Broadstone Net Lease Inc
F:62XA

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Broadstone Net Lease Inc
F:62XA
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Price: 17.3 EUR -1.14%
Market Cap: €3.2B

Broadstone Net Lease Inc
Investor Relations

Broadstone Net Lease is a real estate investment trust that buys and owns commercial properties and rents them to single tenants under long-term net leases. Its properties are usually buildings used by industrial, healthcare, restaurant, retail, and office tenants. The company is mainly a landlord, not an operator, so its job is to collect rent and manage the property portfolio. It earns money mostly from rental income. Under a net lease, the tenant typically pays rent and also covers many property-level costs such as taxes, insurance, and maintenance. That setup gives Broadstone steadier cash flow than an owner who has to run the buildings day to day. Its main customers are businesses that want to use a building without owning it, especially companies that prefer customized space and long lease terms. Broadstone’s role in the real estate market is to provide capital to these tenants by owning the property while they focus on running their businesses. That makes it different from a traditional landlord that handles more operating work and more tenant turnover.

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Last Earnings Call
Fiscal Period
Q1 2026
Call Date
Apr 30, 2026
AI Summary
Q1 2026

Results: Broadstone reported Q1 2026 AFFO of $76.9 million, or $0.38 per share, up 5.6% year over year, helped by same-store growth, new investments, and build-to-suits reaching stabilization.

Guidance: Management left full-year 2026 per-share guidance unchanged at $1.53 to $1.57 and kept its 75 basis points lost-rent assumption in place.

Development: The company added more build-to-suit projects, bringing its committed pipeline to about $382 million and giving it visibility to more than $28 million of incremental ABR.

Triboro: Project Triboro is still moving forward on zoning, power, and tenant outreach, with management expecting a decision on the best path by the end of 2026.

Capital: Broadstone issued $71 million of equity through its ATM during the quarter and said future issuance will remain measured and opportunistic.

Portfolio: Same-store growth was 2.8%, lease recapture was strong at 119%, and the company said tenant health remained solid with no bad debt in the quarter.

Key Financials
AFFO
$76.9 million
AFFO per share
$0.38
Same-store growth
2.8%
New development projects added year-to-date
over $90 million
Quarterly deployment
$171.9 million
Property acquisitions
$61.2 million
Build-to-suit developments invested
$99.4 million
Incremental investments in transitional capital projects
$10.4 million
Committed build-to-suit pipeline
approximately $382 million
Incremental ABR visibility
over $28 million
Development projects in process
11
Build-to-suit pipeline target
$350 million to $500 million
Build-to-suit opportunities under evaluation
approximately $1.3 billion
Initial cash cap rate on development pipeline
7.3%
Weighted average straight-line yield on development pipeline
8.4%
Weighted average lease term on development pipeline
12.9 years
Initial cash cap rate on Charles River investment
9%
First year initial cash cap rate on 3 build-to-suits
7.2%
Straight-line yield on 3 build-to-suits
8.3%
Weighted average lease term on 3 build-to-suits
14 years
ATM equity raised during quarter
$71 million
ATM forward gross proceeds
approximately $82.5 million
Weighted average ATM price
$19.13
Pro forma leverage
5.8x
Revolver availability
nearly $600 million
Core expenses
$7.8 million
Dividend per share
$0.2925
Lost rent assumption
75 basis points
Recapture rate
119%
New lease term on extended leases
6 years
Lease expirations addressed
half of 22 leases
Project Triboro prior investment
approximately $106 million
Project Triboro near-term site work
less than $15 million
Project Triboro power commitment
1 gigawatt
Project Triboro first phase energization
300 megawatts
Earnings Call Recording
Other Earnings Calls

Management

Mr. John D. Moragne J.D.
CEO & Director
No Bio Available
Mr. Ryan M. Albano CPA
President & COO
No Bio Available
Ms. Jennie O'Brien
Senior Vice President & Chief Accounting Officer
No Bio Available
Ms. Molly Kelly Wiegel
Senior Vice President of Human Resources & Administration
No Bio Available
Mr. Michael B. Caruso
Senior Vice President of Underwriting & Strategy
No Bio Available
Mr. Will D. Garner
Senior Vice President of Acquisitions
No Bio Available

Contacts

Address
NEW YORK
Rochester
800 Clinton Square
Contacts
+15852876500.0
broadstone.com
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