Broadstone Net Lease Q2 2021 Earnings Report
Key Takeaways
Broadstone Net Lease reported a successful second quarter, marked by $194.0 million invested in 34 properties, 100% rent collection, and consistent occupancy at 99.7%. The company generated net income of $22.8 million, or $0.14 per share, and AFFO of $52.0 million, or $0.33 per share. They also completed a public follow-on equity offering, issuing 11.5 million common shares for net proceeds of $253.5 million.
Tightened 2021 AFFO guidance range to $1.30 to $1.34 per diluted share.
Invested $194.0 million in 34 properties with a weighted average initial cash cap rate of 6.2%.
Collected 100% of base rents due for the second quarter and maintained occupancy at 99.7%.
Generated net income of $22.8 million, or $0.14 per share, and AFFO of $52.0 million, or $0.33 per share.
Broadstone Net Lease
Broadstone Net Lease
Forward Guidance
The Company has narrowed its guidance range for the 2021 full year and currently expects to report AFFO of between $1.30 and $1.34 per diluted share based on key assumptions.
Positive Outlook
- Investments in real estate properties between $550 million and $650 million, which has been revised higher.
- Dispositions of real estate properties between $50 million and $100 million, which is unchanged.
- Total cash general and administrative expenses between $32 million and $34 million, which has been revised lower.
- Successful deleveraging of balance sheet.
- Strong acquisitions pipeline.
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.
- General economic conditions.
- Local real estate conditions.