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Diversified net-lease REIT owning industrial, retail and healthcare properties leased long-term to single tenants.
Diversified net-lease REIT owning industrial, retail and healthcare properties leased long-term to single tenants.
Collects rent on long leases where the tenant pays property taxes, insurance and upkeep, known as net leases, with built-in annual rent increases. It grows by buying properties and leasing them back to operators, a sale-leaseback, and spreads risk across industrial, retail and healthcare tenants.
Moat: narrow (scale, distribution). Diversification across property types and tenants reduces concentration risk versus single-sector net-lease peers.
Headquarters: Rochester, New York, US · Founded: 2007 · Employees: 62
Size Broadstone Net Lease (BNL) is a United States Real Estate company (Real Estate Investment Trusts) with a market value of $3.36B, the 1471st largest of 3,117 United States companies the cockpit tracks. Shares closed at $17.51 on 6 Nov 2026.
Performance Over six months the shares fell 11.8%, against -4.7% for the median peer and -1.1% for the United States market (cap-weighted) — 5th lowest of 21 in its peer set.
Growth Revenue grew 7.7% over the last twelve months (peer median +4.1%); the operating margin is 47.7% (peer median 48.8%).
Valuation It trades at 1.17× book value against a peer median of 0.97× (6th most expensive of 21).
Price implies The share price implies a return on equity of about 10.7%; Broadstone Net Lease delivers 5.0%, so the price asks more than the business earns today.
Short interest Short interest is 10.8% of the free float (15 Oct 2026).
Next results Next results expected around 24 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $488M | $459M | $439M | $448M | $409M |
| Revenue growth | — | +5% | -2% | +10% | — |
| Gross profit | $279M | $272M | $258M | $267M | $232M |
| EBITDA | $416M | $392M | $369M | $381M | $348M |
| Net income | $143M | $96.5M | $162M | $155M | $122M |
| Free cash flow | $263M | $270M | $259M | $225M | $225M |
| Capital expenditure | $43.5M | $29.7M | $16.8M | $46.3M | $31.4M |
| Total debt | $2.93B | $2.56B | $1.97B | $1.97B | $2.09B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | ROE | Price / book | Implied ROE |
|---|---|---|---|---|---|---|
| Broadstone Net Lease BNL | $3.36B | -12% | +8% | 5% | 1.17× | 10.7% |
| Realty Income O | $56.1B | -4% | +11% | 3% | 1.42× | 10.3% |
| W. P. Carey WPC | $15.0B | -12% | +9% | 8% | 1.71× | 12.9% |
| NNN REIT NNN | $7.89B | -7% | +7% | 9% | 1.75× | 12.9% |
| Essential Properties Realty Trust EPRT | $6.21B | -11% | +21% | 6% | 1.36× | 11.1% |
| Global Net Lease GNL | $1.58B | -26% | -30% | -1% | 0.96× | 9.9% |
| Agree Realty ADC | $9.09B | -8% | +18% | 4% | 1.34× | 8.2% |
| One Liberty Properties OLP | $461M | -10% | +11% | 8% | 1.47× | 12.5% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | BNL | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -4.0% | +3.0% | 2nd lowest of 21 |
| 6-month return | -11.8% | -4.7% | 5th lowest of 21 |
| Return on equity | 5.0% | 6.7% | 8th lowest of 21 |
| Price / book | 1.17× | 0.97× | 6th most expensive of 21 |
| Trailing P/E | 23.3× | 16.3× | 4th most expensive of 19 |
| ROE the price implies | 10.7% | 7.0% | 5th most demanding of 21 |
| ROE delivered | 5.0% | 6.8% | 8th lowest of 21 |
| Company | Market | Market cap | 6M return | Revenue growth | ROE | Price / book | Implied ROE | Delivered ROE |
|---|---|---|---|---|---|---|---|---|
| Broadstone Net Lease BNL | United States | $3.36B | -12% | +8% | 5% | 1.17× | 10.7% | 5.0% |
| SmartCentres Real Estate Investment Trust SRU-UN.TO | Canada | $3.37B | -3% | -1% | 3% | 0.93× | 7.4% | 3.1% |
| Primary Health Properties PHP.L | United Kingdom | $3.41B | +6% | +104% | 8% | 0.99× | 10.9% | 8.0% |
| Frasers Centrepoint Trust J69U.SI | Singapore | $3.43B | -5% | +16% | 8% | 0.92× | 3.4% | 7.9% |
| Canadian Apartment Properties Real Estate Investment Trust CAR-UN.TO | Canada | $3.45B | -14% | -7% | -2% | 0.58× | 6.0% | -1.5% |
| Keppel REIT K71U.SI | Singapore | $3.27B | -5% | +5% | 8% | 0.67× | 4.6% | 8.5% |
| KDX Realty Investment 8972.T | Japan | $3.47B | -16% | +3% | 5% | 0.87× | 4.9% | 5.4% |
| Highwoods Properties HIW | United States | $3.47B | +24% | +6% | 8% | 1.48× | 13.8% | 7.9% |
| National Health Investors NHI | United States | $3.50B | -5% | +24% | 11% | 2.23× | 13.0% | 10.9% |
| First Capital Real Estate Investment Trust FCR-UN.TO | Canada | $3.55B | 0% | +3% | 24% | 1.01× | 8.1% | 24.2% |
| Suntec Real Estate Investment Trust T82U.SI | Singapore | $3.18B | -7% | +1% | 5% | 0.67× | 4.3% | 5.2% |
| Park Hotels & Resorts PK | United States | $3.17B | +39% | -1% | -5% | 1.03× | 12.1% | -5.0% |
| Curbline Properties CURB | United States | $3.57B | +5% | +51% | 1% | 1.57× | 10.6% | 1.3% |
| Colonial SFL SOCIMI COL.MC | Spain | $3.58B | -2% | +4% | 6% | 0.55× | 7.6% | 5.6% |
| Daiwa House REIT Investment 8984.T | Japan | $3.15B | -13% | -9% | 5% | 1.01× | 4.4% | 4.9% |
| Japan Hotel Reit Investment 8985.T | Japan | $3.14B | +7% | +15% | 8% | 1.44× | 6.8% | 8.5% |
| Covivio Hotels SCA COVH.PA | France | $3.61B | -9% | +5% | 9% | 0.89× | 7.2% | 9.5% |
| Independence Realty Trust IRT | United States | $3.63B | -9% | +3% | 2% | 1.06× | 9.8% | 1.8% |
| CT Real Estate Investment Trust CRT-UN.TO | Canada | $3.11B | +3% | +5% | 13% | 0.68× | 6.2% | 12.9% |
| Nomura Real Estate Master Fund 3462.T | Japan | $3.66B | -23% | -18% | 5% | 0.96× | 4.5% | 4.8% |
| ORIX JREIT 8954.T | Japan | $3.06B | -12% | +35% | 8% | 1.36× | 5.4% | 8.3% |