Broadstone Net Lease, Inc. (BNL): Modelo de negócios Canvas [Jan-2025 Atualizado]

Mergulhe no mundo estratégico da Broadstone Net Lease, Inc. (BNL), uma empresa dinâmica de investimentos imobiliários que transforma propriedades comerciais de inquilinos únicos em uma potência robusta e geradora de renda. Ao alavancar magistralmente estratégias de arrendamento de líquidos triplos, a BNL oferece aos investidores uma oportunidade única de explorar um portfólio diversificado que promete estabilidade, retornos previsíveis e gerenciamento profissional de ativos em vários setores e geografias. Seja você que você é um investidor institucional, um indivíduo de alta rede ou gerente de fundos de aposentadoria, essa exploração do modelo de negócios da BNL Canvas revelará os intrincados mecanismos que impulsionam sua abordagem inovadora ao investimento imobiliário.

Broadstone Net Lease, Inc. (BNL) - Modelo de negócios: Parcerias -chave

Proprietários e proprietários imobiliários

A partir do quarto trimestre 2023, o arrendamento da Broadstone Net tem parcerias com 87 diferentes promotores imobiliários nos Estados Unidos. Seu portfólio de propriedades inclui:

Tipo de propriedade	Número de propriedades	Mágua quadrada total
Industrial	126	8,2 milhões de pés quadrados
Varejo	93	5,7 milhões de pés quadrados
Escritório	62	3,4 milhões de pés quadrados

Inquilinos de arrendamento líquido triplo (NNN)

A Broadstone Net Lease mantém parcerias com 342 inquilinos únicos em vários setores:

• Saúde: 28% da base de inquilinos
• Automotivo: 19% da base de inquilinos
• Restaurantes de serviço rápido: 15% da base de inquilinos
• Varejo especializado: 12% da base de inquilinos
• Outras indústrias: 26% da base de inquilinos

Instituições financeiras e parceiros do mercado de capitais

As principais parcerias financeiras incluem:

Instituição financeira	Valor da linha de crédito	Taxa de juro
JPMorgan Chase	US $ 350 milhões	Libor + 2,25%
Bank of America	US $ 250 milhões	Libor + 2,40%

Corretor imobiliário comercial

Broadstone trabalha 14 corretor nacional e regional, incluindo:

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

Consultores de gestão de investimentos e ativos

As parcerias consultivas estratégicas incluem:

Consultor	Serviços de consultoria	Valor do contrato
Blackstone Real Estate	Estratégia de investimento	US $ 75 milhões anualmente
Advisores Green Street	Pesquisa de mercado	US $ 2,5 milhões anualmente

Broadstone Net Lease, Inc. (BNL) - Modelo de negócios: Atividades -chave

Aquisição e gerenciamento de propriedades comerciais de inquilinos únicos

A partir do quarto trimestre de 2023, a Broadstone Net Lease, Inc. possuía 629 propriedades em 46 estados, totalizando 10,1 milhões de pés quadrados de imóveis comerciais. O portfólio foi avaliado em aproximadamente US $ 2,4 bilhões.

Tipo de propriedade	Número de propriedades	Porcentagem de portfólio
Industrial	268	42.6%
Varejo	197	31.3%
Escritório	114	18.1%
Outro	50	8%

Executando estratégias de investimento de arrendamento líquido

A estratégia de arrendamento líquido focada em propriedades com:

• Arrendamentos de longo prazo (termo de arrendamento médio de 10,4 anos)
• Escalas contratuais de aluguel
• Inquilinos com fortes classificações de crédito

Em 2023, a empresa completou US $ 285,4 milhões em aquisições com uma taxa média de limite de caixa inicial ponderada de 6,7%.

Diversificação de portfólio e gerenciamento de riscos

Diversificação da indústria de inquilinos	Percentagem
Automotivo	12.3%
Serviços de varejo	11.8%
Fabricação	10.5%
Assistência médica	9.7%

Monitoramento e otimização de desempenho de ativos

Métricas principais de desempenho para 2023:

• Taxa de ocupação: 99,1%
• Receita de aluguel: US $ 185,3 milhões
• Crescimento da receita operacional líquida da mesma loja: 3,2%

Alocação de capital e investimentos estratégicos de propriedade

Aparecimento de alocação de capital para 2023:

• Aquisições de propriedades: US $ 285,4 milhões
• Disposições de propriedade: US $ 62,7 milhões
• Fundos das operações (FFO): US $ 116,3 milhões

Termo de arrendamento restante médio ponderado: 10,4 anos com 96,7% dos inquilinos são empresas de grau de investimento ou nacionais.

Broadstone Net Lease, Inc. (BNL) - Modelo de negócios: Recursos -chave

Portfólio imobiliário diversificado

A partir do quarto trimestre 2023, a Broadstone Net Lease, Inc. mantém um portfólio de 658 propriedades em 47 estados. Valor total do ativo bruto: US $ 4,1 bilhões.

Setor de propriedades	Número de propriedades	Porcentagem de portfólio
Industrial	247	37.5%
Varejo	189	28.7%
Escritório	122	18.5%
Outro	100	15.3%

Capital financeiro

Métricas financeiras em 31 de dezembro de 2023:

• Capitalização de mercado: US $ 2,3 bilhões
• Total de ativos: US $ 4,8 bilhões
• Dívida total: US $ 2,1 bilhões
• Taxa de dívida / patrimônio: 0,62

Equipe de gerenciamento

Experiência de liderança executiva: Média de 18 anos em investimento imobiliário comercial.

Posição	Anos de experiência
CEO	22 anos
Diretor Financeiro	16 anos
Diretor de Investimento	19 anos

Sistemas de aquisição de propriedades

As métricas de avaliação proprietária incluem:

• Estrutura de avaliação de risco de 15 pontos
• Sistema de pontuação de credibilidade do inquilino
• Algoritmo de diversificação geográfica

Rede imobiliária comercial

Métricas de rede:

• Relacionamentos ativos do corretor: 287
• Volume anual de transação: US $ 625 milhões
• Tamanho médio de negócios: US $ 9,4 milhões

Broadstone Net Lease, Inc. (BNL) - Modelo de negócios: proposições de valor

Renda estável e previsível por meio de acordos de arrendamento líquido de longo prazo

A partir do quarto trimestre 2023, o arrendamento da Broadstone Net mantém um prazo médio de arrendamento ponderado de 10,4 anos em seu portfólio. O aluguel contratual anualizado total é de US $ 201,4 milhões, com o mínimo de expiração de arrendamento até 2025.

Métrica de arrendamento	Valor
Termo de arrendamento médio ponderado	10,4 anos
Aluguel contratual anualizado	US $ 201,4 milhões
Risco de expiração do arrendamento (2025)	Menos de 2%

Modelo de investimento de baixa manutenção

A estrutura de arrendamento líquido garante que os inquilinos sejam responsáveis:

• Impostos sobre a propriedade
• Seguro
• Custos de manutenção
• Utilitários

Diversificação geográfica e da indústria

Composição do portfólio	Percentagem
Regiões geográficas cobertas	48 estados
Propriedades industriais	38%
Propriedades de varejo	32%
Propriedades do escritório	22%
Outros tipos de propriedades	8%

Distribuições de dividendos consistentes

Em dezembro de 2023, os relatórios de arrendamento de líquidos da Broadstone:

• Rendimento de dividendos: 5,8%
• Pagamentos consecutivos de dividendos trimestrais: 24 quartos
• Dividendo anual por ação: US $ 1,56

Gerenciamento de ativos profissionais

Métricas de portfólio de investimentos a partir do quarto trimestre 2023:

Métrica de Gerenciamento	Valor
Valor total do portfólio	US $ 3,1 bilhões
Número de propriedades	637
Taxa de ocupação	99.5%
Porcentagem de inquilino no grau de investimento	46%

Broadstone Net Lease, Inc. (BNL) - Modelo de Negócios: Relacionamentos do Cliente

Engajamento direto com investidores institucionais e individuais

A partir do quarto trimestre 2023, a Broadstone Net Lease, Inc. registrou 57 investidores institucionais que possuíam ações, representando 95,4% do total de ações em circulação. Valor total de investimento institucional: US $ 1,24 bilhão.

Tipo de investidor	Percentagem	Investimento total
Investidores institucionais	95.4%	US $ 1,24 bilhão
Investidores individuais	4.6%	US $ 59,7 milhões

Relatórios financeiros transparentes e comunicações de investidores

Métricas anuais de relatórios financeiros:

• Total de canais de comunicação de investidores: 6
• Relatórios financeiros anuais publicados: 4
• Taxa média de download de relatório: 3.752 por trimestre

Chamadas de ganhos trimestrais e apresentações de investidores

Métrica	2023 dados
Chamadas de ganhos trimestrais	4
Contagem média de participantes por chamada	287
Downloads de apresentação do investidor	5,214

Consultas de estratégia de investimento personalizadas

Serviços de consulta overview:

• Equipe dedicada de relações com investidores: 12 profissionais
• Duração média da consulta: 45 minutos
• Solicitações anuais de consulta: 624

Plataformas de relações com investidores digitais

Plataforma	Usuários ativos mensais	Características
Portal de investidores	3,876	Rastreamento de portfólio em tempo real
Aplicativo de investidor móvel	2,541	Análise de desempenho

Broadstone Net Lease, Inc. (BNL) - Modelo de Negócios: Canais

Site de Relações com Investidores

A Broadstone Net Lease, Inc. mantém um site de relações com investidores em www.broadstonenetlease.com com as seguintes métricas de engajamento digital:

Recurso do site	Detalhes específicos
Acessibilidade anual do relatório	Formato PDF totalmente para download
Apresentações trimestrais de ganhos	Disponível dentro de 24 horas após a liberação financeira
Email de contato com investidores	ir@broadstonenetlease.com

Plataformas de mercado financeiro

A BNL utiliza vários canais de comunicação de mercado financeiro:

• Bolsa de Valores da NYSE (Ticker listado: BNL)
• Listagem do terminal da Bloomberg
• S&P Global Market Intelligence Platform

Sec Divulgações de arquivamento

Tipo de arquivamento	Freqüência	Plataforma
Relatório anual de 10-K	Anualmente	Sistema Sec Edgar
Relatório trimestral de 10-Q	Trimestral	Sistema Sec Edgar
Eventos materiais de 8-K	Conforme necessário	Sistema Sec Edgar

Conferências de investidores institucionais

Detalhes da participação na conferência:

• Conferência Nareit Investor
• Conferência de Propriedade Global do Citi
• Simpósio imobiliário do Bank of America

Esforços diretos de vendas e marketing

Canal de vendas	Público -alvo	Abordagem
Extensão institucional direta	Fundos de pensão, REITs	Apresentações de investimento personalizadas
Apresentações de roadshow	Potenciais investidores institucionais	Revisão trimestral de desempenho financeiro
Equipe de Relações com Investidores	Acionistas existentes e em potencial	Consultas de investimento individuais

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

Investidores institucionais

A partir do quarto trimestre 2023, o arrendamento líquido da Broadstone atende aos investidores institucionais com um valor total do portfólio de US $ 2,1 bilhões. O portfólio de arrendamento líquido da empresa inclui 629 propriedades em 46 estados.

Tipo de investidor	Alocação de portfólio	Tamanho médio de investimento
Investidores institucionais	68% do portfólio total	US $ 15,3 milhões por investimento

Funcionários de investimento imobiliário (REITs)

A Broadstone Net Lease meta REITs com critérios de investimento específicos.

• Investimentos totais focados em REIT: US $ 687 milhões
• Valor médio da propriedade para investimentos REIT: US $ 4,2 milhões
• Taxa de ocupação para propriedades reitadas: 96,5%

Investidores individuais de alta rede

A empresa atrai indivíduos de alta rede com oportunidades especializadas de investimento em arrendamento líquido.

Segmento de investimento	Valor total de investimento	Número de investidores
Indivíduos de alta rede	US $ 412 milhões	Aproximadamente 215 investidores

Fundos de aposentadoria e pensão

A Broadstone Net Lease oferece opções de investimento estável para fundos de aposentadoria.

• Investimentos totais de fundos de pensão: US $ 523 milhões
• Duração média do investimento: 12,7 anos
• Termo médio ponderado de arrendamento: 10,4 anos

Empresas de private equity

A empresa mantém relações estratégicas com investidores de private equity.

Segmento de private equity	Portfólio de investimentos	Diversificação geográfica
Investimentos de private equity	US $ 456 milhões	Propriedades em 46 estados

Broadstone Net Lease, Inc. (BNL) - Modelo de negócios: estrutura de custos

Despesas de aquisição de propriedades

A partir do quarto trimestre 2023, a Broadstone Net Lease, Inc. registrou custos totais de aquisição de propriedades de US $ 1,4 bilhão. A estratégia de aquisição da empresa se concentra nas propriedades de arrendamento líquido de inquilinos únicos em vários setores.

Categoria de aquisição	Investimento total ($)
Propriedades industriais	US $ 612 milhões
Propriedades de varejo	US $ 418 milhões
Propriedades do escritório	US $ 270 milhões
Outros setores	US $ 100 milhões

Gestão e sobrecarga administrativa

Para o ano fiscal de 2023, a Broadstone Net Lease registrou despesas operacionais totais de US $ 53,4 milhões.

• Despesas gerais e administrativas: US $ 22,1 milhões
• Custos de gerenciamento de ativos: US $ 15,6 milhões
• Taxas profissionais: US $ 8,7 milhões
• Compensação de funcionários: US $ 7 milhões

Distribuições de dividendos

Em 2023, a empresa distribuiu US $ 94,6 milhões em dividendos, com uma taxa trimestral de dividendos de US $ 0,285 por ação.

Manutenção de propriedades e melhorias de capital

O arrendamento líquido da Broadstone alocou US $ 67,3 milhões para manutenção de propriedades e melhorias de capital em 2023.

Categoria de manutenção	Despesas ($)
Manutenção de rotina	US $ 28,5 milhões
Principais melhorias de capital	US $ 38,8 milhões

Conformidade e custos regulatórios

As despesas relacionadas à conformidade em 2023 totalizaram US $ 5,2 milhões, incluindo:

• Taxas de arquivamento regulatório: US $ 1,4 milhão
• Conformidade legal e de auditoria: US $ 2,8 milhões
• Custos de governança corporativa: US $ 1 milhão

Broadstone Net Lease, Inc. (BNL) - Modelo de negócios: fluxos de receita

Receita de aluguel de propriedades de arrendamento líquido

A partir do terceiro trimestre de 2023, relatou a Broadstone Net Lase, Inc. US $ 59,4 milhões na receita total de aluguel. O portfólio da empresa consiste em 476 propriedades entre 38 estados, com uma taxa de ocupação de 99.3%.

Tipo de propriedade	Número de propriedades	Renda de aluguel ($ m)
Industrial	189	24.6
Varejo	142	18.3
Escritório	97	12.5
Outro	48	4.0

Apreciação da propriedade

O total de ativos imobiliários da empresa foi avaliado em US $ 1,56 bilhão em 30 de setembro de 2023, com um termo de arrendamento médio ponderado de 10,4 anos.

Renda de dividendos para os acionistas

Arrendamento líquido de Broadstone pago US $ 1,20 por ação em dividendos anuais para 2023, representando um Rendimento de dividendos de 6,8%.

Taxas de gerenciamento de ativos

Taxas de gerenciamento de ativos para 2023 totalizaram US $ 7,2 milhões, derivado de:

• Serviços de gerenciamento de propriedades
• Administração de arrendamento
• Estratégias de otimização de portfólio

Vendas estratégicas de propriedades e otimização de portfólio

Em 2023, a empresa concluiu US $ 145 milhões em disposições de propriedade com uma taxa de capitalização média de 6.5%.

Categoria de vendas	Valor total ($ m)	Número de propriedades
Disposições estratégicas	95	37
Vendas de ativos não essenciais	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.