Broadstone Net Lease Earnings Call Transcripts
Fiscal Year 2026
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Second quarter results highlighted strong AFFO growth, a major $303 million Colorado joint venture, and a deep build-to-suit pipeline driving future earnings. Guidance was raised for AFFO, investments, and dispositions, with robust liquidity and disciplined capital allocation supporting continued growth.
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Q1 2026 saw 5.6% AFFO growth, robust build-to-suit activity, and strong leasing with a 119% recapture rate. Portfolio repositioning continued via opportunistic acquisitions and dispositions, while guidance and dividend were maintained.
Fiscal Year 2025
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AFFO per share grew 4.2% in 2025, with strong portfolio performance and disciplined investment totaling $748.4 million. 2026 guidance targets 4% AFFO growth, supported by a robust build-to-suit pipeline and proactive risk management, especially around tenant exposures.
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Q3 delivered strong AFFO growth, 100% rent collection, and robust investment activity, with guidance raised for 2025. Build-to-suit and direct acquisitions drive growth, while disciplined capital allocation and a strong balance sheet support future expansion.
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Raised 2025 AFFO guidance after a strong Q2, with 5.6% AFFO per share growth and robust build-to-suit and acquisition pipelines. Portfolio remains 99.1% leased, leverage is 5.2x, and capital is being allocated through dispositions and retained cash flow.
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Strong Q1 results driven by disciplined execution, robust build-to-suit pipeline, and high portfolio occupancy. Maintained 2025 AFFO guidance, resolved key tenant issues, and expanded development partnerships, with ample liquidity to fund growth.
Fiscal Year 2024
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AFFO per share reached $1.43 in 2024, with 1.4% growth and a 99%+ leased portfolio. 2025 guidance targets 3% AFFO growth, $400–$600M investments, and no equity issuance, focusing on industrial build-to-suit developments and disciplined capital allocation.
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Portfolio repositioning and healthcare asset sales drove a 2.7% AFFO per share decline year-over-year, but a robust $405 million build-to-suit pipeline and strong liquidity position the company for AFFO growth in 2025-2026. Industrial assets remain the primary focus, with risk managed through diversification.
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AFFO per share rose 2.9% year-over-year, driven by lower interest expense and strong portfolio performance. Healthcare asset dispositions neared completion, with proceeds redeployed into high-yield build-to-suit investments, supporting modest 2024 growth and a robust outlook for 2025–2026.