Broadstone Net Lease Inc Stock Price, News & Analysis

Broadstone Net Lease (NYSE: BNL) has announced the income tax allocation of its 2024 common stock dividends. The company will distribute four quarterly dividends throughout 2024: $0.285 per share for Q1 (payment date: January 12) and Q2 (payment date: April 15), followed by $0.290 per share for Q3 (payment date: July 15) and Q4 (payment date: October 15).

For each dividend payment, the tax treatment breakdown shows that approximately 62% qualifies as ordinary dividends and Section 199A dividends, while about 38% represents nondividend distributions (return of capital). No portion of the dividends qualifies as capital gain distributions, unrecaptured Section 1250 gain, or Section 897 capital gain.

Broadstone Net Lease (BNL) has expanded its build-to-suit development pipeline with two new projects totaling approximately $117.4 million in estimated total investment. The company has secured land and begun construction on multiple developments, including a state-of-the-art distribution warehouse for Southwire Company scheduled for completion in Q3 2026.

The development pipeline includes projects across industrial and retail sectors, with estimated cash capitalization rates ranging from 7.2% to 7.8%. Notable projects include two Sierra Nevada facilities in Dayton, OH ($58.6M and $55.5M), a Southwire facility in Bremen, GA ($107.3M), and smaller developments for 7 Brew and UNFI.

BNL has also appointed Sam DeLemos as Vice President of Build-to-Suit Development, bringing experience in executing over $2.0 billion in transaction volume. The company will release its Q4 2024 financial results on February 19, 2025.

Broadstone Net Lease (BNL) has updated its build-to-suit development commitments to $246.5 million, to be funded through Q2 2026. This represents a significant decrease from the previously announced $418.8 million, due to a prospective tenant's withdrawal following leadership changes. The current pipeline includes $125.4 million for active construction projects and $121.1 million in additional commitments.

The company's active construction projects include two Sierra Nevada industrial facilities in Dayton, OH, and a substantially completed UNFI industrial facility in Sarasota, FL. Total investment commitments stand at $264.4 million, including $9.9 million in acquisitions under control and $8.0 million for revenue-generating capital expenditures with existing tenants.

Broadstone Net Lease (BNL) reported its Q3 2024 results with net income of $37.3 million ($0.19 per share) and AFFO of $70.2 million ($0.35 per share). The company invested $93.9 million during Q3, including $69.3 million in new property acquisitions and $24.6 million in development fundings. The portfolio was 99.0% leased with a 99.1% rent collection rate. BNL completed its healthcare portfolio simplification, reducing healthcare exposure to less than 10% of ABR. The company maintains its 2024 AFFO guidance of $1.41-$1.43 per diluted share, with planned investments between $400-600 million and dispositions between $350-450 million.

Broadstone Net Lease, Inc. (NYSE: BNL) has announced the schedule for its Third Quarter 2024 Earnings Release and Conference Call. The company will release its financial and operating results for the quarter ended September 30, 2024, after market close on Wednesday, October 30, 2024. BNL will host its earnings conference call and audio webcast on Thursday, October 31, 2024, at 10:00 a.m. Eastern Time.

To access the live webcast in listen-only mode, participants can visit the provided link. For those preferring to listen via phone, U.S. participants may dial the toll-free or local numbers provided, using access code 340652. International access numbers are also available. A replay of the conference call webcast will be accessible approximately one hour after the live broadcast concludes and will remain available for one year.

Broadstone Net Lease (NYSE: BNL) provided an update on its recent business activity through September 8, 2024. Key highlights include:

• Year-to-date investments of $375.6 million
• Committed $453.7 million to fund developments
• Sold 2.0 million shares through ATM Program for $36.5 million
• Commenced rent with United Natural Foods, Inc. (UNFI)
• Resolved negotiations with Red Lobster, maintaining all 18 locations

CEO John Moragne emphasized BNL's positive momentum, attractive investment pipeline, and accretive capital through the ATM program. The company's $453.7 million development funding pipeline is expected to provide accretive growth in 2025 and beyond, supporting BNL's strategy to maximize earnings through portfolio rent escalations, revenue-generating capital expenditures, development funding, and acquisitions.

Broadstone Net Lease (NYSE: BNL) reported strong Q2 2024 results, with net income of $35.9 million ($0.19 per share) and AFFO of $70.4 million ($0.36 per share). The company invested $247.8 million in Q2, including $165.1 million in new property acquisitions. BNL's portfolio was 99.3% leased with a 99.0% rent collection rate. The company is progressing well on its healthcare portfolio simplification strategy, having completed about 65% of planned dispositions. BNL maintains a strong balance sheet with a Net Debt to Annualized Adjusted EBITDAre ratio of 5.1x. The company reaffirmed its 2024 AFFO guidance of $1.41 to $1.43 per share and increased its investment target range to $400-$700 million.

Broadstone Net Lease (NYSE: BNL) has provided an update on its healthcare portfolio simplification strategy, revealing that 38 clinically-oriented healthcare properties have been sold for $262.2 million at a weighted average capitalization rate of 7.84%. A further 15 properties are set for sale in two tranches in July and October 2024, anticipated to bring in $80.3 million at a capitalization rate of 7.96%. These sales are part of a strategy aimed at reducing healthcare exposure from 17.6% of ABR at the end of 2023 to 11.3%. Following these transactions, healthcare dispositions for 2024 will amount to $342.5 million. The company also announced its Q2 2024 earnings release date as July 30, 2024, with a conference call scheduled for July 31, 2024, at 11:00 a.m. ET.

Broadstone Net Lease (BNL) announced its recent business activities up to May 31, 2024. The company invested $255.4 million in total, including $193.6 million in new properties and $58.8 million in development fundings. Sales of 40 properties generated $276.1 million in gross proceeds. BNL's portfolio maintains a 99.3% lease rate, with a 99.8% rent collection rate. Despite Red Lobster's chapter 11 bankruptcy, BNL's 18 Red Lobster locations remain operational. The company will present at Nareit's REITweek: 2024 on June 4, 2024. CEO John Moragne emphasized growth through portfolio rent escalations, revenue-generating capital expenditures, and a diversified acquisition pipeline.