Broadstone Net Lease (BNL) Q3 2026 earnings summary

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.