Investor Presentaiton
GAAP RECONCILIATIONS
EBITDA, EBITDAre, Adjusted EBITDAre, Net Debt to Annualized Adjusted EBITDAre
(in thousands)
Debt
March 31, 2023
December 31, 2022
As of
September 30, 2022
June 30, 2022
March 31, 2022
Unsecured revolving credit facility
$
108,330
$
197,322
$
Unsecured term loans, net
895,006
894,692
219,537
894,378
$
320,657
$
266,118
587,098
586,884
Senior unsecured notes, net
844,744
844,555
844,367
844,178
843,990
Mortgages, net
85,853
86,602
94,753
95,453
96,141
Debt issuance costs
10,390
10,905
11,498
8,991
9,419
Gross Debt
1,944,323
2,034,076
2,064,533
1,856,377
1,802,552
Cash and cash equivalents
(15,412)
(21,789)
(75,912)
(16,813)
(54,103)
Restricted cash
(3,898)
(38,251)
(6,449)
(12,163)
(11,444)
Net Debt
$
1,925,013
$
1,974,306
$
1,982,172
$
1,827,401
$
1,737,005
Anticipated proceeds from forward equity agreement
Pro Forma Net Debt
$
1,925,013
$
1,974,306
$
(270,732)
1,711,440
$
1,827,401
$
1,737,005
(in thousands)
March 31, 2023
Net income
Depreciation and amortization
$
41,374
$
December 31, 2022
36,773
Three Months Ended
September 30, 2022
June 30, 2022
March 31, 2022
$
28,709
$
35,552
$
28,441
41,784
45,606
39,400
35,511
34,290
Interest expense
21,139
23,773
20,095
17,888
16,896
Income taxes
479
105
356
401
412
EBITDA
$
104,776
$
106,257
$
88,560
$
89,352
$
80,039
Provision for impairment of investment in rental properties
Gain on sale of real estate
1,473
4,155
1,380
(3,415)
(10,625)
(61)
(4,071)
(1,196)
EBITDAre
$
102,834
$
95,632
$
92,564
$
86,661
$
78,843
1
Adjustment for current quarter acquisition activity
Adjustment for current quarter disposition activity 2
406
1,283
2,358
2,780
3,225
(365)
(440)
(141)
(79)
Adjustment to exclude non-recurring and other expenses³
Adjustment to exclude gain on insurance recoveries
(1,023)
(341)
Adjustment to exclude net write-offs of accrued rental income
297
Adjustment to exclude foreign exchange (gain) loss
18
796
(4,934)
(2,632)
1,326
1,125
Adjustment to exclude cost of debt extinguishments
77
231
Adjustment to exclude lease termination fees
Adjusted EBITDAre
$
Annualized Adjusted EBITDAre
(7,500)
94,667
378,668
(1,678)
(791)
$
95,329
381,315
$
89,518
358,072
$
86,668
346,672
$
84,440
Net Debt to Annualized Adjusted EBITDAre
Pro Forma Net Debt to Annualized Adjusted EBITDAre
5.1x
5.1x
5.2x
5.5x
5.3x
337,759
5.1x
5.2x
4.8x
5.3x
5.1x
(1) Reflects an adjustment to give effect to all acquisition during the quarter as if they had been acquired as of the beginning of the quarter.
(2) Reflects an adjustment to give effect to all dispositions during the quarter as if they had been sold as of the beginning of the quarter.
(3) Amounts include $0.1 million of executive transition costs and $0.4 million of accelerated stock-based compensation associated with the departure of our previous chief executive officer, and ($1.5) million of accelerated
amortization of lease intangibles during the three months ended March 31, 2023.
BROADSTONE
NET LEASE, INC.
23
23
INVESTOR PRESENTATION | MAY 2023View entire presentation