Broadstone Net Lease, Inc. (NYSE:BNL) Q2 2024 Earnings Conference Call July 31, 2024 11:00 AM ET

Company Participants

Brent Maedl - Director, Corporate Finance and Investor Relations
John Moragne - Chief Executive Officer
Ryan Albano - President and Chief Operating Officer
Kevin Fennell - Chief Financial Officer

Conference Call Participants

Eric Borden - BMO Capital Markets
Caitlin Burrows - Goldman Sachs

Operator

Hello and welcome to the Broadstone Net Lease's Second Quarter 2024 Earnings Conference Call. My name is Kiki and I will be your operator today. Please note that today's call is being recorded.

I will now turn the call over to Brent Maedl, Director of Corporate Finance and Investor Relations at Broadstone. Please go ahead.

Brent Maedl

Thank you everyone for joining us today for Broadstone Net Lease's second quarter 2024 earnings call. On today's call you will hear prepared remarks from Chief Executive Officer, John Moragne; 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 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, 2023 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.

With that, I'll turn the call over to John.

John Moragne

Thank you, Brent, and good morning everyone. I am pleased to report another strong quarter of results. We are on the cusp of substantially completing our health care portfolio simplification strategy, having fully redeployed those proceeds into closed and committed investments, and are continuing to build a strong pipeline focused on our core building blocks of growth, seeing incremental revenue generating capital expenditures with our existing tenants and build-to-suit funding opportunities with our development partners that supplement our traditional net lease acquisition pipeline.

I'm exceptionally proud that we were able to successfully navigate that process. At the same time we redeployed the proceeds into attractive investment opportunities. We are incredibly proud of the progress we've made on our strategic objectives for 2024. While we recognize that the current outlook for interest rates has provided a tailwind for the broader net lease space, we believe investors are beginning to reward our consistent and successful execution on our strategic initiatives.