BNL Broadstone Net Lease, Inc.
FY2025 10-K
Broadstone Net Lease, Inc. (BNL) filed its fiscal year 2025 10-K annual report with the SEC on Feb 19, 2026. This page provides AI-powered analysis of the filing, including business overview, management discussion, risk factors, and key financial metrics from XBRL data.
AI Filing AnalysisFY2025 10-K
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
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%
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
Financial SummaryXBRL
Revenue
$454M
Net Income
$96M
Net Margin
21.2%
ROE
3.3%
Total Assets
$5.7B
EPS (Diluted)
$0.50
Operating Cash Flow
$299M
Source: XBRL data from Broadstone Net Lease, Inc. FY2025 10-K filing on SEC EDGAR. All figures in USD.
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