Broadstone Net Lease Q3 2022 Earnings Report
Key Takeaways
Broadstone Net Lease announced its Q3 2022 results, featuring $204.5 million in investment activity, 100% rent collection, and a portfolio that was 99.3% leased. Net income was $28.7 million, or $0.16 per share, and AFFO was $63.4 million, or $0.35 per share.
Invested $204.5 million at a weighted average initial cash capitalization rate of 6.5%.
Sold 962,200 shares of common stock for net proceeds of $20.3 million under our at-the-market common equity offering ("ATM Program").
Collected 100% of base rents due for the third quarter, and our portfolio was 99.3% leased based on rentable square footage.
Generated net income of $28.7 million, or $0.16 per share and generated adjusted funds from operations ("AFFO") of $63.4 million, or $0.35 per share.
Broadstone Net Lease
Broadstone Net Lease
Forward Guidance
BNL has reaffirmed its guidance range for the 2022 full year and currently expects to report AFFO of between $1.38 and $1.40 per diluted share.
Positive Outlook
- investments in real estate properties between $900 million and $1 billion
- dispositions of real estate properties between $50 million and $75 million
- total cash general and administrative expenses between $31 million and $33 million
- BNL reaffirmed its guidance range for the 2022 full year
- Currently expects to report AFFO of between $1.38 and $1.40 per diluted share
Challenges Ahead
- Our per share results are sensitive to both timing and amount of real estate investments
- Our per share results are sensitive to property dispositions
- Our per share results are sensitive to capital markets activities that occur throughout the year
- The Company does not provide guidance for the most comparable GAAP financial measure, net income
- The Company does not provide a reconciliation of the forward-looking non-GAAP financial measure of AFFO to net income computed in accordance with GAAP