Broadstone Net Lease (NYSE: BNL) is the value stock of the net lease group: a diversified, industrial-majority portfolio trading at the peer group’s lowest AFFO multiple. Where the retail names sell simplicity, Broadstone sells breadth (industrial, healthcare, restaurants, retail) and a growing build-to-suit development lane that most net lease REITs abandoned.
| Broadstone Net Lease (BNL) Snapshot | |
|---|---|
| Share Price (delayed) | $21.83 +1.02% |
| Market Cap | $4.2B |
| Annualized Dividend | $1.17 (Quarterly) |
| Dividend Yield | 5.34% |
| Credit Rating | BBB (S&P) |
| Sector | Net Lease ยท Industrial Net Lease |
Market data updates automatically several times daily. Last price refresh: Jul 12, 2026.
Portfolio and Business Model
The portfolio skews industrial (the majority of rent) across manufacturing, distribution, and food processing facilities, complemented by clinical healthcare and restaurant assets, on a 9.6-year weighted average lease term. The differentiated growth engine is build-to-suit development: funding new single-tenant facilities for creditworthy users at yields above the acquisition market, a pipeline that compounds quietly while peers bid against each other for existing buildings.
Dividend Safety Analysis
Coverage is comfortable in the low-70s percent of AFFO with consensus 2026 AFFO growth around 4.3%, mid-pack in the group. The yield runs toward the high end of the sector, which combined with the lowest multiple (about 11.8x forward AFFO) makes BNL the group’s clearest value-with-coverage profile.
The Honest Risk Section
Leverage tops the peer group at roughly 5.8x net debt plus preferred to EBITDAre, the main reason the multiple is cheap; in a tighter credit market that gap matters. Industrial tenants are lumpier than retail (bigger buildings, bigger single-tenant risk, harder re-leasing), and the healthcare slice carries operator risk the market has punished elsewhere. BNL also churned through strategy shifts (healthcare exit, development pivot) since its 2020 IPO, so the current playbook is young.
Peer Context
BNL is the small, domestic cousin of W. P. Carey: both diversified and industrial-tilted, but Carey adds Europe and scale while Broadstone adds development yield and a cheaper entry multiple. For direct investors, single-tenant industrial with rated credits is the same hunting ground, mapped in the investment-grade tenant database.
Frequently Asked Questions
What does Broadstone Net Lease own?
A diversified single-tenant portfolio led by industrial properties (manufacturing, distribution, food processing), plus clinical healthcare and restaurant assets, on roughly 9.6-year average leases.
Why is BNL cheaper than other net lease REITs?
The group’s highest leverage (about 5.8x EBITDAre), industrial re-leasing risk, and a young strategy earn it the lowest AFFO multiple in the peer set, roughly 11.8x versus 14x to 16x for the quality leaders.
Is Broadstone investment grade?
Yes, BNL carries BBB-range investment-grade ratings, though its leverage sits at the top of the peer group, which is the metric to watch.
Analysis based on Q1 2026 peer supplemental data and company disclosures. Live market data updates automatically. Independent research, not investment advice.
Why buy the REIT when you can own the asset?
Net lease REITs typically yield 4.5% to 6.5%. Direct ownership of a single-tenant NNN property leased to the same investment-grade tenants historically trades at 6% to 7.5% cap rates, plus depreciation benefits and 1031 exchange eligibility that REIT shareholders never receive.
Compare Direct NNN Ownership