NYSE$BNL
Broadstone Net Lease Inc · Q1 2022 earnings
Q1 2022 earnings · · Investor relations
Briefing
Announced operating results for the quarter ended March 31, 2022.
Broadstone Net Lease reported a record first quarter with $210 million invested in 27 properties. The company collected 100% of base rents, and occupancy remained consistent at 99.8%. Net income was $28.4 million, or $0.16 per share, and adjusted funds from operations were $60.4 million, or $0.35 per share.
- Invested $210.0 million in 27 properties at a weighted average initial cash capitalization rate of 5.7%.
- Sold one property for net proceeds of $5.0 million, recognizing a gain of $1.2 million over net book value.
- Collected 100% of base rents due for the first quarter, with occupancy remaining consistent quarter-over-quarter at 99.8%.
- Generated net income of $28.4 million, or $0.16 per share, and adjusted funds from operations (AFFO) of $60.4 million, or $0.35 per share.
Headline financials
Revenue & EPS history
Broadstone Net Lease · Revenue · Quarterly
$93.8M
Forward guidance
The Company has affirmed its guidance range for the 2022 full year and currently expects to report AFFO of between $1.38 and $1.42 per diluted share.
Tailwinds
- Investments in real estate properties between $700 million and $800 million, which is unchanged.
- Dispositions of real estate properties between $75 million and $100 million, which is unchanged.
- Total cash general and administrative expenses between $31 million and $33 million, which is unchanged.
- Focus on diversification continues to pay dividends on strong portfolio performance.
- Capital markets execution in the first quarter helps provide much of the necessary funding to continue our 2022 growth plan.
Headwinds
- AFFO per share is sensitive to the timing and amount of real estate acquisitions.
- AFFO per share is sensitive to the timing and amount of property dispositions.
- AFFO per share is sensitive to the timing and amount of capital markets activities during the year.
- Potential impairments of real estate assets.
- Net gain/loss on dispositions of real estate assets.
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 19 quarterly earnings reports · overlaid with Q1 2022
-0.6%
Avg return
Earnings day
+0.2%
Avg return
5 days after
+1.2%
Avg return
30 days after
36%
8 / 22 earnings
Positive
+4.7%
Q1 2024
Best reaction
-5.2%
Q3 2022
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q2 2025 | — | — | — | |
| Q1 2026 | -0.7% | -0.8% | +1.5% | |
| Q4 2025 | -4.2% | -1.2% | -4.5% | |
| Q3 2025 | -0.9% | +0.3% | -2.0% | |
| Q1 2025 | -2.0% | -1.3% | -1.7% | |
| Q4 2024 | +3.1% | +6.3% | +8.4% | |
| Q3 2024 | -2.3% | -2.6% | -2.7% | |
| Q2 2024 | -3.4% | -4.7% | +0.4% | |
| Q1 2024 | +4.7% | +5.8% | +5.4% | |
| Q4 2023 | -4.0% | -6.1% | -3.2% | |
| Q3 2023 | +1.5% | +4.5% | +16.2% | |
| Q2 2023 | -1.3% | -0.1% | -2.3% | |
| Q1 2023 | +0.1% | +1.5% | +0.4% | |
| Q4 2022 | -0.4% | -0.4% | -6.1% | |
| Q3 2022 | -5.2% | -4.3% | +0.0% | |
| Q2 2022 | -1.4% | -0.6% | -15.5% | |
| Q1 2022 | +2.3% | -0.5% | +6.9% | |
| Q4 2021 | -1.1% | +0.1% | -3.1% | |
| Q3 2021 | +0.7% | +0.0% | -8.1% | |
| Q2 2021 | +3.1% | +5.1% | +9.3% | |
| Q1 2021 | -0.5% | +0.2% | +16.5% | |
| Q4 2020 | -3.4% | -2.6% | -3.4% | |
| Q3 2020 | +1.7% | +4.9% | +13.3% | |
| Q2 2020 | — | — | — | |
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| Q4 2019 | — | — | — | |
| Q3 2019 | — | — | — | |
| Q2 2019 | — | — | — | |
| Q1 2019 | — | — | — | |
| Q4 2018 | — | — | — | |
| Q3 2018 | — | — | — | |
| Q2 2018 | — | — | — | |
| Q1 2018 | — | — | — | |
| Q4 2017 | — | — | — | |
| Q3 2017 | — | — | — | |
| Q2 2017 | — | — | — | |
| Q1 2017 | — | — | — | |
| Q4 2016 | — | — | — | |
| Q3 2016 | — | — | — | |
| Q2 2016 | — | — | — | |
| Q1 2016 | — | — | — |
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