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Caitlin Burrows

Vice President and equity research analyst at The Goldman Sachs Group

Caitlin Burrows is a Vice President and equity research analyst at The Goldman Sachs Group, specializing in the finance sector with a focus on REITs including equity trusts for retail, residential, and other properties, as well as select medical instruments. She covers specific companies such as First Industrial Realty Trust (FR), Brixmor Property Group (BRX), Hudson Pacific Properties (HPP), Terreno Realty (TRNO), Kilroy Realty (KRC), Safehold (SAFE), Lineage (LINE), and Orthofix Medical (OFIX), issuing 20 ratings over the past year with 50% Buy, 35% Hold, and 15% Sell recommendations. Her performance track record shows a 41.75% success rate and average return of -7.9% according to Stock Analysis, while MarketBeat reports an average 12-month ROI of 0.00% across 12 companies primarily on NYSE. Burrows joined Goldman Sachs as Vice President around 2012 after prior roles as an Analyst in REITs Equity Research at Credit Suisse, Analyst in Commodity Strategy at Bank of America, and Client Services Manager at Quality Planning Corporation; she holds a Bachelor of Science in Engineering from Cornell University.

Caitlin Burrows's questions to Broadstone Net Lease (BNL) leadership

Question · Q4 2025

Caitlin Burrows followed up on American Signature, asking for clarification on the timeline between the November bankruptcy filing and the new tenant assuming leases on February 6th, and the implications for bad debt. She also inquired about Broadstone Net Lease's outbound efforts for sourcing build-to-suit and acquisition opportunities, and how this strategy has evolved.

Answer

CEO John Moragne clarified that Gardner White Furniture simply stepped into the six American Signature leases through a court-approved process, with no bad debt incurred as Broadstone Net Lease collected missed rent from letters of credit and administrative payments. He noted they are now working to consolidate these into a new master lease. President and COO Ryan Albano stated that Broadstone Net Lease's sourcing efforts are "extremely" outbound, with most new relationships being established through proactive outreach, even though partners also initiate contact.

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