Broadstone(BNL)2024-02-20 16:00Financial Performance - Net income for Q4 2023 was 52.145 million in Q3 2023[14] - EBITDA for Q4 2023 was 110.447 million in the previous quarter, representing a decline of approximately 41.4%[14] - Adjusted EBITDAre for Q4 2023 was 94.217 million in Q3 2023[14] - Funds From Operations (FFO) for Q4 2023 totaled 38.533 million in Q3 2023, indicating a growth of 1.9%[14] - Total revenues for Q4 2023 were 109,543[28] - Net income for Q4 2023 was 52,145, reflecting a decline of 87.0%[28] - Funds from operations (FFO) for Q4 2023 were 75,478 in Q3 2023[28] - Total assets decreased to 5,335,043 in Q3 2023, a decline of 1.2%[28] - Cash and cash equivalents dropped to 35,061 in Q3 2023, a decrease of 44.5%[28] - Total liabilities increased slightly to 2,059,570 in Q3 2023, an increase of 0.7%[28] Debt and Leverage - The company’s total debt outstanding as of December 31, 2023, was 1.919 billion in the previous year[18] - The company has a leverage ratio of 0.32, well below the required maximum of 0.60 to 1.00[21] - The fixed charge coverage ratio stands at 4.48, significantly above the minimum requirement of 1.50[21] - Total unencumbered assets to total unsecured debt ratio is 2.87, exceeding the required minimum of 1.50[21] - Aggregate debt ratio is 0.35, which is within the acceptable limit[21] - The company has a total unsecured indebtedness to total unencumbered eligible property value ratio of 0.34[21] - As of December 31, 2023, the company's net debt stands at 1,853,290,000 in the previous quarter[40] - The gross debt is reported at 1,903,787,000 as of September 30, 2023[40] - The net debt to annualized EBITDA ratio is 5.4x, up from 4.9x in the previous quarter[40] Property and Portfolio Management - The portfolio occupancy rate remained stable at 98% as of the end of Q4 2023[14] - Broadstone Net Lease, Inc. is a diversified net lease REIT focused on single-tenant commercial real estate properties[25] - The company targets properties with creditworthy tenants in industries with positive business drivers[25] - The company has selectively invested in various property types including industrial, healthcare, and retail[25] - The company aims to secure long-term net leases to allow tenants to focus on core business operations[25] - The company has a total of 2 properties under construction as of December 31, 2023, with a focus on market expansion[49] - Total acquisitions in 2023 amounted to 200.072 million in disposition price against an acquisition price of 97.173 million, with cumulative investments at $165.587 million[70] Tenant and Sector Analysis - The healthcare sector represents 18% of the total annualized base rent, with 7% from clinical services[82] - The industrial property type constitutes 52% of the total portfolio, with manufacturing at 17% and distribution & warehouse at 13%[82] - The top 20 tenants account for 32.3% of the total portfolio, up from 32.0% in the previous quarter[77] - The average rent coverage ratio for tenants is estimated to be strong, ensuring stable rental income[105] Future Outlook and Strategy - The company plans to continue its market expansion strategy by targeting new tenants and diversifying its property types in 2024[14] - Future projections indicate a steady growth in ABR, with a focus on maintaining a balanced lease expiration schedule to mitigate risks[100] - The company plans to continue its market expansion strategy, focusing on sectors with high growth potential, such as healthcare and specialty retail[96] - Forward-looking statements indicate potential growth opportunities but are subject to uncertainties that could impact actual results[110]