Risk Reward Update

Research evidence excerpt

Not for redistribution without written consent of Morgan Stanley

M

Update

September 15, 2026 08:59 PM GMT

Broadstone Net Lease, Inc. | North America

Morgan Stanley & Co. LLC

Ronald Kamdem, CFA

Equity Analyst

Risk Reward Update

Broadstone Net Lease, Inc. (BNL.N, BNL UN)

What’s Changed

Real Estate Investment Trusts | United States of America

Updated Components

Stock Rating

Industry View

Price target

Shr price, close (Sep 15, 2026)

52-Week Range

FFO

Investment Thesis

Bull Base Bear Scenarios

Fiscal Year Ending

Equal-weight

In-Line

$24.00

$19.97

$23.09-17.16

12/25 12/26e 12/27e 12/28e

Risk Reward for Broadstone Net Lease, Inc. (BNL.N) has been

updated

EPS ($)**

Prior EPS ($)**

Reason for change

Unless otherwise noted, all metrics are based on Morgan Stanley ModelWare

framework

** = Based on consensus methodology

e = Morgan Stanley Research estimates

0.52

0.78

0.86

0.78

0.89

0.75

0.87

Update 2026e AFFO to $1.56 from $1.57 and update 2027e AFFO to $1.67 from

$1.66

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