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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.
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 $1.38 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.
- Local real estate conditions, tenant financial health, property acquisitions, and the timing and uncertainty of completing these acquisitions, and uncertainties regarding future distributions to our stockholders.
Revenue & Expenses
Visualization of income flow from segment revenue to net income