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Jun 30, 2024
Broadstone Net Lease Q2 2024 Earnings Report
Announced operating results, highlighted investment activity, and maintained a strong portfolio with high occupancy and rent collection rates.
Key Takeaways
Broadstone Net Lease reported a solid second quarter with significant investment activity totaling $247.8 million, including new property acquisitions, transitional capital, and development fundings. The company generated a net income of $35.9 million, or $0.19 per share, and AFFO of $70.4 million, or $0.36 per share. The portfolio remains strong at 99.3% leased with 99.0% rent collection.
Invested $247.8 million in new property acquisitions, transitional capital, and development fundings.
Generated net income of $35.9 million, or $0.19 per share.
Achieved adjusted funds from operations (AFFO) of $70.4 million, or $0.36 per share.
Maintained a portfolio that is 99.3% leased with 99.0% rent collection.
Revenue by Geographic Location
Forward Guidance
BNL expects to report AFFO of between $1.41 and $1.43 per diluted share for 2024. Investments in real estate properties are expected to be between $400 million and $700 million. Dispositions of real estate properties are projected to be between $350 million and $450 million. Total cash general and administrative expenses are expected to be between $31.5 million and $33.5 million.
Positive Outlook
- Investments in real estate properties between $400 million and $700 million.
- Dispositions of real estate properties between $350 million and $450 million.
- Total cash general and administrative expenses between $31.5 million and $33.5 million.
- Strong portfolio with high occupancy rates.
- High rent collection rates.
Challenges Ahead
- Per share results are sensitive to the timing and amount of real estate investments.
- Property dispositions can impact guidance.
- Capital markets activities can influence guidance.
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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