NYSE$BNL
Broadstone Net Lease Inc · Q1 2023 earnings
Q1 2023 earnings · · Investor relations
Briefing
Broadstone Net Lease announced operating results, highlighting strategic capital allocation and portfolio management.
Broadstone Net Lease reported a net income of $41.4 million, or $0.21 per share, and AFFO of $67.5 million, or $0.34 per share, for the quarter ended March 31, 2023. The company invested $20.0 million in three properties and sold six properties for gross proceeds of $94.3 million. They collected 100% of base rents and maintained a 99.4% leased portfolio.
- Invested $20.0 million in three properties with a 7.0% weighted average initial cash capitalization rate.
- Sold six properties for gross proceeds of $94.3 million at a weighted average cash capitalization rate of 5.4%.
- Collected 100% of base rents due for the first quarter.
- Portfolio was 99.4% leased based on rentable square footage.
Headline financials
Revenue & EPS history
Broadstone Net Lease · Revenue · Quarterly
$119M
Forward guidance
The Company has affirmed its per share guidance range for the 2023 full year and currently expects to report AFFO of between $1.40 and $1.42 per diluted share.
Tailwinds
- Investments in real estate properties between $300 million and $500 million, which is unchanged.
- Dispositions of real estate properties between $150 million and $200 million, which has been revised higher.
- Total cash general and administrative expenses between $32 million and $34 million, which is unchanged.
- Company expects to report AFFO of between $1.40 and $1.42 per diluted share.
- The guidance range is based on the following key assumptions
Headwinds
- The Company does not provide guidance for the most comparable GAAP financial measure, net income
- The Company does not provide a reconciliation of the forward-looking non-GAAP financial measure of AFFO to net income computed in accordance with GAAP
- because it is unable to reasonably predict, without unreasonable efforts, certain items that would be contained in the GAAP measure
- including items that are not indicative of the Company’s ongoing operations
- These items are uncertain, depend on various factors, and could have a material impact on the Company’s GAAP results for the guidance periods.
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 2023
-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 | — | — | — | |
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| Q2 2019 | — | — | — | |
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| Q4 2018 | — | — | — | |
| Q3 2018 | — | — | — | |
| Q2 2018 | — | — | — | |
| Q1 2018 | — | — | — | |
| Q4 2017 | — | — | — | |
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| Q4 2016 | — | — | — | |
| Q3 2016 | — | — | — | |
| Q2 2016 | — | — | — | |
| Q1 2016 | — | — | — |
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