Broadstone Net Lease (BNL) Q3 2025 earnings summary

Executive summary

• Achieved strong Q3 results with a differentiated growth strategy, $204M invested in accretive acquisitions and development projects, and 100% rent collection; portfolio comprised 759 properties across 44 U.S. states and 4 Canadian provinces, 99.5% leased, with no tenant accounting for more than 3.9% of ABR.

• Raised full-year 2025 AFFO per share guidance to $1.49–$1.50, representing 4.2%–4.9% growth.

• Total shareholder return exceeded 30% since 2023 and nearly 20% year-to-date.

Financial highlights

• Q3 adjusted funds from operations (AFFO) of $74.3M ($0.37 per share), up 5.7% year-over-year; lease revenues for Q3 were $114.2M, up 5.3% year-over-year.

• Net income for Q3 2025 was $27.1M ($0.14 per share), down from $37.3M in Q3 2024, mainly due to higher interest expenses and impairment provisions.

• Core G&A for Q3 was $7.4M; year-to-date $21.7M, tracking at low end of full-year expectations.

• Dividend of $0.29 per share approved for Q4 2025.

Outlook and guidance

• 2025 AFFO per share guidance raised to $1.49–$1.50, 4.2%–4.9% growth; investment volume guidance increased to $650M–$750M, disposition volume $75M–$100M.

• Management expects continued growth through embedded same-store NOI growth, capital expenditures, build-to-suit developments, and a diversified acquisition pipeline.

• Expect little to no bad debt for remainder of 2025.

• Core G&A expenses expected between $30M–$31M for the year.

• Macroeconomic headwinds, including higher interest rates and lower transaction volumes, are expected to persist.