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Broadstone Net Lease (BNL) investor relations material
Broadstone Net Lease Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Raised full-year 2025 AFFO guidance to $1.48–$1.50 per share, reflecting 4.2% growth at midpoint, following strong Q2 results and robust investment activity.
Portfolio comprised 766 properties across 44 U.S. states and 4 Canadian provinces, 99.1% leased with only two properties vacant at quarter end.
Focus remains on industrial and retail net lease properties, with strong tenant and geographic diversification; no tenant exceeds 4% of annualized base rent.
Strategic priorities include organic rent escalations, capital expenditures, build-to-suit developments, and a diversified acquisition pipeline.
Macroeconomic headwinds, including higher interest rates, have slowed acquisition volume and earnings growth compared to prior years.
Financial highlights
Q2 2025 AFFO was $74.3M ($0.38 per share), up 5.6% year-over-year; six-month AFFO was $146.1M.
Lease revenues for Q2 2025 were $112.99M, up 6.7% year-over-year; net income for Q2 was $19.8M, down 44.8% due to higher impairment charges.
Q2 2025 diluted EPS was $0.10, compared to $0.19 in Q2 2024.
Core G&A for the quarter was $6.9M; YTD $14.3M, tracking at the low end of full-year expectations.
Dividend declared at $0.29 per share for Q3 2025, payable in October.
Outlook and guidance
2025 AFFO per share guidance increased to $1.48–$1.50, with investment volume expected between $500M and $700M.
Disposition volume guidance set at $50M–$100M; core G&A expected at $30M–$31M.
Bad debt reserve for the year reduced from 125 to 75 basis points due to positive tenant resolutions.
No material debt maturities until 2027; $802.1M available under the revolving credit facility as of June 30, 2025.
Targeting mid-single-digit AFFO per share growth through 2027.
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