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BNL

Broadstone Net Lease, Inc.

BNL

Broadstone Net Lease, Inc. • NYSE
$17.57 ▲ 0.11% (+0.02)
Market Cap $3.32 B
52w High $18.87
52w Low $13.96
Dividend Yield 1.16%
P/E 37.38
Volume 1.02M
Outstanding Shares 189.22M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $114.167M ▲ $50.22M ▼ $26.466M ▲ 23.182% ▲ $0.14 ▲ $95.749M ▼
Q2-2025 $112.987M ▲ $52.146M ▲ $20.16M ▲ 17.843% ▲ $0.11 ▲ $98.412M ▲
Q1-2025 $108.69M ▼ $49.169M ▼ $16.743M ▼ 15.404% ▼ $0.087 ▲ $77.419M ▼
Q4-2024 $112.13M ▲ $52.915M ▲ $26.39M ▼ 23.535% ▼ $-0.006 ▼ $90.685M ▼
Q3-2024 $108.397M $46.738M $35.608M 32.85% $0.2 $93.171M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $4.663B ▲ $5.519B ▲ $2.507B ▲ $2.885B ▼
Q2-2025 $20.784M ▲ $5.327B ▲ $2.291B ▲ $2.907B ▼
Q1-2025 $9.605M ▼ $5.237B ▲ $2.156B ▲ $2.95B ▼
Q4-2024 $14.845M ▲ $5.216B ▼ $2.075B ▼ $3.004B ▲
Q3-2024 $8.999M $5.263B $2.125B $2.999B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $26.466M ▲ $64.19M ▼ $-172.998M ▼ $170.152M ▲ $61.182M ▲ $58.024M ▼
Q2-2025 $19.83M ▲ $79.28M ▲ $-131.258M ▼ $62.921M ▲ $10.943M ▲ $76.672M ▲
Q1-2025 $17.493M ▼ $71.459M ▲ $-85.335M ▼ $8.916M ▲ $-4.96M ▼ $57.111M ▼
Q4-2024 $27.607M ▼ $63.911M ▼ $27.338M ▲ $-86.474M ▼ $4.775M ▲ $57.468M ▼
Q3-2024 $35.608M $67.303M $-64.618M $-11.363M $-9.283M $60.255M

Revenue by Products

Product Q2-2018Q3-2018Q4-2018
Real Estate Other
Real Estate Other
 $0 ▲$0 ▲$0 ▲
Tenant Reimbursements
Tenant Reimbursements
 $0 ▲$0 ▲$0 ▲

Five-Year Company Overview

Income Statement

Income Statement Broadstone Net Lease shows a steady, gradual build in its earnings power over the past several years. Revenue and gross profit have trended upward, though the most recent year shows a slight cooling compared with the prior year rather than a clear step up. Profitability is generally solid for a REIT, with net income and per‑share earnings moving higher over time, even if operating income has bounced around a bit. Overall, the income statement reflects a mature, rent-driven business with stable margins and modest growth rather than rapid expansion.

Balance Sheet

Balance Sheet The balance sheet looks fairly conservative for a real estate owner. Total assets have grown from earlier years and then leveled off, suggesting the portfolio has reached a more stable size. Debt has risen over time but has recently held steady, while shareholders’ equity has climbed, which points to a capital structure that is reasonably balanced rather than overly stretched. Cash on hand is relatively small, which is typical for a net-lease REIT but means the company relies on access to capital markets and credit lines to fund growth.

Cash Flow

Cash Flow Cash flow from operations has been consistently positive and has improved gradually, which is important for a REIT that depends on rental income. Free cash flow has also been positive every year, indicating that the existing portfolio more than pays for its regular capital needs. Investment spending is modest and has picked up only in certain years, suggesting a disciplined approach to growth rather than an aggressive building spree. Overall, cash generation appears steady and supportive of ongoing dividends and selective new investments, assuming financing conditions remain reasonable.

Competitive Edge

Competitive Edge BNL’s competitive strength comes from being a diversified net-lease REIT focused on single-tenant, mission-critical properties. Its portfolio spans many industries and geographies, which helps soften the impact of trouble in any single tenant or sector. Long-term, triple-net leases shift most operating costs to tenants and support a predictable rent stream. The combination of disciplined capital allocation, strong tenant relationships, and an experienced management team gives BNL a solid, if not flashy, competitive position in a crowded REIT universe.

Innovation and R&D

Innovation and R&D Although BNL is not a technology company, it innovates through its investment and development model rather than through traditional research and development. The build-to-suit program—designing and developing properties to tenant specifications—is a key differentiator that deepens tenant relationships and can secure attractive lease economics. The firm also leans on structured, data-driven underwriting and credit analysis to select properties and tenants, which is a quieter form of innovation focused on risk management. Its ongoing shift toward more industrial properties and continued portfolio optimization show a willingness to adapt the strategy as market conditions evolve.

Summary

Broadstone Net Lease comes across as a steady, income-oriented real estate business with a diversified footprint and a measured approach to growth. Earnings and cash flows have improved over time, while leverage looks manageable and equity has grown, all of which point to a relatively resilient financial profile. The main opportunities lie in expanding its build-to-suit pipeline and refining its mix toward stronger property types, while key risks include interest-rate sensitivity, tenant credit health, and reliance on external financing for larger growth initiatives. Overall, BNL appears more like a stable, cash-generating platform than a high-growth story, with performance driven by execution quality and capital discipline rather than rapid expansion.

NEWS

November 4, 2025 · 4:10 PM UTC

Broadstone Net Lease Reaches Substantial Completion on the First MRO Facility at the Previously Announced Sierra Nevada Development and Adds $21 million to its Committed Pipeline of Build-to-Suit Developments

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October 29, 2025 · 4:10 PM UTC

Broadstone Net Lease Announces Third Quarter 2025 Results

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October 6, 2025 · 4:10 PM UTC

Broadstone Net Lease Schedules Third Quarter 2025 Earnings Release and Conference Call

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September 26, 2025 · 4:15 PM UTC

Broadstone Net Lease Announces Closing of $350 Million Senior Notes Offering

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September 23, 2025 · 4:30 PM UTC

Broadstone Net Lease Announces Pricing of $350 Million in Senior Notes Due 2032

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