Broadstone Net Lease, Inc. · NYSE:BNL
Broadstone Net Lease — Q1 2025 Earnings Presentation
32 slides from Broadstone Net Lease's earnings presentation, May 1, 2025
Slide 1: Q1 2025 Quarterly Supplemental Information
Q1 2025 QUARTERLY SUPPLEMENTAL INFORMATION Broadstone Net Lease, Inc. (NYSE: BNL) is an industrial- focused, diversified net lease real estate investment trust (REIT) that invests in single-tenant commercial real estate properties that are net leased on a long-term basis to a diversified group of te
Slide 2: Table of Contents
Table of Contents Section Page About the Data 3 Company Overview 4 Quarterly Financial Summary 5 Balance Sheet 6 Income Statement Summary 7 Funds From Operations (FFO), Core Funds From Operations (Core FFO), and Adjusted Funds From Operations (AFFO) 8 Lease Revenues Detail 9 Capital Structure 10 Equ
Slide 3: About the Data
About the Data This data and other information described herein are as of and for the three months ended March 31, 2025 unless otherwise indicated. Future performance may not be consistent with past performance and is subject to change and inherent risks and uncertainties. This information should be
Slide 4: Company Overview
Company Overview Broadstone Net Lease, Inc. (NYSE:BNL) (the “Company”, “BNL”, “us”, “our”, and “we”) is an industrial-focused, diversified net lease real estate investment trust (“REIT”) that invests in primarily single-tenant commercial real estate properties that are net leased on a long-term basi
Slide 5: Quarterly Financial Summary
Quarterly Financial Summary (unaudited, dollars in thousands except per share data) Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024 Financial Summary Investment in rental property $ 5,032,276 $ 4,994,057 $ 5,018,626 $ 4,840,961 $ 4,666,969 Less accumulated depreciation (694,990) (672,478) (644,214) (627,871
Slide 6: Balance Sheet
Balance Sheet (unaudited, in thousands) March 31, December 31, September 30, June 30, March 31, 2025 2024 2024 2024 2024 Assets Accounted for using the operating method: Land $ 780,817 $ 778,826 $ 784,545 $ 773,224 $ 724,199 Land improvements 360,197 357,142 357,090 324,138 316,170 Buildings and imp
Slide 7: Income Statement Summary
Income Statement Summary (unaudited, in thousands except per share data) Three Months Ended March 31, December 31, September 30, June 30, March 31, 2025 2024 2024 2024 2024 Revenues Lease revenues, net $ 108,690 $ 112,130 $ 108,397 $ 105,907 $ 105,366 Operating expenses Depreciation and amortization
Slide 8: FFO, Core FFO, and AFFO
Funds From Operations (FFO), Core Funds From Operations (Core FFO), and Adjusted Funds From Operations (AFFO) (unaudited, in thousands except per share data) Three Months Ended March 31, December 31, September 30, June 30, March 31, 2025 2024 2024 2024 2024 Net income $ 17,493 $ 27,607 $ 37,268 $ 35
Slide 9: Lease Revenues Detail
Lease Revenues Detail (unaudited, in thousands) Three Months Ended March 31, December 31, September 30, June 30, March 31, 2025 2024 2024 2024 2024 Contractual rental amounts billed for operating leases $ 99,314 $ 98,193 $ 96,596 $ 95,736 $ 97,549 Adjustment to recognize contractual operating lease
Slide 10: Capital Structure
Capital Structure (in thousands, except per share data) EQUITY Shares of Common Stock 189,073 OP Units 8,402 Common Stock & OP Units 197,475 Price Per Share / Unit at March 31, 2025 $ 17.04 IMPLIED EQUITY MARKET CAPITALIZATION $ 3,364,972 % of Total Capitalization 62.8% DEBT Unsecured Revolving Cred
Slide 11: Equity Rollforward
Equity Rollforward (in thousands) Shares of Total Diluted Common Stock OP Units Shares Balance, January 1, 2025 188,626 8,646 197,272 Grants of restricted stock awards - employees 292 — 292 Retirement of common shares under equity incentive plan (86) — (86) Forfeiture of restricted stock awards (3)
Slide 12: Debt Outstanding
Debt Outstanding (in thousands) March 31, December 31, 2025 2024 Interest Rate Maturity Date Unsecured revolving credit facility $ 174,122 $ 93,014 Applicable reference rate Mar. 2029 (d) + 0.85% (a) Unsecured term loans: one-month adjusted SOFR + 2026 Unsecured Term Loan — 400,000 1.00% (b) Feb. 20
Slide 13: Interest Rate Swaps
Interest Rate Swaps (dollars in thousands) March 31, 2025 Fixed Notional Fair Counterparty Maturity Date (a) Rate (b) Variable Rate Index Amount Value Effective Swaps: (c) Truist Financial Corporation April 2025 2.20% daily compounded SOFR $ 25,000 $ — Bank of Montreal July 2025 2.32% daily compound
Slide 14: EBITDA, EBITDAre, and Other Non-GAAP Operating Measures
EBITDA, EBITDAre, and Other-Non GAAP Operating Measures (unaudited, in thousands) Three Months Ended March 31, December 31, September 30, June 30, March 31, 2025 2024 2024 2024 2024 Net income $ 17,493 $ 27,607 $ 37,268 $ 35,937 $ 68,177 Depreciation and amortization 39,497 42,987 38,016 37,404 37,7
Slide 15: Net Debt Metrics
Net Debt Metrics (in thousands) September March 31, December 31, 30, June 30, March 31, 2025 2024 2024 2024 2024 Debt Unsecured revolving credit facility $ 174,122 $ 93,014 $ 125,482 $ 79,096 $ 73,820 Unsecured term loans, net 893,505 897,201 896,887 896,574 896,260 Senior unsecured notes, net 846,2
Slide 16: Debt Maturities and Swap Maturities
Debt Maturities (dollars in millions) The Company utilizes diversified sources of debt capital including unsecured bank debt, unsecured notes, and secured mortgages (where appropriate). Weighted Average Debt Maturity: 4.4 years (a) (a) Our Revolving Credit Facility reflected above assumes exercise o
Slide 17: Investment Activity
Investment Activity (square feet and dollars in thousands) The following tables summarize the Company’s investment activity during 2025. Q1 2025 Acquisitions: Number of transactions 3 Number of properties 6 Square feet 438 Acquisition price $ 59,004 Industrial 41,088 Retail 17,916 Initial cash capit
Slide 18: Build-to-Suit Development Projects
Build-to-Suit Development Projects (square feet and dollars in thousands) The following table summarizes the Company’s in-process developments as of March 31, 2025: Projected Target Lease Total Project Estimated Estimated Estimated Cash Estimated Rentable Stabilization Term Commitment Total Project
Slide 19: Dispositions and Portfolio at a Glance
Dispositions (square feet and dollars in thousands) The following table summarizes the Company’s property disposition activity during 2025. Q1 2025 Number of Acquisition Disposition Net Book Property Type Properties Square Feet Price Price Value Other 3 30 $ 9,621 7,385 $ 9,802 Total Properties 3 30
Slide 20: Diversification: Tenants & Brands
Diversification: Tenants & Brands Top 20 Tenants ABR as a SF as a % of Square % of # of ABR Total Feet Total Tenant Property Type Properties (’000s) Portfolio (’000s) Portfolio Roskam Baking Company, LLC* Food Processing 7 $ 16,236 4.0% 2,250 5.7% United Natural Foods, Inc. Distribution & Warehouse
Slide 21: Top Tenant Descriptions
Top 20 Tenant Descriptions (a) BROADSTONE NET LEASE, INC. | www.broadstone.com | © 2025 Broadstone Net Lease, LLC. All rights reserved. 21
Slide 22: Top Tenant Descriptions (continued)
Top 20 Tenant Descriptions (a) (continued) BROADSTONE NET LEASE, INC. | www.broadstone.com | © 2025 Broadstone Net Lease, LLC. All rights reserved. 22
Slide 23: Top Brands
Top 20 Brands ABR as a SF as a % of Square % of # of ABR Total Feet Total Brand Property Type Properties (’000s) Portfolio (’000s) Portfolio Roskam Baking Company, LLC* Food Processing 7 $ 16,236 4.0% 2,250 5.7% United Natural Foods, Inc. Distribution & Warehouse 1 14,386 3.6% 1,016 2.6% AHF Product
Slide 24: Diversification: Property Type
Diversification: Property Type (rent percentages based on ABR) BROADSTONE NET LEASE, INC. | www.broadstone.com | © 2025 Broadstone Net Lease, LLC. All rights reserved. 24
Slide 25: Diversification: Property Type (continued)
Diversification: Property Type (continued) ABR as a % SF as a % ABR of Total Square Feet of Total Property Type # of Properties (’000s) Portfolio (’000s) Portfolio Industrial Distribution & Warehouse 50 $ 73,231 18.2% 10,779 27.1% Manufacturing 80 70,359 17.5% 12,319 31.0% Food Processing 34 49,749
Slide 26: Key Statistics by Property Type
Key Statistics by Property Type Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024 Industrial Number of properties 211 210 207 206 197 Square feet (000s) 32,231 31,898 31,898 30,602 29,980 Weighted average lease term (years) 10.7 11.0 11.1 11.0 11.3 Weighted average annual rent escalation 2.2% 2.1% 2.1% 2.0% 2
Slide 27: Diversification: Tenant Industry
Diversification: Tenant Industry ABR as a % SF as a % # of ABR of Total Square Feet of Total Industry Properties (’000s) Portfolio (’000s) Portfolio Restaurants 258 $ 55,390 13.8% 1,231 3.1% Packaged Foods & Meats 36 51,065 12.7% 5,873 14.8% Food Distributors 7 27,431 6.8% 2,534 6.4% Healthcare Faci
Slide 28: Diversification: Geography
Diversification: Geography (rent percentages based on ABR) ABR as SF as a ABR as SF as a a % of Square % of a % of Square % of State / # of ABR Total Feet Total State / # of ABR Total Feet Total Province Properties (’000s) Portfolio (’000s) Portfolio Province Properties (’000s) Portfolio (’000s) Por
Slide 29: Lease Expirations
Lease Expirations (rent percentages based on ABR) SF as a % of # of ABR ABR as a % of Square Feet Total Expiration Year Properties # of Leases ('000s) Total Portfolio ('000s) Portfolio 2025 14 15 $ 4,188 1.0% 228 0.6% 2026 23 24 11,914 3.0% 915 2.3% 2027 29 30 25,865 6.4% 2,257 5.7% 2028 28 28 19,91
Slide 30: Occupancy
Occupancy Occupancy by Rentable Square Footage Change in Occupancy Number of properties Vacant properties at January 1, 2025 2 Lease expirations (a) 2 Leasing activities (2) Vacant properties at March 31, 2025 2 (a) Includes scheduled and unscheduled expirations (including leases rejected in bankrup
Slide 31: Definitions and Explanations
Definitions and Explanations Adjusted NOI, Annualized Adjusted NOI, Adjusted Cash NOI and Annualized Adjusted Cash NOI: Our reported results and net earnings per diluted share are presented in accordance with accounting principles generally accepted in the United States of America (GAAP). Adjusted N
Slide 32: Definitions and Explanations (continued)
Definitions and Explanations (continued) Gross Debt: We define Gross Debt as total debt plus debt issuance costs and original issuance discount. Net Debt: Net Debt is a non-GAAP financial measure. We define Net Debt as our Gross Debt less cash and cash equivalents and restricted cash. Occupancy: Occ