Broadstone Net Lease Provides Business Update and Issues 2026 Guidance in Conjunction with its Upcoming Investor Day

VICTOR, N.Y.--( BUSINESS WIRE)--Broadstone Net Lease, Inc. (NYSE: BNL) (“BNL”, the “Company”, “we”, “our”, or “us”), today provided an update on its recent business activity through December 1, 2025 and provided initial guidance for fiscal year 2026.

"We are entering 2026 with strong momentum and a clear runway ahead," said John Moragne, BNL's Chief Executive Officer.

MANAGEMENT COMMENTARY

"We are entering 2026 with strong momentum and a clear runway ahead," said John Moragne, BNL's Chief Executive Officer. "Our disciplined execution, combined with the strength and depth of our build-to-suit pipeline, gives us confidence in our ability to deliver on our AFFO growth targets for both 2025 and 2026, despite recent tenant related headlines. In tandem, we’re looking forward to hosting our Investor Day, where we will provide deeper insight into our differentiated long-term strategy, our disciplined investment approach, and the operational execution that underpins consistent value creation. With a well-positioned balance sheet, a differentiated growth strategy centered around our core building blocks, and a robust and expanding relationship network, we believe Broadstone is uniquely positioned for long-term value creation."

DECEMBER 2025 BUSINESS UPDATE

2026 GUIDANCE

For 2026, BNL expects to report AFFO of $1.53 to $1.57 per diluted share, or approximately 4.0% growth at the midpoint.

The guidance is based on the following key assumptions:

Our per share results are sensitive to both the timing and amount of real estate investments, property dispositions, and capital markets activities that occur throughout the year.

This guidance has been issued by BNL in conjunction with its upcoming Investor Day, which will be held on Tuesday, December 2, 2025. Presentation materials for the Investor Day have been made available in the Investor Relations section of the Company's website.

BUILD-TO-SUIT DEVELOPMENT PROJECTS

The following table summarizes our in-process and stabilized developments as of November 25, 2025.

(unaudited, in thousands)

Property

Projected

Rentable

Square Feet

Start Date

Target

Stabilization

Date/Stabilized

Date

Lease

Term

(Years)

Annual

Rent

Escalations

Estimated Total

Project

Investment

Cumulative

Investment

Estimated

Remaining

Investment

Estimated

Cash

Capitalization

Rate

Estimated

Straight-line

Yield (a)

In-process retail:

Sprouts

(Bedford, TX)

Jul. 2025

Aug. 2026

15.0

0.9 %

9,533

483

9,050

7.2%

7.7%

Hobby Lobby

(Granbury, TX)

Oct. 2025

Sep. 2026

15.0

0.7 %

8,129

$ 1,407

$ 6,722

7.1%

7.4%

Academy Sports

(Granbury, TX)

Oct. 2025

Nov. 2026

15.0

0.6 %

12,393

$ 2,793

$ 9,600

7.1%

7.4%

In-process industrial:

Sierra Nevada

(Dayton - OH)

122

Oct. 2024

Mar. 2026

15.0

3.0 %

55,525

38,798

$ 16,727

7.7%

9.6%

Southwire

(Bremen - GA)

1,178

Dec. 2024

Oct. 2026

10.0

2.8 %

115,411

35,699

$ 79,712

7.8%

8.8%

Fiat Chrysler Automobile (Forsyth - GA)

422

Apr. 2025

Aug. 2026

15.0

2.8 %

78,242

29,771

$ 48,471

6.9%

8.4%

AGCO

(Vasaila - CA)

115

Jun. 2025

Aug. 2026

12.0

3.5 %

19,523

14,403

$ 5,120

7.0%

8.5%

Palmer Logistics

(Midlothian, TX) (b)

270

Jul. 2025

Jul. 2026

12.3

3.5 %

32,063

9,645

$ 22,418

7.6%

9.2%

Total / weighted average

2,239

12.8

2.8 %

330,819

132,999

197,820

7.4 %

8.7 %

Stabilized industrial:

UNFI

(Sarasota - FL)

1,016

May 2023

Stabilized - Sep. 2024

15.0

2.5 %

200,958

—

7.2%

8.6%

Sierra Nevada

(Dayton - OH)

122

Oct. 2024

Stabilized -Nov. 2025

15.0

3.0 %

58,563

52,182

$ 6,381

7.5%

9.3%

Stabilized retail:

7 Brew

(High Point - NC)

Dec. 2024

Stabilized - Jun. 2025

15.0

1.9 %

1,975

—

8.0%

8.8%

7 Brew

(Charleston - SC)

Feb. 2025

Stabilized - May 2025

15.0

1.9 %

1,729

—

7.9%

8.8%

7 Brew

(Jacksonville - FL)

Jun. 2025

Nov. 2025

15.0

1.9 %

$ 2,008

$ 1,613

$ 395

8.0%

8.8%

Total / weighted average

3,380

13.8

2.7 %

$ 596,052

$ 391,456

$ 204,596

7.3 %

8.7 %

(a)

(b)

About Broadstone Net Lease, Inc.

BNL is an industrial-focused, diversified net lease REIT that invests in primarily single-tenant commercial real estate properties that are net leased on a long-term basis to a diversified group of tenants. Utilizing an investment strategy underpinned by strong fundamental credit analysis and prudent real estate underwriting, as of September 30, 2025, BNL’s diversified portfolio consisted of 759 individual net leased commercial properties with 752 properties located in 44 U.S. states and seven properties located in four Canadian provinces across the industrial, retail, and other property types.

Guidance Disclosure

The Company does not provide guidance for the most comparable GAAP financial measure, net income, or a reconciliation of the forward-looking non-GAAP financial measure of AFFO to net income computed in accordance with GAAP, because it is unable to reasonably predict, without unreasonable efforts, certain items that would be contained in the GAAP measure, including items that are not indicative of the Company’s ongoing operations, including, without limitation, potential impairments of real estate assets, net gain/loss on dispositions of real estate assets, changes in allowance for credit losses, and stock-based compensation expense. These items are uncertain, depend on various factors, and could have a material impact on the Company’s GAAP results for the guidance periods.

Forward-Looking Statements

This press release contains “forward-looking” statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, regarding, among other things, our plans, strategies, and prospects, both business and financial. Such forward-looking statements can generally be identified by our use of forward-looking terminology such as “outlook,” “potential,” “may,” “will,” “should,” “could,” “seeks,” “approximately,” “projects,” “predicts,” “expect,” “intends,” “anticipates,” “estimates,” “plans,” “would be,” “believes,” “continues,” or the negative version of these words or other comparable words. Forward-looking statements, including our 2025 and 2026 guidance and assumptions, involve known and unknown risks and uncertainties, which may cause BNL’s actual future results to differ materially from expected results, including, without limitation, risks and uncertainties related to general economic conditions, including but not limited to increases in the rate of inflation and/or interest rates, local real estate conditions, tenant financial health, property investments and acquisitions, and the timing and uncertainty of completing these property investments and acquisitions, potential delays or disruptions with respect to ongoing development projects, and uncertainties regarding future distributions to our stockholders. These and other risks, assumptions, and uncertainties are described in Item 1A “Risk Factors” of the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2024, which the Company filed with the SEC on February 20, 2025, and the Company’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2025, which was filed with the SEC on May 1, 2025, both of which you are encouraged to read, and will be available on the SEC’s website at www.sec.gov. Please note that such Risk Factors will be updated, if necessary, through the filing of Quarterly Reports on Form 10-Q. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those indicated or anticipated by such forward-looking statements. Accordingly, you are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date they are made. The Company assumes no obligation to, and does not currently intend to, update any forward-looking statements after the date of this press release, whether as a result of new information, future events, changes in assumptions, or otherwise.