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Broadstone Net Lease (BNL)
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Broadstone Net Lease Balance Sheet 2025-2011 | BNL
Brief overview of Broadstone Net Lease's assets and capital
The balance sheet is assessed across five available annual reports spanning 2021 to 2025.
The balance sheet expanded from $4.6 billion to $5.7 billion. Growth of +23.8% and CAGR of 5.5% look measured and sustainable.
Liabilities expanded faster than the asset base, +42.9% versus +23.8%. Debt-service capacity deserves attention.
Internal capital represents 50.8% of the balance sheet, previously 59.3%. This is a strong capital position.
The net-debt-to-equity ratio is 0.86x. Borrowed funding is already a meaningful part of the structure.
The cash share moved from 0.5% to 0.5%. A higher figure generally provides more room in an adverse scenario.
What the balance sheet shows
Broadstone Net Lease's balance sheet is broadly resilient, though selected areas require monitoring. The balance between assets, equity and liabilities remains the key issue.
Annual Balance Sheet Broadstone Net Lease
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Net Debt |
2.49 B | 1.91 B | 1.9 B | 2.01 B | 625 M | 1.44 B | 1.97 B | 1.43 B | 1.17 B | 845 M | - | - | - | - | - |
Long Term Debt |
2.52 B | 1.92 B | 1.92 B | 2.03 B | 647 M | 1.54 B | 1.78 B | 1.3 B | 905 M | 765 M | - | - | - | - | - |
Total Non Current Liabilities |
- | - | - | - | - | - | 1.9 B | 1.39 B | 997 M | 832 M | - | - | - | - | - |
Total Liabilities |
2.68 B | 2.07 B | 2.07 B | 2.2 B | 1.88 B | 1.78 B | 2.14 B | 1.57 B | 1.29 B | 954 M | - | - | - | - | - |
Retained Earnings |
- | - | - | - | - | - | -208 M | -155 M | -120 M | -90 M | - | - | - | - | - |
Total Assets |
5.72 B | 5.22 B | 5.27 B | 5.46 B | 4.62 B | 4.26 B | 3.92 B | 3.1 B | 2.58 B | 1.95 B | - | - | - | - | - |
Cash and Cash Equivalents |
30.5 M | 14.8 M | 19.5 M | 21.8 M | 21.7 M | 100 M | 12.5 M | 18.6 M | 9.36 M | 21.6 M | 27 M | - | - | - | - |
Book Value |
3.03 B | 3.14 B | 3.19 B | 3.26 B | 2.74 B | 2.48 B | 1.78 B | 1.53 B | 1.28 B | 999 M | - | - | - | - | - |
Total Shareholders Equity |
2.9 B | 3 B | 3.05 B | 3.09 B | 2.74 B | 2.3 B | 1.67 B | 1.42 B | 1.19 B | 999 M | 748 M | - | - | - | - |
Annual performance
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All numbers in USD currency
Quarterly Balance Sheet Broadstone Net Lease
| 2026-Q2 | 2026-Q1 | 2025-Q4 | 2025-Q3 | 2025-Q2 | 2025-Q1 | 2024-Q4 | 2024-Q3 | 2024-Q2 | 2024-Q1 | 2023-Q4 | 2023-Q3 | 2023-Q2 | 2023-Q1 | 2022-Q4 | 2022-Q3 | 2022-Q2 | 2022-Q1 | 2021-Q4 | 2021-Q3 | 2021-Q2 | 2021-Q1 | 2020-Q4 | 2020-Q3 | 2020-Q2 | 2020-Q1 | 2019-Q4 | 2019-Q3 | 2019-Q2 | 2019-Q1 | 2018-Q4 | 2018-Q3 | 2018-Q2 | 2018-Q1 | 2017-Q4 | 2017-Q3 | 2017-Q2 | 2017-Q1 | 2016-Q4 | 2016-Q3 | 2016-Q2 | 2016-Q1 | 2015-Q4 | 2015-Q3 | 2015-Q2 | 2015-Q1 | 2014-Q4 | 2014-Q3 | 2014-Q2 | 2014-Q1 | 2013-Q4 | 2013-Q3 | 2013-Q2 | 2013-Q1 | 2012-Q4 | 2012-Q3 | 2012-Q2 | 2012-Q1 | 2011-Q4 | 2011-Q3 | 2011-Q2 | 2011-Q1 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Long Term Debt |
2.69 B | 2.65 B | - | 2.35 B | 2.12 B | 2 B | 897 M | 1.95 B | 1.91 B | 1.9 B | 896 M | 1.9 B | 895 M | 1.95 B | 895 M | 2.06 B | - | 1.8 B | 647 M | 1.6 B | 1.5 B | 1.51 B | 1.55 B | 1.55 B | 2.04 B | 2.14 B | 1.99 B | 2.1 B | 1.48 B | 1.44 B | 1.45 B | 1.31 B | 1.29 B | 1.22 B | 1.18 B | 910 M | 883 M | 837 M | 658 M | 658 M | 658 M | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Total Liabilities |
2.86 B | 2.82 B | 2.68 B | 2.51 B | 2.29 B | 2.16 B | 2.07 B | 2.12 B | 2.07 B | 2.05 B | 2.07 B | 2.06 B | 2.11 B | 2.1 B | 2.2 B | 2.23 B | - | 1.96 B | 1.88 B | 1.79 B | 1.7 B | 1.71 B | 1.78 B | 1.78 B | 1.78 B | 1.78 B | 2.14 B | 2.14 B | 2.14 B | 2.14 B | 1.57 B | 1.57 B | 1.57 B | 1.57 B | 1.29 B | 1.29 B | 1.29 B | 1.29 B | 954 M | 954 M | 954 M | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Total Assets |
5.87 B | 5.85 B | 5.72 B | 5.52 B | 5.33 B | 5.24 B | 5.22 B | 5.26 B | 5.26 B | 5.27 B | 5.27 B | 5.34 B | 5.37 B | 5.34 B | 5.46 B | 5.24 B | - | 4.85 B | 4.62 B | 4.5 B | 4.42 B | 4.21 B | 4.26 B | 4.26 B | 4.26 B | 4.26 B | 3.92 B | 3.92 B | 3.92 B | 3.92 B | 3.1 B | 3.1 B | 3.1 B | 3.1 B | 2.58 B | 2.58 B | 2.58 B | 2.58 B | 1.95 B | 1.95 B | 1.95 B | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Cash and Cash Equivalents |
11.1 M | 20.3 M | 30.5 M | 82 M | 20.8 M | 9.6 M | 14.8 M | 9 M | 18.3 M | 222 M | 19.5 M | 35.1 M | 20.8 M | 15.4 M | 21.8 M | 75.9 M | 16.8 M | 54.1 M | 21.7 M | 16.2 M | 20.1 M | 10.2 M | 100 M | 100 M | 100 M | 100 M | 12.5 M | 12.5 M | 12.5 M | 12.5 M | 18.6 M | 18.6 M | 18.6 M | 18.6 M | 9.36 M | 9.36 M | 9.36 M | 9.36 M | 21.6 M | 21.6 M | 21.6 M | - | 27 M | - | - | - | 4.13 M | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Book Value |
3.01 B | 3.02 B | 3.03 B | 3.01 B | 3.04 B | 3.08 B | 3.14 B | 3.14 B | 3.2 B | 3.22 B | 3.19 B | 3.28 B | 3.26 B | 3.23 B | 3.26 B | 3.01 B | - | 2.89 B | 2.74 B | 2.72 B | 2.72 B | 2.49 B | 2.48 B | 2.48 B | 2.48 B | 2.48 B | 1.78 B | 1.78 B | 1.78 B | 1.78 B | 1.53 B | 1.53 B | 1.53 B | 1.53 B | 1.28 B | 1.28 B | 1.28 B | 1.28 B | 999 M | 999 M | 999 M | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Total Shareholders Equity |
2.88 B | 2.89 B | 2.9 B | 2.88 B | 2.91 B | 3.08 B | 3 B | 3 B | 3.2 B | 3.22 B | 3.05 B | 3.28 B | 3.26 B | 3.23 B | 3.09 B | 3.01 B | 2.97 B | 2.89 B | 2.58 B | 2.72 B | 2.72 B | 2.49 B | 2.3 B | 2.3 B | 2.3 B | 2.3 B | 1.67 B | 1.67 B | 1.67 B | 1.67 B | 1.42 B | 1.42 B | 1.42 B | 1.42 B | 1.19 B | 1.19 B | 1.19 B | 1.19 B | 912 M | 912 M | 912 M | - | 748 M | - | - | - | 394 M | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Quarterly performance
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All numbers in USD currency
Balance Sheet is a fundamental financial report of Broadstone Net Lease, providing a complete picture of the company’s financial position at a specific point in time. Unlike the income statement, which records the results of operations over a certain period, the balance sheet shows what assets the company owns, what liabilities it has to creditors, and what equity is available to the owners.
For an investor, the balance sheet is important because it allows assessing the company’s financial stability, understanding how much debt it carries, and how dependent it is on borrowed financing. It helps calculate key liquidity and leverage ratios. When analyzing, attention should be paid to the debt-to-equity ratio (Debt/Equity), the amount of cash on the balance sheet, and the ratio of current liabilities to liquid assets.
Features of balance sheet analysis- Vertical and horizontal analysis
Vertical analysis shows the structure of the balance sheet as a percentage of total assets or liabilities, while horizontal analysis shows the dynamics of changes over multiple periods. - Asset quality
It is important to evaluate not only the amount of assets but also their liquidity and realizability. - Accounting for off-balance sheet liabilities
Some liabilities may not be directly reflected in the balance sheet, which requires additional attention.