Broadstone Net Lease, Inc. · NYSE:BNL
Broadstone Net Lease — Q1 2024 Earnings Presentation
12 slides from Broadstone Net Lease's earnings presentation, May 1, 2024
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: Quarterly financial summary and balance sheet
Q1 2024 Q4 2023 Q3 2023 Q2 2023 Q1 2023 Investment in rental property $ 4,666,969 $ 4,915,911 $ 4,939,598 $ 4,981,430 $ 5,002,330 Property under development 133,064 94,964 49,819 37,449 — Cash and cash equivalents 221,740 19,494 35,061 20,763 15,412 Total assets 5,269,655 5,268,735 5,335,043 5,368,1
Slide 4: Capitalization and debt summary
Shares of Common Stock 188,435 Common Stock & OP Units 197,363 IMPLIED EQUITY MARKET CAPITALIZATION $ 3,092,678 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: Credit facility and swap maturities
1 Our Revolving Credit Facility contains two six-month extension options subject to certain conditions, including the payment of an extension fee equal to 0.0625% of the revolving commitments. 2 Assumes exercise of Revolving Credit Facility extension options. Swap Maturities (dollars in millions)
Slide 6: Investment activity and development projects
Q1 2024 Number of transactions — Square feet — Initial cash capitalization rate — Weighted avg. lease term (years) — Number of existing properties 1 Healthcare - Animal Health Services 3,000 Weighted avg. lease term (years) 8.0 Number of new properties — Total initial cash capitalization rate 2 8.0
Slide 7: Top Tenant Descriptions (continued)
Top 20 Tenant Descriptions 1 (continued)
Slide 8: Top 20 Brands
Brand Property Type # Properties ABR (’000s) ABR as a % of Total Portfolio Square Feet (’000s) SF as a % of Total Portfolio AHF Products* Distribution & Warehouse/ Manufacturing 8 9,378 2.5 % 2,284 6.1 % Jack's Family Restaurants* Quick Service Restaurants 43 7,456 2.0 % 147 0.4 % Hensley* Distribut
Slide 9: Portfolio by property type
Property Type # Properties ABR (’000s) ABR as a % of Total Portfolio Square Feet (’000s) SF as a % of Total Portfolio Manufacturing 79 $ 65,478 17.5 % 12,103 32.2 % Food Processing 33 46,789 12.5 % 5,501 14.6 % Industrial Services 23 11,918 3.2 % 607 1.6 % Untenanted 2 - 0.0 % 197 0.5 % Restaurant Q
Slide 10: Portfolio by state / province
State / Province # Properties ABR (’000s) ABR as a % of Total Portfolio Square Feet (’000s) SF as a % of Total Portfolio State / Province # Properties ABR (’000s) ABR as a % of Total Portfolio Square Feet (’000s) SF as a % of Total Portfolio MI 54 33,000 8.9 % 3,799 10.0 % MS 11 3,370 0.9 % 430 1.1
Slide 11: Lease expirations and occupancy
Expiration Year # Properties # Leases ABR ('000s) ABR as a % of Total Portfolio Square Feet ('000s) SF as a % of Total Portfolio 2025 16 17 5,931 1.6 % 351 0.9 % 2027 28 29 25,377 6.8 % 2,178 5.8 % 2029 63 63 19,327 5.2 % 2,592 6.9 % 2031 31 31 8,058 2.2 % 783 2.1 % 2033 50 50 19,721 5.3 % 1,593 4.2
Slide 12: Change in occupancy and definitions
Number of properties Lease expirations 1 3 Vacant dispositions — Change in Occupancy Vacant properties at January 1, 2024 Leasing activities (2 ) Vacant properties at March 31, 2024 1 Includes scheduled and unscheduled expirations (including leases rejected in bankruptcy), as well as future expirati