Broadstone Net Lease Q1 2022 Earnings Report
Key Takeaways
Broadstone Net Lease reported a record first quarter with $210 million invested in 27 properties. The company collected 100% of base rents, and occupancy remained consistent at 99.8%. Net income was $28.4 million, or $0.16 per share, and adjusted funds from operations were $60.4 million, or $0.35 per share.
Invested $210.0 million in 27 properties at a weighted average initial cash capitalization rate of 5.7%.
Sold one property for net proceeds of $5.0 million, recognizing a gain of $1.2 million over net book value.
Collected 100% of base rents due for the first quarter, with occupancy remaining consistent quarter-over-quarter at 99.8%.
Generated net income of $28.4 million, or $0.16 per share, and adjusted funds from operations (AFFO) of $60.4 million, or $0.35 per share.
Broadstone Net Lease
Broadstone Net Lease
Broadstone Net Lease Revenue by Geographic Location
Forward Guidance
The Company has affirmed its guidance range for the 2022 full year and currently expects to report AFFO of between $1.38 and $1.42 per diluted share.
Positive Outlook
- Investments in real estate properties between $700 million and $800 million, which is unchanged.
- Dispositions of real estate properties between $75 million and $100 million, which is unchanged.
- Total cash general and administrative expenses between $31 million and $33 million, which is unchanged.
- Focus on diversification continues to pay dividends on strong portfolio performance.
- Capital markets execution in the first quarter helps provide much of the necessary funding to continue our 2022 growth plan.
Challenges Ahead
- AFFO per share is sensitive to the timing and amount of real estate acquisitions.
- AFFO per share is sensitive to the timing and amount of property dispositions.
- AFFO per share is sensitive to the timing and amount of capital markets activities during the year.
- Potential impairments of real estate assets.
- Net gain/loss on dispositions of real estate assets.
Revenue & Expenses
Visualization of income flow from segment revenue to net income