Broccoli, White Bean and Cheddar Soup

1 14-ounce can vegetable broth
1 cup water
1 pound broccoli crowns, trimmed and chopped (about 6 cups)
1 14-ounce can cannellini beans, rinsed
1/4 teaspoon salt
1/4 teaspoon ground white pepper
1 cup shredded extra-sharp Cheddar cheese

Bring broth and water to a boil in a medium saucepan over high heat. Add broccoli, cover and continue cooking until tender, about 8 minutes. Stir in beans, salt and pepper and continue cooking until the beans are heated through, about 1 minute.
Transfer half the mixture to a blender with half the cheese and puree. Transfer to a bowl. Repeat with the remaining broccoli mixture and cheese. Serve warm.