Every material Form 8-K Broadstone Net Lease filed with the SEC in 2025, read and summarized by AI: what happened, the key figures, whether it reads positive or negative for shareholders, and how big a deal it is (impact 1-5). Newest first; each brief links to its own page and to the filing on SEC.gov.
Broadstone Net Lease reported third-quarter 2025 revenue of $114.2 million, up from $108.4 million a year earlier, and AFFO of $74.3 million, or $0.37 per diluted share, up 5.7%. GAAP net income fell 26.3% to $27.1 million, or $0.14 per diluted share, and the company raised its full-year 2025 AFFO per share guidance, which matters to shareholders because the outlook improved while reported profit declined.
Q3 2025 AFFO of $74.3 million, or $0.37 per diluted share, up 5.7% from the prior-year quarter.
Q3 2025 net income of $27.1 million, or $0.14 per diluted share, down 26.3%, mainly from a $10.1 million rise in interest expense and a $5.9 million rise in impairment provisions.
2025 AFFO guidance raised to $1.49 to $1.50 per diluted share from $1.48 to $1.50.
Quarterly dividend of $0.29 per share declared on October 23, 2025, payable on or before January 15, 2026.
Broadstone Net Lease's operating partnership closed an underwritten public offering of $350 million in 5.000% senior notes due November 1, 2032, on September 26, 2025. The notes are fully guaranteed by Broadstone Net Lease, Inc. and sold at 98.526% of principal, adding fixed-rate debt that ranks equally with the issuer's other senior unsecured debt.
Principal amount: $350 million of 5.000% Senior Notes due November 1, 2032; interest paid May 1 and November 1, starting May 1, 2026
Underwriters paid 98.526% of principal amount; notes are fully and unconditionally guaranteed by Broadstone Net Lease, Inc.
Indenture requires the company to maintain a certain percentage of total unencumbered assets and may require certain subsidiaries to guarantee the notes in the future
Notes are redeemable at any time with a make-whole premium; no make-whole premium applies on or after September 1, 2032
Broadstone Net Lease reported second-quarter 2025 revenue of $113.0 million, up from $105.9 million a year earlier, and AFFO of $74.3 million, or $0.38 per diluted share. The company raised its full-year 2025 AFFO guidance to $1.48 to $1.50 per diluted share from $1.45 to $1.49, but net income fell 44.8% to $19.8 million, mainly due to an $8.1 million increase in impairment provisions.
Q2 2025 revenue was $112,986 thousand versus $105,907 thousand in Q2 2024
Q2 2025 net income was $19.8 million, or $0.10 per diluted share, down 44.8% year over year
AFFO was $74.3 million, or $0.38 per diluted share, up 5.6% year over year
Quarterly dividend declared at $0.29 per share, payable on or before October 15, 2025
Broadstone Net Lease provided a June 2, 2025 business update that reports $83.3 million invested quarter-to-date and $171.7 million year-to-date. The company also said it exercised the remaining $100 million draw on its $400 million unsecured term loan, bringing the total to $500 million, and that CEO John Moragne and CFO Kevin Fennell will present at Nareit's REITweek 2025 conference on June 3 and June 4, 2025. The filing contains no earnings or guidance figures.
Quarter-to-date investments of $83.3 million: $54.7 million in new property acquisitions and $28.6 million in build-to-suit developments
Year-to-date investments of $171.7 million, with $191.6 million of new property acquisitions under control as of the release date
Remaining $100 million draw exercised on the $400 million unsecured term loan maturing in 2028, raising it to $500 million; proceeds repaid revolving credit facility borrowings
Collected 99.1% of base rents due year-to-date for properties under lease; two healthcare assets sold for $5.5 million gross proceeds in the quarter
Broadstone Net Lease reported first quarter 2025 results, with revenues rising to $108.7 million from $105.4 million a year earlier. Net income fell 74.3% to $17.5 million, or $0.09 per diluted share, mainly because the gain on sale of real estate declined by $58.7 million, while AFFO was flat at $0.36 per diluted share and 2025 AFFO guidance of $1.45 to $1.49 per share was unchanged. Shareholders see higher revenue and unchanged cash-based guidance alongside a sharp drop in GAAP profit.
Revenues were $108.7 million for the quarter ended March 31, 2025, compared with $105.4 million for the same period in 2024.
Net income was $17.5 million, or $0.09 per diluted share, down 74.3% year over year; AFFO was $71.8 million, or $0.36 per diluted share, unchanged from the prior year.
The company kept its 2025 AFFO guidance of $1.45 to $1.49 per diluted share unchanged.
The board declared a quarterly dividend of $0.29 per share, payable on or before July 15, 2025, to holders of record as of June 30, 2025.
Broadstone Net Lease announced a new build-to-suit development with an estimated total project investment of approximately $78.2 million, to be completed with Prologis, Inc. over the next 15 months. The filing includes no revenue, earnings, or guidance figures, so the update adds to the company's development pipeline rather than changing reported results.
New development: estimated total project investment of approximately $78.2 million, with completion expected over the next 15 months
Developer partner is Prologis, Inc. (NYSE: PLD), a new relationship for Broadstone
Table lists $516.3 million total project commitments across 2,884 thousand? no - total project commitment of $516,278 thousand and cumulative investment of $251.0 million as of April 24, 2025 across listed projects
FCA US, LLC (Stellantis) distribution warehouse expected to deliver in the third quarter of 2026
Broadstone Net Lease entered into an amended and restated $1.5 billion credit agreement on February 28, 2025, combining a $1.0 billion revolving credit facility and a $500 million term loan, and amended its existing Regions term loan to conform to the new terms. The company said the transaction extends its debt maturities and increases its financial flexibility, and that it has no near-term debt maturities until April 2027.
Revolving facility of $1.0 billion matures March 31, 2029; term loan of up to $500 million matures March 31, 2028
Initial term loan borrowing of at least $400 million required at closing, with the remaining $100 million available to draw for three months
Applicable margins at the current Baa2/BBB credit rating are 0.850% for revolver borrowings and 0.950% for term loan borrowings; the facility can be increased to $2.5 billion
CFO Kevin Fennell said the company has no near-term debt maturities until April 2027
Broadstone Net Lease reported fourth quarter and full year 2024 results on February 19, 2025. Fourth quarter net income was $27.6 million, or $0.14 per diluted share, up from $6.8 million a year earlier, and full year 2024 AFFO was $1.43 per diluted share, at the top end of the company's guidance range. The company also projected 2025 AFFO of $1.45 to $1.49 per diluted share.
Q4 2024 net income was $27.6 million, or $0.14 per diluted share, versus $6.8 million, or $0.03, in Q4 2023 and $37.3 million, or $0.19, in Q3 2024.
Q4 2024 revenues were $112.1 million, up from $105.0 million in Q4 2023; Q4 AFFO was $70.5 million, or $0.36 per share, the same per-share figure as Q4 2023.
Full year 2024 AFFO was $1.43 per diluted share, up from $1.41 in 2023 and at the top of guidance; 2025 AFFO guidance is $1.45 to $1.49 per diluted share.
The board declared a quarterly dividend of $0.29 per share, payable on or before April 15, 2025, to holders of record as of March 31, 2025.
Broadstone Net Lease appointed Richard Imperiale and Joseph Saffire to its board on February 13, 2025. Directors Shekar Narasimhan and Denise Brooks-Williams said they will not stand for re-election at the 2025 Annual Meeting, and the board plans to reduce its size from 11 to 9 after they leave. The filing reports no disagreement behind their decisions, and the changes do not involve any financial results.
Richard Imperiale and Joseph Saffire were appointed directors effective February 13, 2025, serving until the 2025 Annual Meeting.
Shekar Narasimhan (board member since October 2007) and Denise Brooks-Williams (board member since May 2021) will leave the board when their terms end at the 2025 Annual Meeting.
The board increased from 9 to 11 directors and intends to return to 9 after the departures.
The company intends to hold its next annual meeting in May 2025, according to the press release.
Broadstone Net Lease said it added two build-to-suit developments with an aggregate estimated total project investment of approximately $117.4 million to its committed pipeline. The company also scheduled its fourth quarter and full-year 2024 results release for February 19, 2025, and added Sam DeLemos as Vice President of Build-to-Suit Development.
Two new developments carry an aggregate estimated total project investment of approximately $117.4 million
A Southwire distribution warehouse in Bremen, Georgia is expected to deliver in the third quarter of 2026
Fourth quarter and full-year 2024 results will be released after market close on February 19, 2025, with a conference call on February 20, 2025 at 1:00 p.m. Eastern Time
Sam DeLemos joins as Vice President of Build-to-Suit Development
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