Broadstone Net Lease, Inc. (BNL) Q3 2025 10-Q Quarterly Report
Broadstone Net Lease, Inc. (BNL) 10-Q quarterly report for Q3 2025, filed with SEC EDGAR on Oct 29, 2025 for the fiscal period ending Sep 30, 2025. This page provides AI-powered analysis including management discussion & analysis (MD&A), risk factor updates, and key quarterly financial data such as revenue and net income extracted from XBRL.
Broadstone Net Lease, Inc. Q3 2025 10-Q Analysis
Management Discussion & Analysis
- • Lease revenues net $114.2M this quarter, up 1.0% vs $113.0M prior quarter; acquisitions and revenue capital expenditures drove growth despite dispositions
- • Operating margin approx. 44.5% (lease revenues $114.2M vs operating expenses $63.4M) vs ~39.5% prior quarter (lease revenues $113.0M vs expenses $69.1M)
- • Best performing segment: Industrial properties with ABR $252.9M (61.2% of portfolio); worst performing: Retail segment with ABR $126.4M (30.6%), impacted by $7.0M impairments this quarter
- • Investments $203.9M this quarter including $139.5M acquisitions at 7.1% cap rate; dispositions $38.7M; cash flow supported by continued strong tenant rent collections at 99.5% portfolio leased
- • Near-term outlook cautious due to macroeconomic challenges and rising interest rates impacting transaction volumes; growth anticipated from rent escalations, capital expenditures, build-to-suit developments, and diversified acquisitions
Risk Factors
- • No new or changed risk factors reported since 10-K filed February 20, 2025
- • Previous risks include tenant credit risk in net lease portfolio impacting rental income stability
- • Market risk from interest rate fluctuations affecting property valuations and borrowing costs
- • Operational risk tied to property management and lease renewal execution in competitive real estate markets
- • Financial risk includes leverage with outstanding debt maturing over next 3 years and exposure to interest rate increases
Broadstone Net Lease, Inc. Q3 2025 Quarterly FinancialsXBRL
Revenue
$114M
▲ +5.3% YoY▲ +1.0% QoQ
Net Income
$26M
▼ -25.7% YoY▲ +31.3% QoQ
Net Margin
23.2%
▼ -967bp YoY▲ +534bp QoQ
ROE
0.9%
Total Assets
$5.5B
EPS (Diluted)
$0.14
▼ -26.3% YoY▲ +40.0% QoQ
Operating Cash Flow
$64M
▼ -4.6% YoY▼ -19.0% QoQ
Source: XBRL data from Broadstone Net Lease, Inc. Q3 2025 10-Q filing on SEC EDGAR. All figures in USD.
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