$BNL

Broadstone Net Lease, Inc.

CIK:0001424182|SEC Filings

Condensed Consolidated Statements of Income and Comprehensive Income (Loss) (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Revenues
Lease revenues, net	$ 122,309	$ 112,986	$ 243,710	$ 221,677
Operating expenses
Depreciation and amortization	49,102	42,575	90,628	82,072
Property and operating expense	5,817	5,003	11,997	10,491
General and administrative	11,897	9,571	22,246	19,242
Provision for impairment of investment in rental properties	3,546	11,939	3,546	28,068
Total operating expenses	70,362	69,088	128,417	139,873
Other income (expenses)
Interest income	135	122	186	221
Interest expense	(25,785)	(21,112)	(51,045)	(41,186)
Gain on sale of real estate	12,990	566	20,111	971
Income taxes	(346)	(199)	(658)	(555)
Other income (expenses)	1,314	(3,445)	2,760	(3,932)
Net income	40,255	19,830	86,647	37,323
Net (income) loss attributable to non-controlling interests	(456)	330	(483)	(420)
Net income attributable to Broadstone Net Lease, Inc.	$ 39,799	$ 20,160	$ 86,164	$ 36,903
Weighted average number of common shares outstanding
Basic (in shares)	190,692	188,041	190,565	187,953
Diluted (in shares)	200,261	197,138	200,006	196,975
Net earnings per share attributable to common stockholders
Basic (in dollars per share)	$ 0.21	$ 0.11	$ 0.45	$ 0.19
Diluted (in dollars per share)	$ 0.21	$ 0.10	$ 0.45	$ 0.19
Comprehensive income
Net income	$ 40,255	$ 19,830	$ 86,647	$ 37,323
Other comprehensive income
Change in fair value of interest rate swaps	3,934	(10,463)	6,525	(30,355)
Realized loss (gain) on interest rate swaps	22	(6)	53	(12)
Comprehensive income	44,211	9,361	93,225	6,956
Comprehensive (income) loss attributable to non-controlling interests	(620)	775	(756)	878
Comprehensive income attributable to Broadstone Net Lease, Inc.	$ 43,591	$ 10,136	$ 92,469	$ 7,834

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Operating activities
Net income	$ 86,647	$ 37,323
Adjustments to reconcile net income including non-controlling interests to net cash provided by operating activities:
Depreciation and amortization including intangibles associated with investment in rental property	88,596	79,817
Provision for impairment of investment in rental properties	3,546	28,068
Amortization of debt issuance costs and original issuance discounts charged to interest expense	3,268	2,565
Stock-based compensation expense	5,426	4,618
Straight-line rent, direct financing and sales-type lease adjustments	(11,197)	(9,260)
Gain on sale of real estate	(20,111)	(971)
Other non-cash items	(7,226)	3,247
Changes in assets and liabilities:
Tenant and other receivables	1,520	(323)
Prepaid expenses and other assets	(2,277)	(939)
Accounts payable and other liabilities	(10,785)	3,888
Accrued interest payable	(3,146)	2,706
Net cash provided by operating activities	134,261	150,739
Investing activities
Acquisition of rental property	(60,078)	(115,034)
Investment in property under development including capitalized interest of $6,782 and $1,075 in 2026 and 2025, respectively	(201,975)	(102,755)
Capital expenditures and improvements	(13,161)	(16,956)
Proceeds from disposition of rental property, net	68,308	20,321
Change in deposits on investments in rental property	983	(2,169)
Net cash used in investing activities	(205,923)	(216,593)
Financing activities
Offering costs, discounts, and commissions	0	(178)
Contributions from non-controlling interests	43	674
Proceeds from unsecured term loans	0	500,000
Principal payments on mortgages and unsecured term loans	(16,077)	(401,180)
Borrowings on unsecured revolving credit facility	337,500	333,300
Repayments on unsecured revolving credit facility	(153,500)	(232,000)
Cash distributions paid to stockholders	(111,785)	(111,355)
Cash distributions paid to non-controlling interests	(5,239)	(5,149)
Debt issuance costs paid	(5)	(12,275)
Net cash provided by financing activities	50,937	71,837
Net (decrease) increase in cash and cash equivalents and restricted cash	(20,725)	5,983
Cash and cash equivalents and restricted cash at beginning of period	33,642	15,993
Cash and cash equivalents and restricted cash at end of period	12,917	21,976
Reconciliation of cash and cash equivalents and restricted cash
Cash and cash equivalents at beginning of period	30,540	14,845
Restricted cash at beginning of period	3,102	1,148
Cash and cash equivalents and restricted cash at beginning of period	33,642	15,993
Cash and cash equivalents at end of period	11,095	20,784
Restricted cash at end of period	1,822	1,192
Cash and cash equivalents and restricted cash at end of period	$ 12,917	$ 21,976

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Assets
Total accounted for using the operating method	$ 5,382,435	$ 5,288,381
Less accumulated depreciation	(823,101)	(772,589)
Accounted for using the operating method, net	4,559,334	4,515,792
Accounted for using the direct financing method	25,117	25,497
Accounted for using the sales-type method	14,381	14,405
Property under development	385,067	265,812
Investment in rental property, net	4,983,899	4,821,506
Cash and cash equivalents	11,095	30,540
Accrued rental income	187,235	178,880
Tenant and other receivables, net	6,223	4,404
Prepaid expenses and other assets	63,259	55,910
Interest rate swap, assets	23,271	18,248
Goodwill	339,769	339,769
Intangible lease assets, net	250,539	268,010
Total assets	5,865,290	5,717,267
Liabilities and equity
Unsecured revolving credit facility	447,376	266,036
Mortgages, net	40,640	56,689
Unsecured term loans, net	995,423	994,219
Senior unsecured notes, net	1,191,552	1,190,738
Interest rate swap, liabilities	0	1,501
Accounts payable and other liabilities	72,493	60,081
Dividends payable	61,113	59,513
Accrued interest payable	10,356	13,502
Intangible lease liabilities, net	38,230	41,527
Total liabilities	2,857,183	2,683,806
Commitments and contingencies (Note 16)
Broadstone Net Lease, Inc. equity:
Preferred stock, $0.001 par value; 20,000 shares authorized, no shares issued or outstanding	0	0
Common stock, $0.00025 par value; 500,000 shares authorized, 189,216 and 188,626 shares issued and outstanding at June 30, 2025 and December 31, 2024, respectively	48	48
Additional paid-in capital	3,504,576	3,502,380
Cumulative distributions in excess of retained earnings	(648,741)	(620,221)
Accumulated other comprehensive income	25,120	19,788
Total Broadstone Net Lease, Inc. equity	2,881,003	2,901,995
Non-controlling interests	127,104	131,466
Total equity	3,008,107	3,033,461
Total liabilities and equity	5,865,290	5,717,267
Land
Assets
Total accounted for using the operating method	818,423	781,117
Land improvements
Assets
Total accounted for using the operating method	390,778	373,405
Buildings and improvements
Assets
Total accounted for using the operating method	4,161,424	4,118,578
Equipment
Assets
Total accounted for using the operating method	$ 11,810	$ 15,281