BNL is an internally-managed REIT that acquires, owns, and manages primarily single-tenant commercial real estate properties that are net leased on a long-term basis to a diversified group of tenants.
Price History & Performance
|Historical stock prices|
|Current Share Price||US$26.45|
|52 Week High||US$15.90|
|52 Week Low||US$28.00|
|1 Month Change||0.42%|
|3 Month Change||6.44%|
|1 Year Change||62.27%|
|3 Year Change||n/a|
|5 Year Change||n/a|
|Change since IPO||62.27%|
Recent News & Updates
Broadstone Net Lease: This Diversified Upstart Has Gotten Ahead Of Itself
BNL boasts unparalleled diversification in its net lease portfolio, with almost two-thirds of properties in industrial or healthcare. Though the REIT has relatively low exposure to investment grade tenants, its lease terms are attractive, especially the 2% average rent escalations. The main holdup is valuation. BNL's FFO multiple is substantially higher than its closest peers, and I doubt it deserves that much of a premium.
|BNL||US REITs||US Market|
Return vs Industry: BNL exceeded the US REITs industry which returned 30.8% over the past year.
Return vs Market: BNL exceeded the US Market which returned 33.7% over the past year.
Stable Share Price: BNL is less volatile than 75% of US stocks over the past 3 months, typically moving +/- 3% a week.
Volatility Over Time: BNL's weekly volatility (3%) has been stable over the past year.
About the Company
BNL is an internally-managed REIT that acquires, owns, and manages primarily single-tenant commercial real estate properties that are net leased on a long-term basis to a diversified group of tenants. The Company utilizes an investment strategy underpinned by strong fundamental credit analysis and prudent real estate underwriting. As of September 30, 2020, BNL’s diversified portfolio consisted of 627 properties in 41 U.S. states and one property in Canada across the industrial, healthcare, restaurant, office, and retail property types, with an aggregate gross asset value of approximately $4.0 billion.
Broadstone Net Lease Fundamentals Summary
|BNL fundamental statistics|
Is BNL overvalued?See Fair Value and valuation analysis
Earnings & Revenue
|BNL income statement (TTM)|
|Cost of Revenue||US$18.35m|
Last Reported Earnings
Jun 30, 2021
Next Earnings Date
|Earnings per share (EPS)||0.50|
|Net Profit Margin||20.61%|
How did BNL perform over the long term?See historical performance and comparison
3.9%Current Dividend Yield
Does BNL pay a reliable dividends?See BNL dividend history and benchmarks
|Broadstone Net Lease dividend dates|
|Ex Dividend Date||Sep 29 2021|
|Dividend Pay Date||Oct 15 2021|
|Days until Ex dividend||11 days|
|Days until Dividend pay date||27 days|
Does BNL pay a reliable dividends?See BNL dividend history and benchmarks
Is Broadstone Net Lease undervalued compared to its fair value and its price relative to the market?
Undervalued compared to fair value
Share Price vs. Fair Value
Below Fair Value: BNL ($26.45) is trading below our estimate of fair value ($52.95)
Significantly Below Fair Value: BNL is trading below fair value by more than 20%.
Price To Earnings Ratio
PE vs Industry: BNL is poor value based on its PE Ratio (66.1x) compared to the US REITs industry average (50.6x).
PE vs Market: BNL is poor value based on its PE Ratio (66.1x) compared to the US market (17.8x).
Price to Earnings Growth Ratio
PEG Ratio: BNL is poor value based on its PEG Ratio (4.7x)
Price to Book Ratio
PB vs Industry: BNL is good value based on its PB Ratio (1.8x) compared to the US REITs industry average (2x).
How is Broadstone Net Lease forecast to perform in the next 1 to 3 years based on estimates from 7 analysts?
Forecasted annual earnings growth
Earnings and Revenue Growth Forecasts
Analyst Future Growth Forecasts
Earnings vs Savings Rate: BNL's forecast earnings growth (14.1% per year) is above the savings rate (2%).
Earnings vs Market: BNL's earnings (14.1% per year) are forecast to grow slower than the US market (14.9% per year).
High Growth Earnings: BNL's earnings are forecast to grow, but not significantly.
Revenue vs Market: BNL's revenue (9.9% per year) is forecast to grow faster than the US market (9.7% per year).
High Growth Revenue: BNL's revenue (9.9% per year) is forecast to grow slower than 20% per year.
Earnings per Share Growth Forecasts
Future Return on Equity
Future ROE: BNL's Return on Equity is forecast to be low in 3 years time (4.3%).
How has Broadstone Net Lease performed over the past 5 years?
Historical annual earnings growth
Earnings and Revenue History
Quality Earnings: BNL has a large one-off loss of $29.2M impacting its June 30 2021 financial results.
Growing Profit Margin: BNL's current net profit margins (20.6%) are lower than last year (23.6%).
Past Earnings Growth Analysis
Earnings Trend: BNL's earnings have grown by 7.7% per year over the past 5 years.
Accelerating Growth: BNL's has had negative earnings growth over the past year, so it can't be compared to its 5-year average.
Earnings vs Industry: BNL had negative earnings growth (-9.8%) over the past year, making it difficult to compare to the REITs industry average (3.9%).
Return on Equity
High ROE: BNL's Return on Equity (2.7%) is considered low.
How is Broadstone Net Lease's financial position?
Financial Position Analysis
Short Term Liabilities: BNL's short term assets ($234.5M) exceed its short term liabilities ($77.4M).
Long Term Liabilities: BNL's short term assets ($234.5M) do not cover its long term liabilities ($1.6B).
Debt to Equity History and Analysis
Debt Level: BNL's debt to equity ratio (56.4%) is considered high.
Reducing Debt: BNL's debt to equity ratio has reduced from 88.9% to 56.4% over the past 5 years.
Debt Coverage: BNL's debt is not well covered by operating cash flow (12.9%).
Interest Coverage: BNL's interest payments on its debt are not well covered by EBIT (2.5x coverage).
What is Broadstone Net Lease current dividend yield, its reliability and sustainability?
Current Dividend Yield
Upcoming Dividend Payment
Dividend Yield vs Market
Notable Dividend: BNL's dividend (3.86%) is higher than the bottom 25% of dividend payers in the US market (1.34%).
High Dividend: BNL's dividend (3.86%) is in the top 25% of dividend payers in the US market (3.58%)
Stability and Growth of Payments
Stable Dividend: Too early to tell whether BNL's dividend payments have been stable as they only just started paying a dividend.
Growing Dividend: Too early to tell if BNL's dividend payments are increasing as they only just started paying a dividend.
Current Payout to Shareholders
Dividend Coverage: With its reasonably low payout ratio (45.8%), BNL's dividend payments are well covered by earnings.
Future Payout to Shareholders
Future Dividend Coverage: BNL's dividends in 3 years are forecast to be covered by earnings (65.3% payout ratio).
How experienced are the management team and are they aligned to shareholders interests?
Average management tenure
Chris Czarnecki (40 yo)
Mr. Christopher J. Czarnecki, also known as Chris, has been the Chief Executive Officer of Broadstone Net Lease, Inc. since February 2017 and has been its President since August 9, 2018 and has been its Di...
CEO Compensation Analysis
Compensation vs Market: Chris's total compensation ($USD3.38M) is below average for companies of similar size in the US market ($USD5.25M).
Compensation vs Earnings: Insufficient data to compare Chris's compensation with company performance.
Experienced Management: BNL's management team is considered experienced (3.1 years average tenure).
Experienced Board: BNL's board of directors are considered experienced (6.3 years average tenure).
Who are the major shareholders and have insiders been buying or selling?
Insider Trading Volume
Insider Buying: Insufficient data to determine if insiders have bought more shares than they have sold in the past 3 months.
Recent Insider Transactions
Dilution of Shares: Insufficient data to determine if shareholders have been diluted in the past year.
Broadstone Net Lease, Inc.'s employee growth, exchange listings and data sources
- Name: Broadstone Net Lease, Inc.
- Ticker: BNL
- Exchange: NYSE
- Founded: 2007
- Industry: Diversified REITs
- Sector: Real Estate
- Implied Market Cap: US$4.506b
- Market Cap: US$4.228b
- Shares outstanding: 170.34m
- Website: https://www.broadstone.com
Number of Employees
- Broadstone Net Lease, Inc.
- 800 Clinton Square
- New York
- United States
Company Analysis and Financial Data Status
|Data||Last Updated (UTC time)|
|Company Analysis||2021/09/16 22:55|
|End of Day Share Price||2021/09/16 00:00|
Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.