Earnings summaries and quarterly performance for Broadstone Net Lease.
Executive leadership at Broadstone Net Lease.
John D. Moragne
Detailed
Chief Executive Officer
CEO
JO
Jennie O'Brien
Detailed
Senior Vice President and Chief Accounting Officer
JD
John D. Callan, Jr.
Detailed
Senior Vice President, General Counsel, and Secretary
KM
Kevin M. Fennell
Detailed
Executive Vice President, Chief Financial Officer, and Treasurer
MB
Michael B. Caruso
Detailed
Senior Vice President, Underwriting and Strategy
MK
Molly Kelly Wiegel
Detailed
Senior Vice President, Human Resources and Administration
RM
Ryan M. Albano
Detailed
President and Chief Operating Officer
WD
William D. Garner
Detailed
Senior Vice President, Acquisitions
Board of directors at Broadstone Net Lease.
Research analysts who have asked questions during Broadstone Net Lease earnings calls.
CB
Caitlin Burrows
Goldman Sachs
10 questions for BNL
Also covers: ALX, BRX, BXP +19 more
Upal Rana
KeyBanc Capital Markets
9 questions for BNL
Also covers: ADC, BDN, BXP +9 more
AP
Anthony Paolone
JPMorgan Chase & Co.
8 questions for BNL
Also covers: ALX, ARE, AVB +32 more
Eric Borden
BMO Capital Markets
8 questions for BNL
Also covers: ADC, EGP, EPRT +5 more
RK
Ronald Kamdem
Morgan Stanley
8 questions for BNL
Also covers: AAT, ADC, AHR +37 more
RC
Ryan Caviola
Green Street
7 questions for BNL
Also covers: EPRT, O, WPC
Michael Goldsmith
UBS
6 questions for BNL
Also covers: ADC, AHR, AMH +39 more
Jay Kornreich
Wedbush Securities
5 questions for BNL
Also covers: APLE, CTO, EPRT +10 more
MG
Michael Gorman
BTG Pactual
5 questions for BNL
Also covers: CSR, CTO, ELME +14 more
John Kim
BMO Capital Markets
4 questions for BNL
Also covers: AIV, ALX, ARDX +34 more
KB
Ki Bin Kim
Truist Securities
4 questions for BNL
Also covers: ADC, AKR, BRX +20 more
SA
Spenser Allaway
Green Street
3 questions for BNL
Also covers: ADC, CUBE, EPR +8 more
MG
Mitch Germain
Citizens JMP
2 questions for BNL
Also covers: ADC, ALEX, CIGI +17 more
CB
Caitlin Burrows
The Goldman Sachs Group
1 question for BNL
Recent press releases and 8-K filings for BNL.
Broadstone Net Lease Announces New Build-to-Suit Developments
BNL
New Projects/Investments
- Broadstone Net Lease, Inc. (BNL) announced two additional build-to-suit developments with an aggregate estimated total project investment of approximately $62.1 million on February 25, 2026.
- These new projects include a sub-same-day (SSD) industrial warehouse and distribution center in Sarasota, FL, and a retail development in Magnolia, TX.
- The company has already secured the land and started construction on these developments.
- As of the announcement date, BNL's total estimated project investment for all in-process and stabilized developments stands at $667,756 million, with an estimated $200,874 million remaining investment.
3 days ago
Broadstone Net Lease Reports Strong Q4 and Full-Year 2025 Results, Raises Dividend, and Reaffirms 2026 Guidance
BNL
Earnings
Guidance Update
Dividends
- Broadstone Net Lease reported Q4 2025 adjusted funds from operations (AFFO) of $0.38 per share, a 5.6% increase over Q4 2024, and full-year 2025 AFFO of $1.49 per share, up 4.2% year-over-year.
- The company reaffirmed its 2026 AFFO guidance of $1.53-$1.57 per share, representing 4% growth at the midpoint, with anticipated investment volume between $500-$625 million and disposition volume between $75-$100 million.
- In 2025, BNL deployed $748.4 million in investments, including $429.9 million in new property acquisitions and $209.3 million in build-to-suit developments, achieving a weighted average initial cash capitalization rate of 7% on new property acquisitions and revenue-generating CapEx.
- The board approved a quarterly dividend of $0.2925 per share, a 1% increase over the prior dividend, payable on or before April 15, 2026.
- BNL maintained strong portfolio performance with 99% leased and 99.8% of rents collected at year-end 2025, successfully navigating tenant situations like American Signature's bankruptcy with no bad debt and actively monitoring its Red Lobster exposure.
Feb 19, 2026, 4:00 PM
Broadstone Net Lease Reports Q4 2025 Results and Provides 2026 Guidance
BNL
Earnings
Guidance Update
Dividends
- Broadstone Net Lease (BNL) reported $1.49 of Adjusted Funds From Operations (AFFO) per share for 2025, representing 4.2% growth year-over-year, with the portfolio ending the year 99% leased and 99.8% of rents collected.
- The company deployed $748.4 million in investments during 2025, including $429.9 million in new property acquisitions and $209.3 million in build-to-suit developments, with new property acquisitions and revenue-generating CapEx having a weighted average initial cash capitalization rate of 7%.
- For 2026, BNL reiterated its AFFO guidance of $1.53-$1.57 per share, or 4% at the midpoint, and expects investment volume between $500-$625 million and disposition volume between $75-$100 million.
- The Board of Directors approved a quarterly dividend of $0.2925 per share, an approximate 1% increase over the prior dividend, payable on or before April 15, 2026, to shareholders of record as of March 31, 2026.
- BNL is evaluating potential for-sale or for-lease paths for its Red Lobster sites and successfully navigated the American Signature bankruptcy, with Gardner White Furniture assuming all six leases at current rents effective February 6.
Feb 19, 2026, 4:00 PM
Broadstone Net Lease Reports Strong 2025 Performance and Reaffirms 2026 Guidance
BNL
Earnings
Guidance Update
New Projects/Investments
- Broadstone Net Lease (BNL) reported Q4 2025 Adjusted Funds From Operations (AFFO) of $0.38 per share and full-year 2025 AFFO of $1.49 per share, representing 4.2% year-over-year growth. The company maintained strong portfolio performance, ending the year 99% leased and with 99.8% of rents collected.
- BNL reiterated its 2026 AFFO guidance of $1.53-$1.57 per share, targeting 4% growth at the midpoint. Key assumptions for 2026 include investment volume between $500-$625 million and disposition volume between $75-$100 million.
- In 2025, the company deployed $748.4 million in investments, including $429.9 million in new property acquisitions and $209.3 million in build-to-suit developments. Approximately $350 million of high-quality build-to-suit developments are scheduled to stabilize in 2026, expected to add nearly $26 million of incremental ABR.
- BNL successfully managed key tenant events, with Gardner White Furniture assuming all six American Signature leases without bad debt impact. The company is actively monitoring its Red Lobster exposure (1.3% of total ABR) and evaluating options to reduce it over time.
- A quarterly dividend of $0.2925 per share was approved, representing approximately a 1% increase over the prior dividend, payable on or before April 15, 2026.
Feb 19, 2026, 4:00 PM
Broadstone Net Lease Announces Q4 and Full Year 2025 Results
BNL
Earnings
Debt Issuance
Dividends
- Broadstone Net Lease reported net income of $35.0 million and AFFO of $75.8 million (or $0.38 per diluted share, a 5.6% increase compared to the previous year) for the fourth quarter ended December 31, 2025.
- The company achieved 2.9% same-store rental revenue growth and collected 100.0% of base rents due for Q4 2025.
- Capital markets activity included extending its $1.0 billion revolving credit facility maturity to March 2029, entering into a $500.0 million unsecured term loan expiring March 2028, and completing a public offering of $350.0 million 5.00% senior unsecured notes due in 2032.
- BNL ended the year with $2.5 billion in total outstanding debt and a Net Debt to Annualized Adjusted EBITDAre ratio of 6.0x. The quarterly dividend was increased from $0.29 to $0.2925 per share.
- For the full year 2025, BNL invested approximately $430 million in stabilized acquisitions and provided 2026 guidance for real estate investments between $500 million and $625 million.
Feb 18, 2026, 9:12 PM
Broadstone Net Lease Announces Fourth Quarter and Full Year 2025 Results
BNL
Earnings
Guidance Update
New Projects/Investments
- Broadstone Net Lease (BNL) announced its operating results for the fourth quarter and full year ended December 31, 2025, showcasing an increase in Adjusted Funds From Operations (AFFO) and same-store rental revenue growth.
- Despite the positive AFFO trend, Full Year 2025 net income saw a significant decrease, primarily attributed to a reduction in gain on sale of real estate and higher interest expenses.
- The company was active in investment and disposition activities throughout 2025, maintaining a highly leased portfolio.
- BNL's leverage profile at year-end included $2.5 billion in total outstanding debt, and the company provided 2026 guidance for AFFO and future investment and disposition targets.
| Metric | Q4 2025 | FY 2025 | FY 2026 (Guidance) |
|---|---|---|---|
| Net Income ($USD Millions) | 35.0 | 99.4 | N/A |
| Net Income per Diluted Share ($USD) | 0.17 | 0.50 | N/A |
| AFFO ($USD Millions) | 75.8 | 296.3 | N/A |
| AFFO per Diluted Share ($USD) | 0.38 | 1.49 | 1.53 - 1.57 |
| Same Store Rental Revenue Growth (%) | 2.9 | 2.0 | N/A |
| Total Investments ($USD Millions) | 315.3 | 748.4 | 500 - 625 |
| New Property Acquisitions ($USD Millions) | 176.7 | 429.9 | N/A |
| Properties Sold (Gross Proceeds, $USD Millions) | 36.9 | 96.1 | 75 - 100 |
| Total Outstanding Debt ($USD Millions) | N/A | 2,500.0 | N/A |
| Net Debt to Annualized Adjusted EBITDAre (x) | N/A | 6.0 | N/A |
| Portfolio Leased (%) | N/A | 99.8 | N/A |
Feb 18, 2026, 9:10 PM
Broadstone Net Lease, Inc. Provides 2026 Guidance and Strategic Updates
BNL
Guidance Update
New Projects/Investments
- Broadstone Net Lease, Inc. (BNL) provided 2026 guidance for Adjusted Funds From Operations (AFFO) per share between $1.53 and $1.57, representing a 4.0% growth at the midpoint, with total investments projected at $500 million to $625 million and dispositions at $75 million to $100 million. The 2025 guidance remains unchanged, with AFFO per share expected to be $1.49 to $1.50.
- The company has significantly repositioned its portfolio, reducing clinical healthcare exposure to 2.4% by September 30, 2025, from 17.3% on March 31, 2023, and successfully selling 57 clinical healthcare assets for $352 million in 2024. This strategic shift has increased the industrial segment to 61.2% of Annualized Base Rent (ABR) as of September 30, 2025.
- BNL has developed and scaled a build-to-suit (BTS) development strategy, committing or completing $898 million to BTS developments since 2023, including $583 million in new commitments in 2025, which is expected to generate $29.1 million in incremental ABR through Q1 2027.
Dec 1, 2025, 11:35 AM
Broadstone Net Lease, Inc. Provides Business Update and Issues 2026 Guidance
BNL
Guidance Update
New Projects/Investments
- Broadstone Net Lease, Inc. (BNL) provided a business update through December 1, 2025, reporting year-to-date investments of $696.7 million, which includes $416.6 million in new property acquisitions and $181.8 million in build-to-suit developments.
- The company maintained its 2025 Adjusted Funds From Operations (AFFO) guidance at $1.49 to $1.50 per share, representing 4.2% to 4.9% growth.
- BNL issued initial 2026 AFFO guidance of $1.53 to $1.57 per diluted share, projecting approximately 4.0% growth at the midpoint.
- Key assumptions for 2026 include real estate investments between $500 million and $625 million and dispositions between $75 million and $100 million.
Dec 1, 2025, 11:35 AM
Broadstone Net Lease Reports Strong 2025 Investment Activity and Provides 2026 Guidance
BNL
Guidance Update
New Projects/Investments
M&A
- Broadstone Net Lease (BNL) deployed nearly $700 million in property acquisitions and development in 2025, focusing on single-tenant commercial real estate.
- The company reaffirmed its 2025 adjusted funds from operations (AFFO) guidance of $1.49 to $1.50 per share and projected 2026 AFFO between $1.53 and $1.57 per share.
- BNL anticipates $500 million to $625 million in property investments and $75 million to $100 million in asset sales for 2026, while strategically reducing its clinical healthcare exposure to 2.4%.
- Market analysts upgraded BNL's rating from "sell" to "hold," maintaining a consensus moderate buy rating.
Nov 30, 2025, 4:02 PM
Broadstone Net Lease Completes First Sierra Nevada MRO Facility and Adds New Build-to-Suit Projects
BNL
New Projects/Investments
- Broadstone Net Lease, Inc. (BNL) announced the substantial completion of the first MRO facility at Dayton International Airport for Sierra Nevada Corporation, with rent commencing on November 1, 2025.
- BNL has also begun construction on two new build-to-suit developments for Hobby Lobby and Academy Sports, adding $21 million to its committed pipeline.
- These new developments are projected to deliver in the third and fourth quarters of 2026.
Nov 4, 2025, 9:13 PM
Quarterly earnings call transcripts for Broadstone Net Lease.
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