**Broadstone Net Lease Raises 2025 AFFO Per Share Guidance to $1.49–$1.50 Amid Robust Build-to-Suit Momentum**
*October 31, 2025 – 6:17 AM ET*

Broadstone Net Lease, Inc. (BNL) has raised its 2025 AFFO (Adjusted Funds From Operations) per share guidance to a range of $1.49 to $1.50, reflecting strong momentum in its build-to-suit pipeline.

**Q3 2025 Earnings Call Insights**
During the Q3 2025 earnings call, CEO John Moragne highlighted a “strong quarter of results” that underscores the ongoing success of Broadstone Net Lease’s differentiated growth strategy. The company’s deep expertise and strategic acumen continue to drive solid performance.

The raised guidance is primarily driven by:
– Strong acquisition and development execution
– Improved tenant collection and credit quality
– Greater shareholder returns supported by a robust build-to-suit pipeline

Management emphasized their disciplined approach to acquisitions despite fierce competition and a muted supply environment. They indicated plans to potentially recycle capital through selected asset sales and carefully weigh the cost of incremental equity against emerging investment opportunities.

**Risks and Considerations**
While Broadstone Net Lease remains optimistic, management is vigilant regarding:
– Competitive acquisition market pressures
– Rising construction and labor costs
– Monitoring tenant sectors such as home furnishing and casual dining

Despite these considerations, current tenant risk and bad debt levels remain minimal.

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