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Edge16 Oct 2026
Winner, Winner: The Chicken McNugget Story
How a 1940s breeding contest, a Cornell food scientist, and a hedge by Ray Dalio helped McDonald's turn the Chicken McNugget into a fast-food icon.
Broadstone Net Lease
Broadstone Net Lease (BNL) investor relations material
Broadstone Net Lease Q3 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2026 earnings summary29 Oct, 2026
Executive summary
Q3 AFFO was $77.8M, or $0.39 per diluted share, up 5.4% YoY; FY26 AFFO guidance remained $1.55–$1.57 per share, implying 4.0%–5.4% growth.
A $456.3M in-process build-to-suit pipeline and expected rent commencements of ~$36M in annualized base rent through 2027 support growth visibility.
Selective investment, balance-sheet discipline and funding flexibility were emphasized amid market volatility and elevated capital costs.
Financial highlights
Q3 lease revenue was $121.867M versus $114.167M a year earlier; net income attributable to common shareholders was $27.1M versus $26.5M, with diluted EPS of $0.14 in both periods.
9M lease revenue was $365.6M versus $335.8M; net income was $114.8M versus $64.4M, and diluted EPS was $0.58 versus $0.33.
Q3 same-store rental revenue grew 0.7% YoY, or ~1.9% excluding two industrial properties under redevelopment; core G&A was $7.4M.
9M operating cash flow was $221.9M versus $214.9M; investing cash use was $438.7M, chiefly reflecting development investment.
Outlook and guidance
FY26 AFFO guidance remained $1.55–$1.57 per diluted share; investment guidance increased to $700M–$800M from $600M–$800M, and disposition guidance to $150M–$200M from $100M–$150M.
Core G&A guidance remained $30M–$31M; bad-debt assumption was reduced to 25 bps.
Guidance includes less than $0.005 per share of estimated dilution from 350,000–600,000 weighted-average shares tied to unsettled forward equity.
Pipeline rent commencements are expected to add ~$36M of annualized base rent from Q4 2026 through 2027, including ~$31M in H1 2027.
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Latest events from Broadstone Net Lease
- FY23 AFFO met guidance as healthcare simplification and disciplined capital allocation reshape the portfolio.BNL
Q4 2023 - Raised 2026 AFFO guidance, strong rent growth, and robust build-to-suit pipeline drive outlook.BNLInvestor presentation
- Raised 2026 AFFO guidance and strong build-to-suit pipeline drive growth and stability.BNLInvestor presentation
- Q2 2026 net income doubled, AFFO and guidance rose, and a $303M Colorado JV was secured.BNLQ2 2026
- Industrial-focused portfolio achieves strong growth and stability through BTS and disciplined investment.BNLInvestor presentation
- Q1 2026 saw 5.6% AFFO growth, $46.4M net income, and robust investment activity.BNLQ1 2026
- Shareholders to vote on directors, executive pay, and auditor, with strong governance and ESG focus.BNLProxy filing
- Annual meeting to elect directors, approve pay, and ratify auditor, all board-recommended.BNLProxy filing
- AFFO and lease revenues rose, but net income fell due to higher interest and impairment costs.BNLQ3 2025
Next Broadstone Net Lease earnings date
Q4 202617 Feb, 2027
Broadstone Net Lease
Next Broadstone Net Lease earnings date
Q4 202617 Feb, 2027
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Frequently asked questions
Broadstone Net Lease Inc is a real estate investment trust (REIT) that acquires and manages single-tenant commercial properties under long-term net lease agreements. Its portfolio includes industrial, healthcare, restaurant, office, and retail properties across the United States. The company’s strategy focuses on stable cash flows from tenants operating across diverse sectors. Broadstone Net Lease Inc is headquartered in Rochester, New York, and its shares are listed on the NYSE.