BNL Q3 AFFO Rises 5.4% to $0.39/Share; 2026 Guidance Maintained at $1.55-$1.57
BNL is trading near its 52-week low of $16.715 (0.9% above the low).
Summary
Broadstone Net Lease posted Q3 2026 AFFO of $0.39 per share, up 5.4% year over year, held 2026 AFFO guidance at $1.55-$1.57 and raised its full-year investment range to $700-$800 million.
Key Events · Earnings and Guidance · BNL
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Q3 AFFO Grows 5.4% Year Over Year
AFFO came in at $77.8 million, or $0.39 per diluted share, versus $0.37 a year earlier; net income was $28.1 million, or $0.14 per diluted share.
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2026 AFFO Guidance Reaffirmed
Full-year AFFO guidance held at $1.55-$1.57 per diluted share, with core G&A of $30-$31 million and less than $0.005 per share of forward-equity dilution.
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Investment Range Raised to $700-$800M
Real estate investment guidance was lifted from $600-$800 million and dispositions from $100-$150 million to $150-$200 million; Q3 investments totaled $236.6 million.
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Build-to-Suit Pipeline Reaches $456.3M
Three new developments started in Q3 totaling $325.8 million, including continued funding of the $303 million Fortune 20 advanced technology facility in Colorado.
Analysis · BNL · Real Estate & Construction
The headline numbers held steady: AFFO per share of $0.39 matched the prior two quarters and grew 5.4% year over year, while management kept full-year AFFO guidance at $1.55-$1.57 and lifted the investment range to $700-$800 million and dispositions to $150-$200 million. Capital deployment is the quarter's real story — $236.6 million invested, three new build-to-suit starts totaling $325.8 million, and a $456.3 million in-process pipeline anchored by a $303 million Fortune 20 facility. Leverage looks manageable on a pro forma basis at 5.4x net debt to annualized adjusted EBITDAre once $409.3 million of unsettled forward equity proceeds are counted, though reported net debt to annualized EBITDAre is 6.9x until those forwards settle. The dividend ticked up to $0.295 per share.
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At the time of this filing, BNL was trading at $16.86 on NYSE in the Real Estate & Construction sector, with a market capitalization of approximately $3.2B. The 52-week trading range was $16.72 to $23.10. This filing was assessed with neutral market sentiment and an importance score of 7 out of 10.