Broadstone Net Lease (BNL) Q4 2024 earnings summary

Executive summary

• Achieved AFFO per share of $1.43 for 2024, at the top end of guidance, with 1.4% year-over-year growth, $400M+ in total investments, and near-completion of healthcare portfolio simplification, reducing clinical/surgical assets to 3.2% of ABR from 9.7%.

• Maintained a high-quality, diversified portfolio of 765 properties, 99%+ leased and rent collection rate, with no tenant accounting for more than 4.1% of ABR.

• Board changes include the departure of two directors and the addition of Rick Imperiale and Joe Saffire, enhancing REIT and operational expertise.

Financial highlights

• Generated $282 million AFFO for the year ($1.43/share), up 1.4% year-over-year, benefiting from timely redeployment of healthcare disposition proceeds and lower G&A and interest expenses.

• Full year 2024 net income was $169.0M ($0.86/share), up 3.6% year-over-year; Q4 AFFO was $70.5M ($0.36/share), flat year-over-year.

• Revenues for 2024 were $431.8M, down from $442.9M in 2023.

• Core G&A totaled $29.3M for the year, with cost savings from personnel changes and lower insurance premiums.

• Maintained a $0.29 per share dividend, well covered and yielding attractively versus peers.

Outlook and guidance

• 2025 AFFO guidance is $1.45–$1.49 per share, representing ~3% growth at the midpoint, based on $400M–$600M in investments and $50M–$100M in dispositions.

• No plans to raise equity in 2025; funding to come from revolver, retained earnings, and accretive dispositions.

• Core G&A expenses expected between $30M and $31M for 2025.

• $200M+ in build-to-suit developments scheduled for completion in 2025–2026.

• Expect to provide 2026–2027 run-rate growth preview later in 2025.