Exhibit 99.1

For Immediate Release

August 4, 2020

 

Company Contact:

Daniel P. Blasi

Vice President, Investor Relations

dan.blasi@broadstone.com

585.287.6504

 

 

Broadstone Net Lease, Inc. Reports 2020 Second-Quarter Results and Provides Further Update on Impacts of the COVID-19 Pandemic

 

ROCHESTER, N.Y. – Broadstone Net Lease, Inc. (“BNL,” ”we,” “our,” or ”us”), an internally-managed real estate investment trust (“REIT”), today announced operating results for the quarter ended June 30, 2020, and provided an update on the impacts of the COVID-19 pandemic on its business and results of operations. All per share amounts presented in this press release are on a diluted per share basis unless stated otherwise.

 

FINANCIAL RESULTS

 

 

For the three months ended

 

 

For the six months ended

 

 

 

June 30,

 

 

June 30,

 

(in thousands, except per share data)

 

2020

 

 

 

 

2019

 

 

2020

 

 

 

 

2019

 

Revenues

 

$

80,371

 

 

 

 

$

69,053

 

 

$

158,602

 

 

 

 

$

137,483

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income, including non-controlling interests

 

$

17,098

 

 

 

 

$

17,342

 

 

$

28,946

 

 

 

 

$

32,364

 

Net earnings per diluted share

 

$

0.57

 

 

 

 

$

0.70

 

 

$

0.98

 

 

 

 

$

1.32

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

FFO

 

$

56,485

 

 

 

 

$

39,842

 

 

$

94,057

 

 

 

 

$

78,791

 

FFO per diluted share

 

$

1.89

 

 

 

 

$

1.60

 

 

$

3.19

 

 

 

 

$

3.22

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

AFFO

 

$

46,056

 

 

 

 

$

34,637

 

 

$

87,124

 

 

 

 

$

68,806

 

AFFO per diluted share

 

$

1.54

 

 

 

 

$

1.39

 

 

$

2.96

 

 

 

 

$

2.81

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Diluted Weighted Average Shares Outstanding

 

 

29,912

 

 

 

 

 

24,941

 

 

 

29,482

 

 

 

 

 

24,507

 

 

SECOND QUARTER HIGHLIGHTS

 

 

-

As compared to the three months ended June 30, 2019, revenues increased by 16.4%, net income decreased by 1.4%, adjusted funds from operations (“AFFO”) increased by 33.0%, and AFFO per diluted share increased by 10.8%.

 

-

Resolved all active tenant requests for rent relief received to date, agreeing to short-term partial deferrals with 14 tenants and a partial rent abatement with one tenant, whose combined annualized base rents1 (“ABR”) represent 9.7% of our total June ABR, compared with total requests received from 59 tenants whose total base rents represented 33.7% of June ABR.

 

-

Maintained strong portfolio metrics in the midst of the COVID-19 pandemic, collecting approximately 93.0% of second quarter base rents due, prior to taking into account any agreed-upon COVID-19 rent relief. Amounts associated with partial rent deferrals and the


The following information was filed by Broadstone Net Lease, Inc. on Tuesday, August 4, 2020 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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