Broadstone Net Lease Q2 2025 Earnings Report

Broadstone Net Lease EPS Results

• Actual EPS: N/A
• Consensus EPS: $0.37
• Beat/Miss: N/A
• One Year Ago EPS: N/A

Broadstone Net Lease Revenue Results

• Actual Revenue: N/A
• Expected Revenue: $110.42 million
• Beat/Miss: N/A
• YoY Revenue Growth: N/A

Broadstone Net Lease Announcement Details

• Quarter: Q2 2025
• Date: 7/30/2025
• Time: After Market Closes
• Conference Call Date: Thursday, July 31, 2025
• Conference Call Time: 1:00PM ET

Broadstone Net Lease (NYSE:BNL) (the Corporation) is a Maryland corporation formed on October 18, 2007, that elected to be taxed as a real estate investment trust (REIT) commencing with the taxable year ended December 31, 2008. Broadstone Net Lease, LLC (the Corporation's operating company, or the OP), is the entity through which the Corporation conducts its business and owns (either directly or through subsidiaries) all of the Corporation's properties. The Corporation is the sole managing member of the OP. The membership units not owned by the Corporation are referred to as OP Units or non-controlling interests. As the Corporation conducts substantially all of its operations through the OP, it is structured as what is referred to as an umbrella partnership real estate investment trust (UPREIT). The Corporation's common stock is listed on the New York Stock Exchange under the symbol BNL.

Broadstone Net Lease Q2 2025 Earnings Call Transcript

Key Takeaways

• Positive Sentiment: We raised our full-year 2025 AFFO guidance to $1.48–$1.50 per share—implying 4.2% growth at midpoint—after delivering $0.38 of AFFO per share in Q2, up 5.6% year-over-year.
• Positive Sentiment: We reduced clinical health care exposure to just 2.4% of ABR while still growing AFFO per share, and we plan to exit remaining noncore assets only at disciplined valuations—no fire-sale approach.
• Neutral Sentiment: We’re managing tenant credit events—most notably At Home (95 bps of ABR) and Claire’s (80 bps)—with full rent collections to date and believe our critical facility positions and below-market rents will protect value through any bankruptcy proceedings.
• Positive Sentiment: Our committed build-to-suit pipeline of eight projects totals $371 million of investment and will add $28 million of incremental ABR (6.9% growth) by 2026, with a weighted average initial yield of 7.5% and straight-line yield of 8.9%.
• Neutral Sentiment: We finished the quarter at 5.2× leverage, with over $800 million available on our revolver and no need for near-term equity issuance, enabling us to fund $229 million of investments year-to-date via retained cash flow, disposals, and credit.

Presentation

[Operator]

Hello, and welcome to Broadstone Net Leases Second Quarter twenty twenty five Earnings Conference Call. My name is Elliot, and I'll be your operator today. Please note that today's call is being recorded. I'll now turn the call over to Brent Madel, Director of Corporate Finance and Investor Relations at Broadstone. Please go ahead.

[Brent Maedl, Director - Corporate Finance & IR at Broadstone Net Lease]

Thank you, everyone, for joining us today for Broadstone Net Lease's second quarter twenty twenty five earnings call. On today's call, you will hear prepared remarks from Chief Executive Officer, John Marano President and Chief Operating Officer, Ryan Albano and Chief Financial Officer, Kevin Funnel. All three will be available for the Q and A portion of this call. As a reminder, the following discussion and answers to your questions contain forward looking statements, which are subject to risks and uncertainties that can cause actual results to differ materially due to a variety of factors. We caution you not to place undue reliance on these forward looking statements and refer you to our SEC filings, including our Form 10 ks for the year ended 12/31/2024, and our Form 10 Q for the quarter ended 03/31/2025, for a more detailed discussion of the risk factors that may cause such differences and note that such risk factors may be updated in our quarterly SEC filings.

[Brent Maedl, Director - Corporate Finance & IR at Broadstone Net Lease]

Any forward looking statements provided during this conference call are only made as of the date of this call. With that, I'll turn the call over to John.

[John Moragne, Director & CEO at Broadstone Net Lease]

Thank you, Brent, and good afternoon, everyone. As we announced in our earnings release last night, we have raised our full year 2025 AFFO guidance to $1.48 to $1.5 per share or 4.2 percent growth at our midpoint, with a $0.38 of AFFO per share for our second quarter representing 5.6% growth compared to 2024. We are incredibly proud of another outstanding quarter, underscoring the strength of this portfolio and our differentiated growth strategy. Our team's disciplined execution was instrumental in driving meaningful progress on several key tenant matters and our investment activity. This upward revision reflects not only our confidence in the business, but also our steadfast commitment to delivering long term sustainable growth and value creation for our shareholders.

[John Moragne, Director & CEO at Broadstone Net Lease]

At this halfway point of the reporting calendar and as we work to continue increasing our momentum as we enter the second half of the year and head into 2026, I thought this would be an appropriate moment to reflect on the progress we have made as a company since this management team was put in place at the 2023. The past few years for B and L have been defined by a series of seemingly never ending questions about our business, our strategy, our portfolio and this management team, and I believe we have answered every one of them with resounding success. As some of these questions continue to linger and weigh on our share price, I thought it would be useful to walk through them today and address them head on. To start, up until this year, the first question was usually some version of can B and L successfully reposition its portfolio? The answer is undoubtedly yes.

[John Moragne, Director & CEO at Broadstone Net Lease]

And as we heard from many investors, we did it better than they thought we could. We've reduced our clinical health care exposure to 2.4% of our ABR, and we have accomplished that while still growing, not shrinking, AFFO per share. We successfully exited a noncore asset class at solid valuation levels to focus our attention on what we do best and where we see the greatest long term opportunities for generating shareholder value while reducing our near term property operating expenses and mitigating lease rollover risk within a pocket of the portfolio with the shortest Walt. We have shown that we know how to manage a strategic repositioning out of an asset class, which is why we have no intention of selling our remaining clinical assets or our office portfolio in a fire sale. We intend to take our time and maximize the value of those assets through disciplined execution, ensuring we continue growing AFFO per share each year.

[John Moragne, Director & CEO at Broadstone Net Lease]

The next question is often then centered on whether we can address tenant credit events in our portfolio. Yes, with more than enough examples to prove the point. Net lease is not a zero loss business. Tenant credit matters are bound to happen from time to time, and reacting to any individual tenant credit event as though it has broader implications on our entire business is shortsighted and belies the strength of this company and the portfolio we have thoughtfully constructed since inception. We have proven time and again that we can manage through any tenant credit situation the market wants to throw at us.

[John Moragne, Director & CEO at Broadstone Net Lease]

Not only is our underwriting sound, but we have a battle tested team deep with operational expertise who can navigate difficult situations as well as anyone. From Art Van to Green Valley to Red Lobster to Zips to Stanislaus, we have shown that we can resolve and learn from credit events in our portfolio while ensuring we still grow AFFO per share. The natural follow-up question for this year then is, what about At Home and Claire's? It's no secret that the At Home and Claire's situations have been weighing on our valuation this year. Let's take our two current headliners in turn.

[John Moragne, Director & CEO at Broadstone Net Lease]

First, At Home, which represents approximately 95 basis points of our ABR at quarter end and includes two properties: Home's primary distribution facility outside Dallas, Texas, which accounts for roughly 80% of our At Home exposure and a retail store outside Raleigh, North Carolina, which accounts for the other 20%. As everyone knows, At Home filed for Chapter 11 bankruptcy in June. We believe we are well positioned here for a handful of reasons. First, year to date, we have received every dollar of rent that is owed to us from At Home. Second, our retail site is one of the top performing At Home locations in the country and also sits in a high performing community shopping center.

[John Moragne, Director & CEO at Broadstone Net Lease]

Third, we believe our distribution facility is critical to At Home's operations as services the majority of At Home's retail footprint, and we estimate we are roughly 25% to 35% below market rent. With all indications pointing to At Home recapitalizing its debt structure, streamlining some operations, and emerging from bankruptcy this year, we do not have any current material concerns about At Home's impact on our business. It's too early to know for certain what the final resolution of At Home's bankruptcy will be, but we are confident in our position and will be certain to keep investors apprised of our progress. Second, Clairs, which represents approximately 80 basis points of our ABR at quarter end. We own a single Clairs asset that serves as the company's primary distribution facility in The United States, which is located outside Chicago in Hoffman Estates, with the asset also serving as its corporate headquarters.

[John Moragne, Director & CEO at Broadstone Net Lease]

Based on a handful of recent reports and rumors, Clairs is supposedly considering Chapter 11 bankruptcy as well as some strategic asset sales, potentially of its foreign operations. As with At Home, context here is important. First, year to date, we have received every dollar of rent that is owed to us by Clairs. Importantly, Clairs pays rent on a quarterly basis, so we have already received all of the rent owed to us by Clairs through the end of the third quarter. Second, as Clairs' primary domestic distribution facility and corporate headquarters, we believe our asset is strategically important and will remain so. If, however, Clairs ultimately did vacate, we estimate that our rent is currently roughly 15% to 25% below market. Our asset is in a strong industrial market with access to heavy power, excellent access to I-ninety, and has already had interest from neighboring businesses looking to expand. As with each tenant credit matter we have faced in recent years, we are well positioned to deal with Claire's either as a continuing tenant in the portfolio or as a workout situation if that should come to pass. Taking all of this into account, we will work through the at home and Claire situations as we have any other portfolio matter, and I am confident that we will deliver attractive AFFO per share growth this year and next despite the noise surrounding these two discrete tenant credit events. In fact, as you will hear from Kevin during his remarks, given our progress so far this year on tenant matters, we have reduced the bad debt reserve within our guidance for the remainder of the year to 75 basis points as we have only incurred 45 basis points year to date. So with the existing portfolio questions addressed, the questions then have turned to our differentiated growth strategy. First, a common question has been, will you be able to grow your build to suit program in a meaningful way or was the UNFI deal a one off? Our build to suit program provides us with long term, high quality, derisked and value creating growth that provides insight into our portfolio's embedded AFFO growth profile, not only in the current year, but for several years into the future.

[John Moragne, Director & CEO at Broadstone Net Lease]

I'm quite proud of our committed build to suit pipeline and believe it stands on its own in answer to this question. We currently have eight projects comprising more than $370,000,000 of build to suit investments that will generate $28,000,000 of new incremental ABR through the 2026, representing growth of 6.9% off our current ABR. And we are hard at work on a robust and resilient pipeline of additional build to suit developments that we look forward to announcing in the coming months, which will provide added visibility into this powerful, compelling and differentiated investment strategy and our ABR growth into 2027. Continuing in the growth strategy vein, the next question we get asks what role the regular way acquisitions will play in our future, with some investors wondering whether we'll eventually stop pursuing them. Sourcing attractive, current yielding acquisitions is one of our core building blocks and an integral part of our operating model.

[John Moragne, Director & CEO at Broadstone Net Lease]

We continue to source and evaluate a high volume of traditional net lease deals and are focused on sourcing relationship based investment opportunities where we are not required to rely on heavily marketed deals in an ever more competitive acquisitions environment. As you'll hear from Ryan in a bit, we've already closed on approximately $135,000,000 in new property acquisitions this year and have another $234,600,000 in acquisitions under control. The number of regular way acquisitions we close in any given year will vary, but being able to grow earnings accretively through a traditional investment while helping our tenants and partners grow their businesses is core to who we are, and that's not going to change. But even with a successful growth strategy, that begs the question, how will you fund your investment activity without a supportive equity cost of capital? It's been almost three years since our last significant equity raise.

[John Moragne, Director & CEO at Broadstone Net Lease]

Although we have a small amount of capital available from some forward ATM activity last summer, we have managed our growth these last few years without reliance on the public equity markets and will continue to do so if need be for the future. In 2023, we executed on approximately $200,000,000 of risk mitigating sales at a 6% cap rate to fund our growth. In 2024, we had $346,000,000 in sales, almost entirely of clinical health care assets that we recycled into industrial, retail and build to suit investments core to our strategy. And now we have a growing pipeline of high quality build to suit assets that we believe will trade 100 basis points or better on a stabilized basis from the mid-seven percent development yields we are achieving today, creating significant value and optionality for us to continue funding our growth into the future. We would love to be back in the equity capital markets, but we won't do so until our stock price is at a level where those funds are as constructive for our planned growth as the funding that we can create for ourselves.

[John Moragne, Director & CEO at Broadstone Net Lease]

While we could supercharge AFFO per share growth with a constructive cost of equity capital, which we hope to see in the near term given all that we have accomplished, we have positioned ourselves to continue to meaningfully grow AFFO per share for our shareholders through other avenues. Underneath many of these questions is an undercurrent about our credibility. Will this management team be able to do what they say they are going to do? Yes. And the evidence is in the answers to all these other questions.

[John Moragne, Director & CEO at Broadstone Net Lease]

We have consistently been transparent, open, and willing to answer any and all questions we've been asked. We've increased our disclosures to provide more and better information to investors to prove out what we say. We've told you what we're going to do. We tell you what we're doing, and then we tell you how we did. We have done what we said we were going to do, and we believe we've done it better than expected.

[John Moragne, Director & CEO at Broadstone Net Lease]

And finally, the most important question of all, can B and L get back to growth? You bet we can. With this quarter's earnings guidance beat and raised, our midpoint now sits at 4.2% AFFO per share growth for the year, which is solidly in the top tier of net lease for 2025. We've been talking about attractive mid single digit AFFO per share growth with investors for the future, but we're already delivering that to you today. And with the strength of our in place portfolio and the visibility we have to $28,000,000 of new additional ABR to come online through the 2026 from our committed pipeline of build to suit investments, we believe we are well positioned to deliver attractive mid single digit AFFO per share growth in 2026, 2027 and beyond.

[John Moragne, Director & CEO at Broadstone Net Lease]

Given where those growth rates place us among our peers based on consensus estimates, I have to believe the growth question has been answered too. We have answered every question that has been asked of us since this management team assumed our roles at the 2023. We have worked tirelessly over that time to reinvent B and L by designing and implementing a differentiated growth strategy, repositioning our portfolio, reorganizing our internal personnel structures and procedures, reinvigorating and intensifying our investor relations efforts, prudently but aggressively resolving difficult tenant matters, and managing our capital and balance sheet so that we continue to be in a place where we can make decisions we want to, not be forced to make those we have to. We have operated with unshakable confidence that we are creating real value for our shareholders by redefining what's possible as a net lease REIT. And having accomplished all of that, we now expect to see our success properly reflected in our share price and equity multiple.

[John Moragne, Director & CEO at Broadstone Net Lease]

With top tier growth, differentiated strategy, a solid in place portfolio and ability to create meaningful value and the capability to fund growth independently of the equity capital markets, we do not believe our current stock price and multiple make any rational sense. I have never been more confident that because we have executed on our strategy the way I knew we would over the last few years, relative equity multiple expansion and a meaningfully higher stock price should be a matter of when and not and if. Since this team was put in place at the 2023, we have worked incredibly hard to get where we are today. We have executed well and delivered results, and I believe now is B and L's time to shine. Given all that we've accomplished and the success we expect to achieve in the coming years, we thought this would be a great time to host an Investor Day to take a deep dive into our differentiated strategy, preliminary guidance for 2026, and a view of our in place run rate building blocks for 2027.

[John Moragne, Director & CEO at Broadstone Net Lease]

The date will be Tuesday, December 2, at the New York Hilton Midtown. More details and a save the date to come in the fall. We are very much looking forward to this event and hope to see many of you there. With that, I'll turn the call over to Ryan.

[Ryan Albano, President & COO at Broadstone Net Lease]

Thanks, John, and thank you all for joining us today. We had another strong quarter from both an investment activity and same store portfolio perspective, demonstrating continued disciplined execution and the unique benefits of our differentiated strategy. Beginning with our investment activities so far in 2025, we have invested $262,200,000 in new property acquisitions, build to suit developments, transitional capital and revenue generating CapEx and have a robust pipeline of both traditional net lease acquisitions and build to suit developments underway. Starting with our build to suit projects, we have been successfully scaling our build to suit pipeline through both existing and new relationships. Since breaking ground on our first build to suit with UNFI in the 2023, we have commenced 10 projects with six different developers and have an attractive pipeline of additional opportunities that we are working diligently to secure.

[Ryan Albano, President & COO at Broadstone Net Lease]

In addition to the high quality nature of the investment opportunities, build to suit developments are one of our core building blocks due to their ability to generate embedded revenue growth in future years long before we close the calendar on the current one. Most net lease REITs provide a forward ninety- to one hundred and twenty day view of their pipeline. Our strategy allows us to provide visibility into a consistent, rolling, constantly refreshing pipeline of projects over a multiyear period. As for what is currently in process today, construction has commenced on eight build to suit development projects totaling an estimated investment of $371,200,000 This pipeline of in process build to suit development is fully signed up and committed. We now own or control the land.

[Ryan Albano, President & COO at Broadstone Net Lease]

Construction is underway and on time. And as you heard from John earlier, have locked in approximately $28,000,000 of incremental ABR today that will begin coming online later this year and through the 2026, representing approximately 6.9 growth in our current ABR. These committed build to suit developments represent long term high quality derisked and value creating growth that is unique in the net lease space. Last week, we announced the addition of three new build to suit projects, adding 61,400,000 to our committed pipeline. These projects include a new industrial distribution facility located in Dallas MSA for Palmer Logistics, a new industrial distribution facility located in California Central Valley for AGCO Corporation, a new grocery store in the Dallas MSA for Sprouts Farmers Market.

[Ryan Albano, President & COO at Broadstone Net Lease]

With these projects, we are excited to add two new development partners to our relationship base and expect all three projects to deliver in the 2026. Our in process build to suit pipeline has a strong weighted average initial yield of 7.5% and a fantastic weighted average straight line yield of 8.9%, which is driven by weighted average lease term and rent increases of approximately thirteen years and 2.9% respectively. As you have heard us say repeatedly, these projects often come with stronger tenant credit profiles, higher quality and newly constructed buildings and better overall real estate fundamentals, which provide us a high degree of confidence in the long term value these assets represent, in addition to the added flexibility they provide. Not only do these developments provide consistent and sustainable earnings growth in the medium term, but they provide flexibility to either hold as traditional long term net lease investments or monetize at attractive stabilized valuations once completed. We target a spread between our development yield and stabilized value in excess of 100 basis points, representing an additional layer of value creation, a rarity in the net lease world that we expect to recognize either in the form of NAV accretion or through positive capital recycling upon sale of the asset.

[Ryan Albano, President & COO at Broadstone Net Lease]

This past quarter, we also made a $22,300,000 investment in the form of transitional capital through a preferred equity investment in a consolidated joint venture that has acquired fully entitled land designated for industrial development with several tenant negotiations underway. The land is located in Northeastern Pennsylvania and is part of a larger industrial development opportunity we are currently pursuing and hope to have exciting updates to share later this year. In a competitive and higher interest rate environment where cap rates are under pressure, we believe our build to suit strategy provides us a compelling competitive edge. Access to high quality tenant and developer relationships, superior yield generation, meaningful value creation and long term income stability. I'll now turn to our regular way acquisition activity.

[Ryan Albano, President & COO at Broadstone Net Lease]

Through the second quarter, we have closed $113,700,000 in new property acquisitions and $2,800,000 in revenue generating CapEx, which together had a weighted average initial cash cap rate, lease term and annual rent increase of 7.2%, twelve point four years and 2.8% respectively. And the completed acquisitions had an attractive weighted average straight line yield of 8.3%. After quarter end, we continued our acquisitions momentum with an additional $21,300,000 in new properties so far. As we head into the second half of the year, we have $234,600,000 in new acquisitions under control and $4,500,000 in commitments to fund revenue generating CapEx with existing tenants. Of approximately $370,000,000 in acquisitions we have already closed this year or have under control, more than two thirds have been direct relationship based deals.

[Ryan Albano, President & COO at Broadstone Net Lease]

We've been able to accretively grow our earnings while helping our tenants fuel their growth objectives through strategic sale leaseback transactions. And while our strategy will generally lean towards industrial investments, we've had success this year from the retail front as well, adding Hobby Lobby to our current tenant roster earlier this year and deepening our relationship with Academy Sports with two new acquisitions this year. Now shifting to our in place portfolio. We were 99.1 leased at quarter end with only two of our seven sixty six properties vacant and collected 99.6% of base rents due for the quarter for all properties under lease, representing a 60 basis point increase compared to Q2 twenty twenty four. As for lease rollovers, we have already addressed most of the leases slated to mature in 2025.

[Ryan Albano, President & COO at Broadstone Net Lease]

We achieved a better than 100% recapture rate on renewing leases and have successful resolutions in motion for the few remaining this year. With only 3% of our ABR rolling in 2026, we have minimal near term rollover concerns and are actively evaluating and engaging with our tenants on leases scheduled to roll between now and 2028. A proactive approach to managing our lease maturity ladder allows us to mitigate overall rollover risk in any given year, provide clarity and confidence in the growth profile of our same store portfolio in the coming years and gives us ample time to resolve any known vacancies long before lease maturity and subsequent NOI roll off. With respect to our watch list, as John said earlier, we have proven time and again that we can manage through any tenant credit situations that may arise. We recently sold both our Stanislaus Surgical and our Roomplace assets, resolving both situations and eliminating burdensome vacant carrying costs.

[Ryan Albano, President & COO at Broadstone Net Lease]

Other than our two headline names that John covered earlier, our watch list has remained generally consistent with the home furnishing sector and consumer centric tenants remaining in focus. We are also paying close attention to some of our remaining clinically oriented health care properties as well as businesses impacted by tariff or inflationary measures. We remain vigilant in our tenant monitoring efforts and maintain great confidence in our portfolio due to its diversified construction, which limits the impact of any potential individual credit event and our proven ability to manage through any such situation that may arise. With that, I'll turn the call over to Kevin.

[Kevin Fennell, EVP & CFO at Broadstone Net Lease]

Thank you, Ryan. During the quarter, we generated adjusted funds from operations of $74,300,000 or $0.38 per share, a 5.6% increase over both the first quarter and Q2 of last year. Results benefited from recent investments as well as recoveries of previously uncollected rents and reimbursable operating expenses. Core G and A totaled $6,900,000 for the quarter and $14,300,000 year to date, tracking in line with the low end of our full year expectations of 30,000,000 to $31,000,000 Year to date bad debt totaled 45 basis points, reflecting both the rental recoveries we achieved and limited bad debt incurrence during the second quarter. We have invested approximately $229,000,000 through the second quarter, nearly 60% of which went into stabilized properties.

[Kevin Fennell, EVP & CFO at Broadstone Net Lease]

These investments were funded by a combination of retained cash flow, disposition proceeds and our revolving credit facility. We ended the quarter with pro form a leverage of 5.2 times net debt, approximately $38,000,000 of unsettled equity and over $800,000,000 available on our revolver, providing us with ample flexibility as we pursue incremental investment opportunities. Regarding our dividend, our Board of Directors declared a $0.29 dividend per share, payable to holders of record as of 09/30/2025, on or before 10/15/2025. Finally, as John mentioned, we are increasing our 2025 per share guidance to a range of $1.48 to $1.5 with key assumptions that include investment volume between $500,000,000 and $700,000,000 an increase of $100,000,000 disposition volume between $50,000,000 and $100,000,000 and finally, core G and A between 30,000,000 and $31,000,000 Given successful resolution of a few tenant matters, notably including Zipscarwash, we have reduced our bad debt reserve within our guidance for the remainder of the year from 125 basis points to 75 basis points. It's also worth reminding everyone that our per share results for the year are particularly sensitive to the timing, amount and mix of investment and disposition activity as well as any capital markets activities that may occur during the year.

[Kevin Fennell, EVP & CFO at Broadstone Net Lease]

Please reference last night's earnings release for additional details, and we will now open the call up for questions.

[Operator]

Thank you. First question comes from Eric Borden with BMO. Your line is open. Please go ahead.

[Eric Borden, Vice President at BMO Capital Markets]

Hey, good morning, everyone. I appreciate your comments on the build to suit development pipeline. You've made solid progress year to date, adding three new projects in the quarter. I'm just curious, one, if you still plan to announce $500,000,000 of incremental developments in 2025? And two, if you're seeing interest pick up as companies look to fortify their supply chains across The U. S. In an effort to minimize any tariff impacts?

[John Moragne, Director & CEO at Broadstone Net Lease]

Yes. Yes to all of the above. So the $500,000,000 goal is one that we still hold. That goal is one that's really focused on the future long term growth. Anything that we're going to bring in now sort of the second half of the year, if you assume a twelve- to eighteen month potential deal time frame, is really going to come online at the 2026, early 'twenty seven.

[John Moragne, Director & CEO at Broadstone Net Lease]

So given how good we feel about our growth for 2025, the comfort that we have going for 2026 already, we're excited to be looking at deals that are really going to try to start to solidify our view of that run rate baseline growth for 2027, and $500,000,000 is absolutely still in play. There's a handful of things that we're working on right now that are really exciting, and we hope to be able to talk more about into the future. And in terms of the demand, it's not only that there has been an additional increase in the build to suit activity that we're seeing generally across the country. There has been a response to the administration's efforts to try to force people to think more close and locally as folks are thinking about their logistics and supply chain and long term strategic investments in their assets. But for us, personally, we're seeing an impact or an uptick in the amount of deals that we're seeing because our name is getting out there.

[John Moragne, Director & CEO at Broadstone Net Lease]

Our team is really deep with experience having done build to suits over the last ten to fifteen years, so they know a lot of the players. So we've been able to reach out to more of them as we've been building out our roster of developer partners. But then industry talks. And so as we've done more deals and they see the things that we're doing, we're getting referrals. We're having people reaching out and saying, like, hey.

[John Moragne, Director & CEO at Broadstone Net Lease]

I saw you did this build to suit project over here. Would you be interested in doing this one with me here? So it's not only that the industry itself is starting to see some additional interest and investment from a long term strategic standpoint, but we, as Broadsaw Net Lease, are seeing some additional interest as our name is getting out there more and our relationships are starting to build on themselves.

[Eric Borden, Vice President at BMO Capital Markets]

Okay. That's helpful. And then on the regular way acquisition side of things, you know, could you just provide some additional color on the $236,000,000 of acquisitions under control? Any commentary on the cadence of the closing, size of asset, asset types and the expected initial cap rate? Thank you.

[John Moragne, Director & CEO at Broadstone Net Lease]

Yep. Generally speaking on a cap rate basis, it's pretty consistent with what we've been doing this year, so thinking around that 7% range. It's a bunch of industrial deals primarily, and so they're a little bit larger in size, but that's pretty consistent with what we've been doing historically from an industrial investment standpoint over the last five or six years. And on a timing basis, those should all close this year for sure, with a big chunk of that closing in the third quarter.

[Eric Borden, Vice President at BMO Capital Markets]

All right. Thank you very much.

[Operator]

We now turn to Antalypollan with JPMorgan. Your line is open. Please go ahead.

[Anthony Paolone, Executive Director at J.P. Morgan]

Thanks. First question is, is the liability of accelerated depreciation helping drive folks to do deals or and maybe help drive your pipeline or not at this point?

[John Moragne, Director & CEO at Broadstone Net Lease]

There's definitely been talk of that. A lot of the brokers were very excited about the administration's big beautiful bill because of the accelerated depreciation. And in particular, classes like car washes. The car wash industry has been driven by the accelerated depreciation for a long time and the ability for folks to get in there and have some real tax benefits. So I would expect to see a little pickup in that industry.

[John Moragne, Director & CEO at Broadstone Net Lease]

It's not necessarily something that we put a huge amount of attention to from an industrial focus, but there's definitely some pockets in the net lease world that are quite excited about that.

[Anthony Paolone, Executive Director at J.P. Morgan]

Okay. And then you mentioned seeing more deal flow as you got further into your build to suit program. Is at this point, does it prompt you to lean toward either a specific tenant type more or less property type geography? Like just as it are you putting any finer point around just your brackets on what you want to do?

[John Moragne, Director & CEO at Broadstone Net Lease]

We want to be able to see as many deals as possible and then be able to pick and choose the ones that provide us with what we think are the best possible risk adjusted returns. So we're not filtering things out from higher up in the funnel at this point. We're trying to get as much into the funnel as possible and then working with our developer partners to find the things that are the best fit for us and our long term plans for growth.

[Anthony Paolone, Executive Director at J.P. Morgan]

Okay. Thank you.

[Operator]

We now turn to Ryan Caviola with Green Street Advisors. Your line is open. Please go ahead.

[Ryan Caviola, Associate at Green Street Advisors, LLC]

Good afternoon. Thanks for taking my question. Just being mindful that your relationship driven build to suit pipeline mitigates some of that competition risk. We have seen some private transactions of industrial net lease portfolios this year. How has that increased interest affected pricing you've been seeing?

[Ryan Caviola, Associate at Green Street Advisors, LLC]

And does it open opportunities for attractive dispositions on that front? What are you seeing on that side?

[John Moragne, Director & CEO at Broadstone Net Lease]

So both of those things. I would say on the build to suit, it's still heavily focused on relationship based direct opportunities that we're seeing with our developer partners. We're not getting into massive bidding wars like you see in the routine sort of the regular traditional net lease acquisitions market. But on the traditional net lease acquisitions market, competition has been fierce. There's a lot of new entrants this year.

[John Moragne, Director & CEO at Broadstone Net Lease]

There's a lot of folks with deep pockets of capital. And the competition is picking up for real basic Econ 101 supplydemand stuff. Supply is certainly getting a little bit better. It's increased this year. We're seeing more deals this year than we have over the last two years, but we're not back to where we were or even more close to where we were in sort of that twenty twenty one, twenty twenty two time frame.

[John Moragne, Director & CEO at Broadstone Net Lease]

So supplydemand is going to put some pressure on those cap rates, particularly in industrial because they're big, they're chunky, the private buyers really like them from that standpoint because it's not having to do the small onesie twosie type retail acquisitions. So we're seeing a lot more competition from that standpoint. But to the point of your question for the disposition side, that does make us feel really confident that to the extent that we need to continue funding our own growth, we have a ready supply of assets already in the portfolio or more attractively assets that we are building right now in our build to suit development pipeline where we're building them at those mid-seven development yields, and we see a competitive robust market that we could sell those into at 100 basis points or better. So that's very attractive to us to the extent that we need to do that to fund our growth.

[Ryan Caviola, Associate at Green Street Advisors, LLC]

Thanks. Appreciate the color. And then for that $600,000,000 investment guide midpoint, is there any chance you could give a rough breakout of how much you see falling into new acquisitions versus developments versus transitional capital going into the second half of the year?

[John Moragne, Director & CEO at Broadstone Net Lease]

So if you take what we have already closed so far this year plus what we have under control, I'd probably break it out more generally into just regular way deals and build to suits. And that split this year is about 60% regular way deals and about 40% build to suit fundings. And the build to suit fundings would include some of that transitional capital and things that we're working on. So that shift that may shift a little bit as we get to the back end of the year to the extent that we start bringing on more of these build to suits. But the shift, I think, back more towards fifty-fifty or even inverting would be something we'd see more in 2026.

[John Moragne, Director & CEO at Broadstone Net Lease]

So about 60% regular way, about 40% full to suit this year.

[Ryan Caviola, Associate at Green Street Advisors, LLC]

Awesome. Thanks. Appreciate the color.

[Operator]

Our next question comes from Caitlin Burrows with Goldman Sachs. Your line is open. Please go ahead.

[Caitlin Szczupak, Vice President at Goldman Sachs]

Hi, everybody. Thanks for all the detail in the prepared remarks earlier. I guess maybe on the leverage side, I think you guys mentioned that you're at 5.2 times now. I think you've talked in the past about being willing to go up to six times. I was wondering, is that six times like something you would actually do?

[Caitlin Szczupak, Vice President at Goldman Sachs]

Or do you actually want to say below 5.5? Or just what are you thinking about target leverage?

[Kevin Fennell, EVP & CFO at Broadstone Net Lease]

I think on the longer run basis, staying comfortably inside six times is definitely the goal. It is a flexible lever we have at our disposal, particularly as we're building up this ladder. So are we comfortable running up closer to it in the near term? I think the short answer there is yes. But you have got years of looking at how we operate the business here to know that that's not a place where you would find us at on a sustained basis.

[Caitlin Szczupak, Vice President at Goldman Sachs]

Got it. Okay. And then just bigger picture on the build to suit, deals, I guess, what do you think these, companies that are entering into these build to suit properties are electing to go that route rather than use existing buildings out there that are vacant.

[John Moragne, Director & CEO at Broadstone Net Lease]

So these are long term strategic decisions that people are making about where they either wanna locate and or the type of facility that they need. So one of the things that we always have to balance is making sure that the specificity that they need relative to a particular geographic location or a particular build out still works for us in terms of thinking longer term about re tenanting or repurposing and what the residual value is in those. So it's a little bit of a give and take that we have to manage with folks. But being able to move into just sort of an empty box that's fungible and works for just any old thing doesn't necessarily satisfy the strategic needs of every business that's out there. It works for a lot of things, but not everything.

[John Moragne, Director & CEO at Broadstone Net Lease]

And so the build to suit is far more of sort of a a very specific focused strategy on behalf of the tenant to make sure that they're getting something that works really well for them. And as I said, then we then balance it against our views for longer term residual work.

[Caitlin Szczupak, Vice President at Goldman Sachs]

Got it. Thanks.

[Operator]

We now turn to Ronald Camden with Morgan Stanley. Your line is open. Please go ahead.

[Ronald Kamdem, MD & Head - US REITs and CRE Research at Morgan Stanley]

Hey, just a couple of quick ones. Staying on the build to suits. Number one, just lessons learned, right? You've got $534,000,000 of stabilized and active. Just in terms of just the process where the biggest risk is as you're sort of executing these contracts and delivering on the assets, just what are some of the lessons learned that you know now that maybe you didn't know when you started the program is is number one.

[Ronald Kamdem, MD & Head - US REITs and CRE Research at Morgan Stanley]

And then my second question is just, can you give us a sense of competition based on the size of the projects? Right? I I I'm guessing that when you get over $100,000,000 is it harder to get the terms that you want or not? Again, just a guess. I'd love to hear how competition sort of shakes out as you're going from 10,000,000 to 20,000,000 to $100,000,000 Thanks.

[John Moragne, Director & CEO at Broadstone Net Lease]

Okay. So from lessons learned, I think the biggest one for us has been patience. The build to suit process takes a lot of time. I think the second part of that is you have to be willing to do the work. Build to suits are incredibly complex.

[John Moragne, Director & CEO at Broadstone Net Lease]

The amount of time and effort that goes into negotiating all of these documents and working through all of the pieces that are involved takes a long time, and it takes a lot of expertise. A build to suit is not something that just anybody can pick up and start working on. You need to have experience in it. You need to have been taught how to do these things. And I'm lucky to have a team of people that have been doing this for a very long time and have a lot of expertise and know how to pursue these in the right way.

[John Moragne, Director & CEO at Broadstone Net Lease]

So the patience and the willingness to roll your sleeves up and get dirty and start working on these projects, I think, is the biggest lesson. These take a lot. And as I said, it's not something that anybody can just get into. From a competition standpoint, it really varies. You know, we're super pleased about our new Sprouts build to suit.

[John Moragne, Director & CEO at Broadstone Net Lease]

You know, we've got a little bit of retail build to suit work that we've been doing. We'd love to do more. They're small. You know, you can sort of build them into programmatic structure with developers as they're going around and building for their tenants and their clients as they're working with them. So it's something that we're excited to do more in.

[John Moragne, Director & CEO at Broadstone Net Lease]

You know, our folks that are working on the retail build to suit have been very excited to go out and make new connections and find new developers. And that Sprouts deal is actually one of the new ones that we brought into our roster. So we're very excited about that. But the retail area for build to suit is incredibly competitive because it's an area that gets a lot of interest from net lease investors as well as local investors and others. When you get into the industrial space, it depends.

[John Moragne, Director & CEO at Broadstone Net Lease]

On the ones that are a little bit smaller or maybe more bite sized and depending on what the tenant credit is, you may have an opportunity where it's very light from a competition standpoint. And then when you get to the really large ones, sometimes the competition isn't as fierce because there's only a handful of developers and contractors and funders in the world that can handle the larger projects that we've been able to see. And so when I talk about competition, it's both in terms of, you know, if our developer partners are looking to other people as well as us, making sure that they see the balance and see the benefit of the relationship with us. But often, what we're coming up against is that we partnered with one of our developers, and we've got a piece of land. And we, as partners, are competing against another developer and another funding source who have a different piece of land, a different design build.

[John Moragne, Director & CEO at Broadstone Net Lease]

And that's where it starts to get really interesting in terms of working with the tenant to help them appreciate why we believe that our piece of dirt and our design and our ability to execute should win out over the folks that we're competing against.

[Operator]

Our next question comes from Yukal Rana with KeyBanc. Your line is open. Please go ahead.

[Upal Rana, Senior Equity Research Analyst - US REITs at KeyBanc Capital Markets]

Great. Thank you. As it pertains to the bad debt, was the 50 basis points reduction in your guidance all related to the Zips, At Home and Claire's, What else are you baking into the remaining 35 basis points of bad debt for the year? I just want to get some color there.

[John Moragne, Director & CEO at Broadstone Net Lease]

So as I said at the beginning of the year, we try to be really transparent around our bad debt. Our goal is always to have our bad debt equal both what we know and have some visibility into, plus what we are putting in there just from a prudent standpoint of unknown things could happen. That way, a plus b equals c. Here, we are both in a spot where we've got clear visibility now to a positive resolution on zips, clear visibility into sort of the risk that we saw at the beginning of the year relative to at home. And as I mentioned, we've received every dollar of rent that at home has owed us this year so far, so that risk has dropped dramatically for the course of the year.

[John Moragne, Director & CEO at Broadstone Net Lease]

Same for Claire's. We were paid up on Claire's all the way through the September, so that puts us in a great spot to have good visibility into the things that we didn't know about and then also reducing because it's the back half of the year. And the rest of the portfolio is performing really well in terms of what we are putting in from a prudent sort of unknown standpoint. So it's a combination of all those things.

[Upal Rana, Senior Equity Research Analyst - US REITs at KeyBanc Capital Markets]

Okay. Great. That was helpful. And then, you know, appreciate all the color on your remarks on the funding comments. You know, could you talk through, where your weighted average cost capital is today and what kind of investment spreads you are achieving on your conditional acquisitions and your both Sioux projects?

[Kevin Fennell, EVP & CFO at Broadstone Net Lease]

Yeah. We'll take it in two parts. I mean, we're really working off of existing leverage capacity, so your marginal dollar is in that high four, low five context from a a spread perspective. On the marginal new dollar, obviously not particularly attractive. You heard all of John's comments on our view on our cost of equity today.

[Kevin Fennell, EVP & CFO at Broadstone Net Lease]

I mean, we're comfortably into the high 8% using our AFFO yield, so not particularly interesting dollar to use. And then from the debt piece, we've got five year interest, I'd say, that's a little more compelling this time of year in the T plus 110 to 135 range versus a ten year that's probably T plus 135 to 140. So you got fifty, seventy basis points of spread compression as you look shorter on the curve. And so you need to put that together and say like, could it work on the margin in terms of a neutral or maybe you can squeak out a little bit of investment spread when you consider retained cash flow? Sure.

[Kevin Fennell, EVP & CFO at Broadstone Net Lease]

But again, I'll start at the beginning of my answer where the real marginal cost is our dollar that we use, which is off the revolver.

[Upal Rana, Senior Equity Research Analyst - US REITs at KeyBanc Capital Markets]

Okay, great. Thank you.

[Operator]

We now turn to Ki Bin Kim with Truist. Your line is open. Please go ahead.

[Ki Bin Kim, MD - US REIT Equity Research at Truist]

Thank you. Good morning. In regards to your build to suit and maybe more so for your manufacturing facilities, Are you trying to develop any kind of industry expertise for some of these development deals that are higher in dollar size? Or you said it earlier, just the funnel being wide open?

[John Moragne, Director & CEO at Broadstone Net Lease]

Funnel is wide open in terms of the deals that we'll look at. There are places, though, where we have seen that people are more willing to reach out to us, certainly in the manufacturing space, not just sort of your empty box, fungible, DC warehouse. And then, of course, also with our airplane hangars that we're building. Not everybody does that type of construction. Not everybody has experience with it.

[John Moragne, Director & CEO at Broadstone Net Lease]

And we have a couple that were already in the portfolio. And now we've two more that we're building for Sierra Nevada for that Doomsday fleet out in Dayton. So we're building a reputation and it's a good one. And it's continuing to push additional deal flow into the top of our funnel, which we're really excited about.

[Ki Bin Kim, MD - US REIT Equity Research at Truist]

Okay. And can you just help illustrate the number of developer relationships that you're working on? Where was that beginning of this year? And I guess how much has that grown?

[John Moragne, Director & CEO at Broadstone Net Lease]

Yes. So when we started this back in the first quarter, early second quarter twenty twenty three, it was us in San Antonio. We've now built that to where the project list that's included in our public filings, there's now six different developers that are represented in there, and we've got a handful of ones that we're in advanced discussions with now for new projects. And there's even more further up in the funnel of folks that we're talking to. And as I mentioned, as we continue to build our reputation, we're not only getting referrals from other developers that are saying, hey, we've done a project with these guys, and it's not competitive, so you should give them a call.

[John Moragne, Director & CEO at Broadstone Net Lease]

And then also other developers that are just hearing about us as our projects get announced that are starting to reach out. So I expect that that's going to continue to increase. And as you've heard us say repeatedly, the goal here is a robust and resilient pipeline of build to suit opportunities, and that necessitates a robust and resilient pipeline and set of relationships with our developer partners, too.

[Ki Bin Kim, MD - US REIT Equity Research at Truist]

Okay. Thank you.

[Operator]

Our next question comes from Catherine Graves with UBS. Your line is open. Please go ahead.

[Kathryn Graves, Equity Research Scientific Associate at UBS Group]

Hi. Good afternoon. Thank you for taking my questions. My first, we've seen some pretty softness in the cold storage sub sector this 2025. And I'm just wondering if you're seeing any impacts to your food production and processing tenant base as far as any issues of shipments or generally expenses pertaining to tariffs being higher? Just any read through there on your tenant base.

[John Moragne, Director & CEO at Broadstone Net Lease]

There's certainly impacts that we've heard from our tenants in terms of the tariff cost overlays and things that they've been having to address. The nice thing is the distinction that I always try to make when folks talk about cold storage is you should think of our cold storage as owner operator. These are boxes and boxes. We don't have any exposure to how much product they have in their facilities or how much they're moving in and out in terms of what their operations are. We get one run check a month from these folks, and that's how they continue to pay us.

[John Moragne, Director & CEO at Broadstone Net Lease]

So we're not taking any additional risk with our cold storage facilities than we are anywhere else. So we're paying attention to it in terms of tenant credit and how we're thinking about them from a performance standpoint, but it's not something that concerns us from our performance.

[Kathryn Graves, Equity Research Scientific Associate at UBS Group]

Got it. That's helpful. Thank you. And then my second question, it looks like the distribution of retail versus industrial acquisitions this quarter was a bit more tilted industrial than the first quarter. And so I'm just wondering if this is more indicative of your general target exposure to each vertical or were you seeing fewer retail deals this quarter?

[Kathryn Graves, Equity Research Scientific Associate at UBS Group]

I know you mentioned seeing more competition in industrial, particularly from private players. Some of your peers have also indicated an increasingly competitive U. S. Retail transaction market. So just wondering how you're thinking about your retail segment.

[John Moragne, Director & CEO at Broadstone Net Lease]

Yes. The competition in retail is pretty fierce. A lot of the new private players that have come into net lease this year have been hyper focused on retail. So I'm grateful that that's not a huge portion of our strategy. Because if it was, I imagine that the pricing there is getting very difficult for folks that are spending a lot of time on heavily marketed broker led deals.

[John Moragne, Director & CEO at Broadstone Net Lease]

Our retail industrial mix is always going to move a little bit. Our historical average for the last six years or so is like seventy-thirty industrial retail. I think there's a bit of a shift that we'll see quarter over quarter. So I wouldn't read any too much into one particular quarter over another. As we start to see the trend lines over the course of an entire year, we can start assessing a little bit.

[John Moragne, Director & CEO at Broadstone Net Lease]

But our goal is to continue to have retail be a healthy part of our portfolio. It's a place where we see good opportunity. And a lot of the deals that we're doing right now, as you heard from Ryan, between Hobby Lobby, Academy Sports, the Dollar Generals and other things that we're looking at, Sprouts and the build to suit, Seven Brew and the build to suit, These are direct relationship based deals that we're getting the opportunity to go after because that we performed in the past for those folks that are in those spaces, because we have a relationship with the developer on the deal, you name it. And so finding ways to add retail to the portfolio, that's really attractive to us from both the asset type itself and the return profile. So it'll ebb and flow, but, you know, I would use the $70.30 as more of a benchmark over a longer term period of time than quarter over quarter.

[Kathryn Graves, Equity Research Scientific Associate at UBS Group]

That's helpful. Thank you for the color.

[Operator]

Now turn to Michael Gorman with BTIG. Your line is open. Please go ahead.

[Michael Gorman, Managing Director at BTIG]

Yes. Thanks. Good afternoon. Just one quick one for me. John, just given kind of your robust comments to open up the call and thinking about the next six to twelve months, especially as the build to suit pipeline really gets up on the plane here, can you just remind us or refresh your thoughts on stock repurchases given the cost of equity as a source of capital or as a use of capital and as an opportunity?

[Michael Gorman, Managing Director at BTIG]

Just how are you thinking about that given where BNL is trading today versus the execution that you highlighted at the top?

[John Moragne, Director & CEO at Broadstone Net Lease]

So I'm sure I made it very clear. I'm not pleased with where the stock price is. I haven't been for some time. And at this point, I'm struggling to understand why we are where we are when we have done such a good job answering every question that's been asked of us. And I hope at this point, with a beat and raise this quarter, a large, ample pipeline of build to suits and regular way deals pushing growth in this year and next, a portfolio that's performing incredibly well, a watch list that's in great shape, headlines in the watch list that are far more noise than actual pain that we'll start to see that change.

[John Moragne, Director & CEO at Broadstone Net Lease]

We have a stock repurchase plan in place. It's a tool that I and the Board have always thought is important to have in our toolkit. It's not one that I hope I ever feel the need to use. But if our stock trends in a way that doesn't make a lot of sense relative to what we believe the value of this company is and what the relative value of our stock is, it's certainly something that we could. But again, I hope it's a tool that I never have to use and that we start heading in the right direction in terms of the stock price, getting into the flywheel effect because with that, we could really supercharge this growth and push this company into a fantastic spot for our shareholders.

[Michael Gorman, Managing Director at BTIG]

Great. Thanks for the color.

[Operator]

We have a follow-up from Caitlin Burrows with Goldman Sachs. Your line is open. Please go ahead.

[Caitlin Szczupak, Vice President at Goldman Sachs]

Hi, again. Just a quick clarification or confirmation on the built to suit process. Is that something that you like coordinate, negotiate, finalize with the tenant or with a third party developer that has identified the development need or could it be either?

[John Moragne, Director & CEO at Broadstone Net Lease]

It can be either. We've got direct build to suit deals that we're doing. Sierra Nevada is a great example where we're directly working with that tenant on that project. Often, the tenant is brought by our developer partner, and so we're working with them hand in hand in negotiating the the transaction.

[Caitlin Szczupak, Vice President at Goldman Sachs]

Got it. That's all. Thanks.

[Operator]

We now turn to Yoti Yadav with Citizens Capital. Your line is open. Please go ahead.

[Jyoti Yadav, Equity Research Associate at JMP Securities LLC]

Hi. Thank you for taking the question. I just wanted to hear your thoughts on why the escalators for recent build to suit projects are much higher. Is it more of a project based thing or just majority of BNL's strategy here?

[John Moragne, Director & CEO at Broadstone Net Lease]

It's a little bit of both. We've been seeing higher escalators in industrial for a little while now. There was a very brief period of time where escalators in industrial really got compressed in that, like, 2021, early 'twenty two time frame, but it's pushed out. So although the weighted average escalators across our portfolio is about 2%, as you pointed out and you can see in our schedule and in terms of the deals that we've been doing, we're more consistently somewhere in between 2.53% on new deals that we're doing both in terms of regular way acquisitions for Industrial and then particularly in the build to suit.

[Jyoti Yadav, Equity Research Associate at JMP Securities LLC]

Got it. Thank you. That's all for me.

[Operator]

We have no further questions. I'll now hand back to John Marana for any final remarks.

[John Moragne, Director & CEO at Broadstone Net Lease]

Great. Thank you, Elliot, and thank you all for your time today. If you have any questions or would like to dig in deeper into what we're doing at B and L, we would love to have the opportunity to talk with you about this company, this management team, and this differentiated strategy. We will be on the road with a handful of NDRs, investor meetings, and conferences during August with more to come in September. If you'd like to meet with us, whether virtually or in person, please reach out, and we'll get something on the calendar. Have a great rest of the summer, everyone.

[Operator]

Ladies and gentlemen, today's call has now concluded. We'd like to thank you for your participation. You may now disconnect your lines.

Participants

Executives

• Brent Maedl, Director - Corporate Finance & IR
• John Moragne, Director & CEO
• Ryan Albano, President & COO
• Kevin Fennell, EVP & CFO

Analysts

• Eric Borden, Vice President at BMO Capital Markets
• Anthony Paolone, Executive Director at J.P. Morgan
• Ryan Caviola, Associate at Green Street Advisors, LLC
• Caitlin Szczupak, Vice President at Goldman Sachs
• Ronald Kamdem, MD & Head - US REITs and CRE Research at Morgan Stanley
• Upal Rana, Senior Equity Research Analyst - US REITs at KeyBanc Capital Markets
• Ki Bin Kim, MD - US REIT Equity Research at Truist
• Kathryn Graves, Equity Research Scientific Associate at UBS Group
• Michael Gorman, Managing Director at BTIG
• Jyoti Yadav, Equity Research Associate at JMP Securities LLC