Broadstone Net Lease, Inc. (NYSE:BNL) Q3 2022 Earnings Conference Call November 3, 2022 11:00 AM ET

Company Participants

Michael Caruso - SVP, Corporate Finance & IR

Christopher Czarnecki - CEO

Ryan Albano - EVP & CFO

John Moragne - EVP & COO

Conference Call Participants

Ki Bin Kim - Truist Securities

Christopher Lucas - Capital One Securities

Ronald Kamdem - Morgan Stanley

Michael Gorman - BTIG

John Kim - BMO Capital Markets

Operator

Hello, and welcome to Broadstone Net Lease's Third Quarter 2022 Earnings Conference Call. My name is Drew, and I'll be coordinating your call today. Please note that today's call is also being recorded.

I will now turn the call over to Mike Caruso, Senior Vice President of Corporate Finance and Investor Relations at Broadstone. Please go ahead.

Michael Caruso

Thank you, operator, and thank you, everyone, for joining us today for Broadstone Net Lease's Third Quarter 2022 Earnings Call. On today's call, you will hear from our Chief Executive Officer, Chris Czarnecki, our Chief Financial Officer, Ryan Albano, and our Chief Operating Officer, John Moragne, will be available for Q&A.

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, 2021, 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 our Chief Executive Officer, Chris Czarnecki.

Christopher Czarnecki

Thank you, Mike, and good morning, everyone. During the third quarter, we continued to carefully navigate the current economic backdrop and dynamic capital markets environment with a keen focus on prudent capital allocation and discipline selectivity. As we announced in our business update following the completion of the quarter, the BNL portfolio continues to perform well with 100% of base rents collected during Q3 and mineral vacancies. In addition, we continue to source opportunities to accretively invest capital during the quarter despite a challenging market backdrop.

Proactive execution in the capital markets during the first 3 quarters of the year has positioned us to close out 2022 on a strong footing, delivering another year of consistent same-store portfolio performance and accretive external growth, both of which have translated into strong earnings growth. Given heightened levels of economic uncertainty as we approach a new calendar year, we remain focused on prudent capital allocation during this period of public and private net lease market dislocation. Conservative balance sheet management, disciplined underwriting and proactive portfolio management, our core B&L competencies, and they will continue to serve as key pillars to our success as we navigate current and future economic uncertainty.