Broadstone Net Lease Inc. (BNL) wrapped up its year with a business update Monday that painted a picture of steady momentum and strategic capital deployment. The real estate investment trust has been busy putting money to work, and the numbers show it.
Following the Money
Through December 1, Broadstone deployed roughly $697 million across its portfolio. That breaks down into more than $416 million spent on property acquisitions and nearly $182 million directed toward development projects. The company also invested in transitional improvements and revenue-generating upgrades with existing tenants, the kind of value-add work that keeps properties competitive and cash flowing.
On the equity side, Broadstone sold approximately 621,000 shares through its at-the-market program, generating expected proceeds of around $11.4 million. It's not a massive capital raise, but it's part of the disciplined approach management emphasized throughout the update.
What the Numbers Say About 2026
The trust stood by its 2025 adjusted funds from operations forecast of $1.49 to $1.50 per share. That's just a hair below the analyst consensus of $1.51, but close enough to signal confidence. For 2026, BNL projects AFFO between $1.53 and $1.57 per diluted share, which implies growth from this year's levels.
Those projections assume the company invests between $500 million and $625 million in properties next year, sells $75 million to $100 million in assets, and keeps core expenses in the $30 million to $32 million range. It's a roadmap built on balance: enough investment to drive growth, enough asset sales to recycle capital, and expenses held in check.
Building for the Future
Chief Executive Officer John Moragne said Broadstone is well-positioned for long-term value creation, supported by a robust build-to-suit pipeline and access to capital. He noted that the company's upcoming Investor Day will give stakeholders a deeper look at its strategy and investment approach.
Meanwhile, the company reported progress across industrial and retail projects under construction in Texas, Georgia, Ohio, and California. Stabilized properties, including a Sarasota distribution facility leased to UNFI, contributed to a portfolio that stood at 759 properties as of the third quarter.
BNL Price Action: Broadstone Net Lease shares were unchanged at $17.57 at the time of publication on Friday.