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Broadstone Net Lease, Inc. (BNL) Surpasses Q2 FFO Estimates
BNLBroadstone(BNL) ZACKS·2024-07-30 22:51

Core Viewpoint - Broadstone Net Lease, Inc. (BNL) reported quarterly funds from operations (FFO) of 0.36pershare,exceedingtheZacksConsensusEstimateof0.36 per share, exceeding the Zacks Consensus Estimate of 0.35 per share, and showing a year-over-year increase from 0.35pershare[1][2]FinancialPerformance−Thecompanypostedrevenuesof0.35 per share [1][2] Financial Performance - The company posted revenues of 105.91 million for the quarter ended June 2024, which was slightly below the Zacks Consensus Estimate by 0.04% and a decrease from 109.35millionyear−over−year[2]−Overthelastfourquarters,BroadstoneNetLeasehassurpassedconsensusFFOestimatesthreetimes,indicatingapositivetrendinFFOperformance[2]StockPerformance−BroadstoneNetLeaseshareshaveincreasedapproximately4.7109.35 million year-over-year [2] - Over the last four quarters, Broadstone Net Lease has surpassed consensus FFO estimates three times, indicating a positive trend in FFO performance [2] Stock Performance - Broadstone Net Lease shares have increased approximately 4.7% since the beginning of the year, while the S&P 500 has gained 14.5%, indicating underperformance relative to the broader market [3] - The current consensus FFO estimate for the upcoming quarter is 0.35 on revenues of 107.36million,andforthecurrentfiscalyear,itis107.36 million, and for the current fiscal year, it is 1.42 on revenues of $429.67 million [7] Industry Outlook - The REIT and Equity Trust - Residential industry, to which Broadstone Net Lease belongs, is currently ranked in the top 22% of over 250 Zacks industries, suggesting a favorable industry outlook [8] - Empirical research indicates a strong correlation between near-term stock movements and trends in estimate revisions, which could impact Broadstone Net Lease's stock performance [5][6]