BNL reports Q1 AFFO $0.36/share flat YoY; net income down 74% on lower gain on sale

Broadstone Net Lease, Inc.

2025-Q1 EPS reported $0.09 revenue$108,690,000

Net income of $17.5M ($0.09 EPS), down 74.3% YoY due to $58.7M decrease in gain on sale of real estate.
AFFO of $71.8M ($0.36 per diluted share), unchanged from Q1 2024; Core FFO also flat at $0.38.
Portfolio 99.1% leased; collected 99.1% of base rents; invested $88.3M in Q1, including $59.0M acquisitions.
Build-to-suit pipeline of $255.8M remaining to be funded through Q3 2026; six in-process projects.
2025 AFFO guidance reaffirmed at $1.45–$1.49 per diluted share; quarterly dividend declared at $0.29.

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