Broadstone Net Lease (BNL)
Owns industrial-led, single-tenant properties under long-term net leases.
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Owns industrial, retail, and other single-tenant properties across the United States and Canada, earning rent through long-term net leases that shift most recurring property costs to tenants. Acquisitions and build-to-suit developments broaden the portfolio, while tenant performance and capital-market access shape cash flow and growth.
Owns primarily single-tenant commercial properties under long-term net leases, with industrial sites providing most rent, retail the next-largest share, and smaller office and clinical holdings. The portfolio spans the United States and a limited Canadian footprint; distribution warehouses, manufacturing plants, food-processing facilities, general-merchandise stores, and restaurants are core property groups.
Deploys capital through acquisitions, build-to-suit development, revenue-generating improvements for existing tenants, and shorter-duration transitional investments. Tenant credit analysis, property underwriting, contractual rent increases, and lease management support rent collection and renewal outcomes. Substantially all leases shift most recurring property costs to tenants. Rental income still depends on tenant performance, while portfolio growth relies on debt and equity funding under the distribution requirements of REIT status.
Company facts
Target rangeAs of Sep 22, 2026
Latest analyst notes
| Date | Firm | Action | Prior | Current |
|---|---|---|---|---|
| Jul 31, 2026 | Goldman Sachs | Reiterate | Rating: —Target: — | Target: $26 |
| Jul 31, 2026 | Cantor Fitzgerald | Reiterate | Rating: —Target: $22 | Target: $24 |
| Jul 10, 2026 | BMO Capital | Reiterate | Rating: —Target: $20 | Target: $26 |
| Jul 9, 2026 | KeyBanc | Reiterate | Rating: —Target: — | Target: $24 |
| Jun 26, 2026 | BTIG | Reiterate | Rating: —Target: $21 | Target: $23 |
EPSReportedEstimate
RevenueReportedEstimate
Balance sheet, Jun 30, 2026Cash & short-term investments $11.1M · Total debt $2.73B · Total assets $5.87B · Shareholders' equity $2.88B
- Revenue
- $122.3M
- Operating income
- $51.9M
- Net income
- $39.8M
HistoryDividendAnnual yieldUpcoming
| Institutions | 99.89% | 191.55M shares | |
|---|---|---|---|
| 383 holders · as of Jun 30, 2026 | |||
| Insiders | 1.13% | 2.17M shares | |
| 16 holders · as of Aug 24, 2026 | |||
| Adds to | 101.02% | ||
191.77M company shares as of Sep 23, 2026 · institutions as of Jun 30, 2026 · holders as of their latest filing
These groups come from separate filings that can overlap, so they add to 101.02%; nothing is left for Other.
Top shareholders13F · 13D/G · Form 4
| Holder | Stake | Shares | Date |
|---|---|---|---|
BlackRock, Inc.Institution | 17.97% | 34.46M | as of Jun 30, 2026 |
Vanguard Portfolio Management LLCInstitution | 10.45% | 20.05M | as of Jun 30, 2026 |
State Street CorpInstitution | 5.64% | 10.82M | as of Jun 30, 2026 |
Vanguard Capital Management LLCInstitution | 4.50% | 8.62M | as of Jun 30, 2026 |
Geode Capital Management, LLCInstitution | 2.93% | 5.63M | as of Jun 30, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Aug 21, 2026 | Richard P. Imperiale | director | +5,000 | $21.10 |
| Aug 20, 2026 | Richard P. Imperiale | director | +5,000 | $21.22 |
| Jul 15, 2025 | Kevin Fennell | officer: EVP, CFO & Treasurer | +859 | $15.92 |
- W. P. Carey
Broad diversified peer across industrial, warehouse, and retail net lease
- Realty Income
Large net-lease scale peer in retail and industrial assets
- NNN REIT
Retail net-lease peer across restaurants, automotive, and convenience
- Agree Realty
Retail net-lease acquirer with investment-grade tenant focus
- Essential Properties Realty Trust
Middle-market service net-lease peer with sale-leaseback focus
- LXP Industrial Trust
Single-tenant industrial REIT focused on warehouse and distribution
- STAG Industrial
Industrial REIT competing for warehouse and light industrial assets
- Four Corners Property Trust
Restaurant and retail net-lease peer for BNL's dining exposure
Compare
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Broadstone Net Lease | $18.87 | −1.33% | $3.67B | 25.8 | 26.7 | 7.7 | +8.3% |
| W. P. Carey | $66.50 | −0.58% | $15.24B | 22.8 | 22.4 | 8.0 | +7.0% |
| Realty Income | $55.36 | −2.08% | $52.71B | 41.3 | 34.3 | 8.9 | +1.1% |
| NNN REIT | $41.25 | −0.84% | $7.91B | 20.4 | 19.6 | 8.3 | +7.2% |
| Agree Realty | $66.71 | −0.91% | $8.09B | 36.2 | 34.4 | 10.4 | +16.9% |
| Essential Properties Realty Trust | $26.89 | −0.61% | $5.85B | 21.0 | 21.1 | 8.8 | +10.3% |
| LXP Industrial Trust | $60.86 | −0.02% | $3.59B | 60.9 | 539.4 | 10.3 | +0.5% |
| STAG Industrial | $37.21 | −0.31% | $7.20B | 28.7 | 74.2 | 8.2 | +7.8% |
| Four Corners Property Trust | $22.08 | −1.63% | $2.46B | 20.2 | 19.9 | 8.0 | +7.7% |
| Median | 25.8 | 28.4 | 8.6 | +7.4% |