Broadstone Net Lease, Inc. · NYSE:BNL
Broadstone Net Lease — Q2 2024 Earnings Presentation
12 slides from Broadstone Net Lease's earnings presentation, Jul 30, 2024
Slide 1: Broadstone Net Lease, Inc. Supplemental Information
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: Financial summary and balance sheet
Q2 2024 Q1 2024 Q4 2023 Q3 2023 Q2 2023 Investment in rental property $ 4,840,961 $ 4,666,969 $ 4,915,911 $ 4,939,598 $ 4,981,430 Property under development 165,014 133,064 94,964 49,819 37,449 Cash and cash equivalents 18,282 221,740 19,494 35,061 20,763 Total assets 5,264,557 5,269,655 5,268,735 5
Slide 4: Capitalization and debt summary
Shares of Common Stock 188,517 Common Stock & OP Units 197,318 IMPLIED EQUITY MARKET CAPITALIZATION $ 3,131,439 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: Swap maturities and revolving credit facility
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
Q2 2024 Q1 2024 YTD 2024 Number of transactions 6 — 6 Square feet 1,094 — 1,094 Industrial 103,735 — 103,735 Restaurant 8,959 — 8,959 Straight-line yield 8.1 % — 8.1 % Weighted average annual rent increase 2.3 % — 2.3 % Transitional Capital: Investments 1 $ 52,200 $ — $ 52,200 Number of existing pro
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 9,612 2.5 % 2,284 5.9 % Jack's Family Restaurants* Quick Service Restaurants 43 7,456 1.9 % 147 0.4 % Axcelis Flex and R
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 $ 65,334 16.9 % 12,094 31.5 % Food Processing 34 49,202 12.8 % 5,736 14.9 % Industrial Services 29 14,659 3.8 % 725 1.9 % Untenanted 2 — — 197 0.4 % Restaurant Quick
Slide 10: Portfolio by state and 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 32,805 8.5 % 3,799 9.9 % LA 5 3,942 1.0 % 211 0.5 %
Slide 11: Lease expirations and occupancy
Expiration Year # of Properties ABR ('000s) ABR as a % of Total Portfolio Square Feet ('000s) SF as a % of Total Portfolio 2025 17 6,071 1.6 % 358 0.9 % 2027 29 25,569 6.6 % 2,257 5.9 % 2029 64 20,368 5.3 % 2,679 7.0 % 2031 32 8,199 2.1 % 786 2.0 % 2033 51 20,055 5.2 % 1,598 4.2 % 2035 19 13,779 3.6
Slide 12: Change in Occupancy; Definitions and Explanations
Number of properties Lease expirations 1 3 Vacant dispositions — Lease expirations 1 1 Vacant dispositions (1 ) Change in Occupancy Vacant properties at January 1, 2024 Leasing activities (2 ) Vacant properties at March 31, 2024 Leasing activities — Vacant properties at June 30, 2024 1 Includes sche