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Broadstone Net Lease
Broadstone Net Lease (BNL) investor relations material
Broadstone Net Lease Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary19 Feb, 2026
Executive summary
AFFO per share reached $1.49 in 2025, up 4.2% year-over-year, with $296.3M AFFO and $75.8M in Q4, and 99.8% portfolio occupancy and rent collection.
Net income for 2025 was $99.4M ($0.50/share), down 41.9% year-over-year, mainly due to lower gains on real estate sales and higher interest expense.
Investment activity totaled $748.4M in 2025, including $429.9M in acquisitions and $209.3M in build-to-suit developments.
Tenant credit events had minimal financial impact, with bad debt at only 31 basis points for 2025 and proactive management of American Signature and Red Lobster exposures.
Gardner White Furniture assumed all six American Signature leases at current rents, with no bad debt incurred.
Financial highlights
Q4 2025 AFFO was $75.8M or $0.38 per share, a 5.6% increase over Q4 2024.
Full-year AFFO was $296.3M or $1.49 per share, up 4.2% year-over-year.
2025 revenues were $454.1M, up from $431.8M in 2024.
Same-store rent growth was 2% for the year.
Dividend increased to $0.2925 per share quarterly, up 1% from the prior dividend.
Outlook and guidance
2026 AFFO guidance reiterated at $1.53–$1.57 per share, or 4% growth at the midpoint.
Key 2026 assumptions: $500–$625M investment volume, $75–$100M dispositions, core G&A of $30–$31M, and 75 basis points of lost rent.
Approximately $350M of build-to-suit developments scheduled for stabilization in 2026, adding $26M incremental ABR.
Internal growth expected to remain around 2% annually.
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Next Broadstone Net Lease earnings date
Q1 202630 Apr, 2026
Broadstone Net Lease
Next Broadstone Net Lease earnings date
Q1 202630 Apr, 2026
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Frequently asked questions
Broadstone Net Lease Inc is a real estate investment trust (REIT) that acquires and manages single-tenant commercial properties under long-term net lease agreements. Its portfolio includes industrial, healthcare, restaurant, office, and retail properties across the United States. The company’s strategy focuses on stable cash flows from tenants operating across diverse sectors. Broadstone Net Lease Inc is headquartered in Rochester, New York, and its shares are listed on the NYSE.
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