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↓Deteriorating
- Elite Cash Conversion Quality→Stable
- Earnings Recovery Two Consecutive Beats→Stable
- +1 more pillar — see the Why tab for full reasoning
Broadstone Net Lease, Inc. (BNL) Stock Analysis
Range Bound setup
Real Estate · REIT - Diversified
Sell if holding. Analyst target reached at $20.93 — A.R:R is negative (-0.3) — price has exceeded the analyst target. Reward from here is too thin for a buy — the engine flags exit. Additional concerns: Concentration risk — Property Type: industrial properties (61.9%).
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
Sell if holding. Analyst target reached at $20.93 — A.R:R is negative (-0.3) — price has exceeded the analyst target. Reward from here is too thin for a buy — the engine flags exit. Additional concerns: Concentration risk — Property Type: industrial properties (61.9%). Chart setup: RSI 44 mid-range, Bollinger mid-band. Score 5.8/10, moderate confidence.
Passes 6/8 gates (clean insider activity, no SEC red flags, news events none recent, earnings proximity 54d clear, semi cycle peak clear, materials cycle peak clear). Fails on weak momentum and favorable risk/reward ratio. 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.
Show full overview
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 2026-09-04Recent Developments — Broadstone Net Lease, Inc.
Latest news
- NEWS Broadstone Net Lease, Inc. (BNL) Q2 FFO Top Estimates - Yahoo Finance — Yahoo Finance positive
- NEWS Broadstone Net Lease, Inc. (BNL) Q2 FFO Top Estimates - finance.yahoo.com — finance.yahoo.com positive
- NEWS Is Broadstone Net Lease Inc (BNL) Overvalued After Q2 Earnings B - GuruFocus — GuruFocus neutral
- NEWS Broadstone Net Lease Expands and Simplifies Credit Facilities - TipRanks — TipRanks positive
- NEWS Broadstone Net Lease Expands and Simplifies Credit Facilities - tipranks.com — tipranks.com positive
Generated 2026-09-04T15:07:35Z.
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
1 floor-breaker
Momentum below the gate floor. Component breakdown shows what dragged the score down.static
Price Targets
Position Sizing
Risk Alerts
Earnings
Verdict History
Frequently Asked Questions
Sell if holding. Analyst target reached at $20.93 — A.R:R is negative (-0.3) — price has exceeded the analyst target. Reward from here is too thin for a buy — the engine flags exit. Additional concerns: Concentration risk — Property Type: industrial properties (61.9%). Chart setup: RSI 44 mid-range, Bollinger mid-band. Prior stop was $20.20. Score 5.8/10, moderate confidence.
Take-profit target: $24.08 (-1.5% upside). Prior stop was $20.20. Stop-loss: $20.20.
Concentration risk — Property Type: industrial properties (61.9%); Analyst target reached - limited upside remaining; Sector modifier (Real Estate): -1.2.
Broadstone Net Lease, Inc. trades at a P/E of 27.5 (forward 26.3). TrendMatrix value score: 4.1/10. Verdict: Sell.
14 analysts cover BNL with a consensus score of 3.9/5. Average price target: $24.
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.