Broadstone Net Lease, Inc. BNL
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.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| 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 | 0.51 | 0.86 | 0.83 | 0.72 | 0.67 | 0.44 | 0.83 | 0.86 | — | — |
| EPS, diluted | 0.50 | 0.86 | 0.83 | 0.72 | 0.67 | 0.44 | 0.83 | 0.86 | 3.21 | 2.76 |
| Shares, diluted (wtd. avg.) | $197.6M | $196.6M | $196.3M | $180.2M | $164.0M | $128.8M | $102.9M | $87.6M | $18.6M | $14.6M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| 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 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| 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.
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