Net Lease Leaders: John Moragne

The sixth conversation of the Net Lease Leaders series is now live. Check out the link at the bottom of the page!

Net Lease Leaders shares impactful long-form conversations with executives across the single tenant net lease ecosystem and is presented by the Net Lease Observer.

John Moragne is CEO of Broadstone Net Lease (NYSE: BNL).

Broadstone Net Lease is an industrial focused, diversified net lease real estate investment trust (REIT) that invests in single-tenant commercial real estate properties that are net leased on a long-term basis to a diversified group of tenants. As of December 31, 2024, the Company’s portfolio included 765 properties in 44 states across the United States plus seven properties across four Canadian provinces.
Check out their website:
Broadstone Net Lease 

Broadstone’s 39.4 million square foot portfolio is 99.1% occupied via 202 different commercial tenants operating 190 distinct brands across 55 industries. Its annualized base rent (ABR) of $396 million is generated via industrial (60%), retail (31%), and other (9%) properties and holds a weighted average lease term of 10.2 years. The REIT expects to achieve growth in revenues and earnings through four core building blocks:
(1) embedded same store net operating income growth through best-in-class portfolio rent escalations, stable rent collections, minimal credit losses, strong lease rollover outcomes, and accretive recycling;
(2) revenue generating capital expenditures with existing tenants;
(3) build-to-suit developments; and
(4) a diversified acquisition pipeline

The engaging conversation with John started with his formative years, growing up in a household focused on building abilities across reading, writing, and speaking, and moved through his time in the legal profession and now with Broadstone.

Topics include:
-John’s early years: focus on reading, writing, and speaking in front of others
-Law school and philosophy
-Missing a potential exploratory period
-Time at Nixon Peabody
-Benefits of gaining experience in a smaller market
-The GFC and learning how anything can happen
-Ability to adapt and finding opportunities in chaos
-Broadstone as a client
-Moving to a captive law firm (Tones Vaisey)
-Taking the GC role at Broadstone
-Transitioning to in-house counsel, experience in real estate deals
-Benefits of having trust in place when taking the CEO reins; Charting a new path
-Who does John call for advice
-Broadstone’s history from founding to IPO and now nearly 5 years as a listed REIT
-Growing earnings during a portfolio repositioning
-Broadstone’s portfolio characteristics and its four core building blocks
-Value creation through industrial BTS; UNFI transaction
-A truly ‘mission critical’ net lease deal
-View on net lease retail assets
-BNL’s north star and deeper focus
-2025 outlook and growth

Thanks to John for giving an hour of his time to share the story of his path and the path of Broadstone!

Link:
Net Lease Leaders: John Moragne

-Sean Hostert