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Broadstone Net Lease, Inc.
🏹 Trader: 🎯 Near 52W High | BRS 71 Forming View all →
$4.0B
Market Cap
34.7
P/E
13.42
PEG
3.5%
ROCE
3.2%
ROE
0.83
D/E
41.5%
OPM
-5.6%
% from 52W High
65
α RS
🔍 BNL is showing a near-52W-high setup because it's within 5.6% of its 52-week high, Sector RRG has Real Estate in the Improving quadrant with the trail still strengthening, and RS Rating is 65. Net: Broad signal stack, not a recommendation. ? 52W High RRG RS Rating
Sources
5.6% from 52W high · Real Estate in Improving quadrant · RS Rating 65
🌏 Global Investor Returns
Currency-adjusted total returns for BNL including FX impact
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📈 Price History
Ratio Health
Excellent
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Average
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By Category
📊 Sector Averages
About

Broadstone Net Lease, Inc. is an industrial-focused, diversified net lease real estate investment trust (REIT) that invests in primarily single-tenant commercial real estate properties that are net leased on a long-term basis to a diversified group of tenants.

Key Ratios Snapshot
📈 Growth Pattern
📊 Quick Scorecard
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⭐ Superinvestors Holding BNL
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Manager Shares Value % of Fund Period
Jim Simons Renaissance Technologies LLC 61.9K $1.1M 0.00% Mar 2026

SEC Form 13F data. 45-day lag from quarter end.

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3-Statement Financial Model
Bear / Base / Bull projections · DCF fair value · Reverse-DCF
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📊 MIXED BNL Q1 AFFO up 5.6%, $171.9M deployed, $382M build-to-suit pipeline.
Revenue & Profitability
Adjusted funds from operations (AFFO) were $76.9 million or $0.38 per share, a 5.6% increase year-over-year. Same-store rent growth was 2.8%, driven by contractual rent increases and successful re-leasing. The company maintained its full-year 2026 AFFO guidance range of $1.53-$1.57 per share.
Outlook
Management sees a robust opportunity set driven by onshoring, nearshoring, and demand for modern facilities. Business investment grew 10.4% period-over-period, supporting demand for build-to-suit industrial and retail assets. However, the company remains disciplined, noting that seller pricing expectations on stabilized acquisitions often do not align with its risk view.
Growth Drivers
Key growth levers include the build-to-suit pipeline of $382 million of committed projects (~$28 million incremental ABR) with initial cash yields of 7.3% and straight-line yields of 8.4%. Additionally, the company is evaluating $1.3 billion of build-to-suit opportunities. The Charles River campus in Boston offers redevelopment potential for up to 440,000 sq ft of industrial space. Project Triboro, a potential hyperscale data center, also represents a significant growth opportunity.
Balance Sheet & CapEx
Total capital deployed in Q1 was $171.9 million, including $61.2 million in acquisitions, $99.4 million in build-to-suit developments, and $10.4 million in transitional capital projects. The company has an additional $106 million invested in Project Triboro and expects less than $15 million in site work for it during 2026. Dispositions totaled $12 million in Q1 and $54.8 million subsequent to quarter-end, recycling capital at favorable cap rates.
Margins
G&A expenses for Q1 were $7.8 million, up 5.4% year-over-year largely due to one-time items, but management remains on track to meet its G&A guidance. The company maintains a pro forma leverage ratio of 5.8x and has ample liquidity with nearly $600 million available on its revolver. The AFFO growth of 5.6% reflects operating leverage and strong portfolio performance.
Key Risks
Risks include zoning and power challenges for Project Triboro's data center development, as the Borough Council is taking up to 180 days to address data center zoning. Tenant exposure to home furnishings (mid-2% of ABR) and ongoing monitoring of Red Lobster and Claire's locations are also noted. Management maintains a conservative 75 basis points lost rent assumption for 2026 despite no bad debt in Q1.
Generated by AI · Q1 2026 results · Not investment advice
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✓ 📞 Earnings Call Transcripts (5 quarters) submit a missing quarter
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📞 Earnings Call Transcripts (5)
Q2 2026 Q2 2026 2026-07-30
Second quarter results highlighted strong AFFO growth, a major $303 million Colorado joint venture, and a deep build-to-suit pipeline driving future earnings. Guidance was raised for AFFO, investments, and dispositions, with robust liquidity and disciplined capital allocation supporting continued growth.
Q1 2026 Q1 2026 2026-04-30
Q1 2026 saw 5.6% AFFO growth, robust build-to-suit activity, and strong leasing with a 119% recapture rate. Portfolio repositioning continued via opportunistic acquisitions and dispositions, while guidance and dividend were maintained.
Q4 2025 Q4 2025 2026-02-19
AFFO per share grew 4.2% in 2025, with strong portfolio performance and disciplined investment totaling $748.4 million. 2026 guidance targets 4% AFFO growth, supported by a robust build-to-suit pipeline and proactive risk management, especially around tenant exposures.
Q3 2025 Q3 2025 2025-10-30
Q3 delivered strong AFFO growth, 100% rent collection, and robust investment activity, with guidance raised for 2025. Build-to-suit and direct acquisitions drive growth, while disciplined capital allocation and a strong balance sheet support future expansion.
Q2 2025 Q2 2025 2025-07-31
Raised 2025 AFFO guidance after a strong Q2, with 5.6% AFFO per share growth and robust build-to-suit and acquisition pipelines. Portfolio remains 99.1% leased, leverage is 5.2x, and capital is being allocated through dispositions and retained cash flow.
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📊 Analysis Methodology

This comprehensive investment analysis was conducted using The Finmagine™ Stock Analysis & Ranking Methodology, a proprietary framework that systematically evaluates stocks across five critical dimensions: Financial Health, Growth Prospects, Competitive Positioning, Management Quality, and Valuation.

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Financial Model
Projections are built from each company's audited annual financials (Income Statement, Balance Sheet, Cash Flow) over the last 5 fiscal years. Forward assumptions — revenue growth %, EBITDA margin, D&A (USD millions), interest expense, tax rate, and capex — are AI-generated using historical context and refreshed twice a year: after the December results season and after the September/Q4 results season.

DCF Valuation
Fair Value = Σ(FCFt / (1+WACC)t) + Terminal Value. Terminal Value uses the Gordon Growth Model: FCF5 × (1+g) / (WACC−g). Default WACC: 10% (US risk-free ~4.5%, equity risk premium ~5.5%). Default terminal growth: 3% (long-run US nominal GDP proxy).

CAGR Tracker
Expected 5-year CAGR = (DCF Fair Value / Current Price)1/5 − 1. Assumes fair value is reached in exactly 5 years — a mechanical estimate only.

Data Sources & Limitations
Financial statements sourced from public filings. Prices updated daily. Forward assumptions are AI-generated. All monetary values in USD millions. Non-US ADR companies may have currency conversion inaccuracies. Models are point-in-time and do not update intra-quarter or account for M&A, macro shocks, or extraordinary items.

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Investment Risk:
Investing in securities, including US equities and ETFs, involves inherent risks including the potential loss of principal. All investments are subject to market fluctuations, economic conditions, regulatory changes, and other factors that may affect their value. Past performance is not indicative of future results. This analysis is provided for informational and educational purposes only and should not be construed as investment advice under any circumstances.

No Investment Recommendation:
This analysis does not constitute, nor should it be interpreted as, an offer, solicitation, or recommendation to buy, sell, or hold any securities or financial products. Investors are strongly advised to conduct their own independent research and due diligence and to consult with a licensed financial advisor or an SEC-registered investment adviser before making any investment decisions, taking into account their individual financial situation, risk tolerance, and investment objectives.

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Conflict of Interest Disclosure:
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Information Sources:
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