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. |
|---|---|---|---|---|---|
| 2026-09-30 | 2026-09-30 | 2026-10-15 | 2026-07-23 | $0.29 | Quarterly |
| 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 |
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: The Dilution Looks Worse Than The Economics
Broadstone Net Lease: The Opportunity Window Has Closed (Rating Downgrade)
Broadstone Net Lease, Inc. (NYSE:BNL) Given Average Recommendation of “Moderate Buy” by Brokerages
Broadstone Net Lease Adds $23 Million to its Committed Pipeline of Build-to-Suit Developments
Deutsche Bank AG Buys New Stake in Broadstone Net Lease, Inc. $BNL
Comparing Broadstone Net Lease (NYSE:BNL) & United Development Funding IV (OTCMKTS:UDFI)
Broadstone Net Lease, Inc. Announces Pricing of Public Offering of Common Stock
Broadstone Net Lease, Inc. Announces Public Offering of Common Stock
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.