Broadstone Net Lease, Inc. BNL

Real estate SIC 6798 - Real Estate Investment Trusts NAICS Real Estate and Rental and Leasing › Real Estate › Lessors of Real Estate derived NYSE

We are an industrial-focused, diversified net lease real estate investment trust ("REIT") that invests in primarily single-tenant commercial real estate properties that are net leased on a long-term basis to a diversified group of tenants. As of December 31, 2025, our portfolio includes 771 properties, with 764 properties located in 44 U.S. states and seven properties located in four Canadian provinces.

We expect to achieve growth in revenues and earnings through our three core building blocks, which are (1) embedded same store net operating income growth through best-in-class portfolio rent escalations, stable rent collections, minimal credit losses, strong lease rollover outcomes, accretive recycling, and revenue generating capital expenditures with existing tenants, (2) build-to-suit developments, and (3) a diversified acquisition pipeline.

Last close 17.36 2026-10-23
Market cap $3.33B 2026-06-30 share count
52-week range 17.13 - 23.10

Valuation FY2025 figures against the last close

P/S7.3x
P/E34.7x
P/FCF12.3x
EV/EBITDA—
Dividend yield6.6%
Diluted EPS0.50

Annual financial statements

Income statement

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Revenue $454.1M$431.8M$442.9M$407.5M$382.9M$321.6M$298.8M$237.5M$181.6M$142.9M
SG&A $38.9M$38.0M$39.4M$37.4M$36.4M$28.0M$5.5M$6.2M$4.9M$2.8M
Total operating expenses $265.7M$267.9M$251.9M$219.5M$215.1M$201.0M$163.8M$128.1M$96.1M$79.2M
Operating income ————————$84.9M$63.6M
Interest expense $94.5M$74.1M$80.1M$78.7M$64.1M$76.1M$72.5M$52.9M$34.8M$30.0M
Pre-tax income $97.6M$163.6M$156.2M———————
Income tax $1.2M$1.2M$763.0K———————
Net income $96.5M$162.4M$155.5M$122.1M$102.4M$51.2M$79.4M$69.4M$54.8M$36.4M
EPS, basic 0.510.860.830.720.670.440.830.86——
EPS, diluted 0.500.860.830.720.670.440.830.863.212.76
Shares, diluted (wtd. avg.) 197.6M196.6M196.3M180.2M164.0M128.8M102.9M87.6M18.6M14.6M

Balance sheet

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Cash and equivalents $30.5M$14.8M$19.5M$21.8M$21.7M$100.5M$12.5M$18.6M$9.4M$21.6M
Goodwill $339.8M$339.8M$339.8M$339.8M$339.8M$339.8M$339.8M———
Other intangibles $268.0M$267.6M$288.2M$329.6M$303.6M$290.9M$331.9M$286.3M$242.7M$168.1M
Total assets $5.72B$5.22B$5.27B$5.46B$4.62B$4.26B$3.92B$3.10B$2.58B$1.95B
Long-term debt $2.52B$1.92B$1.92B$2.03B$1.70B$1.55B$1.99B$1.45B$1.18B—
Total liabilities $2.68B$2.07B$2.07B$2.20B$1.88B$1.78B$2.14B$1.57B$1.29B$953.5M
Total equity $2.90B$3.00B$3.19B$3.26B$2.74B$2.48B$1.78B$1.53B$1.28B$998.5M

Cash flow

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Operating cash flow $299.5M$276.3M$271.1M$255.9M$244.9M$179.0M$147.4M$128.0M$97.9M$67.2M
Depreciation and amortisation $159.6M$151.8M$152.8M$150.0M$128.9M$131.6M$105.4M$83.7M$62.8M$45.8M
Stock-based compensation $9.6M$7.4M$6.4M$5.3M$4.7M$2.0M————
Capital expenditure $29.7M$16.8M$46.3M$31.4M$1.6M$10.8M$5.1M$5.2M$6.8M$1.9M
Investing cash flow -$675.3M-$59.7M$24.3M-$859.6M-$582.3M-$60.2M-$831.7M-$510.5M-$611.8M-$470.6M
Financing cash flow $393.4M-$221.2M-$334.8M$636.0M$254.4M-$28.4M$685.7M$391.3M$500.9M$399.4M
Dividends paid $218.8M$216.8M$207.5M$181.2M$154.5M$71.5M$62.0M$51.8M$44.5M$35.7M
Buybacks ——————$34.6M$10.2M$9.4M$8.2M

Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001424182-26-000012.

Plot the figures US dollars

Income statement Revenue Cost of revenue Gross profit R&D SG&A Total operating expenses Operating income Interest expense Pre-tax income Income tax Net income EPS, basic EPS, diluted Shares, diluted (wtd. avg.)
Balance sheet Cash and equivalents Short-term investments Receivables Inventory Total current assets Property, plant and equipment Goodwill Other intangibles Total assets Accounts payable Short-term debt Total current liabilities Long-term debt Total liabilities Retained earnings Total equity
Cash flow Operating cash flow Depreciation and amortisation Stock-based compensation Capital expenditure Investing cash flow Financing cash flow Dividends paid Buybacks
  • Revenue
  • Gross profit
  • Net income
Revenue, Gross profit, Net income by fiscal year, in US dollars The same figures are in the table below this chart. 0 200M 400M 600M Revenue, FY2016: 142.9M Net income, FY2016: 36.4M Revenue, FY2017: 181.6M Net income, FY2017: 54.8M Revenue, FY2018: 237.5M Net income, FY2018: 69.4M Revenue, FY2019: 298.8M Net income, FY2019: 79.4M Revenue, FY2020: 321.6M Net income, FY2020: 51.2M Revenue, FY2021: 382.9M Net income, FY2021: 102.4M Revenue, FY2022: 407.5M Net income, FY2022: 122.1M Revenue, FY2023: 442.9M Net income, FY2023: 155.5M Revenue, FY2024: 431.8M Net income, FY2024: 162.4M Revenue, FY2025: 454.1M Net income, FY2025: 96.5M FY2016 FY2017 FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 FY2025
Fiscal year FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue $142.9M $181.6M $237.5M $298.8M $321.6M $382.9M $407.5M $442.9M $431.8M $454.1M
Gross profit — — — — — — — — — —
Net income $36.4M $54.8M $69.4M $79.4M $51.2M $102.4M $122.1M $155.5M $162.4M $96.5M

Recent filings and events

  • Regulation FD disclosure Something the company told the market and had to tell everyone at once - usually a slide deck or a press release. Item 7.01
  • Other event The catch-all. The company chose to disclose something that fits no other item, so the content is whatever it says it is. Item 8.01
  • Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
  • New debt or obligation The company has taken on debt or a comparable obligation. Item 2.03
  • Regulation FD disclosure Item 7.01
  • Regulation FD disclosure Item 7.01
  • Regulation FD disclosure Item 7.01
  • Shareholder vote The results of the annual meeting or a special vote. Item 5.07
  • Results announced Item 2.02
  • Regulation FD disclosure Item 7.01
  • Regulation FD disclosure Item 7.01
  • Annual report filed A new 10-K. The figures and the business description on this site come from it. Form 10-K

Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.

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