Broadstone Net Lease, Inc.

broadstone.com

What Do They Do?

Owns and leases primarily single-tenant commercial properties, with a focus on industrial and retail sites, to commercial tenants under long-term leases.

How Do They Make Money?

Commercial tenants pay rent to use Broadstone’s properties under long-term leases; rent is earned over the lease term, and many leases have scheduled increases.

FY2025 revenue

Who Are Their Customers?

Commercial tenants rent its single-tenant properties under long-term leases; tenants generally also cover property taxes, insurance, maintenance, repairs and capital costs.

Do Revenues Turn Into Profits?

Yes. It kept 21 cents of every revenue dollar as net income in FY2025 and turned 59 cents into free cash flow.

Net income, FY2025

21% of revenue

▼ −41% vs FY2024 ($162.4M, 38%)

Free cash flow, FY2025

59% of revenue

▲ +4% vs FY2024 ($259.5M, 60%)

How Are They Changing?

Growing. Revenue grew 19% in 4 years, from $382.9M in FY2021 to $454.1M in FY2025, about 4% a year.

Portfolio focus The business description shifts from a focus across industrial, healthcare, restaurant, retail and office properties to an industrial-focused portfolio centered on industrial and retail properties.

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