NYSE$BNL
Broadstone Net Lease Inc · Q3 2021 earnings
Q3 2021 earnings · · Investor relations
Briefing
Broadstone Net Lease reported strong third quarter results driven by strategic investments and capital market activities.
Broadstone Net Lease announced its Q3 2021 operating results, featuring investments of $225.9 million in 18 properties, a successful $375 million public bond offering, an upgraded credit rating from Moody's, and the establishment of a $400 million ATM program. The company reported net income of $30.5 million, or $0.18 per share, and AFFO of $55.8 million, or $0.33 per share. They also collected 100% of base rents and increased occupancy to 99.8%.
- Invested $225.9 million in 18 properties with a 6.5% weighted average initial cash cap rate.
- Closed $375 million inaugural 10-year public bond offering at a fixed rate of 2.600%.
- Collected 100% of base rents due for the third quarter and increased occupancy 10 basis points to 99.8%.
- Generated net income of $30.5 million, or $0.18 per share, and AFFO of $55.8 million, or $0.33 per share.
Headline financials
Revenue & EPS history
Broadstone Net Lease · Revenue · Quarterly
$123M
Forward guidance
BNL has narrowed its guidance range for the 2021 full year and currently expects to report AFFO of between $1.30 and $1.32 per diluted share.
Tailwinds
- Investments in real estate properties between $600 million and $700 million, which has been revised higher.
- Dispositions of real estate properties between $100 million and $130 million, which has been revised higher to include the aforementioned early lease termination and corresponding property sale.
- Total cash general and administrative expenses between $31 million and $33 million, which has been revised lower.
- The company is focused on a disciplined and targeted acquisition strategy.
- Active asset management that includes selective sales of properties.
Headwinds
- AFFO per share is sensitive to the timing and amount of real estate acquisitions, property dispositions, and capital markets activities during the year.
- Early termination of a lease with an investment-grade office tenant and corresponding sale of the underlying properties to an unrelated third party.
- Incremental interest expense anticipated from advancing the timing of its inaugural public bond offering.
- Variability in EBITDAre caused by the timing of acquisitions and dispositions can temporarily distort leverage ratios.
- Adjusted EBITDAre and Annualized Adjusted EBITDAre are not measurements of performance under GAAP.
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 Q3 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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