Broadstone Net Lease Q4 2023 Earnings Report
Key Takeaways
Broadstone Net Lease reported its Q4 2023 results, highlighting investment activity, operating results, and a healthcare portfolio simplification strategy. The company collected 99.2% of base rents, invested $64.1 million in properties, and sold properties for $16.5 million, achieving a gain over original purchase price.
Invested $64.1 million in three industrial properties and two restaurant properties.
Sold five properties for gross proceeds of $16.5 million, representing a $5.3 million gain over their original purchase price.
Collected 99.2% of base rents due for the fourth quarter.
Generated net income of $6.8 million, or $0.03 per diluted share, and AFFO of $71.3 million, or $0.36 per share.
Broadstone Net Lease
Broadstone Net Lease
Forward Guidance
BNL expects to report AFFO of $1.41 per diluted share for 2024, based on investments in real estate properties between $350 million and $700 million, dispositions between $300 million and $500 million, and total cash general and administrative expenses between $32 million and $34 million.
Positive Outlook
- Investments in real estate properties between $350 million and $700 million.
- Dispositions of real estate properties between $300 million and $500 million.
- Focus on core net lease assets in the industrial, retail, and restaurant sectors.
- Healthcare portfolio simplification strategy to improve portfolio quality.
- Expected AFFO of $1.41 per diluted share.
Challenges Ahead
- Sensitivity to the timing and amount of real estate investments and property dispositions.
- Uncertainty regarding potential impairments of real estate assets.
- Dependence on general economic conditions and interest rates.
- Potential material impact from changes in allowance for credit losses.
- Inability to reasonably predict certain items for GAAP reconciliation.