Broadstone Net Lease, Inc. (BNL): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

Sumérgete en el mundo estratégico de Broadstone Net Lease, Inc. (BNL), una compañía dinámica de inversión inmobiliaria que transforma las propiedades comerciales de un solo enlace en una potencia robusta generadora de ingresos. Al aprovechar magistralmente las estrategias de arrendamiento triple neto, BNL ofrece a los inversores una oportunidad única para aprovechar una cartera diversificada que promete estabilidad, rendimientos predecibles y gestión profesional de activos en múltiples sectores y geografías. Ya sea que sea un inversor institucional, un individuo de alto nivel de red o un administrador de fondos de jubilación, esta exploración del lienzo de modelo de negocio de BNL presentará los intrincados mecanismos que impulsan su enfoque innovador para la inversión inmobiliaria.

Broadstone Net Lease, Inc. (BNL) - Modelo de negocios: asociaciones clave

Desarrolladores de bienes raíces y propietarios

A partir del cuarto trimestre de 2023, Broadstone Net Lease tiene asociaciones con 87 desarrolladores de bienes raíces diferentes en todo Estados Unidos. Su cartera de propiedades incluye:

Tipo de propiedad	Número de propiedades	Hoques cuadrados totales
Industrial	126	8.2 millones de pies cuadrados
Minorista	93	5.7 millones de pies cuadrados
Oficina	62	3.4 millones de pies cuadrados

Triple Net Lease (NNN) inquilinos

Broadstone Net Lease mantiene asociaciones con 342 inquilinos únicos En varias industrias:

• Atención médica: 28% de la base de inquilinos
• Automotriz: 19% de la base del inquilino
• Restaurantes de servicio rápido: 15% de la base de inquilinos
• Minorista especializado: 12% de la base de inquilinos
• Otras industrias: 26% de la base de inquilinos

Instituciones financieras y socios del mercado de capitales

Las asociaciones financieras clave incluyen:

Institución financiera	Monto de la facilidad de crédito	Tasa de interés
JPMorgan Chase	$ 350 millones	LIBOR + 2.25%
Banco de América	$ 250 millones	LIBOR + 2.40%

Empresas de corretaje de bienes raíces comerciales

Broadstone funciona con 14 empresas de corretaje nacionales y regionales, incluido:

• CBRE
• Jll
• Cushman & Wakefield
• Marco & Millicap

Asesores de inversión y gestión de activos

Las asociaciones de asesoramiento estratégico incluyen:

Tutor	Servicios de asesoramiento	Valor de contrato
Blackstone Real Estate	Estrategia de inversión	$ 75 millones anuales
Advisores de Green Street	Investigación de mercado	$ 2.5 millones anuales

Broadstone Net Lease, Inc. (BNL) - Modelo de negocio: actividades clave

Adquirir y administrar propiedades comerciales de un solo enlace

A partir del cuarto trimestre de 2023, Broadstone Net Lease, Inc. poseía 629 propiedades en 46 estados, por un total de 10.1 millones de pies cuadrados de bienes raíces comerciales. La cartera fue valorada en aproximadamente $ 2.4 mil millones.

Tipo de propiedad	Número de propiedades	Porcentaje de cartera
Industrial	268	42.6%
Minorista	197	31.3%
Oficina	114	18.1%
Otro	50	8%

Ejecución de estrategias de inversión de arrendamiento neto

Estrategia de arrendamiento neto centrada en las propiedades con:

• Arrendamientos a largo plazo (término de arrendamiento promedio de 10.4 años)
• Escaladas de alquiler contractual
• Inquilinos con fuertes calificaciones crediticias

En 2023, la compañía completó $ 285.4 millones en adquisiciones con una tasa de capital de efectivo inicial promedio ponderada del 6.7%.

Diversificación de cartera y gestión de riesgos

Diversificación de la industria del inquilino	Porcentaje
Automotor	12.3%
Servicios minoristas	11.8%
Fabricación	10.5%
Cuidado de la salud	9.7%

Monitorización y optimización del rendimiento de los activos

Métricas de rendimiento clave para 2023:

• Tasa de ocupación: 99.1%
• Ingresos de alquiler: $ 185.3 millones
• Crecimiento de ingresos operativos netos en la misma tienda: 3.2%

Asignación de capital e inversiones de propiedad estratégica

Desglose de asignación de capital para 2023:

• Adquisiciones de propiedades: $ 285.4 millones
• Disposiciones de propiedad: $ 62.7 millones
• Fondos de Operaciones (FFO): $ 116.3 millones

Término de arrendamiento promedio ponderado restante: 10.4 años con El 96.7% de los inquilinos son empresas de grado de inversión o nacionales.

Broadstone Net Lease, Inc. (BNL) - Modelo de negocio: recursos clave

Cartera de bienes raíces diversificadas

A partir del cuarto trimestre de 2023, Broadstone Net Lease, Inc. mantiene una cartera de 658 propiedades en 47 estados. Valor total del activo bruto: $ 4.1 mil millones.

Sector inmobiliario	Número de propiedades	Porcentaje de cartera
Industrial	247	37.5%
Minorista	189	28.7%
Oficina	122	18.5%
Otro	100	15.3%

Capital financiero

Métricas financieras al 31 de diciembre de 2023:

• Capitalización de mercado: $ 2.3 mil millones
• Activos totales: $ 4.8 mil millones
• Deuda total: $ 2.1 mil millones
• Relación de deuda / capital: 0.62

Equipo de gestión

Experiencia de liderazgo ejecutivo: Promedio de 18 años en inversión inmobiliaria comercial.

Posición	Años de experiencia
CEO	22 años
director de Finanzas	16 años
Director de inversiones	19 años

Sistemas de adquisición de propiedades

Las métricas de evaluación patentadas incluyen:

• Marco de evaluación de riesgos de 15 puntos
• Sistema de calificación de la solvencia del inquilino
• Algoritmo de diversificación geográfica

Red de bienes raíces comerciales

Métricas de red:

• Relaciones activas de corredor: 287
• Volumen de transacción anual: $ 625 millones
• Tamaño promedio de la oferta: $ 9.4 millones

Broadstone Net Lease, Inc. (BNL) - Modelo de negocio: propuestas de valor

Ingresos estables y predecibles a través de contratos de arrendamiento neto a largo plazo

A partir del cuarto trimestre de 2023, Broadstone Net Arrendamiento mantiene un término de arrendamiento promedio ponderado de 10.4 años en su cartera. El alquiler contractual anualizado total es de $ 201.4 millones, con una expiración mínima de arrendamiento hasta 2025.

Métrico de arrendamiento	Valor
Término de arrendamiento promedio ponderado	10.4 años
Alquiler contractual anualizado	$ 201.4 millones
Riesgo de vencimiento del arrendamiento (2025)	Menos del 2%

Modelo de inversión de bajo mantenimiento

La estructura de arrendamiento neto asegura que los inquilinos sean responsables de:

• Impuestos a la propiedad
• Seguro
• Costos de mantenimiento
• Utilidades

Diversificación geográfica e industrial

Composición de cartera	Porcentaje
Regiones geográficas cubiertas	48 estados
Propiedades industriales	38%
Propiedades minoristas	32%
Propiedades de la oficina	22%
Otros tipos de propiedades	8%

Distribuciones de dividendos consistentes

A diciembre de 2023, Broadstone Net Arrendamiento informa:

• Rendimiento de dividendos: 5.8%
• Pagos de dividendos trimestrales consecutivos: 24 trimestres
• Dividendo anual por acción: $ 1.56

Gestión de activos profesionales

Métricas de cartera de inversiones a partir del cuarto trimestre 2023:

Métrica de gestión	Valor
Valor total de la cartera	$ 3.1 mil millones
Número de propiedades	637
Tasa de ocupación	99.5%
Porcentaje de inquilinos de grado de inversión	46%

Broadstone Net Lease, Inc. (BNL) - Modelo de negocios: relaciones con los clientes

Compromiso directo con inversores institucionales e individuales

A partir del cuarto trimestre de 2023, Broadstone Net Lease, Inc. reportó 57 inversores institucionales que poseen acciones, que representan el 95.4% del total de acciones en circulación. Valor de inversión institucional total: $ 1.24 mil millones.

Tipo de inversor	Porcentaje	Inversión total
Inversores institucionales	95.4%	$ 1.24 mil millones
Inversores individuales	4.6%	$ 59.7 millones

Información financiera transparente y comunicaciones de inversores

Métricas anuales de informes financieros:

• Canales de comunicación de inversores totales: 6
• Informes financieros anuales publicados: 4
• Tasa de descarga promedio del informe: 3,752 por trimestre

Llamadas de ganancias trimestrales y presentaciones de inversores

Métrico	2023 datos
Llamadas de ganancias trimestrales	4
Recuento promedio de participantes por llamada	287
Descargas de presentación de inversores	5,214

Consultas de estrategia de inversión personalizada

Servicios de consulta overview:

• Equipo dedicado de relaciones con inversores: 12 profesionales
• Duración de consulta promedio: 45 minutos
• Solicitudes de consulta anual: 624

Plataformas de relaciones con inversores digitales

Plataforma	Usuarios activos mensuales	Características
Portal de inversores	3,876	Seguimiento de cartera en tiempo real
Aplicación de inversores móviles	2,541	Análisis de rendimiento

Broadstone Net Lease, Inc. (BNL) - Modelo de negocios: canales

Sitio web de relaciones con los inversores

Broadstone Net Lease, Inc. mantiene un sitio web de relaciones con los inversores en www.broadstonenetlease.com con las siguientes métricas de participación digital:

Característica del sitio web	Detalles específicos
Accesibilidad al informe anual	Formato PDF totalmente descargable
Presentaciones de ganancias trimestrales	Disponible dentro de las 24 horas posteriores a la liberación financiera
Correo electrónico de contacto del inversor	ir@broadstonenetlease.com

Plataformas de mercado financiero

BNL utiliza múltiples canales de comunicación de mercado financiero:

• Bolsa de Valores de NYSE (Ticker listado: BNL)
• Listado de terminal de Bloomberg
• Plataforma de inteligencia de mercado global de S&P

SEC que presenta divulgaciones

Tipo de archivo	Frecuencia	Plataforma
Informe anual de 10-K	Anualmente	SEC EDGAR SISTEMA
Informe trimestral de 10-Q	Trimestral	SEC EDGAR SISTEMA
Eventos materiales de 8 K	Según sea necesario	SEC EDGAR SISTEMA

Conferencias de inversores institucionales

Detalles de participación de la conferencia:

• Conferencia de inversores Nareit
• Conferencia de Propiedad Global Citi
• Simposio de bienes raíces del Bank of America

Esfuerzos directos de ventas y marketing

Canal de ventas	Público objetivo	Acercarse
Extensión institucional directa	Fondos de pensiones, REIT	Presentaciones de inversión personalizadas
Presentaciones de carretera	Inversores institucionales potenciales	Revisión trimestral de desempeño financiero
Equipo de relaciones con los inversores	Accionistas existentes y potenciales	Consultas de inversiones individuales

Broadstone Net Lease, Inc. (BNL) - Modelo de negocios: segmentos de clientes

Inversores institucionales

A partir del cuarto trimestre de 2023, Broadstone Net Lease atiende a inversores institucionales con un valor de cartera total de $ 2.1 mil millones. La cartera de arrendamiento neto de la compañía incluye 629 propiedades en 46 estados.

Tipo de inversor	Asignación de cartera	Tamaño de inversión promedio
Inversores institucionales	68% de la cartera total	$ 15.3 millones por inversión

Fideicomisos de inversión inmobiliaria (REIT)

Broadstone Net Lease se dirige a REIT con criterios de inversión específicos.

• Inversiones totales centradas en REIT: $ 687 millones
• Valor de propiedad promedio para Reit Investments: $ 4.2 millones
• Tasa de ocupación para propiedades dirigidas a REIT: 96.5%

Inversores individuales de alto nivel de red

La compañía atrae a personas de alto valor de la red con oportunidades especializadas de inversión de arrendamiento neto.

Segmento de inversión	Valor de inversión total	Número de inversores
Individuos de alto nivel de red	$ 412 millones	Aproximadamente 215 inversores

Fondos de jubilación y pensiones

Broadstone Net Lease proporciona opciones de inversión estables para fondos de jubilación.

• Inversiones totales de fondos de pensiones: $ 523 millones
• Duración promedio de la inversión: 12.7 años
• Término de arrendamiento promedio ponderado: 10.4 años

Empresas de capital privado

La compañía mantiene relaciones estratégicas con inversores de capital privado.

Segmento de capital privado	Cartera de inversiones	Diversificación geográfica
Inversiones de capital privado	$ 456 millones	Propiedades en 46 estados

Broadstone Net Lease, Inc. (BNL) - Modelo de negocio: Estructura de costos

Gastos de adquisición de propiedades

A partir del cuarto trimestre de 2023, Broadstone Net Lease, Inc. reportó costos totales de adquisición de propiedades de $ 1.4 mil millones. La estrategia de adquisición de la compañía se centra en las propiedades de arrendamiento neto de un solo inquilino en varios sectores.

Categoría de adquisición	Inversión total ($)
Propiedades industriales	$ 612 millones
Propiedades minoristas	$ 418 millones
Propiedades de la oficina	$ 270 millones
Otros sectores	$ 100 millones

Gestión y gastos generales administrativos

Para el año fiscal 2023, Broadstone Net Lease informó gastos operativos totales de $ 53.4 millones.

• Gastos generales y administrativos: $ 22.1 millones
• Costos de gestión de activos: $ 15.6 millones
• Tarifas profesionales: $ 8.7 millones
• Compensación de empleados: $ 7 millones

Distribuciones de dividendos

En 2023, la compañía distribuyó $ 94.6 millones en dividendos, con una tasa de dividendos trimestral de $ 0.285 por acción.

Mantenimiento de la propiedad y mejoras de capital

Broadstone Net Lease asignó $ 67.3 millones para el mantenimiento de la propiedad y las mejoras de capital en 2023.

Categoría de mantenimiento	Gasto ($)
Mantenimiento de rutina	$ 28.5 millones
Grandes mejoras de capital	$ 38.8 millones

Cumplimiento y costos regulatorios

Los gastos relacionados con el cumplimiento para 2023 totalizaron $ 5.2 millones, que incluyen:

• Tarifas de presentación regulatoria: $ 1.4 millones
• Cumplimiento legal y de auditoría: $ 2.8 millones
• Costos de gobierno corporativo: $ 1 millón

Broadstone Net Lease, Inc. (BNL) - Modelo de negocios: flujos de ingresos

Ingresos de alquiler de propiedades de arrendamiento neto

A partir del tercer trimestre de 2023, Broadstone Net Lease, Inc. informó $ 59.4 millones En ingresos totales de alquiler. La cartera de la compañía consiste en 476 propiedades al otro lado de 38 estados, con una tasa de ocupación de 99.3%.

Tipo de propiedad	Número de propiedades	Ingresos de alquiler ($ M)
Industrial	189	24.6
Minorista	142	18.3
Oficina	97	12.5
Otro	48	4.0

Apreciación de la propiedad

Los activos inmobiliarios totales de la compañía fueron valorados en $ 1.56 mil millones A partir del 30 de septiembre de 2023, con un Term de arrendamiento promedio ponderado de 10.4 años.

Ingresos de dividendos para los accionistas

Broadstone Net Lease pagado $ 1.20 por acción en dividendos anuales para 2023, representando un rendimiento de dividendos del 6,8%.

Tarifas de gestión de activos

Las tarifas de gestión de activos para 2023 totalizaron $ 7.2 millones, derivado de:

• Servicios de administración de propiedades
• Administración de arrendamiento
• Estrategias de optimización de cartera

Ventas de propiedades estratégicas y optimización de cartera

En 2023, la compañía completó $ 145 millones en disposiciones de propiedad con una tasa de capitalización promedio de 6.5%.

Categoría de ventas	Valor total ($ m)	Número de propiedades
Disposiciones estratégicas	95	37
Ventas de activos no básicos	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.