{"id":938034,"date":"2026-02-18T17:40:42","date_gmt":"2026-02-18T22:40:42","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/broadstone-net-lease-announces-fourth-quarter-and-full-year-2025-results\/"},"modified":"2026-02-18T17:40:42","modified_gmt":"2026-02-18T22:40:42","slug":"broadstone-net-lease-announces-fourth-quarter-and-full-year-2025-results","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/broadstone-net-lease-announces-fourth-quarter-and-full-year-2025-results\/","title":{"rendered":"Broadstone Net Lease Announces Fourth Quarter and Full Year 2025 Results"},"content":{"rendered":"

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Broadstone Net Lease Announces Fourth Quarter and Full Year 2025 Results<\/b><\/p>\n

VICTOR, N.Y.–(BUSINESS WIRE<\/a>)–
\nBroadstone Net Lease, Inc. (NYSE: BNL) (\u201cBNL\u201d, the \u201cCompany\u201d, \u201cwe\u201d, \u201cour\u201d, or \u201cus\u201d), today announced its operating results for the year and quarter ended December 31, 2025.<\/p>\n

MANAGEMENT COMMENTARY<\/b><\/p>\n

\u201c2025 was an important year for Broadstone, highlighted by consistent execution and our return to growth through our differentiated strategy,<\/i>\u201d<\/i>said John Moragne, BNL’s Chief Executive Officer. <\/i>\u201c<\/i>We significantly advanced our build-to-suit pipeline, improving visibility to embedded revenue growth, navigated tenant-related headlines while driving same-store growth, and invested approximately $430 million in stabilized acquisitions sourced predominantly through direct relationships, all while maintaining tight control of expenses and growing cash flows. Our results in 2025 underscore the strength of our portfolio, our relationships, and our operating platform as we enter 2026 with momentum and a clear runway ahead.\u201d<\/i><\/p>\n

FULL YEAR 2025 HIGHLIGHTS<\/b><\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n
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OPERATING<\/b><\/p>\n

RESULTS<\/b><\/p>\n<\/td>\n

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  • \nGenerated net income of $99.4 million, or $0.50 per diluted share, representing a 41.9% decrease compared to the same period in the prior year. The decrease is primarily related to a decrease in the gain on sale of real estate of $60.6 million, an increase in interest expense of $20.4 million, and an increase in other (expense) income of $12.6 million, partially offset by an increase in lease revenues, net of $22.3 million.<\/p>\n<\/li>\n<\/ul>\n<\/td>\n<\/tr>\n
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  • \nGenerated adjusted funds from operations (\u201cAFFO\u201d) of $296.3 million, or $1.49 per diluted share, representing a 4.2% increase compared to the previous year.<\/p>\n<\/li>\n<\/ul>\n<\/td>\n<\/tr>\n
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  • \nAchieved same store rental revenue growth of 2.0% compared to the previous year, driven by strong contractual rent increases and leasing activity throughout the year.<\/p>\n<\/li>\n<\/ul>\n<\/td>\n<\/tr>\n
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  • \nIncurred $38.9 million of general and administrative expenses, representing a 2.4% increase compared to the prior year. Incurred core general and administrative expenses of $28.7 million, which excludes $9.6 million of stock-based compensation, $0.5 million of non-capitalized transaction costs, and $0.1 million of severance costs, representing a 2.0% decrease compared to the prior year.<\/p>\n<\/li>\n<\/ul>\n<\/td>\n<\/tr>\n
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  • \nPortfolio was 99.8% leased based on rentable square footage, with only one of our 771 properties vacant and not subject to a lease at quarter end.<\/p>\n<\/li>\n<\/ul>\n<\/td>\n<\/tr>\n
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  • \nCollected 99.8% of base rents due for the year for all properties under lease, incurring approximately 31bps of lost rent during 2025.<\/p>\n<\/li>\n<\/ul>\n<\/td>\n<\/tr>\n
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  • \nSubsequent to year end, all six sites previously tenanted by American Signature were assumed by Gardner White pursuant to the court-approved bankruptcy process under existing lease terms, with no rent loss throughout the process.<\/p>\n<\/li>\n<\/ul>\n<\/td>\n<\/tr>\n
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INVESTMENT & DISPOSITION ACTIVITY<\/b><\/p>\n<\/td>\n

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  • \nInvested $748.4 million, including $429.9 million in new property acquisitions, $209.3 million in build-to-suit developments, $100.8 million in transitional capital, and $8.3 million in revenue generating capital expenditures. The completed acquisitions and revenue generating capital expenditures had a weighted average initial cash capitalization rate, lease term, and annual rent increase of 7.0%, 14.2 years, and 2.6%, respectively, and the completed acquisitions had a weighted average straight-line yield of 8.4%. Total investments consist of $663.4 million in industrial properties and $85.0 million in retail properties.<\/p>\n<\/li>\n<\/ul>\n<\/td>\n<\/tr>\n
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  • \nSubsequent to year end and as of February 12, 2026, we invested $37.5 million, consisting of $17.5 million of build-to-suit developments, and $20.0 million of transitional capital.<\/p>\n<\/li>\n<\/ul>\n<\/td>\n<\/tr>\n
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  • \nAs of the date of this release, we have a total of $174.8 million in remaining estimated investments for build-to-suit developments to be funded through the fourth quarter of 2026. Additionally, we have $7.0 million of commitments to fund revenue generating capital expenditures with existing tenants.<\/p>\n<\/li>\n<\/ul>\n<\/td>\n<\/tr>\n
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