Broadstone Net Lease, Inc. ( (BNL) ) has released its Q3 earnings. Here is a breakdown of the information Broadstone Net Lease, Inc. presented to its investors.
Broadstone Net Lease, Inc. is a real estate investment trust (REIT) that primarily focuses on investing in single-tenant commercial properties across various sectors, with a significant portion of its portfolio in the industrial sector. The company operates in the U.S. and Canada, offering long-term net leases to a diverse group of tenants.
In its third-quarter 2024 earnings report, Broadstone Net Lease, Inc. highlighted its strategic accomplishments, including a successful reduction of healthcare portfolio exposure and a robust pipeline of build-to-suit developments. The company’s efforts resulted in a healthcare exposure reduction to less than 10% of its annualized base rent (ABR), while maintaining high occupancy rates and strong investment activity.
Key financial metrics for the quarter included a net income of $37.3 million, or $0.19 per share, and adjusted funds from operations (AFFO) of $70.2 million, or $0.35 per share. The company made significant investments totaling $93.9 million in property acquisitions and development fundings, with a focus on industrial and retail properties. Additionally, Broadstone Net Lease sold six properties for $31.8 million during the quarter, and ten more subsequent to quarter-end, as part of its ongoing portfolio management strategy.
Broadstone Net Lease’s portfolio remained strong, with a 99.0% occupancy rate, and the company declared a quarterly dividend of $0.29 per share. The company maintains a healthy balance sheet with $874.5 million of capacity on its revolving credit facility, and no major debt maturities until 2026.
Looking ahead, Broadstone Net Lease aims to continue executing its strategic objectives into 2025, focusing on sustainable growth and shareholder value while managing a disciplined investment approach and maintaining its diverse portfolio.
