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NYSE · REAL ESTATE INVESTMENT TRUSTS · LARGE CAP

Broadstone Net Lease, Inc. BNL

11 fiscal years on record · USD · FY2025 reported · SEC filings only
3 YEARS OF DIVIDEND GROWTH
$454.1M
▲ 5.2% YoY
$96.5M
▼ 40.6% YoY
$269.8M
▲ 4.0% YoY

Slide the table for earlier years · "·" marks a figure not available in our data for that year.

In brief

What this company does

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 net leased on a long-term basis to a diversified group of tenants. As of December 31, 2025, its portfolio included 771 properties, with 764 properties located in 44 U.S. states and seven properties located in four Canadian provinces. As of December 31, 2025, its portfolio was comprised of approximately 41.6 million rentable square feet of operational space. Its properties are occupied by 206 different commercial tenants who operate 197 distinct brands diversified across 57 varying industries, with no single tenant accounting for more than 3.9% of its annualized base rent. As of December 31, 2025, it employed 62 full-time employees, engaged in origination, underwriting, closing, accounting and financial reporting, property and asset management, capital markets, and other corporate activities. It elected to be taxed as a REIT under the Internal Revenue Code of 1986 beginning with its taxable year ended December 31, 2008.

Written from the business description in BROADSTONE NET LEASE, INC.'s annual report to the U.S. Securities and Exchange Commission, filed 19 February 2026. Every sentence was checked against that document before publication.

Growth

USD 454.1M
Revenue, FY2025 · full 11-year series below
Revenue $M Net income $M
FY2025 · Revenue 454.1 · Net income 96.5
200M400M
20152018202120242025
Compound annual growth
+3.7%
+7.1%
+16.6%
−7.5%
+13.5%
+17.5%
−11.4%
+2.4%
+6.5%
+25.1%
+24.8%
3 yrs
5 yrs
10 yrs
15 yrs

Revenue compounded at +7.1% a year over the five years to FY2025 — but profit grew faster: net income at +13.5%.

Compound annual rates per period — left blank where that exact year isn't on file, the series crosses a loss, or (per-share rows) a split falls inside the window.

Profitability

22 cents
of every revenue dollar became profit
Operating margin Net margin
FY2025 · Operating · · Net 21.9%
20%40%
201520202025
ROE
FY2025 · ROE 3.3%
2%4%
201520202025
Three returns, three denominators.
Return on capital employedNot available: we don't have total assets or current liabilities for this period.

Each USD of equity produced 3 cents of profit this year.

Cash & shareholders

USD 218.8M
returned in FY2025 · dividends + net buybacks
Free cash flow $M
FY2025 · FCF 269.8
100M200M
201520202025
Net buybacks $M Dividends $M
FY2025 · Dividends 218.8 · Net buybacks ·
100M200M-150M-300MDividendsNet buybacks
201520172019202120232025

USD 218.8M in dividends — 227% of the year's profit, so the payout drew on cash built up earlier.

Total assetsUSD 5.7B
EquityUSD 2.9B
CashUSD 30.5M
Gross debtUSD 2.5B
Net debtUSD 2.5B

Net debt stands at 86% of equity.

The 11-year record

11 fiscal years
Every figure from documents filed with the SEC · USD

EPS, diluted, dividend per share and shares outstanding are shown without shading, and a vertical line marks the year the share count changed — the series crosses a large, unexplained change in share count, so the years on either side are not on a comparable scale.

row low → row highnegative—not applicable◌not available in our data
BNL, 11-year financial record
Metric 20252024202320222021202020192018201720162015
Revenue $B0.50.40.40.40.40.30.30.20.20.10.1
Operating income $B◌◌◌◌◌◌◌◌0.10.10.0
EBITDA $B◌◌◌◌◌◌◌◌0.10.10.1
Income tax $B0.00.00.0◌◌◌◌◌◌◌◌
Net income $B0.10.20.20.10.10.10.10.10.10.00.0
Free cash flow $B0.30.30.20.20.20.20.10.10.10.10.0
EPS, diluted $0.500.860.830.720.670.440.830.863.212.762.15
Dividend / sh $1.16◌◌◌◌◌◌◌◌◌◌
Payout %22713313314815114078758198123
ROE %3.35.45.14.34.22.65.15.35.24.42.6
Shares out B0.190.190.190.190.000.040.000.020.020.02◌

Slide the table for earlier years. "—" not applicable · "◌" not available in our data.

More in this sector

Other companies filing in the same sector

Provenance

Company facts, as filed

How we verify · 0 failures in 32 reconciliationsAUDITED

Reconciled in 11 of the 11 fiscal years we could check. Nine checks were skipped: the balance sheet is not tagged before 2016. Eight checks were skipped: EPS is not tagged before 2015. Eight checks were skipped: revenue is not tagged before 2015.

EPS recomputationBalance-sheet identityGross profitBalance-sheet liquidityCurrency consistency0 failures
ActivityReal Estate Investment Trusts
Listed onNYSE
Incorporated innot stated in the filings
Fiscal year endsDecember 31
Data on record since2015

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