Broadstone Net Lease Management
Management criteria checks 4/4
Broadstone Net Lease's CEO is John Moragne, appointed in Feb 2023, has a tenure of 3.42 years. total yearly compensation is $6.07M, comprised of 9.9% salary and 90.1% bonuses, including company stock and options. directly owns 0.3% of the company’s shares, worth $13.71M. The average tenure of the management team and the board of directors is 3.3 years and 3.5 years respectively.
Key information
John Moragne
Chief executive officer
US$6.1m
Total compensation
| CEO salary percentage | 9.89% |
| CEO tenure | 3.4yrs |
| CEO ownership | 0.3% |
| Management average tenure | 3.3yrs |
| Board average tenure | 3.5yrs |
Recent management updates
Recent updates
Narrative Update • Jul 16
BNL: Colorado Build To Suit Project Is Expected To Drive Future Upside
Analysts have lifted the Broadstone Net Lease price target from $24.00 to about $25.93, citing the $303m build-to-suit joint venture in Colorado, its scalable platform, rent growth profile, and updated AFFO and FAD outlooks as key factors supporting the revised view. Analyst Commentary Recent research commentary on Broadstone Net Lease centers on the Colorado build to suit project, updated forecasts for cash flow metrics, and how these elements feed into valuation.Narrative Update • Jul 01
BNL: Build To Suit Engine And Tesla Project Are Expected To Unlock Upside
Analysts have raised their fair value estimate for Broadstone Net Lease to $24 from $21. This change reflects updated assumptions around profit margins, future P/E, and continued support from recent price target increases across several research firms.Seeking Alpha • Jun 28
Broadstone Net Lease: An Investment-Grade Winner Among Diversified REITs, As Margins Recover
Summary Broadstone Net Lease is rated a strong buy, driven by margin recovery, portfolio diversification, and an investment-grade balance sheet. BNL outperformed peers and the S&P 500 YTD, benefiting from resilient industrial and retail demand, and consistent revenue and AFFO growth. Debt/equity of 0.93, no tenant over 4% of ABR, and 1.3x dividend coverage support balance sheet strength and dividend safety. Upside is modest (4–7%), but BNL offers a 5.5% yield, stable cashflow, and bullish technical momentum, with macro risks to monitor. Read the full article on Seeking AlphaAnalysis Article • Jun 19
Broadstone Net Lease (BNL) Stock Could Be 7.9% Undervalued After Tesla Las Vegas Lease
Broadstone Net Lease (BNL) is back in focus after announcing a new build-to-suit project for Tesla in Las Vegas, a long-term SSD facility supported by a 15-year lease and 3.0% annual rent escalations. See our latest analysis for Broadstone Net Lease. Against this new Tesla project, Broadstone Net Lease’s share price sits at $20.58, with a 90 day share price return of 10.41% and a year to date share price return of 17.87%, while the 1 year total shareholder return is 35.34%, pointing to...
Narrative Update • Jun 17
BNL: Fair View Balances Tesla Development Opportunity With Elevated Leverage Risk
The analyst price target for Broadstone Net Lease has moved from $21.82 to $22.33 as analysts weigh modestly adjusted fair value, updated profit margin assumptions, and recent Street research that highlights both higher projected FAD and concerns about leverage and capital plans. Analyst Commentary Recent Street research on Broadstone Net Lease reflects a mixed view, with some analysts focusing on higher projected FAD and asset monetization potential, while others highlight leverage and capital structure as key watchpoints for the stock.Narrative Update • Jun 03
BNL: Fair View Balances Q1 Earnings Momentum With Execution And Rate Risks
Analysts have raised their price target on Broadstone Net Lease to $21.82 from $20.91, reflecting updated assumptions on the discount rate, revenue growth, profit margin, and future P/E that are in line with recent Street research updates from firms such as Cantor Fitzgerald and UBS. Analyst Commentary Bullish Takeaways Bullish analysts see the higher price targets as aligning the stock more closely with their updated P/E assumptions, suggesting the prior targets may have been conservative relative to current expectations.
Narrative Update • May 02
BNL: Index Additions And Development Projects Will Underpin Balanced Forward Outlook
Analysts have lifted the fair value estimate for Broadstone Net Lease to $20 from $19, reflecting updated assumptions on the discount rate, revenue growth, profit margin, and future P/E. This move aligns with the recent Street price target increase to $20.Narrative Update • Apr 18
BNL: Neutral UBS View Will Rely On Earnings And Margin Delivery
Analysts have inched up their price expectations for Broadstone Net Lease, with the consensus target moving from about $20.64 to roughly $20.91. This reflects updated views on discount rate, revenue growth, profit margin and future P/E assumptions, alongside a recent Street move that lifted one price target to $20.Narrative Update • Apr 02
BNL: Higher UBS P/E Assumptions Will Shape Future Return Profile
Analysts have inched their fair value estimate for Broadstone Net Lease higher, lifting the implied price target from about $20.45 to around $20.64. This follows recent Street research that included a $1 increase in the UBS target to $20 and updated assumptions for discount rate, revenue growth, profit margin, and future P/E of 70x.Narrative Update • Mar 19
BNL: Updated Return Assumptions And Development Pipeline Will Shape Balanced Outlook
Analysts have lifted their price target on Broadstone Net Lease from $19 to $20, reflecting updated assumptions around fair value, discount rate, revenue growth, profit margin, and future P/E that are broadly consistent with recent Street research. Analyst Commentary Analysts interpret the move to a US$20 price target as a fine tuning of expectations rather than a major reset, with views split between cautious optimism and a focus on execution risks.Narrative Update • Mar 05
BNL: Development Pipeline And Dividend Policy Will Shape Balanced Forward Outlook
Analysts are maintaining a $19.00 price target for Broadstone Net Lease, with the updated view reflecting slightly higher discount rate assumptions, more conservative revenue growth and profit margin expectations, and a higher future P/E multiple to align with current earnings projections. What's in the News Broadstone Net Lease added two new build-to-suit development projects to its investment pipeline with an aggregate estimated total project investment of about $62.1 million, including an SSD industrial warehouse and distribution center in Sarasota, FL, and a retail development in Magnolia, TX, a suburb of Houston, TX (Key Developments).Narrative Update • Feb 19
BNL: Higher FY25 Deployment Goals And 2026 Guidance Will Shape Risk Balance
Analysts have raised their price target on Broadstone Net Lease to $20 from $18, citing higher FY25 investment volume goals and the potential for conservative 2026 assumptions if current trends persist. Analyst Commentary Recent research points to a more balanced setup for Broadstone Net Lease, with the higher US$20 price target framed against what some see as execution and growth risks tied to future investment volumes.Narrative Update • Feb 05
BNL: Higher FY25 Deployment And Investor Day Will Balance Execution Risks
Analysts recently lifted their price target on Broadstone Net Lease to US$20 from US$18, citing management’s higher FY25 investment volume target and the potential for current 2026 assumptions to prove conservative if those trends continue. Analyst Commentary Even with the higher US$20 price target, some bearish analysts are still striking a cautious tone on Broadstone Net Lease.Narrative Update • Jan 22
BNL: Higher FY25 Investments And Investor Day Will Shape Risk Balance
Analysts have lifted their price target range for Broadstone Net Lease by about $4 to roughly $19, citing higher planned FY25 investment volumes and noting that current 2026 assumptions could prove conservative if those trends continue. Analyst Commentary Even with the higher price target range and larger planned FY25 investment volumes, some bearish analysts are still urging caution.Narrative Update • Jan 08
BNL: Higher 2025 Investment Plans And Investor Day Outlook Will Support Upside
Narrative Update on Broadstone Net Lease The analyst price target for Broadstone Net Lease has moved to $20 from $18, as analysts point to the company's higher FY25 investment volume target and the potential for more clarity at the upcoming investor day as key supports for this change. Analyst Commentary Analysts are reacting to Broadstone Net Lease's updated FY25 investment volume target and the higher price target, using both to reassess how much upside and risk they see in the story.Narrative Update • Dec 24
BNL: Rising Investment Volumes And 2026 Guidance Are Expected To Unlock Upside
Analysts have modestly trimmed their fair value estimate for Broadstone Net Lease from $22.00 to $21.00 per share, even as they highlight rising investment volume targets and the potential for conservative 2026 assumptions as reasons to maintain a more balanced outlook. Analyst Commentary Bullish analysts are increasingly highlighting the potential for upside in Broadstone Net Lease's valuation as management demonstrates confidence in its growth trajectory and capital deployment plans.Narrative Update • Dec 10
BNL: Rising 2025 Investment Plans Will Support Higher Price Potential
Analysts have raised their price target on Broadstone Net Lease by $2 to $20 per share, citing management's increasing FY25 investment volume targets and the potential for current 2026 assumptions to prove conservative as visibility improves. Analyst Commentary Bullish Takeaways Bullish analysts view the higher FY25 investment volume target as a sign that management can deploy capital effectively, supporting the raised $20 price target.Narrative Update • Nov 26
BNL: Upward Momentum Expected As Investment Targets Rise For 2025
Analysts have raised their price target for Broadstone Net Lease from $19.70 to $20.27. They cite improved revenue growth forecasts and management’s upwardly revised investment targets as key drivers of the change.Narrative Update • Aug 27
E-commerce Trends And Suburban Demand Will Fuel Build-To-Suit Development
Broadstone Net Lease’s fair value has been revised upward to $19.60 as analysts gain confidence in management’s strategic execution, earnings visibility from a growing development pipeline, and enhanced growth prospects following accretive transactions and strong Q2 results. Analyst Commentary Disposal of the healthcare portfolio increased confidence in management's strategic execution.Seeking Alpha • Feb 23
Broadstone Net Lease And W. P. Carey: Diverging Multiples Create A Compelling Opportunity To Swap
Summary Sector rotation in commercial real estate shows industrial making a comeback, while data centers may have peaked, affecting net lease REITs like BNL and WPC. BNL's AFFO multiple has compressed to 10x, while WPC's multiple expanded to 12.5x after strong earnings, creating a valuation gap. BNL and WPC have similar portfolios and metrics, making them direct comparables; BNL's current undervaluation presents a potential 12.5% upside. Recommending a Buy rating on BNL due to its attractive valuation relative to WPC, suggesting a swap for investors holding WPC shares. Read the full article on Seeking AlphaAnalysis Article • Feb 22
Broadstone Net Lease, Inc. (NYSE:BNL) Just Reported Annual Earnings: Have Analysts Changed Their Mind On The Stock?
Investors in Broadstone Net Lease, Inc. ( NYSE:BNL ) had a good week, as its shares rose 4.0% to close at US$15.96...Seeking Alpha • Jan 07
Broadstone Net Lease: Remains Undervalued With Attractive Yield
Summary Shares in Broadstone Net Lease have traded in a tight range over the past year. Total stock performance has been supported by the REIT’s attractive dividend payout. At current pricing, shares offer an annual yield of more than 7%. I maintain a bullish stance due to the stock’s value potential and dividend payout. Read the full article on Seeking AlphaSeeking Alpha • Dec 25
Broadstone Net Lease: Double Your Income With Significantly Less Risk
Summary We had moved Broadstone Net Lease to a Hold from a Buy the last time around. The stock is down 10.5% since then and the decision to stay out feels good. We go over the fundamentals today and tell you how we would play it. Read the full article on Seeking AlphaSeeking Alpha • Nov 23
Broadstone Net Lease: Still Underestimated
Summary Broadstone Net Lease Inc.'s portfolio emphasizes industrial properties and long-term leases, provides high rental collection rates and moderate concentration risk. Despite its recent top-line challenges, Broadstone maintains solid per-share ratios. Moreover, a seemingly favorable capital structure provides latitude to enhanced performance in a lower interest rate environment. The REIT's valuation metrics suggest relative value is in store, which is accompanied by a forward dividend yield of 6.75%. Risks include an uncertain inflationary environment and non-investment-grade tenant exposure. Nevertheless, overall, Broadstone's core strengths and cyclical upswing attributes led us to a net bullish argument. Read the full article on Seeking AlphaSeeking Alpha • Oct 01
Broadstone Net Lease: 6% Yield, Dividend Growth, High Margin Of Safety
Summary Broadstone Net Lease, Inc. is an industrial-oriented REIT with strong dividend pay-out metrics, sustainable FFO growth, and a healthy, well-leased portfolio. The trust offers a solid 6% yield and focuses on dividend growth, making it a compelling choice for passive income investors. BNL's strategic shift towards industrial properties, driven by eCommerce growth, positions it for continued FFO and dividend growth. Despite potential risks from reliance on industrial acquisitions, BNL's financial health and portfolio management support a positive risk/reward outlook. Read the full article on Seeking AlphaSeeking Alpha • Sep 17
Previous Thesis Panned Out, But Broadstone Net Lease Has More To Offer
Summary Broadstone Net Lease's reorganization strategy aims to reduce healthcare properties and increase industrial property exposure, enhancing portfolio quality and long-term value. Despite recent industrial sector challenges, including oversupply and interest rate headwinds, BNL's strategic shift is seen as a sustainable step forward. Q2 2024 data shows signs of improving industrial space demand and reduced construction starts, indicating a potential market turnaround. BNL's low valuation and successful reorganization progress make it a compelling buy, despite current market conditions. Read the full article on Seeking AlphaSeeking Alpha • Sep 10
Broadstone Net Lease: Not All Industrial Is Created Equal
Summary Net lease real estate has been unusually volatile over the past year due to interest rate speculation. BNL's portfolio is primarily industrial and being reshaped, divesting non-core healthcare assets and reinvesting in industrial and retail. Despite recent gains, BNL still trails the sector with discounted adjusted funds from operations per share multiple. We dive into BNL's industrial assets and explore the quality of the company's largest asset class. Read the full article on Seeking Alpha
New Narrative • Sep 03
Tactical Exit And Risky Investments Spell Troubled Waters Ahead
Exiting clinical healthcare and shifting investments towards specialized industrial and QSR assets could lead to earnings volatility and capital requirement issues.Seeking Alpha • Aug 12
Broadstone Net Lease: Meaningful Reorganization Progress And Strong Metrics Make It Buyable
Summary Broadstone Net Lease is a diversified REIT that focuses on industrial properties, restaurants, healthcare, retail, and office spaces. BNL is implementing a healthcare portfolio simplification strategy to improve its overall quality and performance. The process concerns some investors, but BNL has already made meaningful progress. BNL's strong credit metrics, high occupancy rate, solid WALT, and high rent escalators make it an attractive investment opportunity with the potential for double-digit total returns. There's a double-digit total return potential resulting from multiple expansion, high-yielding and well-covered dividends, and further growth. Welcome to Cash Flow Venue, where we discuss dividend investing opportunities, often within a REIT sector. I am a finance professional with broad M&A and valuation expertise. Enjoy the read! Read the full article on Seeking AlphaSeeking Alpha • Jul 30
Broadstone Net Lease: Price Catches Up With Value
Summary We had previously rated Broadstone Net Lease as a Buy and gave it preference over Realty Income. BNL outperformed Realty Income by a 2:1 ratio, with total returns of 26%. We go over 3 reasons why we are downgrading this to a Hold. Read the full article on Seeking AlphaSeeking Alpha • Jul 08
Broadstone Net Lease: An Attractive Yield For Income Investors
Summary Broadstone Net Lease is a diversified REIT with attractive yield and valuation, primarily focused on industrial properties. BNL has high occupancy and collection rates; they've been mostly beating analyst expectations, but growth is expected to be rather flat going forward. Despite a lack of growth in the near term, this REIT delivers a solid yield to compensate for that while they work to adjust the portfolio back to consistent growth. Read the full article on Seeking AlphaAnalysis Article • Jun 22
Here's Why We Think Broadstone Net Lease (NYSE:BNL) Is Well Worth Watching
Investors are often guided by the idea of discovering 'the next big thing', even if that means buying 'story stocks...Seeking Alpha • Jun 03
Broadstone Net Lease: Higher For Longer Interest Rates Keeping The Stock Undervalued
Summary Broadstone Net Lease is an Industrial-focused Real Estate Investment Trust with 759 net leased properties. Their business collected 99% of base rents in the first quarter, cooling concerns in the commercial real estate industry. Furthermore, 99.2% of rentable square footage is in a lease, with only 3 of 759 properties vacant. Read the full article on Seeking AlphaSeeking Alpha • May 27
Broadstone Net Lease: Great Risk-To-Reward Ratio Accompanied By Top Business Metrics
Summary BNL has great business metrics and a safe financing structure. The market has underestimated BNL's value proposition. BNL has a clear path to double-digit total returns. Already halfway through its portfolio reorganization strategy, BNL is likely to overcome its headwinds. Read the full article on Seeking AlphaSeeking Alpha • May 21
Broadstone Net Lease: Very Much Underestimated
Summary Key metrics show that Broadstone Net Lease's portfolio is resilient. The REIT's robust industrial property performance is surprising, given the volatile economic environment. We believe lower operating expenses and an improved cost of capital will likely occur in due course. In our view, the REIT's price multiples illustrate relative value and its dividend is best-in-class. Technical pricing factors exist. However, we are net bullish on this net REIT's prospects! Read the full article on Seeking AlphaAnalysis Article • May 06
Broadstone Net Lease, Inc. Just Recorded A 103% EPS Beat: Here's What Analysts Are Forecasting Next
It's been a good week for Broadstone Net Lease, Inc. ( NYSE:BNL ) shareholders, because the company has just released...Seeking Alpha • Apr 16
Broadstone Net Lease: An Industrial REIT Powerhouse With A 7.8% Yield
Summary Broadstone Net Lease has the potential for FFO expansion in 2024 and is expected to acquire more industrial properties, leading to dividend hikes. The trust's valuation has improved, making it a solid buy-and-hold investment with promising risk/reward. Broadstone Net Lease's focus on industrial properties and rent escalators positions it for FFO growth and protection against inflation. Read the full article on Seeking AlphaSeeking Alpha • Mar 28
Broadstone Net Lease: A 7.5% Dividend And Cheap Valuation
Summary Broadstone Net Lease is a small but promising net lease REIT with excellent operating metrics. BNL has a near-perfect occupancy rate of 99.4% and rent collections of 99.2%, along with a 10+ year WAULT and high rent coverage. The REIT plans to increase external growth through acquisitions and capital recycling, while also streamlining its focus on core net lease assets. Read the full article on Seeking AlphaSeeking Alpha • Mar 10
Broadstone Net Lease: Why We Prefer It Over Realty Income
Summary BNL is a REIT that has established a strong presence in the triple net arena, particularly in the industrial sector. BNL offers industrial exposure and additional differentiators that make us prefer it over Realty Income,. We tell you why this may not be for everyone despite the safe 7.76% yield. Read the full article on Seeking AlphaSeeking Alpha • Feb 25
Broadstone Net Lease: A REIT To Consider For Post Rate Hikes
Summary Broadstone Net Lease is an internally-managed REIT with a short track record but a shareholder-friendly structure. BNL has a diversified portfolio of properties across different sectors like Industrial, Healthcare, and the retail segments. They also have longer lease terms, similar to peer Realty Income. Although their current dividend is well-covered by its AFFO, the payout ratio is slightly higher than peers like Agree Realty & NNN REIT. The company's balance sheet remain strong with no significant debt maturing until 2026, giving them financial flexibility to continue growing the portfolio. Read the full article on Seeking AlphaCEO Compensation Analysis
| Date | Total Compensation | Salary | Company Earnings |
|---|---|---|---|
| Mar 31 2026 | n/a | n/a | US$125m |
| Dec 31 2025 | US$6m | US$600k | US$95m |
| Sep 30 2025 | n/a | n/a | US$89m |
| Jun 30 2025 | n/a | n/a | US$98m |
| Mar 31 2025 | n/a | n/a | US$113m |
| Dec 31 2024 | US$7m | US$600k | US$161m |
| Sep 30 2024 | n/a | n/a | US$142m |
| Jun 30 2024 | n/a | n/a | US$156m |
| Mar 31 2024 | n/a | n/a | US$181m |
| Dec 31 2023 | US$4m | US$575k | US$155m |
| Sep 30 2023 | n/a | n/a | US$183m |
| Jun 30 2023 | n/a | n/a | US$161m |
| Mar 31 2023 | n/a | n/a | US$134m |
| Dec 31 2022 | US$2m | US$450k | US$122m |
| Sep 30 2022 | n/a | n/a | US$117m |
| Jun 30 2022 | n/a | n/a | US$119m |
| Mar 31 2022 | n/a | n/a | US$107m |
| Dec 31 2021 | US$2m | US$375k | US$102m |
| Sep 30 2021 | n/a | n/a | US$88m |
| Jun 30 2021 | n/a | n/a | US$68m |
| Mar 31 2021 | n/a | n/a | US$62m |
| Dec 31 2020 | US$2m | US$338k | US$51m |
Compensation vs Market: John's total compensation ($USD6.07M) is about average for companies of similar size in the US market ($USD6.87M).
Compensation vs Earnings: John's compensation has been consistent with company performance over the past year.
CEO
John Moragne (43 yo)
3.4yrs
Tenure
US$6,065,001
Compensation
Mr. John D. Moragne serves as CEO and Director at Broadstone Net Lease, Inc. since February 28, 2023. He had been an Executive Vice President, Chief Operating Officer of Broadstone Net Lease, Inc. since Au...
Leadership Team
| Name | Position | Tenure | Compensation | Ownership |
|---|---|---|---|---|
| CEO & Director | 3.4yrs | US$6.07m | 0.30% $ 13.7m | |
| President & COO | 3.3yrs | US$3.61m | 0.21% $ 9.5m | |
| Executive VP | 3.3yrs | US$2.34m | 0.11% $ 5.2m | |
| Senior VP & Chief Accounting Officer | 1.8yrs | US$986.09k | 0.041% $ 1.9m | |
| Senior VP of Underwriting & Strategy | 2.8yrs | US$1.00m | 0.059% $ 2.7m | |
| Director of Corporate Finance & Investor Relations | no data | no data | no data | |
| Senior VP of Human Resources & Administration | 6.4yrs | no data | 0.038% $ 1.7m | |
| Senior VP | 7.9yrs | US$1.05m | 0.054% $ 2.5m | |
| Senior Vice President of Acquisitions | 2.3yrs | US$1.64m | 0.044% $ 2.0m |
3.3yrs
Average Tenure
41.5yo
Average Age
Experienced Management: BNL's management team is considered experienced (3.3 years average tenure).
Board Members
| Name | Position | Tenure | Compensation | Ownership |
|---|---|---|---|---|
| CEO & Director | 3.4yrs | US$6.07m | 0.30% $ 13.7m | |
| Independent Director | 13.2yrs | US$179.47k | 0.037% $ 1.7m | |
| Independent Director | 5.2yrs | US$180.00k | 0.045% $ 2.0m | |
| Independent Director | 1.4yrs | US$144.90k | 0.011% $ 505.2k | |
| Independent Director | 1.4yrs | US$140.86k | 0.011% $ 505.2k | |
| Independent Director | 19.5yrs | US$179.47k | 0.066% $ 3.0m | |
| Independent Chairman | 10.2yrs | US$237.50k | 0.076% $ 3.5m | |
| Independent Director | 3.5yrs | US$180.53k | 0.016% $ 726.8k | |
| Independent Director | 3.5yrs | US$180.53k | 0.018% $ 799.7k |
3.5yrs
Average Tenure
58yo
Average Age
Experienced Board: BNL's board of directors are considered experienced (3.5 years average tenure).
Company Analysis and Financial Data Status
| Data | Last Updated (UTC time) |
|---|---|
| Company Analysis | 2026/07/17 22:05 |
| End of Day Share Price | 2026/07/17 00:00 |
| Earnings | 2026/03/31 |
| Annual Earnings | 2025/12/31 |
Data Sources
The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.
| Package | Data | Timeframe | Example US Source * |
|---|---|---|---|
| Company Financials | 10 years |
| |
| Analyst Consensus Estimates | +3 years |
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| Market Prices | 30 years |
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| Ownership | 10 years |
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| Management | 10 years |
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| Key Developments | 10 years |
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* Example for US securities, for non-US equivalent regulatory forms and sources are used.
Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more.
Analysis Model and Snowflake
Details of the analysis model used to generate this report is available on our Github page, we also have guides on how to use our reports and tutorials on Youtube.
Learn about the world class team who designed and built the Simply Wall St analysis model.
Industry and Sector Metrics
Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on Github.
Analyst Sources
Broadstone Net Lease, Inc. is covered by 17 analysts. 9 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.
| Analyst | Institution |
|---|---|
| John Kim | BMO Capital Markets Equity Research |
| Eric Martin Borden | BMO Capital Markets Equity Research |
| null null | BMO Capital Markets Equity Research |