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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.
Broadstone Net Lease
Broadstone Net Lease
Broadstone Net Lease Revenue by Geographic Location
Revenue by Geographic Location
United States Revenue
CapyFin.comCanada Revenue
CapyFin.com 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.
- Uncertainty in predicting items in GAAP financial measures.
- Potential impairments of real estate assets.
Revenue & Expenses
Visualization of income flow from segment revenue to net income