Broadstone Net Lease, Inc.

Listed Company

BNLCIK 0001424182NYSELarge AcceleratedReal Estate Investment TrustsFY ends Dec 31

Period

FY 2025

Revenue

$454.14M

Net Income

$96.50M

Total Assets

$5.72B

Equity

$2.90B

Shares Out

191.77M

Op. Cash Flow

$299.50M

Business

Broadstone Net Lease, Inc. is an industrial-focused, diversified net lease real estate investment trust that acquires, owns, and manages primarily single-tenant commercial properties leased on a long-term, net basis. It offers property ownership and leasing services, revenue-generating capital expenditures, build-to-suit developments, and transitional capital investments. Its business is organized around core activities including property acquisitions, build-to-suit development, revenue-generating capital projects, and a diversified acquisition pipeline across industrial, retail, and other property types. The company operates across the United States and select Canadian provinces through direct property ownership and lease arrangements with a wide array of tenants.

Summary from filing dated 2025-02-20

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Lease revenues, net	454	432	443	408	383
Depreciation and amortization	164	156	159	155	132
Property and operating expense	23	25	23	22	18
General and administrative	39	38	39	37	36
Provision for impairment of investment in rental properties	40	49	31	6	28
Total operating expenses	266	268	252	219	215
Interest income	389,000	994,000	512,000	44,000	17,000
Interest expense	−94	−74	−80	—	—
Gain on sale of real estate	13	73	54	16	14
Income taxes	−1	−1	−763,000	—	—
Other (expenses) income	−6	6	−2	5	−430,000
Net income	99	169	163	129	110
Net income attributable to non-controlling interests	−3	−7	−8	−7	−7
Net income attributable to Broadstone Net Lease, Inc.	96	162	155	122	102
Basic (in shares)	188	187	187	170	153
Diluted (in shares)	198	197	196	180	164
Basic (in dollars per share)	0.51	0.86	0.83	0.72	0.67
Diluted (in dollars per share)	0.5	0.86	0.83	0.72	0.67
Change in fair value of interest rate swaps	−36	124,000	−17	—	—
Realized loss on interest rate swaps	6	209,000	2	—	—
Comprehensive income	69	169	148	223	150
Comprehensive income attributable to non-controlling interests	−2	−7	−7	−13	−10
Comprehensive income attributable to Broadstone Net Lease, Inc.	68	163	141	210	140

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Total accounted for using the operating method	5,288	4,967	4,889	5,008	4,205
Less accumulated depreciation	−773	−672	−627	−534	−430
Accounted for using the operating method, net	4,516	4,295	4,262	4,474	3,775
Accounted for using the direct financing method	25	26	27	27	29
Accounted for using the sales-type method	14	571,000	572,000	571,000	571,000
Property under development	266	19	95	—	—
Investment in rental property, net	4,822	4,340	4,384	4,502	3,804
Cash and cash equivalents	31	15	19	22	22
Accrued rental income	179	163	—	—	—
Tenant and other receivables, net	4	3	1	1	1
Prepaid expenses and other assets	56	42	37	64	17
Interest rate swap, assets	18	46	46	63	0
Goodwill	340	340	340	340	340
Intangible lease assets, net	268	268	288	330	304
Total assets	5,717	5,216	5,269	5,458	4,619
Unsecured revolving credit facility	266	93	90	197	102
Mortgages, net	57	77	79	87	97
Unsecured term loans, net	994	897	—	—	—
Senior unsecured notes, net	1,191	846	845	845	844
Interest rate swap, liabilities	2	0	—	0	27
Accounts payable and other liabilities	60	49	48	48	38
Dividends payable	60	58	—	—	—
Accrued interest payable	14	6	6	7	6
Intangible lease liabilities, net	42	49	54	63	71
Total liabilities	2,684	2,075	2,074	2,195	1,878
Commitments and contingencies (Note 17)	—	—	—	—	—
Preferred stock, $0.001 par value; 20,000 shares authorized, no shares issued or outstanding	0	0	0	0	0
Common stock, $0.00025 par value; 500,000 shares authorized, 191,423 and 188,626 shares issued and outstanding at December 31, 2025 and 2024, respectively	48,000	47,000	47,000	47,000	41,000
Additional paid-in capital	3,502	3,451	3,441	3,419	2,924
Cumulative distributions in excess of retained earnings	−620	−497	−441	−386	−318
Accumulated other comprehensive income	20	50	49	60	−28
Total Broadstone Net Lease, Inc. equity	2,902	3,004	3,049	3,093	2,577
Non-controlling interests	131	138	145	170	164
Total equity	3,033	3,141	3,194	3,263	2,741
Total liabilities and equity	5,717	5,216	5,269	5,458	4,619

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Depreciation and amortization including intangibles associated with investment in rental property	160	152	153	150	129
Amortization of debt issuance costs and original issuance discounts charged to interest expense	5	4	4	4	4
Stock-based compensation expense	10	7	6	5	5
Settlement of interest rate swaps	−7	0	0	—	—
Straight-line rent, direct financing and sales-type lease adjustments	−18	−19	−22	−20	−18
Other non-cash items	9	−11	−757,000	−2	2
Tenant and other receivables	−1	−2	780,000	659,000	776,000
Prepaid expenses and other assets	2	480,000	−352,000	199,000	350,000
Accounts payable and other liabilities	4	−905,000	−8	−1	3
Accrued interest payable	8	135,000	−1	598,000	2
Net cash provided by operating activities	299	276	271	256	245
Acquisition of rental property	−434	−289	−28	−885	−665
Investment in property under development including capitalized interest of $5,271, $3,871, and $1,469 in 2025, 2024 and 2023, respectively	−304	−108	−97	0	0
Capital expenditures and improvements	−30	−17	−46	−31	−2
Proceeds from disposition of rental property, net	94	354	195	56	84
Change in deposits on investments in rental property	−1	−200,000	125,000	63,000	512,000
Net cash (used in) provided by investing activities	−675	−60	24	−860	−582
Proceeds from issuance of common stock, net of $870, $996, and $180 of offering costs, discounts, and commissions in 2025, 2024 and 2023, respectively	38	−996,000	−180,000	496	280
Contributions from non-controlling interests	4	1	0	0	—
Borrowings on senior unsecured notes and unsecured term loans	845	0	0	—	—
Principal payments on mortgages and unsecured term loans	−420	−2	−8	−260	—
Borrowings on unsecured revolving credit facility	803	257	216	900	357
Repayments on unsecured revolving credit facility	−634	−248	−324	−800	−255
Cash distributions paid to stockholders	−219	−217	−208	−181	−154
Cash distributions paid to non-controlling interests	−10	−11	−11	−11	−11
Debt issuance costs paid	−14	0	0	—	—
Net cash provided by (used in) financing activities	393	−221	−335	636	254
Net increase (decrease) in cash and cash equivalents and restricted cash	18	−5	−39	32	−83

Filings

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