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Broadstone Net Lease, Inc. (BNL) 10-Year Financial Performance & Capital Metrics

BNL • • REIT / Real Estate
Real EstateDiversified REITsSingle-Tenant Net Lease REITsDiversified Net Lease Operators
AboutBNL is an internally-managed REIT that acquires, owns, and manages primarily single-tenant commercial real estate properties that are net leased on a long-term basis to a diversified group of tenants. The Company utilizes an investment strategy underpinned by strong fundamental credit analysis and prudent real estate underwriting. As of September 30, 2020, BNL's diversified portfolio consisted of 627 properties in 41 U.S. states and one property in Canada across the industrial, healthcare, restaurant, office, and retail property types, with an aggregate gross asset value of approximately $4.0 billion.Show more
  • Revenue $432M -2.5%
  • FFO $319M +1.4%
  • FFO/Share 1.62 +1.3%
  • FFO Payout 68.03% +3.0%
  • FFO per Share 1.62 +1.3%
  • NOI Margin 94.27% -0.7%
  • FFO Margin 73.79% +4.0%
  • ROE 5.13% +6.5%
  • ROA 3.1% +6.9%
  • Debt/Assets 36.68% +1.1%
  • Net Debt/EBITDA 5.14 +46.7%
  • Book Value/Share 15.98 -1.8%
Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

  • ✓Strong 5Y profit CAGR of 15.4%
  • ✓Sustainable FFO payout ratio of 68.0%
  • ✓High NOI margin of 94.3%
  • ✓Healthy dividend yield of 5.9%
  • ✓Trading near 52-week high
  • ✓Trading at only 1.2x book value

✗Weaknesses

  • ✗Weak 3Y average ROE of 4.7%
  • ✗FFO declining 13.2% TTM
  • ✗Dividend payout exceeds 100% of earnings

* These insights are generated automatically based on available financial data. Please conduct your own research before making investment decisions.

Price & Volume

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Growth Metrics

Revenue CAGR

10Y-
5Y7.64%
3Y4.09%
TTM4.56%

Profit (Net Income) CAGR

10Y-
5Y15.39%
3Y16.62%
TTM-37.02%

EPS CAGR

10Y-
5Y10.59%
3Y8.68%
TTM-56.66%

ROCE

10Y Avg4.79%
5Y Avg4.95%
3Y Avg5.11%
Latest4.15%

Peer Comparison

Diversified Net Lease Operators
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Size & Scale
Valuation
Per Share
Growth
Profitability
Quality & Returns
Safety & Leverage
TTM Growth
Famous Investor Metrics
Dividends
Latest Quarter
Momentum & Returns
Total Return (DRIP)
Technical
Volume & Trading
Shares & Dilution
Sector-Specific
NameMarket CapCurrent PriceP/E RatioRevenue Growth 1YNet MarginROEFCF YieldDebt/Equity
WPCW. P. Carey Inc.15.1B68.9232.98-9.22%19.19%4.47%11.24%0.97
BNLBroadstone Net Lease, Inc.3.51B18.5421.56-2.5%20.04%2.98%7.4%0.61
OLPOne Liberty Properties, Inc.462.56M21.3715.26-0.09%34.51%10.99%8.44%1.36
NLOPNet Lease Office Properties288.87M19.50-3.16-18.7%-156.16%-41.68%24.88%0.29
GNLGlobal Net Lease, Inc.2.03B9.25-12.1756.29%-48.52%-16.47%12.52%2.12

Profit & Loss

Dec 2015Dec 2016Dec 2017Dec 2018Dec 2019Dec 2020Dec 2021Dec 2022Dec 2023Dec 2024
Revenue+98.09M142.87M181.56M237.48M298.81M321.64M382.88M407.51M442.89M431.8M
Revenue Growth %-0.46%0.27%0.31%0.26%0.08%0.19%0.06%0.09%-0.03%
Property Operating Expenses3.38M3.9M6.5M11.16M46.11M17.48M18.46M21.77M22.58M24.74M
Net Operating Income (NOI)+----------
NOI Margin %----------
Operating Expenses+42.37M64.45M87.57M115.72M5.46M304.16M168.46M192.18M39.42M194.16M
G&A Expenses12.86M17.68M24.68M30.86M5.46M31.72M36.37M37.38M39.42M37.99M
EBITDA+71.2M153.75M178.96M237.48M352.66M266.04M328.01M348.37M539.51M369.07M
EBITDA Margin %----------
Depreciation & Amortization+28.82M79.23M94.07M126.87M105.41M131.57M132.1M154.81M158.63M156.18M
D&A / Revenue %----------
Operating Income+42.38M74.52M84.88M110.61M247.25M0195.91M193.56M380.89M212.89M
Operating Margin %----------
Interest Expense+22.61M29.96M34.75M52.85M72.53M76.14M64.15M78.65M80.05M74.08M
Interest Coverage1.87x2.49x2.44x2.09x3.41x-3.05x2.46x4.76x2.87x
Non-Operating Income-9.95M4.29M-7.44M857K108.82M-133.35M0-15.84M157.73M-31.35M
Pretax Income+20.89M40.27M59.55M75.11M87.53M57.22M111.17M130.75M164.07M170.16M
Pretax Margin %----------
Income Tax+00624K02.42M939K1.64M1.27M763K1.18M
Effective Tax Rate %----------
Net Income+19.29M36.35M54.8M69.38M79.39M51.18M102.43M122.11M155.48M162.44M
Net Margin %----------
Net Income Growth %-0.88%0.51%0.27%0.14%-0.36%1%0.19%0.27%0.04%
Funds From Operations (FFO)+----------
FFO Margin %----------
FFO Growth %-1.4%0.29%0.32%-0.06%-0.01%0.28%0.18%0.13%0.01%
FFO per Share+----------
FFO Payout Ratio %----------
EPS (Diluted)+0.490.260.370.450.520.440.670.720.830.86
EPS Growth %--0.47%0.42%0.22%0.16%-0.15%0.52%0.07%0.15%0.04%
EPS (Basic)0.540.260.410.450.560.440.670.720.870.86
Diluted Shares Outstanding39.67M153.12M146.14M153.12M153.12M128.8M163.97M180.2M196.31M196.62M

Balance Sheet

Dec 2015Dec 2016Dec 2017Dec 2018Dec 2019Dec 2020Dec 2021Dec 2022Dec 2023Dec 2024
Total Assets+1.46B1.95B2.58B3.1B3.92B4.26B4.62B5.46B5.27B5.22B
Asset Growth %-0.33%0.32%0.2%0.27%0.09%0.08%0.18%-0.03%-0.01%
Real Estate & Other Assets+34.48M767K943K2.7B3.48B3.41B3.83B4.62B4.47B4.43B
PP&E (Net)1.24B11.33M13.55M13.7M12.85M10.74M9.64M8.51M00
Investment Securities1000K1000K1000K-1000K000000
Total Current Assets+99.7M66.82M69.81M92.06M97.92M204.21M139.85M158.8M173.71M180.84M
Cash & Equivalents27.14M21.64M9.36M18.61M12.46M100.49M21.67M21.79M19.49M14.85M
Receivables1000K1000K1000K1000K1000K1000K1000K1000K1000K1000K
Other Current Assets1.23M1.73M00-12.61M-22.28M-17.27M000
Intangible Assets107.75M168.12M242.66M286.26M331.89M290.91M303.64M329.58M288.23M267.64M
Total Liabilities715.96M953.52M1.29B1.57B2.14B1.78B1.88B2.2B2.07B2.07B
Total Debt+691.24M866.58M1.18B1.45B2.07B1.62B1.69B2.02B1.91B1.91B
Net Debt664.1M844.94M1.17B1.43B2.06B1.52B1.67B2B1.89B1.9B
Long-Term Debt661.57M646.75M1.17B1.44B1.78B1.54B1.69B2.02B1.91B1.91B
Short-Term Borrowings01000K1000K1000K1000K00000
Capital Lease Obligations29.68M47.87M81.74M85.95M92.22M79.65M0000
Total Current Liabilities+7.21M121.36M297.38M173.26M238.27M78.96M90.42M109.08M110.11M113.14M
Accounts Payable2.21M17.4M20.34M13.19M37.38M35.68M38.04M47.55M47.53M48.98M
Deferred Revenue0000000000
Other Liabilities47.19M80.13M89.88M-47.77M24.47M79.61M97.77M62.85M53.53M48.73M
Total Equity+747.95M998.54M1.28B1.53B1.78B2.48B2.74B3.26B3.19B3.14B
Equity Growth %-0.34%0.29%0.19%0.16%0.39%0.11%0.19%-0.02%-0.02%
Shareholders Equity670.16M911.79M1.19B1.42B1.67B2.3B2.58B3.09B3.05B3B
Minority Interest77.78M86.75M97.38M111.82M111.41M179.98M163.85M169.59M145.1M137.68M
Common Stock11K15K19K22K26K36K41K47K47K47K
Additional Paid-in Capital738.91M1.01B1.3B1.56B1.9B2.62B2.92B3.42B3.44B3.45B
Retained Earnings-56.91M-89.96M-120.28M-155.15M-208.26M-259.67M-318.48M-386.05M-440.73M-496.54M
Preferred Stock56.9M000000000
Return on Assets (ROA)0.01%0.02%0.02%0.02%0.02%0.01%0.02%0.02%0.03%0.03%
Return on Equity (ROE)0.03%0.04%0.05%0.05%0.05%0.02%0.04%0.04%0.05%0.05%
Debt / Assets0.47%0.44%0.46%0.47%0.53%0.38%0.37%0.37%0.36%0.37%
Debt / Equity0.92x0.87x0.92x0.95x1.17x0.65x0.62x0.62x0.60x0.61x
Net Debt / EBITDA9.33x5.50x6.53x6.01x5.84x5.71x5.08x5.75x3.51x5.14x
Book Value per Share18.866.528.799.9911.6219.2516.7218.1016.2715.98

Cash Flow

Dec 2015Dec 2016Dec 2017Dec 2018Dec 2019Dec 2020Dec 2021Dec 2022Dec 2023Dec 2024
Cash from Operations+38.62M67.19M97.94M128.01M147.36M179.03M244.94M255.91M271.07M276.25M
Operating CF Growth %-0.74%0.46%0.31%0.15%0.21%0.37%0.04%0.06%0.02%
Operating CF / Revenue %----------
Net Income20.89M40.27M59.55M75.11M85.11M56.28M109.53M129.47M163.31M168.99M
Depreciation & Amortization28.82M45.84M62.76M83.69M105.41M131.57M128.89M150M158.63M151.76M
Stock-Based Compensation000001.99M4.67M5.32M6.36M7.36M
Other Non-Cash Items-11.29M-20.59M-27.03M-34.66M-45.22M-17.29M-4.62M-29.18M-48.06M-49.82M
Working Capital Changes195K1.67M2.66M3.88M2.06M2.54M6.47M307K-9.17M-2.03M
Cash from Investing+-480.47M-470.57M-611.11M-510.46M-831.71M-60.24M-582.3M-859.64M24.34M-59.7M
Acquisitions (Net)0000828.26M-30.86M0000
Purchase of Investments-491.85M-504.81M-668.36M-576.19M-997.01M-96.08M0000
Sale of Investments1000K1000K1000K1000K1000K1000K0000
Other Investing-469.91M-468.63M-604.5M-524M-826.66M0-580.71M-828.27M70.59M-59.7M
Cash from Financing+464.77M399.35M500.89M391.34M685.67M-28.38M254.41M636M-334.82M-221.19M
Dividends Paid-23.8M-35.73M-44.54M-51.84M-61.96M-71.53M-154.46M-181.22M-207.52M-216.76M
Common Dividends-23.8M-35.73M-44.54M-51.84M-61.96M-71.53M-154.46M-181.22M-207.52M-216.76M
Debt Issuance (Net)1000K1000K1000K1000K1000K-1000K1000K1000K-1000K1000K
Share Repurchases-3.05M-8.15M-9.44M-10.2M-54.6M-126K00-180K0
Other Financing293.85M238.62M254.95M205.01M312.97M-13.21M-22.43M-18.32M-11.12M-9.67M
Net Change in Cash+22.92M-4.03M-12.28M8.89M1.32M90.42M-82.96M32.27M-39.41M-4.64M
Exchange Rate Effect0000000000
Cash at Beginning4.13M27.14M21.64M10.1M18.99M20.31M110.73M27.77M60.04M20.63M
Cash at End27.05M23.1M9.36M18.99M20.31M110.73M27.77M60.04M20.63M15.99M
Free Cash Flow+28.06M65.25M91.33M123.05M142.31M168.22M243.34M224.54M224.82M259.46M
FCF Growth %-1.33%0.4%0.35%0.16%0.18%0.45%-0.08%0%0.15%
FCF / Revenue %----------

Key Ratios

Metric2015201620172018201920202021202220232024
FFO per Share1.210.751.021.281.211.421.431.541.61.62
FFO Payout Ratio49.48%30.91%29.92%26.42%33.53%39.14%65.86%65.44%66.07%68.03%
NOI Margin96.55%97.27%96.42%95.3%84.57%94.57%95.18%94.66%94.9%94.27%
Net Debt / EBITDA9.33x5.50x6.53x6.01x5.84x5.71x5.08x5.75x3.51x5.14x
Debt / Assets47.22%44.39%45.67%46.69%52.92%38.06%36.58%37.07%36.27%36.68%
Interest Coverage1.87x2.49x2.44x2.09x3.41x-3.05x2.46x4.76x2.87x
Book Value / Share18.866.528.799.9911.6219.2516.7218.116.2715.98
Revenue Growth-45.66%27.08%30.8%25.83%7.64%19.04%6.43%8.68%-2.5%

Revenue by Segment

2018
Tenant Reimbursements11.22M
Tenant Reimbursements Growth-
Real Estate Other109K
Real Estate Other Growth-

Frequently Asked Questions

Valuation & Price

Broadstone Net Lease, Inc. (BNL) has a price-to-earnings (P/E) ratio of 21.6x. This is roughly in line with market averages.

Growth & Financials

Broadstone Net Lease, Inc. (BNL) reported $448.0M in revenue for fiscal year 2024. This represents a 357% increase from $98.1M in 2015.

Broadstone Net Lease, Inc. (BNL) saw revenue decline by 2.5% over the past year.

Yes, Broadstone Net Lease, Inc. (BNL) is profitable, generating $89.8M in net income for fiscal year 2024 (37.6% net margin).

Dividend & Returns

Yes, Broadstone Net Lease, Inc. (BNL) pays a dividend with a yield of 5.95%. This makes it attractive for income-focused investors.

Broadstone Net Lease, Inc. (BNL) has a return on equity (ROE) of 5.1%. This is below average, suggesting room for improvement.

Industry Metrics

Broadstone Net Lease, Inc. (BNL) generated Funds From Operations (FFO) of $255.1M in the trailing twelve months. FFO is the primary profitability metric for REITs.

Broadstone Net Lease, Inc. (BNL) offers a 5.95% dividend yield, which is attractive for income investors. REITs are required to distribute at least 90% of taxable income to shareholders.

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