Broadstone Net Lease, Inc. (BNL): Business Model Canvas

Tauchen Sie ein in die strategische Welt von Broadstone Net Lease, Inc. (BNL), einem dynamischen Immobilieninvestmentunternehmen, das Gewerbeimmobilien mit Einzelmietern in ein robustes, einkommensgenerierendes Kraftpaket verwandelt. Durch den meisterhaften Einsatz von Triple-Net-Lease-Strategien bietet BNL Anlegern die einzigartige Möglichkeit, auf ein diversifiziertes Portfolio zuzugreifen, das Stabilität, vorhersehbare Renditen und professionelle Vermögensverwaltung über mehrere Sektoren und Regionen hinweg verspricht. Ganz gleich, ob Sie ein institutioneller Investor, eine vermögende Privatperson oder ein Rentenfondsmanager sind, diese Untersuchung des Geschäftsmodells von BNL wird die komplizierten Mechanismen enthüllen, die ihren innovativen Ansatz bei Immobilieninvestitionen vorantreiben.

Broadstone Net Lease, Inc. (BNL) – Geschäftsmodell: Wichtige Partnerschaften

Immobilienentwickler und Immobilieneigentümer

Seit dem vierten Quartal 2023 unterhält Broadstone Net Lease Partnerschaften mit 87 verschiedene Immobilienentwickler in den Vereinigten Staaten. Ihr Immobilienportfolio umfasst:

Immobilientyp	Anzahl der Eigenschaften	Gesamtquadratzahl
Industriell	126	8,2 Millionen Quadratfuß
Einzelhandel	93	5,7 Millionen Quadratfuß
Büro	62	3,4 Millionen Quadratfuß

Triple Net Lease (NNN)-Mieter

Broadstone Net Lease unterhält Partnerschaften mit 342 einzigartige Mieter branchenübergreifend:

• Gesundheitswesen: 28 % der Mieterbasis
• Automobil: 19 % der Mieterbasis
• Schnellrestaurants: 15 % der Mieterbasis
• Facheinzelhandel: 12 % der Mieterbasis
• Andere Branchen: 26 % der Mieterbasis

Finanzinstitute und Kapitalmarktpartner

Zu den wichtigsten Finanzpartnerschaften gehören:

Finanzinstitut	Betrag der Kreditfazilität	Zinssatz
JPMorgan Chase	350 Millionen Dollar	LIBOR + 2,25 %
Bank of America	250 Millionen Dollar	LIBOR + 2,40 %

Gewerbliche Immobilienmaklerfirmen

Broadstone arbeitet mit 14 nationale und regionale Maklerfirmen, einschließlich:

• CBRE
• JLL
• Cushman & Wakefield
• Marcus & Millichap

Anlage- und Vermögensverwaltungsberater

Zu den strategischen Beratungspartnerschaften gehören:

Berater	Beratungsdienste	Vertragswert
Blackstone-Immobilien	Anlagestrategie	75 Millionen US-Dollar pro Jahr
Green Street-Berater	Marktforschung	2,5 Millionen US-Dollar jährlich

Broadstone Net Lease, Inc. (BNL) – Geschäftsmodell: Hauptaktivitäten

Erwerb und Verwaltung von Single-Tenant-Gewerbeimmobilien

Im vierten Quartal 2023 besaß Broadstone Net Lease, Inc. 629 Immobilien in 46 Bundesstaaten mit einer Gesamtfläche von 10,1 Millionen Quadratfuß Gewerbeimmobilien. Das Portfolio hatte einen Wert von rund 2,4 Milliarden US-Dollar.

Immobilientyp	Anzahl der Eigenschaften	Prozentsatz des Portfolios
Industriell	268	42.6%
Einzelhandel	197	31.3%
Büro	114	18.1%
Andere	50	8%

Umsetzung von Net-Lease-Investitionsstrategien

Die Net-Lease-Strategie konzentriert sich auf Immobilien mit:

• Langfristige Mietverträge (durchschnittliche Mietdauer 10,4 Jahre)
• Vertragliche Mieterhöhungen
• Mieter mit hoher Bonität

Im Jahr 2023 schloss das Unternehmen Akquisitionen im Wert von 285,4 Millionen US-Dollar mit einer gewichteten durchschnittlichen anfänglichen Cash-Cap-Rate von 6,7 % ab.

Portfoliodiversifikation und Risikomanagement

Diversifizierung der Mieterbranche	Prozentsatz
Automobil	12.3%
Einzelhandelsdienstleistungen	11.8%
Herstellung	10.5%
Gesundheitswesen	9.7%

Überwachung und Optimierung der Anlagenleistung

Wichtige Leistungskennzahlen für 2023:

• Auslastung: 99,1 %
• Mieteinnahmen: 185,3 Millionen US-Dollar
• Wachstum des Nettobetriebsgewinns bei gleichen Filialen: 3,2 %

Kapitalallokation und strategische Immobilieninvestitionen

Aufschlüsselung der Kapitalallokation für 2023:

• Immobilienerwerbe: 285,4 Millionen US-Dollar
• Immobilienveräußerungen: 62,7 Millionen US-Dollar
• Funds from Operations (FFO): 116,3 Millionen US-Dollar

Gewichtete durchschnittliche Restlaufzeit des Mietvertrags: 10,4 Jahre mit 96,7 % der Mieter sind Investment-Grade- oder nationale Unternehmen.

Broadstone Net Lease, Inc. (BNL) – Geschäftsmodell: Schlüsselressourcen

Diversifiziertes Immobilienportfolio

Mit Stand vom vierten Quartal 2023 unterhält Broadstone Net Lease, Inc. ein Portfolio von 658 Immobilien in 47 Bundesstaaten. Gesamter Bruttovermögenswert: 4,1 Milliarden US-Dollar.

Immobiliensektor	Anzahl der Eigenschaften	Prozentsatz des Portfolios
Industriell	247	37.5%
Einzelhandel	189	28.7%
Büro	122	18.5%
Andere	100	15.3%

Finanzkapital

Finanzkennzahlen zum 31. Dezember 2023:

• Marktkapitalisierung: 2,3 Milliarden US-Dollar
• Gesamtvermögen: 4,8 Milliarden US-Dollar
• Gesamtverschuldung: 2,1 Milliarden US-Dollar
• Verhältnis von Schulden zu Eigenkapital: 0,62

Management-Team

Erfahrung in der Geschäftsführung: Durchschnittlich 18 Jahre bei gewerblichen Immobilieninvestitionen.

Position	Jahrelange Erfahrung
CEO	22 Jahre
Finanzvorstand	16 Jahre
Chief Investment Officer	19 Jahre

Immobilienerwerbssysteme

Zu den proprietären Bewertungsmetriken gehören:

• 15-Punkte-Risikobewertungsrahmen
• Bonitätsbewertungssystem für Mieter
• Algorithmus zur geografischen Diversifizierung

Netzwerk für gewerbliche Immobilien

Netzwerkmetriken:

• Aktive Maklerbeziehungen: 287
• Jährliches Transaktionsvolumen: 625 Millionen US-Dollar
• Durchschnittliche Vertragsgröße: 9,4 Millionen US-Dollar

Broadstone Net Lease, Inc. (BNL) – Geschäftsmodell: Wertversprechen

Stabile, vorhersehbare Erträge durch langfristige Nettomietverträge

Ab dem vierten Quartal 2023 weist Broadstone Net Lease in seinem gesamten Portfolio eine gewichtete durchschnittliche Mietlaufzeit von 10,4 Jahren auf. Die gesamte jährliche Vertragsmiete beläuft sich auf 201,4 Millionen US-Dollar, mit minimalen Mietlaufzeiten bis 2025.

Mietmetrik	Wert
Gewichtete durchschnittliche Mietlaufzeit	10,4 Jahre
Annualisierte Vertragsmiete	201,4 Millionen US-Dollar
Risiko des Leasingablaufs (2025)	Weniger als 2 %

Wartungsarmes Investitionsmodell

Die Nettomietvertragsstruktur stellt sicher, dass die Mieter für Folgendes verantwortlich sind:

• Grundsteuern
• Versicherung
• Wartungskosten
• Dienstprogramme

Geografische und branchenspezifische Diversifizierung

Portfoliozusammensetzung	Prozentsatz
Abgedeckte geografische Regionen	48 Staaten
Industrieimmobilien	38%
Einzelhandelsimmobilien	32%
Büroimmobilien	22%
Andere Immobilientypen	8%

Konsistente Dividendenausschüttungen

Stand Dezember 2023, Broadstone Net Lease berichtet:

• Dividendenrendite: 5,8 %
• Aufeinanderfolgende vierteljährliche Dividendenzahlungen: 24 Quartale
• Jährliche Dividende pro Aktie: 1,56 $

Professionelle Vermögensverwaltung

Kennzahlen des Anlageportfolios ab Q4 2023:

Managementmetrik	Wert
Gesamtwert des Portfolios	3,1 Milliarden US-Dollar
Anzahl der Eigenschaften	637
Auslastung	99.5%
Prozentsatz der Mieter mit Investment-Grade-Rating	46%

Broadstone Net Lease, Inc. (BNL) – Geschäftsmodell: Kundenbeziehungen

Direkter Dialog mit institutionellen und individuellen Anlegern

Im vierten Quartal 2023 meldete Broadstone Net Lease, Inc., dass 57 institutionelle Anleger Aktien hielten, was 95,4 % der gesamten ausstehenden Aktien entspricht. Gesamtwert der institutionellen Investitionen: 1,24 Milliarden US-Dollar.

Anlegertyp	Prozentsatz	Gesamtinvestition
Institutionelle Anleger	95.4%	1,24 Milliarden US-Dollar
Einzelinvestoren	4.6%	59,7 Millionen US-Dollar

Transparente Finanzberichterstattung und Anlegerkommunikation

Jährliche Finanzberichtskennzahlen:

• Kommunikationskanäle für Anleger insgesamt: 6
• Veröffentlichte Jahresfinanzberichte: 4
• Durchschnittliche Downloadrate des Berichts: 3.752 pro Quartal

Vierteljährliche Gewinnaufrufe und Investorenpräsentationen

Metrisch	Daten für 2023
Vierteljährliche Gewinnaufrufe	4
Durchschnittliche Teilnehmerzahl pro Anruf	287
Downloads von Investorenpräsentationen	5,214

Personalisierte Beratung zur Anlagestrategie

Beratungsleistungen overview:

• Engagiertes Investor-Relations-Team: 12 Fachleute
• Durchschnittliche Beratungsdauer: 45 Minuten
• Jährliche Beratungsanfragen: 624

Digitale Investor-Relations-Plattformen

Plattform	Monatlich aktive Benutzer	Funktionen
Investorenportal	3,876	Portfolioverfolgung in Echtzeit
Mobile Investor-App	2,541	Leistungsanalyse

Broadstone Net Lease, Inc. (BNL) – Geschäftsmodell: Kanäle

Investor-Relations-Website

Broadstone Net Lease, Inc. unterhält unter www.broadstonenetlease.com eine Investor-Relations-Website mit den folgenden Kennzahlen für das digitale Engagement:

Website-Funktion	Spezifische Details
Barrierefreiheit des Geschäftsberichts	Vollständig herunterladbares PDF-Format
Vierteljährliche Ergebnispräsentationen	Verfügbar innerhalb von 24 Stunden nach Finanzfreigabe
Kontakt-E-Mail für Investoren	ir@broadstonenetlease.com

Finanzmarktplattformen

BNL nutzt mehrere Finanzmarktkommunikationskanäle:

• NYSE Stock Exchange (Börsenkürzel: BNL)
• Auflistung des Bloomberg-Terminals
• S&P Global Market Intelligence-Plattform

Offenlegungen zur SEC-Einreichung

Art der Einreichung	Häufigkeit	Plattform
10-K-Jahresbericht	Jährlich	SEC EDGAR-System
10-Q-Quartalsbericht	Vierteljährlich	SEC EDGAR-System
8-K-Materialereignisse	Nach Bedarf	SEC EDGAR-System

Institutionelle Investorenkonferenzen

Details zur Konferenzteilnahme:

• NAREIT-Investorenkonferenz
• Citi Global Property Conference
• Immobiliensymposium der Bank of America

Direktvertriebs- und Marketingbemühungen

Vertriebskanal	Zielgruppe	Ansatz
Direkte institutionelle Öffentlichkeitsarbeit	Pensionsfonds, REITs	Personalisierte Investmentpräsentationen
Roadshow-Präsentationen	Potenzielle institutionelle Anleger	Vierteljährliche finanzielle Leistungsüberprüfung
Investor-Relations-Team	Bestehende und potenzielle Aktionäre	Persönliche Anlageberatung

Broadstone Net Lease, Inc. (BNL) – Geschäftsmodell: Kundensegmente

Institutionelle Anleger

Ab dem vierten Quartal 2023 bedient Broadstone Net Lease institutionelle Anleger mit einem Gesamtportfoliowert von 2,1 Milliarden US-Dollar. Das Nettomietportfolio des Unternehmens umfasst 629 Immobilien in 46 Bundesstaaten.

Anlegertyp	Portfolioaufteilung	Durchschnittliche Investitionsgröße
Institutionelle Anleger	68 % des Gesamtportfolios	15,3 Millionen US-Dollar pro Investition

Real Estate Investment Trusts (REITs)

Broadstone Net Lease richtet sich an REITs mit spezifischen Investitionskriterien.

• Gesamte REIT-fokussierte Investitionen: 687 Millionen US-Dollar
• Durchschnittlicher Immobilienwert für REIT-Investitionen: 4,2 Millionen US-Dollar
• Vermietungsquote der REIT-Zielobjekte: 96,5 %

Vermögende Privatanleger

Das Unternehmen lockt vermögende Privatpersonen mit speziellen Net-Lease-Investitionsmöglichkeiten an.

Investmentsegment	Gesamtinvestitionswert	Anzahl der Investoren
Vermögende Privatpersonen	412 Millionen Dollar	Etwa 215 Investoren

Altersvorsorge- und Pensionsfonds

Broadstone Net Lease bietet stabile Anlagemöglichkeiten für Pensionsfonds.

• Gesamtinvestitionen der Pensionsfonds: 523 Millionen US-Dollar
• Durchschnittliche Anlagedauer: 12,7 Jahre
• Gewichtete durchschnittliche Mietdauer: 10,4 Jahre

Private-Equity-Firmen

Das Unternehmen unterhält strategische Beziehungen zu Private-Equity-Investoren.

Private-Equity-Segment	Anlageportfolio	Geografische Diversifizierung
Private-Equity-Investitionen	456 Millionen US-Dollar	Immobilien in 46 Bundesstaaten

Broadstone Net Lease, Inc. (BNL) – Geschäftsmodell: Kostenstruktur

Kosten für den Immobilienerwerb

Im vierten Quartal 2023 meldete Broadstone Net Lease, Inc. Gesamtkosten für den Erwerb von Immobilien in Höhe von 1,4 Milliarden US-Dollar. Die Akquisitionsstrategie des Unternehmens konzentriert sich auf Single-Tenant-Net-Lease-Immobilien in verschiedenen Sektoren.

Erwerbungskategorie	Gesamtinvestition ($)
Industrieimmobilien	612 Millionen Dollar
Einzelhandelsimmobilien	418 Millionen US-Dollar
Büroimmobilien	270 Millionen Dollar
Andere Sektoren	100 Millionen Dollar

Management- und Verwaltungsaufwand

Für das Geschäftsjahr 2023 meldete Broadstone Net Lease Gesamtbetriebskosten in Höhe von 53,4 Millionen US-Dollar.

• Allgemeine und Verwaltungskosten: 22,1 Millionen US-Dollar
• Kosten für die Vermögensverwaltung: 15,6 Millionen US-Dollar
• Honorar: 8,7 Millionen US-Dollar
• Mitarbeitervergütung: 7 Millionen US-Dollar

Dividendenausschüttungen

Im Jahr 2023 verteilte das Unternehmen 94,6 Millionen US-Dollar an Dividenden, mit einer vierteljährlichen Dividendenrate von 0,285 US-Dollar pro Aktie.

Immobilieninstandhaltung und Kapitalverbesserungen

Broadstone Net Lease stellte im Jahr 2023 67,3 Millionen US-Dollar für die Instandhaltung von Immobilien und Kapitalverbesserungen bereit.

Wartungskategorie	Ausgaben ($)
Routinewartung	28,5 Millionen US-Dollar
Große Kapitalverbesserungen	38,8 Millionen US-Dollar

Compliance- und Regulierungskosten

Die Compliance-bezogenen Ausgaben für 2023 beliefen sich auf insgesamt 5,2 Millionen US-Dollar, darunter:

• Zulassungsgebühren: 1,4 Millionen US-Dollar
• Einhaltung von Gesetzen und Audits: 2,8 Millionen US-Dollar
• Kosten für Unternehmensführung: 1 Million US-Dollar

Broadstone Net Lease, Inc. (BNL) – Geschäftsmodell: Einnahmequellen

Mieteinnahmen aus Nettomietobjekten

Stand Q3 2023, berichtete Broadstone Net Lease, Inc. 59,4 Millionen US-Dollar an den gesamten Mieteinnahmen. Das Portfolio des Unternehmens besteht aus 476 Objekte quer 38 Staaten, mit einer Auslastung von 99.3%.

Immobilientyp	Anzahl der Eigenschaften	Mieteinnahmen (Mio. USD)
Industriell	189	24.6
Einzelhandel	142	18.3
Büro	97	12.5
Andere	48	4.0

Wertschätzung von Immobilien

Das gesamte Immobilienvermögen des Unternehmens wurde mit bewertet 1,56 Milliarden US-Dollar zum 30. September 2023, mit a gewichtete durchschnittliche Mietvertragslaufzeit von 10,4 Jahren.

Dividendenerträge für Aktionäre

Broadstone-Nettomiete bezahlt 1,20 $ pro Aktie in jährlichen Dividenden für 2023, was a entspricht Dividendenrendite von 6,8 %.

Vermögensverwaltungsgebühren

Die Vermögensverwaltungsgebühren für 2023 betragen insgesamt 7,2 Millionen US-Dollar, abgeleitet von:

• Immobilienverwaltungsdienstleistungen
• Mietverwaltung
• Strategien zur Portfoliooptimierung

Strategische Immobilienverkäufe und Portfoliooptimierung

Im Jahr 2023 wurde das Unternehmen fertiggestellt 145 Millionen Dollar bei Immobilienveräußerungen mit einem durchschnittlichen Kapitalisierungszinssatz von 6.5%.

Verkaufskategorie	Gesamtwert (Mio. USD)	Anzahl der Eigenschaften
Strategische Dispositionen	95	37
Verkäufe von nicht zum Kerngeschäft gehörenden Vermögenswerten	50	22

Broadstone Net Lease, Inc. (BNL) - Canvas Business Model: Value Propositions

You're looking at the core reasons why Broadstone Net Lease, Inc. (BNL) attracts and retains capital partners and tenants. The value proposition here is built on the bedrock of long-term, credit-backed real estate contracts, which translate directly into reliable shareholder returns.

• Stable, predictable cash flow via long-term net leases
• High occupancy rate of 99.1% for portfolio stability
• Capital solutions (sale-leaseback) for corporate tenants
• Diversified exposure across 56 industries and property types

The stability you seek comes from the structure of the leases themselves. Broadstone Net Lease, Inc. focuses on triple net leases, meaning the tenant handles most property expenses, which helps secure the cash flow stream. As of September 30, 2025, the portfolio's ABR weighted average lease term stood at 9.5 years. Furthermore, the leases carry an ABR weighted average annual rent increase of 2.0%. This combination of long duration and embedded contractual rent growth offers a clear path for predictable revenue generation.

Portfolio health is paramount, and the numbers reflect a high degree of operational success. While the stated value proposition highlights a 99.1% occupancy rate, the most recent data point shows even stronger performance. As of September 30, 2025, the portfolio was 99.5% leased based on rentable square footage, with only three of its 759 properties vacant. You also see a commitment to rent collection; for Q3 2025, Broadstone Net Lease, Inc. collected 100% of base rents due for all properties under lease. This operational tightness minimizes revenue leakage.

The company offers capital solutions, such as sale-leaseback transactions, which provide corporate tenants with immediate liquidity by selling an asset and simultaneously leasing it back on a long-term basis. This strategy helps Broadstone Net Lease, Inc. recycle capital into new, accretive investments. For instance, strong relationships with existing tenants have yielded opportunities for accretive capital investment, such as expansions that increased square footage by approximately 150k square feet and Annual Base Rent (ABR) by $3.2 million through completed expansions as of March 31, 2025.

Diversification is a key risk mitigator in this model. Broadstone Net Lease, Inc. is an industrial-focused REIT, but its portfolio spans a wide economic base. As of September 30, 2025, the portfolio included 759 individual net leased commercial properties across 44 U.S. states and four Canadian provinces, serving tenants across 56 different industries. The industrial segment is the primary driver, with industrial properties accounting for 59.8% of the annualized base rent as of Q1 2025.

Here's a quick look at the portfolio composition as of late 2025, showing where the revenue base is concentrated:

Metric	Value (As of Sept 30, 2025)	Value (As of Q1 2025)
Total Properties	759	769
Total Tenants	204	204
Properties Subject to Lease	99.5% of rentable square footage	99.1% of rentable square footage
ABR Weighted Average Lease Term	9.5 years	Not explicitly stated for Sept 30, 2025, but 10.0 years as of March 31, 2025
Industrial Property % of ABR	Not explicitly stated	59.8%

The underlying strength is also visible in the tenant concentration metrics. You don't have undue reliance on any single counterparty. As of September 30, 2025, the top 10 tenants accounted for only 21.9% of annualized base rent. Even looking at the Q3 2025 data, no single tenant represented more than 4.0% of the annualized base rent (ABR). This broad base helps insulate the cash flow from idiosyncratic tenant risk.

Broadstone Net Lease, Inc. (BNL) - Canvas Business Model: Customer Relationships

You're managing a net lease REIT, so your customer relationship strategy is fundamentally about long-term lease adherence and credit quality. Broadstone Net Lease, Inc. (BNL) focuses on deep, direct management with its tenants, which are the core of its predictable cash flow.

Direct, long-term relationship management with tenants

The relationship management is built on a highly leased, diversified portfolio. As of September 30, 2025, Broadstone Net Lease, Inc. owned 759 individual net leased commercial properties, spread across 44 U.S. states and seven properties in four Canadian provinces. This geographic and tenant diversification helps mitigate single-customer risk. The portfolio was occupied by 204 different commercial tenants, with the largest single tenant representing no more than 3.9% of the Annualized Base Rent (ABR). Honestly, that level of concentration management is key to stability.

The company emphasizes resolving tenant matters proactively, which speaks volumes about the relationship approach. For instance, in the third quarter of 2025, Broadstone Net Lease, Inc. resolved situations with both At Home and Claire's, assuming all leases and incurring no bad debt from either situation. To be fair, the Claire's situation was further de-risked as that tenant had already paid in full for 2025.

Here are the key portfolio metrics underpinning these relationships as of September 30, 2025:

Metric	Value
Total Properties Owned	759
Properties Subject to Lease (% of Rentable Sq. Ft.)	99.5%
ABR Weighted Average Lease Term (WALT)	9.5 years
ABR Weighted Average Annual Rent Increase	2.0%
Largest Tenant % of ABR	3.9%

Proactive lease renewal and extension negotiations

The long-term nature of the net lease structure means renewal discussions are a continuous process, not just an end-of-term event. The current ABR weighted average lease term stands at 9.5 years as of September 30, 2025. This long runway allows for measured, strategic engagement with tenants well in advance of expiration. Furthermore, the contractual rent escalations embedded in those leases, with an ABR weighted average annual rent increase of 2.0%, show that the initial agreements already bake in predictable, modest growth, which simplifies future renewal discussions focused on market rates.

The company's development pipeline also directly supports tenant relationships by providing expansion opportunities. The active build-to-suit pipeline is set to deliver approximately $28 million of additional ABR between Q4 2025 and the end of 2026, representing 6.7% growth in current ABR, often tied to existing, valued tenants looking to expand or upgrade facilities.

Investor relations for public shareholders and analysts

For public shareholders and analysts, Broadstone Net Lease, Inc. maintains a cadence of direct communication, which is crucial for valuation, especially given the company's focus on long-term assets. Management provided initial guidance for fiscal year 2026 during an update on December 1, 2025, following the Q3 2025 earnings release. The company maintained its 2025 Adjusted Funds From Operations (AFFO) guidance at $1.49 to $1.50 per diluted share, representing 4.2% to 4.9% growth for the year.

Investor engagement is supported by significant capital markets activity used to fund growth, which directly impacts shareholder returns. Through December 1, 2025, Broadstone Net Lease, Inc. sold 621,487 shares of common stock for gross proceeds of approximately $11.4 million under its at-the-market (ATM) equity offering program. Also, on September 26, 2025, the company completed a public offering of $350.0 million in senior unsecured notes with a 5.00% coupon, issued at 99.15% of the principal amount. The management team hosted an Investor Day on December 2, 2025, to provide deeper insight into its strategy.

Key investor-facing financial metrics as of late 2025 include:

• 2025 AFFO per share guidance range: $1.49 to $1.50.
• Projected 2026 AFFO per share range: $1.53 to $1.57.
• Year-to-date investment through December 1, 2025: $696.7 million.
• Gross proceeds from ATM equity sales year-to-date: approximately $11.4 million.

Finance: draft 13-week cash view by Friday.

Broadstone Net Lease, Inc. (BNL) - Canvas Business Model: Channels

You're looking at how Broadstone Net Lease, Inc. (BNL) gets its properties and capital into the business as of late 2025. It's a mix of buying existing assets, building new ones specifically for tenants, and tapping the equity markets when the price is right.

Direct sourcing of property acquisitions

The focus here is on directly finding and closing deals, which management noted was a key strength, with more than two-thirds of acquisitions in the third quarter of 2025 being sourced this way. The company is actively deploying capital into its portfolio.

Metric	Amount/Value (YTD through Dec 1, 2025)	Amount/Value (Q3 2025 Activity)
Total Year-to-Date Investment	$696.7 million	$204 million (Acquisitions & Development)
New Property Acquisitions	$416.6 million	$253.2 million (Closed in Q3)
Acquisitions Under Control (Visibility)	$13.3 million	$103.2 million (Closed subsequent to Q3 end)
Weighted Average Initial Cash Cap Rate (New Acquisitions Q3)	N/A	7.1%
Weighted Average Straight Line Yield (New Acquisitions Q3)	N/A	8.2%

The portfolio size as of September 30, 2025, stood at 759 individual net leased commercial properties, spread across 44 U.S. states and seven properties in four Canadian provinces.

Build-to-suit development pipeline for new assets

This channel is a core differentiator, allowing Broadstone Net Lease, Inc. to create custom assets for tenants, locking in long-term leases. The pipeline is robust, providing clear visibility into future cash flow generation.

• Total in-process development pipeline as of July 28, 2025, included eight projects with a combined estimated investment of over $370 million.
• As of December 1, 2025, $181.8 million had been invested year-to-date in build-to-suit developments.
• Remaining estimated investments for build-to-suit developments to be funded through the fourth quarter of 2026 totaled $235.8 million as of September 30, 2025.
• These projects are expected to generate $28 million of new incremental Annual Base Rent (ABR) through the third quarter of 2026.
• Weighted average estimated initial yield on the BTS pipeline is 7.5%, with a straight-line yield of 8.9%.
• Lease terms on new deals span 12 to 15 years with annual rent escalations ranging from 0.9% to 3.5%.

At-the-market (ATM) equity offering program

Broadstone Net Lease, Inc. uses its ATM program selectively to raise capital on a forward basis, meaning the shares are sold now but the proceeds are delivered later, often tied to investment activity.

• Through December 1, 2025, the company sold 621,487 shares on a forward basis under the ATM Program.
• These forward sales generated gross proceeds of approximately $11.4 million.
• Settlement of these shares can occur at the company's discretion any time prior to December 31, 2026.

Investor presentations and financial filings

The company communicates its strategy and results through regular filings and presentations, which set expectations for shareholders. For instance, the full-year 2025 Adjusted Funds From Operations (AFFO) guidance was raised.

• Full-year 2025 AFFO guidance was reaffirmed at $1.49 to $1.50 per share, representing 4.2% to 4.9% growth.
• Q3 2025 AFFO was $0.37 per diluted share.
• The company collected 100% of base rents due for the third quarter of 2025.
• As of September 30, 2025, total outstanding debt was $2.4 billion.
• The Net Debt to Annualized Adjusted EBITDAre ratio was 5.7x (Pro Forma: 5.4x) as of September 30, 2025.
• Capacity on the unsecured revolving credit facility was $904.2 million on September 30, 2025.

Finance: draft 13-week cash view by Friday.

Broadstone Net Lease, Inc. (BNL) - Canvas Business Model: Customer Segments

You're looking at the core groups Broadstone Net Lease, Inc. (BNL) serves to generate its net lease income. This isn't just about who pays the rent; it's about the quality and structure of those relationships.

Creditworthy single-tenant corporations form the bedrock of the portfolio. BNL targets tenants whose business operations make the leased property mission-critical. This focus on credit quality is reflected in operational metrics; for instance, rent collection stood at 100% for Q3 2025, and the overall lease rate for the portfolio was 99.5% as of that quarter. The company has shown an ability to navigate tenant distress, resolving issues with tenants like At Home and Claire's without incurring bad debt.

The portfolio is intentionally diversified across property types, though with a clear industrial focus. As of the first quarter of 2025, the distribution of Annualized Base Rent (ABR) across these sectors looked like this:

Industry Segment	Percentage of ABR (Q1 2025)
Industrial (Total)	59.8%
Retail	31.3%
Other (Office and Healthcare)	8.9%

Breaking down the industrial segment further, which is a key area of focus for Broadstone Net Lease, Inc., shows the following concentration based on Q1 2025 ABR:

• Distribution and warehouse: 18.2%
• Manufacturing: 17.5%
• Food processing: 12.4%
• Flex and R&D: 5.4%

The overall portfolio as of September 30, 2025, comprised 759 individual net leased commercial properties. The top ten tenants accounted for 21.9% of the total ABR as of March 31, 2025.

Institutional and retail public equity investors are a critical segment, as Broadstone Net Lease, Inc. trades on the New York Stock Exchange (NYSE: BNL). These investors are buying into the company's strategy and future cash flows. For context on the scale of the entity they invest in, the market capitalization as of December 1, 2025, was reported at $3.47 billion. The company maintained its 2025 Adjusted Funds From Operations (AFFO) guidance at $1.49 to $1.50 per share.

Companies seeking sale-leaseback transactions are served through the company's overall investment and disposition strategy. While specific sale-leaseback dollar amounts aren't isolated, the scale of capital deployment shows the market activity. Year-to-date through December 1, 2025, Broadstone Net Lease, Inc. invested approximately $696.7 million, which included $416.6 million in new property acquisitions. To fund future growth and recycle capital, the company projects property dispositions between $75 million and $100 million for fiscal year 2026.

Finance: draft 13-week cash view by Friday.

Broadstone Net Lease, Inc. (BNL) - Canvas Business Model: Cost Structure

You're looking at the expenses that drive Broadstone Net Lease, Inc.'s operations, which is key to understanding how their triple-net lease model translates to the bottom line. For a REIT like Broadstone Net Lease, Inc., the cost structure is heavily weighted toward financing and capital deployment, rather than day-to-day property management.

The core operational overhead, the General and Administrative (G&A) expenses, is managed tightly. For the full 2025 fiscal year, Broadstone Net Lease, Inc. is guiding for total core G&A expenses to fall between $30 million and $31 million. To give you a snapshot of the quarterly run rate that feeds into this, core G&A for the second quarter of 2025 was $6.9 million, and for the third quarter of 2025, it was reported at $7.4 million.

The most significant cost component, as you'd expect for a company focused on acquiring and holding real estate, is the cost of capital. As of the end of the third quarter of 2025, Broadstone Net Lease, Inc. reported total outstanding debt of $2.4 billion. The interest expense associated with this debt is a direct charge against income. For the third quarter of 2025 alone, the reported interest expense was ($28,230 thousand), or $28.23 million. This is a substantial figure, and it highlights why their investment spread-the difference between property capitalization rates and borrowing costs-is so critical to profitability.

Because Broadstone Net Lease, Inc. primarily operates under net lease structures, the direct Property operating expenses are typically minimal and often recoverable from tenants. However, looking at the reported figures for Q3 2025, the line item for Property and operating expense was $6,198 thousand, or about $6.20 million. This number reflects the residual operating costs that, in a true triple-net lease, the landlord still bears, though often these are reimbursed.

A major driver of cost, or more accurately, capital outlay, is the investment activity itself. Broadstone Net Lease, Inc. has been aggressively deploying capital to grow its portfolio. Year-to-date through December 1, 2025, the company has invested a total of $696.7 million. This deployment is the engine of future revenue, but it requires significant upfront capital and associated transaction costs, which can impact G&A or be capitalized.

Here is a breakdown of that substantial 2025 capital deployment year-to-date:

Investment Category	Amount (Year-to-Date 2025)
Total Capital Deployed	$696.7 million
New Property Acquisitions	$416.6 million
Build-to-Suit Developments	$181.8 million
Transitional Capital	$90 million
Revenue Generating Capital Expenditures	$8.3 million

So, you see the cost structure isn't just about keeping the lights on; it's about the cost of debt to finance the $696.7 million in investments and the fixed overhead of running the corporate structure, which is kept lean relative to the asset base.

• Interest expense on total outstanding debt (Q3 2025): ($28.23 million)
• Total outstanding debt (End of Q3 2025): $2.4 billion
• Property operating expenses (Q3 2025): $6.20 million
• Total core G&A expenses (2025 Guidance): $30 million to $31 million
• Capital deployment costs (Year-to-date 2025): $696.7 million

If onboarding takes 14+ days, churn risk rises, but for Broadstone Net Lease, Inc., the real risk is interest rate movement against that $2.4 billion debt load.

Finance: draft 13-week cash view by Friday.

Broadstone Net Lease, Inc. (BNL) - Canvas Business Model: Revenue Streams

The primary revenue source for Broadstone Net Lease, Inc. is rental income from long-term net leases across its diversified portfolio of commercial real estate properties. As of September 30, 2025, this portfolio comprised 759 individual net leased commercial properties.

The stability of this income is underpinned by contractual rent escalators embedded within the lease agreements. You see this structure reflected in the Annualized Base Rent (ABR) metrics.

Metric	Value/Rate	As of Date	Source Detail
ABR Weighted Average Annual Minimum Rent Increase	2.0%	June 30, 2025	Pursuant to leases
Leases with Contractual Increases (% of ABR)	97.3%	December 31, 2021	Generally ranging from 1.5% to 2.5% annually
Q3 2025 Contractual Rental Obligations Growth (Sequential)	1.2%	September 30, 2025	Secured quarterly growth

Broadstone Net Lease, Inc. reports its revenue performance over trailing periods. The Trailing Twelve Months (TTM) revenue is stated as $0.44 Billion USD.

For the third quarter ending September 30, 2025, the reported revenue was $114.17 million.

Another component of cash flow generation comes from strategic portfolio management through property sales. The 2025 guidance for proceeds from property dispositions was set between $50 million and $100 million.

Looking ahead, the guidance for 2026 dispositions is slightly adjusted:

• 2026 Dispositions Guidance Range: $75 million to $100 million
• 2025 Dispositions Guidance Range: $50 million to $100 million

The company collected 100% of rents due for the third quarter of 2025.