Broadstone Net Lease, Inc. BNL
BNL is an industrial-focused, diversified net lease REIT that invests in primarily single-tenant commercial real estate properties that are net leased on a long-term basis to a diversified group of tenants. Utilizing an investment strategy underpinned by strong fundamental credit analysis and prudent real estate underwriting, as of March 31, 2026, BNL's diversified portfolio consisted of 773 individual net leased commercial properties with 766 properties located in 44 U.S. states and seven properties located in four Canadian provinces across the industrial, retail, and other property types.
Snapshot
Reported FFO / AFFO / leverage are from the Q1 2026 earnings release (filed 2026-04-29) — 8-K, EX-99.1.
Yield uses the latest declared dividend, annualized (latest regular payout × frequency; special/liquidating distributions excluded) — an announced-but-not-yet-declared change isn't reflected until it has an ex-date. FFO, AFFO and Net debt / Adj. EBITDA are the company's reported figures from its latest earnings 8-K. Price/OCF and payout use GAAP operating cash flow. NAV premium and credit ratings have no free source yet. See Methodology.
Dividends
| Ex-date | Record | Payment | Declared | Amount | Freq. |
|---|---|---|---|---|---|
| 2026-06-30 | 2026-06-30 | 2026-07-15 | 2026-04-23 | $0.29 | Quarterly |
| 2026-03-31 | 2026-03-31 | 2026-04-15 | 2026-02-13 | $0.29 | Quarterly |
| 2025-12-31 | 2025-12-31 | 2026-01-15 | 2025-10-23 | $0.29 | Quarterly |
| 2025-09-30 | 2025-09-30 | 2025-10-15 | 2025-07-24 | $0.29 | Quarterly |
| 2025-06-30 | 2025-06-30 | 2025-07-15 | 2025-04-24 | $0.29 | Quarterly |
| 2025-03-31 | 2025-03-31 | 2025-04-15 | 2025-02-19 | $0.29 | Quarterly |
| 2024-12-31 | 2024-12-31 | 2025-01-15 | 2024-10-30 | $0.29 | Quarterly |
| 2024-09-30 | 2024-09-30 | 2024-10-15 | 2024-07-30 | $0.29 | Quarterly |
| 2024-06-28 | 2024-06-28 | 2024-07-15 | 2024-05-01 | $0.29 | Quarterly |
| 2024-03-27 | 2024-03-29 | 2024-04-15 | 2024-02-21 | $0.28 | Quarterly |
| 2023-12-28 | 2023-12-29 | 2024-01-12 | 2023-10-26 | $0.28 | Quarterly |
| 2023-09-28 | 2023-09-29 | 2023-10-13 | 2023-07-27 | $0.28 | Quarterly |
| 2023-06-29 | 2023-06-30 | 2023-07-14 | 2023-04-27 | $0.28 | Quarterly |
| 2023-03-30 | 2023-03-31 | 2023-04-14 | 2023-02-22 | $0.28 | Quarterly |
| 2022-12-29 | 2022-12-30 | 2023-01-15 | 2022-11-02 | $0.28 | Quarterly |
| 2022-09-29 | 2022-09-30 | 2022-10-14 | 2022-07-28 | $0.27 | Quarterly |
| 2022-06-29 | 2022-06-30 | 2022-07-15 | 2022-04-29 | $0.27 | Quarterly |
| 2022-03-30 | 2022-03-31 | 2022-04-15 | 2022-02-17 | $0.27 | Quarterly |
| 2021-12-30 | 2021-12-31 | 2022-01-15 | 2021-10-28 | $0.27 | Quarterly |
| 2021-09-29 | 2021-09-30 | 2021-10-15 | 2021-08-03 | $0.26 | Quarterly |
| 2021-06-29 | 2021-06-30 | 2021-07-15 | 2021-04-30 | $0.26 | Quarterly |
| 2021-03-30 | 2021-03-31 | 2021-04-15 | 2021-02-19 | $0.25 | Quarterly |
| 2020-12-30 | 2020-12-31 | 2021-01-15 | 2020-11-05 | $0.25 | Quarterly |
| 2020-09-29 | 2020-09-30 | 2020-10-15 | 2020-09-22 | $0.14 | Quarterly |
Coverage (payout of operating cash flow): 77.18%. Tax-character split (ordinary / 199A / capital gain / return of capital) — not disclosed (requires the annual allocation release).
Balance sheet (latest FY: 2025)
Debt-maturity ladder, fixed/floating split, secured/unsecured and coverage ratios come from the supplemental — not yet ingested.
Financial history
| FY | Revenue | Net income | D&A | EBITDA | Op. cash flow |
|---|---|---|---|---|---|
| 2025 | $459.14M | $102.91M | $164.09M | $377.21M | $299.50M |
| 2024 | $438.77M | $156.24M | $156.18M | $423.02M | $276.25M |
| 2023 | $448.09M | $157.16M | $158.63M | $430.11M | $271.07M |
| 2022 | $408.94M | $116.42M | $154.81M | $354.07M | $255.91M |
| 2021 | $383.22M | $102.49M | $132.10M | $296.88M | $244.94M |
| 2020 | $323.71M | $51.18M | $132.69M | $253.38M | $179.03M |
Same-store NOI, occupancy, leasing/WALT, top tenants, external-manager fees, development pipeline and (for non-traded vehicles) share-class fees, redemption/gating and NAV methodology are planned modules sourced from supplementals and prospectuses.