{"id":956297,"date":"2026-04-29T17:26:51","date_gmt":"2026-04-29T21:26:51","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/broadstone-net-lease-announces-first-quarter-2026-results-and-adds-30-million-to-its-committed-pipeline-of-build-to-suit-developments\/"},"modified":"2026-04-29T17:26:51","modified_gmt":"2026-04-29T21:26:51","slug":"broadstone-net-lease-announces-first-quarter-2026-results-and-adds-30-million-to-its-committed-pipeline-of-build-to-suit-developments","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/broadstone-net-lease-announces-first-quarter-2026-results-and-adds-30-million-to-its-committed-pipeline-of-build-to-suit-developments\/","title":{"rendered":"Broadstone Net Lease Announces First Quarter 2026 Results and Adds $30 million to its Committed Pipeline of Build-to-Suit Developments"},"content":{"rendered":"

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Broadstone Net Lease Announces First Quarter 2026 Results and Adds $30 million to its Committed Pipeline of Build-to-Suit Developments<\/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 year and quarter ended March 31, 2026.<\/p>\n

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

\u201cWe are off to a great start for the year, delivering 5.6% year-over-year AFFO growth during the quarter,” <\/i>said John Moragne, BNL’s Chief Executive Officer. “We strengthened our committed build-to-suit pipeline, invested over $60 million in high yielding stabilized acquisitions, and realized no lost rent, highlighting another quarter of diligent execution across the organization. We remain focused on adding to our growing pipeline of build-to-suits and driving long-term sustainable shareholder value.”<\/i><\/p>\n

FIRST QUARTER 2026 HIGHLIGHTS<\/b><\/p>\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 $46.4 million, or $0.24 per diluted share.<\/p>\n<\/li>\n<\/ul>\n<\/td>\n<\/tr>\n
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  • \nGenerated AFFO of $76.9 million, or $0.38 per diluted share, representing a 5.6% 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 2.8% compared to 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 $10.3 million of general and administrative expenses, representing a 7.0% increase compared to the same period in the prior year. Incurred core general and administrative expenses of $7.8 million, which excludes $2.5 million of stock-based compensation, representing a 5.4% increase compared to the same period in the prior year.<\/p>\n<\/li>\n<\/ul>\n<\/td>\n<\/tr>\n
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  • \nCollected 100.0% 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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\n\u00a0<\/p>\n<\/td>\n

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  • \nDuring the quarter, following the previously announced assumption by Gardner White of all six former American Signature sites, we entered into a new 10-year master lease covering all six locations.<\/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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  • \nDuring the first quarter, invested $171.9 million, including $61.2 million in new property acquisitions, $99.4 million in build-to-suit developments, including $21.4 million for two new build-to-suit developments started during the quarter, $10.4 million in transitional capital, and $0.9 million revenue generating capital expenditures. The completed acquisition and revenue generating capital expenditures had a weighted average initial cash capitalization rate, lease term, and annual rent increase of 9.0%, 4.1 years, and 0.8%, respectively, and the completed acquisition had a weighted average straight-line yield of 9.4%. 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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  • \nAs of the date of this release, we have a total of approximately $179.8 million in remaining estimated investments for build-to-suit developments to be funded through the fourth quarter of 2026. Additionally, we have $5.4 million of commitments to fund revenue generating capital expenditures with existing tenants.<\/p>\n<\/li>\n<\/ul>\n<\/td>\n<\/tr>\n
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  • \nDuring the first quarter, we sold one property for gross proceeds of $12.1 million at a capitalization rate of 5.6%. Subsequent to quarter-end, we sold three properties for gross proceeds of $54.8 million.<\/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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  • \nDuring the first quarter of 2026, we sold, on a forward basis, 3,718,219 shares of our common stock at a weighted average gross price per share of $19.13 for estimated gross proceeds of approximately $71.1 million under our at-the-market common equity offering (\u201cATM Program\u201d), none of which has settled. These sales may be settled, at our discretion, at any time prior to December 2026. After considering the shares sold subject to forward sale agreements we have $281.0 million of capacity remaining under the ATM Program as of March 31, 2026.<\/p>\n<\/li>\n<\/ul>\n<\/td>\n<\/tr>\n
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