Broadstone Net Lease reported third-quarter 2026 results, including higher adjusted funds from operations (AFFO) and unchanged net income from a year earlier. The company also completed a $259 million public equity offering and said it has a $456 million committed build-to-suit pipeline.
Management said the portfolio performed well and that the company remains on track to meet its full-year guidance.
Key details
- Net income was $28.1 million, or $0.14 per diluted share, matching the same quarter last year.
- AFFO was $77.8 million, or $0.39 per diluted share, up 5.4% year over year.
- Same-store rental revenue increased 0.7% from a year earlier. The company attributed the growth to contractual rent increases.
- Broadstone completed a $259 million public equity offering during the quarter. The offering marked its return to the public equity markets after four years away. The release did not specify the share count or offering price in the material provided here.
- The committed build-to-suit pipeline stood at $456 million as of October 28. This is a pipeline of development projects, not a statement that those projects had already been completed.
- Chief Executive John Moragne said the offering strengthened the balance sheet and that the company believes it remains on track to deliver its full-year guidance.
What it means
AFFO growth outpaced the flat year-over-year net income result, while same-store rental revenue rose modestly. The equity offering added capital to the balance sheet, and the build-to-suit pipeline represents a substantial set of committed development activity.