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Mar 31, 2021
Broadstone Net Lease Q1 2021 Earnings Report
Broadstone Net Lease reported strong first quarter results with increased AFFO per share and dividend, driven by strategic acquisitions and debt reduction.
Key Takeaways
Broadstone Net Lease announced its Q1 2021 results, reporting a net income of $24.0 million, or $0.15 per share, and AFFO of $49.4 million, or $0.31 per share. The company invested $87.3 million in 28 properties and collected 99.8% of base rents due. Occupancy increased to 99.7%. The company also raised its 2021 AFFO guidance to $1.28 to $1.34 per diluted share and increased its quarterly dividend by 2.0%.
AFFO guidance range raised to $1.28 to $1.34 per diluted share.
Invested $87.3 million in 28 properties at a weighted average initial cash cap rate of 6.4% with an additional $206.5 million of acquisitions under control.
Collected 99.8% of base rents due for the first quarter.
Occupancy increased 50 basis points to 99.7%.
Broadstone Net Lease
Broadstone Net Lease
Forward Guidance
The Company is updating its 2021 AFFO per share guidance by raising both the lower and upper ends of the expected range. The Company currently expects 2021 AFFO per share to be within a range of $1.28 to $1.34, up from $1.27 to $1.33 as initially presented in February 2021, due to an increased level of confidence in our ability to execute on our growth objectives supported by a robust pipeline of attractive acquisition opportunities along with the favorable repricing or our largest unsecured term loan. Our expected level of investments and dispositions of real estate properties, and total cash general and administrative expenses, remains consistent with previously issued guidance.
Positive Outlook
- Increased level of confidence in ability to execute on growth objectives
- Robust pipeline of attractive acquisition opportunities
- Favorable repricing of largest unsecured term loan
- Expected level of investments in real estate properties remains consistent with previously issued guidance
- Total cash general and administrative expenses remains consistent with previously issued guidance
Challenges Ahead
- AFFO per share is sensitive to the timing and amount of real estate acquisitions
- AFFO per share is sensitive to property dispositions
- AFFO per share is sensitive to capital markets activities during the year
- General economic conditions
- Local real estate conditions