Broadstone Net Lease, Inc. is an industrial-focused, diversified net lease real estate investment trust that invests in primarily single-tenant commercial real estate properties that are net leased on a long-term basis to a diversified group of tenants. We primarily, and selectively, invest in real estate across industrial and retail property types. We target properties with credit-worthy tenants in industries characterized …
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Competitive advantage assessment
Key strengths
Strong NOI MarginsNOI margins are strong (score 0.91), demonstrating rent pricing power.
Stable NOI PerformanceNOI stability is excellent (score 1.00), suggesting reliable rent streams.
The dashed ring is the peer median. Defense scores are percentile ranks
against peers, so 50 is roughly the typical company in this group.
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Broadstone Net Lease, Inc. ranks #3 of 20
scored companies in REIT - Diversified by moat score — the top 15%.
The widest moat in the group is Gladstone Commercial Corporatio (GOOD)
at 78/100.
Moat scores for companies ranked near BNL in REIT - Diversified
For a REIT, pricing power is the ability to raise rents at renewal and still keep the space occupied.
AFFO Strength
Score 91
· 18% of the moat score
AFFO — adjusted funds from operations — is the cash a REIT can actually distribute after the recurring capital spending buildings need in order to stay leasable.
Balance Sheet & Cost of Capital
Score 76
· 20% of the moat score
Real estate is bought with borrowed money, so a REIT's cost of capital is its competitive advantage.
Capital Recycling & Growth
Score 46
· 16% of the moat score
REITs grow by issuing shares and debt to buy more property, which creates value only when the yield on the asset exceeds the cost of the capital raised.
Operational Efficiency
Score 93
· 14% of the moat score
Running property — leasing, maintenance, taxes, management — is the part of the business a REIT genuinely controls.
Portfolio Quality & Diversification
Score 64
· 12% of the moat score
Portfolio quality is really a question about what happens when a tenant fails.
Broadstone Net Lease, Inc. (BNL) scores 77 out of 100 on the StatsAlpha Moat Map, which rates its competitive advantage as strong. It ranks #3 of 20 scored companies in REIT - Diversified, the top 15%. The score is a weighted composite of 6 competitive defenses, each measured against industry peers of 21 companies in REIT - Diversified. Its strongest defense is Rent Pricing Power (95/100) and its weakest is Capital Recycling & Growth (46/100).
How does Broadstone Net Lease, Inc. compare with other REIT - Diversified companies?
Broadstone Net Lease, Inc. ranks #3 of 20 scored companies in REIT - Diversified by moat score. The widest moat in REIT - Diversified is Gladstone Commercial Corporatio (GOOD) at 78/100. The companies ranked closest are Gladstone Commercial Corporatio (GOODN) at 78 just above it and One Liberty Properties, Inc. (OLP) at 73 just below it.
How is the moat score calculated?
Each company is scored with an industry-specific template — REIT Specialized in this case, chosen because the defenses that matter to a bank are not the ones that matter to a software company. Every defense combines several financial signals, and each signal is measured as a percentile against a peer group of 21 companies in REIT - Diversified. The defenses are then weighted to produce the overall score out of 100.
Why is Broadstone Net Lease, Inc. scored with the REIT Specialized template?
A REIT is a portfolio of buildings financed with debt and required to distribute most of its taxable income. Reported earnings are dominated by depreciation on assets that often appreciate, so net income says very little; the real question is how much cash the properties distribute, and how securely. The REIT template scores what determines that: rent pricing, distributable cash, cost of capital, and the discipline behind growth.
Which competitive defenses are measured for Broadstone Net Lease, Inc.?
The REIT Specialized template measures 6 defenses, and BNL scores: Rent Pricing Power (95), AFFO Strength (91), Balance Sheet & Cost of Capital (76), Capital Recycling & Growth (46), Operational Efficiency (93), Portfolio Quality & Diversification (64). Each is scored independently as a percentile against peers, so a company can be strong on one and weak on another — the overall score reflects how those defenses are weighted for this industry.
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