Broadstone Net Lease, Inc. (NYSE:BNL) reported fourth-quarter 2025 results on February 18 that exceeded Street estimates on both revenue and funds from operations, while reaffirming its 2026 outlook. The quarter concluded a year in which the industrial-focused net lease REIT returned to growth — yet the balance sheet presents a more layered picture.
What Happened
BNL posted Q4 revenue of $118.3 million, above the $116.4 million consensus. Core FFO reached $0.39 per diluted share versus the $0.37 Street estimate. Adjusted funds from operations came in at $0.38 per share, in line with the FactSet projection.
For the full year, AFFO totaled $1.49 per diluted share, a 4.2% increase from $1.43 in 2024. The company reaffirmed 2026 AFFO guidance of $1.53 to $1.57 per share — unchanged from the range issued in December — while narrowing its core general and administrative expense target to $30–$31 million from the prior $30.5–$31.5 million.
Same-store rental revenue grew 2.9% in the fourth quarter and 2.0% for the full year. The portfolio ended December at 99.8% leased across 771 properties, with 100% base rent collection in Q4. Subsequent to quarter-end, Gardner White assumed all six former American Signature locations through a court-approved bankruptcy process. The impact of the tenant transition on portfolio-level rent collection appears to have been contained, with no rent loss reported during the process.
The Structural Picture
Operational metrics remained stable, but the leverage trajectory can warrant closer examination.
BNL ended 2025 with Net Debt to Annualized Adjusted EBITDAre of 6.0x …