Q2 2024 Broadstone Net Lease Inc Earnings Call Transcript
Key Points
- Broadstone Net Lease Inc (BNL) successfully completed the sale of 38 healthcare assets for $262 million, significantly advancing their healthcare portfolio simplification strategy.
- The company has a robust pipeline of nearly $408.6 million in new investments under control, including specialized industrial and QSR build-to-suit assets.
- BNL reported strong rent collections of 99.8% and maintained a high occupancy rate of 99.3% as of June 30, 2024.
- The company achieved AFFO of $70 million or $0.36 per share, marking a 2.9% increase in per-share results year-over-year.
- BNL's shares are trading at an 18-month high, reflecting investor confidence in their strategic initiatives and growth objectives.
- The company faces incremental pockets of credit risk due to the broader impact of higher interest rates on consumer-centric industries.
- BNL's healthcare simplification strategy is only 65% complete, with the remaining 35% expected to take time to divest.
- The regular-way transaction market remains compressed, with pricing levels that may misrepresent underlying risks.
- The company is experiencing challenges in the broader market environment for regular-way net lease acquisitions that align with their targeted investment criteria.
- BNL's watch list includes tenants like Red Lobster and At Home, which are facing financial uncertainties and could impact future cash flows.
Hello and welcome to Broadstone Net Lease's second quarter 2024 earnings conference call. My name is Kiki and I will be your operator today. Please note that today's call is being recorded. I will now turn the call over to Brent Maedl, Director of Corporate Finance and Investor Relations at Broadstone. Please go ahead.
Thank youeveryone for joining us today for Broadstone Net Lease's second quarter 2024 earnings call. On today's call, you will hear prepared remarks from Chief Executive Officer, John Moragne; President and Chief Operating Officer, Ryan Albano, and Chief Financial Officer, Kevin Fennell. All three will be available for the Q&A portion of this call.
As a reminder, the following discussion and answers to your questions contain forward-looking statements, which are subject to risks and uncertainties that could cause actual results to differ materially due to a variety of factors. We caution you not to place undue reliance on these forward
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