Q4 2025 Broadstone Net Lease Inc Earnings Call Transcript
Key Points
- Broadstone Net Lease Inc (BNL) achieved a 4.2% year-over-year growth in AFFO per share, reaching $1.49.
- The company maintained a high occupancy rate, ending the year with 99% of properties leased and 99.8% of rents collected.
- BNL successfully deployed $748.4 million in investments, including $429.9 million in new property acquisitions and $209.3 million in build-to-suit developments.
- The company's build-to-suit strategy is expected to provide meaningful long-term growth, with high-quality facilities and tenants.
- BNL's proactive management of tenant situations resulted in limited financial impact, with bad debt amounting to only 31 basis points for 2025.
- The company faces challenges with Red Lobster sites, with some locations experiencing weaker traffic and profitability.
- BNL's relative valuation remains a concern, as the company is frustrated with its current market valuation compared to peers.
- There is significant competition in the traditional acquisition market, particularly for industrial properties, which affects pricing.
- The company is cautious about raising significant equity at current levels, which may limit funding for growth opportunities.
- BNL is monitoring potential tenant concerns, such as the post-bankruptcy performance of Red Lobster, which could impact future financials.
Hello and welcome to Broadstone Net Lease's fourth quarter 2025 earnings conference call. My name is Emily, and I'll be your operator today. Please note that today's call is being recorded.
I will now turn the call over to Brent Maedi, Director of Corporate Finance and Investor relations at Broadstone. Please go ahead.
Thank you everyone for joining us today for Broadstone NetLease's fourth quarter 2025 earnings call. On today's call, you will hear prepared remarks from Chief Executive Officer John Morena; President and Chief Operating Officer Ryan Albano, and Chief Financial Officer, Kevin Fennell.
All three will be available for the Q&A portion of this call. As a reminder, the following discussion and answers to your questions contain forward-looking statements which are subject to risk and uncertainties that can cause actual results to differ materially due to a variety of factors. We caution not to place undue reliance on these forward-looking
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