Broadstone Net Lease (BNL) 10-Q 4 Aug 21 2021 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2021	Aug. 02, 2021
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2021
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q2
Entity Registrant Name	BROADSTONE NET LEASE, INC.
Entity Central Index Key	0001424182
Current Fiscal Year End Date	--12-31
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	true
Entity Ex Transition Period	true
Entity Common Stock, Shares Outstanding		158,830,350
Entity Shell Company	false
Entity File Number	001-39529
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	26-1516177
Entity Address, Address Line One	800 Clinton Square
Entity Address, City or Town	Rochester
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	14604
City Area Code	585
Local Phone Number	287-6500
Document Quarterly Report	true
Document Transition Report	false
Title of 12(b) Security	Common Stock, $0.00025 par value
Trading Symbol	BNL
Security Exchange Name	NYSE

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Assets
Accounted for using the operating method, net of accumulated depreciation	$ 3,534,884	$ 3,354,511
Accounted for using the direct financing method	28,911	29,066
Accounted for using the sales-type method	566	567
Investment in rental property, net	3,564,361	3,384,144
Cash and cash equivalents	78,987	100,486
Accrued rental income	109,278	102,117
Tenant and other receivables, net	618	1,604
Prepaid expenses and other assets	18,846	22,277
Goodwill	339,769	339,769
Intangible lease assets, net	296,134	290,913
Debt issuance costs – unsecured revolving credit facility, net	5,250	6,435
Leasing fees, net	10,368	10,738
Total assets	4,423,611	4,258,483
Liabilities and equity
Unsecured revolving credit facility
Mortgages, net	105,748	107,382
Unsecured term notes, net	1,383,631	1,433,796
Interest rate swap, liabilities	46,335	72,103
Earnout liability	10,063	7,509
Accounts payable and other liabilities	75,463	74,936
Accrued interest payable	3,885	4,023
Intangible lease liabilities, net	74,978	79,653
Total liabilities	1,700,103	1,779,402
Commitments and contingencies (See Note 18)
Broadstone Net Lease, Inc. stockholders' equity:
Preferred stock, $0.001 par value; 20,000 shares authorized, no shares issued or outstanding
Common stock, value	40	27
Additional paid-in capital	2,890,131	2,624,997
Cumulative distributions in excess of retained earnings	(293,622)	(259,673)
Accumulated other comprehensive loss	(41,896)	(66,255)
Total Broadstone Net Lease, Inc. stockholders’ equity	2,554,653	2,299,105
Non-controlling interests	168,855	179,976
Total equity	2,723,508	2,479,081
Total liabilities and equity	4,423,611	4,258,483
Class A Common Stock
Broadstone Net Lease, Inc. stockholders' equity:
Common stock, value		9
Total equity	$ 0	$ 9

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares	Jun. 30, 2021	Dec. 31, 2020
Preferred stock, par value	$ 0.001	$ 0.001
Preferred stock, shares authorized	20,000,000	20,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value	$ 0.00025	$ 0.00025
Common stock, shares authorized	500,000,000	440,000,000
Common stock, shares issued	158,583,000	108,609,000
Common stock, shares outstanding	158,583,000	108,609,000
Class A Common Stock
Common stock, par value	$ 0.00025	$ 0.00025
Common stock, shares authorized	0	60,000,000
Common stock, shares issued	0	37,000,000
Common stock, shares outstanding	0	37,000,000

Condensed Consolidated Statemen

Condensed Consolidated Statements of Income and Comprehensive Income (Loss) (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Revenues
Lease revenues, net	$ 84,759	$ 80,371	$ 167,457	$ 158,602
Operating expenses
Depreciation and amortization	31,225	39,921	61,938	71,140
Property and operating expense	4,572	4,190	9,177	8,305
General and administrative	8,655	5,700	19,288	11,542
Provision for impairment of investment in rental properties	0	534	2,012	2,667
Total operating expenses	44,452	50,345	92,415	97,390
Other income (expenses)
Interest income	6	11	11	20
Interest expense	(15,430)	(19,513)	(31,538)	(40,504)
Cost of debt extinguishment	0	0	(126)	(22)
Gain on sale of real estate	3,838	1,046	8,571	8,665
Income taxes	(301)	(402)	(714)	(951)
Internalization expenses	0	(389)	0	(1,594)
Change in fair value of earnout liability	(5,604)	6,321	(4,480)	2,144
Other income (expenses)	4	(2)	14	(24)
Net income	22,820	17,098	46,780	28,946
Net income attributable to non-controlling interests	(1,606)	(1,745)	(3,343)	(2,777)
Net income attributable to Broadstone Net Lease, Inc.	$ 21,214	$ 15,353	$ 43,437	$ 26,169
Weighted average number of common shares outstanding
Basic	146,119	107,422	145,728	106,765
Diluted	157,430	119,648	157,115	117,929
Net earnings per share attributable to common stockholders
Basic and diluted	$ 0.14	$ 0.14	$ 0.30	$ 0.25
Comprehensive income (loss)
Net income	$ 22,820	$ 17,098	$ 46,780	$ 28,946
Other comprehensive income (loss)
Change in fair value of interest rate swaps	(2,911)	(6,056)	25,769	(64,118)
Realized gain on interest rate swaps	(42)	(41)	(83)	(83)
Comprehensive income (loss)	19,867	11,001	72,466	(35,255)
Comprehensive (income) loss attributable to non-controlling interests	(1,399)	(1,123)	(5,212)	2,897
Comprehensive income (loss) attributable to Broadstone Net Lease, Inc.	18,468	9,878	67,254	(32,358)
Asset Management Fees
Operating expenses
Operating expenses	0	0	0	2,461
Property Management Fees
Operating expenses
Operating expenses	$ 0	$ 0	$ 0	$ 1,275

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Stockholders' Equity and Mezzanine Equity (Unaudited) - USD ($) $ in Thousands	Total	Class A Common Stock	Mezzanine Equity Common Stock	Mezzanine Equity Non-controlling Interests	Common Stock	Additional Paid-in Capital	Cumulative Distributions in Excess of Retained Earnings	Accumulated Other Comprehensive Loss	Non-controlling Interests
Beginning Balance at Dec. 31, 2019	$ 1,779,020	$ 0			$ 26	$ 1,895,935	$ (208,261)	$ (20,086)	$ 111,406
Net income				$ 322					710
Net income	11,526						10,816
Issuance of shares of common stock	6,097					6,097
Adjustment to carrying value of mezzanine equity non-controlling interests	(2,416)	0			0	(2,416)	0	0	0
Distributions declared	(37,399)	0			0	0	(35,299)	0	(2,100)
Change in fair value of interest rate swap agreements	(56,486)	0			0	0	0	(53,014)	(3,472)
Realized gain on interest rate swap agreements	(40)	0			0	0	0	(38)	(2)
Ending Balance at Mar. 31, 2020	1,699,979	0			26	1,899,616	(233,067)	(73,138)	106,542
Beginning Balance at Dec. 31, 2019	0		$ 0	0
Cumulative effect of accounting change	(323)	0			0	0	(323)	0	0
Net income	322
Issuance shares of mezzanine equity common stock	66,376		66,376	0
Issuance of mezzanine non-controlling interests	112,159		0	112,159
Adjustment to carrying value of mezzanine equity non-controlling interests	2,416			2,416
Distributions declared	(1,161)		0	(1,161)
Change in fair value of interest rate swap agreements	(1,576)		0	(1,576)
Realized gain on interest rate swap agreements	(2)		0	(2)
Ending Balance at Mar. 31, 2020	178,534		66,376	112,158
Beginning Balance at Dec. 31, 2019	1,779,020	0			26	1,895,935	(208,261)	(20,086)	111,406
Net income	28,946
Adjustment to carrying value of mezzanine equity non-controlling interests	2,513
Conversion of OP Units to shares of common stock						0
Ending Balance at Jun. 30, 2020	1,698,112	0			26	1,899,751	(229,531)	(78,613)	106,479
Beginning Balance at Dec. 31, 2019	0		0	0
Ending Balance at Jun. 30, 2020	178,535		66,376	112,159
Beginning Balance at Mar. 31, 2020	1,699,979	0			26	1,899,616	(233,067)	(73,138)	106,542
Net income	17,098
Net income	16,345						15,353		992
Issuance of shares of common stock	232	0				232	0		0
Adjustment to carrying value of mezzanine equity non-controlling interests	97	0			0	(97)	0	0	0
Conversion of OP Units to shares of common stock						0
Distributions declared	(12,518)	0			0	0	(11,817)	0	(701)
Change in fair value of interest rate swap agreements	5,789	0			0	0	0	(5,438)	(351)
Realized gain on interest rate swap agreements	(40)	0			0	0	0	(37)	(3)
Ending Balance at Jun. 30, 2020	1,698,112	0			26	1,899,751	(229,531)	(78,613)	106,479
Beginning Balance at Mar. 31, 2020	178,534		66,376	112,158
Net income	753			753
Issuance shares of mezzanine equity common stock	0		0	0
Adjustment to carrying value of mezzanine equity non-controlling interests				97
Distributions declared	(581)		0	(581)
Change in fair value of interest rate swap agreements	(267)		0	(267)
Realized gain on interest rate swap agreements	(1)		0	(1)
Ending Balance at Jun. 30, 2020	178,535		$ 66,376	$ 112,159
Beginning Balance at Dec. 31, 2020	2,479,081	9			27	2,624,997	(259,673)	(66,255)	179,976
Net income	23,960	0			0	0	22,223	0	1,737
Issuance of shares of common stock	233	0			0	233	0	0	0
Offering costs, discounts and commissions	500	0			0	500	0	0	0
Stock-based compensation	1,769	0			0	1,769	0	0	0
Retirement of shares of restricted common stock	832	0			0	832	0	0	0
Conversion of 37,000 Class A common stock to 37,000 shares of common stock	0	(9)			9	0	0	0	0
Conversion of OP Units to shares of common stock	0	0			0	606	0	0	(606)
Distributions declared	(39,653)	0			0	0	(36,690)	0	(2,963)
Change in fair value of interest rate swap agreements	28,680	0			0	0	0	26,602	2,078
Realized gain on interest rate swap agreements	(41)	0			0	0	0	(39)	(2)
Adjustment to non-controlling interests	0	0			0	(953)	0	1,008	(55)
Ending Balance at Mar. 31, 2021	2,492,697	0			36	2,625,320	(274,140)	(38,684)	180,165
Beginning Balance at Dec. 31, 2020	2,479,081	9			27	2,624,997	(259,673)	(66,255)	179,976
Net income	46,780
Conversion of OP Units to shares of common stock	18,466					18,465
Ending Balance at Jun. 30, 2021	2,723,508	0			40	2,890,131	(293,622)	(41,896)	168,855
Beginning Balance at Mar. 31, 2021	2,492,697	0			36	2,625,320	(274,140)	(38,684)	180,165
Net income	22,820	0			0	0	21,214	0	1,606
Issuance of shares of common stock	264,799	0			4	264,795	0	0	0
Issuance of 248 OP Units	0	0			0	0	0	0	0
Offering costs, discounts and commissions	11,013	0			0	11,013	0	0	0
Stock-based compensation	951	0			0	951	0	0	0
Retirement of shares of restricted common stock	309	0			0	309	0	0	0
Conversion of 37,000 Class A common stock to 37,000 shares of common stock	0	0			0	17,859	0	0	(17,859)
Conversion of OP Units to shares of common stock						17,859
Distributions declared	(43,484)	0			0	0	(40,696)	0	(2,788)
Change in fair value of interest rate swap agreements	(2,911)	0			0	0	0	(2,708)	(203)
Realized gain on interest rate swap agreements	(42)	0			0	0	0	(38)	(4)
Adjustment to non-controlling interests	0	0			0	(7,472)	0	(466)	7,938
Ending Balance at Jun. 30, 2021	$ 2,723,508	$ 0			$ 40	$ 2,890,131	$ (293,622)	$ (41,896)	$ 168,855

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Stockholders' Equity and Mezzanine Equity (Unaudited) (Parenthetical) - $ / shares shares in Thousands	3 Months Ended
	Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2020	Mar. 31, 2020
Issuance of OP units, number of units	248
Issuance of shares of mezzanine equity common stock, shares				3,124
Issuance of mezzanine non-controlling interests, shares		5,278
Retirement shares of restricted common stock, shares		45
Issuance of shares common stock upon conversion of Class A common stock		37,000
Issuance of shares common stock upon conversion of OP units	1,127	38
Number of OP units exchanged	1,127	38
Common Stock
Issuance of shares of common stock, shares	11,659	211	11	293
Distribution declared per share	$ 0.255	$ 0.250	$ 0.110	$ 0.330
Class A Common Stock
Number of shares converted		37,000

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Operating activities
Net income	$ 46,780	$ 28,946
Adjustments to reconcile net income including non-controlling interests to net cash provided by operating activities:
Depreciation and amortization including intangibles associated with investment in rental property	60,570	71,020
Provision for impairment of investment in rental properties	2,012	2,667
Amortization of debt issuance costs charged to interest expense	1,799	1,637
Stock-based compensation expense	2,720	0
Straight-line rent, financing and sales-type lease adjustments	(9,609)	(7,757)
Cost of debt extinguishment	126	22
Gain on sale of real estate	(8,571)	(8,665)
Change in fair value of earnout liability	4,480	(2,144)
Leasing fees paid	(319)	0
Adjustment to provision for credit losses	(1)	(127)
Other non-cash items	459	228
Changes in assets and liabilities, net of acquisition:
Tenant and other receivables	986	(4,111)
Prepaid expenses and other assets	1,088	(235)
Accounts payable and other liabilities	(3,367)	(2,573)
Accrued interest payable	(138)	550
Net cash provided by operating activities	99,015	79,458
Investing activities
Acquisition of rental property accounted for using the operating method	(284,300)	0
Cash paid for Internalization	0	(30,861)
Capital expenditures and improvements	(1,336)	(3,824)
Proceeds from disposition of rental property, net	43,144	45,423
Change in deposits on investments in rental property	(220)	0
Net cash (used in) provided by investing activities	(242,712)	10,738
Financing activities
Proceeds from issuance of common stock and Class A common stock, net of offering costs, discounts, and commissions	253,647	131
Cash paid for deferred offering costs	0	(1,055)
Borrowings on unsecured term notes	0	60,000
Principal payments on mortgages and unsecured term notes	(51,593)	(152,533)
Borrowings on unsecured revolving credit facility	175,600	192,000
Repayments on unsecured revolving credit facility	(175,600)	(141,000)
Cash distributions paid to stockholders	(73,278)	(52,779)
Cash distributions paid to non-controlling interests	(5,927)	(5,307)
Cash paid for earnout liability	(1,926)	0
Debt issuance and extinguishment costs paid	(946)	(122)
Net cash (used in) provided by financing activities	119,977	(100,665)
Net (decrease) increase in cash and cash equivalents and restricted cash	(23,720)	(10,469)
Cash and cash equivalents and restricted cash at beginning of period	110,728	20,311
Cash and cash equivalents and restricted cash at end of period	87,008	9,842
Reconciliation of cash and cash equivalents and restricted cash
Cash and cash equivalents at beginning of period	100,486	12,455
Restricted cash at beginning of period	10,242	7,856
Cash and cash equivalents and restricted cash at beginning of period	110,728	20,311
Cash and cash equivalents at end of period	78,987	9,241
Restricted cash at end of period	8,021	601
Cash and cash equivalents and restricted cash at end of period	$ 87,008	$ 9,842

Condensed Consolidated Statem_5

Condensed Consolidated Statements of Cash Flows (Unaudited) (Parenthetical) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Proceeds From Issuance Of Common Stock	$ 253,647	$ 131
Class A Common Stock
Proceeds From Issuance Of Common Stock	$ 10,842	$ 0

Business Description

Business Description	6 Months Ended
	Jun. 30, 2021
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Business Description	1. Business Description Broadstone Net Lease, Inc. (the “Corporation”) is a Maryland corporation formed on October 18, 2007 , that elected to be taxed as a real estate investment trust (“REIT”) commencing with the taxable year ended December 31, 2008. The Corporation focuses on investing in income-producing, net leased commercial properties, primarily in the United States. The Corporation leases industrial, healthcare, restaurant, retail, and office commercial properties under long-term lease agreements. At June 30, 2021 , the Corporation owned a diversified portfolio of 684 individual commercial properties with 683 properties located in 42 U.S. states and one property located in British Columbia, Canada. Broadstone Net Lease, LLC (the Corporation’s operating company, or the “OP”), is the entity through which the Corporation conducts its business and owns (either directly or through subsidiaries) all of the Corporation’s properties. The Corporation is the sole managing member of the OP. The remaining membership units in the OP (“OP Units”), which are referred to as non-controlling interests, are held by members who were issued OP Units pursuant to the Internalization (defined below) or in exchange for their interests in properties acquired by the OP. As the Corporation conducts substantially all of its operations through the OP, it is structured as what is referred to as an umbrella partnership real estate investment trust (“UPREIT”). The Corporation, the OP, and its consolidated subsidiaries are collectively referred to as the “Company.” Prior to February 7, 2020, the Corporation was externally managed by Broadstone Real Estate, LLC (“BRE”) and Broadstone Asset Management, LLC (the “Asset Manager”) subject to the direction, oversight, and approval of the Company’s board of directors (the “Board of Directors”). The Asset Manager was a wholly owned subsidiary of BRE and all of the Corporation’s officers were employees of BRE. Accordingly, both BRE and the Asset Manager were related parties of the Company. Refer to Note 3 for further discussion concerning related parties and related party transactions. On February 7, 2020, the Corporation, the OP, BRE, and certain of their respective subsidiaries and affiliates, completed through a series of mergers (the “Mergers”) the internalization of the external management functions previously performed for the Corporation and the OP by BRE and the Asset Manager (such transactions, collectively, the “Internalization”). Upon consummation of the Internalization, the Company’s management team and corporate staff, who were previously employed by BRE, became employees of an indirect subsidiary of the OP and the Company became internally managed. Upon Internalization, the prior Property Management Agreement and Asset Management Agreement were terminated. The Internalization was not considered a “Termination Event” under the terms of the agreements and therefore no fees were paid under them as a result of the Internalization. On September 18, 2020, the Corporation effected a four -for-one stock split on its then outstanding 26,944 shares of common stock (“Common Stock”) that previously had a $ 0.001 par value. Concurrent with the stock split, the OP effected a four-for-one stock split of its outstanding OP Units. No fractional shares or OP Units were issued as a result of the stock split. All historic share and per share amounts in these Condensed Consolidated Financial Statements have been adjusted to give retroactive effect to the stock split. On September 21, 2020, the Corporation completed its initial public offering (“IPO”) and issued an aggregate of 37,000 shares of a new class of common stock, $ 0.00025 par value per share (“Class A Common Stock”) at $ 17.00 per share, which includes shares issued pursuant to the underwriters’ partial exercise of their over-allotment option on October 20, 2020, pursuant to a registration statement on Form S-11 (File No. 333-240381), as amended, under the Securities Act of 1933, as amended. Shares of Class A Common Stock were listed on the New York Stock Exchange (“NYSE”) under the symbol “BNL.” On March 20, 2021, each share of Class A Common Stock automatically converted into one share of Common Stock, and effective March 22, 2021, all shares of Common Stock were listed and freely tradeable on the NYSE under the symbol “BNL.” See Note 14. The following table summarizes the outstanding equity and economic ownership interest of the Corporation and the OP: June 30, 2021 December 31, 2020 (in thousands) Shares of OP Units Total Diluted Shares of OP Units Total Diluted Ownership interest 158,583 10,482 169,065 145,609 11,399 157,008 Percent ownership of OP 93.8 % 6.2 % 100.0 % 92.7 % 7.3 % 100.0 % Refer to Note 16 for further discussion regarding the calculation of weighted average shares outstanding.

Summary of Significant Accounti

Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 2021
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	2. Summary of Significant Accounting Policies Interim Information The accompanying Condensed Consolidated Financial Statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information (Accounting Standards Codification (“ASC”) 270, Interim Reporting ) and Article 10 of the Securities and Exchange Commission’s (“SEC”) Regulation S-X. Accordingly, the Corporation has omitted certain footnote disclosures which would substantially duplicate those contained within the audited consolidated financial statements for the year ended December 31, 2020, included in the Company’s 2020 Annual Report on Form 10-K, filed with the SEC on February 25, 2021. Therefore, the readers of this quarterly report should refer to those audited consolidated financial statements, specifically Note 2, Summary of Significant Accounting Policies , for further discussion of significant accounting policies and estimates. The Corporation believes all adjustments necessary for a fair presentation have been included in these interim Condensed Consolidated Financial Statements (which include only normal recurring adjustments). Principles of Consolidation The Condensed Consolidated Financial Statements include the accounts and operations of the Company. All intercompany balances and transactions have been eliminated in consolidation. To the extent the Corporation has a variable interest in entities that are not evaluated under the variable interest entity (“VIE”) model, the Corporation evaluates its interests using the voting interest entity model. The Corporation has complete responsibility for the day-to-day management of, authority to make decisions for, and control of the OP. Based on consolidation guidance, the Corporation has concluded that the OP is a VIE as the members in the OP do not possess kick-out rights or substantive participating rights. Accordingly, the Corporation consolidates its interest in the OP. However, because the Corporation holds the majority voting interest in the OP and certain other conditions are met, it qualifies for the exemption from providing certain disclosure requirements associated with investments in VIEs. The portion of the OP not owned by the Corporation is presented as non-controlling interests as of and during the periods presented. Basis of Accounting The Condensed Consolidated Financial Statements have been prepared in accordance with GAAP. Use of Estimates The preparation of Condensed Consolidated Financial Statements in conformity with GAAP requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent liabilities at the date of the Condensed Consolidated Financial Statements and the reported amounts of revenues and expenses during the reporting periods. Significant estimates include, but are not limited to, the allocation of purchase price between tangible and intangible assets acquired and liabilities assumed, the value of long-lived assets and goodwill, the provision for impairment, the depreciable lives of rental property, the amortizable lives of intangible assets and liabilities, the provisions for uncollectible rent and credit losses, the fair value of the earnout liability, the fair value of assumed debt, the fair value of the Company’s interest rate swap agreements, and the determination of any uncertain tax positions. Accordingly, actual results may differ from those estimates. Long-lived Asset Impairment The Company reviews long-lived assets, other than goodwill, to be held and used for possible impairment when events or changes in circumstances indicate that their carrying amounts may not be recoverable. If, and when, such events or changes in circumstances are present, an impairment exists to the extent the carrying value of the asset or asset group exceeds the sum of the undiscounted cash flows expected to result from the use of the asset or asset group and its eventual disposition. Such cash flows include expected future operating income, as adjusted for trends and prospects, as well as the effects of demand, competition, and other factors. An impairment loss is measured as the amount by which the carrying amount of the asset or asset group exceeds the fair value of the asset or asset group. A significant judgment is made as to if and when impairment should be taken. The Company’s assessment of impairment as of June 30, 2021 was based on the most current information available to the Company. Certain of the Company’s properties may have fair values less than their carrying amounts. However, based on the Company’s plans with respect to each of those properties, the Company believes that their carrying amounts are recoverable and therefore, under applicable GAAP guidance, no impairment charges were recognized other than those described below. If the operating conditions mentioned above deteriorate or if the Company’s expected holding period for assets changes, subsequent tests for impairments could result in additional impairment charges in the future. Inputs used in establishing fair value for real estate assets generally fall within Level 3 of the fair value hierarchy, which are characterized as requiring significant judgment as little or no current market activity may be available for validation. The main indicator used to establish the classification of the inputs is current market conditions, as derived through the use of published commercial real estate market information. The Company determines the valuation of impaired assets using generally accepted valuation techniques including discounted cash flow analysis, income capitalization, analysis of recent comparable sales transactions, actual sales negotiations, and bona fide purchase offers received from third parties. Management may consider a single valuation technique or multiple valuation techniques, as appropriate, when estimating the fair value of its real estate. The following table summarizes the Company's impairment charges, resulting primarily from changes in the Company's long-term hold strategy with respect to the individual properties. For the Three Months Ended For the Six Months Ended (in thousands, except number of properties) 2021 2020 2021 2020 Number of properties — 2 1 3 Impairment charge $ — $ 534 $ 2,012 $ 2,667 Restricted Cash Restricted cash includes escrow funds the Company maintains pursuant to the terms of certain mortgages, and lease agreements, and undistributed proceeds from the sale of properties under Section 1031 of the Internal Revenue Code of 1986, as amended (the “Code”), and is reported within Prepaid expenses and other assets on the Condensed Consolidated Balance Sheets. Restricted cash consisted of the following: June 30, December 31, (in thousands) 2021 2020 Escrow funds and other $ 8,021 $ 7,852 Undistributed 1031 proceeds — 2,390 $ 8,021 $ 10,242 Rent Received in Advance Rent received in advance represents tenant payments received prior to the contractual due date, and is included in Accounts payable and other liabilities on the Condensed Consolidated Balance Sheets. Rent received in advance is as follows: (in thousands) June 30, December 31, Rent received in advance $ 13,396 $ 13,651 Provision for Uncollectible Rent In accordance with ASC 842, Leases , provisions for uncollectible rent are recorded as an offset to Lease revenues, net on the accompanying Consolidated Statements of Income and Comprehensive Income (Loss). The following table summarizes the changes in the provision for uncollectible rent: For the Three Months Ended For the Six Months Ended (in thousands) 2021 2020 2021 2020 Beginning balance $ 343 $ 1,033 $ 201 $ — Provision for uncollectible rent 57 1,190 199 2,223 Write-offs — ( 1 ) — ( 1 ) Ending balance $ 400 $ 2,222 $ 400 $ 2,222 Fair Value Measurements Recurring Fair Value Measurements Earnout Liability – In connection with the Internalization, the Company recognized an earnout liability that will be due and payable to the former owners of BRE if certain milestones are achieved during specified periods of time following the closing of the Internalization (the “Earnout Periods”). Under the terms of the agreement, the milestones related to either (a) the 40-day dollar volume-weighted average price of a share of the Company’s common stock (“VWAP per REIT Share”), following the completion of an IPO of the Company’s common stock, or (b) the Company’s AFFO per share, prior to the completion of an IPO. The Company utilizes third-party valuation experts to assist in estimating the fair value of the earnout liability, and develops estimates by considering weighted-average probabilities of likely outcomes, and using a Monte Carlo simulation and discounted cash flow analysis. These estimates require the Company to make various assumptions about share price volatility and, prior to the IPO, about the timing of an IPO and net asset prices, each of which are unobservable and considered Level 3 inputs in the fair value hierarchy. A change in these inputs to a different amount might result in a significantly higher or lower fair value measurement at the reporting date. Specifically, advancements in the estimated IPO date assumption increased the earnout liability’s fair value given the earnout’s fixed time horizon. Peer share price volatilities are used to estimate the Company’s expected share price volatility, and the Company’s corresponding ability to achieve the earnout targets. Increases in the volatility assumption would increase the earnout liability’s fair value. Increases in net asset values would also increase the earnout liability’s fair value. The table below provides a summary of the significant unobservable inputs used to estimate the fair value of the earnout liability as of June 30, 2021: Significant Unobservable Inputs Weighted Average Range Peer stock price volatility 40.0 % 26.02 % - 51.90 % The table below provides a summary of the significant unobservable inputs used to estimate the fair value of the earnout liability as of June 30, 2020: Significant Unobservable Inputs Weighted Average Assumption Used Range Expected IPO date October 21, 2020 September 2020 through February 2021 Peer stock price volatility 35.0 % 25.67 % - 58.92 % Company's net asset value per diluted share $ 17.77 (a) (a) The Company’s net asset value per diluted share was primarily based on the fair value of its real estate investment portfolio, together with the fair value of its other assets and liabilities. The fair value of the Company’s real estate investment portfolio as of the measurement date was determined using market capitalization rates that ranged between 6.11 % and 7.17 %. The table below provides a summary of the significant unobservable inputs used to estimate the fair value of the earnout liability as of February 7, 2020, the transaction date: Significant Unobservable Inputs Weighted Average Assumption Used Range Expected IPO date April 15, 2020 March 2020 through May 2020 Peer stock price volatility 20.0 % 16.22 % to 23.09 % Company's net asset value per diluted share $ 21.30 (b) (b) The Company’s net asset value per diluted share was primarily based on the fair value of its real estate investment portfolio, together with the fair value of its other assets and liabilities. The fair value of the Company’s real estate investment portfolio as of the measurement date was determined using market capitalization rates that ranged between 6.05 % and 7.09 %. The following table presents a reconciliation of the change in the earnout liability: For the Three Months Ended For the Six Months Ended (in thousands) 2021 2020 2021 2020 Beginning balance $ 6,385 $ 44,296 $ 7,509 $ — Allocation of Internalization purchase price at — — — 40,119 Change in fair value subsequent to Internalization 5,604 ( 6,321 ) 4,480 ( 2,144 ) Payout of tranches earned ( 1,926 ) — ( 1,926 ) — Ending balance $ 10,063 $ 37,975 $ 10,063 $ 37,975 The changes in fair value were driven primarily by fluctuations in the Company's share price. The balances of financial instruments measured at fair value on a recurring basis are as follows: June 30, 2021 (in thousands) Total Level 1 Level 2 Level 3 Interest rate swap, liabilities ( 46,335 ) — ( 46,335 ) — Earnout liability ( 10,063 ) — — ( 10,063 ) December 31, 2020 (in thousands) Total Level 1 Level 2 Level 3 Interest rate swap, liabilities $ ( 72,103 ) $ — $ ( 72,103 ) $ — Earnout liability ( 7,509 ) — — ( 7,509 ) Long-term Debt – The fair value of the Company’s debt was estimated using Level 2 and Level 3 inputs based on recent financing transactions, estimates of the fair value of the property that serves as collateral for such debt, historical risk premiums for loans of comparable quality, current London Interbank Offered Rate (“LIBOR”), U.S. Treasury obligation interest rates, and on the discounted estimated future cash payments to be made on such debt. The discount rates estimated reflect the Company’s judgment as to the approximate current lending rates for loans or groups of loans with similar maturities and assumes that the debt is outstanding through maturity. Market information, as available, or present value techniques were utilized to estimate the amounts required to be disclosed. Since such amounts are estimates that are based on limited available market information for similar transactions and do not acknowledge transfer or other repayment restrictions that may exist on specific loans, it is unlikely that the estimated fair value of any such debt could be realized by immediate settlement of the obligation. The following table summarizes the carrying amount reported on the Condensed Consolidated Balance Sheets and the Company’s estimate of the fair value of the Mortgages, net, Unsecured term notes, net, and Unsecured revolving credit facility, which reflects the fair value of interest rate swaps: (in thousands) June 30, December 31, Carrying amount $ 1,496,004 $ 1,547,667 Fair value 1,615,365 1,679,188 Non-recurring Fair Value Measurements The Company’s non-recurring fair value measurements at June 30, 2021 and December 31, 2020 consisted of the fair value of impaired real estate assets that were determined using Level 3 inputs. Right-of-Use Assets and Lease Liabilities The Company is a lessee under non-cancelable operating leases associated with its corporate headquarters and other office spaces as well as with leases of land (“ground leases”). The Company records right-of-use assets and lease liabilities associated with these leases. The lease liability is equal to the net present value of the future payments to be made under the lease, discounted using estimates based on observable market factors. The right-of-use asset is generally equal to the lease liability plus initial direct costs associated with the leases. The Company includes in the recognition of the right-of-use asset and lease liability those renewal periods that are reasonably certain to be exercised, based on the facts and circumstances that exist at lease inception. Amounts associated with percentage rent provisions are considered variable lease costs and are not included in the initial measurement of the right-of-use asset or lease liability. The Company has made an accounting policy election, applicable to all asset types, not to separate lease from nonlease components when allocating contract consideration related to operating leases. Right-of-use assets and lease liabilities associated with operating leases were included in the accompanying Condensed Consolidated Balance Sheets as follows: June 30, December 31, (in thousands) Financial Statement Presentation 2021 2020 Right-of-use assets Prepaid expenses and other assets $ 2,743 $ 3,075 Lease liabilities Accounts payable and other liabilities 2,383 2,659 Stock-Based Compensation The Company has issued restricted stock awards (“RSAs”) and performance-based restricted stock units (“PRSUs”) under its 2020 Omnibus Equity and Incentive Plan (the “Equity Incentive Plan”). The Company accounts for stock-based incentives in accordance with ASC 718, Compensation – Stock Compensation , which requires that such compensation be recognized in the financial statements based on the award’s estimated grant date fair value. The value of such awards is recognized as compensation expense in General and administrative expenses in the Condensed Consolidated Statements of Income and Comprehensive Income (Loss) over the appropriate vesting period on a straight-line basis or at the cumulative amount vested at each balance sheet date, if greater. The Company records forfeitures during the period in which they occur by reversing all previously recorded stock compensation expense associated with the forfeited shares. Dividends declared on RSAs issued under the Equity Incentive Plan are recorded as Cumulative distributions in excess of retained earnings on the Condensed Consolidated Balance Sheets. Accumulated dividends related to forfeited RSAs will be reversed through compensation expense in the period the forfeiture occurs. Dividends accrued on the PRSUs are recorded as Cumulative distributions in excess of retained earnings on the Condensed Consolidated Balance Sheets. Accumulated dividends accrued related to forfeited PRSUs are reversed in the period the forfeiture occurs. Recently Adopted Accounting Standards In January 2021, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2021-01, Reference Rate Reform (Topic 848): Scope , which refines the scope of ASC 848, to include all derivative contracts subject to a transition for discounting cash flows, for computing variation margin settlements, and for calculating price alignment interest (PAI) as a result of reference rate reform (the “discounting transition”). ASU 2021-01 gives market participants the ability to apply certain aspects of the contract modification and hedge accounting expedients to derivative contracts affected by a discounting transition. ASU 2021-01 permits an entity to elect certain hedging relief if it has designated a derivative as a hedging instrument in a hedging relationship and the terms of the derivative have changed as a result of the discounting transition. The Company will apply the amendments in ASU 2021-01 related to contract modifications and hedging relationships prospectively. Other Recently Issued Accounting Standards In August 2020, the FASB issued ASU 2020-06, Debt – Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging – Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity . The guidance in ASU 2020-06 simplifies the accounting for convertible debt and convertible preferred stock by removing the requirements to separately present certain conversion features in equity. In addition, the amendments in ASU 2020-06 also simplify the guidance in ASC Subtopic 815-40, Derivatives and Hedging: Contracts in Entity’s Own Equity , by removing certain criteria that must be satisfied in order to classify a contract as equity, which is expected to decrease the number of freestanding instruments and embedded derivatives accounted for as assets or liabilities. Finally, the amendments revise the guidance on calculating earnings per share, requiring use of the if-converted method for all convertible instruments and rescinding an entity’s ability to rebut the presumption of share settlement for instruments that may be settled in cash or other assets. The amendments in ASU 2020-06 are effective for the Company for fiscal years beginning after December 15, 2021. Early adoption is permitted, but no earlier than fiscal years beginning after December 15, 2020. The guidance must be adopted as of the beginning of the fiscal year of adoption. The Company is currently evaluating the impact of this new guidance.

Related-Party Transactions

Related-Party Transactions	6 Months Ended
	Jun. 30, 2021
Related Party Transactions [Abstract]
Related-Party Transactions	3. Related-Party Transactions Prior to the Internalization on February 7, 2020, BRE, a related party in which certain directors of the Corporation had either a direct or indirect ownership interest, and the Asset Manager were considered to be related parties. Earnout Consideration In connection with the Internalization, the Company incurred a contingent obligation that would be payable to certain members of the Company’s Board of Directors and employees who had previously been owners and/or employees of BRE, upon the occurrence of certain events (see Note 4). During the three and six months ended June 30, 2021, the Company achieved the earnout milestone applicable to tranche 1 of the earnout (see Note 4). As a result, the Company issued 145 shares of common stock, 248 OP Units and paid $ 1,926 of cash on June 22, 2021. Conversion of OP Units to Common Stock During the three and six months ended June 30, 2021, in a non-cash transaction (see Note 17), the Company converted 1,020 OP Units held by an affiliated third party to 1,020 shares of common stock at a total conversion value of $ 16,175 .

Internalization

Internalization	6 Months Ended
	Jun. 30, 2021
Internalization [Abstract]
Internalization	4. Internalization On February 7, 2020, the Company completed the Internalization and the Company’s management team and corporate staff, who were previously employed by BRE, became employees of an indirect subsidiary of the OP. The effect of the Internalization has been reflected in the Company’s operating results beginning on February 7, 2020. In accordance with the Internalization, the Company is required to pay additional earnout consideration of up to $ 75,000 payable in four tranches of $ 10,000 , $ 15,000 , $ 25,000 , and $ 25,000 if certain milestones related to the 40 -day VWAP per REIT Share are achieved. The consideration will consist of a combination of cash, shares of the Company’s common stock, and OP Units, based on the same proportions paid in the base consideration. On June 16, 2021, the Company achieved a 40-day VWAP of $ 22.50 , thereby triggering the payout of tranche 1 of the earnout representing 145 shares of common stock, 248 OP units, and $ 1,926 of cash, including amounts accrued for dividends. For t he remaining earnout tranches, the applicable 40-day VWAP per REIT Share and the applicable Earnout Periods are as follows: Number of Shares and 40-Day (in thousands, except per share amounts) OP Units Approximate VWAP of a Tranche Earnout Target (a) Payable (b) Amount of Cash (c) REIT Share Applicable Earnout Period 2 $ 15,000 589 $ 2,470 $ 23.75 September 2020 - 3 $ 25,000 983 $ 4,117 $ 24.375 September 2021 - 4 $ 25,000 983 $ 4,117 $ 25.00 September 2021 - (a) Initial contractual value of applicable earnout tranche based on a $ 21.25 price per share/unit of common stock and OP Units. Does not take into account the actual per share price of common stock and OP Units at the time an applicable earnout tranche may be earned and paid. (b) Calculated based on $21.25 price per share/unit of common stock and OP Units. (c) Excludes dividends declared on tranche 2. Tranches 3 and 4 do not accrue dividends as they are declared. On July 14, 2021 the Company achieved a 40-day VWAP of $ 23.75 , thereby triggering the payout of tranche 2 of the earnout. Condensed Pro Forma Financial Information (Unaudited) The following pro forma information summarizes selected financial information from the Company’s combined results of operations, as if the Internalization had occurred on January 1, 2019. These results contain certain adjustments totaling $ 389 and $ 6,137 of income, respectively, for the three and six months ended June 30, 2020. These pro forma adjustments reflect the elimination of Internalization expenses and asset management, property management, and disposition fees between the Company and BRE and the Asset Manager in historic financial results, and adjustments to reflect compensation and related costs, incremental general and administrative expenses related to the Internalization, and incremental interest expense associated with the borrowing related to the Internalization. This pro forma information is presented for informational purposes only, and may not be indicative of what actual results of operations would have been had the Internalization occurred at the beginning of the period, nor does it purport to represent the results of future operations. The condensed pro forma financial information is as follows: For the Three Months Ended For the Six Months Ended (in thousands) June 30, 2020 June 30, 2020 Revenues $ 80,371 $ 158,602 Net income 17,487 31,340

Acquisitions of Rental Property

Acquisitions of Rental Property	6 Months Ended
	Jun. 30, 2021
Business Combinations [Abstract]
Acquisitions of Rental Property	5. Acquisitions of Rental Property The Company closed on the following acquisitions during the six months ended June 30, 2021: (in thousands, except number of properties) Number of Real Estate Date Property Type Properties Acquisition Price February 5, 2021 Healthcare 1 $ 4,843 February 26, 2021 Restaurant (a) 181 March 11, 2021 Retail 13 26,834 March 30, 2021 Retail 11 41,324 March 31, 2021 Healthcare 3 14,140 June 4, 2021 Retail 2 19,420 June 9, 2021 Industrial 1 8,500 June 9, 2021 Industrial 11 106,578 June 25, 2021 Retail 8 12,131 June 28, 2021 Healthcare 4 15,300 June 30, 2021 Retail 1 1,279 June 30, 2021 Healthcare 7 30,750 62 $ 281,280 (b) (a) Acquisition of additional land adjacent to an existing property. (b) Acquisition price does not include capitalized acquisition costs of $ 3,045 . The Company did no t complete any acquisitions of rental property during the six months ended June 30, 2020. The Company allocated the purchase price of these properties to the fair value of the assets acquired and liabilities assumed. The following table summarizes the purchase price allocation for completed real estate acquisitions: For the Six Months Ended (in thousands) June 30, 2021 Land $ 48,477 Land improvements 15,844 Buildings and improvements 197,064 Acquired in-place leases (c) 22,729 Acquired above-market lease (d) 211 $ 284,325 (c) The weighted average amortization period for acquired in-place leases is 14 years for acquisitions completed during the six months ended June 30, 2021. (d) The weighted average amortization period for acquired above-market leases is 10 years for acquisitions completed during the six months ended June 30, 2021 . The above acquisitions were funded using a combination of available cash on hand and revolving credit facility borrowings. All real estate acquisitions closed during the six months ended June 30, 2021, qualified as asset acquisitions and, as such, acquisition costs have been capitalized. Subsequent to June 30, 2021, the Company closed on the following acquisitions (see Note 19): (in thousands, except number of properties) Number of Real Estate Date Property Type Properties Acquisition Price July 2, 2021 Industrial (e) $ 4,500 July 21, 2021 Retail 1 5,565 July 29, 2021 Retail 3 4,586 July 29, 2021 Industrial 1 13,041 July 30, 2021 Industrial 2 11,011 7 $ 38,703 (e) Acquisition of land related to an existing property.

Sale of Real Estate

Sale of Real Estate	6 Months Ended
	Jun. 30, 2021
Real Estate [Abstract]
Sale of Real Estate	6. Sale of Real Estate The Company closed on the following sales of real estate, none of which qualified as discontinued operations: For the Three Months Ended For the Six Months Ended (in thousands, except number of properties) 2021 2020 2021 2020 Number of properties disposed 11 3 19 13 Aggregate sale price $ 22,276 $ 10,538 $ 45,338 $ 47,723 Aggregate carrying value ( 17,201 ) ( 8,994 ) ( 34,573 ) ( 36,758 ) Additional sales expenses ( 1,237 ) ( 498 ) ( 2,194 ) ( 2,300 ) Gain on sale of real estate $ 3,838 $ 1,046 $ 8,571 $ 8,665

Investment in Rental Property a

Investment in Rental Property and Lease Arrangements	6 Months Ended
	Jun. 30, 2021
Leases [Abstract]
Investment in Rental Property and Lease Arrangements	7. Investment in Rental Property and Lease Arrangements The Company generally leases its investment rental property to established tenants in the industrial, healthcare, restaurant, retail, and office, and other industries. At June 30, 2021 , the Company had 667 real estate properties which were leased under leases that have been classified as operating leases, 10 that have been classified as direct financing leases, and one that has been classified as a sales-type lease. Of the 10 leases classified as direct financing leases, three include land portions which are accounted for as operating leases. The sales-type lease includes a land portion which is accounted for as an operating lease. Substantially all leases have initial terms of 10 to 20 years. The Company’s leases generally provide for limited increases in rent as a result of fixed increases, increases in the CPI, or increases in the tenant’s sales volume. Generally, tenants are also required to pay all property taxes and assessments, substantially maintain the interior and exterior of the building, and maintain property and liability insurance coverage. The leases also typically provide for one or more multiple year renewal options, at the election of the tenant, and are subject to generally the same terms and conditions as the initial lease. Investment in Rental Property – Accounted for Using the Operating Method Rental property subject to non-cancelable operating leases with tenants was as follows: (in thousands) June 30, December 31, Land $ 597,779 $ 555,748 Land improvements 291,981 279,360 Buildings and improvements 3,023,490 2,857,510 Equipment 11,870 11,870 3,925,120 3,704,488 Less accumulated depreciation ( 390,236 ) ( 349,977 ) $ 3,534,884 $ 3,354,511 Depreciation expense on investment in rental property was as follows: For the Three Months Ended For the Six Months Ended (in thousands) 2021 2020 2021 2020 Depreciation $ 24,144 $ 23,560 $ 47,887 $ 47,075 Estimated lease payments to be received under non-cancelable operating leases with tenants at June 30, 2021 are as follows: (in thousands) Remainder of 2021 $ 155,434 2022 313,871 2023 317,645 2024 314,115 2025 307,083 Thereafter 2,206,838 $ 3,614,986 Since lease renewal periods are exercisable at the option of the tenant, the above amounts only include future lease payments due during the initial lease terms. Such amounts exclude any potential variable rent increases that are based on changes in the CPI or future variable rents which may be received under the leases based on a percentage of the tenant’s gross sales. Additionally, certain of our leases provide tenants with the option to terminate their leases in exchange for termination penalties, or that are contingent upon the occurrence of a future event. Future lease payments within the table above have not been adjusted for these termination rights. During the three months ended June 30, 2021, the Company executed a lease amendment that provides a tenant the option, but not the obligation, to early terminate its lease in exchange for a termination payment representing approximately 113 % of the remaining minimum lease payments. Investment in Rental Property – Direct Financing Leases The Company’s net investment in direct financing leases was comprised of the following: (in thousands) June 30, December 31, Undiscounted estimated lease payments to be received $ 44,193 $ 45,782 Estimated unguaranteed residual values 15,203 15,203 Unearned revenue ( 30,320 ) ( 31,753 ) Reserve for credit losses ( 165 ) ( 166 ) Net investment in direct financing leases $ 28,911 $ 29,066 Undiscounted estimated lease payments to be received under non-cancelable direct financing leases with tenants at June 30, 2021 are as follows: (in thousands) Remainder of 2021 $ 1,591 2022 3,241 2023 3,304 2024 3,361 2025 3,475 Thereafter 29,221 $ 44,193 The above rental receipts do not include future lease payments for renewal periods, potential variable CPI rent increases, or variable percentage rent payments that may become due in future periods. The following table summarizes amounts reported as Lease revenues, net on the Condensed Consolidated Statements of Income and Comprehensive Income (Loss): For the Three Months Ended For the Six Months Ended (in thousands) 2021 2020 2021 2020 Contractual rental amounts billed for operating leases $ 75,011 $ 67,342 $ 148,256 $ 140,170 Adjustment to recognize contractual operating lease billings on a 4,724 8,276 9,091 9,941 Variable rental amounts earned 114 51 205 74 Earned income from direct financing leases 728 855 1,458 1,842 Earned income from sales-type leases 15 — 29 — Operating expenses billed to tenants 4,196 4,335 8,584 8,067 Other income from real estate transactions 28 702 33 731 Adjustment to revenue recognized for uncollectible rental amounts ( 57 ) ( 1,190 ) ( 199 ) ( 2,223 ) Total Lease revenues, net $ 84,759 $ 80,371 $ 167,457 $ 158,602

Intangible Assets And Liabiliti

Intangible Assets And Liabilities	6 Months Ended
	Jun. 30, 2021
Goodwill And Intangible Assets Disclosure [Abstract]
Intangible Assets and Liabilities	8. Intangible Assets and Liabilities The following is a summary of intangible assets and liabilities and related accumulated amortization: (in thousands) June 30, December 31, Lease intangibles: Acquired above-market leases $ 50,139 $ 54,616 Less accumulated amortization ( 16,927 ) ( 18,928 ) Acquired above-market leases, net 33,212 35,688 Acquired in-place leases 359,962 340,958 Less accumulated amortization ( 97,040 ) ( 85,733 ) Acquired in-place leases, net 262,922 255,225 Total intangible lease assets, net $ 296,134 $ 290,913 Acquired below-market leases $ 106,366 $ 107,788 Less accumulated amortization ( 31,388 ) ( 28,135 ) Intangible lease liabilities, net $ 74,978 $ 79,653 Leasing fees $ 15,384 $ 15,462 Less accumulated amortization ( 5,016 ) ( 4,724 ) Leasing fees, net $ 10,368 $ 10,738 Amortization of intangible lease assets and liabilities was as follows: (in thousands) For the Three Months Ended For the Six Months Ended Intangible Financial Statement Presentation 2021 2020 2021 2020 Acquired in-place leases and leasing fees Depreciation and amortization $ 7,058 $ 16,339 $ 14,005 $ 24,034 Above-market and below-market leases Lease revenues, net 665 ( 1,016 ) 1,418 124 Amortization expense for the three and six months ended June 30, 2020 , includes $ 11,481 and $ 12,058 , respectively, of accelerated amortization resulting from early lease terminations, compared to none for the three and six months ended June 30, 2021. Estimated future amortization of intangible assets and liabilities at June 30, 2021 is as follows: (in thousands) Remainder of 2021 $ 13,031 2022 24,090 2023 23,778 2024 23,019 2025 21,723 Thereafter 125,883 $ 231,524

Unsecured Credit Agreements

Unsecured Credit Agreements	6 Months Ended
	Jun. 30, 2021
Debt Disclosure [Abstract]
Unsecured Credit Agreements	9. Unsecured Credit Agreements The following table summarizes the Company’s unsecured credit agreements: Outstanding Balance (in thousands, except interest rates) June 30, December 31, Interest (c) (d) Maturity Unsecured revolving credit facility (a) $ — $ — (e) (f) Sep. 2023 2022 Unsecured Term Loan (a) 60,000 60,000 one-month LIBOR + 1.00 % (g) Feb. 2022 2023 Unsecured Term Loan (a) 265,000 265,000 one-month LIBOR + 1.10 % (h) Jan. 2023 2024 Unsecured Term Loan (a) 190,000 190,000 one-month LIBOR + 1.00 % (g) Jun. 2024 2026 Unsecured Term Loan (a) 400,000 450,000 one-month LIBOR + 1.00 % (i) Feb. 2026 Senior Notes (a) Series A 150,000 150,000 4.84 % Apr. 2027 Series B 225,000 225,000 5.09 % Jul. 2028 Series C 100,000 100,000 5.19 % Jul. 2030 475,000 475,000 Total unsecured debt 1,390,000 1,440,000 Debt issuance costs, net (b) ( 6,369 ) ( 6,204 ) Total unsecured debt, net $ 1,383,631 $ 1,433,796 (a) The Company believes it was in compliance with all financial covenants for all periods presented. (b) Amounts presented include debt issuance costs, net, related to the unsecured term notes and senior notes only. (c) At June 30, 2021 and December 31, 2020 , one-month LIBOR was 0.10 % and 0.14 %, respectively. At June 30, 2021 daily LIBOR was 0.09 %. (d) In January 2021, the Company received a credit rating of BBB, changing the applicable margin on variable rate unsecured debt effective February 1, 2021. (e) At June 30, 2021, borrowings on the revolving credit facility were subject to interest at one-month LIBOR plus 1.00 % or daily LIBOR rates plus 1.00 %. (f) At December 31, 2020, interest rate was one-month LIBOR plus 1.20 %. (g) At December 31, 2020, interest rate was one-month LIBOR plus 1.25 %. (h) At December 31, 2020, interest rate was one-month LIBOR plus 1.35 %. (i) At December 31, 2020, interest rate was one-month LIBOR plus 1.85 %. At June 30, 2021 , the weighted average interest rate on all outstanding borrowings was 2.46 %, exclusive of interest rate swap agreements. On March 12, 2021, the Company amended the 2026 Unsecured Term Loan and made a $ 50,000 paydown on the loan. Prior to the amendment, the borrowings under the 2026 Unsecured Term Loan were subject to interest at variable rates based on LIBOR plus a margin based on the OP’s current credit rating ranging between 1.45 % and 2.40 % per annum with the applicable margin being 1.60 % immediately prior to the amendment. The amendment reduced the margin to a range between 0.85 % and 1.65 % per annum and based on the OP’s credit rating of BBB, the applicable margin was 1.0 % beginning March 12, 2021. All other terms and conditions of the 2026 Unsecured Term Loan remained materially the same as those in effect prior to this amendment. For the six months ended June 30, 2021, the Company paid $ 951 in debt issuance costs associated with the amended 2026 Unsecured Term Loan. The Company did no t incur debt issuance costs during the three months ended June 30, 2021. For each separate debt instrument, on a lender by lender basis, in accordance with ASC 470-50, Debt Modifications and Extinguishment , the Company performed an assessment of whether the transaction was deemed to be new debt, a modification of existing debt, or an extinguishment of existing debt. Debt issuance costs are either deferred and amortized over the term of the associated debt or expensed as incurred. Based on the assessment, $ 946 of debt issuance costs incurred during the six months ended June 30, 2021 were deemed to be related to the modification of existing debt, and therefore have been deferred and are being amortized over the term of the associated debt. Additionally, $ 126 of unamortized debt issuance costs were expensed during the six months ended June 30, 2021, and included in Cost of debt extinguishment in the accompanying Condensed Consolidated Statements of Income and Comprehensive Income (Loss). Debt issuance costs are amortized as a component of interest expense in the accompanying Condensed Consolidated Statements of Income and Comprehensive Income (Loss). The following table summarizes debt issuance cost amortization: For the Three Months Ended For the Six Months Ended (in thousands) 2021 2020 2021 2020 Debt issuance costs amortization $ 956 $ 821 $ 1,870 $ 1,709 The Company is subject to various financial and operational covenants and financial reporting requirements pursuant to its unsecured credit agreements. These covenants require the Company to maintain certain financial ratios, including leverage, fixed charge coverage, and debt service coverage, among others. As of June 30, 2021 , the Company believes it was in compliance with all of its loan covenants. Failure to comply with the covenants would result in a default which, if the Company were unable to cure or obtain a waiver from the lenders, could accelerate the repayment of the obligations. Further, in the event of default, the Company may be restricted from paying dividends to its stockholders in excess of dividends required to maintain its REIT qualification. Accordingly, an event of default could have a material and adverse impact on the Company.

Mortgages

Mortgages	6 Months Ended
	Jun. 30, 2021
Debt Disclosure [Abstract]
Mortgages	10. Mortgages The Company’s mortgages consist of the following: Origination Maturity (in thousands, except interest rates) Date Date Interest June 30, December 31, Lender (Month/Year) (Month/Year) Rate 2021 2020 Wilmington Trust National Association Apr-19 Feb-28 4.92 % $ 47,357 $ 47,945 (a) (b) (c) (j) Wilmington Trust National Association Jun-18 Aug-25 4.36 % 19,753 19,947 (a) (b) (c) (i) PNC Bank Oct-16 Nov-26 3.62 % 17,297 17,498 (b) (c) Sun Life Mar-12 Oct-21 5.13 % 10,252 10,469 (b) (e) (k) Aegon Apr-12 Oct-23 6.38 % 6,650 7,039 (b) (f) M&T Bank Oct-17 Aug-21 one - month 3 % 4,695 4,769 (b) (d) (g) (h) (l) Total mortgages 106,004 107,667 Debt issuance costs, net ( 256 ) ( 285 ) Mortgages, net $ 105,748 $ 107,382 (a) Non-recourse debt includes the indemnification/guaranty of the Corporation and/or OP pertaining to fraud, environmental claims, insolvency and other matters. (b) Debt secured by related rental property and lease rents. (c) Debt secured by guaranty of the OP. (d) Debt secured by guaranty of the Corporation. (e) Mortgage was assumed in March 2012 as part of an UPREIT transaction. The debt was recorded at fair value at the time of the assumption. (f) Mortgage was assumed in April 2012 as part of the acquisition of the related property. The debt was recorded at fair value at the time of the assumption. (g) The Company entered into an interest rate swap agreement in connection with the mortgage, as further described in Note 11. (h) Mortgage was assumed in October 2017 as part of an UPREIT transaction. The debt was recorded at fair value at the time of the assumption. (i) Mortgage was assumed in June 2018 as part of the acquisition of the related property. The debt was recorded at fair value at the time of assumption. (j) Mortgage was assumed in April 2019 as part of the acquisition of the related property. The debt was recorded at fair value at the time of assumption. (k) Mortgage was refinanced on July 30, 2021, see Note 19. (l) Mortgage was paid in full on August 1, 2021, see Note 19. At June 30, 2021 , investment in rental property of $ 171,349 was pledged as collateral against the Company’s mortgages. Estimated future principal payments to be made under the above mortgages and the Company’s unsecured credit agreements (see Note 9) at June 30, 2021 are as follows: (in thousands) Remainder of 2021 $ 16,343 2022 62,907 2023 272,582 2024 192,260 2025 20,195 Thereafter 931,717 $ 1,496,004 Certain of the Company’s mortgage and note payable agreements provide for prepayment fees and can be terminated under certain events of default as defined under the related agreements. These prepayment fees are not reflected as part of the table above.

Interest Rate Swaps

Interest Rate Swaps	6 Months Ended
	Jun. 30, 2021
Derivative Instruments And Hedging Activities Disclosure [Abstract]
Interest Rate Swaps	11. Interest Rate Swaps Interest rate swaps were entered into with certain financial institutions in order to mitigate the impact of interest rate variability over the term of the related debt agreements. The interest rate swaps are considered cash flow hedges. In order to reduce counterparty concentration risk, the Company has a diversification policy for institutions that serve as swap counterparties. Under these agreements, the Company receives monthly payments from the counterparties on these interest rate swaps equal to the related variable interest rates multiplied by the outstanding notional amounts. Certain interest rate swaps amortize on a monthly basis. In turn, the Company pays the counterparties each month an amount equal to a fixed rate multiplied by the related outstanding notional amounts. The intended net impact of these transactions is that the Company pays a fixed interest rate on its variable-rate borrowings. The following is a summary of the Company’s outstanding interest rate swap agreements: (in thousands, except interest rates) Fair Value Counterparty Maturity Date Fixed Variable Rate Index Notional June 30, December 31, Bank of America, N.A. November 2023 2.80 % one-month LIBOR $ 25,000 $ ( 1,435 ) $ ( 1,848 ) Bank of Montreal July 2024 1.16 % one-month LIBOR 40,000 ( 807 ) ( 1,380 ) Bank of Montreal January 2025 1.91 % one-month LIBOR 25,000 ( 1,149 ) ( 1,725 ) Bank of Montreal July 2025 2.32 % one-month LIBOR 25,000 ( 1,616 ) ( 2,351 ) Bank of Montreal January 2026 1.92 % one-month LIBOR 25,000 ( 1,282 ) ( 2,039 ) Bank of Montreal January 2026 2.05 % one-month LIBOR 40,000 ( 2,276 ) ( 3,523 ) Bank of Montreal December 2026 2.33 % one-month LIBOR 10,000 ( 762 ) ( 1,156 ) Bank of Montreal December 2026 1.99 % one-month LIBOR 25,000 ( 1,454 ) ( 2,372 ) Bank of Montreal December 2027 2.37 % one-month LIBOR 25,000 ( 2,102 ) ( 3,234 ) Bank of Montreal May 2029 2.09 % one-month LIBOR 25,000 ( 1,766 ) ( 2,994 ) Capital One, National Association December 2021 1.05 % one-month LIBOR 15,000 ( 71 ) ( 141 ) Capital One, National Association December 2024 1.58 % one-month LIBOR 15,000 ( 514 ) ( 799 ) Capital One, National Association January 2026 2.08 % one-month LIBOR 35,000 ( 2,031 ) ( 3,078 ) Capital One, National Association April 2026 2.68 % one-month LIBOR 15,000 ( 1,310 ) ( 1,843 ) Capital One, National Association July 2026 1.32 % one-month LIBOR 35,000 ( 825 ) ( 1,806 ) Capital One, National Association December 2027 2.37 % one-month LIBOR 25,000 ( 2,107 ) ( 3,199 ) M&T Bank August 2021 1.02 % one-month LIBOR 4,694 ( 4 ) ( 25 ) (a), (b) M&T Bank September 2022 2.83 % one-month LIBOR 25,000 ( 791 ) ( 1,139 ) M&T Bank November 2023 2.65 % one-month LIBOR 25,000 ( 1,349 ) ( 1,785 ) Regions Bank December 2023 1.18 % one-month LIBOR 25,000 ( 506 ) ( 763 ) Regions Bank May 2029 2.11 % one-month LIBOR 25,000 ( 1,809 ) ( 3,004 ) Regions Bank June 2029 2.03 % one-month LIBOR 25,000 ( 1,664 ) ( 2,843 ) Truist Financial Corporation April 2024 1.99 % one-month LIBOR 25,000 ( 1,074 ) ( 1,487 ) Truist Financial Corporation April 2025 2.20 % one-month LIBOR 25,000 ( 1,451 ) ( 2,084 ) Truist Financial Corporation July 2025 1.99 % one-month LIBOR 25,000 ( 1,292 ) ( 1,941 ) Truist Financial Corporation December 2025 2.30 % one-month LIBOR 25,000 ( 1,695 ) ( 2,481 ) Truist Financial Corporation January 2026 1.93 % one-month LIBOR 25,000 ( 1,290 ) ( 2,019 ) U.S. Bank National Association June 2029 2.03 % one-month LIBOR 25,000 ( 1,662 ) ( 2,902 ) U.S. Bank National Association August 2029 1.35 % one-month LIBOR 25,000 ( 357 ) ( 1,445 ) Wells Fargo Bank, N.A. February 2021 2.39 % one-month LIBOR 35,000 — ( 70 ) Wells Fargo Bank, N.A. October 2024 2.72 % one-month LIBOR 15,000 ( 1,055 ) ( 1,422 ) Wells Fargo Bank, N.A. April 2027 2.72 % one-month LIBOR 25,000 ( 2,491 ) ( 3,555 ) Wells Fargo Bank, N.A. January 2028 2.37 % one-month LIBOR 75,000 ( 6,338 ) ( 9,650 ) $ ( 46,335 ) $ ( 72,103 ) (a) Notional amount at December 31, 2020 was $ 4,768 . (b) Interest rate swap was assumed in October 2017 as part of an UPREIT transaction. The total amounts recognized, and the location in the accompanying Condensed Consolidated Statements of Income and Comprehensive Income (Loss), from converting from variable rates to fixed rates under these agreements were as follows: Reclassification from Total Interest Expense Amount of Loss Accumulated Other Presented in the Condensed Recognized in Comprehensive Loss Consolidated Statements of (in thousands) Accumulated Other Amount of Income and Comprehensive For the Three Months Ended June 30, Comprehensive Loss Location Loss Income (Loss) 2021 $ ( 2,911 ) Interest expense $ 4,039 $ 15,430 2020 ( 6,056 ) Interest expense 3,416 19,513 Amount of Gain Reclassification from Total Interest Expense (Loss) Accumulated Other Presented in the Condensed Recognized in Comprehensive Loss Consolidated Statements of (in thousands) Accumulated Other Amount of Income and Comprehensive For the Six Months Ended June 30, Comprehensive Loss Location Loss Income (Loss) 2021 $ 25,769 Interest expense $ 8,055 $ 31,538 2020 ( 64,118 ) Interest expense 4,301 40,504 Amounts related to the interest rate swaps expected to be reclassified out of Accumulated other comprehensive loss to Interest expense during the next twelve months are estimated to be a loss of $ 15,821 . The Company is exposed to credit risk in the event of non-performance by the counterparties of the swaps. The Company minimizes the risk exposure by limiting counterparties to major banks who meet established credit and capital guidelines.

Non-Controlling Interests

Non-Controlling Interests	6 Months Ended
	Jun. 30, 2021
Noncontrolling Interest [Abstract]
Non-Controlling Interests	12. Non-Controlling Interests The following table summarizes OP Units exchanged for shares of common stock: For the Three Months Ended For the Six Months Ended (in thousands) 2021 2020 2021 2020 OP Units exchanged for shares of common stock 1,127 — 1,165 — Value of units exchanged $ 17,859 $ — $ 18,465 $ — On June 16, 2021, the Company achieved the VWAP milestone applicable to tranche 1 of the earnout (see Note 4). As a result, the OP issued 248 non-controlling OP Units on June 22, 2021.

Credit Risk Concentrations

Credit Risk Concentrations	6 Months Ended
	Jun. 30, 2021
Risks And Uncertainties [Abstract]
Credit Risk Concentrations	13. Credit Risk Concentrations The Company maintained bank balances that, at times, exceeded the federally insured limit during the six months ended June 30, 2021. The Company has not experienced losses relating to these deposits and management does not believe that the Company is exposed to any significant credit risk with respect to these amounts. The Company has mortgages with three institutions that comprised 63 %, 16 %, and 10 % of total mortgages at June 30, 2021 and December 31, 2020. For the three and six months ended June 30, 2021 and 2020 , the Company had no individual tenants or common franchises that accounted for more than 10% of total revenues.

Equity

Equity	6 Months Ended
	Jun. 30, 2021
Equity [Abstract]
Equity	14. Equity General On June 28, 2021, the Corporation completed its first public follow-on equity offering and issued 11,500 shares of Common Stock, including shares issued pursuant to the underwriters' full exercise of their over-allotment option, at $ 23.00 per share. The net proceeds, after deducting underwriting discounts and commissions of $ 10,580 and $ 433 of other expenses, were $ 253,487 . The Company used the net proceeds to repay the remaining $ 160,600 principal due under the Company's revolving credit facility. The remaining net proceeds will be used for general business purposes, including acquisitions. As of June 30, 2021, the Company had $ 404 of accrued offering costs related to the public follow-on equity offering. On September 21, 2020, the Corporation completed its IPO and issued 37,000 shares of Class A Common Stock inclusive of the underwriters’ partial exercise of their over-allotment option on October 20, 2020. Aside from the conversion discussed below, the terms of the Class A Common Stock were identical to the terms of the Common Stock. Each share of Class A Common Stock automatically converted into one share of Common Stock on March 20, 2021, and effective March 22, 2021, all shares of Common Stock were listed and freely tradeable on the NYSE under the ticker “BNL.” The Common Stock and Class A Common Stock are collectively referred to as the Corporation’s “common stock.” On June 16, 2021, the Company achieved the VWAP milestone applicable to tranche 1 of the earnout (see Note 4). As a result, the Company issued 145 shares of common stock on June 22, 2021.

Stock-Based Compensation

Stock-Based Compensation	6 Months Ended
	Jun. 30, 2021
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Stock-Based Compensation	15. Stock-Based Compensation Restricted Stock Awards On March 1, 2021, the Company awarded 199 shares of RSAs to certain officers and employees under the Equity Incentive Plan. The holder of RSAs is generally entitled at all times on and after the date of issuance of the restricted common shares to exercise the rights of a stockholder of the Company, including the right to vote the shares and the right to receive dividends on the shares. The RSAs vest over a one , three or four year period from the date of grant and are subject to the employee’s continued service through the applicable vesting dates and in accordance with the terms of the individual award agreements. The grant date fair value per share of $ 18.66 was based on the market price of the Company’s common stock on the grant date. The following table presents information about the Company’s RSAs: For the Three Months Ended For the Six Months Ended (in thousands) June 30, 2021 June 30, 2021 Compensation cost $ 728 $ 2,423 Dividends declared on unvested RSAs 97 201 Grant date fair value of shares vested during the period 774 3,296 There were no RSAs at June 30, 2020. (in thousands, except recognition period) June 30, 2021 December 31, 2020 Unamortized value of RSAs $ 6,304 $ 5,001 Weighted average amortization period (in years) 2.8 2.8 The following table presents information about the Company’s RSA activity: For the Three Months Ended June 30, 2021 For the Six Months Ended June 30, 2021 (in thousands, except per share amounts) Number of Shares Weighted Average Number of Shares Weighted Average Unvested at beginning of period 416 $ 19.62 341 $ 20.50 Granted 2 19.76 201 18.67 Vested ( 40 ) 19.81 ( 164 ) 20.15 Forfeited — — — — Unvested at end of period 378 $ 19.60 378 $ 19.60 There were no unvested shares at June 30, 2020. Performance-based Restricted Stock Units On March 1, 2021, the Company issued target grants of 132 PRSUs under the Equity Incentive Plan to the officers of the Company. The awards are non-vested restricted stock units where the vesting percentages and the ultimate number of units vesting will be measured 50 % based on the relative total shareholder return (“rTSR”) of the Company’s common stock as compared to the rTSR of peer companies over a three-year period, as identified in the grant agreements, and 50% based on the rTSR of the Company’s common stock as compared to the rTSR of the MSCI US REIT Index over a three year measurement period. The payout schedules can produce vesting percentages ranging from 0 % to 200 % with a target of 100 %. rTSR means the percentage appreciation in the fair market value of one share over the three-year measurement period beginning on the date of grant, assuming the reinvestment of dividends on the ex-dividend date. The target number of units is based on achieving a rTSR equal to the 55 th percentile of the peer companies and MSCI US REIT Index. Dividends accrue during the measurement period and will be paid on the PRSUs ultimately earned at the end of the measurement period in either cash or common stock, at the direction of the Board’s Compensation Committee. The grant date fair value of the PRSUs was measured using a Monte Carlo simulation model based on assumptions including share price volatility. The following table presents information about the Company’s PRSUs: For the Three Months Ended For the Six Months Ended (in thousands, except recognition period) June 30, 2021 June 30, 2021 Compensation cost $ 223 $ 297 June 30, 2021 Unamortized value of PRSUs $ 2,377 Weighted average amortization period (in years) 2.7 There were no PRSUs at June 30, 2020. The following table presents information about the Company’s PRSU activity: For the Three Months Ended June 30, 2021 For the Six Months Ended June 30, 2021 (in thousands, except per share amounts) Number of Shares Weighted Average Number of Shares Weighted Average Unvested at beginning of period 110 $ 24.40 — $ — Granted — — 132 24.40 Vested — — — — Forfeited — — 22 24.40 Unvested at end of period 110 $ 24.40 110 $ 24.40

Earnings per Share

Earnings per Share	6 Months Ended
	Jun. 30, 2021
Earnings Per Share [Abstract]
Earnings Per Share	16. Earnings per Share The following table summarizes the components used in the calculation of basic and diluted earnings per share (“EPS”): For the Three Months Ended For the Six Months Ended (in thousands, except per share amounts) 2021 2020 2021 2020 Basic earnings: Net earnings attributable to Broadstone Net Lease, Inc. common $ 21,214 $ 15,353 $ 43,437 $ 26,169 Less earnings allocated to unvested restricted shares ( 97 ) — ( 201 ) — Net earnings used to compute basic earnings per common share $ 21,117 $ 15,353 $ 43,236 $ 26,169 Diluted earnings: Net earnings used to compute basic earnings per share $ 21,117 $ 15,353 $ 43,236 $ 26,169 Net earnings attributable to non-controlling interests 1,606 1,745 3,343 2,777 Net earnings used to compute diluted earnings per common share $ 22,723 $ 17,098 $ 46,579 $ 28,946 Weighted average number of common shares outstanding 146,506 107,422 146,089 106,765 Less weighted average unvested restricted shares (a) ( 387 ) — ( 361 ) — Weighted average number of common shares outstanding used in 146,119 107,422 145,728 106,765 Effects of restricted stock units (b) 219 — 147 — Effects of convertible membership units (c) 11,092 12,226 11,240 11,164 Weighted average number of common shares outstanding used in 157,430 119,648 157,115 117,929 Basic earnings per share $ 0.14 $ 0.14 $ 0.30 $ 0.25 Diluted earnings per share $ 0.14 $ 0.14 $ 0.30 $ 0.25 (a) Represents the weighted average effects of 378 unvested restricted shares of common stock as of June 30, 2021, which will be excluded from the computation of earnings per share until they vest. The shares of restricted common stock were not included in the calculation of diluted earnings per share, as the effect of doing so would have been anti-dilutive. (b) Represents the weighted average effects of shares of common stock to be issued as though the end of the period were the end of the performance period (see Note 15). (c) Represents the weighted average effects of 10,482 and 12,226 OP Units outstanding at June 30, 2021 and 2020, respectively. OP Units are included in the diluted earnings per share calculation. However, because such OP Units would also require that the share of the net income attributable to such OP units also be added back to net income, there is no effect to EPS.

Supplemental Cash Flow Disclosu

Supplemental Cash Flow Disclosures	6 Months Ended
	Jun. 30, 2021
Supplemental Cash Flow Elements [Abstract]
Supplemental Cash Flow Disclosures	17. Supplemental Cash Flow Disclosures Cash paid for interest was $ 29,961 and $ 38,400 for the six months ended June 30, 2021 and 2020 , respectively. Cash paid for income taxes was $ 734 and $ 945 for the six months ended June 30, 2021 and 2020, respectively. The following are non-cash transactions and have been excluded from the accompanying Condensed Consolidated Statements of Cash Flows:  During the six months ended June 30, 2020 , the Corporation issued 275 shares of Common Stock with a value of approximately $ 5,733 under the terms of the Distribution Reinvestment Plan (“DRIP”). The Company terminated the DRIP effective February 10, 2020.  During the six months ended June 30, 2020 , the Company issued shares of Common Stock and OP Units, with a total value of approximately $ 178,535 , and earnout consideration with a fair value of $ 40,119 as consideration for the Internalization and assumed $ 90,484 of debt.  During the six months ended June 30, 2020 , the Company adjusted the carrying value of mezzanine equity non-controlling interests by $ 2,513 , with an offset to Additional paid-in capital, in accordance with the Company’s accounting policy.  During the six months ended June 30, 2021, the Company converted 1,165 OP Units valued at $ 18,466 to 1,165 shares of common stock.  At June 30, 2021 , dividend amounts declared and accrued but not yet paid amounted to $ 43,184 .  During the six months ended June 30, 2020 , the Company executed lease modifications that resulted in the lease classification changing from direct financing lease to operating lease for four properties. At the modification date, the net investment in the original lease, and therefore the carrying value of the assets recognized, amounted to $ 9,055 .

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2021
Commitments And Contingencies Disclosure [Abstract]
Commitments and Contingencies	18. Commitments and Contingencies Litigation From time to time, the Company is a party to various litigation matters incidental to the conduct of the Company’s business. While the resolution of such matters cannot be predicted with certainty, based on currently available information, the Company does not believe that the final outcome of any of these matters will have a material effect on its consolidated financial position, results of operations, or liquidity. Property and Acquisition Related In connection with ownership and operation of real estate, the Company may potentially be liable for costs and damages related to environmental matters. The Company is not aware of any non-compliance, liability, claim, or other environmental condition that would have a material effect on its consolidated financial position, results of operations, or liquidity. Balances associated with tenant improvement allowances are included in Accounts payable and other liabilities on the Condensed Consolidated Balance Sheets as follows: (in thousands) June 30, December 31, Tenant improvement allowances $ 313 $ 1,981 The Company is a party to three separate tax protection agreements with the contributing members of three distinct UPREIT transactions and to the Founding Owners’ Tax Protection Agreement in connection with the Internalization. The tax protection agreements require the Company to indemnify the beneficiaries in the event of a sale, exchange, transfer, or other disposal of the contributed property, and in the case of the Founding Owners’ Tax Protection Agreement, the entire Company, in a taxable transaction that would cause such beneficiaries to recognize a gain that is protected under the agreements, subject to certain exceptions. The Company is required to allocate an amount of nonrecourse liabilities to each beneficiary that is at least equal to the minimum liability amount, as contained in the agreements. The minimum liability amount and the associated allocation of nonrecourse liabilities are calculated in accordance with applicable tax regulations, are completed at the OP level, and do not represent GAAP accounting. Therefore, there is no impact to the Condensed Consolidated Financial Statements. Based on values as of June 30, 2021 , taxable sales of the applicable properties would trigger liability under the agreements of approximately $ 22,300 . Based on information available, the Company does not believe that the events resulting in damages as detailed above have occurred or are likely to occur in the foreseeable future. Obligations Under Operating Leases Subsequent to the Internalization, the Company leases office space for its corporate headquarters and other locations under non-cancellable operating leases with expiration dates ranging from 2021 to 2023 . These leases contain provisions for fixed monthly payments, subject to rent escalations. None of the leases are subject to any sublease agreement. The Company also leases land at certain properties under non-cancellable operating leases (“ground leases”) with initial lease terms ranging from 2034 to 2066 . These leases contain provisions for fixed monthly payments, subject to rent escalations. One lease requires the Company to make annual rent payments calculated based upon sales generated at the property (“percentage rent”). None of the leases are subject to any sublease agreement. The following table summarizes the total lease costs associated with operating leases: For the Three Months Ended For the Six Months Ended (in thousands) Financial Statement Presentation 2021 2020 2021 2020 Operating lease costs Office leases General and administrative $ 157 $ 155 $ 315 $ 207 Ground leases Property and operating expense 34 34 67 67 Variable lease costs Ground leases Property and operating expense 14 12 28 30 Total lease costs $ 205 $ 201 $ 410 $ 304 The following table summarizes payments associated with obligations under operating leases, reported as Net cash provided by operating activities on the accompanying Condensed Consolidated Statements of Cash Flows: For the Three Months Ended For the Six Months Ended (in thousands) 2021 2020 2021 2020 Operating lease payments $ 186 $ 183 $ 427 $ 311 Estimated future lease payments required under non-cancelable operating leases at June 30, 2021, and a reconciliation to the lease liabilities, is as follows: (in thousands) Remainder of 2021 $ 363 2022 690 2023 505 2024 120 2025 121 Thereafter 2,290 Total undiscounted cash flows 4,089 Less imputed interest ( 1,706 ) Lease liabilities $ 2,383 The above rental payments include future minimum lease payments due during the initial lease terms. Such amounts exclude any contingent amounts associated with percentage rent that may become due in future periods.

Subsequent Events

Subsequent Events	6 Months Ended
	Jun. 30, 2021
Subsequent Events [Abstract]
Subsequent Events	19. Subsequent Events On July 15, 2021, the Company paid distributions totaling $ 43,111 . On July 29, 2021 , the Board of Directors declared a quarterly distribution of $ 0.255 per share on the Company’s common stock and OP Units for the third quarter of 2021, which will be payable on or before October 15, 2021 to stockholders and unit holders of record as of September 30, 2021 . Subsequent to June 30, 2021, the Company continued to expand its operations through the acquisition of additional rental property and associated intangible assets and liabilities. The Company acquired approximately $ 38,700 of rental property and associated intangible assets and liabilities. Subsequent to June 30, 2021, the Company paid one mortgage with a principal balance of $ 4,683 in full. Additionally, the Company refinanced one mortgage with a principal balance of $ 10,209 for a new principal balance of $ 7,500 . Interest on the mortgage is at a daily floating annual rate equal to the Prime Rate plus 1.25 %, but no less than 5.0 % per annum, through the maturity date of July 2024. The interest rate at origination is 5.0 %.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2021
Accounting Policies [Abstract]
Interim Information	Interim Information The accompanying Condensed Consolidated Financial Statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information (Accounting Standards Codification (“ASC”) 270, Interim Reporting ) and Article 10 of the Securities and Exchange Commission’s (“SEC”) Regulation S-X. Accordingly, the Corporation has omitted certain footnote disclosures which would substantially duplicate those contained within the audited consolidated financial statements for the year ended December 31, 2020, included in the Company’s 2020 Annual Report on Form 10-K, filed with the SEC on February 25, 2021. Therefore, the readers of this quarterly report should refer to those audited consolidated financial statements, specifically Note 2, Summary of Significant Accounting Policies , for further discussion of significant accounting policies and estimates. The Corporation believes all adjustments necessary for a fair presentation have been included in these interim Condensed Consolidated Financial Statements (which include only normal recurring adjustments).
Principles of Consolidation	Principles of Consolidation The Condensed Consolidated Financial Statements include the accounts and operations of the Company. All intercompany balances and transactions have been eliminated in consolidation. To the extent the Corporation has a variable interest in entities that are not evaluated under the variable interest entity (“VIE”) model, the Corporation evaluates its interests using the voting interest entity model. The Corporation has complete responsibility for the day-to-day management of, authority to make decisions for, and control of the OP. Based on consolidation guidance, the Corporation has concluded that the OP is a VIE as the members in the OP do not possess kick-out rights or substantive participating rights. Accordingly, the Corporation consolidates its interest in the OP. However, because the Corporation holds the majority voting interest in the OP and certain other conditions are met, it qualifies for the exemption from providing certain disclosure requirements associated with investments in VIEs. The portion of the OP not owned by the Corporation is presented as non-controlling interests as of and during the periods presented.
Basis of Accounting	Basis of Accounting The Condensed Consolidated Financial Statements have been prepared in accordance with GAAP.
Use of Estimates	Use of Estimates The preparation of Condensed Consolidated Financial Statements in conformity with GAAP requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent liabilities at the date of the Condensed Consolidated Financial Statements and the reported amounts of revenues and expenses during the reporting periods. Significant estimates include, but are not limited to, the allocation of purchase price between tangible and intangible assets acquired and liabilities assumed, the value of long-lived assets and goodwill, the provision for impairment, the depreciable lives of rental property, the amortizable lives of intangible assets and liabilities, the provisions for uncollectible rent and credit losses, the fair value of the earnout liability, the fair value of assumed debt, the fair value of the Company’s interest rate swap agreements, and the determination of any uncertain tax positions. Accordingly, actual results may differ from those estimates.
Long-lived Asset Impairment	Long-lived Asset Impairment The Company reviews long-lived assets, other than goodwill, to be held and used for possible impairment when events or changes in circumstances indicate that their carrying amounts may not be recoverable. If, and when, such events or changes in circumstances are present, an impairment exists to the extent the carrying value of the asset or asset group exceeds the sum of the undiscounted cash flows expected to result from the use of the asset or asset group and its eventual disposition. Such cash flows include expected future operating income, as adjusted for trends and prospects, as well as the effects of demand, competition, and other factors. An impairment loss is measured as the amount by which the carrying amount of the asset or asset group exceeds the fair value of the asset or asset group. A significant judgment is made as to if and when impairment should be taken. The Company’s assessment of impairment as of June 30, 2021 was based on the most current information available to the Company. Certain of the Company’s properties may have fair values less than their carrying amounts. However, based on the Company’s plans with respect to each of those properties, the Company believes that their carrying amounts are recoverable and therefore, under applicable GAAP guidance, no impairment charges were recognized other than those described below. If the operating conditions mentioned above deteriorate or if the Company’s expected holding period for assets changes, subsequent tests for impairments could result in additional impairment charges in the future. Inputs used in establishing fair value for real estate assets generally fall within Level 3 of the fair value hierarchy, which are characterized as requiring significant judgment as little or no current market activity may be available for validation. The main indicator used to establish the classification of the inputs is current market conditions, as derived through the use of published commercial real estate market information. The Company determines the valuation of impaired assets using generally accepted valuation techniques including discounted cash flow analysis, income capitalization, analysis of recent comparable sales transactions, actual sales negotiations, and bona fide purchase offers received from third parties. Management may consider a single valuation technique or multiple valuation techniques, as appropriate, when estimating the fair value of its real estate. The following table summarizes the Company's impairment charges, resulting primarily from changes in the Company's long-term hold strategy with respect to the individual properties. For the Three Months Ended For the Six Months Ended (in thousands, except number of properties) 2021 2020 2021 2020 Number of properties — 2 1 3 Impairment charge $ — $ 534 $ 2,012 $ 2,667
Restricted Cash	Restricted Cash Restricted cash includes escrow funds the Company maintains pursuant to the terms of certain mortgages, and lease agreements, and undistributed proceeds from the sale of properties under Section 1031 of the Internal Revenue Code of 1986, as amended (the “Code”), and is reported within Prepaid expenses and other assets on the Condensed Consolidated Balance Sheets. Restricted cash consisted of the following: June 30, December 31, (in thousands) 2021 2020 Escrow funds and other $ 8,021 $ 7,852 Undistributed 1031 proceeds — 2,390 $ 8,021 $ 10,242
Rent Received in Advance	Rent Received in Advance Rent received in advance represents tenant payments received prior to the contractual due date, and is included in Accounts payable and other liabilities on the Condensed Consolidated Balance Sheets. Rent received in advance is as follows: (in thousands) June 30, December 31, Rent received in advance $ 13,396 $ 13,651
Provision for Uncollectible Rent	Provision for Uncollectible Rent In accordance with ASC 842, Leases , provisions for uncollectible rent are recorded as an offset to Lease revenues, net on the accompanying Consolidated Statements of Income and Comprehensive Income (Loss). The following table summarizes the changes in the provision for uncollectible rent: For the Three Months Ended For the Six Months Ended (in thousands) 2021 2020 2021 2020 Beginning balance $ 343 $ 1,033 $ 201 $ — Provision for uncollectible rent 57 1,190 199 2,223 Write-offs — ( 1 ) — ( 1 ) Ending balance $ 400 $ 2,222 $ 400 $ 2,222
Fair Value Measurements	Fair Value Measurements Recurring Fair Value Measurements Earnout Liability – In connection with the Internalization, the Company recognized an earnout liability that will be due and payable to the former owners of BRE if certain milestones are achieved during specified periods of time following the closing of the Internalization (the “Earnout Periods”). Under the terms of the agreement, the milestones related to either (a) the 40-day dollar volume-weighted average price of a share of the Company’s common stock (“VWAP per REIT Share”), following the completion of an IPO of the Company’s common stock, or (b) the Company’s AFFO per share, prior to the completion of an IPO. The Company utilizes third-party valuation experts to assist in estimating the fair value of the earnout liability, and develops estimates by considering weighted-average probabilities of likely outcomes, and using a Monte Carlo simulation and discounted cash flow analysis. These estimates require the Company to make various assumptions about share price volatility and, prior to the IPO, about the timing of an IPO and net asset prices, each of which are unobservable and considered Level 3 inputs in the fair value hierarchy. A change in these inputs to a different amount might result in a significantly higher or lower fair value measurement at the reporting date. Specifically, advancements in the estimated IPO date assumption increased the earnout liability’s fair value given the earnout’s fixed time horizon. Peer share price volatilities are used to estimate the Company’s expected share price volatility, and the Company’s corresponding ability to achieve the earnout targets. Increases in the volatility assumption would increase the earnout liability’s fair value. Increases in net asset values would also increase the earnout liability’s fair value. The table below provides a summary of the significant unobservable inputs used to estimate the fair value of the earnout liability as of June 30, 2021: Significant Unobservable Inputs Weighted Average Range Peer stock price volatility 40.0 % 26.02 % - 51.90 % The table below provides a summary of the significant unobservable inputs used to estimate the fair value of the earnout liability as of June 30, 2020: Significant Unobservable Inputs Weighted Average Assumption Used Range Expected IPO date October 21, 2020 September 2020 through February 2021 Peer stock price volatility 35.0 % 25.67 % - 58.92 % Company's net asset value per diluted share $ 17.77 (a) (a) The Company’s net asset value per diluted share was primarily based on the fair value of its real estate investment portfolio, together with the fair value of its other assets and liabilities. The fair value of the Company’s real estate investment portfolio as of the measurement date was determined using market capitalization rates that ranged between 6.11 % and 7.17 %. The table below provides a summary of the significant unobservable inputs used to estimate the fair value of the earnout liability as of February 7, 2020, the transaction date: Significant Unobservable Inputs Weighted Average Assumption Used Range Expected IPO date April 15, 2020 March 2020 through May 2020 Peer stock price volatility 20.0 % 16.22 % to 23.09 % Company's net asset value per diluted share $ 21.30 (b) (b) The Company’s net asset value per diluted share was primarily based on the fair value of its real estate investment portfolio, together with the fair value of its other assets and liabilities. The fair value of the Company’s real estate investment portfolio as of the measurement date was determined using market capitalization rates that ranged between 6.05 % and 7.09 %. The following table presents a reconciliation of the change in the earnout liability: For the Three Months Ended For the Six Months Ended (in thousands) 2021 2020 2021 2020 Beginning balance $ 6,385 $ 44,296 $ 7,509 $ — Allocation of Internalization purchase price at — — — 40,119 Change in fair value subsequent to Internalization 5,604 ( 6,321 ) 4,480 ( 2,144 ) Payout of tranches earned ( 1,926 ) — ( 1,926 ) — Ending balance $ 10,063 $ 37,975 $ 10,063 $ 37,975 The changes in fair value were driven primarily by fluctuations in the Company's share price. The balances of financial instruments measured at fair value on a recurring basis are as follows: June 30, 2021 (in thousands) Total Level 1 Level 2 Level 3 Interest rate swap, liabilities ( 46,335 ) — ( 46,335 ) — Earnout liability ( 10,063 ) — — ( 10,063 ) December 31, 2020 (in thousands) Total Level 1 Level 2 Level 3 Interest rate swap, liabilities $ ( 72,103 ) $ — $ ( 72,103 ) $ — Earnout liability ( 7,509 ) — — ( 7,509 ) Long-term Debt – The fair value of the Company’s debt was estimated using Level 2 and Level 3 inputs based on recent financing transactions, estimates of the fair value of the property that serves as collateral for such debt, historical risk premiums for loans of comparable quality, current London Interbank Offered Rate (“LIBOR”), U.S. Treasury obligation interest rates, and on the discounted estimated future cash payments to be made on such debt. The discount rates estimated reflect the Company’s judgment as to the approximate current lending rates for loans or groups of loans with similar maturities and assumes that the debt is outstanding through maturity. Market information, as available, or present value techniques were utilized to estimate the amounts required to be disclosed. Since such amounts are estimates that are based on limited available market information for similar transactions and do not acknowledge transfer or other repayment restrictions that may exist on specific loans, it is unlikely that the estimated fair value of any such debt could be realized by immediate settlement of the obligation. The following table summarizes the carrying amount reported on the Condensed Consolidated Balance Sheets and the Company’s estimate of the fair value of the Mortgages, net, Unsecured term notes, net, and Unsecured revolving credit facility, which reflects the fair value of interest rate swaps: (in thousands) June 30, December 31, Carrying amount $ 1,496,004 $ 1,547,667 Fair value 1,615,365 1,679,188 Non-recurring Fair Value Measurements The Company’s non-recurring fair value measurements at June 30, 2021 and December 31, 2020 consisted of the fair value of impaired real estate assets that were determined using Level 3 inputs.
Right-of-Use Assets and Lease Liabilities/Rental Expense	Right-of-Use Assets and Lease Liabilities The Company is a lessee under non-cancelable operating leases associated with its corporate headquarters and other office spaces as well as with leases of land (“ground leases”). The Company records right-of-use assets and lease liabilities associated with these leases. The lease liability is equal to the net present value of the future payments to be made under the lease, discounted using estimates based on observable market factors. The right-of-use asset is generally equal to the lease liability plus initial direct costs associated with the leases. The Company includes in the recognition of the right-of-use asset and lease liability those renewal periods that are reasonably certain to be exercised, based on the facts and circumstances that exist at lease inception. Amounts associated with percentage rent provisions are considered variable lease costs and are not included in the initial measurement of the right-of-use asset or lease liability. The Company has made an accounting policy election, applicable to all asset types, not to separate lease from nonlease components when allocating contract consideration related to operating leases. Right-of-use assets and lease liabilities associated with operating leases were included in the accompanying Condensed Consolidated Balance Sheets as follows: June 30, December 31, (in thousands) Financial Statement Presentation 2021 2020 Right-of-use assets Prepaid expenses and other assets $ 2,743 $ 3,075 Lease liabilities Accounts payable and other liabilities 2,383 2,659
Stock-Based Compensation	Stock-Based Compensation The Company has issued restricted stock awards (“RSAs”) and performance-based restricted stock units (“PRSUs”) under its 2020 Omnibus Equity and Incentive Plan (the “Equity Incentive Plan”). The Company accounts for stock-based incentives in accordance with ASC 718, Compensation – Stock Compensation , which requires that such compensation be recognized in the financial statements based on the award’s estimated grant date fair value. The value of such awards is recognized as compensation expense in General and administrative expenses in the Condensed Consolidated Statements of Income and Comprehensive Income (Loss) over the appropriate vesting period on a straight-line basis or at the cumulative amount vested at each balance sheet date, if greater. The Company records forfeitures during the period in which they occur by reversing all previously recorded stock compensation expense associated with the forfeited shares. Dividends declared on RSAs issued under the Equity Incentive Plan are recorded as Cumulative distributions in excess of retained earnings on the Condensed Consolidated Balance Sheets. Accumulated dividends related to forfeited RSAs will be reversed through compensation expense in the period the forfeiture occurs. Dividends accrued on the PRSUs are recorded as Cumulative distributions in excess of retained earnings on the Condensed Consolidated Balance Sheets. Accumulated dividends accrued related to forfeited PRSUs are reversed in the period the forfeiture occurs.
Recently Adopted Accounting Standards and Other Recently Issued Accounting Standards	Recently Adopted Accounting Standards In January 2021, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2021-01, Reference Rate Reform (Topic 848): Scope , which refines the scope of ASC 848, to include all derivative contracts subject to a transition for discounting cash flows, for computing variation margin settlements, and for calculating price alignment interest (PAI) as a result of reference rate reform (the “discounting transition”). ASU 2021-01 gives market participants the ability to apply certain aspects of the contract modification and hedge accounting expedients to derivative contracts affected by a discounting transition. ASU 2021-01 permits an entity to elect certain hedging relief if it has designated a derivative as a hedging instrument in a hedging relationship and the terms of the derivative have changed as a result of the discounting transition. The Company will apply the amendments in ASU 2021-01 related to contract modifications and hedging relationships prospectively. Other Recently Issued Accounting Standards In August 2020, the FASB issued ASU 2020-06, Debt – Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging – Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity . The guidance in ASU 2020-06 simplifies the accounting for convertible debt and convertible preferred stock by removing the requirements to separately present certain conversion features in equity. In addition, the amendments in ASU 2020-06 also simplify the guidance in ASC Subtopic 815-40, Derivatives and Hedging: Contracts in Entity’s Own Equity , by removing certain criteria that must be satisfied in order to classify a contract as equity, which is expected to decrease the number of freestanding instruments and embedded derivatives accounted for as assets or liabilities. Finally, the amendments revise the guidance on calculating earnings per share, requiring use of the if-converted method for all convertible instruments and rescinding an entity’s ability to rebut the presumption of share settlement for instruments that may be settled in cash or other assets. The amendments in ASU 2020-06 are effective for the Company for fiscal years beginning after December 15, 2021. Early adoption is permitted, but no earlier than fiscal years beginning after December 15, 2020. The guidance must be adopted as of the beginning of the fiscal year of adoption. The Company is currently evaluating the impact of this new guidance.

Business Description (Tables)

Business Description (Tables)	6 Months Ended
	Jun. 30, 2021
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Summary of Outstanding Equity and Economic Ownership Interest	The following table summarizes the outstanding equity and economic ownership interest of the Corporation and the OP: June 30, 2021 December 31, 2020 (in thousands) Shares of OP Units Total Diluted Shares of OP Units Total Diluted Ownership interest 158,583 10,482 169,065 145,609 11,399 157,008 Percent ownership of OP 93.8 % 6.2 % 100.0 % 92.7 % 7.3 % 100.0 %

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	6 Months Ended
	Jun. 30, 2021
Accounting Policies [Abstract]
Summary of Impairment Charges	The following table summarizes the Company's impairment charges, resulting primarily from changes in the Company's long-term hold strategy with respect to the individual properties. For the Three Months Ended For the Six Months Ended (in thousands, except number of properties) 2021 2020 2021 2020 Number of properties — 2 1 3 Impairment charge $ — $ 534 $ 2,012 $ 2,667
Summary of Restricted Cash	Restricted cash consisted of the following: June 30, December 31, (in thousands) 2021 2020 Escrow funds and other $ 8,021 $ 7,852 Undistributed 1031 proceeds — 2,390 $ 8,021 $ 10,242
Summary of Rents Received in Advance	Rent received in advance represents tenant payments received prior to the contractual due date, and is included in Accounts payable and other liabilities on the Condensed Consolidated Balance Sheets. Rent received in advance is as follows: (in thousands) June 30, December 31, Rent received in advance $ 13,396 $ 13,651
Summary of Changes in the Provision for Uncollectible Rent	The following table summarizes the changes in the provision for uncollectible rent: For the Three Months Ended For the Six Months Ended (in thousands) 2021 2020 2021 2020 Beginning balance $ 343 $ 1,033 $ 201 $ — Provision for uncollectible rent 57 1,190 199 2,223 Write-offs — ( 1 ) — ( 1 ) Ending balance $ 400 $ 2,222 $ 400 $ 2,222
Summary of Significant Unobservable Inputs Used to Estimate Fair Value of Earnout Liability	The table below provides a summary of the significant unobservable inputs used to estimate the fair value of the earnout liability as of June 30, 2021: Significant Unobservable Inputs Weighted Average Range Peer stock price volatility 40.0 % 26.02 % - 51.90 % The table below provides a summary of the significant unobservable inputs used to estimate the fair value of the earnout liability as of June 30, 2020: Significant Unobservable Inputs Weighted Average Assumption Used Range Expected IPO date October 21, 2020 September 2020 through February 2021 Peer stock price volatility 35.0 % 25.67 % - 58.92 % Company's net asset value per diluted share $ 17.77 (a) (a) The Company’s net asset value per diluted share was primarily based on the fair value of its real estate investment portfolio, together with the fair value of its other assets and liabilities. The fair value of the Company’s real estate investment portfolio as of the measurement date was determined using market capitalization rates that ranged between 6.11 % and 7.17 %. The table below provides a summary of the significant unobservable inputs used to estimate the fair value of the earnout liability as of February 7, 2020, the transaction date: Significant Unobservable Inputs Weighted Average Assumption Used Range Expected IPO date April 15, 2020 March 2020 through May 2020 Peer stock price volatility 20.0 % 16.22 % to 23.09 % Company's net asset value per diluted share $ 21.30 (b) (b) The Company’s net asset value per diluted share was primarily based on the fair value of its real estate investment portfolio, together with the fair value of its other assets and liabilities. The fair value of the Company’s real estate investment portfolio as of the measurement date was determined using market capitalization rates that ranged between 6.05 % and 7.09 %.
Summary of Reconciliation of Change in Earnout Liability	The following table presents a reconciliation of the change in the earnout liability: For the Three Months Ended For the Six Months Ended (in thousands) 2021 2020 2021 2020 Beginning balance $ 6,385 $ 44,296 $ 7,509 $ — Allocation of Internalization purchase price at — — — 40,119 Change in fair value subsequent to Internalization 5,604 ( 6,321 ) 4,480 ( 2,144 ) Payout of tranches earned ( 1,926 ) — ( 1,926 ) — Ending balance $ 10,063 $ 37,975 $ 10,063 $ 37,975
Balances of Financial Instruments Measured at Fair Value on Recurring Basis	The balances of financial instruments measured at fair value on a recurring basis are as follows: June 30, 2021 (in thousands) Total Level 1 Level 2 Level 3 Interest rate swap, liabilities ( 46,335 ) — ( 46,335 ) — Earnout liability ( 10,063 ) — — ( 10,063 ) December 31, 2020 (in thousands) Total Level 1 Level 2 Level 3 Interest rate swap, liabilities $ ( 72,103 ) $ — $ ( 72,103 ) $ — Earnout liability ( 7,509 ) — — ( 7,509 )
Summary of Carrying Amount Reported on Condensed Consolidated Balance Sheets	The following table summarizes the carrying amount reported on the Condensed Consolidated Balance Sheets and the Company’s estimate of the fair value of the Mortgages, net, Unsecured term notes, net, and Unsecured revolving credit facility, which reflects the fair value of interest rate swaps: (in thousands) June 30, December 31, Carrying amount $ 1,496,004 $ 1,547,667 Fair value 1,615,365 1,679,188
Summary of Right-of-Use Assets And Lease Liabilities Associated With Operating Leases Included In Condensed Consolidated Balance Sheets	Right-of-use assets and lease liabilities associated with operating leases were included in the accompanying Condensed Consolidated Balance Sheets as follows: June 30, December 31, (in thousands) Financial Statement Presentation 2021 2020 Right-of-use assets Prepaid expenses and other assets $ 2,743 $ 3,075 Lease liabilities Accounts payable and other liabilities 2,383 2,659

Internalization (Tables)

Internalization (Tables)	6 Months Ended
	Jun. 30, 2021
Internalization [Abstract]
Summary of Earnout Tranches, Applicable VWAP of REIT Share and Applicable Earnout Periods	he remaining earnout tranches, the applicable 40-day VWAP per REIT Share and the applicable Earnout Periods are as follows: Number of Shares and 40-Day (in thousands, except per share amounts) OP Units Approximate VWAP of a Tranche Earnout Target (a) Payable (b) Amount of Cash (c) REIT Share Applicable Earnout Period 2 $ 15,000 589 $ 2,470 $ 23.75 September 2020 - 3 $ 25,000 983 $ 4,117 $ 24.375 September 2021 - 4 $ 25,000 983 $ 4,117 $ 25.00 September 2021 - (a) Initial contractual value of applicable earnout tranche based on a $ 21.25 price per share/unit of common stock and OP Units. Does not take into account the actual per share price of common stock and OP Units at the time an applicable earnout tranche may be earned and paid. (b) Calculated based on $21.25 price per share/unit of common stock and OP Units. (c) Excludes dividends declared on tranche 2. Tranches 3 and 4 do not accrue dividends as they are declared.
Schedule of Pro Forma Financial Information	The condensed pro forma financial information is as follows: For the Three Months Ended For the Six Months Ended (in thousands) June 30, 2020 June 30, 2020 Revenues $ 80,371 $ 158,602 Net income 17,487 31,340

Acquisitions of Rental Proper_2

Acquisitions of Rental Property (Tables)	6 Months Ended
	Jun. 30, 2021
Business Combinations [Abstract]
Acquisitions of Rental Property Closed	The Company closed on the following acquisitions during the six months ended June 30, 2021: (in thousands, except number of properties) Number of Real Estate Date Property Type Properties Acquisition Price February 5, 2021 Healthcare 1 $ 4,843 February 26, 2021 Restaurant (a) 181 March 11, 2021 Retail 13 26,834 March 30, 2021 Retail 11 41,324 March 31, 2021 Healthcare 3 14,140 June 4, 2021 Retail 2 19,420 June 9, 2021 Industrial 1 8,500 June 9, 2021 Industrial 11 106,578 June 25, 2021 Retail 8 12,131 June 28, 2021 Healthcare 4 15,300 June 30, 2021 Retail 1 1,279 June 30, 2021 Healthcare 7 30,750 62 $ 281,280 (b) (a) Acquisition of additional land adjacent to an existing property. (b) Acquisition price does not include capitalized acquisition costs of $ 3,045 . Subsequent to June 30, 2021, the Company closed on the following acquisitions (see Note 19): (in thousands, except number of properties) Number of Real Estate Date Property Type Properties Acquisition Price July 2, 2021 Industrial (e) $ 4,500 July 21, 2021 Retail 1 5,565 July 29, 2021 Retail 3 4,586 July 29, 2021 Industrial 1 13,041 July 30, 2021 Industrial 2 11,011 7 $ 38,703 (e) Acquisition of land related to an existing property.
Summary of Allocation of Purchase Price	The following table summarizes the purchase price allocation for completed real estate acquisitions: For the Six Months Ended (in thousands) June 30, 2021 Land $ 48,477 Land improvements 15,844 Buildings and improvements 197,064 Acquired in-place leases (c) 22,729 Acquired above-market lease (d) 211 $ 284,325 (c) The weighted average amortization period for acquired in-place leases is 14 years for acquisitions completed during the six months ended June 30, 2021. (d) The weighted average amortization period for acquired above-market leases is 10 years for acquisitions completed during the six months ended June 30, 2021 .

Sale of Real Estate (Tables)

Sale of Real Estate (Tables)	6 Months Ended
	Jun. 30, 2021
Real Estate [Abstract]
Schedule of Sale of Real Estate	The Company closed on the following sales of real estate, none of which qualified as discontinued operations: For the Three Months Ended For the Six Months Ended (in thousands, except number of properties) 2021 2020 2021 2020 Number of properties disposed 11 3 19 13 Aggregate sale price $ 22,276 $ 10,538 $ 45,338 $ 47,723 Aggregate carrying value ( 17,201 ) ( 8,994 ) ( 34,573 ) ( 36,758 ) Additional sales expenses ( 1,237 ) ( 498 ) ( 2,194 ) ( 2,300 ) Gain on sale of real estate $ 3,838 $ 1,046 $ 8,571 $ 8,665

Investment in Rental Property_2

Investment in Rental Property and Lease Arrangements (Tables)	6 Months Ended
	Jun. 30, 2021
Leases [Abstract]
Rental Property Subject to Non-cancelable Operating Leases	Rental property subject to non-cancelable operating leases with tenants was as follows: (in thousands) June 30, December 31, Land $ 597,779 $ 555,748 Land improvements 291,981 279,360 Buildings and improvements 3,023,490 2,857,510 Equipment 11,870 11,870 3,925,120 3,704,488 Less accumulated depreciation ( 390,236 ) ( 349,977 ) $ 3,534,884 $ 3,354,511 Depreciation expense on investment in rental property was as follows: For the Three Months Ended For the Six Months Ended (in thousands) 2021 2020 2021 2020 Depreciation $ 24,144 $ 23,560 $ 47,887 $ 47,075
Estimated Lease Payments to be Received under Non-cancelable Operating Leases	Estimated lease payments to be received under non-cancelable operating leases with tenants at June 30, 2021 are as follows: (in thousands) Remainder of 2021 $ 155,434 2022 313,871 2023 317,645 2024 314,115 2025 307,083 Thereafter 2,206,838 $ 3,614,986
Net Investment in Direct Financing Leases	The Company’s net investment in direct financing leases was comprised of the following: (in thousands) June 30, December 31, Undiscounted estimated lease payments to be received $ 44,193 $ 45,782 Estimated unguaranteed residual values 15,203 15,203 Unearned revenue ( 30,320 ) ( 31,753 ) Reserve for credit losses ( 165 ) ( 166 ) Net investment in direct financing leases $ 28,911 $ 29,066
Direct Financing Leases, Lease Receivable Maturity	Undiscounted estimated lease payments to be received under non-cancelable direct financing leases with tenants at June 30, 2021 are as follows: (in thousands) Remainder of 2021 $ 1,591 2022 3,241 2023 3,304 2024 3,361 2025 3,475 Thereafter 29,221 $ 44,193
Summary of Amounts Reported as Lease Revenues Net on the Condensed Consolidated Statements of Income and Comprehensive Income (Loss)	The following table summarizes amounts reported as Lease revenues, net on the Condensed Consolidated Statements of Income and Comprehensive Income (Loss): For the Three Months Ended For the Six Months Ended (in thousands) 2021 2020 2021 2020 Contractual rental amounts billed for operating leases $ 75,011 $ 67,342 $ 148,256 $ 140,170 Adjustment to recognize contractual operating lease billings on a 4,724 8,276 9,091 9,941 Variable rental amounts earned 114 51 205 74 Earned income from direct financing leases 728 855 1,458 1,842 Earned income from sales-type leases 15 — 29 — Operating expenses billed to tenants 4,196 4,335 8,584 8,067 Other income from real estate transactions 28 702 33 731 Adjustment to revenue recognized for uncollectible rental amounts ( 57 ) ( 1,190 ) ( 199 ) ( 2,223 ) Total Lease revenues, net $ 84,759 $ 80,371 $ 167,457 $ 158,602

Intangible Assets and Liabili_2

Intangible Assets and Liabilities (Tables)	6 Months Ended
	Jun. 30, 2021
Goodwill And Intangible Assets Disclosure [Abstract]
Schedule of Intangible Assets and Liabilities Relating to Amortization	The following is a summary of intangible assets and liabilities and related accumulated amortization: (in thousands) June 30, December 31, Lease intangibles: Acquired above-market leases $ 50,139 $ 54,616 Less accumulated amortization ( 16,927 ) ( 18,928 ) Acquired above-market leases, net 33,212 35,688 Acquired in-place leases 359,962 340,958 Less accumulated amortization ( 97,040 ) ( 85,733 ) Acquired in-place leases, net 262,922 255,225 Total intangible lease assets, net $ 296,134 $ 290,913 Acquired below-market leases $ 106,366 $ 107,788 Less accumulated amortization ( 31,388 ) ( 28,135 ) Intangible lease liabilities, net $ 74,978 $ 79,653 Leasing fees $ 15,384 $ 15,462 Less accumulated amortization ( 5,016 ) ( 4,724 ) Leasing fees, net $ 10,368 $ 10,738
Schedule of Amortization of Intangible Lease Assets and Liabilities	Amortization of intangible lease assets and liabilities was as follows: (in thousands) For the Three Months Ended For the Six Months Ended Intangible Financial Statement Presentation 2021 2020 2021 2020 Acquired in-place leases and leasing fees Depreciation and amortization $ 7,058 $ 16,339 $ 14,005 $ 24,034 Above-market and below-market leases Lease revenues, net 665 ( 1,016 ) 1,418 124
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense	Estimated future amortization of intangible assets and liabilities at June 30, 2021 is as follows: (in thousands) Remainder of 2021 $ 13,031 2022 24,090 2023 23,778 2024 23,019 2025 21,723 Thereafter 125,883 $ 231,524

Unsecured Credit Agreements (Ta

Unsecured Credit Agreements (Tables)	6 Months Ended
	Jun. 30, 2021
Debt Instrument [Line Items]
Summary of Debt Issuance Cost Amortization	The following table summarizes debt issuance cost amortization: For the Three Months Ended For the Six Months Ended (in thousands) 2021 2020 2021 2020 Debt issuance costs amortization $ 956 $ 821 $ 1,870 $ 1,709
Unsecured Debt
Debt Instrument [Line Items]
Summary of Unsecured Credit Agreements	The following table summarizes the Company’s unsecured credit agreements: Outstanding Balance (in thousands, except interest rates) June 30, December 31, Interest (c) (d) Maturity Unsecured revolving credit facility (a) $ — $ — (e) (f) Sep. 2023 2022 Unsecured Term Loan (a) 60,000 60,000 one-month LIBOR + 1.00 % (g) Feb. 2022 2023 Unsecured Term Loan (a) 265,000 265,000 one-month LIBOR + 1.10 % (h) Jan. 2023 2024 Unsecured Term Loan (a) 190,000 190,000 one-month LIBOR + 1.00 % (g) Jun. 2024 2026 Unsecured Term Loan (a) 400,000 450,000 one-month LIBOR + 1.00 % (i) Feb. 2026 Senior Notes (a) Series A 150,000 150,000 4.84 % Apr. 2027 Series B 225,000 225,000 5.09 % Jul. 2028 Series C 100,000 100,000 5.19 % Jul. 2030 475,000 475,000 Total unsecured debt 1,390,000 1,440,000 Debt issuance costs, net (b) ( 6,369 ) ( 6,204 ) Total unsecured debt, net $ 1,383,631 $ 1,433,796 (a) The Company believes it was in compliance with all financial covenants for all periods presented. (b) Amounts presented include debt issuance costs, net, related to the unsecured term notes and senior notes only. (c) At June 30, 2021 and December 31, 2020 , one-month LIBOR was 0.10 % and 0.14 %, respectively. At June 30, 2021 daily LIBOR was 0.09 %. (d) In January 2021, the Company received a credit rating of BBB, changing the applicable margin on variable rate unsecured debt effective February 1, 2021. (e) At June 30, 2021, borrowings on the revolving credit facility were subject to interest at one-month LIBOR plus 1.00 % or daily LIBOR rates plus 1.00 %. (f) At December 31, 2020, interest rate was one-month LIBOR plus 1.20 %. (g) At December 31, 2020, interest rate was one-month LIBOR plus 1.25 %. (h) At December 31, 2020, interest rate was one-month LIBOR plus 1.35 %. (i) At December 31, 2020, interest rate was one-month LIBOR plus 1.85 %.

Mortgages (Tables)

Mortgages (Tables)	6 Months Ended
	Jun. 30, 2021
Debt Instrument [Line Items]
Schedule of Estimated Future Principal Payments	Estimated future principal payments to be made under the above mortgages and the Company’s unsecured credit agreements (see Note 9) at June 30, 2021 are as follows: (in thousands) Remainder of 2021 $ 16,343 2022 62,907 2023 272,582 2024 192,260 2025 20,195 Thereafter 931,717 $ 1,496,004
Secured Debt
Debt Instrument [Line Items]
Summary of Unsecured Credit Agreements	The Company’s mortgages consist of the following: Origination Maturity (in thousands, except interest rates) Date Date Interest June 30, December 31, Lender (Month/Year) (Month/Year) Rate 2021 2020 Wilmington Trust National Association Apr-19 Feb-28 4.92 % $ 47,357 $ 47,945 (a) (b) (c) (j) Wilmington Trust National Association Jun-18 Aug-25 4.36 % 19,753 19,947 (a) (b) (c) (i) PNC Bank Oct-16 Nov-26 3.62 % 17,297 17,498 (b) (c) Sun Life Mar-12 Oct-21 5.13 % 10,252 10,469 (b) (e) (k) Aegon Apr-12 Oct-23 6.38 % 6,650 7,039 (b) (f) M&T Bank Oct-17 Aug-21 one - month 3 % 4,695 4,769 (b) (d) (g) (h) (l) Total mortgages 106,004 107,667 Debt issuance costs, net ( 256 ) ( 285 ) Mortgages, net $ 105,748 $ 107,382 (a) Non-recourse debt includes the indemnification/guaranty of the Corporation and/or OP pertaining to fraud, environmental claims, insolvency and other matters. (b) Debt secured by related rental property and lease rents. (c) Debt secured by guaranty of the OP. (d) Debt secured by guaranty of the Corporation. (e) Mortgage was assumed in March 2012 as part of an UPREIT transaction. The debt was recorded at fair value at the time of the assumption. (f) Mortgage was assumed in April 2012 as part of the acquisition of the related property. The debt was recorded at fair value at the time of the assumption. (g) The Company entered into an interest rate swap agreement in connection with the mortgage, as further described in Note 11. (h) Mortgage was assumed in October 2017 as part of an UPREIT transaction. The debt was recorded at fair value at the time of the assumption. (i) Mortgage was assumed in June 2018 as part of the acquisition of the related property. The debt was recorded at fair value at the time of assumption. (j) Mortgage was assumed in April 2019 as part of the acquisition of the related property. The debt was recorded at fair value at the time of assumption. (k) Mortgage was refinanced on July 30, 2021, see Note 19. (l) Mortgage was paid in full on August 1, 2021, see Note 19.

Interest Rate Swaps (Tables)

Interest Rate Swaps (Tables)	6 Months Ended
	Jun. 30, 2021
Derivative Instruments And Hedging Activities Disclosure [Abstract]
Summary of Company's Outstanding Interest-rate Swap Agreement	The following is a summary of the Company’s outstanding interest rate swap agreements: (in thousands, except interest rates) Fair Value Counterparty Maturity Date Fixed Variable Rate Index Notional June 30, December 31, Bank of America, N.A. November 2023 2.80 % one-month LIBOR $ 25,000 $ ( 1,435 ) $ ( 1,848 ) Bank of Montreal July 2024 1.16 % one-month LIBOR 40,000 ( 807 ) ( 1,380 ) Bank of Montreal January 2025 1.91 % one-month LIBOR 25,000 ( 1,149 ) ( 1,725 ) Bank of Montreal July 2025 2.32 % one-month LIBOR 25,000 ( 1,616 ) ( 2,351 ) Bank of Montreal January 2026 1.92 % one-month LIBOR 25,000 ( 1,282 ) ( 2,039 ) Bank of Montreal January 2026 2.05 % one-month LIBOR 40,000 ( 2,276 ) ( 3,523 ) Bank of Montreal December 2026 2.33 % one-month LIBOR 10,000 ( 762 ) ( 1,156 ) Bank of Montreal December 2026 1.99 % one-month LIBOR 25,000 ( 1,454 ) ( 2,372 ) Bank of Montreal December 2027 2.37 % one-month LIBOR 25,000 ( 2,102 ) ( 3,234 ) Bank of Montreal May 2029 2.09 % one-month LIBOR 25,000 ( 1,766 ) ( 2,994 ) Capital One, National Association December 2021 1.05 % one-month LIBOR 15,000 ( 71 ) ( 141 ) Capital One, National Association December 2024 1.58 % one-month LIBOR 15,000 ( 514 ) ( 799 ) Capital One, National Association January 2026 2.08 % one-month LIBOR 35,000 ( 2,031 ) ( 3,078 ) Capital One, National Association April 2026 2.68 % one-month LIBOR 15,000 ( 1,310 ) ( 1,843 ) Capital One, National Association July 2026 1.32 % one-month LIBOR 35,000 ( 825 ) ( 1,806 ) Capital One, National Association December 2027 2.37 % one-month LIBOR 25,000 ( 2,107 ) ( 3,199 ) M&T Bank August 2021 1.02 % one-month LIBOR 4,694 ( 4 ) ( 25 ) (a), (b) M&T Bank September 2022 2.83 % one-month LIBOR 25,000 ( 791 ) ( 1,139 ) M&T Bank November 2023 2.65 % one-month LIBOR 25,000 ( 1,349 ) ( 1,785 ) Regions Bank December 2023 1.18 % one-month LIBOR 25,000 ( 506 ) ( 763 ) Regions Bank May 2029 2.11 % one-month LIBOR 25,000 ( 1,809 ) ( 3,004 ) Regions Bank June 2029 2.03 % one-month LIBOR 25,000 ( 1,664 ) ( 2,843 ) Truist Financial Corporation April 2024 1.99 % one-month LIBOR 25,000 ( 1,074 ) ( 1,487 ) Truist Financial Corporation April 2025 2.20 % one-month LIBOR 25,000 ( 1,451 ) ( 2,084 ) Truist Financial Corporation July 2025 1.99 % one-month LIBOR 25,000 ( 1,292 ) ( 1,941 ) Truist Financial Corporation December 2025 2.30 % one-month LIBOR 25,000 ( 1,695 ) ( 2,481 ) Truist Financial Corporation January 2026 1.93 % one-month LIBOR 25,000 ( 1,290 ) ( 2,019 ) U.S. Bank National Association June 2029 2.03 % one-month LIBOR 25,000 ( 1,662 ) ( 2,902 ) U.S. Bank National Association August 2029 1.35 % one-month LIBOR 25,000 ( 357 ) ( 1,445 ) Wells Fargo Bank, N.A. February 2021 2.39 % one-month LIBOR 35,000 — ( 70 ) Wells Fargo Bank, N.A. October 2024 2.72 % one-month LIBOR 15,000 ( 1,055 ) ( 1,422 ) Wells Fargo Bank, N.A. April 2027 2.72 % one-month LIBOR 25,000 ( 2,491 ) ( 3,555 ) Wells Fargo Bank, N.A. January 2028 2.37 % one-month LIBOR 75,000 ( 6,338 ) ( 9,650 ) $ ( 46,335 ) $ ( 72,103 ) (a) Notional amount at December 31, 2020 was $ 4,768 . (b) Interest rate swap was assumed in October 2017 as part of an UPREIT transaction.
Total Amounts Recognized and Location of Gain (Loss) in Condensed Consolidated Statement of Income and Comprehensive Income (Loss), from Converting from Variable Rates to Fixed Rates	The total amounts recognized, and the location in the accompanying Condensed Consolidated Statements of Income and Comprehensive Income (Loss), from converting from variable rates to fixed rates under these agreements were as follows: Reclassification from Total Interest Expense Amount of Loss Accumulated Other Presented in the Condensed Recognized in Comprehensive Loss Consolidated Statements of (in thousands) Accumulated Other Amount of Income and Comprehensive For the Three Months Ended June 30, Comprehensive Loss Location Loss Income (Loss) 2021 $ ( 2,911 ) Interest expense $ 4,039 $ 15,430 2020 ( 6,056 ) Interest expense 3,416 19,513 Amount of Gain Reclassification from Total Interest Expense (Loss) Accumulated Other Presented in the Condensed Recognized in Comprehensive Loss Consolidated Statements of (in thousands) Accumulated Other Amount of Income and Comprehensive For the Six Months Ended June 30, Comprehensive Loss Location Loss Income (Loss) 2021 $ 25,769 Interest expense $ 8,055 $ 31,538 2020 ( 64,118 ) Interest expense 4,301 40,504

Non-Controlling Interests (Tabl

Non-Controlling Interests (Tables)	6 Months Ended
	Jun. 30, 2021
Noncontrolling Interest [Abstract]
Schedule of OP Units Exchanged for Shares of Common Stock	The following table summarizes OP Units exchanged for shares of common stock: For the Three Months Ended For the Six Months Ended (in thousands) 2021 2020 2021 2020 OP Units exchanged for shares of common stock 1,127 — 1,165 — Value of units exchanged $ 17,859 $ — $ 18,465 $ —

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	6 Months Ended
	Jun. 30, 2021
Restricted Stock Awards
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Summary of Restricted Stock	The following table presents information about the Company’s RSAs: For the Three Months Ended For the Six Months Ended (in thousands) June 30, 2021 June 30, 2021 Compensation cost $ 728 $ 2,423 Dividends declared on unvested RSAs 97 201 Grant date fair value of shares vested during the period 774 3,296 There were no RSAs at June 30, 2020. (in thousands, except recognition period) June 30, 2021 December 31, 2020 Unamortized value of RSAs $ 6,304 $ 5,001 Weighted average amortization period (in years) 2.8 2.8
Summary of Restricted Stock Activity	The following table presents information about the Company’s RSA activity: For the Three Months Ended June 30, 2021 For the Six Months Ended June 30, 2021 (in thousands, except per share amounts) Number of Shares Weighted Average Number of Shares Weighted Average Unvested at beginning of period 416 $ 19.62 341 $ 20.50 Granted 2 19.76 201 18.67 Vested ( 40 ) 19.81 ( 164 ) 20.15 Forfeited — — — — Unvested at end of period 378 $ 19.60 378 $ 19.60
Performance-based Restricted Stock Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Summary of Restricted Stock	The following table presents information about the Company’s PRSUs: For the Three Months Ended For the Six Months Ended (in thousands, except recognition period) June 30, 2021 June 30, 2021 Compensation cost $ 223 $ 297 June 30, 2021 Unamortized value of PRSUs $ 2,377 Weighted average amortization period (in years) 2.7
Summary of Restricted Stock Activity	The following table presents information about the Company’s PRSU activity: For the Three Months Ended June 30, 2021 For the Six Months Ended June 30, 2021 (in thousands, except per share amounts) Number of Shares Weighted Average Number of Shares Weighted Average Unvested at beginning of period 110 $ 24.40 — $ — Granted — — 132 24.40 Vested — — — — Forfeited — — 22 24.40 Unvested at end of period 110 $ 24.40 110 $ 24.40

Earnings per Share (Tables)

Earnings per Share (Tables)	6 Months Ended
	Jun. 30, 2021
Earnings Per Share [Abstract]
Summary of Components used in Calculation of Basic and Diluted Earnings per Share	The following table summarizes the components used in the calculation of basic and diluted earnings per share (“EPS”): For the Three Months Ended For the Six Months Ended (in thousands, except per share amounts) 2021 2020 2021 2020 Basic earnings: Net earnings attributable to Broadstone Net Lease, Inc. common $ 21,214 $ 15,353 $ 43,437 $ 26,169 Less earnings allocated to unvested restricted shares ( 97 ) — ( 201 ) — Net earnings used to compute basic earnings per common share $ 21,117 $ 15,353 $ 43,236 $ 26,169 Diluted earnings: Net earnings used to compute basic earnings per share $ 21,117 $ 15,353 $ 43,236 $ 26,169 Net earnings attributable to non-controlling interests 1,606 1,745 3,343 2,777 Net earnings used to compute diluted earnings per common share $ 22,723 $ 17,098 $ 46,579 $ 28,946 Weighted average number of common shares outstanding 146,506 107,422 146,089 106,765 Less weighted average unvested restricted shares (a) ( 387 ) — ( 361 ) — Weighted average number of common shares outstanding used in 146,119 107,422 145,728 106,765 Effects of restricted stock units (b) 219 — 147 — Effects of convertible membership units (c) 11,092 12,226 11,240 11,164 Weighted average number of common shares outstanding used in 157,430 119,648 157,115 117,929 Basic earnings per share $ 0.14 $ 0.14 $ 0.30 $ 0.25 Diluted earnings per share $ 0.14 $ 0.14 $ 0.30 $ 0.25 (a) Represents the weighted average effects of 378 unvested restricted shares of common stock as of June 30, 2021, which will be excluded from the computation of earnings per share until they vest. The shares of restricted common stock were not included in the calculation of diluted earnings per share, as the effect of doing so would have been anti-dilutive. (b) Represents the weighted average effects of shares of common stock to be issued as though the end of the period were the end of the performance period (see Note 15). (c) Represents the weighted average effects of 10,482 and 12,226 OP Units outstanding at June 30, 2021 and 2020, respectively. OP Units are included in the diluted earnings per share calculation. However, because such OP Units would also require that the share of the net income attributable to such OP units also be added back to net income, there is no effect to EPS.

Commitments and Contingencies (

Commitments and Contingencies (Tables)	6 Months Ended
	Jun. 30, 2021
Commitments And Contingencies Disclosure [Abstract]
Summary of Tenant Improvement Allowances Included in Accounts Payable and Other Liabilities	Balances associated with tenant improvement allowances are included in Accounts payable and other liabilities on the Condensed Consolidated Balance Sheets as follows: (in thousands) June 30, December 31, Tenant improvement allowances $ 313 $ 1,981
Summary of Total Lease Costs Associated with Operating Leases	The following table summarizes the total lease costs associated with operating leases: For the Three Months Ended For the Six Months Ended (in thousands) Financial Statement Presentation 2021 2020 2021 2020 Operating lease costs Office leases General and administrative $ 157 $ 155 $ 315 $ 207 Ground leases Property and operating expense 34 34 67 67 Variable lease costs Ground leases Property and operating expense 14 12 28 30 Total lease costs $ 205 $ 201 $ 410 $ 304
Summary of Payments Associated with Obligations Under Operating Leases	The following table summarizes payments associated with obligations under operating leases, reported as Net cash provided by operating activities on the accompanying Condensed Consolidated Statements of Cash Flows: For the Three Months Ended For the Six Months Ended (in thousands) 2021 2020 2021 2020 Operating lease payments $ 186 $ 183 $ 427 $ 311
Summary of Estimated Future Lease Payments Required Under Non-cancelable Operating Leases as well as Reconciliation to Lease Liabilities	Estimated future lease payments required under non-cancelable operating leases at June 30, 2021, and a reconciliation to the lease liabilities, is as follows: (in thousands) Remainder of 2021 $ 363 2022 690 2023 505 2024 120 2025 121 Thereafter 2,290 Total undiscounted cash flows 4,089 Less imputed interest ( 1,706 ) Lease liabilities $ 2,383

Business Description - Addition

Business Description - Additional Information (Detail)	Jun. 22, 2021shares	Sep. 21, 2020$ / sharesshares	Sep. 18, 2020$ / sharesshares	Feb. 07, 2020USD ($)	Jun. 30, 2021USD ($)PropertyState$ / sharesshares	Mar. 31, 2021shares	Jun. 30, 2020USD ($)shares	Mar. 31, 2020shares	Jun. 30, 2021USD ($)PropertyState$ / sharesshares	Jun. 30, 2020USD ($)	Dec. 31, 2020$ / sharesshares
Business Description [Line Items]
Date of incorporation									Oct. 18, 2007
Number of leased commercial properties owned | Property					684				684
Internalization fees | $					$ 0		$ 389,000		$ 0	$ 1,594,000
Common stock, shares outstanding			26,944,000		158,583,000				158,583,000		108,609,000
Common stock, par value | $ / shares			$ 0.001		$ 0.00025				$ 0.00025		$ 0.00025
Issuance of shares of common stock, shares	145,000
IPO
Business Description [Line Items]
Common stock, par value | $ / shares		$ 0.00025
Issuance of shares of common stock, shares		37,000,000
Offering price | $ / shares		$ 17
Common Stock
Business Description [Line Items]
Stock split			4
Issuance of shares of common stock, shares	145,000				11,659,000	211,000	11,000	293,000
Property Management Agreement and Asset Management Agreement | Merger Agreement
Business Description [Line Items]
Internalization fees | $				$ 0
U.S.
Business Description [Line Items]
Number of leased commercial properties owned | Property					683				683
Number of States in which properties located | State					42				42
British Columbia, Canada
Business Description [Line Items]
Number of leased commercial properties owned | Property					1				1

Business Description - Summary

Business Description - Summary of Outstanding Equity and Economic Ownership Interest (Detail) - shares shares in Thousands	Jun. 30, 2021	Dec. 31, 2020
Broadstone Net Lease, LLC
Business Description [Line Items]
Percent ownership of OP, Shares of Common Stock	93.80%	92.70%
Percent ownership of OP, OP Units	6.20%	7.30%
Percent ownership of OP, Total Diluted Shares	100.00%	100.00%
Ownership Interest
Business Description [Line Items]
Shares of Common Stock	158,583	145,609
OP Units	10,482	11,399
Total Diluted Shares	169,065	157,008

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Additional Information (Detail) $ in Thousands	6 Months Ended
	Jun. 30, 2021USD ($)
Accounting Policies [Abstract]
Additional impairment charges	$ 0

Significant Accounting Policies

Significant Accounting Policies - Summary of Impairment Charges (Detail) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021USD ($)Property	Jun. 30, 2020USD ($)Property	Jun. 30, 2021USD ($)Property	Jun. 30, 2020USD ($)Property
Impaired Long-Lived Assets Held and Used [Line Items]
Number of properties | Property	0	2	1	3
Impairment charge | $	$ 0	$ 534	$ 2,012	$ 2,667

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Summary of Components of Restricted Cash (Detail) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020	Jun. 30, 2020	Dec. 31, 2019
Cash And Cash Equivalents [Abstract]
Escrow funds and other	$ 8,021	$ 7,852
Undistributed 1031 proceeds		2,390
Restricted cash	$ 8,021	$ 10,242	$ 601	$ 7,856

Summary of Significant Accoun_6

Summary of Significant Accounting Policies - Summary of Rents Received in Advance (Detail) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Revenue From Contract With Customer [Abstract]
Rent received in advance	$ 13,396	$ 13,651

Summary of Significant Accoun_7

Summary of Significant Accounting Policies - Summary of Changes in the Provision for Uncollectible Rent (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Accounts Notes Loans And Financing Receivable Gross Allowance And Net [Abstract]
Beginning balance	$ 343	$ 1,033	$ 201	$ 0
Provision for uncollectible rent	57	1,190	199	2,223
Write-offs		1		1
Ending balance	$ 400	$ 2,222	$ 400	$ 2,222

Summary of Significant Accoun_8

Summary of Significant Accounting Policies - Summary of Significant Unobservable Inputs Used to Estimate Fair Value of Earnout Liability (Detail) - Fair Value Inputs Level3 [Member]	Feb. 07, 2020$ / shares	Jun. 30, 2020$ / shares	Jun. 30, 2021
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Weighted Average Assumption Used, Expected IPO date	Apr. 15, 2020	Oct. 21, 2020
Range, Expected IPO date	March 2020 through May 2020	September 2020 through February 2021
Measurement Input, Price Volatility [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Weighted Average Assumption Used, Company's net asset value per diluted share	$ 21.30	$ 17.77
Weighted Average [Member] | Measurement Input, Price Volatility [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Weighted Average Assumption Used, Peer stock price volatility	0.200	0.350	0.400
Minimum | Measurement Input, Price Volatility [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Weighted Average Assumption Used, Peer stock price volatility	0.1622	0.2567	0.2602
Maximum | Measurement Input, Price Volatility [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Weighted Average Assumption Used, Peer stock price volatility	0.2309	0.5892	0.5190

Summary of Significant Accoun_9

Summary of Significant Accounting Policies - Summary of Significant Unobservable Inputs Used to Estimate Fair Value of Earnout Liability (Detail) (Parenthetical) - Measurement Input, Price Volatility [Member] - Fair Value Inputs Level3 [Member]	Jun. 30, 2020	Feb. 07, 2020
Minimum
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Market capitalization rate	6.11%	6.05%
Maximum
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Market capitalization rate	7.17%	7.09%

Summary of Significant Accou_10

Summary of Significant Accounting Policies - Summary of Reconciliation of Change in Earnout Liability (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Fair Value Disclosures [Abstract]
Beginning balance	$ 6,385	$ 44,296	$ 7,509	$ 0
Allocation of Internalization purchase price at February 7, 2020				40,119
Change in fair value subsequent to Internalization	5,604	(6,321)	4,480	(2,144)
Payout of tranches earned	(1,926)		(1,926)
Ending balance	$ 10,063	$ 37,975	$ 10,063	$ 37,975

Summary of Significant Accou_11

Summary of Significant Accounting Policies - Balances of Financial Instruments Measured at Fair Value on Recurring Basis (Detail) - USD ($) $ in Thousands	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Interest rate swap, liabilities	$ (46,335)		$ (72,103)
Earnout liability	(10,063)	$ (6,385)	(7,509)	$ (37,975)	$ (44,296)	$ 0
Fair Value, Measurements, Recurring
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Interest rate swap, liabilities	(46,335)		(72,103)
Earnout liability	(10,063)		(7,509)
Fair Value, Measurements, Recurring | Level 2
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Interest rate swap, liabilities	(46,335)
Fair Value, Measurements, Recurring | Fair Value Inputs Level3 [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Earnout liability	$ (10,063)		$ (7,509)

Summary of Significant Accou_12

Summary of Significant Accounting Policies - Summary of Carrying Amount Reported on Condensed Consolidated Balance Sheets (Detail) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Summary Of Significant Accounting Policies [Abstract]
Total unsecured debt	$ 1,496,004	$ 1,547,667
Fair value	$ 1,615,365	$ 1,679,188

Summary of Significant Accou_13

Summary of Significant Accounting Policies - Summary of Right-of-Use Assets And Lease Liabilities Associated With Operating Leases Included In Condensed Consolidated Balance Sheets (Detail) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Accounting Policies [Abstract]
Right-of-use assets	$ 2,743	$ 3,075
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List]	us-gaap:PrepaidExpensesAndOtherCurrentAssetsMember	us-gaap:PrepaidExpensesAndOtherCurrentAssetsMember
Lease liabilities	$ 2,383	$ 2,659
Operating Lease, Liability, Statement of Financial Position [Extensible List]	Accounts Payable and Other Liabilities	Accounts Payable and Other Liabilities

Related Party Transactions - Ad

Related Party Transactions - Additional Information (Detail) - USD ($) shares in Thousands, $ in Thousands	Jun. 22, 2021	Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2021
Related Party Transaction [Line Items]
Issuance of shares of common stock, shares	145
OP Units	248
Issuance of shares common stock upon conversion of OP units		1,127	38	1,165
Conversion of OP Units to shares of common stock			$ 0	$ 18,466
Number of OP units exchanged		1,127	38	1,165
Payment of cash at earnout milestone	$ 1,926
Affiliated Entity Member
Related Party Transaction [Line Items]
Issuance of shares common stock upon conversion of OP units		1,020		1,020
Conversion of OP Units to shares of common stock		$ 16,175		$ 16,175
Number of OP units exchanged		1,020		1,020

Internalization - Additional In

Internalization - Additional Information (Detail)	Jul. 14, 2021$ / shares	Jun. 22, 2021USD ($)shares	Feb. 07, 2020USD ($)Tranche$ / shares	Jun. 16, 2021$ / shares	Jun. 30, 2020USD ($)	Jun. 30, 2021USD ($)shares	Jun. 30, 2020USD ($)
Internalization [Line Items]
Payment of cash at earnout milestone		$ 1,926,000
Merger Agreement
Internalization [Line Items]
Number of tranches | Tranche			4
VWAP per REIT Share Days			40 days
Merger Agreement | Maximum
Internalization [Line Items]
Additional consideration payable			$ 75,000
Merger Agreement | Tranche One
Internalization [Line Items]
Additional consideration payable			10,000,000
40-Day VWAP of a REIT Share | $ / shares				$ 22.50
Number of Shares Payable | shares		145,000				145,000
Number of O P Units Payable | shares		248,000				248,000
Payment of cash at earnout milestone		$ 1,926,000				$ 1,926,000
Merger Agreement | Tranche Two
Internalization [Line Items]
Additional consideration payable			$ 15,000,000
40-Day VWAP of a REIT Share | $ / shares	$ 23.75		$ 23.75
Merger Agreement | Tranche Three
Internalization [Line Items]
Additional consideration payable			$ 25,000,000
40-Day VWAP of a REIT Share | $ / shares			$ 24.375
Merger Agreement | Tranche Four
Internalization [Line Items]
Additional consideration payable			$ 25,000,000
40-Day VWAP of a REIT Share | $ / shares			$ 25
Elimination of Internalization Expenses and Asset Management, Property Management, and Disposition Fees and Adjustments to Reflect Incremental Interest Expense | Internalization Expenses
Internalization [Line Items]
Business combination pro forma adjustments income					$ 389,000		$ 6,137,000

Internalization - Summary of Ea

Internalization - Summary of Earnout Tranches, Applicable VWAP of REIT Share and Applicable Earnout Period (Details) - Merger Agreement - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	Jul. 14, 2021	Feb. 07, 2020	Jun. 16, 2021	Jun. 30, 2021
Tranche One
Internalization [Line Items]
Additional consideration payable		$ 10,000
40-Day VWAP of a REIT Share			$ 22.50
Tranche Two
Internalization [Line Items]
Additional consideration payable		$ 15,000
Number of Shares and OP Units Payable		589
Approximate Amount of Cash		$ 2,470
40-Day VWAP of a REIT Share	$ 23.75	$ 23.75
Applicable Earnout Period				September 2020 - September 2022
Tranche Three
Internalization [Line Items]
Additional consideration payable		$ 25,000
Number of Shares and OP Units Payable		983
Approximate Amount of Cash		$ 4,117
40-Day VWAP of a REIT Share		$ 24.375
Applicable Earnout Period				September 2021 - September 2025
Tranche Four
Internalization [Line Items]
Additional consideration payable		$ 25,000
Number of Shares and OP Units Payable		983
Approximate Amount of Cash		$ 4,117
40-Day VWAP of a REIT Share		$ 25
Applicable Earnout Period				September 2021 - September 2025

Internalization - Summary of _2

Internalization - Summary of Earnout Tranches, Applicable VWAP of REIT Share and Applicable Earnout Periods (Parenthetical) (Detail)	Feb. 07, 2020$ / shares
Merger Agreement
Internalization [Line Items]
Price per share or unit	$ 21.25

Internalization - Schedule of P

Internalization - Schedule of Pro Forma Financial Information (Detail) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2020
Business Acquisition Pro Forma Information [Abstract]
Revenues	$ 80,371	$ 158,602
Net income	$ 17,487	$ 31,340

Acquisitions of Rental Proper_3

Acquisitions of Rental Property - Acquisitions of Rental Property Closed - (Detail) $ in Thousands

Jul. 31, 2021USD ($)Property

Jul. 30, 2021USD ($)Property

Jul. 29, 2021USD ($)Property

Jul. 21, 2021USD ($)Property

Jul. 02, 2021USD ($)

Jun. 30, 2021USD ($)Property

Jun. 28, 2021USD ($)Property

Jun. 25, 2021USD ($)Property

Jun. 09, 2021USD ($)Property

Jun. 04, 2021USD ($)Property

Mar. 31, 2021USD ($)Property

Mar. 30, 2021USD ($)Property

Mar. 11, 2021USD ($)Property

Feb. 26, 2021USD ($)

Feb. 05, 2021USD ($)Property

Jun. 30, 2021USD ($)Property

Jun. 30, 2020Property

Business Acquisition [Line Items]

Number of Properties | Property

62

62

0

Real Estate Acquisition Price

$ 281,280

Subsequent Event

Business Acquisition [Line Items]

Number of Properties | Property

7

Real Estate Acquisition Price

$ 38,703

Healthcare

Business Acquisition [Line Items]

Property Type

Healthcare

Healthcare

Healthcare

Healthcare

Number of Properties | Property

7

4

3

1

7

Real Estate Acquisition Price

$ 30,750

$ 15,300

$ 14,140

$ 4,843

Restaurant

Business Acquisition [Line Items]

Property Type

Restaurant

Real Estate Acquisition Price

$ 181

Retail

Business Acquisition [Line Items]

Property Type

Retail

Retail

Retail

Retail

Retail

Number of Properties | Property

1

8

2

11

13

1

Real Estate Acquisition Price

$ 1,279

$ 12,131

$ 19,420

$ 41,324

$ 26,834

Retail | Subsequent Event

Business Acquisition [Line Items]

Property Type

Retail

Retail

Number of Properties | Property

3

1

Real Estate Acquisition Price

$ 4,586

$ 5,565

Industrial

Business Acquisition [Line Items]

Property Type

Industrial

Number of Properties | Property

11

Real Estate Acquisition Price

$ 106,578

Industrial | Subsequent Event

Business Acquisition [Line Items]

Property Type

Industrial

Industrial

Industrial

Number of Properties | Property

2

1

Real Estate Acquisition Price

$ 11,011

$ 13,041

$ 4,500

Industrial

Business Acquisition [Line Items]

Property Type

Industrial

Number of Properties | Property

1

Real Estate Acquisition Price

$ 8,500

Acquisitions of Rental Proper_4

Acquisitions of Rental Property - Acquisitions of Rental Property Closed (Parenthetical) - (Detail) $ in Thousands	Jun. 30, 2021USD ($)
Business Combinations [Abstract]
Acquisition costs capitalized	$ 3,045

Acquisitions of Rental Proper_5

Acquisitions of Rental Property - Additional Information - (Detail) - Property	Jun. 30, 2021	Jun. 30, 2020
Business Combinations [Abstract]
Number of rental properties acquired	62	0

Acquisitions of Rental Proper_6

Acquisitions of Rental Property - Purchase Price Allocation for Real Estate Acquisitions (Detail) $ in Thousands	Jun. 30, 2021USD ($)
Business Acquisition [Line Items]
Business combination, recognized identifiable assets acquired and liabilities assumed, assets	$ 284,325
Land
Business Acquisition [Line Items]
Business combination, recognized identifiable assets acquired and liabilities assumed, property, plant, and equipment	48,477
Land Improvements
Business Acquisition [Line Items]
Business combination, recognized identifiable assets acquired and liabilities assumed, property, plant, and equipment	15,844
Buildings and Improvements
Business Acquisition [Line Items]
Business combination, recognized identifiable assets acquired and liabilities assumed, property, plant, and equipment	197,064
Acquired In-Place Leases
Business Acquisition [Line Items]
Business combination, recognized identifiable assets acquired and liabilities assumed, Intangible assets	22,729
Acquired Above-Market Lease
Business Acquisition [Line Items]
Business combination, recognized identifiable assets acquired and liabilities assumed, Intangible assets	$ 211

Acquisitions of Rental Proper_7

Acquisitions of Rental Property - Purchase Price Allocation for Real Estate Acquisitions (Parenthetical) - (Detail)	6 Months Ended
	Jun. 30, 2021
Acquired In-Place Leases
Business Acquisition [Line Items]
Weighted average amortization period	14 years
Acquired Above-Market Lease
Business Acquisition [Line Items]
Weighted average amortization period	10 years

Sale of Real Estate - Schedule

Sale of Real Estate - Schedule of Sale of Real Estate (Detail) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021USD ($)Property	Jun. 30, 2020USD ($)Property	Jun. 30, 2021USD ($)Property	Jun. 30, 2020USD ($)Property
Real Estate [Line Items]
Number of properties disposed | Property	11	3	19	13
Aggregate sale price	$ 22,276	$ 10,538	$ 45,338	$ 47,723
Aggregate carrying value	(17,201)	(8,994)	(34,573)	(36,758)
Gain on sale of real estate	3,838	1,046	8,571	8,665
Real Estate
Real Estate [Line Items]
Additional sales expenses	(1,237)	(498)	(2,194)	(2,300)
Gain on sale of real estate	$ 3,838	$ 1,046	$ 8,571	$ 8,665

Investment in Rental Property_3

Investment in Rental Property and Lease Arrangements - Additional Information (Detail)	3 Months Ended	6 Months Ended
	Jun. 30, 2021PropertyNumberProperty1Property	Jun. 30, 2021PropertyNumberProperty1Property
Lessor Lease Description [Line Items]
Percentage of remaining minimum lease payments	113.00%
Number of real estate properties under operating leases | PropertyNumber	667	667
Number of real estate properties under direct financing leases	10	10
Number of real estate properties under sales-type leases | Property	1	1
Number of real estate properties under direct financing leases that include land option	3	3
Lessee, operating lease, existence of option to extend		true
Lessee, finance lease, existence of option to extend		true
Minimum
Lessor Lease Description [Line Items]
Lessor operating lease, initial terms	10 years	10 years
Lessor direct financing leases, initial terms	10 years	10 years
Maximum
Lessor Lease Description [Line Items]
Lessor operating lease, initial terms	20 years	20 years
Lessor direct financing leases, initial terms	20 years	20 years

Investment in Rental Property_4

Investment in Rental Property and Lease Arrangements - Rental Property Subject to Non-cancelable Operating Leases (Detail) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Property Subject To Or Available For Operating Lease [Line Items]
Rental property subject to non-cancelable operating leases, gross	$ 3,925,120	$ 3,704,488
Less accumulated depreciation	(390,236)	(349,977)
Rental property subject to non-cancelable operating leases, net	3,534,884	3,354,511
Land
Property Subject To Or Available For Operating Lease [Line Items]
Rental property subject to non-cancelable operating leases, gross	597,779	555,748
Land Improvements
Property Subject To Or Available For Operating Lease [Line Items]
Rental property subject to non-cancelable operating leases, gross	291,981	279,360
Buildings and Improvements
Property Subject To Or Available For Operating Lease [Line Items]
Rental property subject to non-cancelable operating leases, gross	3,023,490	2,857,510
Equipment
Property Subject To Or Available For Operating Lease [Line Items]
Rental property subject to non-cancelable operating leases, gross	$ 11,870	$ 11,870

Investment in Rental Property_5

Investment in Rental Property and Lease Arrangements - Summary of Depreciation Expense on Investment in Rental Property (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Leases [Abstract]
Depreciation	$ 24,144	$ 23,560	$ 47,887	$ 47,075

Investment in Rental Property_6

Investment in Rental Property and Lease Arrangements - Estimated Lease Payments to be Received under Non-cancelable Operating Leases (Detail) $ in Thousands	Jun. 30, 2021USD ($)
Lessor Operating Lease Payments Fiscal Year Maturity [Abstract]
Remainder of 2021	$ 155,434
2022	313,871
2023	317,645
2024	314,115
2025	307,083
Thereafter	2,206,838
Estimated lease payments to be received under non-cancelable operating leases	$ 3,614,986

Investment in Rental Property_7

Investment in Rental Property and Lease Arrangements - Net Investment in Direct Financing Leases (Detail) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Leases [Abstract]
Undiscounted estimated lease payments to be received	$ 44,193	$ 45,782
Estimated unguaranteed residual values	15,203	15,203
Unearned revenue	(30,320)	(31,753)
Reserve for credit losses	165	166
Net investment in direct financing leases	$ 28,911	$ 29,066

Investment in Rental Property_8

Investment in Rental Property and Lease Arrangements - Undiscounted Estimated Lease Payments to be Received under Non-cancelable Direct Financing Leases (Detail) $ in Thousands	Jun. 30, 2021USD ($)
Capital Leases Future Minimum Payments Receivable [Abstract]
Remainder of 2021	$ 1,591
2022	3,241
2023	3,304
2024	3,361
2025	3,475
Thereafter	29,221
Undiscounted estimated lease payments to be received under non-cancelable direct financing leases	$ 44,193

Investment in Rental Property_9

Investment in Rental Property and Lease Arrangements - Summary of Amounts Reported as Lease Revenues Net on the Condensed Consolidated Statements of Income and Comprehensive Income (Loss) (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Income Statement [Abstract]
Contractual rental amounts billed for operating leases	$ 75,011	$ 67,342	$ 148,256	$ 140,170
Adjustment to recognize contractual operating lease billings on a straight-line basis	4,724	8,276	9,091	9,941
Variable rental amounts earned	114	51	205	74
Earned income from direct financing leases	728	855	1,458	1,842
Earned income from sales-type leases	15	0	29	0
Operating expenses billed to tenants	4,196	4,335	8,584	8,067
Other income from real estate transactions	28	702	33	731
Adjustment to revenue recognized for uncollectible rental amounts billed	(57)	(1,190)	(199)	(2,223)
Total Lease revenues, net	$ 84,759	$ 80,371	$ 167,457	$ 158,602

Intangible Assets and Liabili_3

Intangible Assets and Liabilities - Schedule of Intangible Assets and Liabilities (Detail) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Lease intangibles:
Intangible lease assets, net	$ 296,134	$ 290,913
Acquired below-market leases	106,366	107,788
Less accumulated amortization	(31,388)	(28,135)
Intangible lease liabilities, net	74,978	79,653
Leasing fees	15,384	15,462
Less accumulated amortization	(5,016)	(4,724)
Leasing fees, net	10,368	10,738
Acquired Above-Market Leases
Lease intangibles:
Intangible lease assets, gross	50,139	54,616
Less accumulated amortization	16,927	18,928
Intangible lease assets, net	33,212	35,688
Acquired In-Place Leases
Lease intangibles:
Intangible lease assets, gross	359,962	340,958
Less accumulated amortization	97,040	85,733
Intangible lease assets, net	$ 262,922	$ 255,225

Intangible Assets and Liabili_4

Intangible Assets and Liabilities - Schedule of Amortization of Intangible Lease Assets and Liabilities (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Finite Lived Intangible Assets [Line Items]
Acquired in-place leases and leasing fees		$ 11,481		$ 12,058
Acquired In-Place Leases | Depreciation and Amortization
Finite Lived Intangible Assets [Line Items]
Acquired in-place leases and leasing fees	$ 7,058	16,339	$ 14,005	24,034
Above and Below Market Leases | Lease Revenues, Net
Finite Lived Intangible Assets [Line Items]
Acquired in-place leases and leasing fees	$ 665	$ (1,016)	$ 1,418	$ 124

Intangible Assets and Liabili_5

Intangible Assets and Liabilities - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2020
Goodwill And Intangible Assets Disclosure [Abstract]
Amortization expense	$ 11,481	$ 12,058

Intangible Assets and Liabili_6

Intangible Assets and Liabilities - Schedule of Amortizable Intangible Assets (Detail) $ in Thousands	Jun. 30, 2021USD ($)
Goodwill And Intangible Assets Disclosure [Abstract]
Remainder of 2021	$ 13,031
2022	24,090
2023	23,778
2024	23,019
2025	21,723
Thereafter	125,883
Total	$ 231,524

Unsecured Credit Agreements - S

Unsecured Credit Agreements - Summary of Unsecured Credit Agreements (Detail) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Total unsecured debt	$ 1,496,004	$ 1,547,667
Debt issuance costs, net	(5,250)	(6,435)
Long-term Debt	1,496,004
Unsecured Debt
Debt Instrument [Line Items]
Total unsecured debt	1,390,000	1,440,000
Debt issuance costs, net	(6,369)	(6,204)
Long-term Debt	$ 1,383,631	1,433,796
Unsecured Debt | Unsecured Revolving Credit Facility
Debt Instrument [Line Items]
Maturity Date	2023-09
Total unsecured debt	$ 0	0
Unsecured Debt | Senior Guaranteed Notes Series A
Debt Instrument [Line Items]
Debt instrument, interest rate	4.84%
Maturity Date	2027-04
Total unsecured debt	$ 150,000	150,000
Unsecured Debt | Senior Guaranteed Notes Series B
Debt Instrument [Line Items]
Debt instrument, interest rate	5.09%
Maturity Date	2028-07
Total unsecured debt	$ 225,000	225,000
Unsecured Debt | Senior Guaranteed Notes Series C
Debt Instrument [Line Items]
Debt instrument, interest rate	5.19%
Maturity Date	2030-07
Total unsecured debt	$ 100,000	100,000
Unsecured Debt | Senior Notes
Debt Instrument [Line Items]
Total unsecured debt	$ 475,000	475,000
Unsecured Debt | 2022 Unsecured Term Loan
Debt Instrument [Line Items]
Interest Rate	one-month LIBOR + 1.00%
Maturity Date	2022-02
Total unsecured debt	$ 60,000	$ 60,000
Unsecured Debt | 2022 Unsecured Term Loan | 1 Month LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate	1.00%	1.25%
Unsecured Debt | 2023 Unsecured Term Loan
Debt Instrument [Line Items]
Interest Rate	one-month LIBOR + 1.10%
Maturity Date	2023-01
Total unsecured debt	$ 265,000	$ 265,000
Unsecured Debt | 2023 Unsecured Term Loan | 1 Month LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate	1.10%	1.35%
Unsecured Debt | 2024 Unsecured Term Loan
Debt Instrument [Line Items]
Interest Rate	one-month LIBOR + 1.00%
Maturity Date	2024-06
Total unsecured debt	$ 190,000	$ 190,000
Unsecured Debt | 2024 Unsecured Term Loan | 1 Month LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate	1.00%	1.25%
Unsecured Debt | 2026 Unsecured Term Loan
Debt Instrument [Line Items]
Interest Rate	one-month LIBOR + 1.00%
Maturity Date	2026-02
Total unsecured debt	$ 400,000	$ 450,000
Unsecured Debt | 2026 Unsecured Term Loan | 1 Month LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate	1.00%	1.85%

Unsecured Credit Agreements -_2

Unsecured Credit Agreements - Summary of Unsecured Credit Agreements (Parenthetical) (Detail)	6 Months Ended	12 Months Ended
	Jun. 30, 2021	Dec. 31, 2020
1 Month LIBOR | Revolving Credit Facilities
Debt Instrument [Line Items]
Interest rate	1.00%
Daily LIBOR | Revolving Credit Facilities
Debt Instrument [Line Items]
Interest rate	1.00%
Unsecured Debt | 1 Month LIBOR
Debt Instrument [Line Items]
Interest rate	0.10%	0.14%
Unsecured Debt | 1 Month LIBOR | 2022 Unsecured Term Loan
Debt Instrument [Line Items]
Basis spread on variable rate	1.00%	1.25%
Unsecured Debt | 1 Month LIBOR | 2024 Unsecured Term Loan
Debt Instrument [Line Items]
Basis spread on variable rate	1.00%	1.25%
Unsecured Debt | 1 Month LIBOR | 2023 Unsecured Term Loan
Debt Instrument [Line Items]
Basis spread on variable rate	1.10%	1.35%
Unsecured Debt | 1 Month LIBOR | 2026 Unsecured Term Loan
Debt Instrument [Line Items]
Basis spread on variable rate	1.00%	1.85%
Unsecured Debt | 1 Month LIBOR | Revolving Credit Facilities
Debt Instrument [Line Items]
Basis spread on variable rate		1.20%
Unsecured Debt | Daily LIBOR
Debt Instrument [Line Items]
Interest rate	0.09%

Unsecured Credit Agreements - A

Unsecured Credit Agreements - Additional Information (Detail) - USD ($) $ in Thousands	Mar. 12, 2021	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
Debt Instrument [Line Items]
Cost of debt extinguishment		$ 0	$ 0	$ (126)	$ (22)
Other Nonoperating Income (Expense)
Debt Instrument [Line Items]
Cost of debt extinguishment				126
2026 Unsecured Term Loan
Debt Instrument [Line Items]
Paydown amount	$ 50,000
Debt issuance costs incurred		$ 0		951
2026 Unsecured Term Loan | LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate	1.00%					1.60%
2026 Unsecured Term Loan | LIBOR | Minimum
Debt Instrument [Line Items]
Basis spread on variable rate	0.85%					1.45%
2026 Unsecured Term Loan | LIBOR | Maximum
Debt Instrument [Line Items]
Basis spread on variable rate	1.65%					2.40%
Modification of Existing Debt
Debt Instrument [Line Items]
Unamortized debt issuance costs				$ 946
Interest Rate Swap
Debt Instrument [Line Items]
Weighted average interest rate on all outstanding borrowings		2.46%		2.46%

Unsecured Credit Agreements -_3

Unsecured Credit Agreements - Summary of Debt Issuance Cost Amortization (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Debt Disclosure [Abstract]
Debt issuance costs amortization	$ 956	$ 821	$ 1,870	$ 1,709

Mortgages - Summary of Mortgage

Mortgages - Summary of Mortgages (Detail) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Mortgages and notes payable	$ 1,496,004	$ 1,547,667
Debt issuance costs, net	(5,250)	(6,435)
Mortgages, net	105,748	107,382
Secured Debt
Debt Instrument [Line Items]
Mortgages and notes payable	106,004	107,667
Debt issuance costs, net	$ (256)	(285)
Wilmington Trust National Association, Due February 28 | Secured Debt
Debt Instrument [Line Items]
Origination Date	2019-04
Maturity Date	2028-02
Debt instrument, interest rate	4.92%
Mortgages and notes payable	$ 47,357	47,945
Wilmington Trust National Association, Due August 25 | Secured Debt
Debt Instrument [Line Items]
Origination Date	2018-06
Maturity Date	2025-08
Debt instrument, interest rate	4.36%
Mortgages and notes payable	$ 19,753	19,947
PNC Bank | Secured Debt
Debt Instrument [Line Items]
Origination Date	2016-10
Maturity Date	2026-11
Debt instrument, interest rate	3.62%
Mortgages and notes payable	$ 17,297	17,498
Sun Life | Secured Debt
Debt Instrument [Line Items]
Origination Date	2012-03
Maturity Date	2021-10
Debt instrument, interest rate	5.13%
Mortgages and notes payable	$ 10,252	10,469
Aegon | Secured Debt
Debt Instrument [Line Items]
Origination Date	2012-04
Maturity Date	2023-10
Debt instrument, interest rate	6.38%
Mortgages and notes payable	$ 6,650	7,039
M&T Bank | Secured Debt
Debt Instrument [Line Items]
Origination Date	2017-10
Maturity Date	2021-08
Interest Rate	one - monthLIBOR+3%
Mortgages and notes payable	$ 4,695	$ 4,769
M&T Bank | 1 Month LIBOR | Secured Debt
Debt Instrument [Line Items]
Basis spread on variable rate	3.00%

Mortgages - Additional Informat

Mortgages - Additional Information (Detail) $ in Thousands	Jun. 30, 2021USD ($)
Debt Disclosure [Abstract]
Investment in rental property pledged as collateral	$ 171,349

Mortgages - Schedule of Estimat

Mortgages - Schedule of Estimated Future Principal Payments (Detail) $ in Thousands	Jun. 30, 2021USD ($)
Debt Disclosure [Abstract]
Remainder of 2021	$ 16,343
2022	62,907
2023	272,582
2024	192,260
2025	20,195
Thereafter	931,717
Long-term Debt	$ 1,496,004

Interest Rate Swaps - Summary o

Interest Rate Swaps - Summary of Interest-rate Swap Agreements (Detail) - Interest Rate Swap - USD ($)	6 Months Ended
	Jun. 30, 2021	Dec. 31, 2020
Derivative [Line Items]
Fair Value	$ (46,335,000)	$ (72,103,000)
Bank of America
Derivative [Line Items]
Derivative, Maturity date	2023-11
Derivative, Fixed rate	2.80%
Variable Rate Index	one-month LIBOR
Notional Amount	$ 25,000,000
Fair Value	$ (1,435,000)	(1,848,000)
Bank of Montreal One
Derivative [Line Items]
Derivative, Maturity date	2024-07
Derivative, Fixed rate	1.16%
Variable Rate Index	one-month LIBOR
Notional Amount	$ 40,000,000
Fair Value	$ (807,000)	(1,380,000)
Bank of Montreal Two
Derivative [Line Items]
Derivative, Maturity date	2025-01
Derivative, Fixed rate	1.91%
Variable Rate Index	one-month LIBOR
Notional Amount	$ 25,000,000
Fair Value	$ (1,149,000)	(1,725,000)
Bank of Montreal Three
Derivative [Line Items]
Derivative, Maturity date	2025-07
Derivative, Fixed rate	2.32%
Variable Rate Index	one-month LIBOR
Notional Amount	$ 25,000,000
Fair Value	$ (1,616,000)	(2,351,000)
Bank of Montreal Four
Derivative [Line Items]
Derivative, Maturity date	2026-01
Derivative, Fixed rate	1.92%
Variable Rate Index	one-month LIBOR
Notional Amount	$ 25,000,000
Fair Value	$ (1,282,000)	(2,039,000)
Bank of Montreal Five
Derivative [Line Items]
Derivative, Maturity date	2026-01
Derivative, Fixed rate	2.05%
Variable Rate Index	one-month LIBOR
Notional Amount	$ 40,000,000
Fair Value	$ (2,276,000)	(3,523,000)
Bank of Montreal Six
Derivative [Line Items]
Derivative, Maturity date	2026-12
Derivative, Fixed rate	2.33%
Variable Rate Index	one-month LIBOR
Notional Amount	$ 10,000,000
Fair Value	$ (762,000)	(1,156,000)
Bank of Montreal Seven
Derivative [Line Items]
Derivative, Maturity date	2026-12
Derivative, Fixed rate	1.99%
Variable Rate Index	one-month LIBOR
Notional Amount	$ 25,000,000
Fair Value	$ (1,454,000)	(2,372,000)
Bank of Montreal Eight
Derivative [Line Items]
Derivative, Maturity date	2027-12
Derivative, Fixed rate	2.37%
Variable Rate Index	one-month LIBOR
Notional Amount	$ 25,000,000
Fair Value	$ (2,102,000)	(3,234,000)
Bank of Montreal Nine
Derivative [Line Items]
Derivative, Maturity date	2029-05
Derivative, Fixed rate	2.09%
Variable Rate Index	one-month LIBOR
Notional Amount	$ 25,000,000
Fair Value	$ (1,766,000)	(2,994,000)
Capital One, National Association One
Derivative [Line Items]
Derivative, Maturity date	2021-12
Derivative, Fixed rate	1.05%
Variable Rate Index	one-month LIBOR
Notional Amount	$ 15,000,000
Fair Value	$ (71,000)	(141,000)
Capital One, National Association Two
Derivative [Line Items]
Derivative, Maturity date	2024-12
Derivative, Fixed rate	1.58%
Variable Rate Index	one-month LIBOR
Notional Amount	$ 15,000,000
Fair Value	$ (514,000)	(799,000)
Capital One, National Association Three
Derivative [Line Items]
Derivative, Maturity date	2026-01
Derivative, Fixed rate	2.08%
Variable Rate Index	one-month LIBOR
Notional Amount	$ 35,000,000
Fair Value	$ (2,031,000)	(3,078,000)
Capital One, National Association Four
Derivative [Line Items]
Derivative, Maturity date	2026-04
Derivative, Fixed rate	2.68%
Variable Rate Index	one-month LIBOR
Notional Amount	$ 15,000,000
Fair Value	$ (1,310,000)	(1,843,000)
Capital One, National Association Five
Derivative [Line Items]
Derivative, Maturity date	2026-07
Derivative, Fixed rate	1.32%
Variable Rate Index	one-month LIBOR
Notional Amount	$ 35,000,000
Fair Value	$ (825,000)	(1,806,000)
Capital One, National Association Six
Derivative [Line Items]
Derivative, Maturity date	2027-12
Derivative, Fixed rate	2.37%
Variable Rate Index	one-month LIBOR
Notional Amount	$ 25,000,000
Fair Value	$ (2,107,000)	(3,199,000)
M&T Bank
Derivative [Line Items]
Derivative, Maturity date	2021-08
Derivative, Fixed rate	1.02%
Variable Rate Index	one-month LIBOR
Notional Amount	$ 4,694,000	4,768,000
Fair Value	$ (4,000)	(25,000)
M&T Bank One
Derivative [Line Items]
Derivative, Maturity date	2022-09
Derivative, Fixed rate	2.83%
Variable Rate Index	one-month LIBOR
Notional Amount	$ 25,000,000
Fair Value	$ (791,000)	(1,139,000)
M&T Bank Two
Derivative [Line Items]
Derivative, Maturity date	2023-11
Derivative, Fixed rate	2.65%
Variable Rate Index	one-month LIBOR
Notional Amount	$ 25,000,000
Fair Value	$ (1,349,000)	(1,785,000)
Regions Bank
Derivative [Line Items]
Derivative, Maturity date	2023-12
Derivative, Fixed rate	1.18%
Variable Rate Index	one-month LIBOR
Notional Amount	$ 25,000,000
Fair Value	$ (506,000)	(763,000)
Regions Bank One
Derivative [Line Items]
Derivative, Maturity date	2029-05
Derivative, Fixed rate	2.11%
Variable Rate Index	one-month LIBOR
Notional Amount	$ 25,000,000
Fair Value	$ (1,809,000)	(3,004,000)
Regions Bank Two
Derivative [Line Items]
Derivative, Maturity date	2029-06
Derivative, Fixed rate	2.03%
Variable Rate Index	one-month LIBOR
Notional Amount	$ 25,000,000
Fair Value	$ (1,664,000)	(2,843,000)
Truist Financial Corporation One
Derivative [Line Items]
Derivative, Maturity date	2024-04
Derivative, Fixed rate	1.99%
Variable Rate Index	one-month LIBOR
Notional Amount	$ 25,000,000
Fair Value	$ (1,074,000)	(1,487,000)
Truist Financial Corporation Two
Derivative [Line Items]
Derivative, Maturity date	2025-04
Derivative, Fixed rate	2.20%
Variable Rate Index	one-month LIBOR
Notional Amount	$ 25,000,000
Fair Value	$ (1,451,000)	(2,084,000)
Truist Financial Corporation Three
Derivative [Line Items]
Derivative, Maturity date	2025-07
Derivative, Fixed rate	1.99%
Variable Rate Index	one-month LIBOR
Notional Amount	$ 25,000,000
Fair Value	$ (1,292,000)	(1,941,000)
Truist Financial Corporation Four
Derivative [Line Items]
Derivative, Maturity date	2025-12
Derivative, Fixed rate	2.30%
Variable Rate Index	one-month LIBOR
Notional Amount	$ 25,000,000
Fair Value	$ (1,695,000)	(2,481,000)
Truist Financial Corporation Five
Derivative [Line Items]
Derivative, Maturity date	2026-01
Derivative, Fixed rate	1.93%
Variable Rate Index	one-month LIBOR
Notional Amount	$ 25,000,000
Fair Value	$ (1,290,000)	(2,019,000)
U.S. Bank National Association
Derivative [Line Items]
Derivative, Maturity date	2029-06
Derivative, Fixed rate	2.03%
Variable Rate Index	one-month LIBOR
Notional Amount	$ 25,000,000
Fair Value	$ (1,662,000)	(2,902,000)
U S Bank National Association One
Derivative [Line Items]
Derivative, Maturity date	2029-08
Derivative, Fixed rate	1.35%
Variable Rate Index	one-month LIBOR
Notional Amount	$ 25,000,000
Fair Value	$ (357,000)	(1,445,000)
Wells Fargo Bank One
Derivative [Line Items]
Derivative, Maturity date	2021-02
Derivative, Fixed rate	2.39%
Variable Rate Index	one-month LIBOR
Notional Amount	$ 35,000,000
Fair Value	$ 0	(70,000)
Wells Fargo Bank Two
Derivative [Line Items]
Derivative, Maturity date	2024-10
Derivative, Fixed rate	2.72%
Variable Rate Index	one-month LIBOR
Notional Amount	$ 15,000,000
Fair Value	$ (1,055,000)	(1,422,000)
Wells Fargo Bank Three
Derivative [Line Items]
Derivative, Maturity date	2027-04
Derivative, Fixed rate	2.72%
Variable Rate Index	one-month LIBOR
Notional Amount	$ 25,000,000
Fair Value	$ (2,491,000)	(3,555,000)
Wells Fargo Bank Four
Derivative [Line Items]
Derivative, Maturity date	2028-01
Derivative, Fixed rate	2.37%
Variable Rate Index	one-month LIBOR
Notional Amount	$ 75,000,000
Fair Value	$ (6,338,000)	$ (9,650,000)

Interest Rate Swaps - Summary_2

Interest Rate Swaps - Summary of Interest-rate Swap Agreements (Parenthetical) (Detail) - Interest Rate Swap - M&T Bank - USD ($)	6 Months Ended
	Jun. 30, 2021	Dec. 31, 2020
Derivative [Line Items]
Notional Amount	$ 4,694,000	$ 4,768,000
Umbrella Partnership Real Estate Investment Trust Transaction
Derivative [Line Items]
Interest rate swap assumed month and year	2017-10

Interest Rate Swaps - Total Amo

Interest Rate Swaps - Total Amounts Recognized From Converting Variable Rates to Fixed Rates and Location of Gain (Loss) (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Derivative [Line Items]
Total Interest Expense Presented in the Condensed Consolidated Statements of Income and Comprehensive Income (Loss)	$ 15,430	$ 19,513	$ 31,538	$ 40,504
Interest Rate Swap
Derivative [Line Items]
Amount of Gain (Loss) Recognized in Accumulated Other Comprehensive Loss	$ (2,911)	$ (6,056)	$ 25,769	$ (64,118)
Reclassification from Accumulated Other Comprehensive Loss, Location	Interest expense	Interest expense	Interest expense	Interest expense
Reclassification from Accumulated Other Comprehensive Loss, Amount of Loss	$ 4,039	$ 3,416	$ 8,055	$ 4,301
Total Interest Expense Presented in the Condensed Consolidated Statements of Income and Comprehensive Income (Loss)	$ 15,430	$ 19,513	$ 31,538	$ 40,504

Interest Rate Swaps - Additiona

Interest Rate Swaps - Additional Information (Detail) $ in Thousands	6 Months Ended
	Jun. 30, 2021USD ($)
Derivative Instrument Detail [Abstract]
Interest rate swaps expected to be reclassified - (loss)	$ (15,821)

Non-Controlling Interests - Sch

Non-Controlling Interests - Schedule of OP Units Exchanged for Shares of Common Stock (Detail) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended			6 Months Ended
	Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Noncontrolling Interest [Line Items]
Value of shares/units exchanged		$ 0		$ 18,466
Common Stock
Noncontrolling Interest [Line Items]
OP Units exchanged for shares of common stock	1,127		0	1,165	0
Value of shares/units exchanged		0
Additional Paid-in Capital
Noncontrolling Interest [Line Items]
Value of shares/units exchanged	$ 17,859	$ 606	$ 0	$ 18,465	$ 0

Non-Controlling Interests - Add

Non-Controlling Interests - Additional Information (Details) shares in Thousands	Jun. 22, 2021shares
Noncontrolling Interest [Abstract]
OP units, issued	248

Credit Risk Concentrations - Ad

Credit Risk Concentrations - Additional Information (Detail) - Customer	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
Concentration Risk [Line Items]
Number of tenants or common franchises	0	0	0	0
Mortgages and Notes Payable | Credit Availability Concentration Risk | Financial Institution One
Concentration Risk [Line Items]
Concentrations risk percentage			63.00%		63.00%
Mortgages and Notes Payable | Credit Availability Concentration Risk | Financial Institution Two
Concentration Risk [Line Items]
Concentrations risk percentage			16.00%		16.00%
Mortgages and Notes Payable | Credit Availability Concentration Risk | Financial Institution Three
Concentration Risk [Line Items]
Concentrations risk percentage			10.00%		10.00%

Equity - Additional Information

Equity - Additional Information (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	Jun. 28, 2021	Jun. 22, 2021	Sep. 21, 2020	Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2020	Mar. 31, 2020	Jun. 30, 2021	Jun. 30, 2020
Equity [Line Items]
Issuance of shares of common stock, shares		145
Net proceeds from issuance of common stock								$ 253,647	$ 131
IPO
Equity [Line Items]
Issuance of shares of common stock, shares			37,000
Offering price			$ 17
Follow-on equity offering
Equity [Line Items]
Issuance of shares of common stock, shares	11,500
Offering price	$ 23
Underwriting discounts and commissions	$ 10,580
Other equity offering expenses	433
Net proceeds from issuance of common stock	253,487
Accrued offering costs	404
Revolving Credit Facilities | Follow-on equity offering
Equity [Line Items]
Repayments of lines of credit	$ 160,600
Common Stock
Equity [Line Items]
Issuance of shares of common stock, shares		145		11,659	211	11	293

Stock-Based Compensation - Addi

Stock-Based Compensation - Additional Information (Detail) - $ / shares	Mar. 01, 2021	Jun. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2020	Jun. 30, 2020
Restricted Stock Awards
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of shares of restricted stock		2,000	201,000
Weighted average grant date fair value per share		$ 19.76	$ 18.67
Number of restricted stock						0
Unvested shares		378,000	378,000	416,000	341,000	0
Performance-based Restricted Stock Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of shares of restricted stock		0	132,000
Weighted average grant date fair value per share		$ 0	$ 24.40
Number of restricted stock						0
Unvested shares		110,000	110,000	110,000	0
2020 Equity Incentive Plan | Restricted Stock Awards
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of shares of restricted stock	199,000
2020 Equity Incentive Plan | Determined Share Value
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Weighted average grant date fair value per share	$ 18.66
2020 Equity Incentive Plan | Performance-based Restricted Stock Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of shares of restricted stock	132,000
Non-vested share awards percentage	50.00%
Vesting percentage payout schedule can produce	100.00%
Performance period	3 years
Percentage as rTSR of peer group	55.00%
2020 Equity Incentive Plan | Performance-based Restricted Stock Units | Minimum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting percentage payout schedule can produce	0.00%
2020 Equity Incentive Plan | Performance-based Restricted Stock Units | Maximum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting percentage payout schedule can produce	200.00%
2020 Equity Incentive Plan | Tranche One | Restricted Stock Awards
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Award vesting period	1 year
2020 Equity Incentive Plan | Tranche Two | Restricted Stock Awards
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Award vesting period	3 years
2020 Equity Incentive Plan | Tranche Three | Restricted Stock Awards
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Award vesting period	4 years

Stock-Based Compensation - Summ

Stock-Based Compensation - Summary of RSAs (Detail) - Restricted Stock Awards - USD ($) $ in Thousands	3 Months Ended	6 Months Ended	12 Months Ended
	Jun. 30, 2021	Jun. 30, 2021	Dec. 31, 2020
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Compensation cost	$ 728	$ 2,423
Dividends declared on unvested RSAs	97	201
Grant date fair value of shares vested during the period	774	3,296
Unamortized value of RSAs	$ 6,304	$ 6,304	$ 5,001
Weighted average amortization period (in years)		2 years 9 months 18 days	2 years 9 months 18 days

Stock-Based Compensation - Su_2

Stock-Based Compensation - Summary of RSA Activity (Detail) - Restricted Stock Awards - $ / shares shares in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2021
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of Shares, Unvested at beginning of period	416	341
Number of Shares, Granted	2	201
Number of Shares, Vested	40	164
Number of Shares, Unvested at end of period	378	378
Weighted Average Grant Date Fair Value per Share, Unvested at beginning of period	$ 19.62	$ 20.50
Weighted average grant date fair value per share	19.76	18.67
Weighted Average Grant Date Fair Value per Share, Vested	19.81	20.15
Weighted Average Grant Date Fair Value per Share, Unvested at end of period	$ 19.60	$ 19.60

Stock-Based Compensation - Su_3

Stock-Based Compensation - Summary of PRSUs (Detail) - Performance-based Restricted Stock Units $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2021USD ($)	Jun. 30, 2021USD ($)
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Compensation cost	$ 223	$ 297
Unamortized value of PRSUs	$ 2,377	$ 2,377
Weighted average amortization period (in years)		2 years 8 months 12 days

Stock-Based Compensation - Su_4

Stock-Based Compensation - Summary of PRSU Activity (Detail) - Performance-based Restricted Stock Units - $ / shares shares in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2021
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of Shares, Unvested at beginning of period	110	0
Number of Shares, Granted	0	132
Number of Shares, Vested	0	0
Number of Shares, Forfeited	0	(22)
Number of Shares, Unvested at end of period	110	110
Weighted Average Grant Date Fair Value per Share, Unvested at beginning of period	$ 24.40	$ 0
Weighted average grant date fair value per share	0	24.40
Weighted Average Grant Date Fair Value per Share, Vested	0	0
Weighted Average Grant Date Fair Value per Share, Forfeited	0	24.40
Weighted Average Grant Date Fair Value per Share, Unvested at end of period	$ 24.40	$ 24.40

Earnings per Share - Summary of

Earnings per Share - Summary of Components used in Calculation of Basic and Diluted Earnings per Share (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Basic earnings:
Net earnings attributable to Broadstone Net Lease, Inc. common shareholders	$ 21,214	$ 15,353	$ 43,437	$ 26,169
Less earnings allocated to unvested restricted shares	(97)	0	(201)	0
Net earnings used to compute basic earnings per common share	21,117	15,353	43,236	26,169
Diluted earnings:
Net earnings used to compute basic earnings per share	21,117	15,353	43,236	26,169
Net earnings attributable to non-controlling interests	1,606	1,745	3,343	2,777
Net earnings used to compute diluted earnings per common share	$ 22,723	$ 17,098	$ 46,579	$ 28,946
Weighted average number of common shares outstanding	146,506	107,422	146,089	106,765
Less weighted average unvested restricted shares	(387)	0	(361)	0
Weighted average number of common shares outstanding used in basic earnings per common share	146,119	107,422	145,728	106,765
Effect of restricted stock units	219	0	147	0
Effects of convertible membership units	11,092	12,226	11,240	11,164
Weighted average number of common shares outstanding used in diluted earnings per common share	157,430	119,648	157,115	117,929
Basic earnings per share	$ 0.14	$ 0.14	$ 0.30	$ 0.25
Diluted earnings per share	$ 0.14	$ 0.14	$ 0.30	$ 0.25

Earnings per Share - Summary _2

Earnings per Share - Summary of Components used in Calculation of Basic and Diluted Earnings per Share (Parenthetical) (Detail) - shares	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Earnings Per Share [Abstract]
Unvested restricted shares of common stock	378,000
Weighted average effects of OP Units outstanding	10,482,000	12,226,000

Supplemental Cash Flow Disclo_2

Supplemental Cash Flow Disclosures - Additional Information (Detail) shares in Thousands, $ in Thousands	Jun. 22, 2021shares	Jun. 30, 2021USD ($)shares	Mar. 31, 2021USD ($)shares	Jun. 30, 2020USD ($)	Mar. 31, 2020USD ($)	Jun. 30, 2021USD ($)shares	Jun. 30, 2020USD ($)Propertyshares	Dec. 31, 2020USD ($)	Dec. 31, 2019USD ($)
Supplemental Cash Flow Elements [Line Items]
Cash paid for interest						$ 29,961	$ 38,400
Cash paid for income taxes						734	945
Issuance of shares of common stock, shares | shares	145
Fair value of earnout consideration		$ 10,063	$ 6,385	$ 37,975	$ 44,296	$ 10,063	37,975	$ 7,509	$ 0
Debt				90,484			90,484
Adjustments to additional paid in capital mezzanine equity non-controlling interests				97	$ (2,416)		$ 2,513
Number of OP units exchanged | shares		1,127	38			1,165
Conversion of OP Units to shares of common stock			$ 0			$ 18,466
Issuance of shares common stock upon conversion of OP units | shares		1,127	38			1,165
Dividend declared and accrued but not yet paid		$ 43,184				$ 43,184
Number of properties placed under lease modifications | Property							4
Carrying amount of asset recognized							$ 9,055
Common Stock and OP Units
Supplemental Cash Flow Elements [Line Items]
Amount of equity interest issued or issuable in a business combination							178,535
Fair value of earnout consideration				$ 40,119			$ 40,119
Distribution Reinvestment Plan
Supplemental Cash Flow Elements [Line Items]
Issuance of shares of common stock, shares | shares							275
Common stock issued							$ 5,733

Commitments and Contingencies -

Commitments and Contingencies - Summary of Tenant Improvement Allowances Included in Accounts Payable and Other Liabilities (Detail) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Accounts Payable and Other Liabilities
Loss Contingencies [Line Items]
Tenant improvement allowances	$ 313	$ 1,981

Commitments and Contingencies_2

Commitments and Contingencies - Additional Information (Detail) $ in Thousands	6 Months Ended
	Jun. 30, 2021USD ($)
Loss Contingencies [Line Items]
Potential liability due to taxable sales of applicable properties	$ 22,300
Minimum | Office Lease
Loss Contingencies [Line Items]
Non-cancellable operating leases, expiration year	2021
Minimum | Ground Lease
Loss Contingencies [Line Items]
Non-cancellable operating leases term	2034
Maximum | Office Lease
Loss Contingencies [Line Items]
Non-cancellable operating leases, expiration year	2023
Maximum | Ground Lease
Loss Contingencies [Line Items]
Non-cancellable operating leases term	2066

Commitments and Contingencies_3

Commitments and Contingencies - Summary of Total Lease Costs Associated with Operating Leases (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Variable lease costs
Total lease costs	$ 205	$ 201	$ 410	$ 304
General and Administrative | Office Lease
Operating lease costs
Operating lease costs	157	155	315	207
Property and Operating Expense | Ground Lease
Operating lease costs
Operating lease costs	34	34	67	67
Variable lease costs
Variable lease costs	$ 14	$ 12	$ 28	$ 30

Commitments and Contingencies_4

Commitments and Contingencies - Summary of Payments Associated with Obligations Under Operating Leases (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Cash Flow Operating Activities Lessee [Abstract]
Operating lease payments	$ 186	$ 183	$ 427	$ 311

Commitments and Contingencies_5

Commitments and Contingencies - Summary of Estimated Future Lease Payments Required Under Non-cancelable Operating Leases as well as Reconciliation to Lease Liabilities (Detail) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Commitments And Contingencies Disclosure [Abstract]
Remainder of 2021	$ 363
2022	690
2023	505
2024	120
2025	121
Thereafter	2,290
Total undiscounted cash flows	4,089
Less imputed interest	(1,706)
Lease liabilities	$ 2,383	$ 2,659

Subsequent Events - Additional

Subsequent Events - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands	Aug. 01, 2021	Jul. 30, 2021	Jul. 29, 2021	Jul. 15, 2021	Jul. 14, 2021	Jun. 22, 2021	Jun. 30, 2021	Dec. 31, 2020
Subsequent Event [Line Items]
Common Stock Shares Issued							158,583,000	108,609,000
Payment of cash at earnout milestone						$ 1,926
Subsequent Event
Subsequent Event [Line Items]
Distribution paid				$ 43,111
Quarterly distribution per share			$ 0.255
Quarterly distribution declared date			Jul. 29, 2021
Quarterly distribution payable date			Oct. 15, 2021
Quarterly distribution date of record			Sep. 30, 2021
Acquisitions of rental property and associated intangible assets and liabilities			$ 38,700
Mortgage Principal Amount		$ 7,500
Interest on the mortgage		5.00%
Subsequent Event | Tranche Two
Subsequent Event [Line Items]
Number of Shares Payable					217,000
Number of O P Units Payable					372,000
Payment of cash at earnout milestone					$ 2,889
Subsequent Event | Prime Rate [Member]
Subsequent Event [Line Items]
Interest on the mortgage		1.25%
Subsequent Event | Base Rate [Member]
Subsequent Event [Line Items]
Interest on the mortgage		5.00%
Subsequent Event | First Mortgage [Member]
Subsequent Event [Line Items]
Mortgage Principal Amount	$ 4,683
Subsequent Event | Second Mortgage [Member]
Subsequent Event [Line Items]
Mortgage Principal Refinanced Amount		$ 10,209