Overview

* Broadstone Q3 revenue beats analyst expectations, AFFO increases 5.7% yr/yr

* Net income for Q3 falls 26.3% yr/yr due to higher interest and impairment costs

* Company raises full-year AFFO guidance to $1.49-$1.50 per share

Outlook

* Company raises full-year AFFO guidance to $1.49-$1.50 per share

* Company revises real estate investment forecast to $650-$750 mln

* Company expects dispositions of real estate properties between $75 mln and $100 mln

Result Drivers

* ACQUISITIONS AND DEVELOPMENT - Co invested $204 mln in acquisitions and development projects, contributing to growth strategy

* RENT COLLECTION - Co collected 100% of base rents due for the qtr for all properties under lease

* LEASE RESOLUTIONS - Successfully navigated At Home and Claires bankruptcies with all leases assumed, no rent loss anticipated

Key Details

Metric Beat/Mis Actual Consensu

s s

Estimate

Q3 Beat $114.16 $113.10

Revenue mln mln (6

Analysts

)

Q3 EPS $0.14

Q3 $74.31

Adjusted mln

FFO

Q3 FFO $70.96

mln

Q3 $0.37

Adjusted

FFO Per

Share

Q3 FFO $0.36

Per

Share

Analyst Coverage

* The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 7 "strong buy" or "buy", 2 "hold" and no "sell" or "strong sell"

* The average consensus recommendation for the commercial reits peer group is "buy"

* Wall Street's median 12-month price target for Broadstone Net Lease Inc ( BNL ) is $20.00, about 7.4% above its October 28 closing price of $18.52

* The stock recently traded at 31 times the next 12-month earnings vs. a P/E of 22 three months ago

Press Release:

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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)