NYSE$BNL
Broadstone Net Lease Inc · Q2 2021 earnings
Q2 2021 earnings · · Investor relations
Briefing
Announced second quarter 2021 results, highlighting strategic acquisitions, strong portfolio performance, and tightened AFFO guidance.
Broadstone Net Lease reported a successful second quarter, marked by $194.0 million invested in 34 properties, 100% rent collection, and consistent occupancy at 99.7%. The company generated net income of $22.8 million, or $0.14 per share, and AFFO of $52.0 million, or $0.33 per share. They also completed a public follow-on equity offering, issuing 11.5 million common shares for net proceeds of $253.5 million.
- Tightened 2021 AFFO guidance range to $1.30 to $1.34 per diluted share.
- Invested $194.0 million in 34 properties with a weighted average initial cash cap rate of 6.2%.
- Collected 100% of base rents due for the second quarter and maintained occupancy at 99.7%.
- Generated net income of $22.8 million, or $0.14 per share, and AFFO of $52.0 million, or $0.33 per share.
Headline financials
Revenue & EPS history
Broadstone Net Lease · Revenue · Quarterly
$84.8M
Forward guidance
The Company has narrowed its guidance range for the 2021 full year and currently expects to report AFFO of between $1.30 and $1.34 per diluted share based on key assumptions.
Tailwinds
- Investments in real estate properties between $550 million and $650 million, which has been revised higher.
- Dispositions of real estate properties between $50 million and $100 million, which is unchanged.
- Total cash general and administrative expenses between $32 million and $34 million, which has been revised lower.
- Successful deleveraging of balance sheet.
- Strong acquisitions pipeline.
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.
- General economic conditions.
- Local real estate conditions.
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 20 quarterly earnings reports · overlaid with Q2 2021
-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 |
|---|---|---|---|---|
| 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% | |
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| Q4 2016 | — | — | — | |
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| Q2 2016 | — | — | — | |
| Q1 2016 | — | — | — |
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