BNL - Earnings call transcript Q4 2021 | Broadstone Net Lease, Inc.

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Operator

Hello, and welcome to the Broadstone Net Lease Fourth Quarter 2021 Earnings Conference Call. My name is Tania, and I will be your operator today. Please note that today's call is being recorded. I would now like to turn the call over to Mike Caruso, Senior Vice President of Corporate Finance and Investor Relations at Broadstone. Please go ahead.

Mike Caruso

thank Lease's for Call. Fourth and for us operator, Net Broadstone Quarter you, you, joining everyone, today Thank XXXX Earnings today's Financial hear Chris will John Moragne, our call, Chief available Officer, On Officer, for be Executive Q&A. Chief from Operating Czarnecki; Ryan Officer, our Chief will Albano, and our you

the for to December only forward-looking cause to year that would call subject to ended may are of over and to variety XX-K I statements begin, for such everyone SEC Chris now can XX, we differences. Form Chief our I Any a Officer, We not which of actual to the remind caution filings, due during as forward-looking the you this that refer to are factors reliance and discussion statements, Czarnecki. uncertainties differ call the of factors. Before risk place call. this conference including will to like Executive forward-looking that statements and our following a on date of cause the provided results presentation made XXXX, materially more our contains you detailed turn risks these undue

Chris Czarnecki

external results pleased results, culmination colleagues year accomplished I'm a afternoon. our of quarter were business my full facets that was Execution of strong as XXXX. execution as traded in XXXX XXXX well to proud the we all across first as able our sheet prudent of shareholders. company. full in in an and report most markets publicly share of Good fourth a which strong This following our deliver to the our importantly, September, all accretive successful balance represents calendar results, for view I'm and incredibly IPO growth as we robust same-store annualized year outstanding growth our performance, per management. QX translated X.X% result and performance, by AFFO XXXX into accurate capital portfolio driven proxy for late which over

diversification we what types, million These XXXX, provided helped collected flexibility were year opportunities, same-store year-over-year. Despite rents of transaction On XXX% strategy record-setting acquisition navigate growth our escalations our owed investment levels was occupancy laser-focused generate restaurant all second assets and care contractual the on of average The facets year of all in average and story our XXXX, growth were rent the our XX%, way initial X.X% health the assets to our XXXX weighted escalations. best-in-class business to operating XX.X%. and and we to led at XX% X%. Net at was weighted term of coupled volume. remain near-perfect BNL in weighted accretive average cash continue year rent of during a the cap close with strategy external the average of rate front, market. a the delivered demand $XXX and through in year over diversified annual able diversified growth all X%, core portfolio XX.X defensive of heightened annual shown Retail During competition, and accomplishments. We property our of results, during transaction by of truly X.X% across at on XX% strong Lease a for the lease across year. followed at Industrial an comprising best-in-class

and respectively. XX X.X%, exposures basis XXX XX and XXX tenant points, basis our to points top by by tenant exposures XX declined top Our top declined and

our defensive in us our of public tenant follow-on with our established positioned to look an the These including demonstrate any newly execute share solid in through grow to strategy one statistics markets, continue for year that outstanding these or overly concentrate not single capital per as actions to while equity supported of sector. Growth issuance ATM All by equity bond Program. any XXXX inaugural shareholders. in feeling can growth offering, on and in pressure results XXXX another have a meaningfully XX-year offering to was debut we continue earnings we routine deliver to execution

to BNL's recent performance. turning Now

we weighted a cap weighted health XX.X property restaurants. at since and of $XXX.X of which including I'd cap rate escalations X.X% quarter. During transactions our fourth of quarter, initial and million completed core to across translating X%. leases properties during in into few quarter the of retail care, marks XX invested regarding rate investment-grade lease additional provide years rent like X.X%. IPO first acquired include fourth key now we properties the cash a annual our term, average the types, in QX remaining average detail industrial, the all The GAAP

the in are industrial lease in space rent facilities undertaken a by of average operations, the evidenced The a Included five annual million year weighted at that the these separate rate years we XX.X% and tenant's weighted of acquired cap are the to the food two by significant acquisitions $XX escalations renovations term. transactions tenants. total critical these X.X%. include in cash additional weighted X.X% for as four two During quarter, processing investments past average in a leases a

the are to to to portfolio. industrial exposure manufacturing We and our thrilled cold segment continue associated food additional add storage of

historically complementary space construction. found risk-adjusted our highly this that portfolio are to have strong We overall in returns

and for regional leaseback We growing five purchased in and sale were a operator a dining transaction Houston, small in the casual well-established addition million. with to company's added five dining These Texas. also headquarters locations corporate $XX.X restaurant located casual restaurants in

All leased space pandemic. COVID dining represents term. properties master casual investment onset first escalations the are include the in the XX-year of lease transaction the since X.X% and new annual our rent of over This a

two filed our monitoring the existing recovered space concepts We portfolio distress. during different have temporary of a within years and how meticulously closely the past over restaurant period performed from

strong quarter make financial the comfortable the return in locations with to Each the ratios. and to exhibit to with continue rent-to-coverage restaurant more dining increasingly grown currently levels. to as the rent attractive space and have recover during investing and casual the a pre-pandemic excited sales space We operating this five of risk-adjusted to We're purchased opportunity. trends fourth

XX five Tennessee. were respective The upgraded leases properties have term include lease and retail average of X.X%. weighted Michigan, geographically during construction, cash the tenants investments quarter in diverse markets a weighted basis and the BNL properties and in investment-grade average of consistent the Kentucky escalations. of years with Many annual across and acquired XX.X concepts, properties The of redesigns. of weighted existing include points comprised remaining rent assets we $XX the located are include rate XX cap modern Georgia, last their three a million Finally, at of years built average

our past the on generally growing investment-grade retail have We over exposure focused year.

Lease taking bring year. add midpoint exposure consistent for is average over total Since terms attractive the respect XXXX outsized activity quarter's this XX% larger our executed. for history significant annual our at long size to of helped reflects and bolster single-site a opportunities geographic initial portfolio million our and end, of cash be pleased the of contract approximately a includes estate. an Acquisitions under year to Net control, nearly our acquisition This million value guidance volume with to which investment-grade and the risk. is million strongest mix over which cap $XXX million growth concentration the the XXXX acquisition pace or acquisitions $XX.X we without under guidance An with update to with average a we've lease ending on start highly results weighted diversification, weighted XX-year currently the year average I'm $XXX XXXX to of asset asset makes our currently off at of fourth escalations. with last rate X.X%, announce the volumes in define rent $X $XXX.X gross investing a range on real beginnings opportunity of and tenant of closed quarter of one approximately as a million, midpoint and to have that in of transactions coupled completed during quarter exciting to of $XXX range. million,

at to acquisitions. achievable growth Our our peers highly to asset us of levels relative of base allows meaningful and many generate results larger

in diversified moments. updates in investment continue few regarding flexibility further opportunities detail will our strategy additional sacrificing Our source Ryan provide underwriting provide a just guidance XXXX. to accretive standards to without will

fourth sales X.X% and property $XX.X disposition sales focused These million. to of primarily reflect sold three continue disposal included cap we quarter, strategy, our lower-performing for vacant the at and the X automotive a properties on During sites three risk mitigation retail rate.

interest outlook industry, hedge tenant We heightened portfolio by rising amid impact inflation and continue closely defense the placed Best-in-class how of natural expectations a monitor macroeconomic and geography current could that our focus and act diversification type, to as of both property rates. with tenants. on of level the

tenant singular deliberately to Our pandemic. recently and environments, constructed challenging the has many credit Diversification beneficial most positioned been any throughout proven is economic weather event. uniquely including portfolio COVID has

help of the Lease store best-in-class In addition, others portfolio X% a relative period space. generate escalation in our minimum better weighted same growth many average higher Net to inflation of during rent

As tenant different Ryan lease, our of of additional initial turn tenants detail a guidance and and by than markets our capital QX our were call occupied over I'll to to December all commercial properties XXXX, provide for the single results, two fiscal more to activity recent XXXX. on X.X% ABR. XX, subject no of properties but XXX were accounting with for and now our XXXX

Ryan Albano

Thanks Chris.

X% $XX.X of growth $X.XX per a quarter, per quarter-over-quarter. fourth share which we the million on During share, represents AFFO basis or generated

acquisitions many well results during the Our acquisitions from million as which completed were December, fourth within were that of of of largely Please were driven XXXX. $XXX.X the acquisitions revenue generated month closed weeks late of closed in as quarter the final note by QX quarter.

QX a expect as these tailwind act acquisitions to results. XXXX our for We

of we cash expense includes During $X.X total million, which G&A of the $X.X quarter, incurred expenses. million

over QX Now results our of as or full growth represents last $XXX update. the at midpoint annualized guidance of to share, million landing generated We per our turning of XXXX AFFO our $X.XX Chris X.X% which, results. mentioned, year XXXX

$X.X total just costs, cash year, in in the low our of onetime of the and million During year expenses, stock last of million G&A incurred came which includes update. based of $XX.X compensation severance we above end of cash Full G&A million $XX.X resulting expenses. million guidance $X.X

as our was a markets share X.X Program, through utilize third of overall common fund stock the on based $XX.XX restated quarter total maturity applicable which its date $X match extending for efficient facility, to upsizing the the proceeds to We ratings. acquisition control quarter, million also the BaaX Canada. XXXX. to during and BBB for expect XXXX, XX of which basis approximately our component supplement our and other to billion, to Canadian view fourth in to margin Subsequent utilize for continue activities, of price $XXX opportunities our also program provided capital ATM in currency market As ATM capital points the weighted our The we shares reducing to strategy million potential revolving million credit at and average we sold important acquisitions in March dollar expect or net year-end, foreign and profile $XX.X primarily for the amendment an an borrowings, a amended established future manner. and we of fund leverage to to capacity of

debt approximately our year-end, annualized of to debt net of As net adjusted billion, $X.X X.Xx. a was EBITDAre resulting in

continue profile a than conservative annualized of on We target to to debt basis. a net leverage adjusted Xx EBITDAre less

approximately rating as Subsequent S&P our profile stable robust only billion liquidity year-end, of Our revolver XX% utilized reaffirmed with highly outlook. to $X BBB a our Ratings with Global year-end. of remains

initial our full guidance year to XXXX. for turning Now

diluted per AFFO per $X.XX report when midpoint represents growth $X.XX X.X% implied range $X.XX, year an at results to the compared of our expect of between our full guidance XXXX share. of which share rate and We to

XXXX $XXX of total our and volume; at following gross of assumptions: Our initial between the disposition the $XX and range; approximately guidance million, based between the $XXX on our XXXX representing our million, X% growth acquisition over G&A and cash volume million volume $XX the $XX million volume range. between midpoint over midpoint growth and the consistent million of disposition XXXX million, XXXX key at acquisition $XXX range representing is of XX.X% G&A with cash

year per disposition capital acquisition, our amount both throughout are and year. for reminder, share a of timing the the results activities that As sensitive the to occur markets and

a of XXst, on declared Unit Finally, our common directors share in before as holders dividend OP Board on our record or per April at meeting held payable XX, XX. March February to of $X.XXXX

it to future remarks. that, Board our for We will quarterly will dividend evaluate turn on basis. increases to to a with Chris With continue over our I back closing

Chris Czarnecki

momentum I’m results want deliver I to in pipeline opportunities confident to strong in only diverse we prepared currently accretive Ryan. you, that propel here. line capital It's am help our for XXXX our pleased with to for our will continue how Chris reiterate Thank open how Operator, and now remarks. This positioned our access to the we sources can of concludes shareholdeers XXXX accomplished I XXXX. our and you further. and questions. acquisition in expanded are all robust multiple

the we to Our just communication operator analysts our can. in the conference definitely of it ask to questions, as open has apologize. There's line second. I it's a hard dropped. for can folks, outside questions. get up who one want We're trying with see. few but control. open Unfortunately, quickly as we're and give We'll more us We

Operator

The of line [John is the first from question Kim].

Unidentified Analyst

lead the the companies? guidance prices any Has for market on either there what's far as rates net impact far and or for overall your for so pricing lease as been certainly in happened or share market on interest

Chris Czarnecki

little you the a being a a the, change, call of Year's little stabilized lease New folks into other perspective weeks. of of couple I'd to XX bit our adjustments XX say, some last the that haven't costs, quarter of fourth cap like sit or the seen share of from year. we today, just meaningful into of end a prices bit sound on towards seen probably heard will broken and rising in days rates where But what this and the to sort we've debt record net I we from it, some

there before, at a I wasn't But think closing that seems working has we're the to in we and some today, actively which point. winding while you've on any were be like haven't and for now, November it things very that the but changes October march. lag the market So of widening space a of the out experienced. for same probably Again, cost out is heard thing up. that frame. to capital logically, catch downward us we're true pricing there And in are in things for should time, seen we at But account transactions negotiating the time persistent takes this real

is side that on pretty certainly, going a of just the to the take its some the still work And through So remains competition to little robust. way system. way private

you and for sure pricing, we on the spot. talk but to in And we're us, retail? quantify what for on can industrial? the portfolio continue focus a a haven't and premiums meaningful daily moment, little same John make So our any we to at jump the on are good you impact today monitor Chris, let that. seen spreads I'll in about care change in a not there, it whether actually health or see can in and bit he basis

you too? that? can I'm audio problem, John, an Sorry, having repeat

Unidentified Analyst

look asset what seeing industrial, if also No you worries. in are? seeing retail it I'm premiums. that classes it We're but healthcare in portfolio Portfolio if premiums you're and other wondering quantify can at? and you And those

John Moragne

terms investment the seeing portfolio other on seeing last certainly committee we to are going that. something our looking both the focus We retail in for at the we year where weeks one-off, for been where we've and our premiums, can of aren't in IG opportunities talking few that places about be strategy

question that's on on In to on would terms of out premium XX, asset points talking but be these a little anything XX sort of It from the you're what hard. quantifying, of a of up of about, XX class even things. to portfolio basis depends some

don't as that on IG So granular and we the able retail after that continue real looking health they're of the opportunity we diversified a the the for to focusing do, health just strategies, some is small some our care for that’s and given the having fit and assets our go think, within volumes both our think of assets year. industrial to why well to care investment us as to smaller to the peers ability that differentiator assets be strategy and hit strategy goals

Unidentified Analyst

on you risks additional your structures are industrial would investments, . where CapEx versus there take lease? your on And cold anything lease about the standard operational or storage

John Moragne

with fall lease. industrial they standard in right line No, the

the different more remarks cold and from of food production Chris the are in distribution play the Our talked storage about storage assets relative really owner-operated assets cold pretty to pure type folks, his of some space. that

Chris Czarnecki

on happening of where the build storage cold be processing just In The to cold times as XX% a of building food be longer-term is storage proportion in that. might well for lot might space XX%, storage.

So industrial it’s different a important a part little of but bit mix incredibly the chain. of

Operator

Caitlin with The Burrows from next of the question Sachs. is line Goldman

Caitlin Burrows

$XXX year. volumes, assumed for million from acquisition $XXX acquisition XX% volumes million the to 'XX of last up on is just about Maybe

in expect that increased do drive have year less to what achieve could So hired to on people this for you plan can what your activity? focus or through you you and to the just that order example, deals, competition team go help differently will speak confidence, larger

John Moragne

it over the Yes, We settling think were last went now of of The back has on Caitlin, a and team year a had has I through to with new lot we itself swing do of team year getting of sort opportunities. some things. the how focusing into changes into roles.

from IPO, recall we before up then. to of you a year out the for the were acquisitions leading about As market

of of getting QX, a of QX QX QX QX into excuse and of 'XX. me, 'XX, of in of So sort 'XX of there was 'XX little -- flow bit QX, back things

on over is the And so all for now range. last we hitting million quarter feel that $XXX cylinders. of quarters The X average in like we're sort us

$X year. can this The easily team think, can So up we team, do do. feel to a billion what very comfortable we about in

we're of of expand in goal, terms could certainly we that short So there. a from little our but we overall think

and better ability that portfolios, if team you the be some portfolios, little the looking of scale add And more the portfolio so to the opportunities. to premiums out gelling but at but to want of love bit are I really we there. strategies, look we've had sort just then be individual as it mindful think we through flowing And we with at the the it's continue a

as are right like industrial the out larger also on space. much then to see culminates portfolios really IG that we're of the million the the the really from And at and looking So of, some go those as our health of opportunity heading care and in continue individual and we that retail chasing opportunities, we in wheelhouse and QX like I those single-site think assets really be market then larger what QX. into granular you sort and on into we that it, QX have. that that focus And And call strong the assets all through pipeline for is there. to $XXX

Caitlin Burrows

being often timing, have then know And that matter that pointed by impacted past given terms year And of just I may can a be active. the earnings a for activity, But over acquisitions I necessarily XQ heavily much, in the doesn't ends it peers but of years you XQ. up just the normally the of built like single at think looking start acquisitions the in most was know I so kind 'XX XQ said and that off necessarily you pace doesn't think of guys than even course to your look out year.

what is been for not and . your of just So assumed pace seasonality pace what experience and wondering acquisitions year? with has this kind of or

John Moragne

Yes.

of time the as on the in a huge a out. I to trying started out, to acquisition November of in this Catlin, certainly the quarter volume focusing year. combat that you just is that seasonality little fourth that We the saw acquisitions lot wasn't in actually about the that intention something past portion and a pointed QX with think our where bit. smooth frame case happened we're trying our We

traditionally with light that's quarter seasonality now. didn't have we see that the same huge very something of do a to would type a and And first quarter. starting that big, then you fourth So we're

of first it's for shake how The us baked terms out. going is think quarter pretty in well to we

continue out in our a seasonality. of to think we investment make hit and it QX with XX sure avoid our through historically that acquisition committee And XXX-day little are early weeks those couple type smooth and we'll focus ago of shifting to of the bit a has have throughout that can started that year, that QX, and throughout things entire with looking to about, folks so constantly we taking and that already and process cadence outlook what carrying to some and our been we're what trying that

Caitlin Burrows

And one. quarter, been last types. historically that of guys know target your maybe their do office. I small the the just did hasn't part portfolio core the kind office with acquisition of in restaurant But you

talk restaurants how think of part So that little you that extent to otherwise you well out for to and that working that think or portfolio other extent just a about lumped and in? office might up office other Broadstone? wondering maybe there the what you opportunities if are could And be limited end does when property like there out potential what competition being in

Chris Czarnecki

that do continually I a Good deal it bit. the gave mix the do we the office parcel interesting. It's with across corporate has same a didn't small do might day their portfolio for that a example an industrial restaurant

restaurant happened willingness hasn't transaction the and for year, on be into creative the wrap differentiator and master us. as it quite piece to and it the a never where have So was should from much focused you happen. clearly, as as much that expected like everybody you it you entire sort during operator there mixed had a office front, with on opportunity the the I that will might -- lease examples But pick was to group. in underwrite but view was quarter exposure we that It of the too think of our fourth the the we sale have office still on is our an leaseback guess certain up in I us important and that what predict for

in hard Estate up. particularly fine. office Real the portfolio continue anything And meeting, So can be Committee to haven’t of I relative would a set broader think the larger then to was in our diversified seen also take be some at to here a there attractive and look did and really again, continuing if to there, in it other space, Investment general, types, leading that In the wrap was obviously that opportunity we property up Board are our and cautious. we

own didn't make then weren't a particularly but to to at want didn't anything make find portfolio, we one the missing later our fit otherwise, year, we sure we office good would want we we'll utilization -- And and just monitor as the about continue anything, sale there. when there. expect just the to levels and talk was to So that continuing get we in really But way. tenants we that that look

at are So where we that's in moment. office the

Operator

the comes question Bin next The from with Ki line of Kim Truist.

Ki Bin Kim

and So that lately, cost Chris, you obviously, I IPO of of only a one moved year improving. out kind hit stride ago, And mean, in capital coming your reversed. guys direction, of over the

your a wondering reality if in observations funding how as isn't where about or the as capital business as was had So think of quite do CEO, any new lessons you public high-level attractive? cost I your And you learned?

Chris Czarnecki

each spread with on it talked issuing we're equity little our are of Yes, we're bit earlier. share day price a intense on clearly, is risk-adjusted and view, always And markets that on absolutely. going seen sort there. spreads changes compression I where and focus mean depending I very from about in. whether some mean, that investing and what's there the a the every we've debt whatnot, or and I

of really then invest. we and capital as QX of in and and to think be, have profile like to of putting continue made capital from to go ability the lot low feel spreads to some maintain sense, the make capital to target make the choices having still board QX I there flexibility both on the mid-Xs we to X.Xx perspective. and a sit and risk-adjusted to continue forward, today, a we're us about what, having we this we from the and that flexibility gives cost we markets a perspective that to hand And our move for a quarter sure think on leverage where need

Committee big it's John tools XX Investment and so gained team about only was those real and our when investing capital are what all the but blocks of adjusting it, really be to that's that we by to acquisition And and part priced And we are always going we focusing XXX coming what where is raised our not using days that where time. out. a in public of recent in on

those it's a continue that we parameters that we are we process can dynamic acquisition opportunity taking and resides without into And confidence some goals adjust one based and risk our outsized to feel to. what and gives acquisition see so set where we in and and our the the in it year. changing that the we that so today lies on us And where market hit good good going acquisition

Ki Bin Kim

in Chris, leverage are guidance, And your assuming you stays relatively flat?

Chris Czarnecki

jump Ryan let I'll in there.

Ryan Albano

I'd say we're the assuming that leverage about mid-Xs. is in

Ki Bin Kim

declined bit. segment restaurant your a for ratio coverage little Your

that. you details provide can some around if wondering Just

Chris Czarnecki

a what conversation reporting casual a printed perspective, during that and quarter. lag business even still just we bit is from numbers a that. seeing our X.Xx you strong, a X drive-through like the And Really, a team and that our experience. you're that with scenario quarter -- slowdown there's little X.X exceptionally on a the are there, a zone really, were that and saw a credit change reminder, or coverage, fast we portfolio I aggregate of heard by QX because back with little comfortable adjustment from high guys And as that. in a quick which Those astronomical more our in running a side. had little from referenced the we'd in of or be below bit But what tenants the bit from came coverage that of I reversion tenants. and food a a just numbers that of of is an a just just the like saw little saw bit service was Xx during in was think we to was they

Operator

is next Stanley. Morgan with of line question The Ronald the Kamdem from

Ronald Kamdem

industrials just Just pipeline the sort of bit. going little the focusing back and on a to

of of rate industrial sort in I bit what If specifically. are I there? the guess. you talked want manufacturing a about the little talk you've about sort on sort cap space I compression, of Because know to zoom cap and trends rate light just

John Moragne

say looking of would I in traditionally the to we continues after, industrial see, still to at opportunities have low high be Ron, some gone terms continue in the industrial space. at overall Xs, we There terms type least of Xs. that in the we're mid-Xs of

at we at I'd low average portfolio, like Xs. in after looking the probably some and it's for overall, go for But of look sort that also we're We in things more the things that range. mid-X that of the say our types

Ronald Kamdem

And you've at obviously, that you Just looking looked asset at question doing. at past ground different look the other you that curious the classes what consider? the is But leases. something on you're would would have four you that your in outside of that talked leases, ground then about guys thoughts was, also

John Moragne

done one Board now deep really Committee dive an something But for we we our really on a meetings right It interesting. and looking is recently. ground us are think it's on at at We've was basis. that topic actually that a leases. only Investment It's opportunistic

currently looking programmatic. potential talk we portfolio a opportunities, something there. about material handful about not have them, we as But are nothing at we're come but the more as to already, certainly it's that in significant across but We something thinking

Operator

[Operator Instructions] from of line Burrows. We question the have a Caitlin follow-up

Caitlin Burrows

where Is industrial. of rate what was through Maybe that you just in go acquisitions mentioned you to mid-XXs and like the will are, or Can else? restaurant. with go XX% cap something for health little a for how types over property differences year drive expect it and Could you this change care, the just split just retail it? opportunities you XXXX through,

Chris Czarnecki

just for little bit about of some referenced we’re said program I the some on one on of pipeline. that as with And the probably assets definitely well. per any have bit in be low little have expect health there. also Restaurants and line about it’s reasonably I of and focused thinking shows we things retail of the would opportunities, that moment, John investment -- up that probably small just XX% chunkier think in grade to been asset way pretty then to in I looking were focused movement be at but we a the care and whatnot. basis specifically pretty At it industrial moves that don't through was more that sort we’ve off X% a being So industrial. continue a our the pipeline

laggard. verticals So sort of more with on that's that probably few And be different unique could a a there. our a on supply focus I front issue think that of

a to bit. So on to side consistent expect the perhaps a bit maybe and climbing health low retail, industrial be be care restaurant in little little I would

Caitlin Burrows

of an anticipated would just then function [Multiple a dispositions dispositions, Speakers]… you that say that you more maybe than mentioned it's are the And property this necessarily know you in on Maybe could the dispose office through funding guidance? that other potential management portfolio earlier kind of And that of go could I year. you acquisitions rather and

Chris Czarnecki

correct, yes. That's

Caitlin Burrows

the of companies sell. Characteristics you're to going

Chris Czarnecki

exercise. It is more a portfolio of management

opportunity consistent office one for year assets plan embedded assets to coverage And asset two of is vacant the those looking selling our might leases in our our and bring are restaurant that of little side tighten that then further. with and and a an the thinking bit So XXXX few that up ratios at in as up master also then well. be and we're kind on weaker disposition a

out then that guidance sits others, team the would range of the round continue you. we and where And plan sort dispo today but I is the we about so think think encompasses to those gave

Operator

now in questions I waiting the for back the Czarnecki additional queue. to will Chris pass no remarks. are There closing conference

Chris Czarnecki

the Appreciate everybody a hear XXXX very soon, soon. forward excited We're is Wonderful. seeing in and about all Thank Thank you some look much. either Lease. person of at what here exciting was some QX or on call and to Broadstone the time in fulfilling to to very you where conferences May. taking Net We'll talk year going on so you you. earnings

Operator

the Ladies Lease and day. of the gentlemen, concludes rest Net call. that Enjoy Broadstone quarter your fourth conference

Broadstone Net Lease (BNL) 23 Feb 222021 Q4 Earnings call transcript