Strong Quarterly Performance
BNL reported a 5.7% increase in quarterly AFFO per share compared to Q3 2024 and raised full-year 2025 guidance to $1.49 to $1.50 of AFFO per share, representing 4.2% to 4.9% growth.
Successful Investment Strategy
Invested $204 million in accretive acquisitions and development projects, achieving a weighted average initial cash capitalization rate of 7.1% and a straight-line yield of 8.2% for new property acquisitions.
High Tenant Collection and Lease Assumption
Collected 100% of rents and resolved At Home and Claire’s situations with all leases assumed, leading to no bad debt incurred.
Robust Build-to-Suit Pipeline
Started 7 new build-to-suit developments in 2025 with a budgeted deployment of $256.7 million, contributing to long-term growth and yielding high returns.
Strong Capital Market Activity
Successfully returned to the investment-grade bond market with a public offering of $350 million of 5% senior unsecured notes, nearly 7x oversubscribed.
Significant Shareholder Returns
Delivered total shareholder return of more than 30% since the beginning of 2023 and nearly 20% year-to-date.