NYSE$BNL
Broadstone Net Lease Inc · Q4 2023 earnings
Q4 2023 earnings · · Investor relations
Briefing
Announced operating results for the year and quarter ended December 31, 2023, and its healthcare portfolio simplification strategy.
Broadstone Net Lease reported its Q4 2023 results, highlighting investment activity, operating results, and a healthcare portfolio simplification strategy. The company collected 99.2% of base rents, invested $64.1 million in properties, and sold properties for $16.5 million, achieving a gain over original purchase price.
- Invested $64.1 million in three industrial properties and two restaurant properties.
- Sold five properties for gross proceeds of $16.5 million, representing a $5.3 million gain over their original purchase price.
- Collected 99.2% of base rents due for the fourth quarter.
- Generated net income of $6.8 million, or $0.03 per diluted share, and AFFO of $71.3 million, or $0.36 per share.
Headline financials
Revenue & EPS history
Broadstone Net Lease · Revenue · Quarterly
$105M
Forward guidance
BNL expects to report AFFO of $1.41 per diluted share for 2024, based on investments in real estate properties between $350 million and $700 million, dispositions between $300 million and $500 million, and total cash general and administrative expenses between $32 million and $34 million.
Tailwinds
- Investments in real estate properties between $350 million and $700 million.
- Dispositions of real estate properties between $300 million and $500 million.
- Focus on core net lease assets in the industrial, retail, and restaurant sectors.
- Healthcare portfolio simplification strategy to improve portfolio quality.
- Expected AFFO of $1.41 per diluted share.
Headwinds
- Sensitivity to the timing and amount of real estate investments and property dispositions.
- Uncertainty regarding potential impairments of real estate assets.
- Dependence on general economic conditions and interest rates.
- Potential material impact from changes in allowance for credit losses.
- Inability to reasonably predict certain items for GAAP reconciliation.
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 Q4 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 2019 | — | — | — | |
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| Q4 2018 | — | — | — | |
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| Q1 2018 | — | — | — | |
| Q4 2017 | — | — | — | |
| Q3 2017 | — | — | — | |
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| Q4 2016 | — | — | — | |
| Q3 2016 | — | — | — | |
| Q2 2016 | — | — | — | |
| Q1 2016 | — | — | — |
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