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Dec 31, 2021
Broadstone Net Lease Q4 2021 Earnings Report
Announced fourth quarter and full year 2021 results, having successfully executed on key initiatives and positioned itself as a leading net lease REIT.
Key Takeaways
Broadstone Net Lease reported strong Q4 2021 results, with AFFO of $0.34 per share, representing a 9.2% increase over Q4 2020 annualized results.
Invested $147.5 million in 36 properties at a weighted average initial cash capitalization rate of 6.0%.
Collected 100% of base rents due for the fourth quarter, with occupancy remaining consistent quarter-over-quarter at 99.8%.
Generated net income of $32.2 million, or $0.19 per share.
Generated adjusted funds from operations (“AFFO”) of $58.7 million, or $0.34 per share.
Revenue by Geographic Location
Forward Guidance
BNL expects to report AFFO of between $1.38 and $1.42 per diluted share for 2022.
Positive Outlook
- Investments in real estate properties between $700 million and $800 million.
- Robust pipeline of acquisition opportunities
- Access to a diverse set of capital sources
- Prudent balance sheet management
- Strong fundamental credit analysis and prudent real estate underwriting
Challenges Ahead
- Dispositions of real estate properties between $75 million and $100 million.
- AFFO per share is sensitive to the timing and amount of real estate acquisitions, property dispositions, and capital markets activities during the year.
- Risks and uncertainties related to the COVID-19 pandemic and its related impacts on us and our tenants.
- General economic conditions, including but not limited to increases in the rate of inflation and/or interest rates.
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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