UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q ☒ Quarterly report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the quarterly period ended March 31, 2025 Commission File Number 001-39529 BROADSTONE NET LEASE, INC. (Exact name of registrant as specified in its charter) Maryland 26-1516177 (State or other jurisdiction of incorporation or organization) 207 High Point Drive Suite 300 Victor, New York 14564 (Address of principal executive offices) ( ...

Broadstone Net Lease (BNL) Q1 2025 Earnings Call May 01, 2025 11:00 AM ET Company Participants Brent Maedl - Director - Corporate Finance & IRJohn Moragne - Director & CEORyan Albano - President & COOKevin Fennell - Executive Vice President, Chief Financial Officer & TreasurerAnthony Paolone - Executive DirectorCaitlin Burrows - Vice PresidentJohn Kim - Managing Director - US Real EstateRyan Caviola - AssociateKi Bin Kim - Managing DirectorRonald Kamdem - Managing Director & Head of US REITs and CRE Researc ...

Broadstone Net Lease (BNL) Q1 2025 Earnings Call May 01, 2025 11:00 AM ET Speaker0 Hello, and welcome to Broadstone Net Lease's First Quarter twenty twenty five Earnings Conference Call. My name is Emily, and I'll be your operator today. Please note that today's call is being recorded. I will now turn the call over to Brent Madel, Director of Corporate Finance and Investor Relations at Broadstone. Please go ahead. Speaker1 Thank you, everyone, for joining us today for Broadstone Net Lease's first quarter tw ...

Q1 2025 QUARTERLY SUPPLEMENTAL INFORMATION Broadstone Net Lease, Inc. (NYSE: BNL) is an industrial- focused, diversified net lease real estate investment trust (REIT) that invests in single-tenant commercial real estate properties that are net leased on a long-term basis to a diversified group of tenants. www.broadstone.com Table of Contents | Section | Page | | --- | --- | | About the Data | 3 | | Company Overview | 4 | | Quarterly Financial Summary | 5 | | Balance Sheet | 6 | | Income Statement Summary | ...

Financial Performance - Broadstone Net Lease reported quarterly funds from operations (FFO) of $0.36 per share, consistent with the Zacks Consensus Estimate and unchanged from the previous year [1] - The company posted revenues of $108.69 million for the quarter ended March 2025, missing the Zacks Consensus Estimate by 2.62%, but showing an increase from $105.37 million year-over-year [2] - Over the last four quarters, Broadstone Net Lease has surpassed consensus FFO estimates only once [1] Market Performance - Broadstone Net Lease shares have increased approximately 1.2% since the beginning of the year, contrasting with a decline of -5.5% in the S&P 500 [3] - The stock's immediate price movement will largely depend on management's commentary during the earnings call [3] Future Outlook - The current consensus FFO estimate for the upcoming quarter is $0.36 on revenues of $112.44 million, and for the current fiscal year, it is $1.46 on revenues of $452.24 million [7] - The estimate revisions trend for Broadstone Net Lease is mixed, resulting in a Zacks Rank 3 (Hold), indicating expected performance in line with the market [6] Industry Context - The REIT and Equity Trust - Residential industry, to which Broadstone Net Lease belongs, is currently ranked in the bottom 42% of over 250 Zacks industries, suggesting potential challenges ahead [8]

Development Projects - Broadstone Net Lease has added a new development project with an estimated total investment of approximately $78.2 million to its build-to-suit pipeline[1]. - The new project will be completed in partnership with Prologis, Inc., a leader in high-quality industrial property development[2]. - The company has secured land and commenced construction on a state-of-the-art distribution warehouse for FCA US, expected to deliver in Q3 2026[3]. - As of April 24, 2025, Broadstone's cumulative investments in active developments total approximately $311.4 million[3]. - The weighted average estimated yield on the total project investments is approximately 7.4%[3]. - The company plans to pursue additional opportunities with Prologis in the near future, marking the beginning of a new relationship[3]. Portfolio and Investment Strategy - Broadstone's diversified portfolio consists of 765 individual net leased commercial properties across 44 U.S. states and four Canadian provinces as of December 31, 2024[6]. - The company emphasizes a commitment to long-term value creation through strong credit analysis and prudent real estate underwriting[6]. - Broadstone's investment strategy focuses on single-tenant commercial real estate properties net leased on a long-term basis[6]. Risks and Forward-Looking Statements - Forward-looking statements indicate potential risks related to economic conditions, inflation, and tenant financial health that may impact future results[7].

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Company Overview - Broadstone Net Lease (NYSE: BNL) is identified as a 'turn-around' opportunity within the REIT sector, focusing on reducing exposure to healthcare-related properties and shifting its portfolio towards industrial and retail properties [1] Investment Strategy - The company emphasizes dividend investing as a key strategy for achieving financial freedom, highlighting its accessibility and potential for long-term wealth building [1] Analyst Background - The analyst has extensive experience in M&A and business valuation, having evaluated numerous businesses and participated in both sell-side and buy-side transactions [1]

Group 1 - The net lease sector is experiencing significant changes as 2025 approaches, indicating a dynamic environment in commercial real estate [1] - An article was recently published focusing on the broader commercial real estate market, highlighting the excitement surrounding it [1]

Core Viewpoint - The article emphasizes the importance of consulting a registered financial advisor before making investment decisions, highlighting that the content is meant for discussion rather than financial advice [2][3]. Group 1 - The content on Seeking Alpha and other platforms does not constitute financial advice and is intended to set the tone for discussions among subscribers [2]. - Analysts contributing to the platform may not be licensed or certified by any regulatory body, indicating a diverse range of perspectives [3]. - Past performance of investments is not indicative of future results, underscoring the inherent uncertainties in investment decisions [3].