Broadstone Net Lease, Inc. BNL
Broadstone Net Lease, Inc. (BNL) operates as a self-managed Real Estate Investment Trust. Its strategy focuses on acquiring, owning, and overseeing primarily single-tenant commercial properties that are subject to long-term net leases with a varied tenant base. The company's investment approach is anchored by robust fundamental credit evaluations and judicious real estate underwriting. As of September 30, 2020, BNL's diverse portfolio comprised 627 properties. Geographically, these holdings span 41 U.S. states and one location in Canada, encompassing sectors such as industrial, healthcare, restaurant, office, and retail, with a cumulative gross asset value of approximately $4.0 billion.
Business overview written from the company's own Form 10-K (Item 1), filed 2026-02-19 — refreshed whenever it files a new one. The figures above are current; see its SEC filings. ✓ From the 10-K
Plain-English: the Snapshot is the quick read — what it pays you (yield, dividend), how its cash flow looks (FFO/AFFO, Price/OCF) and how much debt it carries. Switch to Expert in the header to hide these explanations.
Snapshot
Reported FFO / AFFO / leverage are from the Q1 2026 earnings release (filed 2026-04-29) — 8-K, EX-99.1 ✓ Verified to filing.
Yield uses the latest declared dividend, annualized (latest regular payout × frequency; special/liquidating distributions excluded) — an announced-but-not-yet-declared change isn't reflected until it has an ex-date. FFO, AFFO and Net debt / Adj. EBITDA are the company's reported figures from its latest earnings 8-K. Price/OCF and payout use GAAP operating cash flow. NAV premium and credit ratings have no free source yet. See Methodology.
$10,000 invested
Illustrative income only, at today's price and latest declared dividend — it excludes price changes, dividend cuts and taxes. Not a forecast.
Model BNL yourself — any amount, shares, per-payment & a multi-year DRIP projection →
Balance sheet (latest FY: 2025)
Debt-maturity ladder, fixed/floating split, secured/unsecured and coverage ratios come from the supplemental — not yet ingested.
Financial history
| FY | Revenue | Net income | D&A | EBITDA | Op. cash flow |
|---|---|---|---|---|---|
| 2025 | $459.14M | $102.91M | $164.09M | $377.21M | $299.50M |
| 2024 | $438.77M | $156.24M | $156.18M | $423.02M | $276.25M |
| 2023 | $448.09M | $157.16M | $158.63M | $430.11M | $271.07M |
| 2022 | $408.94M | $116.42M | $154.81M | $354.07M | $255.91M |
| 2021 | $383.22M | $102.49M | $132.10M | $296.88M | $244.94M |
| 2020 | $323.71M | $51.18M | $132.69M | $253.38M | $179.03M |
Dividends
Recent regular dividends per share (special distributions excluded), oldest → newest.
| Ex-date | Record | Payment | Declared | Amount | Freq. |
|---|---|---|---|---|---|
| 2026-06-30 | 2026-06-30 | 2026-07-15 | 2026-04-23 | $0.29 | Quarterly |
| 2026-03-31 | 2026-03-31 | 2026-04-15 | 2026-02-13 | $0.29 | Quarterly |
| 2025-12-31 | 2025-12-31 | 2026-01-15 | 2025-10-23 | $0.29 | Quarterly |
| 2025-09-30 | 2025-09-30 | 2025-10-15 | 2025-07-24 | $0.29 | Quarterly |
| 2025-06-30 | 2025-06-30 | 2025-07-15 | 2025-04-24 | $0.29 | Quarterly |
| 2025-03-31 | 2025-03-31 | 2025-04-15 | 2025-02-19 | $0.29 | Quarterly |
| 2024-12-31 | 2024-12-31 | 2025-01-15 | 2024-10-30 | $0.29 | Quarterly |
| 2024-09-30 | 2024-09-30 | 2024-10-15 | 2024-07-30 | $0.29 | Quarterly |
| 2024-06-28 | 2024-06-28 | 2024-07-15 | 2024-05-01 | $0.29 | Quarterly |
| 2024-03-27 | 2024-03-29 | 2024-04-15 | 2024-02-21 | $0.28 | Quarterly |
| 2023-12-28 | 2023-12-29 | 2024-01-12 | 2023-10-26 | $0.28 | Quarterly |
| 2023-09-28 | 2023-09-29 | 2023-10-13 | 2023-07-27 | $0.28 | Quarterly |
| 2023-06-29 | 2023-06-30 | 2023-07-14 | 2023-04-27 | $0.28 | Quarterly |
| 2023-03-30 | 2023-03-31 | 2023-04-14 | 2023-02-22 | $0.28 | Quarterly |
| 2022-12-29 | 2022-12-30 | 2023-01-15 | 2022-11-02 | $0.28 | Quarterly |
| 2022-09-29 | 2022-09-30 | 2022-10-14 | 2022-07-28 | $0.27 | Quarterly |
| 2022-06-29 | 2022-06-30 | 2022-07-15 | 2022-04-29 | $0.27 | Quarterly |
| 2022-03-30 | 2022-03-31 | 2022-04-15 | 2022-02-17 | $0.27 | Quarterly |
| 2021-12-30 | 2021-12-31 | 2022-01-15 | 2021-10-28 | $0.27 | Quarterly |
| 2021-09-29 | 2021-09-30 | 2021-10-15 | 2021-08-03 | $0.26 | Quarterly |
| 2021-06-29 | 2021-06-30 | 2021-07-15 | 2021-04-30 | $0.26 | Quarterly |
| 2021-03-30 | 2021-03-31 | 2021-04-15 | 2021-02-19 | $0.25 | Quarterly |
| 2020-12-30 | 2020-12-31 | 2021-01-15 | 2020-11-05 | $0.25 | Quarterly |
| 2020-09-29 | 2020-09-30 | 2020-10-15 | 2020-09-22 | $0.14 | Quarterly |
Coverage (payout of operating cash flow): 77.18%. Tax-character split (ordinary / 199A / capital gain / return of capital) — not disclosed (requires the annual allocation release).
Recent news — BNL
Broadstone Net Lease Schedules Second Quarter 2026 Earnings Release and Conference Call
Broadstone Net Lease: Industrial Build-To-Suit Strategy Keeps The Growth Story Intact
Broadstone Net Lease: An Investment-Grade Winner Among Diversified REITs, As Margins Recover
Broadstone Net Lease Adds $40 Million to its Committed Pipeline of Build-to-Suit Developments
JP Morgan's Analyst Focus List for June Has 5 Top Passive Income Dividend Picks
U.S. REIT At-The-Market Activity Dips In Q1 2026
Headlines via Financial Modeling Prep; links open the original publisher in a new tab. Not an endorsement or investment advice.
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Same-store NOI, occupancy, leasing/WALT, top tenants, external-manager fees, development pipeline and (for non-traded vehicles) share-class fees, redemption/gating and NAV methodology are planned modules sourced from supplementals and prospectuses.