Broadstone Net Lease (BNL) Q1 2026 earnings summary

Executive summary

• Achieved 5.6% year-over-year AFFO growth in Q1 2026, with net income of $46.4 million ($0.24 per diluted share) and AFFO of $76.9 million ($0.38 per diluted share), driven by strong operational execution and investment strategy.

• Invested $171.9 million in Q1, including $61.2 million in acquisitions and $99.4 million in build-to-suit developments, with high-profile projects for Amazon, Academy Sports, and Tesla.

• Portfolio comprised 773 properties across 44 U.S. states and 4 Canadian provinces, 99.8% leased with a weighted average remaining lease term of 9.5 years and 96.8% of leases featuring contractual rent escalations averaging 2.1% annually.

• Addressed nearly half of 2026 lease maturities with a 119% recapture rate and no bad debt realized in the quarter.

• Included in the S&P 600 Index, improving cost of equity capital and expanding investor base.

Financial highlights

• Q1 2026 revenues were $121.4 million, up from $108.7 million in Q1 2025, with lease revenues increasing 11.7% year-over-year.

• Net income for Q1 2026 was $46.4 million, up from $17.5 million in Q1 2025.

• AFFO reached $76.9 million or $0.38 per share, up 5.6% from Q1 2025.

• Same-store rent growth was 2.8% year-over-year, supported by contractual increases and re-leasing.

• G&A expenses totaled $10.3 million, up 7.0% year-over-year due to one-time/timing-related items.

Outlook and guidance

• 2026 AFFO guidance remains $1.53 to $1.57 per diluted share, with no changes to key assumptions.

• Assumes $500–$625 million in real estate investments and $75–$100 million in dispositions for 2026.

• Full-year assumption of 75 basis points of lost rent retained despite no bad debt in Q1.

• Build-to-suit pipeline of $382 million scheduled to reach stabilization through 2026-2027, providing visibility to $28 million in new ABR.

• Ample liquidity with $591.9 million available under the revolving credit facility and no material debt maturities until 2027.