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Mar 31, 2024
Broadstone Net Lease Q1 2024 Earnings Report
Announced operating results for the quarter ended March 31, 2024.
Key Takeaways
Broadstone Net Lease reported a strong first quarter in 2024, marked by strategic investment and disposition activities. The company invested $40.1 million and sold 39 properties for $274.0 million, achieving a net income of $68.2 million, or $0.35 per share, and an AFFO of $70.9 million, or $0.36 per share. With a focus on healthcare portfolio simplification and a resilient balance sheet, Broadstone Net Lease is positioned for sustainable growth.
Invested $40.1 million in the first quarter, including development fundings and revenue-generating capital expenditures.
Sold 39 properties for gross proceeds of $274.0 million as part of the healthcare portfolio simplification strategy.
Generated net income of $68.2 million, or $0.35 per share, and AFFO of $70.9 million, or $0.36 per share.
Portfolio was 99.2% leased, with 99.0% of base rents collected for the first quarter.
Forward Guidance
BNL expects to report AFFO of between $1.41 and $1.43 per diluted share for 2024, revised upward to reflect the timing of redeployment from healthcare portfolio simplification strategy sales.
Positive Outlook
- Investments in real estate properties between $350 million and $700 million.
- Dispositions of real estate properties between $300 million and $500 million.
- Total cash general and administrative expenses between $32 million and $34 million.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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