At a glance
Broadstone Net Lease Inc is worth $3.24B, about 34 times its fiscal 2025 earnings. Revenue grew 5.2% to $454.1M in fiscal 2025, with 21.2% kept as profit; over 5 years it has grown 7.1% a year. It pays a 6.88% dividend yield, raised every year for at least 5 years, and returned $978.7M to shareholders in dividends and buybacks over FY2021–FY2025. The stock returned −3.2% over the past year with dividends reinvested and −2.8% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 36.0% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 40 months after the low.
The business in plain English
Broadstone Net Lease is a real estate investment trust (REIT), a property company that must pay out most of its taxable income as dividends. It owns mostly single-tenant commercial buildings and rents them on long-term net leases, meaning tenants pay the property taxes, insurance and upkeep. Tenants get to run key sites without tying up money in real estate. As of December 31, 2025, Broadstone owned 771 properties: 764 in 44 U.S. states and seven in Canada.
The company calls itself industrial-focused. Industrial buildings produced 61.9% of its $428.8 million in annualized base rent (ABR, the yearly rent due under signed leases) as of December 31, 2025. The largest pieces were distribution and warehouse sites (20.1%), manufacturing plants (18.7%) and food processing facilities (12.7%). Retail provided 30.1%, led by general merchandise stores, fast-food restaurants and casual dining chains. Office and clinical buildings made up the remaining 8.0%.
Rent comes from 206 tenants in 57 industries. The largest, Roskam Baking Company, paid 3.9% of ABR, followed by United Natural Foods at 3.4%. Texas, at 10.2%, was the biggest state. The portfolio was 99.8% leased, with about 9.6 years left on leases on average, and 97.6% of leases had built-in rent increases, averaging 2.1%. Total revenue was $454.1 million in fiscal 2025.
Price history
The interactive chart needs JavaScript.
BNL -3.2% over the year to Oct 28, 2026, total return with dividends reinvested.
Latest results
- In Q3 FY2026 (ended Sep 30, 2026), revenue was $121.9M, up 6.7% from a year earlier, and net income was $27.1M (+2.5%).
- For fiscal 2025, revenue was $454.1M (+5.2% year over year; +7.1% a year from FY2020 to FY2025) with a 21.2% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +7.1% good |
|---|---|
| Free cash flow margin | 59.4% good |
| Return on equity (FY2025) | 3.3% weak |
| Return on assets (FY2025) | 1.7% weak |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $321.6M | $51.2M | $168.2M |
| FY2021 | $382.9M | $102.4M | $243.3M |
| FY2022 | $407.5M | $122.1M | $224.5M |
| FY2023 | $442.9M | $155.5M | $224.8M |
| FY2024 | $431.8M | $162.4M | $259.5M |
| FY2025 | $454.1M | $96.5M | $269.8M |
Valuation snapshot
| Market value | $3.24B |
|---|---|
| P/E ratio | 33.7 |
| Dividend yield | 6.88% |
Rank among 1514 US companies
Market value at each year end
Broadstone Net Lease’s market value went from $4.00B at the end of 2021 to $3.24B on Oct 28, 2026, down 19%; since the end of 2025 it is down 2%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Oct 28, 2026 | $3.24B | -1.5% |
| 2025 | $3.29B | +9.9% |
| 2024 | $2.99B | -7.3% |
| 2023 | $3.22B | +14.9% |
| 2022 | $2.81B | -29.9% |
| 2021 | $4.00B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| BNL price data to Oct 28, 2026 | +1.6% | -3.2% | +14.3% | -2.8% | — |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +1.6% |
| 2025 | +17.2% |
| 2024 | -1.2% |
| 2023 | +14.0% |
| 2022 | -30.7% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Before this security existed |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 32.9% over that stretch · deepest drop along the way 36%, back to its old high 39.8 months after the low |
Insider activity
Form 4 filings from 2025-10-29 to 2026-10-29 (25 read): 2 open-market purchases ($212K) and 0 sales ($0.00).
| Date | Insider | Type | Value |
|---|---|---|---|
| Aug 20, 2026 | Richard P Imperiale Director | buy | $106K |
| Aug 21, 2026 | Richard P Imperiale Director | buy | $106K |
Who owns it
Large shareholders (13G filings)
| BlackRock, Inc. | 16.7% | Apr 30, 2026 |
| Vanguard Portfolio Management | 10.26% | Apr 30, 2026 |
| STATE STREET CORPORATION | 5.6% | Jun 30, 2026 |
| Vanguard Capital Management | 5.27% | Mar 31, 2026 |
| PRINCIPAL REAL ESTATE INVESTORS LLC | 0.2% | Jun 30, 2025 |
ETFs with the most weight in BNL
| NETL NETLease Corporate Real Estate ETF | 3.96% |
| KBWY Invesco KBW Premium Yield Equity REIT ETF | 3.3% |
| SRET Global X SuperDividend REIT ETF | 3.28% |
| RDOG ALPS REIT Dividend Dogs ETF | 2.21% |
| DES WisdomTree U.S. SmallCap Dividend Fund | 0.84% |
| FYT First Trust Small Cap Value AlphaDEX Fund | 0.5% |
| SVAL iShares US Small Cap Value Factor ETF | 0.45% |
| FLQS Franklin U.S. Small Cap Multifactor Index ETF | 0.44% |
What could go wrong
- Tenant failures hit single-tenant buildings hard. Broadstone depends on tenants for substantially all revenue, usually one per building. If a tenant fails, that property's rent can stop. The top 10 tenants paid 21.1% of base rent as of December 31, 2025.
- Most tenants lack investment-grade credit ratings. Most properties are leased to tenants that do not hold an investment-grade credit rating, the label agencies give stronger borrowers. The company says this may lead to a higher number of tenant defaults.
- Single-use buildings can be costly to refill. Some properties are suited to only one use. If a tenant leaves, re-leasing can take time and require costly renovations, while the empty building earns no rent and may be hard to offload.
- Fixed rent increases may trail rising costs. Long leases lock in modest built-in rent increases, averaging 2.1% as of December 31, 2025, which limits room to raise rents. If inflation or market rents rise faster, Broadstone's income growth may fall behind.
- Growth depends on acquiring more properties. Growth relies on acquisitions and new developments, often funded with borrowed money or new shares. Competition from REITs and private investors with more resources, or expensive financing, could make good deals scarce.
- Heavy borrowing leaves it exposed to rates. Broadstone owed about $2.5 billion as of December 31, 2025. Higher rates raise refinancing costs and can weigh on the share price. Breaking lender rules, called covenants, could force early repayment.
Recent events
- Quarterly results released
- Investor presentation or announcement
- Investor presentation or announcement
- Other company announcement
- New debt or financial obligation
- Quarterly results released
- Investor presentation or announcement
- Investor presentation or announcement
- Shareholder vote results
- Quarterly results released
For income and retirement investors
Annual dividends per share have risen five years in a row, reaching $1.16 in fiscal 2025, but growth has slowed: fiscal 2024 paid $1.155. The yield was 6.88% as of October 28, 2026. Dividends were 226.7% of fiscal 2025 net income, a figure inflated because depreciation, a non-cash charge, depresses REIT earnings. Dividends took 81.1% of free cash flow, and adjusted funds from operations (AFFO, a REIT cash-earnings measure) of $1.49 per share covered them. There were no buybacks from fiscal 2021 to 2025; the share count grew 19% between October 2021 and October 2026, partly through new share sales.
In the 2022 bear market the shares fell 36% from peak to trough and took about 40 months, until February 2026, to recover. The stock's history does not cover the 2008 or 2020 crashes. The price fell 23.6% in the three months to October 28, 2026. Like any single stock, BNL carries more risk than a diversified fund.
Questions investors ask
How does Broadstone Net Lease make money?
Broadstone makes money by collecting rent. As of December 31, 2025, it owned 771 mostly single-tenant commercial properties leased on long-term net leases, so tenants pay property taxes, insurance and maintenance. Industrial buildings such as warehouses, factories and food processing plants supplied 61.9% of annualized base rent. Retail properties such as general merchandise stores and restaurants supplied 30.1%, and office and clinical buildings 8.0%. Total revenue was $454.1 million in fiscal 2025.
Does Broadstone Net Lease raise its dividend every year?
It has for five straight years. Annual dividends per share rose in each fiscal year from 2021 through 2025. The increases have shrunk, though: $1.12 in fiscal 2023, $1.155 in fiscal 2024 and $1.16 in fiscal 2025. Five years is a short record next to long-time dividend growers, and the company's own risk factors warn that it may not pay distributions at the times or in the amounts expected.
Is Broadstone Net Lease's dividend safe?
No dividend is guaranteed, but cash flow covered it in fiscal 2025. The $1.16 per share paid compared with adjusted funds from operations (AFFO), a REIT measure of cash earnings, of $1.49 per share, and dividends used 81.1% of free cash flow. Dividends were 226.7% of net income, but that ratio overstates the strain because depreciation, a non-cash expense, shrinks REIT profits. The yield was 6.88% as of October 28, 2026. Tenant defaults or higher borrowing costs could squeeze coverage.
Who are Broadstone Net Lease's biggest tenants?
Roskam Baking Company is the largest, paying 3.9% of annualized base rent as of December 31, 2025. Next come United Natural Foods (3.4%), AHF (2.3%), Joseph T. Ryerson & Son (1.9%), and Dollar General and Jack's Family Restaurants (1.8% each). The top 10 tenants paid 21.1% of rent and the top 20 paid 34.3%. Across 206 tenants in 57 industries, packaged foods and meats (13.3%) and restaurants (13.0%) were the largest industries.
How much debt does Broadstone Net Lease have?
About $2.5 billion as of December 31, 2025. Net debt was 6.0 times annualized adjusted EBITDAre, a REIT version of earnings before interest, taxes, depreciation and amortization, so debt equaled about six years of those earnings. During fiscal 2025 the company extended its $1.0 billion revolving credit line to March 2029, took out a $500 million term loan due March 2028 and issued $350 million of 5.000% notes due 2032. Higher interest rates would raise the cost of refinancing.