How New Defense and Retail Projects at Broadstone Net Lease (BNL) Have Changed Its Investment Story

• Broadstone Net Lease recently reached substantial completion on the first of two MRO hangars at Dayton International Airport, supporting Sierra Nevada Corporation’s project for the U.S. Air Force, with contract rent already commenced, and announced two new build-to-suit developments for Hobby Lobby and Academy Sports scheduled for delivery in late 2026.
• These developments showcase Broadstone Net Lease’s ability to execute directly sourced, off-market projects tied to essential defense and retail operations, highlighting the company’s growing presence in mission-critical real estate.
• We’ll examine how the completion of the Dayton MRO facility and new build-to-suit agreements strengthen Broadstone’s investment narrative and growth drivers.

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Broadstone Net Lease Investment Narrative Recap

To hold Broadstone Net Lease, you need confidence in its ability to consistently source and deliver high-value, mission-critical real estate that supports reliable rent growth and portfolio stability. The recent completion of the Dayton MRO hangar and new build-to-suit announcements reinforce the company's execution in industrial and essential retail, but do not materially mitigate the company’s most important current risk: tenant credit quality, especially for exposed retail tenants.

Among recent announcements, the third-quarter earnings release stands out, showing higher year-over-year sales but a sharp drop in net income and earnings per share. This underscores that, while growth projects may set up future upside, near-term earnings stability and tenant risk management remain critical catalysts for investor confidence.

However, investors should be aware that strong expansion does not erase the risk of unexpected tenant bankruptcies or lost rental income...

Read the full narrative on Broadstone Net Lease (it's free!)

Broadstone Net Lease's outlook anticipates $518.6 million in revenue and $148.3 million in earnings by 2028. This projection is based on annual revenue growth of 5.5% and reflects a $50.6 million increase in earnings from the current $97.7 million.

Uncover how Broadstone Net Lease's forecasts yield a $19.70 fair value, a 9% upside to its current price.

Exploring Other Perspectives

Simply Wall St Community valuations for BNL span from US$15 to nearly US$38, reflecting three widely varying perspectives. Some see tenant risk as a key concern that may shape returns, so your own view matters.

Explore 3 other fair value estimates on Broadstone Net Lease - why the stock might be worth 17% less than the current price!

Build Your Own Broadstone Net Lease Narrative

Disagree with existing narratives? Create your own in under 3 minutes - extraordinary investment returns rarely come from following the herd.

• A great starting point for your Broadstone Net Lease research is our analysis highlighting 2 key rewards and 3 important warning signs that could impact your investment decision.
• Our free Broadstone Net Lease research report provides a comprehensive fundamental analysis summarized in a single visual - the Snowflake - making it easy to evaluate Broadstone Net Lease's overall financial health at a glance.

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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

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