Broadstone Net Lease (BNL) Financials

$16.84 -0.03 (-0.15%)

Closing price 08/8/2025 03:59 PM Eastern

Extended Trading

$16.82 -0.02 (-0.12%)

As of 08/8/2025 04:48 PM Eastern

Annual Income Statements for Broadstone Net Lease

This table shows Broadstone Net Lease's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Net Income / (Loss) Attributable to Common Shareholders	19	36	55	69	79	51	102	122	155	162
Consolidated Net Income / (Loss)	21	40	60	75	85	56	110	129	163	169
Net Income / (Loss) Continuing Operations	21	40	60	75	85	56	110	129	163	169
Total Pre-Tax Income	42	40	65	76	89	43	112	125	166	164
Total Revenue	98	119	161	196	256	246	332	345	418	432
Net Interest Income / (Expense)	0.00	-29	-34	-52	-73	-76	-64	-79	-80	-73
Total Interest Income	0.00	0.80	1.20	0.62	0.01	0.02	0.02	0.04	0.51	0.99
Investment Securities Interest Income	-	0.80	1.20	0.62	0.01	0.02	0.02	0.04	0.51	0.99
Total Interest Expense	0.00	30	35	53	73	76	64	79	80	74
Long-Term Debt Interest Expense	-	30	35	53	73	76	64	79	80	74
Total Non-Interest Income	98	149	195	248	329	322	396	423	497	505
Net Realized & Unrealized Capital Gains on Investments	-	5.79	13	10	30	-	14	16	54	73
Other Non-Interest Income	97	143	182	237	299	322	383	408	443	432
Total Non-Interest Expense	56	79	96	120	167	203	221	219	252	268
Net Occupancy & Equipment Expense	6.08	3.90	6.51	11	16	17	18	22	23	25
Other Operating Expenses	10	18	25	31	39	35	36	37	39	38
Depreciation Expense	29	46	62	84	109	133	132	155	159	156
Impairment Charge	0.00	0.00	2.61	2.06	3.45	19	28	5.54	31	49
Income Tax Expense	-	-	0.62	0.86	2.42	0.94	1.64	1.28	0.76	1.18
Other Gains / (Losses), net	-21	-	-4.77	-0.20	-1.18	15	-0.43	5.38	-1.68	6.20
Net Income / (Loss) Attributable to Noncontrolling Interest	1.60	3.91	4.76	5.73	5.72	5.10	7.10	7.36	7.83	6.55
Basic Earnings per Share	$2.15	$2.76	$3.21	$0.86	$0.83	$0.44	$0.67	$0.72	$0.83	$0.86
Weighted Average Basic Shares Outstanding	8.99M	13.18M	17.08M	80.97M	95.92M	117.15M	153.06M	169.84M	186.62M	187.45M
Diluted Earnings per Share	$2.15	$2.76	$3.21	$0.86	$0.83	$0.44	$0.67	$0.72	$0.83	$0.86
Weighted Average Diluted Shares Outstanding	9.74M	14.60M	18.57M	87.64M	102.87M	128.80M	163.97M	180.20M	196.32M	196.62M
Weighted Average Basic & Diluted Shares Outstanding	-	-	19.38M	22.60M	26.85M	145.58M	163.45M	186.30M	187.71M	188.80M

This table shows Broadstone Net Lease's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025
Period end date	9/30/2022	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025
Net Income / (Loss) Attributable to Common Shareholders	27	35	39	60	50	6.48	65	35	36	26	17
Consolidated Net Income / (Loss)	29	37	41	63	52	6.80	68	36	37	28	17
Net Income / (Loss) Continuing Operations	29	41	41	66	52	3.45	68	36	37	28	17
Total Pre-Tax Income	24	42	42	65	51	7.98	67	36	38	23	18
Total Revenue	83	103	101	119	105	92	146	92	93	101	89
Net Interest Income / (Expense)	-20	-24	-21	-20	-20	-19	-18	-17	-18	-20	-20
Total Interest Income	0.00	0.04	0.16	0.08	0.13	0.14	0.23	0.65	0.07	0.04	0.10
Investment Securities Interest Income	0.00	0.04	0.16	0.08	0.13	0.14	0.23	0.65	0.07	0.04	0.10
Total Interest Expense	20	24	21	20	20	19	19	18	18	20	20
Long-Term Debt Interest Expense	20	24	21	20	20	19	19	18	18	20	20
Total Non-Interest Income	104	127	122	139	125	111	164	109	111	120	109
Net Realized & Unrealized Capital Gains on Investments	-	-	3.42	29	15	6.27	59	3.38	2.44	8.20	0.41
Other Non-Interest Income	104	112	119	109	110	105	105	106	108	112	109
Total Non-Interest Expense	59	61	60	54	54	84	79	56	55	77	71
Net Occupancy & Equipment Expense	5.64	6.40	5.89	4.99	5.71	6.00	5.66	5.30	7.01	6.76	5.49
Other Operating Expenses	9.94	9.32	10	9.48	10	9.38	9.43	9.90	8.72	9.93	9.67
Depreciation Expense	39	46	42	39	39	39	38	37	38	43	39
Impairment Charge	4.16	-	1.47	0.00	0.00	30	26	3.85	1.06	18	16
Other Special Charges	-	-	-	-	-	-	-	-	0.01	-	0.01
Income Tax Expense	0.36	0.11	0.48	0.45	0.10	-0.27	0.41	0.53	-0.29	0.53	0.36
Other Gains / (Losses), net	4.70	-0.83	-0.02	1.67	1.46	-4.80	1.70	0.75	-0.94	4.70	-0.49
Net Income / (Loss) Attributable to Noncontrolling Interest	1.60	2.04	2.07	2.98	2.46	0.32	3.06	0.61	1.66	1.22	0.75
Basic Earnings per Share	$0.16	$0.20	$0.21	$0.32	$0.27	$0.03	$0.35	$0.19	$0.19	$0.13	$0.09
Weighted Average Basic Shares Outstanding	172.58M	169.84M	186.13M	186.73M	186.77M	186.62M	187.29M	187.44M	187.50M	187.45M	187.87M
Diluted Earnings per Share	$0.16	$0.20	$0.21	$0.32	$0.26	$0.04	$0.35	$0.19	$0.19	$0.13	$0.09
Weighted Average Diluted Shares Outstanding	182.97M	180.20M	196.18M	196.23M	196.37M	196.32M	196.42M	196.47M	196.93M	196.62M	196.90M
Weighted Average Basic & Diluted Shares Outstanding	173.11M	186.30M	187.20M	187.27M	187.26M	187.71M	188.43M	188.52M	188.55M	188.80M	189.08M

This table details how cash moves in and out of Broadstone Net Lease's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Net Change in Cash & Equivalents	23	-4.03	-13	8.89	1.32	90	-83	32	-39	-4.64
Net Cash From Operating Activities	39	67	98	128	147	179	245	256	271	276
Net Cash From Continuing Operating Activities	39	67	98	128	147	179	245	256	271	276
Net Income / (Loss) Continuing Operations	21	40	60	75	85	56	110	129	163	169
Consolidated Net Income / (Loss)	21	40	60	75	85	56	110	129	163	169
Provision For Loan Losses	0.00	0.00	2.61	2.06	0.00	0.00	28	5.54	31	49
Depreciation Expense	29	46	63	84	105	132	129	150	153	152
Amortization Expense	1.18	1.63	1.89	1.78	2.54	3.30	3.72	3.59	3.86	3.93
Non-Cash Adjustments to Reconcile Net Income	-12	-22	-32	-38	-48	-15	-32	-33	-71	-95
Changes in Operating Assets and Liabilities, net	0.20	1.67	2.66	3.88	2.06	2.54	6.47	0.31	-9.17	-2.03
Net Cash From Investing Activities	-480	-471	-612	-510	-832	-60	-582	-860	24	-60
Net Cash From Continuing Investing Activities	-480	-471	-612	-510	-832	-60	-583	-860	24	-60
Purchase of Property, Leasehold Improvements and Equipment	-11	-2.03	-6.78	-5.15	-5.05	-11	-1.60	-31	-46	-17
Purchase of Investment Securities	-485	-503	-657	-576	-997	-126	-665	-885	-28	-289
Sale and/or Maturity of Investments	18	35	63	72	169	78	84	56	195	354
Other Investing Activities, net	4.15	0.00	0.00	-1.60	1.60	-0.70	0.00	0.00	-97	-108
Net Cash From Financing Activities	465	399	501	391	686	-28	254	636	-335	-221
Net Cash From Continuing Financing Activities	465	399	501	391	686	-28	254	636	-335	-222
Issuance of Debt	612	423	1,009	759	1,184	252	738	1,400	216	257
Issuance of Common Equity	300	246	273	216	330	588	280	496	-0.18	-1.00
Repayment of Debt	-417	-219	-719	-512	-702	-790	-592	-807	-324	-248
Payment of Dividends	-27	-43	-52	-60	-71	-79	-166	-193	-219	-227
Other Financing Activities, Net	-	-	-	-	0.00	0.00	-6.61	-260	-7.50	-2.26

This table details how cash moves in and out of Broadstone Net Lease's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025
Period end date	9/30/2022	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025
Net Change in Cash & Equivalents	53	-22	-41	17	14	-30	202	-203	-8.68	4.78	-4.96
Net Cash From Operating Activities	78	60	74	62	74	61	71	74	67	64	71
Net Cash From Continuing Operating Activities	78	60	82	92	37	61	71	74	67	64	71
Net Income / (Loss) Continuing Operations	29	37	41	63	52	6.80	68	36	37	28	17
Consolidated Net Income / (Loss)	29	37	41	63	52	6.80	68	36	37	28	17
Depreciation Expense	38	44	39	38	37	38	37	36	37	42	38
Amortization Expense	0.92	0.96	0.96	0.93	0.98	0.98	0.98	0.98	0.98	0.98	1.24
Non-Cash Adjustments to Reconcile Net Income	-3.32	-20	-1.89	-14	-48	-6.85	-62	-7.09	-6.62	-20	15
Changes in Operating Assets and Liabilities, net	13	-6.92	2.37	2.63	-5.75	-8.42	0.14	4.18	-2.10	-4.26	-0.37
Net Cash From Investing Activities	-205	-274	30	1.71	43	-50	204	-226	-66	27	-85
Net Cash From Continuing Investing Activities	-205	-275	30	1.71	43	-50	205	-227	-66	27	-85
Purchase of Property, Leasehold Improvements and Equipment	-0.88	-12	-16	-8.01	-5.86	-17	-3.13	-0.17	-7.05	-6.44	-14
Acquisitions	-	-	-	-	-	-	-	-	-	-	-61
Sale and/or Maturity of Investments	1.62	38	50	68	61	16	247	24	31	52	6.22
Other Investing Activities, net	-	-	-	-	-12	-47	-38	-32	-20	-19	-17
Net Cash From Financing Activities	181	192	-145	-47	-102	-41	-73	-51	-10	-86	8.92
Net Cash From Continuing Financing Activities	181	192	-144	-48	-103	-41	-73	-51	-11	-86	8.92
Issuance of Debt	761	259	29	96	37	54	66	25	85	82	545
Issuance of Common Equity	20	273	0.17	0.01	-0.36	-	-0.23	-0.23	-0.03	-0.50	-0.15
Repayment of Debt	-360	-282	-118	-83	-85	-39	-81	-19	-40	-110	-477
Payment of Dividends	-49	-50	-55	-54	-54	-55	-57	-57	-56	-57	-59
Other Financing Activities, Net	-191	-8.22	-	-	-0.54	-0.55	-0.56	-0.56	-0.56	-0.58	0.00

This table presents Broadstone Net Lease's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Total Assets	1,952	2,579	3,097	3,918	4,258	4,619	5,458	5,269	5,216
Cash and Due from Banks	22	9.36	19	12	100	22	22	19	15
Loans and Leases, Net of Allowance	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Premises and Equipment, Net	1,638	2,186	2,642	3,415	3,355	3,775	4,474	4,357	4,295
Goodwill	-	-	-	0.00	340	340	340	340	340
Intangible Assets	168	243	286	332	291	304	330	288	268
Other Assets	111	123	134	143	156	165	292	264	281
Total Liabilities & Shareholders' Equity	1,952	2,579	3,097	3,918	4,258	4,619	5,458	5,269	5,216
Total Liabilities	954	1,295	1,568	2,139	1,779	1,878	2,195	2,074	2,075
Short-Term Debt	102	273	141	197	0.00	102	197	90	93
Accrued Interest Payable	1.60	3.31	9.78	3.59	4.02	6.47	7.07	5.70	5.84
Long-Term Debt	765	905	1,305	1,784	1,541	1,587	1,826	1,820	1,820
Other Long-Term Liabilities	85	113	112	154	234	182	165	158	156
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	999	1,284	1,529	1,779	2,479	2,741	3,263	3,194	3,141
Total Preferred & Common Equity	912	1,187	1,417	1,668	2,299	2,577	3,093	3,049	3,004
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	912	1,187	1,417	1,668	2,299	2,577	3,093	3,049	3,004
Common Stock	1,009	1,302	1,557	1,896	2,625	2,924	3,419	3,441	3,451
Retained Earnings	-90	-120	-155	-208	-260	-318	-386	-441	-497
Accumulated Other Comprehensive Income / (Loss)	2.09	5.12	15	-20	-66	-28	60	49	50
Noncontrolling Interest	87	97	112	111	180	164	170	145	138

This table presents Broadstone Net Lease's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q1 2023	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025
Period end date	9/30/2022	3/31/2023	6/30/2023	9/30/2023	3/31/2024	6/30/2024	9/30/2024	3/31/2025
Total Assets	5,239	5,336	5,368	5,335	5,270	5,265	5,263	5,237
Cash and Due from Banks	76	15	21	35	222	18	9.00	9.61
Loans and Leases, Net of Allowance	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Premises and Equipment, Net	4,242	4,416	4,375	4,310	-473	-463	4,348	4,311
Goodwill	340	340	340	340	340	340	340	340
Intangible Assets	322	317	309	298	273	283	277	264
Other Assets	244	232	285	302	4,908	5,087	251	278
Total Liabilities & Shareholders' Equity	5,239	5,336	5,368	5,335	5,270	5,265	5,263	5,237
Total Liabilities	2,231	2,104	2,107	2,060	2,052	2,067	2,125	2,156
Short-Term Debt	220	108	123	74	74	79	125	174
Accrued Interest Payable	11	9.65	5.89	9.19	9.38	14	9.64	9.40
Long-Term Debt	1,833	1,826	1,820	1,820	1,820	1,820	1,820	1,816
Other Long-Term Liabilities	167	160	157	156	148	154	170	157
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	3,008	3,232	3,262	3,275	3,218	3,197	3,138	3,081
Total Preferred & Common Equity	2,841	3,079	3,108	3,121	3,074	3,055	2,999	2,950
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	2,841	3,079	3,108	3,121	3,074	3,055	2,999	2,950
Common Stock	3,148	3,435	3,431	3,431	3,447	3,444	3,450	3,456
Retained Earnings	-369	-399	-392	-394	-430	-450	-468	-536
Accumulated Other Comprehensive Income / (Loss)	62	44	68	84	57	60	17	30
Noncontrolling Interest	167	153	154	155	144	143	139	131

This table displays calculated financial ratios and metrics derived from Broadstone Net Lease's official financial filings.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Growth Metrics	-	-	-	-	-	-	-	-	-	-
Revenue Growth	0.00%	21.83%	34.74%	21.57%	30.89%	-4.17%	35.33%	3.79%	21.11%	3.40%
EBITDA Growth	0.00%	21.21%	47.72%	24.71%	21.67%	-9.73%	37.56%	14.23%	15.57%	-0.85%
EBIT Growth	0.00%	-4.99%	61.30%	17.26%	16.48%	-51.92%	161.64%	12.33%	32.22%	-1.08%
NOPAT Growth	0.00%	-4.99%	59.75%	17.07%	14.59%	-51.66%	163.59%	12.85%	32.96%	-1.34%
Net Income Growth	0.00%	92.76%	47.90%	26.11%	13.33%	-33.88%	94.63%	18.21%	26.13%	3.48%
EPS Growth	0.00%	28.37%	16.30%	26.11%	13.33%	-46.99%	52.27%	7.46%	15.28%	3.61%
Operating Cash Flow Growth	0.00%	73.99%	45.77%	30.70%	15.11%	21.49%	36.81%	4.48%	5.92%	1.91%
Free Cash Flow Firm Growth	0.00%	0.00%	70.82%	17.84%	-59.81%	68.77%	-37.50%	-143.52%	147.27%	-38.26%
Invested Capital Growth	0.00%	0.00%	32.00%	20.83%	26.40%	6.92%	10.20%	19.30%	-3.42%	-0.99%
Revenue Q/Q Growth	0.00%	0.00%	0.00%	12.08%	8.88%	-7.55%	7.81%	7.00%	-2.50%	1.98%
EBITDA Q/Q Growth	0.00%	0.00%	0.00%	10.99%	9.45%	-12.83%	16.25%	7.51%	-11.01%	6.39%
EBIT Q/Q Growth	0.00%	0.00%	0.00%	17.02%	11.28%	-37.34%	37.56%	6.64%	-16.96%	10.41%
NOPAT Q/Q Growth	0.00%	0.00%	0.00%	15.70%	8.25%	-36.51%	37.27%	7.03%	-16.87%	9.90%
Net Income Q/Q Growth	0.00%	0.00%	0.00%	-2.80%	18.11%	-15.21%	15.39%	3.64%	-15.51%	14.04%
EPS Q/Q Growth	0.00%	0.00%	0.00%	-2.80%	18.11%	-20.00%	19.64%	5.88%	-16.16%	11.69%
Operating Cash Flow Q/Q Growth	0.00%	0.00%	12.05%	7.49%	1.33%	5.69%	4.95%	1.11%	0.05%	1.22%
Free Cash Flow Firm Q/Q Growth	0.00%	0.00%	0.00%	0.00%	26.29%	-165.07%	-15.60%	-13.98%	285.00%	-8.83%
Invested Capital Q/Q Growth	0.00%	0.00%	0.00%	6.71%	-1.46%	1.42%	2.94%	4.44%	-1.25%	-0.58%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-
EBITDA Margin	73.80%	73.42%	80.49%	82.57%	76.76%	72.30%	73.50%	80.89%	77.19%	74.02%
EBIT Margin	43.21%	33.70%	40.34%	38.91%	34.63%	17.37%	33.59%	36.35%	39.69%	37.97%
Profit (Net Income) Margin	21.30%	33.70%	36.99%	38.37%	33.22%	22.92%	32.96%	37.54%	39.10%	39.13%
Tax Burden Percent	49.29%	100.00%	91.69%	98.61%	95.95%	131.94%	98.14%	103.28%	98.53%	103.07%
Interest Burden Percent	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%
Effective Tax Rate	0.00%	0.00%	0.96%	1.13%	2.72%	2.20%	1.47%	1.02%	0.46%	0.72%
Return on Invested Capital (ROIC)	0.00%	4.32%	2.97%	2.77%	2.56%	1.07%	2.60%	2.55%	3.18%	3.20%
ROIC Less NNEP Spread (ROIC-NNEP)	0.00%	4.32%	2.51%	2.76%	2.49%	1.90%	2.58%	2.84%	3.09%	3.53%
Return on Net Nonoperating Assets (RNNOA)	0.00%	3.75%	2.24%	2.57%	2.58%	1.57%	1.59%	1.76%	1.88%	2.13%
Return on Equity (ROE)	0.00%	8.07%	5.22%	5.34%	5.15%	2.64%	4.20%	4.31%	5.06%	5.33%
Cash Return on Invested Capital (CROIC)	0.00%	-195.68%	-24.61%	-16.09%	-20.76%	-5.61%	-7.11%	-15.05%	6.65%	4.20%
Operating Return on Assets (OROA)	0.00%	2.06%	2.87%	2.68%	2.53%	1.04%	2.51%	2.49%	3.09%	3.13%
Return on Assets (ROA)	0.00%	2.06%	2.63%	2.65%	2.43%	1.38%	2.47%	2.57%	3.05%	3.22%
Return on Common Equity (ROCE)	0.00%	7.36%	4.80%	4.94%	4.80%	2.46%	3.92%	4.07%	4.81%	5.10%
Return on Equity Simple (ROE_SIMPLE)	0.00%	4.42%	5.02%	5.30%	5.10%	2.45%	4.25%	4.19%	5.36%	5.63%
Net Operating Profit after Tax (NOPAT)	42	40	64	75	86	42	110	124	165	163
NOPAT Margin	43.21%	33.70%	39.95%	38.47%	33.68%	16.99%	33.09%	35.98%	39.50%	37.69%
Net Nonoperating Expense Percent (NNEP)	0.00%	0.00%	0.47%	0.02%	0.07%	-0.83%	0.03%	-0.29%	0.09%	-0.32%
SG&A Expenses to Revenue	6.20%	3.26%	4.04%	5.70%	6.24%	7.12%	5.56%	6.31%	5.41%	5.73%
Operating Expenses to Revenue	56.79%	66.30%	59.66%	61.09%	65.37%	82.63%	66.41%	63.65%	60.31%	62.03%
Earnings before Interest and Taxes (EBIT)	42	40	65	76	89	43	112	125	166	164
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	72	88	130	162	197	178	244	279	322	320
Valuation Ratios	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.00	0.62	0.00	0.00	0.00	1.00	1.31	0.79	0.98	1.00
Price to Tangible Book Value (P/TBV)	0.00	0.77	0.00	0.00	0.00	1.37	1.75	1.00	1.24	1.25
Price to Revenue (P/Rev)	5.81	4.77	0.00	0.00	0.00	9.34	10.20	7.06	7.19	6.92
Price to Earnings (P/E)	29.53	15.67	0.00	0.00	0.00	44.80	33.08	19.94	19.31	18.41
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	2.43%	4.88%	7.68%	6.99%	7.28%
Earnings Yield	3.39%	6.38%	0.00%	0.00%	0.00%	2.23%	3.02%	5.02%	5.18%	5.43%
Enterprise Value to Invested Capital (EV/IC)	0.00	0.80	0.00	0.00	0.00	0.97	1.18	0.87	0.99	0.99
Enterprise Value to Revenue (EV/Rev)	0.00	12.55	0.00	0.00	0.00	15.94	15.71	13.36	12.06	11.64
Enterprise Value to EBITDA (EV/EBITDA)	0.00	17.09	0.00	0.00	0.00	22.05	21.37	16.51	15.63	15.72
Enterprise Value to EBIT (EV/EBIT)	0.00	37.24	0.00	0.00	0.00	91.75	46.77	36.74	30.40	30.66
Enterprise Value to NOPAT (EV/NOPAT)	0.00	37.24	0.00	0.00	0.00	93.82	47.47	37.12	30.54	30.88
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	22.32	0.00	0.00	0.00	21.86	21.31	18.00	18.59	18.19
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	14.58	23.56
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.00	0.87	0.92	0.95	1.11	0.62	0.62	0.62	0.60	0.61
Long-Term Debt to Equity	0.00	0.77	0.70	0.85	1.00	0.62	0.58	0.56	0.57	0.58
Financial Leverage	0.00	0.87	0.90	0.93	1.04	0.83	0.62	0.62	0.61	0.60
Leverage Ratio	0.00	1.95	1.98	2.02	2.12	1.92	1.70	1.68	1.66	1.65
Compound Leverage Factor	0.00	1.95	1.98	2.02	2.12	1.92	1.70	1.68	1.66	1.65
Debt to Total Capital	0.00%	46.46%	47.84%	48.60%	52.69%	38.34%	38.13%	38.28%	37.43%	37.85%
Short-Term Debt to Total Capital	0.00%	5.47%	11.09%	4.74%	5.25%	0.00%	2.30%	3.73%	1.77%	1.84%
Long-Term Debt to Total Capital	0.00%	40.99%	36.75%	43.86%	47.44%	38.34%	35.83%	34.54%	35.66%	36.01%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	4.65%	3.96%	3.76%	2.96%	4.48%	3.70%	3.21%	2.84%	2.72%
Common Equity to Total Capital	0.00%	48.89%	48.21%	47.64%	44.35%	57.19%	58.17%	58.52%	59.73%	59.43%
Debt to EBITDA	0.00	9.88	9.09	8.95	10.07	8.68	6.92	7.25	5.93	5.98
Net Debt to EBITDA	0.00	9.61	9.01	8.83	10.01	8.12	6.83	7.17	5.87	5.94
Long-Term Debt to EBITDA	0.00	8.71	6.98	8.07	9.07	8.68	6.50	6.55	5.65	5.69
Debt to NOPAT	0.00	21.52	18.31	19.20	22.96	36.95	15.36	16.30	11.58	11.75
Net Debt to NOPAT	0.00	20.95	18.15	18.95	22.81	34.54	15.17	16.13	11.46	11.66
Long-Term Debt to NOPAT	0.00	18.99	14.06	17.33	20.67	36.95	14.44	14.71	11.03	11.18
Noncontrolling Interest Sharing Ratio	0.00%	8.69%	8.07%	7.44%	6.75%	6.84%	6.59%	5.55%	4.87%	4.46%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	0.00	-1,825	-533	-437	-699	-218	-300	-731	346	213
Operating Cash Flow to CapEx	359.72%	3,308.17%	1,444.12%	2,484.20%	2,917.40%	1,656.75%	15,327.72%	815.69%	586.08%	1,644.85%
Free Cash Flow to Firm to Interest Expense	0.00	-60.90	-15.32	-8.28	-9.64	-2.87	-4.68	-9.30	4.32	2.88
Operating Cash Flow to Interest Expense	0.00	2.24	2.82	2.42	2.03	2.35	3.82	3.25	3.39	3.73
Operating Cash Flow Less CapEx to Interest Expense	0.00	2.17	2.62	2.32	1.96	2.21	3.79	2.85	2.81	3.50
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.00	0.06	0.07	0.07	0.07	0.06	0.07	0.07	0.08	0.08
Fixed Asset Turnover	0.00	0.07	0.08	0.08	0.08	0.07	0.09	0.08	0.09	0.10
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-
Invested Capital	0.00	1,865	2,462	2,975	3,760	4,020	4,430	5,286	5,105	5,055
Invested Capital Turnover	0.00	0.13	0.07	0.07	0.08	0.06	0.08	0.07	0.08	0.09
Increase / (Decrease) in Invested Capital	0.00	1,865	597	513	785	260	410	855	-181	-51
Enterprise Value (EV)	0.00	1,500	0.00	0.00	0.00	3,914	5,220	4,606	5,039	5,026
Market Capitalization	570	570	0.00	0.00	0.00	2,293	3,388	2,435	3,002	2,990
Book Value per Share	$0.00	$69.19	$64.18	$66.32	$65.27	$15.88	$15.98	$17.87	$16.28	$15.93
Tangible Book Value per Share	$0.00	$56.43	$51.06	$52.92	$52.28	$11.52	$11.99	$14.00	$12.93	$12.71
Total Capital	0.00	1,865	2,462	2,975	3,760	4,020	4,430	5,286	5,105	5,055
Total Debt	0.00	867	1,178	1,446	1,981	1,541	1,689	2,023	1,911	1,913
Total Long-Term Debt	0.00	765	905	1,305	1,784	1,541	1,587	1,826	1,820	1,820
Net Debt	0.00	843	1,168	1,427	1,969	1,441	1,668	2,001	1,891	1,898
Capital Expenditures (CapEx)	11	2.03	6.78	5.15	5.05	11	1.60	31	46	17
Net Nonoperating Expense (NNE)	21	0.00	4.77	0.20	1.18	-15	0.43	-5.38	1.68	-6.20
Net Nonoperating Obligations (NNO)	0.00	867	1,178	1,446	1,981	1,541	1,689	2,023	1,911	1,913
Total Depreciation and Amortization (D&A)	30	47	65	85	108	135	133	154	157	156
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.00	$0.00	$0.80	$0.86	$0.83	$0.44	$0.67	$0.72	$0.83	$0.86
Adjusted Weighted Average Basic Shares Outstanding	0.00	0.00	68.34M	80.97M	95.92M	117.15M	153.06M	169.84M	186.62M	187.45M
Adjusted Diluted Earnings per Share	$0.00	$0.00	$0.80	$0.86	$0.83	$0.44	$0.67	$0.72	$0.83	$0.86
Adjusted Weighted Average Diluted Shares Outstanding	0.00	0.00	74.27M	87.64M	102.86M	128.80M	163.97M	180.20M	196.32M	196.62M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.80	$0.86	$0.83	$0.44	$0.67	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	0.00	0.00	77.51M	90.39M	107.41M	145.58M	163.45M	186.30M	187.71M	188.80M
Normalized Net Operating Profit after Tax (NOPAT)	37	36	67	69	90	59	143	130	196	211
Normalized NOPAT Margin	37.35%	29.96%	41.56%	35.22%	34.99%	23.87%	43.10%	37.57%	46.96%	48.96%
Pre Tax Income Margin	43.21%	33.70%	40.34%	38.91%	34.63%	17.37%	33.59%	36.35%	39.69%	37.97%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.00	1.34	1.87	1.44	1.22	0.56	1.74	1.59	2.07	2.21
NOPAT to Interest Expense	0.00	1.34	1.85	1.42	1.19	0.55	1.71	1.58	2.06	2.20
EBIT Less CapEx to Interest Expense	0.00	1.28	1.67	1.34	1.15	0.42	1.71	1.20	1.49	1.99
NOPAT Less CapEx to Interest Expense	0.00	1.28	1.66	1.33	1.12	0.41	1.69	1.18	1.48	1.97
Payout Ratios	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	130.33%	106.03%	87.51%	80.53%	83.66%	139.69%	151.34%	148.71%	133.88%	134.58%
Augmented Payout Ratio	144.95%	126.28%	103.35%	94.12%	147.81%	139.91%	151.34%	148.71%	133.88%	134.58%

This table displays calculated financial ratios and metrics derived from Broadstone Net Lease's official financial filings.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025
Period end date	9/30/2022	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-22.15%	27.98%	29.80%	48.04%	26.05%	-10.39%	44.09%	-22.29%	-11.83%	9.05%	-39.02%
EBITDA Growth	-4.89%	28.83%	28.12%	61.32%	40.66%	-45.78%	27.71%	-29.79%	-15.29%	40.63%	-44.65%
EBIT Growth	-19.11%	22.92%	39.67%	122.63%	108.99%	-80.92%	59.75%	-45.15%	-25.34%	193.66%	-72.66%
NOPAT Growth	-19.02%	24.28%	39.99%	124.17%	111.66%	-80.23%	60.61%	-45.59%	-24.62%	177.73%	-73.03%
Net Income Growth	-5.94%	14.11%	45.47%	77.19%	81.63%	-81.52%	64.78%	-42.95%	-28.53%	306.16%	-74.34%
EPS Growth	-11.11%	0.00%	31.25%	60.00%	62.50%	-80.00%	66.67%	-40.63%	-26.92%	225.00%	-74.29%
Operating Cash Flow Growth	-12.22%	4.90%	25.84%	5.73%	-4.68%	0.23%	-4.72%	19.19%	-8.91%	5.50%	0.84%
Free Cash Flow Firm Growth	-136.41%	-116.00%	33.00%	43.00%	92.09%	123.21%	127.46%	143.95%	313.81%	-61.10%	-51.43%
Invested Capital Growth	17.60%	19.30%	10.29%	8.12%	2.15%	-3.42%	-1.05%	-2.08%	-1.66%	-0.99%	-0.80%
Revenue Q/Q Growth	4.13%	23.64%	-1.68%	16.95%	-11.34%	-12.10%	58.11%	-36.93%	0.59%	8.71%	-11.59%
EBITDA Q/Q Growth	-1.59%	37.28%	-5.94%	26.94%	-14.18%	-47.08%	121.53%	-30.22%	3.55%	-12.15%	-12.68%
EBIT Q/Q Growth	-16.92%	72.18%	0.08%	55.52%	-22.01%	-84.28%	738.00%	-46.60%	6.14%	-38.18%	-21.80%
NOPAT Q/Q Growth	-17.00%	74.29%	-0.82%	56.24%	-21.63%	-83.72%	705.83%	-47.07%	8.57%	-40.03%	-21.56%
Net Income Q/Q Growth	-19.25%	28.09%	12.51%	52.26%	-17.22%	-86.97%	903.05%	-47.29%	3.70%	-25.92%	-36.64%
EPS Q/Q Growth	-20.00%	25.00%	5.00%	52.38%	-18.75%	-84.62%	775.00%	-45.71%	0.00%	-31.58%	-30.77%
Operating Cash Flow Q/Q Growth	31.71%	-22.03%	23.06%	-16.33%	18.74%	-18.01%	16.98%	4.66%	-9.26%	-5.04%	11.81%
Free Cash Flow Firm Q/Q Growth	-28.16%	-10.91%	45.86%	25.93%	82.21%	425.36%	-35.96%	18.54%	-13.44%	-40.80%	-19.93%
Invested Capital Q/Q Growth	5.13%	4.44%	-2.26%	0.75%	-0.67%	-1.25%	0.13%	-0.29%	-0.25%	-0.58%	0.32%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
EBITDA Margin	76.04%	84.43%	80.77%	87.67%	84.86%	51.09%	71.59%	79.20%	81.53%	65.89%	65.08%
EBIT Margin	29.13%	40.56%	41.28%	54.90%	48.29%	8.63%	45.77%	38.75%	40.89%	23.25%	20.57%
Profit (Net Income) Margin	34.41%	35.65%	40.79%	53.11%	49.58%	7.35%	46.65%	38.98%	40.19%	27.39%	19.63%
Tax Burden Percent	118.14%	87.89%	98.81%	96.74%	102.68%	85.15%	101.93%	100.61%	98.30%	117.78%	95.44%
Interest Burden Percent	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%
Effective Tax Rate	1.47%	0.25%	1.14%	0.69%	0.20%	-3.36%	0.61%	1.49%	-0.77%	2.25%	1.94%
Return on Invested Capital (ROIC)	1.98%	2.87%	3.05%	4.43%	4.04%	0.72%	4.09%	3.23%	3.40%	1.93%	1.48%
ROIC Less NNEP Spread (ROIC-NNEP)	2.24%	2.60%	3.05%	4.34%	4.11%	0.64%	4.18%	3.27%	3.35%	2.18%	1.46%
Return on Net Nonoperating Assets (RNNOA)	1.42%	1.61%	1.86%	2.64%	2.58%	0.39%	2.48%	1.95%	2.01%	1.31%	0.90%
Return on Equity (ROE)	3.40%	4.48%	4.91%	7.07%	6.62%	1.11%	6.57%	5.18%	5.41%	3.25%	2.39%
Cash Return on Invested Capital (CROIC)	-13.70%	-15.05%	-7.02%	-4.37%	1.75%	6.65%	4.76%	5.22%	4.56%	4.20%	3.04%
Operating Return on Assets (OROA)	1.93%	2.78%	2.98%	4.31%	3.91%	0.67%	3.99%	3.18%	3.27%	1.92%	1.47%
Return on Assets (ROA)	2.28%	2.44%	2.95%	4.17%	4.02%	0.57%	4.07%	3.20%	3.21%	2.26%	1.40%
Return on Common Equity (ROCE)	3.20%	4.23%	4.65%	6.70%	6.28%	1.06%	6.27%	4.94%	5.16%	3.10%	2.28%
Return on Equity Simple (ROE_SIMPLE)	4.40%	0.00%	4.62%	5.47%	6.19%	0.00%	6.19%	5.34%	4.94%	0.00%	4.01%
Net Operating Profit after Tax (NOPAT)	24	42	41	65	51	8.25	66	35	38	23	18
NOPAT Margin	28.70%	40.46%	40.81%	54.52%	48.19%	8.92%	45.49%	38.17%	41.20%	22.73%	20.17%
Net Nonoperating Expense Percent (NNEP)	-0.26%	0.27%	0.00%	0.09%	-0.07%	0.07%	-0.09%	-0.04%	0.05%	-0.25%	0.02%
SG&A Expenses to Revenue	6.76%	6.20%	5.80%	4.21%	5.43%	6.49%	3.87%	5.75%	7.56%	6.71%	6.16%
Operating Expenses to Revenue	70.87%	59.44%	58.72%	45.10%	51.71%	91.37%	54.23%	61.25%	59.11%	76.75%	79.43%
Earnings before Interest and Taxes (EBIT)	24	42	42	65	51	7.98	67	36	38	23	18
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	63	87	82	104	89	47	105	73	76	66	58
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.84	0.79	0.94	0.86	0.80	0.98	0.94	0.98	1.19	1.00	1.09
Price to Tangible Book Value (P/TBV)	1.09	1.00	1.19	1.09	1.01	1.24	1.17	1.23	1.50	1.25	1.37
Price to Revenue (P/Rev)	7.36	7.06	7.85	6.60	5.83	7.19	6.23	6.86	8.44	6.92	8.58
Price to Earnings (P/E)	20.16	19.94	21.47	16.66	13.60	19.31	15.89	19.10	25.06	18.41	28.20
Dividend Yield	7.81%	7.68%	7.02%	7.67%	8.32%	6.99%	7.35%	7.18%	6.07%	7.28%	6.81%
Earnings Yield	4.96%	5.02%	4.66%	6.00%	7.35%	5.18%	6.29%	5.24%	3.99%	5.43%	3.55%
Enterprise Value to Invested Capital (EV/IC)	0.89	0.87	0.96	0.91	0.87	0.99	0.92	0.98	1.11	0.99	1.05
Enterprise Value to Revenue (EV/Rev)	14.02	13.36	13.48	11.71	10.53	12.06	10.16	11.50	13.34	11.64	14.22
Enterprise Value to EBITDA (EV/EBITDA)	17.41	16.51	16.71	14.15	12.46	15.63	13.61	15.96	18.80	15.72	19.53
Enterprise Value to EBIT (EV/EBIT)	38.42	36.74	36.16	27.50	22.61	30.40	24.62	31.07	38.03	30.66	46.24
Enterprise Value to NOPAT (EV/NOPAT)	38.96	37.12	36.51	27.73	22.73	30.54	24.71	31.22	38.13	30.88	46.69
Enterprise Value to Operating Cash Flow (EV/OCF)	17.85	18.00	18.30	17.34	16.65	18.59	17.55	17.94	20.70	18.19	19.25
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	0.00	50.27	14.58	19.21	18.66	24.14	23.56	34.39
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.68	0.62	0.60	0.60	0.58	0.60	0.59	0.59	0.62	0.61	0.65
Long-Term Debt to Equity	0.61	0.56	0.56	0.56	0.56	0.57	0.57	0.57	0.58	0.58	0.59
Financial Leverage	0.64	0.62	0.61	0.61	0.63	0.61	0.59	0.59	0.60	0.60	0.62
Leverage Ratio	1.70	1.68	1.66	1.66	1.68	1.66	1.64	1.65	1.65	1.65	1.67
Compound Leverage Factor	1.70	1.68	1.66	1.66	1.68	1.66	1.64	1.65	1.65	1.65	1.67
Debt to Total Capital	40.56%	38.28%	37.43%	37.34%	36.64%	37.43%	37.05%	37.27%	38.27%	37.85%	39.25%
Short-Term Debt to Total Capital	4.34%	3.73%	2.10%	2.36%	1.43%	1.77%	1.44%	1.55%	2.47%	1.84%	3.43%
Long-Term Debt to Total Capital	36.23%	34.54%	35.34%	34.97%	35.21%	35.66%	35.61%	35.71%	35.80%	36.01%	35.81%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	3.31%	3.21%	2.96%	2.96%	2.99%	2.84%	2.82%	2.80%	2.74%	2.72%	2.58%
Common Equity to Total Capital	56.13%	58.52%	59.60%	59.70%	60.36%	59.73%	60.13%	59.94%	58.99%	59.43%	58.17%
Debt to EBITDA	7.91	7.25	6.51	5.78	5.23	5.93	5.49	6.05	6.48	5.98	7.29
Net Debt to EBITDA	7.62	7.17	6.46	5.71	5.13	5.87	4.85	5.99	6.45	5.94	7.26
Long-Term Debt to EBITDA	7.07	6.55	6.15	5.41	5.02	5.65	5.27	5.79	6.06	5.69	6.66
Debt to NOPAT	17.71	16.30	14.23	11.32	9.54	11.58	9.96	11.83	13.14	11.75	17.44
Net Debt to NOPAT	17.05	16.13	14.12	11.19	9.37	11.46	8.80	11.71	13.07	11.66	17.35
Long-Term Debt to NOPAT	15.81	14.71	13.43	10.60	9.17	11.03	9.58	11.33	12.29	11.18	15.91
Noncontrolling Interest Sharing Ratio	5.79%	5.55%	5.22%	5.17%	5.13%	4.87%	4.61%	4.59%	4.58%	4.46%	4.37%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-733	-813	-440	-326	-58	189	121	143	124	73	59
Operating Cash Flow to CapEx	8,788.55%	495.29%	477.29%	776.88%	1,260.46%	360.67%	2,262.68%	43,123.26%	954.92%	991.94%	498.04%
Free Cash Flow to Firm to Interest Expense	-36.50	-34.22	-20.83	-16.09	-2.95	9.95	6.51	8.07	6.83	3.76	2.93
Operating Cash Flow to Interest Expense	3.86	2.54	3.52	3.07	3.76	3.19	3.81	4.18	3.70	3.27	3.56
Operating Cash Flow Less CapEx to Interest Expense	3.81	2.03	2.78	2.67	3.46	2.31	3.65	4.17	3.31	2.94	2.85
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.07	0.07	0.07	0.08	0.08	0.08	0.09	0.08	0.08	0.08	0.07
Fixed Asset Turnover	0.08	0.08	0.09	0.10	0.10	0.09	0.00	0.00	0.10	0.10	0.00
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	5,061	5,286	5,166	5,205	5,170	5,105	5,112	5,097	5,084	5,055	5,071
Invested Capital Turnover	0.07	0.07	0.07	0.08	0.08	0.08	0.09	0.08	0.08	0.09	0.07
Increase / (Decrease) in Invested Capital	757	855	482	391	109	-181	-54	-108	-86	-51	-41
Enterprise Value (EV)	4,517	4,606	4,963	4,762	4,512	5,039	4,697	5,014	5,648	5,026	5,329
Market Capitalization	2,373	2,435	2,891	2,685	2,498	3,002	2,880	2,990	3,572	2,990	3,217
Book Value per Share	$16.41	$17.87	$16.53	$16.60	$16.66	$16.28	$16.41	$16.21	$15.91	$15.93	$15.62
Tangible Book Value per Share	$12.58	$14.00	$13.00	$13.13	$13.26	$12.93	$13.14	$12.91	$12.64	$12.71	$12.43
Total Capital	5,061	5,286	5,166	5,205	5,170	5,105	5,112	5,097	5,084	5,055	5,071
Total Debt	2,053	2,023	1,934	1,943	1,894	1,911	1,894	1,899	1,946	1,913	1,990
Total Long-Term Debt	1,833	1,826	1,826	1,820	1,820	1,820	1,820	1,820	1,820	1,820	1,816
Net Debt	1,977	2,001	1,919	1,923	1,859	1,891	1,672	1,881	1,937	1,898	1,981
Capital Expenditures (CapEx)	0.88	12	16	8.01	5.86	17	3.13	0.17	7.05	6.44	14
Net Nonoperating Expense (NNE)	-4.77	4.96	0.02	1.67	-1.46	1.45	-1.70	-0.75	0.94	-4.69	0.48
Net Nonoperating Obligations (NNO)	2,053	2,023	1,934	1,943	1,894	1,911	1,894	1,899	1,946	1,913	1,990
Total Depreciation and Amortization (D&A)	39	45	40	39	38	39	38	37	38	43	40
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.16	$0.20	$0.21	$0.32	$0.27	$0.03	$0.35	$0.19	$0.19	$0.13	$0.09
Adjusted Weighted Average Basic Shares Outstanding	172.58M	169.84M	186.13M	186.73M	186.77M	186.62M	187.29M	187.44M	187.50M	187.45M	187.87M
Adjusted Diluted Earnings per Share	$0.16	$0.20	$0.21	$0.32	$0.26	$0.04	$0.35	$0.19	$0.19	$0.13	$0.09
Adjusted Weighted Average Diluted Shares Outstanding	182.97M	180.20M	196.18M	196.23M	196.37M	196.32M	196.42M	196.47M	196.93M	196.62M	196.90M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	173.11M	186.30M	187.20M	187.27M	187.26M	187.71M	188.43M	188.52M	188.55M	188.80M	189.08M
Normalized Net Operating Profit after Tax (NOPAT)	28	42	43	65	51	26	93	39	27	40	34
Normalized NOPAT Margin	33.61%	40.46%	42.24%	54.52%	48.19%	28.61%	63.44%	42.29%	29.42%	39.88%	37.92%
Pre Tax Income Margin	29.13%	40.56%	41.28%	54.90%	48.29%	8.63%	45.77%	38.75%	40.89%	23.25%	20.57%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	1.21	1.76	1.98	3.21	2.58	0.42	3.60	2.01	2.09	1.20	0.91
NOPAT to Interest Expense	1.19	1.76	1.96	3.19	2.58	0.43	3.58	1.98	2.10	1.17	0.90
EBIT Less CapEx to Interest Expense	1.17	1.25	1.24	2.82	2.28	-0.46	3.43	2.00	1.70	0.87	0.20
NOPAT Less CapEx to Interest Expense	1.15	1.24	1.22	2.79	2.28	-0.45	3.41	1.97	1.71	0.84	0.18
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	149.33%	148.71%	141.16%	122.26%	110.24%	133.88%	116.26%	136.93%	152.11%	134.58%	193.64%
Augmented Payout Ratio	149.33%	148.71%	141.16%	122.26%	110.24%	133.88%	116.26%	136.93%	152.11%	134.58%	193.64%

Key Financial Trends

Broadstone Net Lease, Inc. (NYSE: BNL) has experienced some notable financial trends over the last four years based on its quarterly financial statements through Q1 2025.

Positive Trends:

Consistent net income growth in recent quarters, with Q1 2025 net income attributable to common shareholders at $16.7 million and showing overall resilience despite some fluctuations.
Operating cash flow remains strong and stable, generating $71.5 million in Q1 2025, indicating effective cash management and operational efficiency.
Property, plant, and equipment assets remain robust, valuing around $4.3 billion, showing stable asset base in real estate holdings.
Total equity including noncontrolling interests has remained above $3 billion, indicating a solid equity base supporting financial stability.
Broadstone has been actively managing long-term debt, issuing and repaying sizable amounts, showing strategic debt optimization with $545 million issued and $477 million repaid in Q1 2025 financing activities.
Depreciation and amortization expenses remain consistent, reflecting steady asset usage and accounting practices aligning with long-lived asset investments.
Strong non-interest income from other sources, $108.7 million in Q1 2025, supports revenue diversification beyond net interest margin.

Neutral Trends:

Net interest expenses continue to be significant, with Q1 2025 showing a net interest expense of approximately -$20 million, reflecting the cost of servicing debt amid historically high long-term debt balances.
Shares outstanding fluctuate modestly but remain steady over time, with diluted shares around 190 million, supporting EPS stability.
Dividend payments remained consistent, about $58.9 million in Q1 2025, reflecting ongoing shareholder returns.

Negative Trends:

Impairment charges continue to impact the income statement with $16.1 million recorded in Q1 2025, a sign of potential write-downs or asset valuation challenges.
Total non-interest expenses have been rising, reaching $70.8 million in Q1 2025, reducing operating profitability.
Overall net revenues have decreased from the high of $146 million in Q1 2024 to $89.1 million in Q1 2025, showing some pressure on top-line growth.
Total assets and common equity have slightly declined or fluctuated in recent quarters, suggesting some volatility in the balance sheet composition and potential asset disposals or revaluations.
Net cash used in investing activities remains significant, indicating heavy capital deployment which may stress liquidity if not balanced by financing.

Overall, Broadstone Net Lease exhibits financial resilience with strong cash flows and equity but faces headwinds from impairment charges and net interest expenses that are impacting profitability. Continuing prudent debt management and controlling non-interest expenses will be key to sustaining growth and shareholder value.

08/09/25 03:05 AMAI Generated. May Contain Errors.

Frequently Asked Questions About Broadstone Net Lease's Financials

When does Broadstone Net Lease's fiscal year end?

According to the most recent income statement we have on file, Broadstone Net Lease's financial year ends in December. Their financial year 2024 ended on December 31, 2024.

How has Broadstone Net Lease's net income changed over the last 9 years?

Broadstone Net Lease's net income appears to be on an upward trend, with a most recent value of $168.99 million in 2024, rising from $20.89 million in 2015. The previous period was $163.31 million in 2023. View Broadstone Net Lease's forecast to see where analysts expect Broadstone Net Lease to go next.

How has Broadstone Net Lease's revenue changed over the last 9 years?

Over the last 9 years, Broadstone Net Lease's total revenue changed from $98.09 million in 2015 to $431.87 million in 2024, a change of 340.3%.

How much debt does Broadstone Net Lease have?

Broadstone Net Lease's total liabilities were at $2.07 billion at the end of 2024, a 0.0% increase from 2023, and a 117.6% increase since 2016.

How much cash does Broadstone Net Lease have?

In the past 8 years, Broadstone Net Lease's cash and equivalents has ranged from $9.36 million in 2017 to $100.49 million in 2020, and is currently $14.85 million as of their latest financial filing in 2024.

How has Broadstone Net Lease's book value per share changed over the last 9 years?

Over the last 9 years, Broadstone Net Lease's book value per share changed from 0.00 in 2015 to 15.93 in 2024, a change of 1,593.1%.

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This page (NYSE:BNL) was last updated on 8/9/2025 by MarketBeat.com Staff

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Broadstone Net Lease (BNL) Financials

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Broadstone Net Lease (BNL) Financials

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