Broadstone Net Lease Inc 2024年度报告

Broadstone Net Lease, Inc. (NYSE: BNL) is an industrial-focused, diversified net lease real estate investment trust(REIT) that invests in single-tenant commercial real estateproperties that are net leased on a long-term basis to adiversified group of tenants. www.broadstone.com Dear Fellow Shareholders, 2024HIGHLIGHTS What a difference a year makes. We entered 2024 in a period of transition and uncertainty.We were focused on executing our clinical healthcare portfolio simplification strategy,working through several headline-grabbing tenant matters, and seeking the catalystto drive our future growth and multiple expansion. Despite an overall weak operatingenvironment for commercial real estate in 2024, macroeconomic uncertainty, and avolatile interest rate environment, we executed well, remained disciplined and prudentthroughout the year, and have much to celebrate regarding our performance in 2024.We enter 2025 in a position of strength and with deep conviction about our path forward.With our differentiated investment strategy, we have firm confidence in our ability todeliver growth and a belief and expectation that the best is yet to come for BNL. $404.8MINVESTMENTSWEIGHTED AVG. 7.3% CAP RATE 2024 ACHIEVEMENTS AND RESULTS I am incredibly proud of what we accomplished in 2024, achieving $1.43 of AFFO pershare, at the top end of our guidance range, with a portfolio that was more than 99%leased and with more than 99% rent collection, and executing on over $400 millionin total investments while substantially completing our clinical healthcare portfoliosimplification strategy. We surprised the market with how well we executed our healthcaresimplification strategy, and, at the same time, we carved a niche for ourselves throughour differentiated, innovative approach to net lease investing underpinned by our fourcore building blocks. Accomplishing those two primary goals and delivering AFFO pershare growth of 1.4% was a solid win for us last year. While we are targeting betterAFFO per share growth in 2025 and in the future, it is important to remember that byundertaking a substantial portfolio repositioning effort through the clinical healthcaresales, we risked facing a potential decline in our AFFO per share, as is the case withmost REIT portfolio repositioning efforts. When considered in that light, delivering 1.4%growth is a notable accomplishment. $364.0MSTRATEGIC DISPOSITIONSWEIGHTED AVG. 7.8% CAP RATE 99.1%RENT COLLECTION 99.1%OCCUPANCY We thoughtfully navigated a challenging environment by employing a differentiatedstrategy and intentionally focusing on balance sheet management, prudent capitalallocation, portfolio composition and quality, and proactive investor relations outreach,all of which we believe will be the catalysts for increasing shareholder value. Somehighlights of our year include the following: $1.43AFFO PER SHARE Weinvested$404.8 million,including$234.3 million in new propertyacquisitions,$115.3 million in build-to-suit developments,$52.2 million intransitional capital, and $3.0 million in revenue generating capital expenditures.The completed acquisitions and revenue generating capital expenditures hada weighted average initial cash capitalization rate of 7.3%, a weighted averagelease term of 10.8 years, a weighted average annual rent increase of 2.4%, and aweighted average straight-line yield of 8.1% on new property acquisitions. Totalinvestments consisted of $276.6 million in industrial properties and $128.2 millionin retail properties. We maintained a high-quality portfolio of diversified properties with strongoperating metrics, including 99.1% rent collections (continuing a nine-year trackrecord – excluding 2020 during the pandemic – of 99% or better rent collectionssince becoming an SEC reporting company) and 99.1% occupancy based onrentable square footage with only two of our 765 properties vacant and not subjectto a lease at year end. We sold 58 properties for gross proceeds of $364.0 million at a weighted averagecash capitalization rate of 7.8% on tenanted properties, substantially completingour clinical healthcare portfolio simplification. As a result, we updated our coreproperty types to industrial, retail, and other to align with the composition of ourremaining portfolio. We maintained a fortified, investment grade balance sheet with low leverageat 4.9x on a Pro Forma Net Debt to Annualized Adjusted EBITDAre basis and haveample liquidity to capitalize on additional investment opportunities in 2025. OUR STRATEGY Our greatest success in 2024 was fully defining for investors our core identity and vision for future growth. To be successful in thepublic net lease space, a company needs to have two primary things. First, an identity and a strategy that gives investors a reason toinvest with that company over others. Second, attractive, consistent AFFO per share growth, prudent balance sheet management,and solid portfolio performance. We have delivered the first and