Key Highlights

  • The quarterly Dividend moves up 0.9% to USD 0.295 per share from USD 0.2925, with payment due by January 15, 2027 and holders of record set for December 31, 2026.
  • A 76% payout is calculated by dividing the USD 0.295 dividend by third-quarter 2026 AFFO of USD 0.39 per share, and AFFO reached USD 77.8 million, a 5.4% gain versus the prior year.
  • The pro forma ratio of net Debt to annualized adjusted EBITDAre is 5.4x, improving on the 5.9x seen in the second quarter of 2026, while the reported figure is 6.6x on USD 2.88 billion of net debt.
  • 767 properties in 44 states and four Canadian provinces are occupied by 206 tenants, and the weighted average Lease term runs 9.3 years, while no single tenant exceeds 3.7% of annualized base rent.

Dividend Increase and Timing: Quarterly Rate, Record Date and Annual Run Rate at Broadstone Net Lease, Inc. (NYSE:BNL)

Broadstone Net Lease, Inc. (NYSE:BNL) declared a quarterly dividend of USD 0.295 per share, edging up from USD 0.2925, with payment on or before January 15, 2027 for shareholders of record as of December 31, 2026. Calculated over a year, the figure is USD 1.18 per share. Third-quarter 2026 AFFO came to USD 0.39 per share, which covers the dividend at a 76% calculated payout, while nine-month AFFO of USD 1.16 per share compares with calculated nine-month dividends of about USD 0.88 per share.

Earnings Coverage: Net Income, FFO and AFFO Figures at Broadstone Net Lease, Inc. (NYSE:BNL)

Funds from operations totaled USD 76.7 million, or USD 0.38 per share. Third-quarter Net Income was USD 28.1 million, equal to USD 0.14 per diluted share, while core FFO came in at USD 79.4 million, or USD 0.39 per share, with adjusted FFO at USD 77.8 million. Nine-month AFFO came to USD 232.9 million. Guidance for 2026 AFFO sits between USD 1.55 and USD 1.57 per diluted share. Investment guidance moved up to USD 700 million to USD 800 million, and dispositions were lifted to USD 150 million to USD 200 million, a backdrop that matters for the 2026 AFFO outlook at Broadstone Net Lease, Inc. (NYSE:BNL).

Debt, Liquidity and Acquisitions: Leverage Ratios and Capital Plans at Broadstone Net Lease, Inc. (NYSE:BNL)

Net debt totaled USD 2.88 billion, falling to USD 2.47 billion on a pro forma basis after expected forward Equity proceeds of about USD 409.3 million. Available liquidity includes USD 428.8 million on the unsecured revolver, USD 200.0 million of delayed-draw term Loan capacity, and a new USD 300 million delayed-draw term loan due January 30, 2030, with roughly USD 200.0 million still available within a USD 400 million at-the-market program. Acquisitions in the third quarter totaled USD 63.8 million at a 7.7% initial cash cap rate, and three dispositions brought in USD 12.5 million at a 6.6% cap rate. Refinancing costs and rate sensitivity remain the principal risks at Broadstone Net Lease, Inc. (NYSE:BNL).

Where Things Stand

Broadstone Net Lease, Inc. (NYSE:BNL) heads into the closing weeks of 2026 with a USD 0.295 quarterly dividend that third-quarter AFFO of USD 0.39 per share supports, equal to a calculated 76% payout. On a pro forma basis, leverage fell to 5.4x from 5.9x in the second quarter, aided by about USD 409.3 million of forward equity, and the reported net debt to annualized adjusted EBITDAre ratio is 6.6x. The 767 properties are essentially fully leased, with a 9.3 year weighted average lease term. Coverage gets framed by the 2026 AFFO outlook of USD 1.55 to USD 1.57 per diluted share, while execution of the USD 700 million to USD 800 million investment plan bears on the next dividend call.