Broadstone Net Lease Q4 2020 Earnings Report
Key Takeaways
Broadstone Net Lease reported strong Q4 2020 results, including net income of $17.6 million, or $0.11 per share, and AFFO of $46.9 million, or $0.30 per share. The company invested $100.3 million in 19 properties and collected 98.8% of base rents due for the quarter.
Invested $100.3 million in 19 properties at a weighted average initial cash cap rate of 6.9%.
Collected 98.8% of base rents due for the fourth quarter.
Generated net income of $17.6 million, or $0.11 per share.
Generated AFFO of $46.9 million, or $0.30 per share.
Broadstone Net Lease
Broadstone Net Lease
Forward Guidance
For 2021, the Company expects to report AFFO of between $1.27 and $1.33 per diluted share, based on key assumptions including investments in real estate properties between $450 million and $550 million, dispositions of real estate properties between $50 million and $100 million, and total cash general and administrative expenses between $32 million and $35 million.
Positive Outlook
- Investments in real estate properties between $450 million and $550 million
- Dispositions of real estate properties between $50 million and $100 million
- Total cash general and administrative expenses between $32 million and $35 million
- Company expects to report AFFO of between $1.27 and $1.33 per diluted share
- Continue executing on our growth strategy throughout 2021
Challenges Ahead
- AFFO per share is sensitive to the timing and amount of real estate acquisitions
- AFFO per share is sensitive to property dispositions
- AFFO per share is sensitive to capital markets activities during the year
- Company does not provide guidance on net income
- Difficulty in quantifying and reconciling items such as the gain or loss on sale of real estate and provisions for impairment