Broadstone Net Lease, Inc. (BNL): Business Model Canvas [Dec-2025 Updated]

You're looking to understand the real mechanics behind Broadstone Net Lease, Inc. (BNL)'s steady performance as we close out 2025, so I cut through the noise to map out their core engine. Honestly, it boils down to locking in predictable rental income from a diversified portfolio of 759 properties while maintaining a near-perfect 99.1% occupancy-that's stability you can defintely bank on, driving trailing twelve-month revenue to about $0.44 Billion USD. See how their key activity of executing build-to-suit projects pairs with their capital structure to deploy nearly $696.7 million in new investments this year. It's a clear blueprint for generating long-term lease revenue, and you can check out all nine components of their strategy right here.

Broadstone Net Lease, Inc. (BNL) - Canvas Business Model: Key Partnerships

You're looking at the relationships Broadstone Net Lease, Inc. relies on to fuel its growth and manage its portfolio. These aren't just names on a slide; they are the financial and operational engines supporting the net lease strategy.

Real estate developers for build-to-suit projects

The build-to-suit (BTS) pipeline is a major partnership focus, securing long-term leases upfront. Broadstone Net Lease, Inc. reaffirmed its $500 million goal for new BTS projects in 2025. As of July 28, 2025, the total in-process development pipeline encompassed eight projects with a combined estimated investment of over $370 million. Earlier in the year, the committed BTS pipeline stood at $305.9 million, projected to add $22.6 million of Annual Base Rent (ABR) by 2026. A specific example of this partnership momentum is the new $78.2 million BTS project announced with Prologis for a distribution facility for FCA U.S. LLC, slated for delivery in Q3 2026. Separately, three new BTS projects announced in July 2025 represented an aggregate estimated investment of approximately $61.4 million.

Here's a look at the scale of their development pipeline activity:

Investment banks for debt and equity capital markets activities

Access to capital markets is critical for funding growth, and Broadstone Net Lease, Inc. actively engages with financial institutions. In Q3 2025, the company completed a $350 million public offering of senior unsecured notes. Furthermore, they amended a $1 billion revolving credit facility, which extended the maturity date to 2029. For equity capital, Broadstone Net Lease, Inc. sold 621,487 shares on a forward basis under its at-the-market (ATM) program, securing gross proceeds of approximately $11.4 million year-to-date through December 1, 2025. Firms like JPMorgan Chase & Co, BMO Capital Markets Equity Research, and Cantor Fitzgerald & Co. were noted in relation to their Q3 2025 earnings coverage.

Institutional investors like Franklin Resources, Inc. for capital

Institutional support is evident through ownership stakes and capital deployment. As of the most recent reporting period, institutional investors and hedge funds owned roughly 89.07% of Broadstone Net Lease, Inc. stock. Franklin Resources, Inc. increased its position by 14.6% during the second quarter, holding 649,748 shares, valued at $10,428,000 at the end of that period. The company maintained a 2025 fiscal year guidance for Adjusted Funds From Operations (AFFO) per share between $1.490 and $1.500.

Key investor and capital market metrics include:

• Institutional Ownership Percentage: 89.07%
• Franklin Resources, Inc. Share Count: 649,748 shares
• Franklin Resources, Inc. Stake Value: $10,428,000
• Q3 2025 Senior Unsecured Notes Offering: $350 million
• Revolving Credit Facility Size: $1 billion
• Forward Equity Proceeds Raised (YTD Dec 1, 2025): $11.4 million

Third-party property managers for non-core assets

Broadstone Net Lease, Inc. focuses on single-tenant net lease properties, which typically place property management responsibility on the tenant. Specific financial data regarding the use of third-party property managers for non-core assets was not explicitly detailed in the latest available financial updates. The company did report total core general and administrative expenses projected between $30.5 million to $31.5 million for fiscal year 2026.

Broadstone Net Lease, Inc. (BNL) - Canvas Business Model: Key Activities

You're looking at the core engine of Broadstone Net Lease, Inc. (BNL), which is all about disciplined, long-term real estate investment and management. The key activities center on deploying capital into high-quality, single-tenant properties under net lease structures. This isn't about flipping buildings; it's about locking in predictable cash flow.

Acquiring single-tenant commercial properties

Acquisition is a primary driver of growth for Broadstone Net Lease, Inc. The company focuses on industrial and retail properties, using strong fundamental credit analysis before committing capital. For the third quarter of 2025 alone, Broadstone Net Lease, Inc. invested $204 million in new acquisitions and projects. Looking at the year-to-date figures through the December 1, 2025 update, total investments reached $696.7 million. This year-to-date total included $416.6 million specifically allocated to new property acquisitions. The weighted average initial cash capitalization rate for new property acquisitions in Q3 2025 was 7.1%, with a corresponding straight-line yield of 8.2%. This disciplined approach helps ensure the acquired assets contribute positively to the overall portfolio yield.

Executing build-to-suit development projects

Executing build-to-suit (BTS) projects is a differentiated growth strategy for Broadstone Net Lease, Inc., often yielding higher returns than standard acquisitions. Management reaffirmed its goal to commit to $500 million in new build-to-suit projects for 2025. As of the December 1, 2025, business update, year-to-date investment in BTS developments stood at $181.8 million. Earlier in the year, the committed BTS pipeline stood at $305.9 million, with $255.8 million of that expected to be funded through the third quarter of 2026. In July 2025, the company added three new BTS projects for an aggregate estimated investment of approximately $61.4 million, including facilities for tenants like AGCO Corporation and Sprouts Farmers Market, Inc. These projects are key to future revenue growth, with management projecting substantial continuation of investment into 2026.

Active portfolio and asset management

Keeping the existing portfolio performing is just as critical as buying new assets. Broadstone Net Lease, Inc. maintains a highly leased and well-managed portfolio. As of September 30, 2025, the portfolio consisted of 759 individual net leased commercial properties across 44 U.S. states and 4 Canadian provinces, spanning 40.7 million total rentable square feet and serving 204 tenants across 56 industries. A major focus of recent asset management was successfully navigating tenant distress. For instance, Broadstone Net Lease, Inc. resolved situations with both At Home and Claire's, assuming all leases with no bad debt incurred from either. Furthermore, the company achieved 100% rent collection in the third quarter of 2025, and the overall portfolio lease rate remained strong at 99.5% as of that same period. The company also engaged in capital recycling, selling shares via its ATM Program for gross proceeds of approximately $11.4 million year-to-date through December 1, 2025, to support investment activity.

Here's a quick look at the portfolio scale as of the end of the third quarter of 2025:

Securing long-term, net lease agreements

The entire investment thesis hinges on securing long-term, net lease agreements, which transfer property operating expenses to the tenant. This activity is quantified through the yields achieved on new investments and the overall stability of contractual obligations. In Q3 2025, Broadstone Net Lease, Inc. secured 1.2% sequential quarterly growth in contractual rental obligations. The company's strategy is to lock in accretive yields through these agreements. For example, the year-to-date investment in Q1 2025 acquisitions had a weighted average initial cash capitalization rate of 7.2% and an annual rent increase of 2.5%. The focus on build-to-suit projects, which typically feature strong lease terms, supports this activity. The company raised its full-year 2025 Adjusted Funds From Operations (AFFO) per share guidance to a range of $1.49 to $1.50, reflecting 4.2% to 4.9% growth, which is the ultimate financial outcome of successfully executing these leasing activities.

The core investment metrics underpinning these long-term agreements include:

• Year-to-date investment in new property acquisitions (through Dec 1, 2025): $416.6 million.
• Year-to-date investment in build-to-suit developments (through Dec 1, 2025): $181.8 million.
• Full-year 2025 AFFO per share guidance midpoint: Approximately $1.495.
• Q1 2025 weighted average initial yield on acquisitions: 7.4%.

Broadstone Net Lease, Inc. (BNL) - Canvas Business Model: Key Resources

You're looking at the core assets Broadstone Net Lease, Inc. (BNL) uses to execute its strategy. These aren't just line items; they're the actual engines of cash flow generation and future growth, grounded in tangible real estate and financial structure.

Diversified real estate portfolio of 759 properties

This is the physical foundation. As of September 30, 2025, Broadstone Net Lease, Inc. owned a portfolio of 759 individual net leased commercial properties. This portfolio spans 44 U.S. states and includes seven properties in four Canadian provinces. The scale is significant, covering approximately 40.7 million rentable square feet of operational space. The quality of the lease structure is high, with properties subject to a lease representing 99.5% of the portfolio's rentable square footage as of that date. Furthermore, the tenant base is spread across 204 different commercial tenants and 56 industries, which helps mitigate single-tenant risk.

Investment-grade balance sheet and liquidity

The financial structure supports the acquisition strategy. The balance sheet strength is evidenced by key leverage metrics and available credit. As of September 30, 2025, total liabilities stood at $2,506,762 thousand. The Net Debt to Annualized Adjusted EBITDAre ratio (Pro Forma) was 5.4x. Liquidity is maintained through committed facilities; as of September 30, 2025, Broadstone Net Lease, Inc. had $904.2 million of capacity on its unsecured revolving credit facility. This is up from $802.1 million in capacity reported at the end of the second quarter, June 30, 2025.

Internal management team with underwriting expertise

The strategy relies on the team's ability to source and vet deals. This expertise is demonstrated by investment execution, such as year-to-date investment activity through December 1, 2025, totaling $696.7 million. This included $416.6 million in new property acquisitions and $181.8 million in build-to-suit developments. The weighted average initial cash capitalization rate for completed acquisitions and revenue-generating capital expenditures through Q3 2025 was 7.1%, with a weighted average lease term of 12.3 years.

$2.1 billion in total outstanding debt capacity

While the prompt specifies a capacity figure, the latest reported total outstanding debt was $2.4 billion as of September 30, 2025. The figure of $2.1 billion in total outstanding debt was reported at the end of the second quarter, June 30, 2025. The company actively manages this, completing a public offering of $350.0 million in 5.00% senior unsecured notes due in 2032 on September 26, 2025.

• Total Outstanding Debt (9/30/2025): $2.4 billion
• Unsecured Revolving Credit Facility Capacity (9/30/2025): $904.2 million
• Total Investments YTD (as of 12/1/2025): $696.7 million

The team's focus on credit analysis underpins the long-term nature of the leases. The Annualized Base Rent (ABR) weighted average lease term for properties under lease as of June 30, 2025, was 9.7 years.

Broadstone Net Lease, Inc. (BNL) - Canvas Business Model: Value Propositions

You're looking at the core reasons why Broadstone Net Lease, Inc. (BNL) attracts and retains capital partners and tenants. The value proposition here is built on the bedrock of long-term, credit-backed real estate contracts, which translate directly into reliable shareholder returns.

• Stable, predictable cash flow via long-term net leases
• High occupancy rate of 99.1% for portfolio stability
• Capital solutions (sale-leaseback) for corporate tenants
• Diversified exposure across 56 industries and property types

The stability you seek comes from the structure of the leases themselves. Broadstone Net Lease, Inc. focuses on triple net leases, meaning the tenant handles most property expenses, which helps secure the cash flow stream. As of September 30, 2025, the portfolio's ABR weighted average lease term stood at 9.5 years. Furthermore, the leases carry an ABR weighted average annual rent increase of 2.0%. This combination of long duration and embedded contractual rent growth offers a clear path for predictable revenue generation.

Portfolio health is paramount, and the numbers reflect a high degree of operational success. While the stated value proposition highlights a 99.1% occupancy rate, the most recent data point shows even stronger performance. As of September 30, 2025, the portfolio was 99.5% leased based on rentable square footage, with only three of its 759 properties vacant. You also see a commitment to rent collection; for Q3 2025, Broadstone Net Lease, Inc. collected 100% of base rents due for all properties under lease. This operational tightness minimizes revenue leakage.

The company offers capital solutions, such as sale-leaseback transactions, which provide corporate tenants with immediate liquidity by selling an asset and simultaneously leasing it back on a long-term basis. This strategy helps Broadstone Net Lease, Inc. recycle capital into new, accretive investments. For instance, strong relationships with existing tenants have yielded opportunities for accretive capital investment, such as expansions that increased square footage by approximately 150k square feet and Annual Base Rent (ABR) by $3.2 million through completed expansions as of March 31, 2025.

Diversification is a key risk mitigator in this model. Broadstone Net Lease, Inc. is an industrial-focused REIT, but its portfolio spans a wide economic base. As of September 30, 2025, the portfolio included 759 individual net leased commercial properties across 44 U.S. states and four Canadian provinces, serving tenants across 56 different industries. The industrial segment is the primary driver, with industrial properties accounting for 59.8% of the annualized base rent as of Q1 2025.

Here's a quick look at the portfolio composition as of late 2025, showing where the revenue base is concentrated:

The underlying strength is also visible in the tenant concentration metrics. You don't have undue reliance on any single counterparty. As of September 30, 2025, the top 10 tenants accounted for only 21.9% of annualized base rent. Even looking at the Q3 2025 data, no single tenant represented more than 4.0% of the annualized base rent (ABR). This broad base helps insulate the cash flow from idiosyncratic tenant risk.

Broadstone Net Lease, Inc. (BNL) - Canvas Business Model: Customer Relationships

You're managing a net lease REIT, so your customer relationship strategy is fundamentally about long-term lease adherence and credit quality. Broadstone Net Lease, Inc. (BNL) focuses on deep, direct management with its tenants, which are the core of its predictable cash flow.

Direct, long-term relationship management with tenants

The relationship management is built on a highly leased, diversified portfolio. As of September 30, 2025, Broadstone Net Lease, Inc. owned 759 individual net leased commercial properties, spread across 44 U.S. states and seven properties in four Canadian provinces. This geographic and tenant diversification helps mitigate single-customer risk. The portfolio was occupied by 204 different commercial tenants, with the largest single tenant representing no more than 3.9% of the Annualized Base Rent (ABR). Honestly, that level of concentration management is key to stability.

The company emphasizes resolving tenant matters proactively, which speaks volumes about the relationship approach. For instance, in the third quarter of 2025, Broadstone Net Lease, Inc. resolved situations with both At Home and Claire's, assuming all leases and incurring no bad debt from either situation. To be fair, the Claire's situation was further de-risked as that tenant had already paid in full for 2025.

Here are the key portfolio metrics underpinning these relationships as of September 30, 2025:

Proactive lease renewal and extension negotiations

The long-term nature of the net lease structure means renewal discussions are a continuous process, not just an end-of-term event. The current ABR weighted average lease term stands at 9.5 years as of September 30, 2025. This long runway allows for measured, strategic engagement with tenants well in advance of expiration. Furthermore, the contractual rent escalations embedded in those leases, with an ABR weighted average annual rent increase of 2.0%, show that the initial agreements already bake in predictable, modest growth, which simplifies future renewal discussions focused on market rates.

The company's development pipeline also directly supports tenant relationships by providing expansion opportunities. The active build-to-suit pipeline is set to deliver approximately $28 million of additional ABR between Q4 2025 and the end of 2026, representing 6.7% growth in current ABR, often tied to existing, valued tenants looking to expand or upgrade facilities.

Investor relations for public shareholders and analysts

For public shareholders and analysts, Broadstone Net Lease, Inc. maintains a cadence of direct communication, which is crucial for valuation, especially given the company's focus on long-term assets. Management provided initial guidance for fiscal year 2026 during an update on December 1, 2025, following the Q3 2025 earnings release. The company maintained its 2025 Adjusted Funds From Operations (AFFO) guidance at $1.49 to $1.50 per diluted share, representing 4.2% to 4.9% growth for the year.

Investor engagement is supported by significant capital markets activity used to fund growth, which directly impacts shareholder returns. Through December 1, 2025, Broadstone Net Lease, Inc. sold 621,487 shares of common stock for gross proceeds of approximately $11.4 million under its at-the-market (ATM) equity offering program. Also, on September 26, 2025, the company completed a public offering of $350.0 million in senior unsecured notes with a 5.00% coupon, issued at 99.15% of the principal amount. The management team hosted an Investor Day on December 2, 2025, to provide deeper insight into its strategy.

Key investor-facing financial metrics as of late 2025 include:

• 2025 AFFO per share guidance range: $1.49 to $1.50.
• Projected 2026 AFFO per share range: $1.53 to $1.57.
• Year-to-date investment through December 1, 2025: $696.7 million.
• Gross proceeds from ATM equity sales year-to-date: approximately $11.4 million.

Finance: draft 13-week cash view by Friday.

Broadstone Net Lease, Inc. (BNL) - Canvas Business Model: Channels

You're looking at how Broadstone Net Lease, Inc. (BNL) gets its properties and capital into the business as of late 2025. It's a mix of buying existing assets, building new ones specifically for tenants, and tapping the equity markets when the price is right.

Direct sourcing of property acquisitions

The focus here is on directly finding and closing deals, which management noted was a key strength, with more than two-thirds of acquisitions in the third quarter of 2025 being sourced this way. The company is actively deploying capital into its portfolio.

The portfolio size as of September 30, 2025, stood at 759 individual net leased commercial properties, spread across 44 U.S. states and seven properties in four Canadian provinces.

Build-to-suit development pipeline for new assets

This channel is a core differentiator, allowing Broadstone Net Lease, Inc. to create custom assets for tenants, locking in long-term leases. The pipeline is robust, providing clear visibility into future cash flow generation.

• Total in-process development pipeline as of July 28, 2025, included eight projects with a combined estimated investment of over $370 million.
• As of December 1, 2025, $181.8 million had been invested year-to-date in build-to-suit developments.
• Remaining estimated investments for build-to-suit developments to be funded through the fourth quarter of 2026 totaled $235.8 million as of September 30, 2025.
• These projects are expected to generate $28 million of new incremental Annual Base Rent (ABR) through the third quarter of 2026.
• Weighted average estimated initial yield on the BTS pipeline is 7.5%, with a straight-line yield of 8.9%.
• Lease terms on new deals span 12 to 15 years with annual rent escalations ranging from 0.9% to 3.5%.

At-the-market (ATM) equity offering program

Broadstone Net Lease, Inc. uses its ATM program selectively to raise capital on a forward basis, meaning the shares are sold now but the proceeds are delivered later, often tied to investment activity.

• Through December 1, 2025, the company sold 621,487 shares on a forward basis under the ATM Program.
• These forward sales generated gross proceeds of approximately $11.4 million.
• Settlement of these shares can occur at the company's discretion any time prior to December 31, 2026.

Investor presentations and financial filings

The company communicates its strategy and results through regular filings and presentations, which set expectations for shareholders. For instance, the full-year 2025 Adjusted Funds From Operations (AFFO) guidance was raised.

• Full-year 2025 AFFO guidance was reaffirmed at $1.49 to $1.50 per share, representing 4.2% to 4.9% growth.
• Q3 2025 AFFO was $0.37 per diluted share.
• The company collected 100% of base rents due for the third quarter of 2025.
• As of September 30, 2025, total outstanding debt was $2.4 billion.
• The Net Debt to Annualized Adjusted EBITDAre ratio was 5.7x (Pro Forma: 5.4x) as of September 30, 2025.
• Capacity on the unsecured revolving credit facility was $904.2 million on September 30, 2025.

Finance: draft 13-week cash view by Friday.

Broadstone Net Lease, Inc. (BNL) - Canvas Business Model: Customer Segments

You're looking at the core groups Broadstone Net Lease, Inc. (BNL) serves to generate its net lease income. This isn't just about who pays the rent; it's about the quality and structure of those relationships.

Creditworthy single-tenant corporations form the bedrock of the portfolio. BNL targets tenants whose business operations make the leased property mission-critical. This focus on credit quality is reflected in operational metrics; for instance, rent collection stood at 100% for Q3 2025, and the overall lease rate for the portfolio was 99.5% as of that quarter. The company has shown an ability to navigate tenant distress, resolving issues with tenants like At Home and Claire's without incurring bad debt.

The portfolio is intentionally diversified across property types, though with a clear industrial focus. As of the first quarter of 2025, the distribution of Annualized Base Rent (ABR) across these sectors looked like this:

Breaking down the industrial segment further, which is a key area of focus for Broadstone Net Lease, Inc., shows the following concentration based on Q1 2025 ABR:

• Distribution and warehouse: 18.2%
• Manufacturing: 17.5%
• Food processing: 12.4%
• Flex and R&D: 5.4%

The overall portfolio as of September 30, 2025, comprised 759 individual net leased commercial properties. The top ten tenants accounted for 21.9% of the total ABR as of March 31, 2025.

Institutional and retail public equity investors are a critical segment, as Broadstone Net Lease, Inc. trades on the New York Stock Exchange (NYSE: BNL). These investors are buying into the company's strategy and future cash flows. For context on the scale of the entity they invest in, the market capitalization as of December 1, 2025, was reported at $3.47 billion. The company maintained its 2025 Adjusted Funds From Operations (AFFO) guidance at $1.49 to $1.50 per share.

Companies seeking sale-leaseback transactions are served through the company's overall investment and disposition strategy. While specific sale-leaseback dollar amounts aren't isolated, the scale of capital deployment shows the market activity. Year-to-date through December 1, 2025, Broadstone Net Lease, Inc. invested approximately $696.7 million, which included $416.6 million in new property acquisitions. To fund future growth and recycle capital, the company projects property dispositions between $75 million and $100 million for fiscal year 2026.

Finance: draft 13-week cash view by Friday.

Broadstone Net Lease, Inc. (BNL) - Canvas Business Model: Cost Structure

You're looking at the expenses that drive Broadstone Net Lease, Inc.'s operations, which is key to understanding how their triple-net lease model translates to the bottom line. For a REIT like Broadstone Net Lease, Inc., the cost structure is heavily weighted toward financing and capital deployment, rather than day-to-day property management.

The core operational overhead, the General and Administrative (G&A) expenses, is managed tightly. For the full 2025 fiscal year, Broadstone Net Lease, Inc. is guiding for total core G&A expenses to fall between $30 million and $31 million. To give you a snapshot of the quarterly run rate that feeds into this, core G&A for the second quarter of 2025 was $6.9 million, and for the third quarter of 2025, it was reported at $7.4 million.

The most significant cost component, as you'd expect for a company focused on acquiring and holding real estate, is the cost of capital. As of the end of the third quarter of 2025, Broadstone Net Lease, Inc. reported total outstanding debt of $2.4 billion. The interest expense associated with this debt is a direct charge against income. For the third quarter of 2025 alone, the reported interest expense was ($28,230 thousand), or $28.23 million. This is a substantial figure, and it highlights why their investment spread-the difference between property capitalization rates and borrowing costs-is so critical to profitability.

Because Broadstone Net Lease, Inc. primarily operates under net lease structures, the direct Property operating expenses are typically minimal and often recoverable from tenants. However, looking at the reported figures for Q3 2025, the line item for Property and operating expense was $6,198 thousand, or about $6.20 million. This number reflects the residual operating costs that, in a true triple-net lease, the landlord still bears, though often these are reimbursed.

A major driver of cost, or more accurately, capital outlay, is the investment activity itself. Broadstone Net Lease, Inc. has been aggressively deploying capital to grow its portfolio. Year-to-date through December 1, 2025, the company has invested a total of $696.7 million. This deployment is the engine of future revenue, but it requires significant upfront capital and associated transaction costs, which can impact G&A or be capitalized.

Here is a breakdown of that substantial 2025 capital deployment year-to-date:

So, you see the cost structure isn't just about keeping the lights on; it's about the cost of debt to finance the $696.7 million in investments and the fixed overhead of running the corporate structure, which is kept lean relative to the asset base.

• Interest expense on total outstanding debt (Q3 2025): ($28.23 million)
• Total outstanding debt (End of Q3 2025): $2.4 billion
• Property operating expenses (Q3 2025): $6.20 million
• Total core G&A expenses (2025 Guidance): $30 million to $31 million
• Capital deployment costs (Year-to-date 2025): $696.7 million

If onboarding takes 14+ days, churn risk rises, but for Broadstone Net Lease, Inc., the real risk is interest rate movement against that $2.4 billion debt load.

Finance: draft 13-week cash view by Friday.

Broadstone Net Lease, Inc. (BNL) - Canvas Business Model: Revenue Streams

The primary revenue source for Broadstone Net Lease, Inc. is rental income from long-term net leases across its diversified portfolio of commercial real estate properties. As of September 30, 2025, this portfolio comprised 759 individual net leased commercial properties.

The stability of this income is underpinned by contractual rent escalators embedded within the lease agreements. You see this structure reflected in the Annualized Base Rent (ABR) metrics.

Broadstone Net Lease, Inc. reports its revenue performance over trailing periods. The Trailing Twelve Months (TTM) revenue is stated as $0.44 Billion USD.

For the third quarter ending September 30, 2025, the reported revenue was $114.17 million.

Another component of cash flow generation comes from strategic portfolio management through property sales. The 2025 guidance for proceeds from property dispositions was set between $50 million and $100 million.

Looking ahead, the guidance for 2026 dispositions is slightly adjusted:

• 2026 Dispositions Guidance Range: $75 million to $100 million
• 2025 Dispositions Guidance Range: $50 million to $100 million

The company collected 100% of rents due for the third quarter of 2025.