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Mar 31, 2022
Broadstone Net Lease Q1 2022 Earnings Report
Announced operating results for the quarter ended March 31, 2022.
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.
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.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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