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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 |
| 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 |
| Operating Income | - | 193.56 | 222.26 | 212.89 | 228.20 |
| EBITDA | - | 364.21 | 402.75 | 400.42 | 359.12 |
| EBIT | - | 209.40 | 244.13 | 244.24 | 195.04 |
| Pretax Income | - | 130.75 | 164.08 | 170.16 | 100.57 |
| Tax Provision | - | 1.27 | 0.76 | 1.18 | 1.15 |
| Net Income | - | 122.12 | 155.48 | 162.44 | 96.50 |
| Net Income Common Stockholders | - | 121.70 | 154.92 | 161.28 | 95.25 |
| Total Expenses | - | 213.96 | 220.63 | 218.91 | 225.94 |
| Interest Expense | - | 78.65 | 80.05 | 74.08 | 94.47 |
| Interest Income | - | 0.04 | 0.51 | 0.99 | 0.39 |
| Selling General And Administration | - | 37.38 | 39.42 | 37.99 | 38.88 |
| Normalized EBITDA | - | 353.79 | 379.72 | 376.27 | 386.26 |
| Normalized Income | - | 111.80 | 132.55 | 138.46 | 123.32 |
| Market Cap | 3,835.60 | 3,835.60 | 3,835.60 | 3,835.60 | 3,835.60 |
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 | $3.8B | 39.75↑ premium | 1.32 | 3.3% | 17.58 |
| Tanger Inc. | SKT | $4.2B | 36.59 | 5.94 | 16.2% | 17.45 |
| The St. Joe Company | JOE | $4.1B | 35.34 | 5.33 | 15.1% | 19.43 |
| Acadia Realty Trust | AKR | $3.5B | 162.21 | 1.23 | 0.8% | 21.69 |
| Blackstone Mortgage Trust, Inc. | BXMT | $3.4B |
| - |
| - |
| - |
| - |
| - |
| - |
| 30.92 |
| 0.97 |
| 3.1% |
| - |
| Cushman & Wakefield Limited | CWK | $3.3B | 38.12 | 1.72 | 4.5% | 10.70 |
| LXP Industrial Trust | LXP | $3.2B | 26.43 | 1.54 | 5.8% | 10.46 |
| Apple Hospitality REIT, Inc. | APLE | $3.1B | 17.75 | 0.99 | 5.6% | 10.56 |
| Curbline Properties Corp. | CURB | $3.0B | 74.46 | 1.55 | 2.1% | 24.85 |
| Peer Median | - | 35.97 | 1.55 | 5.0% | 17.45 | |