Broadstone Net Lease, Inc. · NYSE:BNL
Broadstone Net Lease — Q4 2024 Earnings Presentation
12 slides from Broadstone Net Lease's earnings presentation, Feb 19, 2025
Slide 1: Broadstone Net Lease, Inc. Supplemental Report
toneet Lease, Inc. (NYSE: BNL) is a Real Estate Investment Trust (REIT) that acquires, owns, and manages single-tenant commercial real estate properties that are net leased on a long-term basis to a diversified group of tenants. www.broadstone.com Table of Contents Section Page
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Slide 3: Selected financial and balance sheet data
Q4 2024 Q3 2024 Q2 2024 Q1 2024 Q4 2023 Investment in rental property $ 4,994,057 $ 5,018,626 $ 4,840,961 $ 4,666,969 $ 4,915,911 Property under development 18,784 — 165,014 133,064 94,964 Cash and cash equivalents 14,845 8,999 18,282 221,740 19,494 Total assets 5,216,417 5,263,286 5,264,557 5,269,6
Slide 4: Capitalization and debt summary
Shares of Common Stock 188,626 Common Stock & OP Units 197,272 IMPLIED EQUITY MARKET CAPITALIZATION $ 3,128,727 DEBT Unsecured Term Loans 900,000 Unsecured Term Loan - 2027 200,000 Senior Unsecured Notes 850,000 Senior Unsecured Notes - 2028 225,000 Senior Unsecured Public Notes - 2031 375,000 TOTAL
Slide 5: Debt maturities and swap maturities
1 Our Revolving Credit Facility reflected above assumes exercise of two six-month extension options subject to certain conditions, including the payment of an extension fee equal to 0.0625% of the revolving commitments. Swap Maturities (dollars in millions) Weighted Average Effective Swap Maturity:
Slide 6: Investment activity
Q4 2024 Q3 2024 Q2 2024 Q1 2024 YTD 2024 Number of transactions — 2 6 — 8 Square feet — 357 1,094 — 1,451 Industrial — 59,000 103,735 — 162,735 Initial cash capitalization rate — 7.2 % 7.3 % — 7.3 % Weighted average lease term (years) — 9.4 11.5 — 10.9 Number of new properties 4 — — — 4 Number of ex
Slide 7: Top Tenant Descriptions (continued)
Top 20 Tenant Descriptions 1 (continued)
Slide 8: Top 20 Brands
Brand Property Type # of Properties ABR (’000s) ABR as a % of Total Portfolio Square Feet (’000s) SF as a % of Total Portfolio United Natural Foods, Inc. Distribution & Warehouse 1 13,680 3.5 % 1,016 2.6 % Ryerson Distribution & Warehouse 11 7,897 2.0 % 1,599 4.1 % Tractor Supply Company General Mer
Slide 9: Portfolio by property type
Property Type # of Properties ABR (’000s) ABR as a % of Total Portfolio Square Feet (’000s) SF as a % of Total Portfolio Manufacturing 80 $ 69,835 17.7 % 12,319 31.3 % Food Processing 34 49,613 12.5 % 5,736 14.6 % Industrial Services 29 14,880 3.8 % 725 1.8 % In-process Developments 3 — — — — Indust
Slide 10: Portfolio by state and province
State / Province # of Properties ABR (’000s) ABR as a % of Total Portfolio Square Feet (’000s) SF as a % of Total Portfolio State / Province # of Properties ABR (’000s) ABR as a % of Total Portfolio Square Feet (’000s) SF as a % of Total Portfolio MI 52 36,422 9.2 % 4,019 10.2 % LA 5 3,786 1.0 % 211
Slide 11: Lease expirations
Expiration Year # of Properties # of Leases ABR ('000s) ABR as a % of Total Portfolio Square Feet ('000s) SF as a % of Total Portfolio 2026 23 24 $ 11,793 3.0 % 915 2.3 % 2028 29 28 $ 19,824 5.0 % 1,793 4.6 % 2030 88 53 $ 48,477 12.3 % 4,777 12.1 % 2032 61 46 $ 32,450 8.2 % 3,479 8.8 % 2034 38 27 $
Slide 12: Change in occupancy; definitions and explanations
Number of properties Lease expirations 1 3 Vacant dispositions — Lease expirations 1 1 Vacant dispositions (1 ) Lease expirations 1 4 Vacant dispositions (1 ) Lease expirations 1 2 Vacant dispositions (2 ) Change in Occupancy Vacant properties at January 1, 2024 Leasing activities (2 ) Vacant proper