Broadstone Net Lease, Inc.

AI-generated fair value estimate for this company.

Method: 10-year AFFO-based DCF to equity: $1.56 FY2026 AFFO/share guidance midpoint as the base cash flow; 4.5% annual AFFO/share growth years 1-5 (build-to-suit pipeline incl. $303M Colorado JV plus rent escalators); 3.0% years 6-10; 9.5% cost-of-equity discount rate; 2.5% terminal growth; no separate net-debt deduction since AFFO is already a post-interest, per-common-share cash flow measure (total debt $2.69B / cash $11.1M already reflected in the AFFO figure).

Reasoning: As a diversified net-lease REIT, BNL's per-share value is best driven by AFFO (already nets out recurring capex and financing costs) rather than generic unlevered FCF, and a two-stage growth path captures its near-term development pipeline decelerating to a steady-state rent-escalation-driven long-run growth rate.