BNL
Broadstone Net Lease, Inc.17.57
-0.27-1.51%
Dec 16, 4:00:02 PM EST
Earnings Call Transcripts
This Quarter (Q1 '26)
No earnings call transcript available yet
Last Quarter (Q4 '25)
FY Q4 '25
Red Lobster cuts eyed; Triboro bids strong.
Q&A drilled into Red Lobster tweaks, with management probing mutually beneficial sales or re-leases for some of its 18 sites (1.3% ABR) as traffic lags pre-bankruptcy coverage below 2x. Project Triboro gained timelines: phased power from 300MW in Q3'27, tenant marketing H1'26, unsolicited bids exceeding $100M invested. Build-to-suit faces no rival pressure thanks to relationships; pipeline rolls at $350M-$500M, heavy on repeats like fresh Academy Sports. American Signature and Claire's resolve with no guidance tweaks. Bids top invested capital. Deployment guide skews build-to-suit heavy, conservative start. Watch tenant trims, Triboro exit.
Key Stats
Market Cap
3.47BP/E (TTM)
37.38Basic EPS (TTM)
0.47Dividend Yield
0.07%Recent Filings
8-K
Two new $62.1M developments
Broadstone Net Lease added two build-to-suit developments—an Amazon SSD warehouse in Sarasota, FL, and Academy Sports retail in Magnolia, TX—for $62.1 million total investment. Construction started February 2026, targeting stabilizations in May 2027 and November 2026 with 15-year leases and ~7.4% cash cap rates. Pipeline depth grows. Execution risks remain amid economic uncertainty.
10-K
FY2025 results
Broadstone Net Lease closed FY2025 with $748.4M invested across acquisitions ($429.9M at 7.0% cap rate), build-to-suits ($209.3M), transitional capital ($100.8M), and revenue capex ($8.3M), driving lease revenues up 5.2% y/y to $454.1M on portfolio growth and escalators while sustaining 99.8% occupancy. Q4 accelerated with $315.3M deployed at 7.0% blended cap rate (vs. Q3's $203.9M at 7.1%), reflecting robust momentum in industrial/retail deals with 17.1-year average terms. AFFO rose 4.2% y/y to $1.49/share, reconciling to $0.50 diluted GAAP EPS amid $39.7M impairments and $12.6M sale gains; net debt hit $2.5B at 6.0x annualized Adjusted EBITDAre. Debt refinancings extended maturities to 2029+ with $1.0B revolver availability. Tenant defaults risk quarterly rents.
8-K
BNL AFFO up 4.2% full-year
Broadstone Net Lease reported Q4 AFFO of $75.8M ($0.38/share, +5.6% YoY) and full-year $296.3M ($1.49/share, +4.2%), fueled by 2.0% same-store rent growth and $748M investments at 7.0% cap rates. Portfolio hit 99.8% occupancy with flawless Q4 collections. AFFO guidance holds at $1.53-$1.57/share. Leverage steady at 6.0x.
8-K
Earnings release scheduled
8-K
BNL updates activity, guides 2026
Broadstone Net Lease invested $696.7 million year-to-date through December 1, 2025, blending $416.6 million in new acquisitions and $181.8 million in build-to-suit developments, while selling 621,487 shares forward for $11.4 million gross proceeds. It reaffirmed 2025 AFFO guidance at $1.49-$1.50 per share and issued 2026 guidance of $1.53-$1.57 per share, assuming $500-$625 million in investments and $75-$100 million dispositions. Momentum builds.
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