Broadstone Net Lease Inc Stock Price, News & Analysis

Keller Williams, the world's largest real estate franchise by agent count and U.S. leader in units and sales volume, has announced key executive appointments. Tim Dieffenbacher has been named Chief Financial Officer (CFO), bringing extensive experience in corporate finance and real estate from his previous role as CFO of a publicly traded REIT. Stacie Herron has been appointed as Chief Operations Officer (COO) while maintaining her position as Chief Legal Officer (CLO).

Dieffenbacher, a Certified Public Accountant, previously worked with KW's CEO Chris Czarnecki at Broadstone Net Lease (NYSE: BNL). Herron, who joined KW as CLO in March 2021, will lead Growth, Franchise Systems, Legal, Risk Management, HR, and Workplace Experience teams in her expanded role. Both appointments are strategic moves to strengthen KW's leadership team and support the company's next growth phase.

Broadstone Net Lease reported strong Q1 2025 results with a focus on long-term shareholder value. The company generated net income of $17.5 million ($0.09 per share), though this represented a 74.3% decrease from the previous year due to lower gains from real estate sales.

Key highlights include:

• AFFO of $71.8 million ($0.36 per diluted share)
• Portfolio 99.1% leased across 769 properties
• $88.3 million in new investments
• Renewed $150 million stock repurchase program
• Extended $1 billion credit facility to March 2029

The company maintains a strong development pipeline with six ongoing build-to-suit projects totaling $255.8 million in remaining investments through Q3 2026. The portfolio spans 44 U.S. states and 4 Canadian provinces, with no single tenant accounting for more than 4% of annualized base rent. Management reaffirmed 2025 AFFO guidance of $1.45-$1.49 per diluted share.

Broadstone Net Lease (NYSE: BNL) has announced a new $78.2 million build-to-suit development partnership with Prologis, Inc. (NYSE: PLD). The project involves constructing a state-of-the-art distribution warehouse facility for FCA US, (Stellantis' American subsidiary) in Forsyth, GA, expected to deliver in Q3 2026.

The 422,000-square-foot facility has a 15-year lease term with an estimated cash capitalization rate of 6.9% and straight-line yield of 8.4%. This development is part of BNL's larger pipeline, which includes multiple projects totaling $516.3 million across industrial and retail properties. The company's total weighted average lease term is 13.9 years with a weighted average estimated cash capitalization rate of 7.3%.

Broadstone Net Lease (NYSE: BNL) has announced its upcoming first quarter 2025 earnings release schedule. The company will disclose its financial and operating results for Q1 2025 after market close on Wednesday, April 30, 2025.

A conference call and audio webcast are scheduled for Thursday, May 1, 2025, at 11:00 a.m. Eastern Time. Participants can access the webcast in listen-only mode through the company's event portal. U.S. participants can join via phone using the toll-free number 1-833-470-1428 or local number 1-404-975-4839 with access code 494942. A replay of the webcast will be available for one year through the investor relations website.

Broadstone Net Lease (NYSE: BNL) has successfully closed a $1.5 billion Amended and Restated Credit Agreement, comprising a $1.0 billion revolving credit facility and a $500 million term loan. The revolving facility matures in March 2029 with two six-month extension options, while the term loan matures in March 2028 with two 12-month extension options.

The new term loan replaces BNL's existing $400 million term loan due February 2026 and includes a three-month delayed-draw feature for the additional $100 million of commitments. The Credit Facilities enhance the company's financial flexibility with increased liquidity, improved borrowing rates, and favorable adjustments to financial covenants.

The transaction was led by major financial institutions including J.P. Morgan Chase Bank, Capital One, Bank of Montreal, M&T Bank, and Truist Bank as Joint Bookrunners and Joint Lead Arrangers.

Broadstone Net Lease (NYSE: BNL) reported strong performance for 2024, achieving $1.43 of AFFO per share at the top end of guidance. The company executed over $400 million in total investments and substantially completed its clinical healthcare portfolio simplification strategy, reducing clinical & surgical assets to 3.2% of ABR from 9.7% in 2023.

As of December 31, 2024, BNL owned 765 net leased commercial properties across 44 U.S. states and 4 Canadian provinces, totaling 39.4 million rentable square feet. The portfolio maintains a 99.1% occupancy rate with 202 different commercial tenants, no single tenant exceeding 4.1% of ABR. The weighted average lease term stands at 10.2 years with 2.0% average annual minimum rent increases.

For 2025, BNL projects AFFO between $1.45 and $1.49 per diluted share, with over $200 million of build-to-suit developments scheduled for completion during 2025 and 2026. The company maintains a strong balance sheet with 5.0x leverage and declared a quarterly dividend of $0.29 per share.

Broadstone Net Lease (NYSE: BNL) announced key changes to its Board of Directors. The company appointed Richard Imperiale, President and CIO of Uniplan Investment Counsel, and Joseph Saffire, former CEO of Life Storage and current director of Extra Space Storage, to its Board.

Additionally, Shekar Narasimhan and Denise Brooks-Williams have decided not to seek re-election at the company's next annual meeting in May 2025. Narasimhan has served since the company's inception in 2007, while Brooks-Williams joined in May 2021. Both were instrumental in BNL's growth, with Narasimhan playing key roles in the company's 2019 management internalization and 2020 IPO, and Brooks-Williams contributing to the healthcare portfolio simplification strategy.

Broadstone Net Lease (NYSE: BNL) has announced the income tax allocation of its 2024 common stock dividends. The company will distribute four quarterly dividends throughout 2024: $0.285 per share for Q1 (payment date: January 12) and Q2 (payment date: April 15), followed by $0.290 per share for Q3 (payment date: July 15) and Q4 (payment date: October 15).

For each dividend payment, the tax treatment breakdown shows that approximately 62% qualifies as ordinary dividends and Section 199A dividends, while about 38% represents nondividend distributions (return of capital). No portion of the dividends qualifies as capital gain distributions, unrecaptured Section 1250 gain, or Section 897 capital gain.

Broadstone Net Lease (BNL) has expanded its build-to-suit development pipeline with two new projects totaling approximately $117.4 million in estimated total investment. The company has secured land and begun construction on multiple developments, including a state-of-the-art distribution warehouse for Southwire Company scheduled for completion in Q3 2026.

The development pipeline includes projects across industrial and retail sectors, with estimated cash capitalization rates ranging from 7.2% to 7.8%. Notable projects include two Sierra Nevada facilities in Dayton, OH ($58.6M and $55.5M), a Southwire facility in Bremen, GA ($107.3M), and smaller developments for 7 Brew and UNFI.

BNL has also appointed Sam DeLemos as Vice President of Build-to-Suit Development, bringing experience in executing over $2.0 billion in transaction volume. The company will release its Q4 2024 financial results on February 19, 2025.