Broadstone Net Lease Stock Earnings Reports

Broadstone Net Lease reported a strong Q2 2026 driven by its build-to-suit (BTS) platform and continued portfolio strength. Management announced a landmark $303 million joint venture to develop a powered advanced-technology facility in Colorado (100 MW shell, 15-year triple-net lease with 3% annual escalators), which materially expands the committed BTS pipeline to ~$645 million and is expected to be accretive to 2027 and 2028 earnings. The company raised full-year 2026 AFFO guidance to $1.55–$1.57 per share (midpoint $1.56, ~5% growth vs. 2025), lowered its bad-debt assumption to 50 bps, and increased expected 2026 investment activity to $600–$800 million. Operationally the portfolio remains highly occupied (all but 1 of 766 properties leased; 99.9% rent collected), same-store rental revenue grew 2.2% YoY, and management continues opportunistic dispositions (YTD gross proceeds $78.3M at a 6.2% cap rate) to recycle capital. Project Triboro (550+ acres, 1 GW power) remains a high-conviction asset with three monetization paths (near-term land sales, large-box industrial development, or hyperscale data center campus) and management expects clarity on zoning, power and tenant demand by year end. On capital, Broadstone added a $300M delayed-draw term loan, tightened bank pricing, has ~$1B of in-place liquidity (term loan + revolver + unsettled equity), and continues to use the ATM program to fund BTS timing. Overall, the quarter highlights stronger growth visibility from committed BTS projects, disciplined capital recycling, improved tenant performance, and enhanced financial flexibility.