Broadstone Net Lease carries exceptional cash-conversion and financial-health metrics, and its two most recent earnings prints reflect a recovery from prior stumbles, but the stock is trading within 1.3% of its technical resistance target with a reward-to-risk ratio of 0.34-to-1 — a geometry that favors patience over adding at current levels.
Thesis pillars
- Industrial Concentration Portfolio Risk↑Improving
- Elite Cash Conversion Quality→Stable
- Earnings Recovery Two Consecutive Beats↓Deteriorating
- +1 more pillar — see the Why tab for full reasoning
Broadstone Net Lease, Inc. (BNL) Stock Analysis
Real Estate · REIT - Diversified
Wait for pullback to $21.24. Weak momentum — blocks BUY_NOW at $22.36. Engine's entry $21.24 (5% below current) is the shallowest technical level that clears the 2:1 A.R:R minimum. Key risks: Concentration risk — Property Type: industrial properties (61.9%); Analyst target reached - limited upside remaining.
Broadstone Net Lease is an industrial-focused, diversified net lease REIT with 771 properties across 44 U.S. states and four Canadian provinces, net leased on a long-term basis to 206 tenants across 57 industries. Revenue is derived from triple-net base rents with an ABR of... Read more
Wait for pullback to $21.24. Weak momentum — blocks BUY_NOW at $22.36. Engine's entry $21.24 (5% below current) is the shallowest technical level that clears the 2:1 A.R:R minimum. Key risks: Concentration risk — Property Type: industrial properties (61.9%); Analyst target reached - limited upside remaining. Chart setup: No clear chart pattern; technical signals are mixed. Earnings in 3 days. Wait until post-earnings. Score 5.9/10, moderate confidence.
Passes 5/8 gates (clean insider activity, no SEC red flags, news events none recent, semi cycle peak clear, materials cycle peak clear). Fails on weak momentum and favorable risk/reward ratio and earnings proximity 3d<=7d. Suitability: aggressive.
About Broadstone Net Lease, Inc.
About Broadstone Net Lease, Inc.
Broadstone Net Lease's 771-property portfolio generated $428.8 million in annualized base rent at December 31, 2025, with industrial assets representing 61.9% of ABR and retail properties contributing 30.1%, spanning 41.6 million rentable square feet across 44 U.S. states and four Canadian provinces. The portfolio was 99.8% leased with a weighted average remaining lease term of 9.6 years and 97.6% of leases providing contractual rent escalations averaging 2.1% annually.
Broadstone Net Lease earns revenue through triple-net (NNN) leases — tenants are obligated to pay real estate taxes, insurance, maintenance, repairs, and capital costs — with initial lease terms of 10 years or more. Master leases covering 38.6% of overall ABR bind multiple properties under an all-or-none structure, concentrating credit exposure but restricting tenant ability to exit underperforming locations selectively. Industrial assets including distribution and warehouse, manufacturing, food processing, and flex/R&D facilities represent 61.9% of ABR, while retail assets such as general merchandise, quick service restaurants, casual dining, and automotive properties account for 30.1%. Geographic diversification is meaningful — the top five states (Texas 10.2%, Michigan 8.6%, Florida 5.9%, Illinois 5.4%, California 5.3%) collectively represent 35.4% of ABR, with no single state above 10.2%. Only 20.2% of ABR came from investment-grade tenants as of year-end 2025.
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Tenant credit quality shapes portfolio risk in a measurable way: only 20.2% of ABR at December 31, 2025 came from tenants with an investment-grade credit rating, with the substantial majority leased to unrated counterparties — a risk the 10-K characterizes as presenting materially higher default exposure than investment-grade-focused peers. The top 10 tenants, led by Roskam Baking Company (3.9% of ABR) and United Natural Foods (3.4%), represented 21.1% of ABR collectively. A default under a master lease — covering 38.6% of overall ABR across 379 properties — could simultaneously reduce rental revenue across multiple assets.
See also: Real Estate · REIT - Diversified
From Broadstone Net Lease, Inc.'s most recent 10-K filing, extracted June 10, 2026.
Recent developments
updated 2026-07-27Recent Developments — Broadstone Net Lease, Inc.
Latest news
- NEWS BNL stock remains tied to Broadridge reporting metrics - AD HOC NEWS — AD HOC NEWS neutral
- NEWS Broadstone Net Lease (BNL) Expected to Announce Quarterly Earnings on Wednesday - MarketBeat — MarketBeat neutral
- NEWS Broadstone Net Lease stock (US11133T1034): Why Google Discover changes matter more now - AD HOC NEWS — AD HOC NEWS neutral
- NEWS BNL (Broadstone) posts Q4 2025 earnings beat and 5.2% year-over-year revenue growth, shares dip slightly. - Shared Momen — Xã Vĩnh Công positive
- NEWS Prediction Adolfo Daniel Vallejo Vs Jaime Faria | Internazionali BNL D'Italia 2026 F (zOUHpoQo13) - Mshale — Mshale neutral
Generated 2026-07-27T11:13:00Z.
Upcoming dated catalysts
Thesis
Key Metrics
Quality Signals
Options Flow
Concentration Risks(10-K Item 1A)
- HIGHPropertyindustrial properties62%10-K Item 1A: 'approximately 61.9% of our ABR came from industrial properties and 30.1% from retail properties'
- MEDIUMPropertyretail properties30%10-K Item 1A: 'approximately 61.9% of our ABR came from industrial properties and 30.1% from retail properties'
- MEDIUMGeographictop five states35%10-K Item 1A: 'approximately 35.4% of our ABR came from properties in our top five states: Texas (10.2%), Michigan (8.6%), Florida (5.9%), Illinois (5.4%), and California (5.3%)'
- LOWTenanttop 10 tenants21%10-K Item 1A: 'our top 10 tenants together represented 21.1% of our ABR'
Model-generated analysis — not investment advice. Not a registered investment advisor. Past performance does not guarantee future results.
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Rating Breakdown
2 floor-breakers
Priced at a premium — multiples above sector norms. Needs delivery on growth + margins to justify.static
No near-term catalyst priced in. Thesis progression will come from fundamentals grinding, not event reaction.static
Price Targets
Position Sizing
Risk Alerts
Earnings
Verdict History
Frequently Asked Questions
Wait for pullback to $21.24. Weak momentum — blocks BUY_NOW at $22.36. Engine's entry $21.24 (5% below current) is the shallowest technical level that clears the 2:1 A.R:R minimum. Key risks: Concentration risk — Property Type: industrial properties (61.9%); Analyst target reached - limited upside remaining. Chart setup: No clear chart pattern; technical signals are mixed. Earnings in 3 days. Wait until post-earnings. Target $22.64 (+1.3%), stop $20.34 (−9.9%), A.R:R -1.3:1. Score 5.9/10, moderate confidence.
Take-profit target: $22.64 (-10.9% upside). Target $22.64 (+1.3%), stop $20.34 (−9.9%), A.R:R -1.3:1. Stop-loss: $20.34.
Concentration risk — Property Type: industrial properties (61.9%); Analyst target reached - limited upside remaining; Near 52-week high (3.2% away).
Broadstone Net Lease, Inc. trades at a P/E of 34.4 (forward 27.6). TrendMatrix value score: 3.4/10. Verdict: Buy (Wait for Entry).
14 analysts cover BNL with a consensus score of 3.9/5. Average price target: $23.
What does Broadstone Net Lease, Inc. do?Broadstone Net Lease is an industrial-focused, diversified net lease REIT with 771 properties across 44 U.S. states and...
Broadstone Net Lease is an industrial-focused, diversified net lease REIT with 771 properties across 44 U.S. states and four Canadian provinces, net leased on a long-term basis to 206 tenants across 57 industries. Revenue is derived from triple-net base rents with an ABR of $428.8 million at December 31, 2025, 99.8% occupancy, and a 9.6-year weighted average remaining lease term.