Broadstone reaffirms narrowed FY22 AFFO outlook

Broadstone Web Lease (NYSE:BNL) reaffirmed its outlook for full 12 months 2022 and expects AFFO between $1.38 and $1.40 per share, which it had narrowed whereas reporting Q2 outcomes on Aug. 3.

Consensus FFO Estimate for 2022 is $1.47.

The corporate stated in an Oct. 4 launch that the steering vary was based mostly on sure assumptions, which embody — investments in actual property properties between $900M and $1B, which has been revised greater (beforehand $700M to $800M); tendencies of actual property properties between $50M and $75M, which has been revised decrease (beforehand $75M to $100M); and whole money normal and administrative bills within the vary of $31M to $33M, which is unchanged.

“Distinctive capital markets execution through the quarter allowed us to lock in a price of capital that accretively enhances our strong pipeline of just lately closed and underneath management alternatives as we transfer towards ending 2022 on a robust observe,” stated CEO Chris Czarnecki.

Broadstone famous that in Q3 it invested $204.5M in 28 properties at a weighted common preliminary money capitalization price of 6.5%.

Investments had been closely weighted in direction of industrial alternatives ($175.9M), with a smaller quantity of restaurant ($12.8M), healthcare ($9.2M), and retail ($6.6M) transactions, the corporate added.

In Q3, the corporate offered one property for web proceeds of $1.7M.

Broadstone stated that YTD, it accomplished investments price $596.9M and presently has $368.5M of funding alternatives underneath management.

The corporate added that it collected 100% of base rents due for Q3 for all properties underneath lease, and its portfolio was 99.3% leased based mostly on rentable sq. footage, with three of 790 whole properties vacant and never topic to a lease as of quarter finish.