Broadstone Net Lease, Inc. (BNL): Business Model Canvas [Jan-2025 Mis à jour]

Plongez dans le monde stratégique de Broadstone Net Lease, Inc. (BNL), une société d'investissement immobilier dynamique qui transforme les propriétés commerciales uniques en une puissance robuste et générateurs de revenus. En tirant magistralement les stratégies de location en triple net, BNL offre aux investisseurs une occasion unique de puiser dans un portefeuille diversifié qui promet la stabilité, les rendements prévisibles et la gestion des actifs professionnels dans plusieurs secteurs et géographies. Que vous soyez un investisseur institutionnel, un individu à grande valeur ou un gestionnaire de fonds de retraite, cette exploration de la toile du modèle commercial de BNL dévoilera les mécanismes complexes stimulant leur approche innovante de l'investissement immobilier.

Broadstone Net Lease, Inc. (BNL) - Modèle commercial: partenariats clés

Promoteurs immobiliers et propriétaires

Au quatrième trimestre 2023, Broadstone Net Bail a des partenariats avec 87 Différents promoteurs immobiliers aux États-Unis. Leur portefeuille de propriétés comprend:

Type de propriété	Nombre de propriétés	Total en pieds carrés
Industriel	126	8,2 millions de pieds carrés
Vente au détail	93	5,7 millions de pieds carrés
Bureau	62	3,4 millions de pieds carrés

Locataires à triple net (NNN)

Broadstone Net Bail maintient des partenariats avec 342 locataires uniques dans diverses industries:

• Santé: 28% de la base des locataires
• Automobile: 19% de la base des locataires
• Restaurants à service rapide: 15% de la base des locataires
• Retail spécialisé: 12% de la base des locataires
• Autres industries: 26% de la base des locataires

Institutions financières et partenaires du marché des capitaux

Les partenariats financiers clés comprennent:

Institution financière	Montant de la facilité de crédit	Taux d'intérêt
JPMorgan Chase	350 millions de dollars	Libor + 2,25%
Banque d'Amérique	250 millions de dollars	Libor + 2,40%

Sociétés de courtage immobilier commerciales

Broadstone travaille avec 14 sociétés de courtage nationales et régionales, y compris:

• CBRE
• Jll
• Cushman & Wakefield
• Marcus & Millichap

Conseillers d'investissement et de gestion des actifs

Les partenariats de conseil stratégique comprennent:

Conseiller	Services consultatifs	Valeur du contrat
Blackstone Real Estate	Stratégie d'investissement	75 millions de dollars par an
Conseillers de la rue Green	Étude de marché	2,5 millions de dollars par an

Broadstone Net Lease, Inc. (BNL) - Modèle d'entreprise: Activités clés

Acquérir et gérer des propriétés commerciales à locataire unique

Depuis le quatrième trimestre 2023, Broadstone Net Lease, Inc. possédait 629 propriétés dans 46 États, totalisant 10,1 millions de pieds carrés de biens immobiliers commerciaux. Le portefeuille était évalué à environ 2,4 milliards de dollars.

Type de propriété	Nombre de propriétés	Pourcentage de portefeuille
Industriel	268	42.6%
Vente au détail	197	31.3%
Bureau	114	18.1%
Autre	50	8%

Exécution des stratégies d'investissement de location nette

Stratégie de location nette axée sur les propriétés avec:

• Baux à long terme (durée de location moyenne de 10,4 ans)
• Escalade de loyer contractuel
• Locataires avec de fortes notations de crédit

En 2023, la Société a complété 285,4 millions de dollars d'acquisitions avec un taux de trésorerie initial moyen pondéré de 6,7%.

Diversification du portefeuille et gestion des risques

Diversification de l'industrie des locataires	Pourcentage
Automobile	12.3%
Services de vente au détail	11.8%
Fabrication	10.5%
Soins de santé	9.7%

Surveillance et optimisation des performances des actifs

Mesures de performance clés pour 2023:

• Taux d'occupation: 99,1%
• Revenus de location: 185,3 millions de dollars
• Croissance du revenu d'exploitation net à magasins comparables: 3,2%

Allocation des capitaux et investissements immobiliers stratégiques

Répartition de l'allocation des capitaux pour 2023:

• Acquisitions de biens: 285,4 millions de dollars
• Dispositions de propriété: 62,7 millions de dollars
• Fonds des opérations (FFO): 116,3 millions de dollars

Terme de location restante moyenne pondérée: 10,4 ans avec 96,7% des locataires étant des sociétés de qualité en investissement ou nationales.

Broadstone Net Lease, Inc. (BNL) - Modèle d'entreprise: Ressources clés

Portefeuille immobilier diversifié

Depuis le quatrième trimestre 2023, Broadstone Net Lease, Inc. conserve un portefeuille de 658 propriétés dans 47 États. Valeur totale de l'actif brut: 4,1 milliards de dollars.

Secteur des biens	Nombre de propriétés	Pourcentage de portefeuille
Industriel	247	37.5%
Vente au détail	189	28.7%
Bureau	122	18.5%
Autre	100	15.3%

Capital financier

Mesures financières au 31 décembre 2023:

• Capitalisation boursière: 2,3 milliards de dollars
• Actif total: 4,8 milliards de dollars
• Dette totale: 2,1 milliards de dollars
• Ratio dette / fonds propres: 0,62

Équipe de direction

Expérience en leadership exécutif: Moyenne de 18 ans dans l'investissement immobilier commercial.

Position	Années d'expérience
PDG	22 ans
Directeur financier	16 ans
Chef des investissements	19 ans

Systèmes d'acquisition de propriétés

Les mesures d'évaluation propriétaires comprennent:

• Cadre d'évaluation des risques de 15 points
• Système de notation de la solvabilité des locataires
• Algorithme de diversification géographique

Réseau immobilier commercial

Métriques du réseau:

• Relations des courtiers actifs: 287
• Volume de transactions annuel: 625 millions de dollars
• Taille moyenne de l'accord: 9,4 millions de dollars

Broadstone Net Lease, Inc. (BNL) - Modèle d'entreprise: propositions de valeur

Revenu stable et prévisible grâce à des accords de location nets à long terme

Depuis le quatrième trimestre 2023, Broadstone Net Bail maintient une durée de location moyenne pondérée de 10,4 ans dans son portefeuille. Le loyer contractuel annualisé total s'élève à 201,4 millions de dollars, avec un minimum d'expirations de location jusqu'en 2025.

Métrique de location	Valeur
Terme de location moyenne pondérée	10,4 ans
Loyer contractuel annualisé	201,4 millions de dollars
Risque d'expiration du bail (2025)	Moins de 2%

Modèle d'investissement à faible entretien

La structure de location nette garantit que les locataires sont responsables de:

• Taxes foncières
• Assurance
• Frais de maintenance
• Services publics

Diversification géographique et de l'industrie

Composition de portefeuille	Pourcentage
Régions géographiques couvertes	48 États
Propriétés industrielles	38%
Propriétés de vente au détail	32%
Propriétés du bureau	22%
Autres types de propriétés	8%

Distributions de dividendes cohérentes

En décembre 2023, Broadstone Net Bail Rapports:

• Rendement des dividendes: 5,8%
• Paiements de dividendes trimestriels consécutifs: 24 trimestres
• Dividende annuel par action: 1,56 $

Gestion professionnelle des actifs

Métriques du portefeuille d'investissement auprès du quatrième trimestre 2023:

Métrique de gestion	Valeur
Valeur totale du portefeuille	3,1 milliards de dollars
Nombre de propriétés	637
Taux d'occupation	99.5%
Pourcentage de locataires de qualité investissement	46%

Broadstone Net Lease, Inc. (BNL) - Modèle d'entreprise: relations clients

Engagement direct avec les investisseurs institutionnels et individuels

Au quatrième trimestre 2023, Broadstone Net Lease, Inc. a déclaré 57 investisseurs institutionnels détenant des actions, représentant 95,4% du total des actions en circulation. Valeur d'investissement institutionnelle totale: 1,24 milliard de dollars.

Type d'investisseur	Pourcentage	Investissement total
Investisseurs institutionnels	95.4%	1,24 milliard de dollars
Investisseurs individuels	4.6%	59,7 millions de dollars

Rapports financiers transparents et communications des investisseurs

Métriques annuelles de l'information financière:

• Total des canaux de communication des investisseurs: 6
• Rapports financiers annuels publiés: 4
• Taux de téléchargement du rapport moyen: 3 752 par trimestre

Appels de bénéfices trimestriels et présentations des investisseurs

Métrique	2023 données
Appels de résultats trimestriels	4
Compte moyen des participants par appel	287
Téléchargements de présentation des investisseurs	5,214

Consultations de stratégie d'investissement personnalisées

Services de consultation overview:

• Équipe de relations avec les investisseurs dédiés: 12 professionnels
• Durée moyenne de la consultation: 45 minutes
• Demandes de consultation annuelles: 624

Plateformes de relations avec les investisseurs numériques

Plate-forme	Utilisateurs actifs mensuels	Caractéristiques
Portail des investisseurs	3,876	Suivi du portefeuille en temps réel
Application d'investisseurs mobiles	2,541	Analyse des performances

Broadstone Net Lease, Inc. (BNL) - Modèle d'entreprise: canaux

Site Web de relations avec les investisseurs

Broadstone Net Lease, Inc. conserve un site Web de relations avec les investisseurs à www.broadstonenetlease.com avec les mesures d'engagement numérique suivantes:

Fonctionnalité de site Web	Détails spécifiques
Accessibilité du rapport annuel	Format PDF entièrement téléchargeable
Présentations de bénéfices trimestriels	Disponible dans les 24 heures suivant la libération financière
Email de contact des investisseurs	ir@broadstonenetlease.com

Plateformes de marché financier

BNL utilise plusieurs canaux de communication sur les marchés financiers:

• NYSE Stock Bourse (Ticker coté: BNL)
• Liste du terminal Bloomberg
• S&P Global Market Intelligence Plateforme

Divulgations de classement de la SEC

Type de classement	Fréquence	Plate-forme
Rapport annuel de 10 K	Annuellement	Système Sec Edgar
Rapport trimestriel 10-Q	Trimestriel	Système Sec Edgar
Événements matériels 8-K	Au besoin	Système Sec Edgar

Conférences d'investisseurs institutionnelles

Détails de la participation de la conférence:

• Conférence des investisseurs de Nareit
• Citi Global Property Conference
• Symposium immobilier de Bank of America

Efforts directs de vente et de marketing

Canal de vente	Public cible	Approche
Sensibilisation institutionnelle directe	Fonds de pension, FPI	Présentations d'investissement personnalisées
Présentations de roadshow	Investisseurs institutionnels potentiels	Examen trimestriel de la performance financière
Équipe de relations avec les investisseurs	Actionnaires existants et potentiels	Consultations d'investissement individuelles

Broadstone Net Lease, Inc. (BNL) - Modèle d'entreprise: segments de clientèle

Investisseurs institutionnels

Au quatrième trimestre 2023, Broadstone Net Bail dessert les investisseurs institutionnels avec une valeur de portefeuille totale de 2,1 milliards de dollars. Le portefeuille de location nette de la société comprend 629 propriétés dans 46 États.

Type d'investisseur	Allocation de portefeuille	Taille moyenne de l'investissement
Investisseurs institutionnels	68% du portefeuille total	15,3 millions de dollars par investissement

Trusts de placement immobilier (FPI)

Broadstone Net Bail cible les FPI avec des critères d'investissement spécifiques.

• Investissements totaux axés sur les FPI: 687 millions de dollars
• Valeur de propriété moyenne pour les investissements du REIT: 4,2 millions de dollars
• Taux d'occupation pour les propriétés ciblées par le REIT: 96,5%

Investisseurs individuels à haute nette

L'entreprise attire des personnes à haute teneur en naissance ayant des opportunités d'investissement de location nette spécialisées.

Segment d'investissement	Valeur d'investissement totale	Nombre d'investisseurs
Individus à haute nette	412 millions de dollars	Environ 215 investisseurs

Fonds de retraite et de retraite

Broadstone Net Bail offre des options d'investissement stables pour les fonds de retraite.

• Investissements totaux de fonds de retraite: 523 millions de dollars
• Durée d'investissement moyenne: 12,7 ans
• Terme de location moyenne pondérée: 10,4 ans

Sociétés de capital-investissement

La société entretient des relations stratégiques avec des investisseurs en capital-investissement.

Segment de capital-investissement	Portefeuille d'investissement	Diversification géographique
Investissements de capital-investissement	456 millions de dollars	Propriétés dans 46 États

Broadstone Net Lease, Inc. (BNL) - Modèle d'entreprise: Structure des coûts

Frais d'acquisition de biens

Au quatrième trimestre 2023, Broadstone Net Lease, Inc. a déclaré des coûts d'acquisition totale de propriétés de 1,4 milliard de dollars. La stratégie d'acquisition de l'entreprise se concentre sur les propriétés de location nettes à location unique dans divers secteurs.

Catégorie d'acquisition	Investissement total ($)
Propriétés industrielles	612 millions de dollars
Propriétés de vente au détail	418 millions de dollars
Propriétés du bureau	270 millions de dollars
Autres secteurs	100 millions de dollars

Gestion et frais généraux administratifs

Pour l'exercice 2023, Broadstone Net Bail a déclaré des dépenses d'exploitation totales de 53,4 millions de dollars.

• Frais généraux et administratifs: 22,1 millions de dollars
• Coûts de gestion des actifs: 15,6 millions de dollars
• Frais professionnels: 8,7 millions de dollars
• Compensation des employés: 7 millions de dollars

Distributions de dividendes

En 2023, la société a distribué 94,6 millions de dollars de dividendes, avec un taux de dividende trimestriel de 0,285 $ par action.

Maintenance des biens et améliorations des capitaux

Le bail net de Broadstone a alloué 67,3 millions de dollars pour la maintenance des biens et les améliorations des capitaux en 2023.

Catégorie de maintenance	Dépenses ($)
Maintenance de routine	28,5 millions de dollars
Améliorations majeures en capital	38,8 millions de dollars

Contacments de conformité et de réglementation

Les dépenses liées à la conformité pour 2023 ont totalisé 5,2 millions de dollars, notamment:

• Frais de dépôt réglementaire: 1,4 million de dollars
• Conformité juridique et audit: 2,8 millions de dollars
• Coûts de gouvernance d'entreprise: 1 million de dollars

Broadstone Net Lease, Inc. (BNL) - Modèle d'entreprise: Strots de revenus

Revenu locatif des propriétés de location nette

Au troisième rang 2023, Broadstone Net Lease, Inc. 59,4 millions de dollars dans le total des revenus de location. Le portefeuille de la société est composé de 476 Propriétés à travers 38 États, avec un taux d'occupation de 99.3%.

Type de propriété	Nombre de propriétés	Revenu locatif ($ m)
Industriel	189	24.6
Vente au détail	142	18.3
Bureau	97	12.5
Autre	48	4.0

Appréciation des biens

Le total des actifs immobiliers de la société était évalué à 1,56 milliard de dollars Au 30 septembre 2023, avec un durée de location moyenne pondérée de 10,4 ans.

Revenu des dividendes pour les actionnaires

Bail net de largeur payé 1,20 $ par action en dividendes annuels pour 2023, représentant un rendement en dividende de 6,8%.

Frais de gestion des actifs

Les frais de gestion des actifs pour 2023 ont totalisé 7,2 millions de dollars, dérivé de:

• Services de gestion immobilière
• Administration de location
• Stratégies d'optimisation du portefeuille

Ventes de propriétés stratégiques et optimisation du portefeuille

En 2023, l'entreprise a terminé 145 millions de dollars dans les dispositions de propriété avec un taux de capitalisation moyen de 6.5%.

Catégorie de vente	Valeur totale ($ m)	Nombre de propriétés
Dispositions stratégiques	95	37
Ventes d'actifs non essentiels	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.