Broadstone Net Lease, Inc. reported its financial results for the first quarter of 2025, revealing a net income of $17.5 million, or $0.09 per diluted share, a significant decrease from the $68.2 million, or $0.35 per diluted share, recorded in the same period last year. The company's lease revenues increased to $108.7 million from $105.4 million year-over-year, driven by growth in its real estate portfolio. However, the overall profitability was impacted by a notable decline in gains from real estate sales, which fell to $0.4 million compared to $59.1 million in the prior year.
In terms of operational metrics, Broadstone's total assets rose to $5.24 billion as of March 31, 2025, up from $5.22 billion at the end of 2024. The company’s investment in rental properties, net of depreciation, also increased to $4.37 billion from $4.34 billion. The firm owned a diversified portfolio of 769 properties, with 762 located across 44 U.S. states and seven in Canada. The weighted average remaining lease term for its properties was approximately 10 years, with 97.5% of leases featuring contractual rent escalations.
Strategically, Broadstone completed $59 million in property acquisitions during the quarter, with a weighted average cash capitalization rate of 7.2%. The company also invested $26.5 million in build-to-suit developments and $2.8 million in revenue-generating capital expenditures. These investments are part of Broadstone's strategy to enhance its portfolio and drive future revenue growth. The firm has also maintained a strong liquidity position, with $825.9 million available under its revolving credit facility as of the end of the quarter.
Looking ahead, Broadstone anticipates continued growth through its diversified investment strategy, which includes capital expenditures, build-to-suit developments, and a robust acquisition pipeline. However, the company acknowledged the challenges posed by rising interest rates and a tightening lending environment, which may impact future acquisition volumes and earnings growth. The management remains optimistic about the company's performance, citing strong rent collections and minimal credit losses as key indicators of resilience in the current economic climate.
About Broadstone Net Lease, Inc.
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