Last week, Broadstone Net Lease raised its 2026 AFFO/sh guidance after saying same-store rental revenue grew, driven by contractual rent increases and prior leasing activity.
Through Thursday's close, BNL had gained 22% year to date.
Seven of 10 analysts rate the stock "strong buy" or "buy" and three rate it "hold"; the median price target is $23, per LSEG data.
Use of proceeds and financing details
The company entered into forward sale agreements that expire on Sept. 30, 2027 with bookrunners Morgan Stanley and JPMorgan.
Upon settlement of the agreements, it intends to use net proceeds to fund investments, repay its revolver, among other purposes.
Victor, New York-based Broadstone Net Lease has about 191.9 million shares outstanding for a market cap of about $4 billion.
Shares fall after overnight follow-on pricing
Broadstone Net Lease shares were down 2.4% at $20.65 before the bell on Friday after the overnight follow-on was priced.
The commercial REIT late Thursday announced 11 million shares at $20.50, equating to a $225.5 million raise.
The offering price represents a 3.1% discount to the stock's last sale.
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