Broadstone Net Lease, Inc. — Form 10-Q
Filed July 29, 2026 · analyzed by the Periodic Agent
10-Q
▲ Likely positive
significance 52/100
What the filing says
For H1 2026, Broadstone Net Lease invested $263.4M across acquisitions ($126.2M), developments ($177.1M), and capital expenditures ($1.3M), with blended 9.0% cash cap rate. Net income rose 132% to $86.6M (vs. $37.3M H1 2025), driven by $24.5M lower impairment charges, $22.0M higher lease revenues, and $19.1M higher gains on property sales. Portfolio: 766 properties, $439.8M ABR, 100% leased, 9.3yr avg lease term. Debt: $2.7B outstanding; Pro Forma Net Debt/Adj EBITDAre 5.9x (target <6.0x). Subsequent to quarter-end: borrowed $157M net, issued $300M delayed-draw term loan (Jan 2030), sold $49.5M land in JV, and sold ~$33.9M forward equity.
Why this rating
Solid operational execution and lower impairments boosted earnings; but moderate 9% cap rates amid elevated rates, constrained acquisition pipeline, and debt/leverage near ceiling limit upside. Routine quarterly activity within $3B market cap.
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