Broadstone Net Lease, Inc. (NYSE:BNL) Q1 2023 Earnings Conference Call May 4, 2023 10:30 AM ET

Company Participants

Mike Caruso - Senior Vice President of Corporate Strategy & Investor Relations

John Moragne - Chief Executive Officer

Ryan Albano - President & Chief Operating Officer

Kevin Fennell - Chief Financial Officer

Conference Call Participants

Anthony Paolone - JPMorgan

Eric Borden - BMO

Michael Gorman - BTIG

Ki Bin Kim - Truist

Operator

Hello and welcome to Broadstone Net Lease's First Quarter 2023 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 Mike Caruso, Senior Vice President of Corporate Strategy and Investor Relations at Broadstone. Please go ahead.

Mike Caruso

Thank you, operator and thank you everyone for joining us today for Broadstone Net Lease's first quarter 2023 earnings call. On today's call you will hear prepared remarks from CEO, John Moragne; President and COO, Ryan Albano; and CFO Kevin Fennell. All three will be available for the Q&A portion of this call.

Before we begin, I would like to remind everyone that the following presentation contains 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-K for the year ended December 31 2022 for a more detailed discussion of the risk factors that may cause such differences. Any forward-looking statements provided during this conference call are only made as of the date of this call.

I will now turn the call over to John.

John Moragne

Thank you, Mike and good morning everyone. In what continues to be a challenging macroeconomic environment, I'm proud to report our first quarter 2023 results. Our core mission is to create long-term stockholder value through investing in and managing net lease real estate. There remains a lot of uncertainty in the market as the Federal Reserve continues its balancing act and the fight against persistent inflation and major headwinds surface in the banking world.

As stewards of investor capital we believe a conservative, prudent, and selective approach to capital allocation is the best path to navigate this uncertain market and our first quarter results reflect that belief.

While we sourced and evaluated billions of dollars in potential new acquisitions, given current pricing dynamics and market risks, we did not feel that cap rates had increased enough to justify significant outlays of capital.