Is Broadstone’s Triboro Land Push and 2026 Outlook Altering The Investment Case For Broadstone Net Lease (BNL)?

• Earlier this month, Broadstone Net Lease held an investor day where it reiterated its plan to rely on build-to-suit development, 2% average rent escalators and its Triboro land site for future growth, while issuing guidance for 2026.
• An interesting angle is the 550-acre Triboro site, which management framed as having potential for up to US$600.00 million in leased development space or sale proceeds, adding a flexible growth lever to its portfolio story.
• We’ll now examine how Broadstone’s emphasis on its Triboro land opportunity may influence the existing investment narrative around growth and risk.

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Broadstone Net Lease Investment Narrative Recap

To own Broadstone Net Lease, you need to be comfortable with a steady, development-driven REIT that leans on build-to-suit projects, contractual rent escalators and disciplined capital recycling. The recent investor day reinforces that story and highlights Triboro as a possible US$600,000,000 swing factor, but it does not materially change the near term focus on maintaining rent quality while managing leverage and tenant credit risk.

Among recent announcements, the ongoing build-to-suit expansion with tenants like Sierra Nevada, Hobby Lobby and Academy Sports looks most relevant, because it ties directly into the same growth engine management spotlighted at investor day. These 2026-focused projects, together with the Triboro land bank, underscore how much of Broadstone’s future earnings progress is tied to executing development on time and on budget, while keeping balance sheet risk in check.

Yet against that opportunity, investors should be aware that Broadstone’s reliance on regular acquisitions and build-to-suit activity, funded partly with higher leverage, means...

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

Broadstone Net Lease's narrative projects $518.6 million revenue and $148.3 million earnings by 2028. This requires 5.5% yearly revenue growth and about a $50.6 million earnings increase from $97.7 million today.

Uncover how Broadstone Net Lease's forecasts yield a $20.18 fair value, a 14% upside to its current price.

Exploring Other Perspectives

Three Simply Wall St Community fair value estimates span roughly US$15 to US$42.50, underlining how differently individual investors view Broadstone’s potential. Set against Broadstone’s build-to-suit and Triboro focused growth plan, this spread invites you to weigh how balance sheet risk and tenant quality might influence future outcomes.

Explore 3 other fair value estimates on Broadstone Net Lease - why the stock might be worth 15% 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.

No Opportunity In Broadstone Net Lease?

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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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