NYSE: BNL
Broadstone Net Lease, Inc.CIK 0001424182 · SIC 6798 · Real Estate Investment Trusts
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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 prices 11M-share forward sale at $21.20; expects $217.1M net proceeds
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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 Oct 28, 2026 (period ending Sep 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 September 30, 2026 | Three months ended September 30, 2025 | Nine months ended September 30, 2026 | Nine months ended September 30, 2025 |
|---|---|---|---|---|
| Revenues | ||||
| Lease revenues, net | 121,867 | 114,167 | 365,577 | 335,843 |
| Operating expenses | ||||
| Depreciation and amortization | 50,785 | 40,246 | 141,413 | 122,318 |
| Property and operating expense | 7,341 | 6,198 | 19,339 | 16,688 |
| General and administrative | 10,777 | 9,974 | 33,023 | 29,216 |
| Provision for impairment of investment in rental properties | 1,474 | 6,999 | 5,019 | 35,067 |
| Total operating expenses | 70,377 | 63,417 | 198,794 | 203,289 |
| Other income (expenses) | ||||
| Interest income | 118 | 182 | 304 | 403 |
| Interest expense | (26,738) | (28,230) | (77,783) | (69,416) |
| Gain on sale of real estate | 3,596 | 3,259 | 23,707 | 4,230 |
| Income taxes | (256) | (208) | (914) | (763) |
| Other income (expenses) | (71) | 1,312 | 2,689 | (2,620) |
| Net income | 28,139 | 27,065 | 114,786 | 64,388 |
| Net income attributable to non-controlling interests | (1,022) | (599) | (1,505) | (1,019) |
| Net income attributable to Broadstone Net Lease, Inc. | 27,117 | 26,466 | 113,281 | 63,369 |
| Weighted average number of common shares outstanding | ||||
| Basic | 190,820 | 188,099 | 190,650 | 188,002 |
| Diluted | 201,119 | 197,632 | 200,474 | 197,476 |
| Net earnings per share attributable to common stockholders | ||||
| Basic | 0.14 | 0.14 | 0.59 | 0.33 |
| Diluted | 0.14 | 0.14 | 0.58 | 0.33 |
| Comprehensive income | ||||
| Net income | 28,139 | 27,065 | 114,786 | 64,388 |
| Other comprehensive income | ||||
| Change in fair value of interest rate swaps | 12,754 | (4,981) | 19,279 | (35,336) |
| Realized loss on interest rate swaps | 22 | 6,103 | 75 | 6,091 |
| Comprehensive income | 40,915 | 28,187 | 134,140 | 35,143 |
| Comprehensive income (loss) attributable to non-controlling interests | (1,545) | (646) | (2,301) | 232 |
| Comprehensive income attributable to Broadstone Net Lease, Inc. | 39,370 | 27,541 | 131,839 | 35,375 |
Condensed Consolidated Balance Sheets (Unaudited)
(in thousands, except per share amounts)
| Description | September 30, 2026 | December 31, 2025 |
|---|---|---|
| Assets | ||
| Accounted for using the operating method: | ||
| Land | 827,700 | 781,117 |
| Land improvements | 405,038 | 373,405 |
| Buildings and improvements | 4,257,756 | 4,118,578 |
| Equipment | 11,810 | 15,281 |
| Total accounted for using the operating method | 5,502,304 | 5,288,381 |
| Less accumulated depreciation | (849,551) | (772,589) |
| Accounted for using the operating method, net | 4,652,753 | 4,515,792 |
| Accounted for using the direct financing method | 24,911 | 25,497 |
| Accounted for using the sales-type method | 14,369 | 14,405 |
| Property under development | 484,117 | 265,812 |
| Investment in rental property, net | 5,176,150 | 4,821,506 |
| Cash and cash equivalents | 12,189 | 30,540 |
| Accrued rental income | 189,975 | 178,880 |
| Tenant and other receivables, net | 3,799 | 4,404 |
| Prepaid expenses and other assets | 66,183 | 55,910 |
| Interest rate swap, assets | 36,026 | 18,248 |
| Goodwill | 339,769 | 339,769 |
| Intangible lease assets, net | 248,222 | 268,010 |
| Total assets | 6,072,313 | 5,717,267 |
| Liabilities and equity | ||
| Unsecured revolving credit facility | 555,438 | 266,036 |
| Mortgages, net | 40,262 | 56,689 |
| Unsecured term loans, net | 1,095,298 | 994,219 |
| Senior unsecured notes, net | 1,191,962 | 1,190,738 |
| Interest rate swap, liabilities | — | 1,501 |
| Accounts payable and other liabilities | 74,376 | 60,081 |
| Dividends payable | 60,257 | 59,513 |
| Accrued interest payable | 21,136 | 13,502 |
| Intangible lease liabilities, net | 36,346 | 41,527 |
| Total liabilities | 3,075,075 | 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, 191,951 and 191,423 shares issued and outstanding at September 30, 2026 and December 31, 2025, respectively | 48 | 48 |
| Additional paid-in capital | 3,507,541 | 3,502,380 |
| Cumulative distributions in excess of retained earnings | (677,162) | (620,221) |
| Accumulated other comprehensive income | 38,400 | 19,788 |
| Total Broadstone Net Lease, Inc. equity | 2,868,827 | 2,901,995 |
| Non-controlling interests | 128,411 | 131,466 |
| Total equity | 2,997,238 | 3,033,461 |
| Total liabilities and equity | 6,072,313 | 5,717,267 |
Condensed Consolidated Statements of Cash Flows (Unaudited)
(in thousands)
| Description | Nine months ended September 30, 2026 | Nine months ended September 30, 2025 |
|---|---|---|
| Operating activities | ||
| Net income | 114,786 | 64,388 |
| 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 | 138,367 | 118,865 |
| Provision for impairment of investment in rental properties | 5,019 | 35,067 |
| Amortization of debt issuance costs and original issuance discounts charged to interest expense | 4,897 | 3,923 |
| Stock-based compensation expense | 8,701 | 7,106 |
| Settlement of interest rate swaps | — | (6,712) |
| Straight-line rent, direct financing and sales-type lease adjustments | (13,748) | (13,465) |
| Gain on sale of real estate | (23,707) | (4,230) |
| Other non-cash items | (10,249) | 7,902 |
| Changes in assets and liabilities: | ||
| Tenant and other receivables | 1,319 | (291) |
| Prepaid expenses and other assets | (3,069) | (2,579) |
| Accounts payable and other liabilities | (8,053) | 1,303 |
| Accrued interest payable | 7,634 | 3,652 |
| Net cash provided by operating activities | 221,897 | 214,929 |
| Investing activities | ||
| Acquisition of rental property | (123,595) | (255,784) |
| Investment in property under development including capitalized interest of $11,577 and $2,948 in 2026 and 2025, respectively | (359,810) | (165,517) |
| Capital expenditures and improvements | (36,947) | (23,122) |
| Proceeds from disposition of rental property, net | 80,718 | 58,557 |
| Change in deposits on investments in rental property | 983 | (4,781) |
| Net cash used in investing activities | (438,651) | (390,647) |
| Financing activities | ||
| Offering costs, discounts, and commissions | (951) | (215) |
| Contributions from non-controlling interests | 383 | 1,730 |
| Proceeds from unsecured term loans and senior unsecured notes | 100,000 | 844,841 |
| Principal payments on mortgages and unsecured term loans | (16,455) | (419,707) |
| Borrowings on unsecured revolving credit facility | 624,000 | 514,300 |
| Repayments on unsecured revolving credit facility | (332,000) | (513,800) |
| Cash distributions paid to stockholders | (167,675) | (163,852) |
| Cash distributions paid to non-controlling interests | (8,195) | (7,832) |
| Debt issuance costs paid | (2,218) | (12,420) |
| Net cash provided by financing activities | 196,889 | 243,045 |
| Net (decrease) increase in cash and cash equivalents and restricted cash | (19,865) | 67,327 |
| 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 | 13,777 | 83,320 |
| 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 | 12,189 | 81,966 |
| Restricted cash at end of period | 1,588 | 1,354 |
| Cash and cash equivalents and restricted cash at end of period | 13,777 | 83,320 |
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 ↗