Broadstone Net Lease
Owns industrial-led, single-tenant properties under long-term net leases.
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Profile
Owns industrial, retail, and other single-tenant properties across the United States and Canada, earning rent through long-term net leases that shift most recurring property costs to tenants. Acquisitions and build-to-suit developments broaden the portfolio, while tenant performance and capital-market access shape cash flow and growth.
Owns primarily single-tenant commercial properties under long-term net leases, with industrial sites providing most rent, retail the next-largest share, and smaller office and clinical holdings. The portfolio spans the United States and a limited Canadian footprint; distribution warehouses, manufacturing plants, food-processing facilities, general-merchandise stores, and restaurants are core property groups.
Deploys capital through acquisitions, build-to-suit development, revenue-generating improvements for existing tenants, and shorter-duration transitional investments. Tenant credit analysis, property underwriting, contractual rent increases, and lease management support rent collection and renewal outcomes. Substantially all leases shift most recurring property costs to tenants. Rental income still depends on tenant performance, while portfolio growth relies on debt and equity funding under the distribution requirements of REIT status.
Company facts
Key statistics
Year to date +20.8% · Average volume (30d) 2.1M
Analysts
Ratings
Target range
Latest analyst notes
| Date | Firm | Action | Prior rating | Rating | Prior target | Target |
|---|---|---|---|---|---|---|
| Jul 31, 2026 | Goldman Sachs | Reiterate | Buy | $26 | ||
| Jul 31, 2026 | Cantor Fitzgerald | Reiterate | Overweight | $22 | $24 | |
| Jul 10, 2026 | BMO Capital | Reiterate | Outperform | $20 | $26 | |
| Jul 9, 2026 | KeyBanc | Reiterate | Overweight | $24 | ||
| Jun 26, 2026 | BTIG | Reiterate | Buy | $21 | $23 |
Earnings
EPS
Revenue
History
| Report date | EPS est | EPS | Surprise | Revenue est | Revenue | Surprise | Next session |
|---|---|---|---|---|---|---|---|
| Jul 29, 2026Q2 FY26 | $0.19 | $0.21 | +9.7% | $121.6M | $122.3M | +0.6% | −2.93% |
| Apr 29, 2026Q1 FY26 | $0.18 | $0.24 | +33.9% | $118.8M | $121.4M | +2.2% | −0.65% |
| Feb 18, 2026Q4 FY25 | $0.17 | $0.17 | −1.5% | $116.0M | $118.3M | +2.0% | −4.20% |
| Oct 29, 2025Q3 FY25 | $0.37 | $0.14 | −62.2% | $116.4M | $114.2M | −1.9% | −1.00% |
Financial highlights
| 12 quarters | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | |
|---|---|---|---|---|---|---|---|
| Revenue | $111.8M | $113.0M | $114.9M | $119.4M | $121.4M | $122.3M | |
| Gross profit | $27.3M | $22.9M | $28.2M | $29.6M | $32.2M | $116.5M | |
| Operating income | $54.0M | $55.8M | $57.7M | $60.6M | $63.3M | $51.9M | |
| Net income | $17.2M | $23.6M | $25.2M | $33.1M | $46.4M | $39.8M | |
| Diluted EPS | $0.09 | $0.11 | $0.14 | $0.16 | $0.23 | $0.21 | |
| Gross margin | 24.4% | 20.2% | 24.6% | 24.8% | 26.5% | 95.2% | |
| Operating margin | 48.3% | 49.4% | 50.2% | 50.7% | 52.2% | 42.5% |
Fiscal years (4-quarter sums)FY21 $383.2M · FY22 $408.9M · FY23 $448.1M · FY24 $438.8M · FY25 $459.1M
Balance sheet, Jun 30, 2026Cash & short-term investments $11.1M · Total debt $2.73B · Total assets $5.87B · Shareholders' equity $2.88B
Dividends
Raised for 4 straight years — most recently to $0.2925 from $0.29 in Mar 2026. To collect a payout, hold shares through the close before the ex-date.
History
| Ex-date | Record | Paid | Amount | Note |
|---|---|---|---|---|
| Jun 30, 2026 | Jun 30 | Jul 15 | $0.2925 | |
| Mar 31, 2026 | Mar 31 | Apr 15 | $0.2925 | raised from $0.29 |
| Dec 31, 2025 | Dec 31 | Jan 15 | $0.29 | |
| Sep 30, 2025 | Sep 30 | Oct 15 | $0.29 | |
| Jun 30, 2025 | Jun 30 | Jul 15 | $0.29 | |
| Mar 31, 2025 | Mar 31 | Apr 15 | $0.29 | |
| Dec 31, 2024 | Dec 31 | Jan 15 | $0.29 | |
| Sep 30, 2024 | Sep 30 | Oct 15 | $0.29 |
Ownership
A 13F quarter can total more than the shares outstanding — sub-advisers file the same block twice, and a filer's own share count can be a quarter stale. No split is drawn from it.
Shares outstanding 191.77M · Float 189.68M · 98.9% free float
Top shareholders13F · 13D/G · Form 4
| Holder | Shares | % outstanding | Form | Filed |
|---|---|---|---|---|
| BlackRock, Inc. | 34.46M | 17.97% | 13F | Aug 7, 2026 |
| Vanguard Portfolio Management LLC | 20.05M | 10.45% | 13F | Aug 13, 2026 |
| State Street Corp | 10.82M | 5.64% | 13F | Aug 7, 2026 |
| Vanguard Capital Management LLC | 8.62M | 4.50% | 13F | Aug 13, 2026 |
| Geode Capital Management, LLC | 5.63M | 2.93% | 13F | Aug 12, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Aug 21, 2026 | Richard P. Imperiale | director | +5,000 | $21.10 |
| Aug 20, 2026 | Richard P. Imperiale | director | +5,000 | $21.22 |
| Jul 15, 2025 | Kevin Fennell | officer: EVP, CFO & Treasurer | +859 | $15.92 |
Peers
- W. P. Carey
Broad diversified peer across industrial, warehouse, and retail net lease
- Realty Income
Large net-lease scale peer in retail and industrial assets
- NNN REIT
Retail net-lease peer across restaurants, automotive, and convenience
- Agree Realty
Retail net-lease acquirer with investment-grade tenant focus
- Essential Properties Realty Trust
Middle-market service net-lease peer with sale-leaseback focus
- LXP Industrial Trust
Single-tenant industrial REIT focused on warehouse and distribution
- STAG Industrial
Industrial REIT competing for warehouse and light industrial assets
- Four Corners Property Trust
Restaurant and retail net-lease peer for BNL's dining exposure
CompareAfter-hours close
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Broadstone Net Lease | $21.09 | 0.00% | $4.04B | 28.5 | 27.9 | 8.5 | +8.3% |
| W. P. Carey | $70.51 | 0.00% | $16.06B | 24.1 | 23.7 | 8.5 | +7.0% |
| Realty Income | $62.13 | +0.22% | $57.80B | 45.2 | 38.4 | 9.7 | +1.1% |
| NNN REIT | $45.67 | −0.01% | $8.69B | 22.4 | 21.9 | 9.1 | +7.0% |
| Agree Realty | $73.20 | −0.05% | $8.79B | 39.4 | 37.7 | 11.3 | +16.9% |
| Essential Properties Realty Trust | $30.37 | −0.03% | $6.57B | 23.5 | 23.0 | 9.9 | +10.3% |
| LXP Industrial Trust | $60.69 | 0.00% | $3.58B | 60.7 | 538.0 | 10.3 | −0.7% |
| STAG Industrial | $37.18 | +0.01% | $7.17B | 28.6 | 74.1 | 8.1 | +7.7% |
| Four Corners Property Trust | $25.23 | 0.00% | $2.77B | 22.7 | 22.5 | 9.0 | +7.7% |
| Median | 26.3 | 30.7 | 9.4 | +7.3% |