Investor Presentaiton
GAAP RECONCILIATIONS
FUNDS FROM OPERATIONS (FFO), CORE FFO, AND ADJUSTED FUNDS FROM OPERATIONS (AFFO)
(in thousands)
Net income
Real property depreciation and amortization
Gain on sale of real estate
Provision for impairment of investment in rental properties
FFO
Net write-offs of accrued rental income
Lease termination fees
Cost of debt extinguishment
Gain on insurance recoveries
Severance and executive transition costs1
Other income²
Core FFO
Straight-line rent adjustment
Amortization of debt issuance costs
Amortization of net mortgage premiums
Loss on interest rate swaps and other non-cash interest expense
Amortization of lease intangibles
Stock-based compensation
Deferred taxes
AFFO
Diluted weighted average shares outstanding
3
Net earnings per diluted share 4
FFO per diluted share 4
Core FFO per diluted share 4
AFFO per diluted share 4
$
Three Months Ended
March 31,
2023
December 31,
2022
41,374
$
36,773
41,745
45,570
(3,415)
(10,625)
1,473
81,177
$
71,718
297
(7,500)
(1,678)
77
(341)
481
18
751
$
74,473
$
70,527
(7,271)
(6,826)
986
988
(26)
(26)
522
522
(2,691)
(1,308)
1,492
1,503
204
$
67,485
$
65,584
196,176
183,592
$
0.21
$
0.20
0.41
0.39
0.38
0.38
0.34
0.36
(1) Amount includes $0.4 million of accelerated stock-based compensation and $0.1 million of executive transition costs during the three months ended March 31, 2023, related to the departure of our previous chief executive
officer.
(2) Amount includes $18 thousand and $0.8 million of unrealized foreign exchange (gain) for the three months ended March 21, 2023, and December 31, 2022, respectively, primarily associated with our Canadian dollar
denominated revolving borrowings
(3) Excludes 431,392 and 396,924, weighted average shares of unvested restricted common stock for the three months ended March 31, 2023, and December 31, 2022, respectively.
(4) Excludes $0.1 million from the numerator for the three months ended March 31, 2023, and December 31, 2022, related to dividends declared on shares of unvested restricted common stock.
BROADSTONE
NET LEASE, INC.
22
INVESTOR PRESENTATION | MAY 2023View entire presentation