Portfolio Repositioning and Performance - Broadstone Net Lease (BNL) reduced clinical healthcare exposure to 2.4% of the portfolio ABR since the beginning of 2024[25] - BNL successfully sold 57 clinical healthcare assets for $352 million in 2024[25] - BNL grew AFFO per share by 1.4% in 2024 despite portfolio repositioning[25] - BNL's industrial exposure increased from 51.8% to 61.2% between March 31, 2023, and September 30, 2025[89] Growth Strategy and Build-to-Suit Developments - BNL has committed or completed $898 million in build-to-suit developments since 2023[25,59] - This includes $583 million of new build-to-suit commitments in 2025, expected to result in $29.1 million of incremental ABR through 1Q27[25,52] - BNL's build-to-suit strategy creates stabilized values approximately 75-100 bps tighter than initial cash yields[25] Financial Guidance and Shareholder Value - BNL's 2026 AFFO per share guidance is $1.53 - $1.57[329] - BNL's total shareholder return since the beginning of 2023 is 32.8%[25] - BNL's 2025 investment guidance is $650 - $750 million, and dispositions are $75 - $100 million[329]

Company Highlights - FCPT acquired 64 properties for $199 million at a 71% cap rate in the last 5 months of 2024[7] - The company raised over $102 million in Q4 and $104 million in Q1 to date through ATM[7] - FCPT has $204 million of unsettled equity forwards as of March 17, 2025[7] - The company extended and upsized its credit facility capacity in January 2025, including a $350 million revolver capacity and a $225 million term loan[7] Portfolio Composition - Olive Garden accounts for 34% of the portfolio, while LongHorn represents 10%[7] - The company's portfolio consists of 1220 leases across 163 brands[50, 54] - Darden spin-off properties have 56x rent coverage[15, 18] Financial Metrics - FCPT's net debt to adjusted EBITDAre ratio is 49x[15, 52] - The company's average annual escalator is 14%[52] - FCPT's Q4 AFFO per share is $044[50]