Broadstone Net Lease Reports Strong Q1 2026 Results with 5.6% AFFO Growth and Maintained Guidance
BNL sits 30% above its 52-week low of $15.281.
Summary
Broadstone Net Lease reported strong Q1 2026 results with a 5.6% year-over-year increase in AFFO per share, significant GAAP net income growth, and reaffirmed its full-year guidance, demonstrating solid operational and financial health.
Key Events · Earnings and Guidance · BNL
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Strong Q1 2026 Financial Performance
Adjusted Funds From Operations (AFFO) per diluted share increased 5.6% year-over-year to $0.38. Net income rose significantly to $46.4 million ($0.24 per diluted share) from $17.5 million ($0.09 per diluted share) in Q1 2025, and the company achieved 100% rent collection.
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Active Investment and Disposition Strategy
The company invested $171.9 million in new property acquisitions and build-to-suit developments during the quarter. It also sold one property for $12.1 million in Q1 and three additional properties for $54.8 million subsequent to quarter-end.
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Capital Raise via Existing ATM Program
Broadstone Net Lease sold 3,718,219 shares of common stock on a forward basis for approximately $71.1 million at a weighted average price of $19.13 per share under its existing 2024 ATM Program. Approximately $281.0 million of capacity remains under the program.
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2026 Guidance Reaffirmed and Leverage Managed
The company reaffirmed its 2026 AFFO guidance of $1.53 to $1.57 per diluted share. Pro Forma Net Debt to Annualized Adjusted EBITDAre was reported at 5.8x, indicating the company is in compliance with its debt covenants.
Analysis · BNL · Real Estate & Construction
Broadstone Net Lease, Inc. reported robust first-quarter 2026 financial results, demonstrating strong operational performance and effective capital management. Adjusted Funds From Operations (AFFO) per diluted share increased by 5.6% year-over-year to $0.38, and GAAP net income significantly improved to $46.4 million ($0.24 per diluted share) compared to $17.5 million ($0.09 per diluted share) in Q1 2025, reversing the decline noted in the previous year's 10-K. The company achieved 100% rent collection and actively invested $171.9 million in new property acquisitions and build-to-suit developments, while also disposing of properties for $12.1 million in Q1 and an additional $54.8 million subsequent to quarter-end. The company utilized its existing ATM program, selling 3.7 million shares on a forward basis for $71.1 million at a weighted average price of $19.13 per share, with substantial capacity remaining. Importantly, the company reaffirmed its 2026 AFFO guidance of $1.53 to $1.57 per diluted share and reported a Pro Forma Net Debt to Annualized Adjusted EBITDAre of 5.8x, indicating compliance with its debt covenants. While the headline of strong Q1 results was previously reported by Dow Jones, this 8-K provides the full, detailed financial context, reinforcing the positive sentiment, especially as the stock trades near its 52-week high.
How filings like this one have moved
In the 30 days to Oct 2, 2026, 29.5% of the 1629 measured filings Wiseek scored 7 moved their stock by 5% or more by the next session's close. The median move was -0.59%. These are measured outcomes after filings of this importance, not a forecast for this one.
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At the time of this filing, BNL was trading at $19.93 on NYSE in the Real Estate & Construction sector, with a market capitalization of approximately $3.8B. The 52-week trading range was $15.28 to $20.48. This filing was assessed with positive market sentiment and an importance score of 7 out of 10.