Broadstone Net Lease slips on $226 mln equity offering

Broadstone Net Lease

07/08/2026 11:40

** Broadstone Net Lease BNL.N shares down 2.4% at $20.65 before the bell on Fri after overnight follow-on priced
** Commercial REIT late Thurs announced 11 mln shares at $20.50, equating to $225.5 mln raise
** Offering price represents 3.1% discount to stock's last sale
** Co entered into forward sale agreements that expire on Sept 30, 2027 with bookrunners Morgan Stanley and JP Morgan
** Upon settlement of agreements, it intends to use net proceeds to fund investments, repay its revolver, among other purposes
** Victor, New York-based firm has ~191.9 mln shares outstanding for about $4 bln market cap
** Last week, BNL raised its 2026 AFFO/sh guidance after saying same-store rental rev grew, driven by contractual rent increases and prior leasing activity
** Through Thurs close, BNL gained 22% YTD
** 7 of 10 analysts rate the stock "strong buy" or "buy", 3 "hold"; median PT $23, per LSEG data

(Lance Tupper is a Reuters market analyst. The views expressed are his own)
((lance.tupper@tr.com 1-646-279-6380))