Broadstone Net Lease (BNL) Q4 2025 earnings summary

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.