---
schema_version: "secwatch.filing_event.v1"
accession: "0000950170-25-061057"
form_type: "8-K"
ticker: "BNL"
cik: "0001424182"
company_name: "Broadstone Net Lease, Inc."
filed_at: "2025-04-30T23:59:59+00:00"
generated_at: "2026-05-23T02:12:55.465958+00:00"
event_type: "earnings"
sentiment: "neutral"
materiality_score: 0.7
calibrated_materiality_score: 0.7
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- accession: 0000950170-25-061057
- form_type: 8-K
- ticker: BNL
- cik: 0001424182
- company_name: Broadstone Net Lease, Inc.
- filed_at: 2025-04-30T23:59:59+00:00
- event_type: earnings
- sentiment: neutral
- materiality_score: 0.7
- calibrated_materiality_score: 0.7
- confidence: high
- sec_items: 2.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1424182/000095017025061057/0000950170-25-061057-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1424182/000095017025061057/bnl-20250430.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0000950170-25-061057
- JSON: https://secwatch.observer/filing/0000950170-25-061057.json
- Plain text: https://secwatch.observer/filing/0000950170-25-061057.txt

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.