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Broadstone Net Lease (BNL)
NYSE:BNL
Earnings Data
Report Date
May 06, 2026TBA (Not Confirmed)
Period Ending
2026 (Q1)Consensus EPS Forecast
0.17Last Year’s EPS
0.09Same Quarter Last Year
Moderate Buy
Based on 7 Analysts Ratings
Earnings Call Summary
Earnings Call Sentiment|Positive
The call portrayed predominantly positive operational and strategic progress: revenue-generating metrics and AFFO grew (AFFO per share $1.49, +4.2% YoY; Q4 FFO +5.6%), occupancy and collections remained strong (99% leased, 99.8% collected), the build-to-suit pipeline and Project Triboro offer meaningful embedded growth and upside, and the company maintained disciplined capital deployment and cost control. Headwinds include ongoing tenant-specific risks (Red Lobster, Claire's), conservative bad-debt assumptions baked into guidance (75 bps), pressure and competition in the traditional acquisition market, and frustration with relative valuation that limits large-scale equity raises today. Taken together, the operational wins, pipeline visibility, and improved yields and returns outweigh the challenges, though execution and capital-market developments remain key risks.Company Guidance
AFFO Growth and Quarterly Performance
Generated full-year AFFO per share of $1.49, representing 4.2% year-over-year growth; Q4 adjusted FFO was $75.8 million or $0.38 per share, up 5.6% vs. Q4 2024.
Strong Portfolio Operating Metrics
Portfolio ended the year 99% leased with 99.8% of rents collected, and lost rent (bad debt) totaled only 31 basis points for 2025 (down from 67 bps in 2024).
Significant 2025 Investment Activity
Deployed $748.4 million in 2025 including $429.9 million in new property acquisitions, $209.3 million in build-to-suit developments, $100.8 million in transitional capital, and $8.3 million in revenue-generating CapEx.
Attractive Investment Yields and Lease Durations
New investments carried a weighted average initial cash capitalization rate of 7.0%, weighted average remaining lease term of 14.2 years, weighted average annual rent escalations of 2.6% (50 bps above portfolio average) and a weighted average straight-line yield of 8.4%.
Build-to-Suit Pipeline and Embedded Growth
Nine in-process developments with estimated total project investment of $345 million (estimated initial cash yield 7.4% and straight-line yield 8.6%; WA lease term 12.9 years; annual escalations 2.7%). Approximately $350 million of build-to-suit developments are scheduled to stabilize in 2026, adding nearly $26 million of incremental ABR, and ~$142 million of additional projects are under executed LOIs.
Project Triboro Progress and Upside
Invested approximately $100 million in Project Triboro (transitional capital); site work commenced in Q4 2025, initial power delivery anticipated as early as Q3 2027; primary path is a hyperscale data center campus on a 1 GW-capable site with unsolicited proposals valuing the project significantly above invested capital.
Portfolio Dispositions and Capital Recycling
Sold 28 properties in 2025 for gross proceeds of $96 million at an average cash cap rate of 7.3%, targeting opportunistic, accretive recycling (targeting ~100 bps accretion where possible).
Disciplined Expense and Balance Sheet Management
Core G&A totaled $28.7 million for the year, down 2% year-over-year; pro forma leverage ended at ~5.8x with over $700 million available on the revolver and limited near-term maturities through 2027; amended term loans reduced rates by 10–25 bps and extended the 2029 loan to Feb 2031.
Dividend Increase and 2026 Guidance
Board approved a quarterly dividend of $0.2925 per share (approximately a 1% increase), and management reiterated 2026 AFFO guidance of $1.53 to $1.57 per share (roughly a 4% increase at the midpoint). 2026 guidance assumptions include $500–$625 million of investment volume, $75–$100 million of dispositions, core G&A of $30–$31 million and a 75 bps lost-rent assumption.
BNL Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed
BNL Earnings-Related Price Changes
Report Date | Price 1 Day Before | Price 1 Day After | Percentage Change |
|---|---|---|---|
Feb 18, 2026 | $19.51 | $18.69 | -4.20% |
Oct 29, 2025 | $17.93 | $17.75 | -1.00% |
Jul 30, 2025 | $15.65 | $15.98 | +2.08% |
Apr 30, 2025 | $15.63 | $15.32 | -1.98% |
Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.
FAQ
When does Broadstone Net Lease (BNL) report earnings?
Broadstone Net Lease (BNL) is schdueled to report earning on May 06, 2026, TBA (Not Confirmed).
What is Broadstone Net Lease (BNL) earnings time?
Broadstone Net Lease (BNL) earnings time is at May 06, 2026, TBA (Not Confirmed).
Where can I see when companies are reporting earnings?
You can see which companies are reporting today on our designated earnings calendar.
What companies are reporting earnings today?
You can see a list of the companies which are reporting today on TipRanks earnings calendar.
What is BNL EPS forecast?
BNL EPS forecast for the fiscal quarter 2026 (Q1) is 0.17.