BNL · Broadstone Net Lease, Inc.
10 customers — 21.1% of revenue (as of December 31, 2025)
“If one or more of our top 10 tenants, which together represented approximately 21.1% of our ABR as of December 31, 2025, suffers a downturn in their business, it could materially and adversely affect us.”
One customer — 3.9% of revenue (as of December 31, 2025)
“Our largest tenant is Roskam Baking Company, which leases seven properties that in the aggregate represent approximately 3.9% of our ABR.”
Price & Indicators
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AI Brief
TL;DR.
AI-generated from the earnings call and 8-K · may contain errors · not investment advice
Ask ALVIS about this →Equibles Rating
blended score · not investment adviceBlended from price, momentum, positioning, fundamentals & volatility · daily-close · not investment advice. Market backdrop is context, not part of the score.
Guidance & track record
Guidance from company 8-Ks · delivered figures from as-reported statements · no analyst estimates involved.
Technicals
trend & momentum for long-term holders NeutralIllustrative technical + ownership context — a signal mix, not investment advice.
Key metrics
the company's own KPIs, from written earnings releases and filings| Metric | Latest | Period | YoY |
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| ABR weighted average annual rent increase | 2.1% | Q2 2026 | — |
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| ABR weighted average lease term | 9.3 | Q2 2026 | — |
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| AFFO non-GAAP | 78.2M | Q2 2026 | — |
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GAAP → non-GAAP reconciliationGAAP Core FFO 78.53M
-5.57M Straight-line rent adjustment
-14K Adjustment to provision for credit losses
+1.64M Amortization of debt issuance costs
+1.63M Non-capitalized transaction costs
+36K Realized gain or loss on interest rate swaps and other non-cash interest expense
-1.02M Amortization of lease intangibles
+2.97M Stock-based compensation
= AFFO 78.21M
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| Commercial tenants | 206 | Q2 2026 | — |
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| Core general and administrative expenses non-GAAP | 7.3M | Q2 2026 | — |
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| Net Debt to Annualized Adjusted EBITDAre ratio non-GAAP | 6.4 | Q2 2026 | — |
| Number of properties | 766 | Q2 2026 | — |
| Pro Forma Net Debt to Annualized Adjusted EBITDAre ratio non-GAAP | 5.9 | Q2 2026 | — |
| Rent collection | 99.9% | Q2 2026 | — |
| Rentable square feet | 41.7M | Q2 2026 | — |
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| Same store rental revenue growth | 2.2% | Q2 2026 | — |
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| AFFO per diluted share non-GAAP | $0.38 | the first quarter | — |
| Portfolio leased | 99.8% | As of March 31, 2026 | — |
| Properties owned | 771 | Q4 FY2025 | — |
Figures exactly as the company stated them in writing · click a metric with a to chart its history · period links open the stating document · "filing" marks figures stated in the 10-K/10-Q · YoY needs an exactly comparable prior-year period
Versus peers
REIT - Diversified — same industry group| Company | Mkt cap | YTD | Rev growth Y/Y | P/E | Short % shares |
|---|---|---|---|---|---|
|
BNL
this stock
Broadstone Net Lease, Inc.
|
$4.10B | +23.1% | +5.2% | 28.1 | 6.0% |
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VICI
Vici Properties Inc.
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$28.71B | -6.3% | +4.1% | 10.1 | 2.3% |
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WPC
W. P. Carey Inc.
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$16.10B | +11.3% | +8.4% | — | 3.6% |
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GNL
Global Net Lease, Inc.
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$1.85B | +1.9% | -13.1% | — | 5.3% |
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AAT
American Assets Trust, Inc.
|
$1.40B | +20.3% | -4.7% | 78.7 | 1.8% |
Peers by industry group · P/E from as-reported trailing EPS · short % is of shares outstanding
At a glance
key data from every sectionPerformance
| 5D | 20D | 120D | MTD | YTD | |
|---|---|---|---|---|---|
| BNL | +2.2% | -6.2% | +12.8% | -0.1% | +23.1% |
| SPY | +0.4% | +4.5% | +13.8% | +3.9% | +13.9% |
| vs SPY | +1.8% | -10.6% | -1.0% | -4.0% | +9.3% |
Capital returns
Dividends per share over the trailing 365 days by ex-date · buyback figures as last reported in SEC filings ("spent" derived as authorized − remaining; when several programs run concurrently, authorized is their combined total per the newest filing) · components shown separately — trailing-year buyback spend isn't tracked, so no combined shareholder yield is derived.