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Sep 30, 2023
Broadstone Net Lease Q3 2023 Earnings Report
Broadstone Net Lease reported its Q3 2023 results, showing strategic capital deployment and healthy portfolio performance.
Key Takeaways
Broadstone Net Lease announced its Q3 2023 results, highlighting strategic investments in development projects and revenue generating capital expenditures. The company maintained a strong portfolio with high rent collections and occupancy, and opportunistically disposed of assets. BNL affirmed its full-year AFFO per share guidance range.
Invested $16.5 million in industrial and retail properties, including revenue generating capital expenditures and development fundings.
Collected 99.9% of base rents due for the third quarter.
Portfolio was 99.4% leased based on rentable square footage.
Generated net income of $52.1 million, or $0.26 per share.
Broadstone Net Lease
Broadstone Net Lease
Forward Guidance
The Company has affirmed its per share guidance range for the 2023 full year and currently expects to report AFFO of between $1.40 and $1.42 per diluted share.
Positive Outlook
- Investments in real estate properties up to $250 million.
- Dispositions of real estate properties of approximately $200 million.
- Total cash general and administrative expenses between $31 million and $33 million.