NYSE: BNL
Broadstone Net Lease, Inc.CIK 0001424182 · SIC 6798 · Real Estate Investment Trusts
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Broadstone Net Lease prices 11M-share forward sale at $21.20; expects $217.1M net proceeds
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BNL completes 12.65M-share forward offering at $20.50; expects ~$250M proceeds by Sept 2027
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Broadstone Net Lease forward sale of 11M shares at $21.20; company receives no proceeds now
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revenue $122.3M, net income $39.8M. Broadstone Net Lease Q2 net income more than doubles on lower impairments; leverage rises to 6.4x
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Broadstone Net Lease Q2 net income nearly doubles to $39.8M; leverage rises to 6.4x
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Latest financial statements
From 10-Q filed Jul 29, 2026 (period ending Jun 30, 2026). As printed on the EDGAR/iXBRL face — not generated by the model.
Condensed Consolidated Statements of Income and Comprehensive Income (Unaudited)
(in thousands, except per share amounts)
| Description | Three months ended June 30, 2026 | Three months ended June 30, 2025 | Six months ended June 30, 2026 | Six months ended June 30, 2025 |
|---|---|---|---|---|
| Revenues | ||||
| Lease revenues, net | 122,309 | 112,986 | 243,710 | 221,677 |
| Operating expenses | ||||
| Depreciation and amortization | 49,102 | 42,575 | 90,628 | 82,072 |
| Property and operating expense | 5,817 | 5,003 | 11,997 | 10,491 |
| General and administrative | 11,897 | 9,571 | 22,246 | 19,242 |
| Provision for impairment of investment in rental properties | 3,546 | 11,939 | 3,546 | 28,068 |
| Total operating expenses | 70,362 | 69,088 | 128,417 | 139,873 |
| Other income (expenses) | ||||
| Interest income | 135 | 122 | 186 | 221 |
| Interest expense | (25,785) | (21,112) | (51,045) | (41,186) |
| Gain on sale of real estate | 12,990 | 566 | 20,111 | 971 |
| Income taxes | (346) | (199) | (658) | (555) |
| Other income (expenses) | 1,314 | (3,445) | 2,760 | (3,932) |
| Net income | 40,255 | 19,830 | 86,647 | 37,323 |
| Net (income) loss attributable to non-controlling interests | (456) | 330 | (483) | (420) |
| Net income attributable to Broadstone Net Lease, Inc. | 39,799 | 20,160 | 86,164 | 36,903 |
| Weighted average number of common shares outstanding | ||||
| Basic | 190,692 | 188,041 | 190,565 | 187,953 |
| Diluted | 200,261 | 197,138 | 200,006 | 196,975 |
| Net earnings per share attributable to common stockholders | ||||
| Basic | 0.21 | 0.11 | 0.45 | 0.19 |
| Diluted | 0.21 | 0.10 | 0.45 | 0.19 |
| Comprehensive income | ||||
| Net income | 40,255 | 19,830 | 86,647 | 37,323 |
| Other comprehensive income | ||||
| Change in fair value of interest rate swaps | 3,934 | (10,463) | 6,525 | (30,355) |
| Realized loss (gain) on interest rate swaps | 22 | (6) | 53 | (12) |
| Comprehensive income | 44,211 | 9,361 | 93,225 | 6,956 |
| Comprehensive (income) loss attributable to non-controlling interests | (620) | 775 | (756) | 878 |
| Comprehensive income attributable to Broadstone Net Lease, Inc. | 43,591 | 10,136 | 92,469 | 7,834 |
Condensed Consolidated Balance Sheets (Unaudited)
(in thousands, except per share amounts)
| Description | June 30, 2026 | December 31, 2025 |
|---|---|---|
| Assets | ||
| Accounted for using the operating method: | ||
| Land | 818,423 | 781,117 |
| Land improvements | 390,778 | 373,405 |
| Buildings and improvements | 4,161,424 | 4,118,578 |
| Equipment | 11,810 | 15,281 |
| Total accounted for using the operating method | 5,382,435 | 5,288,381 |
| Less accumulated depreciation | (823,101) | (772,589) |
| Accounted for using the operating method, net | 4,559,334 | 4,515,792 |
| Accounted for using the direct financing method | 25,117 | 25,497 |
| Accounted for using the sales-type method | 14,381 | 14,405 |
| Property under development | 385,067 | 265,812 |
| Investment in rental property, net | 4,983,899 | 4,821,506 |
| Cash and cash equivalents | 11,095 | 30,540 |
| Accrued rental income | 187,235 | 178,880 |
| Tenant and other receivables, net | 6,223 | 4,404 |
| Prepaid expenses and other assets | 63,259 | 55,910 |
| Interest rate swap, assets | 23,271 | 18,248 |
| Goodwill | 339,769 | 339,769 |
| Intangible lease assets, net | 250,539 | 268,010 |
| Total assets | 5,865,290 | 5,717,267 |
| Liabilities and equity | ||
| Unsecured revolving credit facility | 447,376 | 266,036 |
| Mortgages, net | 40,640 | 56,689 |
| Unsecured term loans, net | 995,423 | 994,219 |
| Senior unsecured notes, net | 1,191,552 | 1,190,738 |
| Interest rate swap, liabilities | — | 1,501 |
| Accounts payable and other liabilities | 72,493 | 60,081 |
| Dividends payable | 61,113 | 59,513 |
| Accrued interest payable | 10,356 | 13,502 |
| Intangible lease liabilities, net | 38,230 | 41,527 |
| Total liabilities | 2,857,183 | 2,683,806 |
| Commitments and contingencies (Note 16) | ||
| Equity | ||
| Broadstone Net Lease, Inc. equity: | ||
| Preferred stock, $0.001 par value; 20,000 shares authorized, no shares issued or outstanding | — | — |
| Common stock, $0.00025 par value; 500,000 shares authorized, 191,808 and 191,423 shares issued and outstanding at June 30, 2026 and December 31, 2025, respectively | 48 | 48 |
| Additional paid-in capital | 3,504,576 | 3,502,380 |
| Cumulative distributions in excess of retained earnings | (648,741) | (620,221) |
| Accumulated other comprehensive income | 25,120 | 19,788 |
| Total Broadstone Net Lease, Inc. equity | 2,881,003 | 2,901,995 |
| Non-controlling interests | 127,104 | 131,466 |
| Total equity | 3,008,107 | 3,033,461 |
| Total liabilities and equity | 5,865,290 | 5,717,267 |
Condensed Consolidated Statements of Cash Flows (Unaudited)
(in thousands)
| Description | Six months ended June 30, 2026 | Six months ended June 30, 2025 |
|---|---|---|
| Operating activities | ||
| Net income | 86,647 | 37,323 |
| Adjustments to reconcile net income including non-controlling interests to net cash provided by operating activities: | ||
| Depreciation and amortization including intangibles associated with investment in rental property | 88,596 | 79,817 |
| Provision for impairment of investment in rental properties | 3,546 | 28,068 |
| Amortization of debt issuance costs and original issuance discounts charged to interest expense | 3,268 | 2,565 |
| Stock-based compensation expense | 5,426 | 4,618 |
| Straight-line rent, direct financing and sales-type lease adjustments | (11,197) | (9,260) |
| Gain on sale of real estate | (20,111) | (971) |
| Other non-cash items | (7,226) | 3,247 |
| Changes in assets and liabilities: | ||
| Tenant and other receivables | 1,520 | (323) |
| Prepaid expenses and other assets | (2,277) | (939) |
| Accounts payable and other liabilities | (10,785) | 3,888 |
| Accrued interest payable | (3,146) | 2,706 |
| Net cash provided by operating activities | 134,261 | 150,739 |
| Investing activities | ||
| Acquisition of rental property | (60,078) | (115,034) |
| Investment in property under development including capitalized interest of $6,141 and $1,075 in 2026 and 2025, respectively | (201,975) | (102,755) |
| Capital expenditures and improvements | (13,161) | (16,956) |
| Proceeds from disposition of rental property, net | 68,308 | 20,321 |
| Change in deposits on investments in rental property | 983 | (2,169) |
| Net cash used in investing activities | (205,923) | (216,593) |
| Financing activities | ||
| Offering costs, discounts, and commissions | — | (178) |
| Contributions from non-controlling interests | 43 | 674 |
| Proceeds from unsecured term loans | — | 500,000 |
| Principal payments on mortgages and unsecured term loans | (16,077) | (401,180) |
| Borrowings on unsecured revolving credit facility | 337,500 | 333,300 |
| Repayments on unsecured revolving credit facility | (153,500) | (232,000) |
| Cash distributions paid to stockholders | (111,785) | (111,355) |
| Cash distributions paid to non-controlling interests | (5,239) | (5,149) |
| Debt issuance costs paid | (5) | (12,275) |
| Net cash provided by financing activities | 50,937 | 71,837 |
| Net (decrease) increase in cash and cash equivalents and restricted cash | (20,725) | 5,983 |
| Cash and cash equivalents and restricted cash at beginning of period | 33,642 | 15,993 |
| Cash and cash equivalents and restricted cash at end of period | 12,917 | 21,976 |
| Reconciliation of cash and cash equivalents and restricted cash | ||
| Cash and cash equivalents at beginning of period | 30,540 | 14,845 |
| Restricted cash at beginning of period | 3,102 | 1,148 |
| Cash and cash equivalents and restricted cash at beginning of period | 33,642 | 15,993 |
| Cash and cash equivalents at end of period | 11,095 | 20,784 |
| Restricted cash at end of period | 1,822 | 1,192 |
| Cash and cash equivalents and restricted cash at end of period | 12,917 | 21,976 |
Amounts as printed on the EDGAR/iXBRL face — (in thousands, except per share amounts); (in thousands). Labels, columns, and figures are the filing face, not a GAAP stencil. Interactive statements & notes on EDGAR ↗