NYSE : BNL
Broadstone Net Lease, Inc. — Financial statements
Real Estate · REIT - Diversified · United States
Last price 17.1 USD (Oct 30, 2026, 4:00 PM EDT) · Market cap 3.42B
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Financial statements
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Rental Revenue | 483.87M | 454.14M | 431.80M | 442.89M | 407.51M | 382.88M |
| Total Revenue | 483.87M | 454.14M | 431.80M | 442.89M | 407.51M | 382.88M |
| Property Expenses | 25.62M | 22.97M | 24.74M | 22.58M | 21.77M | 18.46M |
| Selling, General & Administrative | 42.69M | 38.88M | 37.99M | 39.42M | 37.38M | 36.37M |
| Depreciation & Amortization | 182.18M | 158.79M | 154.58M | 157.73M | 146.31M | 128.30M |
| Total Operating Expenses | 250.49M | 220.64M | 217.31M | 219.73M | 205.46M | 183.12M |
| Operating Income | 233.38M | 233.50M | 214.49M | 223.16M | 202.06M | 199.75M |
| Interest Expense | -102.83M | -94.47M | -74.08M | -80.05M | -78.65M | -64.15M |
| Interest & Investment Income | 290.00K | 389.00K | 994.00K | 512.00K | 44.00K | 17.00K |
| Currency Exchange Gain (Loss) | 1.40M | -3.70M | 6.20M | 5.60M | 100.00K | |
| Other Non-Operating Income | -2.51M | -2.72M | 1.00K | -1.68M | -218.00K | -162.00K |
| EBT Excluding Unusual Items | 129.73M | 133.00M | 147.61M | 141.94M | 128.83M | 135.56M |
| Gain (Loss) on Sale of Assets | 32.08M | 12.60M | 73.15M | 54.31M | 15.95M | 13.52M |
| Asset Writedown | -10.69M | -45.03M | -50.60M | -32.17M | -14.04M | -32.01M |
| Other Unusual Items | -5.91M | |||||
| Pretax Income | 151.12M | 100.57M | 170.16M | 164.07M | 130.75M | 111.17M |
| Income Tax Expense | 1.30M | 1.15M | 1.18M | 763.00K | 1.27M | 1.64M |
| Earnings From Continuing Operations | 149.81M | 99.42M | 168.99M | 163.31M | 129.47M | 109.53M |
| Minority Interest in Earnings | -3.41M | -2.92M | -6.55M | -7.83M | -7.36M | -7.10M |
| Net Income | 146.41M | 96.50M | 162.44M | 155.48M | 122.11M | 102.43M |
| Preferred Dividends & Other Adjustments | 1.28M | 1.24M | 1.17M | 560.00K | 419.00K | 394.00K |
| Net Income to Common | 145.13M | 95.25M | 161.28M | 154.92M | 121.70M | 102.03M |
| Basic Shares Outstanding | 190.11M | 188.12M | 187.45M | 186.62M | 169.84M | 153.06M |
| Diluted Shares Outstanding | 199.82M | 197.57M | 196.62M | 196.31M | 180.20M | 163.97M |
| EPS (Basic) | 0.76 | 0.51 | 0.86 | 0.83 | 0.72 | 0.67 |
| EPS (Diluted) | 0.76 | 0.50 | 0.86 | 0.83 | 0.72 | 0.67 |
| Dividend Per Share | 1.17 | 1.16 | 1.16 | 1.12 | 1.08 | 1.02 |
| Operating Margin | 48.23% | 51.42% | 49.67% | 50.39% | 49.58% | 52.17% |
| Profit Margin | 29.99% | 20.97% | 37.35% | 34.98% | 29.86% | 26.65% |
| EBITDA | 411.50M | 387.81M | 364.66M | 375.04M | 343.56M | 324.84M |
| EBITDA Margin | 85.04% | 85.40% | 84.45% | 84.68% | 84.31% | 84.84% |
| D&A For Ebitda | 178.12M | 154.32M | 150.16M | 151.88M | 141.50M | 125.09M |
| EBIT | 233.38M | 233.50M | 214.49M | 223.16M | 202.06M | 199.75M |
| EBIT Margin | 48.23% | 51.42% | 49.67% | 50.39% | 49.58% | 52.17% |
| Funds From Operations (FFO) | 310.19M | 290.30M | 300.68M | 298.62M | 273.73M | 256.21M |
| FFO Per Share | 1.46 | 1.52 | 1.52 | 1.52 | 1.56 | |
| Adjusted Funds From Operations (AFFO) | 308.71M | 296.28M | 281.99M | 277.73M | 252.17M | 215.96M |
| AFFO Per Share | 1.49 | 1.43 | 1.41 | 1.40 | 1.31 | |
| FFO Payout Ratio | 71.76% | 75.36% | 72.09% | 69.49% | 66.21% | 60.29% |
| Effective Tax Rate | 0.86% | 1.15% | 0.69% | 0.46% | 0.97% | 1.48% |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Property, Plant & Equipment | 4.66B | 4.53B | 4.31B | 4.27B | 4.48B | 3.78B |
| Cash & Equivalents | 12.19M | 30.54M | 14.85M | 19.49M | 21.79M | 21.67M |
| Accounts Receivable | 233.05M | 223.19M | 192.72M | 181.43M | 164.63M | 147.54M |
| Goodwill | 339.77M | 339.77M | 339.77M | 339.77M | 339.77M | 339.77M |
| Other Intangible Assets | 248.22M | 268.01M | 267.64M | 288.23M | 329.58M | 303.64M |
| Restricted Cash | 1.59M | 3.10M | 1.15M | 1.14M | 38.25M | 6.10M |
| Other Current Assets | 41.01M | 30.20M | 8.23M | 8.08M | ||
| Trading Asset Securities | 36.03M | 18.25M | 46.22M | 46.10M | 63.39M | |
| Deferred Long-Term Charges | 1.50M | 14.50M | 13.71M | |||
| Other Long-Term Assets | 535.97M | 265.81M | 18.78M | 122.01M | ||
| Total Assets | 6.07B | 5.72B | 5.22B | 5.27B | 5.46B | 4.62B |
| Current Portion of Long-Term Debt | 350.39M | 15.32M | 18.28M | 60.00M | ||
| Current Portion of Leases | 381.00K | 1.52M | ||||
| Long-Term Debt | 2.53B | 2.49B | 1.89B | 1.91B | 2.02B | 1.66B |
| Long-Term Leases | 11.49M | 10.79M | 10.19M | 8.26M | 2.77M | 2.55M |
| Accounts Payable | 44.14M | 29.27M | 22.18M | 24.50M | 25.99M | 20.33M |
| Accrued Expenses | 21.14M | 13.50M | 5.84M | 5.70M | 7.07M | 6.47M |
| Current Unearned Revenue | 18.37M | 18.50M | 16.62M | 14.78M | 18.78M | 15.16M |
| Other Current Liabilities | 60.26M | 59.51M | 58.32M | 56.87M | 54.46M | 45.91M |
| Other Long-Term Liabilities | 36.35M | 41.53M | 48.73M | 53.53M | 62.85M | 70.60M |
| Total Liabilities | 3.08B | 2.68B | 2.07B | 2.07B | 2.20B | 1.88B |
| Common Stock | 48.00K | 48.00K | 47.00K | 47.00K | 47.00K | 41.00K |
| Additional Paid-In Capital | 3.51B | 3.50B | 3.45B | 3.44B | 3.42B | 2.92B |
| Distributions in Excess of Earnings | -677.16M | -620.22M | -496.54M | -440.73M | -386.05M | -318.48M |
| Comprehensive Income & Other | 38.40M | 19.79M | 49.66M | 49.29M | 59.52M | -28.44M |
| Total Common Equity | 2.87B | 2.90B | 3.00B | 3.05B | 3.09B | 2.58B |
| Minority Interest | 128.41M | 131.47M | 137.68M | 145.10M | 169.59M | 163.85M |
| Shareholders' Equity | 3.00B | 3.03B | 3.14B | 3.19B | 3.26B | 2.74B |
| Total Liabilities & Equity | 6.07B | 5.72B | 5.22B | 5.27B | 5.46B | 4.62B |
| Total Debt | 2.89B | 2.52B | 1.92B | 1.92B | 2.03B | 1.72B |
| Net Cash (Debt) | -2.85B | -2.47B | -1.86B | -1.85B | -1.94B | -1.70B |
| Net Cash Per Share | -14.25 | -12.52 | -9.47 | -9.44 | -10.77 | -10.35 |
| Filing Date Shares Outstanding | 191.98M | 191.42M | 188.80M | 187.71M | 186.30M | 163.45M |
| Total Common Shares Outstanding | 191.95M | 191.42M | 188.63M | 187.61M | 186.11M | 162.38M |
| Book Value Per Share | 14.95 | 15.16 | 15.92 | 16.25 | 16.62 | 15.87 |
| Tangible Book Value | 2.28B | 2.29B | 2.40B | 2.42B | 2.42B | 1.93B |
| Tangible Book Value Per Share | 11.88 | 11.99 | 12.70 | 12.91 | 13.02 | 11.91 |
| Land | 827.70M | 781.12M | 778.83M | 748.53M | 768.67M | 655.37M |
| Buildings | 4.26B | 4.12B | 3.82B | 3.80B | 3.89B | 3.24B |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 146.41M | 96.50M | 162.44M | 155.48M | 122.11M | 102.43M |
| Depreciation & Amortization | 178.12M | 154.32M | 150.16M | 151.88M | 141.50M | 125.09M |
| Other Amortization | 6.46M | 5.49M | 3.93M | 3.86M | 3.59M | 3.72M |
| Gain (Loss) on Sale of Assets | -32.08M | -12.60M | -73.15M | -54.31M | -15.95M | -13.52M |
| Asset Writedown | 10.69M | 45.03M | 50.60M | 32.17M | 14.04M | 32.01M |
| Stock-Based Compensation | 11.19M | 9.60M | 7.36M | 6.36M | 5.32M | 4.67M |
| Change in Accounts Receivable | 488.00K | -1.12M | -1.74M | 780.00K | 659.00K | 776.00K |
| Change in Accounts Payable | -4.89M | 4.47M | -905.00K | -8.23M | -1.15M | 2.89M |
| Change in Other Net Operating Assets | 13.61M | 10.12M | 615.00K | -1.72M | 797.00K | 2.80M |
| Other Operating Activities | -23.54M | -12.30M | -23.06M | -15.20M | -14.99M | -15.92M |
| Operating Cash Flow | 306.46M | 299.50M | 276.25M | 271.07M | 255.91M | 244.94M |
| Acquisition of Real Estate Assets | -839.97M | -768.82M | -414.05M | -170.75M | -916.14M | -666.63M |
| Sale of Real Estate Assets | 116.69M | 93.55M | 354.35M | 194.96M | 56.44M | 83.81M |
| Net Sale / Acq. of Real Estate Assets | -723.28M | -675.27M | -59.70M | 24.21M | -859.71M | -582.82M |
| Other Investing Activities | 125.00K | 63.00K | 512.00K | |||
| Investing Cash Flow | -723.28M | -675.27M | -59.70M | 24.34M | -859.64M | -582.30M |
| Long-Term Debt Issued | 1.65B | 256.50M | 215.50M | 1.40B | 738.41M | |
| Long-Term Debt Repaid | -1.05B | -250.26M | -331.50M | -1.06B | -587.47M | |
| Net Debt Issued (Repaid) | 544.06M | 594.15M | 6.24M | -116.00M | 339.98M | 150.94M |
| Issuance of Common Stock | 38.80M | 38.80M | 503.06M | 292.63M | ||
| Common Dividends Paid | -222.60M | -218.78M | -216.76M | -207.52M | -181.22M | -154.46M |
| Other Financing Activities | -12.99M | -20.75M | -10.67M | -11.29M | -25.81M | -34.70M |
| Net Cash Flow | -69.54M | 17.65M | -4.64M | -39.41M | 32.27M | -82.96M |
| Levered Free Cash Flow | 251.60M | 201.20M | 192.02M | 229.38M | 165.19M | 219.05M |
| Unlevered Free Cash Flow | 309.41M | 254.75M | 234.38M | 275.55M | 210.76M | 255.42M |
| Cash Interest Paid | 98.30M | 80.25M | 73.67M | 77.15M | 72.00M | 57.30M |
| Cash Income Tax Paid | 585.00K | 1.12M | -461.00K | 310.00K | 400.00K | 600.00K |
| Change in Working Capital | 9.21M | 13.47M | -2.03M | -9.17M | 307.00K | 6.47M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 3.42B | 3.29B | 2.99B | 3.22B | 2.81B | 4.00B |
| Enterprise Value | 6.27B | 5.67B | 5.06B | 5.16B | 4.98B | 5.78B |
| Last Close Price | 17.10 | 16.60 | 14.15 | 14.31 | 12.55 | 18.13 |
| Price/FFO Ratio | 11.37 | 9.31 | 9.41 | 8.26 | 11.62 | |
| Price/AFFO Ratio | 11.14 | 9.90 | 10.15 | 8.97 | 13.84 | |
| PE Ratio | 22.58 | 34.50 | 18.54 | 20.82 | 23.06 | 39.23 |
| PS Ratio | 7.07 | 7.24 | 6.92 | 7.28 | 6.89 | 10.45 |
| PB Ratio | 1.14 | 1.08 | 0.95 | 1.01 | 0.86 | 1.46 |
| P/OCF Ratio | 11.17 | 10.97 | 10.82 | 11.90 | 10.96 | 16.34 |
| EV/Sales Ratio | 12.96 | 12.47 | 11.72 | 11.65 | 12.21 | 15.09 |
| EV/EBITDA Ratio | 15.23 | 14.61 | 13.87 | 13.76 | 14.48 | 17.78 |
| EV/EBIT Ratio | 26.86 | 24.26 | 23.59 | 23.12 | 24.62 | 28.92 |
| Debt / Equity Ratio | 0.97 | 0.83 | 0.61 | 0.60 | 0.62 | 0.63 |
| Debt / EBITDA Ratio | 7.01 | 6.48 | 5.26 | 5.10 | 5.88 | 5.28 |
| Net Debt / Equity Ratio | 0.95 | 0.81 | 0.59 | 0.58 | 0.59 | 0.62 |
| Net Debt / EBITDA Ratio | 6.92 | 6.38 | 5.11 | 4.94 | 5.65 | 5.22 |
| Asset Turnover | 0.08 | 0.08 | 0.08 | 0.08 | 0.08 | 0.09 |
| Quick Ratio | 0.57 | 1.98 | 2.09 | 2.42 | 2.35 | 1.14 |
| Current Ratio | 0.57 | 2.30 | 2.35 | 2.44 | 2.79 | 1.24 |
| Return on Equity (ROE) | 4.99% | 3.22% | 5.33% | 5.06% | 4.31% | 4.20% |
| Return on Assets (ROA) | 2.52% | 2.67% | 2.56% | 2.60% | 2.51% | 2.81% |
| Return on Invested Capital (ROIC) | 3.99% | 4.35% | 4.19% | 4.27% | 4.11% | 4.60% |
| Earnings Yield | 4.43% | 2.94% | 5.43% | 4.82% | 4.35% | 2.56% |
| Dividend Yield | 6.90% | 6.76% | 7.29% | 6.52% | 7.16% | 4.16% |
| Payout Ratio | 155.80% | 226.72% | 133.44% | 133.47% | 148.40% | 150.80% |
| Buyback Yield / Dilution | -1.37% | -0.48% | -0.15% | -8.94% | -9.90% | -27.31% |
| Total Shareholder Return | 5.53% | 6.27% | 7.13% | -2.43% | -2.74% | -23.15% |