Broadstone Net Lease, Inc. reported its financial results for the third quarter and the nine months ended September 30, 2024, highlighting a decrease in net income and lease revenues compared to the previous fiscal period. For Q3 2024, the company generated net income of $37.3 million, down from $52.1 million in Q3 2023. The nine-month net income also declined to $141.4 million from $156.5 million in the same period last year. Basic earnings per share for Q3 2024 were $0.19, compared to $0.27 in Q3 2023.
Lease revenues for Q3 2024 totaled $108.4 million, a slight decrease from $109.5 million in Q3 2023. For the nine months ended September 30, 2024, lease revenues were $319.7 million, down from $337.9 million in the prior year. The decline in lease revenues was attributed to the absence of lease termination income in 2024, which had contributed $7.5 million in 2023, alongside a decrease in GAAP revenues recorded on a straight-line basis.
Operating expenses increased to $54.8 million in Q3 2024 from $54.4 million in Q3 2023, and for the nine months, they rose to $190.5 million from $167.4 million. The increase in expenses was primarily due to higher non-reimbursable property expenses and increased impairment charges, which surged to $31.3 million for the nine months ended September 30, 2024, compared to $1.5 million in 2023.
The company’s total assets grew to $4.99 billion as of September 30, 2024, from $4.89 billion at the end of 2023. However, total equity decreased to $3.14 billion from $3.19 billion during the same period. Cash and cash equivalents saw a significant decline, dropping to $9.0 million from $19.5 million at the end of 2023.
Broadstone Net Lease continued its acquisition strategy, closing on real estate acquisitions totaling $286.2 million for the nine months ended September 30, 2024, compared to $46.5 million in the same period of 2023. The company also reported a gain on the sale of real estate of $65.0 million for the nine months, up from $48.0 million in 2023.
As of September 30, 2024, the company maintained a diversified portfolio of 773 properties, with a weighted average remaining lease term of approximately 10.3 years. The portfolio is approximately 99% leased, with 97.4% of leases providing for future rent increases, contributing to organic revenue growth.
About Broadstone Net Lease, Inc.
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