Broadstone Net Lease, Inc. (BNL) FY2025 10-K Annual Report
Broadstone Net Lease, Inc. (BNL) 10-K annual report for fiscal year 2025, filed with SEC EDGAR on Feb 19, 2026. This page provides AI-powered analysis including business overview, management discussion & analysis (MD&A), risk factors, and key financial data such as revenue, net income, gross margin, operating margin, and return on equity (ROE) extracted from XBRL.
Broadstone Net Lease, Inc. FY2025 10-K Analysis
Business Overview
- • Industrial-focused diversified net lease REIT with 771 primarily single-tenant properties across 44 U.S. states and 4 Canadian provinces
- • Invested $748.4M in 2025 including $209.3M on build-to-suit developments and $429.9M in new property acquisitions
- • Extended $1.0B revolving credit facility maturity to March 2029 and issued $350M senior unsecured notes due 2032 at 5.000%
- • Portfolio 99.8% leased with weighted average remaining lease term 9.6 years and 2.1% average contractual rent escalation
- • Achieved 4.2% AFFO growth to $296.3M or $1.49 per diluted share reflecting strong rent collections and occupancy
Management Discussion & Analysis
- • Revenue $454.1M, up 5.2% YoY from $431.8M driven by rent escalations and portfolio growth
- • Operating expenses $265.7M, down 0.8% YoY; depreciation up 5.1%, property expense down 7.2%, impairments down 18.9%
- • Net income $99.4M, down 41.2% YoY from $169.0M; net margin approx. 21.9% vs 39.1% due to lower gains on property sales and higher interest expense
- • Best segment: rental lease revenues $454.1M; Worst: gain on sales fell 82.8% to $12.6M from $73.2M
- • Cash flow from operations $299.5M, capex and acquisitions $438.2M; financing provided $393.4M including increased borrowings; dividends declared $59.5M
- • Guidance/risks: focus on maintaining leverage below 6.0x; expects to fund growth via debt/equity and selective dispositions; exposed to interest rate and FX risks; no material debt maturities until 2027
Risk Factors
- • Risk of tenant default under master leases affecting 38.6% of ABR, with 64.9% of multi-site tenant ABR linked to master leases as of 12/31/25
- • Geographic concentration risk: 35.4% of ABR in top 5 states including Texas (10.2%) and Michigan (8.6%) vulnerable to regional downturns
- • Supply chain disruptions increasing renovation costs and delays for specialty properties, impairing re-leasing and liquidity
- • Competition from larger REITs and investors with lower cost of capital may limit acquisition opportunities and reduce yields
- • Debt outstanding of $2.5B as of 12/31/25 with covenants that could trigger accelerated repayment risks under stress
Broadstone Net Lease, Inc. FY2025 Key Financial MetricsXBRL
Revenue
$454M
▲ +5.2% YoY
Net Income
$96M
▼ -40.6% YoY
Net Margin
21.2%
▼ -1637bp YoY
ROE
3.3%
▼ -208bp YoY
Total Assets
$5.7B
▲ +9.6% YoY
EPS (Diluted)
$0.50
▼ -41.9% YoY
Operating Cash Flow
$299M
▲ +8.4% YoY
Source: XBRL data from Broadstone Net Lease, Inc. FY2025 10-K filing on SEC EDGAR. All figures in USD.
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