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Broadstone Net Lease, Inc. is an industrial-focused, diversified net lease real estate investment trust that invests in primarily single-tenant commercial real estate properties that are net leased on a long-term basis to a diversified group of tenants. We primarily, and selectively, invest in real estate across industrial and retail property types. We target properties with credit-worthy tenants in industries characterized by positive business drivers and trends, where the properties are an integral part of the tenant's business and there are opportunities to secure long-term net leases. Through long-term net leases, our tenants can retain operational control of their strategically important locations, while allocating their debt and equity capital to fund core business operations rather than real estate ownership. Broadstone Net Lease, Inc. was established on October 18, 2017 and incoporated in Maryland.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $454M | $359M | $96M | $270M | 3.3% | 5.2% | -40.6% |
| 2024 | $432M | $400M | $162M | $259M | 5.4% | -2.5% | 4.5% |
| 2023 | $443M | $403M | $155M | $225M | 5.1% | 8.7% | 27.3% |
| 2022 | $408M | $364M | $122M | $225M | 3.9% | - | - |
| 2021 | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Total Revenue | - | 407.51 | 442.89 | 431.80 | 454.14 |
| Operating Revenue | - | 407.51 | 442.89 | 431.80 | 454.14 |
| Cost Of Revenue | - | 21.77 | 22.58 | 24.74 | 22.97 |
| Gross Profit | - | 385.74 | 420.31 | 407.06 | 431.17 |
| Operating Expense | - | 192.18 | 198.05 | 194.16 | 202.97 |
| Selling General And Administration | - | 37.38 | 39.42 | 37.99 | 38.88 |
| Total Expenses | - | 213.96 | 220.63 | 218.91 | 225.94 |
| Operating Income | - | 193.56 | 222.26 | 212.89 | 228.20 |
| EBITDA | - | 364.21 | 402.75 | 400.42 | 359.12 |
| Normalized EBITDA | - | 353.79 | 379.72 | 376.27 | 386.26 |
| EBIT | - | 209.40 | 244.13 | 244.24 | 195.04 |
| Interest Income | - | 0.04 | 0.51 | 0.99 | 0.39 |
| Interest Expense | - | 78.65 | 80.05 | 74.08 | 94.47 |
| Net Interest Income | - | -78.61 | -79.54 | -73.08 | -94.08 |
| Other Non Operating Income Expenses | - | 5.38 | -1.68 | 6.20 | -6.42 |
| Other Income Expense | - | 15.80 | 21.36 | 30.35 | -33.55 |
| Interest Income Non Operating | - | 0.04 | 0.51 | 0.99 | 0.39 |
| Interest Expense Non Operating | - | 78.65 | 80.05 | 74.08 | 94.47 |
| Net Non Operating Interest Income Expense | - | -78.61 | -79.54 | -73.08 | -94.08 |
| Pretax Income | - | 130.75 | 164.08 | 170.16 | 100.57 |
| Tax Provision | - | 1.27 | 0.76 | 1.18 | 1.15 |
| Tax Rate For Calcs | - | 0 | 0 | 0 | 0 |
| Tax Effect Of Unusual Items | - | 0.10 | 0.11 | 0.17 | -0.31 |
| Net Income Continuous Operations | - | 129.48 | 163.31 | 168.99 | 99.42 |
| Net Income From Continuing And Discontinued Operation | - | 122.12 | 155.48 | 162.44 | 96.50 |
| Net Income From Continuing Operation Net Minority Interest | - | 122.12 | 155.48 | 162.44 | 96.50 |
| Net Income | - | 122.12 | 155.48 | 162.44 | 96.50 |
| Net Income Common Stockholders | - | 121.70 | 154.92 | 161.28 | 95.25 |
| Net Income Including Noncontrolling Interests | - | 129.48 | 163.31 | 168.99 | 99.42 |
| Normalized Income | - | 111.80 | 132.55 | 138.46 | 123.32 |
| Diluted NI Availto Com Stockholders | - | 129.06 | 162.75 | 168.82 | 99.46 |
| Basic Average Shares | - | 169.84 | 186.62 | 187.45 | 188.12 |
| Diluted Average Shares | - | 180.20 | 196.32 | 196.62 | 197.57 |
| Reconciled Depreciation | - | 150 | 152.78 | 151.76 | 159.62 |
| Reconciled Cost Of Revenue | - | 26.58 | 28.42 | 29.16 | 27.44 |
| Total Unusual Items | - | 10.42 | 23.04 | 24.15 | -27.13 |
| Total Unusual Items Excluding Goodwill | - | 10.42 | 23.04 | 24.15 | -27.13 |
| Minority Interests | - | -7.36 | -7.83 | -6.55 | -2.92 |
| Special Income Charges | - | -5.54 | -31.27 | -49 | -39.73 |
| Other Special Charges | 0.37 | 0.31 | - | - | - |
| Impairment Of Capital Assets | - | 5.54 | 31.27 | 49 | 39.73 |
| Restructuring And Mergern Acquisition | 5.54 | 0 | 0 | - | - |
| Gain On Sale Of Security | - | 15.95 | 54.31 | 73.15 | 12.60 |
| Depreciation Amortization Depletion Income Statement | - | 154.81 | 158.63 | 156.18 | 164.09 |
| Depreciation And Amortization In Income Statement | - | 154.81 | 158.63 | 156.18 | 164.09 |
| General And Administrative Expense | - | 37.38 | 39.42 | 37.99 | 38.88 |
| Other Gand A | - | 37.38 | 39.42 | 37.99 | 38.88 |
| Otherunder Preferred Stock Dividend | - | 0.42 | 0.56 | 1.17 | 1.24 |
| Average Dilution Earnings | - | 7.36 | 7.83 | 7.55 | 4.21 |
Real Estate sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Broadstone Net Lease, Inc.this co. | BNL | $4.0B | 41.92↑ premium | 1.39 | 3.3% | 18.16 |
| Millrose Properties, Inc. | MRP | $4.8B | 12.59 | 0.82 | 6.5% | 13.94 |
| Tanger Inc. | SKT | $4.2B | 36.39 | 5.91 | 16.2% | 17.38 |
| The St. Joe Company | JOE | $3.7B | 32.30 | 4.87 | 15.1% | 17.92 |
| Apple Hospitality REIT, Inc. | APLE | $3.7B |
| - |
| - |
| - |
| - |
| - |
| - |
| 21.09 |
| 1.17 |
| 5.6% |
| 11.86 |
| SL Green Realty Corp. | SLG | $3.6B | -41.10 | 1.05 | -2.6% | 20.11 |
| Acadia Realty Trust | AKR | $3.2B | 188.23 | 1.43 | 0.8% | 23.75 |
| Blackstone Mortgage Trust, Inc. | BXMT | $3.1B | 28.40 | 0.89 | 3.1% | - |
| Cushman & Wakefield Limited | CWK | $3.1B | 35.25 | 1.59 | 4.5% | 10.21 |
| Peer Median | - | 30.35 | 1.30 | 5.0% | 17.38 | |