Broadstone Net Lease reports Q1 FFO 38c, consensus 38c

Reports Q1 revenue $121.4M, consensus $120.9M. Achieved same store rental revenue growth of 2.8% compared to the previous year, driven by “strong contractual rent increases and leasing activity in prior periods.” “We are off to a great start for the year, delivering 5.6% year-over-year AFFO growth during the quarter,” said John Moragne, BNL‘s Chief Executive Officer. “We strengthened our committed build-to-suit pipeline, invested over $60 million in high yielding stabilized acquisitions, and realized no lost rent, highlighting another quarter of diligent execution across the organization. We remain focused on adding to our growing pipeline of build-to-suits and driving long-term sustainable shareholder value.”