95.3 million of estimated total project investment at a weighted average cash capitalization rate of 7.3%. For additional information, please reference the Real Estate Portfolio and Investment Update section below.<\/p>\n<\/li>\n<\/ul>\n<\/td>\n<\/tr>\n
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  • \nSold three properties for gross proceeds of $12.5 million at a capitalization rate of 6.6% on tenanted properties.<\/p>\n<\/li>\n<\/ul>\n<\/td>\n<\/tr>\n
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  • \nSubsequent to quarter-end, we invested $12.2 million in connection with our in-process build-to-suit investments. As of the date of this release, we have a total of approximately $337.6 million in remaining estimated investments for build-to-suit developments to be funded through the fourth quarter of 2027.<\/p>\n<\/li>\n<\/ul>\n<\/td>\n<\/tr>\n
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CAPITAL MARKETS ACTIVITY<\/b><\/p>\n<\/td>\n

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  • \nIn August 2026, we completed a public offering to sell an aggregate of 12,650,000 shares of common stock at a price of $20.50 per share for estimated gross proceeds of approximately $259.3 million, in connection with forward sale agreements. We expect to settle the common equity offering program by the September 2027 maturity date.<\/p>\n<\/li>\n<\/ul>\n<\/td>\n<\/tr>\n
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  • \nDuring the third quarter, we sold, on a forward basis, 1.8 million shares of our common stock at a weighted average gross price per share of $21.43 for estimated gross proceeds of approximately $38.9 million under our at-the-market common equity offering (\u201cATM Program\u201d), none of which has settled. Inclusive of the forward equity offering, the total outstanding expected net proceeds from forward sale agreements, if settled as of September 30, 2026, are approximately $409.3 million.<\/p>\n<\/li>\n<\/ul>\n<\/td>\n<\/tr>\n
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  • \nDuring the third quarter, we entered into a new $300 million senior unsecured delayed-draw term loan with an initial maturity date of January 30, 2030. Please reference the Balance Sheet Capital Markets Activities section below for additional details.<\/p>\n<\/li>\n<\/ul>\n<\/td>\n<\/tr>\n
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  • \nAs of September 30, 2026, the treasury stock method resulted in a diluted share impact from our outstanding forward sale agreements of approximately 945,000 shares given current forward sale prices relative to market pricing during the quarter; as these agreements are settled, their full share count will be reflected in our diluted weighted average shares outstanding.<\/p>\n<\/li>\n<\/ul>\n<\/td>\n<\/tr>\n
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