NYSE$BNL
Broadstone Net Lease Inc · Q2 2023 earnings
Q2 2023 earnings · · Investor relations
Briefing
Announced second quarter 2023 results, highlighting strategic investments and strong portfolio performance.
Broadstone Net Lease reported a solid second quarter with strategic investments of $64.9 million in industrial properties and dispositions of $69.4 million. The company collected 99.9% of base rents, maintained a 99.4% leased portfolio, and generated a net income of $63.0 million, or $0.32 per share, and AFFO of $69.0 million, or $0.35 per share.
- Invested $64.9 million in five industrial properties, including new acquisitions, revenue generating capital expenditures, and development fundings.
- Sold four properties for gross proceeds of $69.4 million at a weighted average cash capitalization rate of 5.6% on tenanted properties.
- Collected 99.9% of base rents due for the second quarter for all properties under lease.
- Generated net income of $63.0 million, or $0.32 per share, and adjusted funds from operations (AFFO) of $69.0 million, or $0.35 per share.
Headline financials
Revenue & EPS history
Broadstone Net Lease · Revenue · Quarterly
$109M
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 is unchanged
- Total cash general and administrative expenses between $32 million and $34 million, which is unchanged
- The guidance range is based on the following key assumptions
- Our per share results are sensitive to both the timing and amount of real estate investments, property dispositions, and capital markets activities that occur throughout the year.
Headwinds
- The Company does not provide guidance for the most comparable GAAP financial measure, net income, or 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
- Potential impairments of real estate assets
- Net gain/loss on dispositions of real estate assets
- Changes in allowance for credit losses
- Stock-based compensation expense
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 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 |
|---|---|---|---|---|
| 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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