Broadstone Net Lease, Inc. · NYSE:BNL
Broadstone Net Lease — Q3 2024 Earnings Presentation
12 slides from Broadstone Net Lease's earnings presentation, Oct 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: Selected quarterly financial data
Q3 2024 Q2 2024 Q1 2024 Q4 2023 Q3 2023 Investment in rental property $ 5,018,626 $ 4,840,961 $ 4,666,969 $ 4,915,911 $ 4,939,598 Property under development — 165,014 133,064 94,964 49,819 Cash and cash equivalents 8,999 18,282 221,740 19,494 35,061 Total assets 5,263,286 5,264,557 5,269,655 5,268,7
Slide 4: Capitalization and debt summary
Shares of Common Stock 188,507 Common Stock & OP Units 197,262 IMPLIED EQUITY MARKET CAPITALIZATION $ 3,738,118 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
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 Restaurant — 8,959 — 8,959 Straight-line yield 8.0 % 8.1 % — 8.1 % Weighted average annual rent increase 2.8 % 2.3 % — 2.4 % Development funding opportunities: Developmen
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 United Natural Foods, Inc. Cold Storage 1 13,367 3.4 % 1,016 2.6 % Ryerson Distribution & Warehouse 11 7,870 2.0 % 1,599 4.0 % Tractor Supply Company General Merchandise 23 6,3
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 80 $ 69,796 17.5 % 12,319 31.0 % Food Processing 34 49,209 12.4 % 5,736 14.4 % Flex and R&D 6 16,298 4.1 % 1,157 2.9 % Untenanted 1 — — 178 0.4 % Restaurant Quick Servi
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 52 36,023 9.0 % 4,018 10.2 % LA 5 3,942 1.0 % 211 0.5 %
Slide 11: Lease expirations
Expiration Year # of Properties ABR ('000s) ABR as a % of Total Portfolio Square Feet ('000s) SF as a % of Total Portfolio 2025 17 6,084 1.5 % 358 0.9 % 2027 28 25,709 6.5 % 2,257 5.7 % 2029 64 20,420 5.1 % 2,679 6.7 % 2031 32 8,453 2.1 % 843 2.1 % 2033 49 18,841 4.7 % 1,409 3.5 % 2035 19 13,938 3.5
Slide 12: Change in Occupancy and 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 ) Change in Occupancy Vacant properties at January 1, 2024 Leasing activities (2 ) Vacant properties at March 31, 2024 Leasing activities — Vac