Broadstone Net Lease (BNL) 10-Q 5 May 22 2022 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2022	May 02, 2022
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2022
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q1
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	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Common Stock, Shares Outstanding		169,306,032
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	Mar. 31, 2022	Dec. 31, 2021
Assets
Total accounted for using the operating method	$ 4,402,674	$ 4,205,191
Less accumulated depreciation	(454,122)	(430,141)
Accounted for using the operating method, net	3,948,552	3,775,050
Accounted for using the direct financing method	28,684	28,782
Accounted for using the sales-type method	571	571
Investment in rental property, net	3,977,807	3,804,403
Cash and cash equivalents	54,103	21,669
Accrued rental income	120,117	116,874
Tenant and other receivables, net	1,160	1,310
Prepaid expenses and other assets	22,525	17,275
Interest rate swap, assets	8,944
Goodwill	339,769	339,769
Intangible lease assets, net	311,277	303,642
Debt issuance costs – unsecured revolving credit facility, net	7,427	4,065
Leasing fees, net	9,391	9,641
Total assets	4,852,520	4,618,648
Liabilities and equity
Unsecured revolving credit facility	266,118	102,000
Mortgages, net	96,141	96,846
Unsecured term loans, net	586,884	646,671
Senior unsecured notes, net	843,990	843,801
Interest rate swap, liabilities	1,154	27,171
Accounts payable and other liabilities	40,611	38,038
Dividends payable	47,682	45,914
Accrued interest payable	9,845	6,473
Intangible lease liabilities, net	68,775	70,596
Total liabilities	1,961,200	1,877,510
Commitments and contingencies (See Note 15)
Broadstone Net Lease, Inc. stockholders' equity:
Preferred stock, $0.001 par value; 20,000 shares authorized, no shares issued or outstanding
Common stock, $0.00025 par value; 500,000 shares authorized, 168,750 and 162,383 shares issued and outstanding at March 31, 2022 and December 31, 2021, respectively	42	41
Additional paid-in capital	3,056,560	2,924,168
Cumulative distributions in excess of retained earnings	(336,988)	(318,476)
Accumulated other comprehensive income (loss)	5,027	(28,441)
Total Broadstone Net Lease, Inc. stockholders’ equity	2,724,641	2,577,292
Non-controlling interests	166,679	163,846
Total equity	2,891,320	2,741,138
Total liabilities and equity	4,852,520	4,618,648
Land
Assets
Total accounted for using the operating method	709,962	655,374
Land Improvements
Assets
Total accounted for using the operating method	300,300	295,329
Buildings and Improvements
Assets
Total accounted for using the operating method	3,381,990	3,242,618
Equipment
Assets
Total accounted for using the operating method	$ 10,422	$ 11,870

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares	Mar. 31, 2022	Dec. 31, 2021
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	500,000,000
Common stock, shares issued	168,750,000	162,383,000
Common stock, shares outstanding	168,750,000	162,383,000

Condensed Consolidated Statemen

Condensed Consolidated Statements of Income and Comprehensive Income (Loss) (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Revenues
Lease revenues, net	$ 93,841	$ 82,698
Operating expenses
Depreciation and amortization	34,290	30,713
Property and operating expense	5,044	4,605
General and administrative	8,828	10,633
Provision for impairment of investment in rental properties		2,012
Total operating expenses	48,162	47,963
Other income (expenses)
Interest income		5
Interest expense	(16,896)	(16,108)
Cost of debt extinguishment		(126)
Gain on sale of real estate	1,196	4,733
Income taxes	(412)	(413)
Change in fair value of earnout liability		1,124
Other (expenses) income	(1,126)	10
Net income	28,441	23,960
Net income attributable to non-controlling interests	(1,683)	(1,737)
Net income attributable to Broadstone Net Lease, Inc.	$ 26,758	$ 22,223
Weighted average number of common shares outstanding
Basic	163,809	145,338
Diluted	174,288	156,724
Net earnings per share attributable to common stockholders
Basic and diluted	$ 0.16	$ 0.15
Comprehensive income
Net income	$ 28,441	$ 23,960
Other comprehensive income
Change in fair value of interest rate swaps	34,961	28,680
Realized loss (gain) on interest rate swaps	659	(41)
Comprehensive income	64,061	52,599
Comprehensive income attributable to non-controlling interests	(3,790)	(3,813)
Comprehensive income attributable to Broadstone Net Lease, Inc.	$ 60,271	$ 48,786

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Stockholders' Equity and Mezzanine Equity (Unaudited) - USD ($) $ in Thousands	Total	Common Stock	Common StockClass A 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, 2020	$ 2,479,081	$ 27	$ 9	$ 2,624,997	$ (259,673)	$ (66,255)	$ 179,976
Net income	23,960				22,223		1,737
Issuance of shares of common stock	233			233
Offering costs, discounts and commissions	(500)			(500)
Stock-based compensation, net	1,769			1,769
Retirement of shares of restricted common stock	(832)			(832)
Conversion of Class A common stock to shares of common stock		9	$ (9)
Conversion of OP Units to shares of common stock				606			(606)
Distributions declared	(39,653)				(36,690)		(2,963)
Change in fair value of interest rate swap agreements	28,680					26,602	2,078
Realized gain on interest rate swap agreements	(41)					(39)	(2)
Adjustment to non-controlling interests				(953)		1,008	(55)
Ending Balance at Mar. 31, 2021	2,492,697	36		2,625,320	(274,140)	(38,684)	180,165
Beginning Balance at Dec. 31, 2021	2,741,138	41		2,924,168	(318,476)	(28,441)	163,846
Net income	28,441				26,758		1,683
Issuance of shares of common stock	136,826	1		136,825
Offering costs, discounts and commissions	2,218			2,218
Stock-based compensation, net	929			929
Retirement of shares of restricted common stock	1,301			1,301
Distributions declared	(48,115)				(45,270)		(2,845)
Change in fair value of interest rate swap agreements	34,961					32,893	2,068
Realized gain on interest rate swap agreements	659					620	39
Adjustment to non-controlling interests				(1,843)		(45)	1,888
Ending Balance at Mar. 31, 2022	$ 2,891,320	$ 42		$ 3,056,560	$ (336,988)	$ 5,027	$ 166,679

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Stockholders' Equity and Mezzanine Equity (Unaudited) (Parenthetical) - $ / shares	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Retirement shares of restricted common stock, shares	59,000	45,000
Number of OP units exchanged		38,000
Common Stock
Issuance of shares of common stock, shares	6,427,000	211,000
Number of shares converted		37,000,000
Issuance of shares common stock upon conversion of OP units		38,000
Distribution declared per share	$ 0.265	$ 0.250
Class A Common Stock
Issuance of shares common stock upon conversion of Class A common stock		37,000,000

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Operating activities
Net income	$ 28,441	$ 23,960
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	33,132	29,985
Provision for impairment of investment in rental properties		2,012
Amortization of debt issuance costs charged to interest expense	830	879
Stock-based compensation expense	929	1,769
Straight-line rent, financing and sales-type lease adjustments	(3,584)	(4,632)
Cost of debt extinguishment		126
Gain on sale of real estate	(1,196)	(4,733)
Change in fair value of earnout liability		(1,124)
Other non-cash items	2,275	(95)
Changes in assets and liabilities, net of acquisition:
Tenant and other receivables	150	582
Prepaid expenses and other assets	804	1,072
Accounts payable and other liabilities	(6,049)	(3,894)
Accrued interest payable	3,372	5,873
Net cash provided by operating activities	59,104	51,780
Investing activities
Acquisition of rental property accounted for using the operating method	(211,902)	(88,532)
Capital expenditures and improvements	(778)	(1,334)
Proceeds from disposition of rental property, net	5,020	22,105
Change in deposits on investments in rental property	(18)	100
Net cash used in investing activities	(207,678)	(67,661)
Financing activities
Proceeds from issuance of common stock, net of $2,132 and $173 offering costs, discounts, and commissions in 2022 and 2021, respectively	134,412	(173)
Principal payments on mortgages and unsecured term loans	(60,700)	(50,802)
Borrowings on unsecured revolving credit facility	250,783	15,000
Repayments on unsecured revolving credit facility	(88,000)	0
Cash distributions paid to stockholders	(43,503)	(36,402)
Cash distributions paid to non-controlling interests	(2,845)	(3,174)
Debt issuance and extinguishment costs paid	(3,795)	(946)
Net cash (used in) provided by financing activities	186,352	(76,497)
Net increase (decrease) in cash and cash equivalents and restricted cash	37,778	(92,378)
Cash and cash equivalents and restricted cash at beginning of period	27,769	110,728
Cash and cash equivalents and restricted cash at end of period	65,547	18,350
Reconciliation of cash and cash equivalents and restricted cash
Cash and cash equivalents at beginning of period	21,669	100,486
Restricted cash at beginning of period	6,100	10,242
Cash and cash equivalents and restricted cash at beginning of period	27,769	110,728
Cash and cash equivalents at end of period	54,103	10,205
Restricted cash at end of period	11,444	8,145
Cash and cash equivalents and restricted cash at end of period	$ 65,547	$ 18,350

Condensed Consolidated Statem_5

Condensed Consolidated Statements of Cash Flows (Unaudited) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Class A Common Stock
Offering costs,discounts, and commissions	$ 2,132	$ 173

Business Description

Business Description	3 Months Ended
	Mar. 31, 2022
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 March 31, 2022 , the Corporation owned a diversified portfolio of 752 individual commercial properties with 745 properties located in 43 U.S. states and seven properties located in four Canadian provinces. 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 membership units not owned by the Corporation are referred to as OP Units or non-controlling interests. 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." Pursuant to the Corporation's initial public offering ("IPO"), a new class of common stock ("Class A Common Stock") was issued. 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." The following table summarizes the outstanding equity and economic ownership interest of the Corporation and the OP: March 31, 2022 December 31, 2021 (in thousands) Shares of OP Units Total Diluted Shares of OP Units Total Diluted Ownership interest 168,750 10,323 179,073 162,383 10,323 172,706 Percent ownership of OP 94.2 % 5.8 % 100.0 % 94.0 % 6.0 % 100.0 % Refer to Note 13 for further discussion regarding the calculation of weighted average shares outstanding.

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2022
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, 2021, included in the Company's 2021 Annual Report on Form 10-K, filed with the SEC on February 23, 2022. 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 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 long-lived asset or asset group exceeds the sum of the undiscounted cash flows expected to result from the use of the long-lived 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 long-lived asset or asset group exceeds its fair value. Significant judgment is made to determine if and when impairment should be taken. The Company's assessment of impairment as of March 31, 2022 and 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, 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 charge, resulting primarily from changes in the Company's long-term hold strategy, with respect to the individual property: For the Three Months Ended (in thousands, except number of properties) 2022 2021 Number of properties — 1 Impairment charge $ — $ 2,012 Restricted Cash Restricted cash includes escrow funds the Company maintains pursuant to the terms of certain mortgages, 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: March 31, December 31, (in thousands) 2022 2021 Escrow funds and other $ 6,410 $ 6,100 Undistributed 1031 proceeds 5,034 — $ 11,444 $ 6,100 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 consisted of the following: (in thousands) March 31, December 31, Rent received in advance $ 15,181 $ 15,162 Fair Value Measurements Recurring Fair Value Measurements The balances of financial instruments measured at fair value on a recurring basis are as follows (see Note 9): March 31, 2022 (in thousands) Total Level 1 Level 2 Level 3 Interest rate swap, assets $ 8,944 $ — $ 8,944 $ — Interest rate swap, liabilities ( 1,154 ) — ( 1,154 ) — December 31, 2021 (in thousands) Total Level 1 Level 2 Level 3 Interest rate swap, liabilities $ ( 27,171 ) $ — $ ( 27,171 ) $ — Long-term Debt – The fair value of the Company's debt was estimated using Level 1, Level 2, and Level 3 inputs based on recent secondary market trades of the Company's 2031 Senior Unsecured Public Notes (see Note 7), 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 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 unsecured revolving credit facility, mortgages, unsecured term loans, and senior unsecured notes which reflects the fair value of interest rate swaps: (in thousands) March 31, December 31, Carrying amount $ 1,802,552 $ 1,699,160 Fair value 1,785,597 1,785,701 Non-recurring Fair Value Measurements The Company's non-recurring fair value measurements at March 31, 2022 and December 31, 2021 consisted of the fair value of impaired real estate assets that were determined using Level 3 inputs. 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"). Subject to any adjustment as provided in the Equity Incentive Plan, up to 9,000,000 shares may be issued to awards granted under 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 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 are 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 August 2020, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("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. The amendments in ASU 2020-06 were effective for the Company beginning January 1, 2022. The Company uses the two-class method of computing basic and diluted earnings per share. Based on the nature of the Company's potentially dilutive instruments, the treasury stock method is not used in computing dilutive earnings per share. Accordingly, the adoption of ASU 2020-06 did not have a material impact on the Company.

Acquisitions of Rental Property

Acquisitions of Rental Property	3 Months Ended
	Mar. 31, 2022
Business Combinations [Abstract]
Acquisitions of Rental Property	3. Acquisitions of Rental Property The Company closed on the following acquisitions during the three months ended March 31, 2022: (in thousands, except number of properties) Number of Real Estate Date Property Type Properties Acquisition Price January 7, 2022 Retail 2 $ 2,573 February 10, 2022 Industrial 1 21,733 February 15, 2022 Retail 1 1,341 February 28, 2022 Industrial 1 5,678 March 4, 2022 Retail 6 79,061 March 31, 2022 Restaurant 16 99,587 27 $ 209,973 (a) (a) Acquisition price does not include capitalized acquisition costs of $ 2.0 million . The Company closed on the following acquisitions during the three months ended March 31, 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 (b) 181 March 11, 2021 Retail 13 26,834 March 30, 2021 Retail 11 41,324 March 31, 2021 Healthcare 3 14,140 28 $ 87,322 (c) (b) Acquisition of additional land adjacent to an existing property. (c) Acquisition price does not include capitalized acquisition costs of $ 1.2 million. 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 Three Months Ended (in thousands) 2022 2021 Land $ 54,784 $ 19,584 Land improvements 5,410 4,355 Buildings and improvements 142,269 57,893 Acquired in-place leases (d) 16,037 6,725 Acquired below-market lease (e) ( 76 ) — Non-real estate liabilities assumed ( 6,440 ) — $ 211,984 $ 88,557 (d) The weighted average amortization period for acquired in-place leases is 19 years and 16 years for acquisitions completed during the three months ended March 31, 2022 and 2021, respectively. (e) The weighted average amortization period for acquired below-market leases is nine years for acquisitions completed during the three months ended March 31, 2022. There were no below-market leases acquired during the three months ended March 31, 2021. The above acquisitions were funded using a combination of available cash on hand, and proceeds from equity issuances and revolving credit facility borrowings. All real estate acquisitions closed during the three months ended March 31, 2022 and 2021, qualified as asset acquisitions and, as such, acquisition costs have been capitalized. Subsequent to March 31, 2022, the Company closed on the following acquisitions (see Note 16): (in thousands, except number of properties) Number of Real Estate Date Property Type Properties Acquisition Price April 12, 2022 Retail 1 $ 1,680 April 12, 2022 Industrial 1 7,522 April 13, 2022 Industrial 1 16,250 April 19, 2022 Retail 1 1,780 4 $ 27,232

Sale of Real Estate

Sale of Real Estate	3 Months Ended
	Mar. 31, 2022
Real Estate [Abstract]
Sale of Real Estate	4. 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 (in thousands, except number of properties) 2022 2021 Number of properties disposed 1 8 Aggregate sale price $ 5,212 $ 23,062 Aggregate carrying value ( 3,824 ) ( 17,372 ) Additional sales expenses ( 192 ) ( 957 ) Gain on sale of real estate $ 1,196 $ 4,733

Investment in Rental Property a

Investment in Rental Property and Lease Arrangements	3 Months Ended
	Mar. 31, 2022
Leases [Abstract]
Investment in Rental Property and Lease Arrangements	5. 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 property types. At March 31, 2022 , the Company had 752 real estate properties, 739 of which were leased under leases that have been classified as operating leases , 10 that have been classified as direct financing leases, one that has been classified as a sales-type lease, and two that were vacant. 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. Most 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 Consumer Price Index ("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 Depreciation expense on investment in rental property was as follows: For the Three Months Ended (in thousands) 2022 2021 Depreciation $ 26,658 $ 23,743 Estimated lease payments to be received under non-cancelable operating leases with tenants at March 31, 2022 are as follows: (in thousands) Remainder of 2022 $ 260,936 2023 349,824 2024 346,753 2025 340,232 2026 330,637 Thereafter 2,469,426 $ 4,097,808 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. Investment in Rental Property – Direct Financing Leases The Company's net investment in direct financing leases was comprised of the following: (in thousands) March 31, December 31, Undiscounted estimated lease payments to be received $ 41,793 $ 42,602 Estimated unguaranteed residual values 15,203 15,203 Unearned revenue ( 28,182 ) ( 28,893 ) Reserve for credit losses ( 130 ) ( 130 ) Net investment in direct financing leases $ 28,684 $ 28,782 Undiscounted estimated lease payments to be received under non-cancelable direct financing leases with tenants at March 31, 2022 are as follows: (in thousands) Remainder of 2022 $ 2,433 2023 3,304 2024 3,361 2025 3,474 2026 3,547 Thereafter 25,674 $ 41,793 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: For the Three Months Ended (in thousands) 2022 2021 Contractual rental amounts billed for operating leases $ 84,396 $ 73,245 Adjustment to recognize contractual operating lease billings on a 5,021 4,809 Net write-offs of accrued rental income ( 1,326 ) ( 442 ) Variable rental amounts earned 186 91 Earned income from direct financing leases 723 730 Interest income from sales-type leases 14 14 Operating expenses billed to tenants 4,735 4,388 Other income from real estate transactions 42 5 Adjustment to revenue recognized for uncollectible rental 50 ( 142 ) Total Lease revenues, net $ 93,841 $ 82,698

Intangible Assets And Liabiliti

Intangible Assets And Liabilities	3 Months Ended
	Mar. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Intangible Assets and Liabilities	6. Intangible Assets and Liabilities The following is a summary of intangible assets and liabilities and related accumulated amortization: (in thousands) March 31, December 31, Lease intangibles: Acquired above-market leases $ 46,990 $ 47,147 Less accumulated amortization ( 17,396 ) ( 16,807 ) Acquired above-market leases, net 29,594 30,340 Acquired in-place leases 395,326 380,766 Less accumulated amortization ( 113,643 ) ( 107,464 ) Acquired in-place leases, net 281,683 273,302 Total intangible lease assets, net $ 311,277 $ 303,642 Acquired below-market leases $ 105,386 $ 105,310 Less accumulated amortization ( 36,611 ) ( 34,714 ) Intangible lease liabilities, net $ 68,775 $ 70,596 Leasing fees $ 14,728 $ 14,786 Less accumulated amortization ( 5,337 ) ( 5,145 ) Leasing fees, net $ 9,391 $ 9,641 Amortization of intangible lease assets and liabilities was as follows: (in thousands) For the Three Months Ended Intangible Financial Statement Presentation 2022 2021 Acquired in-place leases and leasing fees Depreciation and amortization $ 7,601 $ 6,947 Above-market and below-market leases Lease revenues, net 1,161 753 Estimated future amortization of intangible assets and liabilities at March 31, 2022 is as follows: (in thousands) Remainder of 2022 $ 19,508 2023 25,800 2024 25,040 2025 23,743 2026 22,393 Thereafter 135,409 $ 251,893

Unsecured Credit Agreements

Unsecured Credit Agreements	3 Months Ended
	Mar. 31, 2022
Debt Disclosure [Abstract]
Unsecured Credit Agreements	7. Unsecured Credit Agreements The following table summarizes the Company's unsecured credit agreements: Outstanding Balance (in thousands, except interest rates) March 31, December 31, Interest Maturity Unsecured revolving $ 266,118 $ 102,000 Applicable reference 0.85 % (a) (b) (c) Mar. 2026 Unsecured term loans: 2022 Unsecured Term Loan — 60,000 one-month LIBOR 1.00 % (c) Feb. 2022 (d) 2024 Unsecured Term Loan 190,000 190,000 one-month LIBOR 1.00 % (c) Jun. 2024 2026 Unsecured Term Loan 400,000 400,000 one-month LIBOR 1.00 % (c) Feb. 2026 Total unsecured term loans 590,000 650,000 Unamortized debt issuance costs, net ( 3,116 ) ( 3,329 ) Total unsecured term loans, net 586,884 646,671 Senior unsecured notes: 2027 Senior Unsecured Notes - 150,000 150,000 4.84 % Apr. 2027 2028 Senior Unsecured Notes - 225,000 225,000 5.09 % Jul. 2028 2030 Senior Unsecured Notes - 100,000 100,000 5.19 % Jul. 2030 2031 Senior Unsecured Public Notes 375,000 375,000 2.60 % Sep. 2031 Total senior unsecured notes 850,000 850,000 Unamortized debt issuance costs and ( 6,010 ) ( 6,199 ) Total senior unsecured notes, net 843,990 843,801 Total unsecured debt, net $ 1,696,992 $ 1,592,472 (a) At March 31, 2022, a balance of $ 186.0 million was subject to the one-month Secured Overnight Financing Rate of 0.30 %. The remaining balance includes $ 100 million CAD borrowings remeasured to $ 80.1 million USD, which was subject to the one-month Canadian Dollar Offered Rate of 0.96 %. (b) At December 31, 2021, interest rate was one-month LIBOR plus 1.00 % (c) At March 31, 2022 and December 31, 2021 , one-month LIBOR was 0.45 % and 0.10 %, respectively. (d) The 2022 Unsecured Term Loan was paid in full in February 2022, with borrowings from the unsecured revolving credit facility . At March 31, 2022 , the weighted average interest rate on all outstanding borrowings was 2.69 %, exclusive of interest rate swap agreements. 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, debt service coverage, aggregate debt ratio, consolidated income available for debt to annual debt service charge, total unencumbered assets to total unsecured debt, and secured debt ratio, among others. As of March 31, 2022, and for all periods presented 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. On January 28, 2022, the Company amended and restated the unsecured revolving credit facility to increase the available borrowings to $ 1.0 billion and extend the maturity date to March 31, 2026 . In addition to United States Dollars ("USD"), borrowings under the unsecured revolving credit facility can be made in Pound Sterling, Euros or Canadian Dollars ("CAD") up to an aggregate amount of $ 500.0 million. Prior to the amendment, borrowings under the credit facility were subject to interest at variable rates based on LIBOR plus a margin based on the Company's current credit rating ranging between 0.825 % to 1.55 % per annum. Borrowings under the amended credit facility are subject to interest only payments at variable rates equal to the applicable reference rate plus a margin based on the Company's credit rating, ranging between 0.725 % and 1.400 %. In addition, the amended credit facility is subject to a facility fee on the amount of the revolving commitments, based on the Company's credit rating. The applicable facility fee is 0.200 % per annum. For the three months ended March 31, 2022 , the Company incurred $3.8 million in debt issuance costs associated with the unsecured revolving credit facility. For the three months ended March 31, 2021, the Company incurred $ 1.0 million in debt issuance costs associated with the amended 2026 Unsecured Term Loan. 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. With respect to the unsecured revolving credit facility amendment, the transaction was deemed to be new debt and therefore, the debt issuance costs incurred during the three months ended March 31, 2022 , have been deferred and are being amortized over the term of the associated debt. With respect to the amended 2026 Unsecured Term Loan, the transaction was deemed to be a modification of existing debt and therefore the $ 0.9 million of debt issuance costs paid to lenders were deferred and are being amortized over the term of the associated debt. The remaining debt issuance costs of $ 0.1 million were expensed as incurred during the three months ended March 31, 2021. Debt issuance costs and original issuance discounts are amortized as a component of Interest expense in the accompanying Condensed Consolidated Statements of Income and Comprehensive Income. The following table summarizes debt issuance cost and original issuance discount amortization: For the Three Months Ended (in thousands) 2022 2021 Debt issuance costs and original issuance discount amortization $ 856 $ 914

Mortgages

Mortgages	3 Months Ended
	Mar. 31, 2022
Debt Disclosure [Abstract]
Mortgages	8. Mortgages The Company's mortgages consist of the following: Origination Maturity (in thousands, except interest rates) Date Date Interest March 31, December 31, Lender (Month/Year) (Month/Year) Rate 2022 2021 Wilmington Trust National Association Apr-19 Feb-28 4.92 % $ 46,447 $ 46,760 (a) (b) (c) (d) Wilmington Trust National Association Jun-18 Aug-25 4.36 % 19,454 19,557 (a) (b) (c) (e) PNC Bank Oct-16 Nov-26 3.62 % 16,989 17,094 (b) (c) T2 Durham I, LLC Jul-21 Jul-24 Greater of Prime + 1.25 % or 5.00 % 7,500 7,500 (b) (f) Aegon Apr-12 Oct-23 6.38 % 6,044 6,249 (b) (g) Total mortgages 96,434 97,160 Debt issuance costs, net ( 293 ) ( 314 ) Mortgages, net $ 96,141 $ 96,846 (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) 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. (e) 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. (f) Mortgage is subject to interest at a daily floating annual rate equal to the Prime Rate plus 1.25 %, but no less than 5.00 % per annum. At March 31, 2022 and December 31, 2021, the interest rate was 5.00 %. (g) 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. At March 31, 2022 , investment in rental property of $ 160.6 million 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 7) at March 31, 2022 are as follows: (in thousands) Remainder of 2022 $ 2,180 2023 7,582 2024 199,760 2025 20,195 2026 682,961 Thereafter 889,874 $ 1,802,552 Certain of the Company's mortgages 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	3 Months Ended
	Mar. 31, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Interest Rate Swaps	9. 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) March 31, 2022 December 31, 2021 Counterparty Maturity Date Fixed Notional Fair Notional Fair Wells Fargo Bank, N.A. October 2024 2.72 % $ 15,000 $ ( 102 ) $ 15,000 $ ( 702 ) Capital One, National Association December 2024 1.58 % 15,000 341 15,000 ( 241 ) Bank of Montreal January 2025 1.91 % 25,000 366 25,000 ( 649 ) Truist Financial Corporation April 2025 2.20 % 25,000 187 25,000 ( 905 ) Bank of Montreal July 2025 2.32 % 25,000 105 25,000 ( 1,049 ) Truist Financial Corporation July 2025 1.99 % 25,000 364 25,000 ( 767 ) Truist Financial Corporation December 2025 2.30 % 25,000 117 25,000 ( 1,125 ) Bank of Montreal January 2026 1.92 % 25,000 456 25,000 ( 760 ) Bank of Montreal January 2026 2.05 % 40,000 545 40,000 ( 1,415 ) Capital One, National Association January 2026 2.08 % 35,000 442 35,000 ( 1,274 ) Truist Financial Corporation January 2026 1.93 % 25,000 449 25,000 ( 768 ) Capital One, National Association April 2026 2.68 % 15,000 ( 155 ) 15,000 ( 941 ) Capital One, National Association July 2026 1.32 % 35,000 1,520 35,000 ( 205 ) Bank of Montreal December 2026 2.33 % 10,000 12 10,000 ( 538 ) Bank of Montreal December 2026 1.99 % 25,000 410 25,000 ( 936 ) Toronto-Dominion Bank March 2027 2.46 % 16,024 224 — — Wells Fargo Bank, N.A. April 2027 2.72 % 25,000 ( 452 ) 25,000 ( 1,887 ) Bank of Montreal December 2027 2.37 % 25,000 ( 80 ) 25,000 ( 1,570 ) Capital One, National Association December 2027 2.37 % 25,000 ( 91 ) 25,000 ( 1,575 ) Wells Fargo Bank, N.A. January 2028 2.37 % 75,000 ( 274 ) 75,000 ( 4,741 ) Bank of Montreal May 2029 2.09 % 25,000 289 25,000 ( 1,316 ) Regions Bank May 2029 2.11 % 25,000 243 25,000 ( 1,356 ) Regions Bank June 2029 2.03 % 25,000 370 25,000 ( 1,222 ) U.S. Bank National Association June 2029 2.03 % 25,000 386 25,000 ( 1,220 ) U.S. Bank National Association August 2029 1.35 % 25,000 1,541 25,000 ( 9 ) Regions Bank March 2032 2.69 % 16,024 172 — — U.S. Bank National Association March 2032 2.70 % 16,024 186 — — Bank of Montreal March 2034 2.81 % 32,046 219 — — $ 720,118 $ 7,790 $ 640,000 $ ( 27,171 ) At March 31, 2022, the weighted average fixed rate on all outstanding interest rate swaps was 2.17 %. The total amounts recognized, and the location in the accompanying Condensed Consolidated Statements of Income and Comprehensive Income, from converting from variable rates to fixed rates under these agreements were as follows: Reclassification from Amount of Gain Accumulated Other Total Interest Expense Recognized in Comprehensive Income (Loss) Presented in the Condensed (in thousands) Accumulated Other Consolidated Statements of Comprehensive Amount of Income and Comprehensive For the Three Months Ended March 31, Income (Loss) Location Loss Income 2022 $ 34,961 Interest expense $ 3,865 $ 16,896 2021 28,680 Interest expense 4,016 16,108 Amounts related to the interest rate swaps expected to be reclassified out of Accumulated other comprehensive income (loss) to Interest expense during the next twelve months are estimated to be a loss of $ 4.9 million. 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.

Credit Risk Concentrations

Credit Risk Concentrations	3 Months Ended
	Mar. 31, 2022
Risks and Uncertainties [Abstract]
Credit Risk Concentrations	10. Credit Risk Concentrations The Company maintained bank balances that, at times, exceeded the federally insured limit during the three months ended March 31, 2022. 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. For the three months ended March 31, 2022 and 2021 , the Company had no individual tenants or common franchises that accounted for more than 10% of Lease revenues, net.

Equity

Equity	3 Months Ended
	Mar. 31, 2022
Equity [Abstract]
Equity	11. Equity The Company established an at-the-market common equity offering program ("ATM Program"), through which it may, from time to time, publicly offer and sell shares of common stock having an aggregate gross sales price of up to $ 400.0 million. The ATM Program provides for forward sale agreements, enabling the Company to set the price of shares upon pricing the offering, while delaying the issuance of shares and the receipt of the net proceeds. As of March 31, 2022 , the Company has issued common stock with an aggregate gross sales price of $ 164.7 million under the ATM Program and could issue additional common stock with an aggregate sales price of up to $ 235.3 million under the ATM Program. The following table presents information about the Company's ATM Program activity: For the Three Months Ended (in thousands, except per share amounts) March 31, 2022 Number of common shares issued 6,273 Weighted average sale price per share $ 21.82 Net proceeds $ 134,326 Gross proceeds 136,544 There was no ATM Program activity during the three months ended March 31, 2021.

Stock-Based Compensation

Stock-Based Compensation	3 Months Ended
	Mar. 31, 2022
Share-based Payment Arrangement [Abstract]
Stock-Based Compensation	12. Stock-Based Compensation Restricted Stock Awards The Company awarded 142,045 and 199,430 shares of RSAs, during the three months ended March 31, 2022 and 2021 , respectively, 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 the 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 weighted average value of awards granted during the three months ended March 31, 2022 and 2021, were $ 21.66 and $ 18.66 , respectively, which were based on the market price per share 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 (in thousands) 2022 2021 Compensation cost $ 610 $ 1,695 Dividends declared on unvested RSAs 97 104 Fair value of shares vested during the period 3,209 2,522 (in thousands, except recognition period) March 31, 2022 December 31, 2021 Unamortized value of RSAs $ 7,177 $ 4,715 Weighted average amortization period (in years) 2.8 2.4 The following table presents information about the Company's RSA activity: For the Three Months Ended March 31, 2022 2021 (in thousands, except per share amounts) Number of Shares Weighted Average Number of Shares Weighted Average Unvested at beginning of period 372 $ 19.62 341 $ 20.50 Granted 142 21.66 199 18.66 Vested ( 146 ) 19.80 ( 124 ) 20.26 Forfeited ( 1 ) 26.41 — — Unvested at end of period 367 20.33 416 19.62 Performance-based Restricted Stock Units The Company issued target grants of 121,883 and 132,189 PRSUs, during the three months ended March 31, 2022 and 2021 , respectively, 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, as identified in the grant agreements, over a three-year period, 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. Vesting percentages range 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 (in thousands, except recognition period) 2022 2021 Compensation cost $ 319 $ 74 March 31, 2022 December 31, 2021 Unamortized value of PRSUs $ 5,011 $ 1,931 Weighted average amortization period (in years) 2.6 2.2 The following table presents information about the Company's PRSU activity: For the Three Months Ended March 31, 2022 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 122 27.93 132 24.40 Vested — — — — Forfeited — — ( 22 ) 24.40 Unvested at end of period 232 26.25 110 24.40

Earnings per Share

Earnings per Share	3 Months Ended
	Mar. 31, 2022
Earnings Per Share [Abstract]
Earnings Per Share	13. 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 (in thousands, except per share amounts) 2022 2021 Basic earnings: Net earnings attributable to Broadstone Net Lease, Inc. common $ 26,758 $ 22,223 Less: earnings allocated to unvested restricted shares ( 97 ) ( 104 ) Net earnings used to compute basic earnings per common share $ 26,661 $ 22,119 Diluted earnings: Net earnings used to compute basic earnings per share $ 26,661 $ 22,119 Net earnings attributable to non-controlling interests 1,683 1,737 Net earnings used to compute diluted earnings per common share $ 28,344 $ 23,856 Weighted average number of common shares outstanding 164,179 145,672 Less: weighted average unvested restricted shares (a) ( 370 ) ( 334 ) Weighted average number of common shares outstanding used in 163,809 145,338 Effects of restricted stock units (b) 156 — Effects of convertible membership units (c) 10,323 11,386 Weighted average number of common shares outstanding used in 174,288 156,724 Basic earnings per share $ 0.16 $ 0.15 Diluted earnings per share $ 0.16 $ 0.15 (a) Represents the weighted average effects of 366,912 and 415,932 unvested restricted shares of common stock as of March 31, 2022 and 2021, respectively, 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 12). (c) Represents the weighted average effects of 10,323,206 and 11,360,080 OP Units outstanding at March 31, 2022 and 2021 , 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	3 Months Ended
	Mar. 31, 2022
Supplemental Cash Flow Elements [Abstract]
Supplemental Cash Flow Disclosures	14. Supplemental Cash Flow Disclosures Cash paid for interest was $ 12.0 million and $ 9.4 million for the three months ended March 31, 2022 and 2021 , respectively. Cash paid for income taxes was $ 0.5 million and $ 0.2 million for the three months ended March 31, 2022 and 2021, respectively. The following are non-cash transactions and have been excluded from the accompanying Condensed Consolidated Statements of Cash Flows: • At March 31, 2022 and 2021 , dividend amounts declared and accrued but not yet paid amounted to $ 47.7 million and $ 39.3 million, respectively. • At March 31, 2022 and 2021, the Company adjusted the carrying value of Non-controlling interests to reflect their share of the book value of the OP by $ 1.9 million and $( 0.1 ) million, respectively, with the reallocation recorded as an offset to Additional paid-in capital and Accumulated other comprehensive income (loss).

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	15. 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 cost 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. The Company has a commitment to fund a building expansion expected to be completed in 2022, totaling $ 17.4 million as of March 31, 2022, in exchange for an increase in rent contractually scheduled to commence in August 2022. 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 March 31, 2022, taxable sales of the applicable properties would trigger liability under the agreements of approxi mately $ 22.3 million. Ba sed 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. In the normal course of business, the Company enters into various types of commitments to purchase real estate properties. These commitments are generally subject to the Company's customary due diligence process and, accordingly, a number of specific conditions must be met before the Company is obligated to purchase the properties.

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2022
Subsequent Events [Abstract]
Subsequent Events	16. Subsequent Events On April 15, 2022, the Company paid distributions totaling $ 47.5 million. On April 29, 2022 , the Board of Directors declared a quarterly distribution of $ 0.270 per share on the Company's common stock and OP Units for the second quarter of 2022, which will be payable on or before July 15, 2022 to stockholders and unit holders of record as of June 30, 2022 . Subsequent to March 31, 2022 , the Company continued to expand its operations through the acquisition of additional rental property and associated intangible assets and liabilities. The Company acquired approximately $ 27.2 million of rental property and associated intangible assets and liabilities (see Note 3). Through May 2, 2022, the Company issued 542,929 shares of common stock at a weighted average sale price of $ 21.88 per share under the ATM Program. The net proceeds, after deducting $ 0.2 million of commissions and other offering costs, were $ 11.7 million.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2022
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, 2021, included in the Company's 2021 Annual Report on Form 10-K, filed with the SEC on February 23, 2022. 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 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 long-lived asset or asset group exceeds the sum of the undiscounted cash flows expected to result from the use of the long-lived 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 long-lived asset or asset group exceeds its fair value. Significant judgment is made to determine if and when impairment should be taken. The Company's assessment of impairment as of March 31, 2022 and 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, 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 charge, resulting primarily from changes in the Company's long-term hold strategy, with respect to the individual property: For the Three Months Ended (in thousands, except number of properties) 2022 2021 Number of properties — 1 Impairment charge $ — $ 2,012
Restricted Cash	Restricted Cash Restricted cash includes escrow funds the Company maintains pursuant to the terms of certain mortgages, 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: March 31, December 31, (in thousands) 2022 2021 Escrow funds and other $ 6,410 $ 6,100 Undistributed 1031 proceeds 5,034 — $ 11,444 $ 6,100
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 consisted of the following: (in thousands) March 31, December 31, Rent received in advance $ 15,181 $ 15,162
Fair Value Measurements	Fair Value Measurements Recurring Fair Value Measurements The balances of financial instruments measured at fair value on a recurring basis are as follows (see Note 9): March 31, 2022 (in thousands) Total Level 1 Level 2 Level 3 Interest rate swap, assets $ 8,944 $ — $ 8,944 $ — Interest rate swap, liabilities ( 1,154 ) — ( 1,154 ) — December 31, 2021 (in thousands) Total Level 1 Level 2 Level 3 Interest rate swap, liabilities $ ( 27,171 ) $ — $ ( 27,171 ) $ — Long-term Debt – The fair value of the Company's debt was estimated using Level 1, Level 2, and Level 3 inputs based on recent secondary market trades of the Company's 2031 Senior Unsecured Public Notes (see Note 7), 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 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 unsecured revolving credit facility, mortgages, unsecured term loans, and senior unsecured notes which reflects the fair value of interest rate swaps: (in thousands) March 31, December 31, Carrying amount $ 1,802,552 $ 1,699,160 Fair value 1,785,597 1,785,701 Non-recurring Fair Value Measurements The Company's non-recurring fair value measurements at March 31, 2022 and December 31, 2021 consisted of the fair value of impaired real estate assets that were determined using Level 3 inputs.
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"). Subject to any adjustment as provided in the Equity Incentive Plan, up to 9,000,000 shares may be issued to awards granted under 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 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 are 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	Recently Adopted Accounting Standards In August 2020, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("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. The amendments in ASU 2020-06 were effective for the Company beginning January 1, 2022. The Company uses the two-class method of computing basic and diluted earnings per share. Based on the nature of the Company's potentially dilutive instruments, the treasury stock method is not used in computing dilutive earnings per share. Accordingly, the adoption of ASU 2020-06 did not have a material impact on the Company.

Business Description (Tables)

Business Description (Tables)	3 Months Ended
	Mar. 31, 2022
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: March 31, 2022 December 31, 2021 (in thousands) Shares of OP Units Total Diluted Shares of OP Units Total Diluted Ownership interest 168,750 10,323 179,073 162,383 10,323 172,706 Percent ownership of OP 94.2 % 5.8 % 100.0 % 94.0 % 6.0 % 100.0 %

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	3 Months Ended
	Mar. 31, 2022
Accounting Policies [Abstract]
Summary of Impairment Charge	The following table summarizes the Company's impairment charge, resulting primarily from changes in the Company's long-term hold strategy, with respect to the individual property: For the Three Months Ended (in thousands, except number of properties) 2022 2021 Number of properties — 1 Impairment charge $ — $ 2,012
Summary of Restricted Cash	Restricted cash consisted of the following: March 31, December 31, (in thousands) 2022 2021 Escrow funds and other $ 6,410 $ 6,100 Undistributed 1031 proceeds 5,034 — $ 11,444 $ 6,100
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 consisted of the following: (in thousands) March 31, December 31, Rent received in advance $ 15,181 $ 15,162
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 (see Note 9): March 31, 2022 (in thousands) Total Level 1 Level 2 Level 3 Interest rate swap, assets $ 8,944 $ — $ 8,944 $ — Interest rate swap, liabilities ( 1,154 ) — ( 1,154 ) — December 31, 2021 (in thousands) Total Level 1 Level 2 Level 3 Interest rate swap, liabilities $ ( 27,171 ) $ — $ ( 27,171 ) $ —
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 unsecured revolving credit facility, mortgages, unsecured term loans, and senior unsecured notes which reflects the fair value of interest rate swaps: (in thousands) March 31, December 31, Carrying amount $ 1,802,552 $ 1,699,160 Fair value 1,785,597 1,785,701

Acquisitions of Rental Proper_2

Acquisitions of Rental Property (Tables)	3 Months Ended
	Mar. 31, 2022
Business Combinations [Abstract]
Acquisitions of Rental Property Closed	The Company closed on the following acquisitions during the three months ended March 31, 2022: (in thousands, except number of properties) Number of Real Estate Date Property Type Properties Acquisition Price January 7, 2022 Retail 2 $ 2,573 February 10, 2022 Industrial 1 21,733 February 15, 2022 Retail 1 1,341 February 28, 2022 Industrial 1 5,678 March 4, 2022 Retail 6 79,061 March 31, 2022 Restaurant 16 99,587 27 $ 209,973 (a) (a) Acquisition price does not include capitalized acquisition costs of $ 2.0 million . The Company closed on the following acquisitions during the three months ended March 31, 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 (b) 181 March 11, 2021 Retail 13 26,834 March 30, 2021 Retail 11 41,324 March 31, 2021 Healthcare 3 14,140 28 $ 87,322 (c) (b) Acquisition of additional land adjacent to an existing property. (c) Acquisition price does not include capitalized acquisition costs of $ 1.2 million. Subsequent to March 31, 2022, the Company closed on the following acquisitions (see Note 16): (in thousands, except number of properties) Number of Real Estate Date Property Type Properties Acquisition Price April 12, 2022 Retail 1 $ 1,680 April 12, 2022 Industrial 1 7,522 April 13, 2022 Industrial 1 16,250 April 19, 2022 Retail 1 1,780 4 $ 27,232
Summary of Allocation of Purchase Price	The following table summarizes the purchase price allocation for completed real estate acquisitions: For the Three Months Ended (in thousands) 2022 2021 Land $ 54,784 $ 19,584 Land improvements 5,410 4,355 Buildings and improvements 142,269 57,893 Acquired in-place leases (d) 16,037 6,725 Acquired below-market lease (e) ( 76 ) — Non-real estate liabilities assumed ( 6,440 ) — $ 211,984 $ 88,557 (d) The weighted average amortization period for acquired in-place leases is 19 years and 16 years for acquisitions completed during the three months ended March 31, 2022 and 2021, respectively. (e) The weighted average amortization period for acquired below-market leases is nine years for acquisitions completed during the three months ended March 31, 2022. There were no below-market leases acquired during the three months ended March 31, 2021.

Sale of Real Estate (Tables)

Sale of Real Estate (Tables)	3 Months Ended
	Mar. 31, 2022
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 (in thousands, except number of properties) 2022 2021 Number of properties disposed 1 8 Aggregate sale price $ 5,212 $ 23,062 Aggregate carrying value ( 3,824 ) ( 17,372 ) Additional sales expenses ( 192 ) ( 957 ) Gain on sale of real estate $ 1,196 $ 4,733

Investment in Rental Property_2

Investment in Rental Property and Lease Arrangements (Tables)	3 Months Ended
	Mar. 31, 2022
Leases [Abstract]
Rental Property Subject to Non-cancelable Operating Leases	Investment in Rental Property – Accounted for Using the Operating Method Depreciation expense on investment in rental property was as follows: For the Three Months Ended (in thousands) 2022 2021 Depreciation $ 26,658 $ 23,743
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 March 31, 2022 are as follows: (in thousands) Remainder of 2022 $ 260,936 2023 349,824 2024 346,753 2025 340,232 2026 330,637 Thereafter 2,469,426 $ 4,097,808
Net Investment in Direct Financing Leases	The Company's net investment in direct financing leases was comprised of the following: (in thousands) March 31, December 31, Undiscounted estimated lease payments to be received $ 41,793 $ 42,602 Estimated unguaranteed residual values 15,203 15,203 Unearned revenue ( 28,182 ) ( 28,893 ) Reserve for credit losses ( 130 ) ( 130 ) Net investment in direct financing leases $ 28,684 $ 28,782
Direct Financing Leases, Lease Receivable Maturity	Undiscounted estimated lease payments to be received under non-cancelable direct financing leases with tenants at March 31, 2022 are as follows: (in thousands) Remainder of 2022 $ 2,433 2023 3,304 2024 3,361 2025 3,474 2026 3,547 Thereafter 25,674 $ 41,793
Summary of Amounts Reported as Lease Revenues, Net on the Consolidated Statements of Income and Comprehensive Income	The following table summarizes amounts reported as Lease revenues, net on the Condensed Consolidated Statements of Income and Comprehensive Income: For the Three Months Ended (in thousands) 2022 2021 Contractual rental amounts billed for operating leases $ 84,396 $ 73,245 Adjustment to recognize contractual operating lease billings on a 5,021 4,809 Net write-offs of accrued rental income ( 1,326 ) ( 442 ) Variable rental amounts earned 186 91 Earned income from direct financing leases 723 730 Interest income from sales-type leases 14 14 Operating expenses billed to tenants 4,735 4,388 Other income from real estate transactions 42 5 Adjustment to revenue recognized for uncollectible rental 50 ( 142 ) Total Lease revenues, net $ 93,841 $ 82,698

Intangible Assets and Liabili_2

Intangible Assets and Liabilities (Tables)	3 Months Ended
	Mar. 31, 2022
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) March 31, December 31, Lease intangibles: Acquired above-market leases $ 46,990 $ 47,147 Less accumulated amortization ( 17,396 ) ( 16,807 ) Acquired above-market leases, net 29,594 30,340 Acquired in-place leases 395,326 380,766 Less accumulated amortization ( 113,643 ) ( 107,464 ) Acquired in-place leases, net 281,683 273,302 Total intangible lease assets, net $ 311,277 $ 303,642 Acquired below-market leases $ 105,386 $ 105,310 Less accumulated amortization ( 36,611 ) ( 34,714 ) Intangible lease liabilities, net $ 68,775 $ 70,596 Leasing fees $ 14,728 $ 14,786 Less accumulated amortization ( 5,337 ) ( 5,145 ) Leasing fees, net $ 9,391 $ 9,641
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 Intangible Financial Statement Presentation 2022 2021 Acquired in-place leases and leasing fees Depreciation and amortization $ 7,601 $ 6,947 Above-market and below-market leases Lease revenues, net 1,161 753
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense	Estimated future amortization of intangible assets and liabilities at March 31, 2022 is as follows: (in thousands) Remainder of 2022 $ 19,508 2023 25,800 2024 25,040 2025 23,743 2026 22,393 Thereafter 135,409 $ 251,893

Unsecured Credit Agreements (Ta

Unsecured Credit Agreements (Tables)	3 Months Ended
	Mar. 31, 2022
Debt Instrument [Line Items]
Summary of Debt Issuance Cost Amortization	The following table summarizes debt issuance cost and original issuance discount amortization: For the Three Months Ended (in thousands) 2022 2021 Debt issuance costs and original issuance discount amortization $ 856 $ 914
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) March 31, December 31, Interest Maturity Unsecured revolving $ 266,118 $ 102,000 Applicable reference 0.85 % (a) (b) (c) Mar. 2026 Unsecured term loans: 2022 Unsecured Term Loan — 60,000 one-month LIBOR 1.00 % (c) Feb. 2022 (d) 2024 Unsecured Term Loan 190,000 190,000 one-month LIBOR 1.00 % (c) Jun. 2024 2026 Unsecured Term Loan 400,000 400,000 one-month LIBOR 1.00 % (c) Feb. 2026 Total unsecured term loans 590,000 650,000 Unamortized debt issuance costs, net ( 3,116 ) ( 3,329 ) Total unsecured term loans, net 586,884 646,671 Senior unsecured notes: 2027 Senior Unsecured Notes - 150,000 150,000 4.84 % Apr. 2027 2028 Senior Unsecured Notes - 225,000 225,000 5.09 % Jul. 2028 2030 Senior Unsecured Notes - 100,000 100,000 5.19 % Jul. 2030 2031 Senior Unsecured Public Notes 375,000 375,000 2.60 % Sep. 2031 Total senior unsecured notes 850,000 850,000 Unamortized debt issuance costs and ( 6,010 ) ( 6,199 ) Total senior unsecured notes, net 843,990 843,801 Total unsecured debt, net $ 1,696,992 $ 1,592,472 (a) At March 31, 2022, a balance of $ 186.0 million was subject to the one-month Secured Overnight Financing Rate of 0.30 %. The remaining balance includes $ 100 million CAD borrowings remeasured to $ 80.1 million USD, which was subject to the one-month Canadian Dollar Offered Rate of 0.96 %. (b) At December 31, 2021, interest rate was one-month LIBOR plus 1.00 % (c) At March 31, 2022 and December 31, 2021 , one-month LIBOR was 0.45 % and 0.10 %, respectively. (d) The 2022 Unsecured Term Loan was paid in full in February 2022, with borrowings from the unsecured revolving credit facility .

Mortgages (Tables)

Mortgages (Tables)	3 Months Ended
	Mar. 31, 2022
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 7) at March 31, 2022 are as follows: (in thousands) Remainder of 2022 $ 2,180 2023 7,582 2024 199,760 2025 20,195 2026 682,961 Thereafter 889,874 $ 1,802,552
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 March 31, December 31, Lender (Month/Year) (Month/Year) Rate 2022 2021 Wilmington Trust National Association Apr-19 Feb-28 4.92 % $ 46,447 $ 46,760 (a) (b) (c) (d) Wilmington Trust National Association Jun-18 Aug-25 4.36 % 19,454 19,557 (a) (b) (c) (e) PNC Bank Oct-16 Nov-26 3.62 % 16,989 17,094 (b) (c) T2 Durham I, LLC Jul-21 Jul-24 Greater of Prime + 1.25 % or 5.00 % 7,500 7,500 (b) (f) Aegon Apr-12 Oct-23 6.38 % 6,044 6,249 (b) (g) Total mortgages 96,434 97,160 Debt issuance costs, net ( 293 ) ( 314 ) Mortgages, net $ 96,141 $ 96,846 (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) 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. (e) 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. (f) Mortgage is subject to interest at a daily floating annual rate equal to the Prime Rate plus 1.25 %, but no less than 5.00 % per annum. At March 31, 2022 and December 31, 2021, the interest rate was 5.00 %. (g) 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.

Interest Rate Swaps (Tables)

Interest Rate Swaps (Tables)	3 Months Ended
	Mar. 31, 2022
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) March 31, 2022 December 31, 2021 Counterparty Maturity Date Fixed Notional Fair Notional Fair Wells Fargo Bank, N.A. October 2024 2.72 % $ 15,000 $ ( 102 ) $ 15,000 $ ( 702 ) Capital One, National Association December 2024 1.58 % 15,000 341 15,000 ( 241 ) Bank of Montreal January 2025 1.91 % 25,000 366 25,000 ( 649 ) Truist Financial Corporation April 2025 2.20 % 25,000 187 25,000 ( 905 ) Bank of Montreal July 2025 2.32 % 25,000 105 25,000 ( 1,049 ) Truist Financial Corporation July 2025 1.99 % 25,000 364 25,000 ( 767 ) Truist Financial Corporation December 2025 2.30 % 25,000 117 25,000 ( 1,125 ) Bank of Montreal January 2026 1.92 % 25,000 456 25,000 ( 760 ) Bank of Montreal January 2026 2.05 % 40,000 545 40,000 ( 1,415 ) Capital One, National Association January 2026 2.08 % 35,000 442 35,000 ( 1,274 ) Truist Financial Corporation January 2026 1.93 % 25,000 449 25,000 ( 768 ) Capital One, National Association April 2026 2.68 % 15,000 ( 155 ) 15,000 ( 941 ) Capital One, National Association July 2026 1.32 % 35,000 1,520 35,000 ( 205 ) Bank of Montreal December 2026 2.33 % 10,000 12 10,000 ( 538 ) Bank of Montreal December 2026 1.99 % 25,000 410 25,000 ( 936 ) Toronto-Dominion Bank March 2027 2.46 % 16,024 224 — — Wells Fargo Bank, N.A. April 2027 2.72 % 25,000 ( 452 ) 25,000 ( 1,887 ) Bank of Montreal December 2027 2.37 % 25,000 ( 80 ) 25,000 ( 1,570 ) Capital One, National Association December 2027 2.37 % 25,000 ( 91 ) 25,000 ( 1,575 ) Wells Fargo Bank, N.A. January 2028 2.37 % 75,000 ( 274 ) 75,000 ( 4,741 ) Bank of Montreal May 2029 2.09 % 25,000 289 25,000 ( 1,316 ) Regions Bank May 2029 2.11 % 25,000 243 25,000 ( 1,356 ) Regions Bank June 2029 2.03 % 25,000 370 25,000 ( 1,222 ) U.S. Bank National Association June 2029 2.03 % 25,000 386 25,000 ( 1,220 ) U.S. Bank National Association August 2029 1.35 % 25,000 1,541 25,000 ( 9 ) Regions Bank March 2032 2.69 % 16,024 172 — — U.S. Bank National Association March 2032 2.70 % 16,024 186 — — Bank of Montreal March 2034 2.81 % 32,046 219 — — $ 720,118 $ 7,790 $ 640,000 $ ( 27,171 )
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, from converting from variable rates to fixed rates under these agreements were as follows: Reclassification from Amount of Gain Accumulated Other Total Interest Expense Recognized in Comprehensive Income (Loss) Presented in the Condensed (in thousands) Accumulated Other Consolidated Statements of Comprehensive Amount of Income and Comprehensive For the Three Months Ended March 31, Income (Loss) Location Loss Income 2022 $ 34,961 Interest expense $ 3,865 $ 16,896 2021 28,680 Interest expense 4,016 16,108

Equity (Tables)

Equity (Tables)	3 Months Ended
	Mar. 31, 2022
Equity [Abstract]
Summary of Common Shares under Company's ATM Program	The following table presents information about the Company's ATM Program activity: For the Three Months Ended (in thousands, except per share amounts) March 31, 2022 Number of common shares issued 6,273 Weighted average sale price per share $ 21.82 Net proceeds $ 134,326 Gross proceeds 136,544

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	3 Months Ended
	Mar. 31, 2022
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 (in thousands) 2022 2021 Compensation cost $ 610 $ 1,695 Dividends declared on unvested RSAs 97 104 Fair value of shares vested during the period 3,209 2,522 (in thousands, except recognition period) March 31, 2022 December 31, 2021 Unamortized value of RSAs $ 7,177 $ 4,715 Weighted average amortization period (in years) 2.8 2.4
Summary of Restricted Stock Activity	The following table presents information about the Company's RSA activity: For the Three Months Ended March 31, 2022 2021 (in thousands, except per share amounts) Number of Shares Weighted Average Number of Shares Weighted Average Unvested at beginning of period 372 $ 19.62 341 $ 20.50 Granted 142 21.66 199 18.66 Vested ( 146 ) 19.80 ( 124 ) 20.26 Forfeited ( 1 ) 26.41 — — Unvested at end of period 367 20.33 416 19.62
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 (in thousands, except recognition period) 2022 2021 Compensation cost $ 319 $ 74 March 31, 2022 December 31, 2021 Unamortized value of PRSUs $ 5,011 $ 1,931 Weighted average amortization period (in years) 2.6 2.2
Summary of Restricted Stock Activity	The following table presents information about the Company's PRSU activity: For the Three Months Ended March 31, 2022 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 122 27.93 132 24.40 Vested — — — — Forfeited — — ( 22 ) 24.40 Unvested at end of period 232 26.25 110 24.40

Earnings per Share (Tables)

Earnings per Share (Tables)	3 Months Ended
	Mar. 31, 2022
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 (in thousands, except per share amounts) 2022 2021 Basic earnings: Net earnings attributable to Broadstone Net Lease, Inc. common $ 26,758 $ 22,223 Less: earnings allocated to unvested restricted shares ( 97 ) ( 104 ) Net earnings used to compute basic earnings per common share $ 26,661 $ 22,119 Diluted earnings: Net earnings used to compute basic earnings per share $ 26,661 $ 22,119 Net earnings attributable to non-controlling interests 1,683 1,737 Net earnings used to compute diluted earnings per common share $ 28,344 $ 23,856 Weighted average number of common shares outstanding 164,179 145,672 Less: weighted average unvested restricted shares (a) ( 370 ) ( 334 ) Weighted average number of common shares outstanding used in 163,809 145,338 Effects of restricted stock units (b) 156 — Effects of convertible membership units (c) 10,323 11,386 Weighted average number of common shares outstanding used in 174,288 156,724 Basic earnings per share $ 0.16 $ 0.15 Diluted earnings per share $ 0.16 $ 0.15 (a) Represents the weighted average effects of 366,912 and 415,932 unvested restricted shares of common stock as of March 31, 2022 and 2021, respectively, 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 12). (c) Represents the weighted average effects of 10,323,206 and 11,360,080 OP Units outstanding at March 31, 2022 and 2021 , 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.

Business Description - Addition

Business Description - Additional Information (Detail)	3 Months Ended
	Mar. 31, 2022PropertyStateProvinces
Business Description [Line Items]
Date of incorporation	Oct. 18, 2007
Number of leased commercial properties owned	752
UNITED STATES
Business Description [Line Items]
Number of leased commercial properties owned	745
Number of States in which properties located | State	43
Canada
Business Description [Line Items]
Number of leased commercial properties owned	7
Number of provinces | Provinces	4

Business Description - Summary

Business Description - Summary of Outstanding Equity and Economic Ownership Interest (Detail) - shares shares in Thousands	Mar. 31, 2022	Dec. 31, 2021
Broadstone Net Lease, LLC
Business Description [Line Items]
Percent ownership of OP, Shares of Common Stock	94.20%	94.00%
Percent ownership of OP, OP Units	5.80%	6.00%
Percent ownership of OP, Total Diluted Shares	100.00%	100.00%
Ownership Interest
Business Description [Line Items]
Shares of Common Stock	168,750	162,383
OP Units	10,323	10,323
Total Diluted Shares	179,073	172,706

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Additional Information (Detail) $ in Thousands	3 Months Ended
	Mar. 31, 2022USD ($)shares
Finite-Lived Intangible Assets [Line Items]
Additional impairment charges | $	$ 0
Maximum [Member] | Equity Incentive Plan [Member]
Finite-Lived Intangible Assets [Line Items]
Number of restricted stock awards issued | shares	9,000,000

Significant Accounting Policies

Significant Accounting Policies - Summary of Impairment Charge (Detail) $ in Thousands	3 Months Ended
	Mar. 31, 2022USD ($)Customer	Mar. 31, 2021USD ($)Customer
Impaired Long-Lived Assets Held and Used [Line Items]
Number of properties | Customer	0	1
Impairment charge | $	$ 0	$ 2,012

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Summary of Components of Restricted Cash (Detail) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021	Mar. 31, 2021	Dec. 31, 2020
Cash and Cash Equivalents [Abstract]
Escrow funds and other	$ 6,410	$ 6,100
Undistributed 1031 proceeds	5,034	0
Restricted cash	$ 11,444	$ 6,100	$ 8,145	$ 10,242

Summary of Significant Accoun_6

Summary of Significant Accounting Policies - Summary of Rents Received in Advance (Detail) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Revenue from Contract with Customer [Abstract]
Rent received in advance	$ 15,181	$ 15,162

Summary of Significant Accoun_7

Summary of Significant Accounting Policies - Balances of Financial Instruments Measured at Fair Value on Recurring Basis (Detail) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Interest rate swap, assets	$ 8,944
Interest rate swap, liabilities	(1,154)	(27,171)
Fair Value, Measurements, Recurring
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Interest rate swap, assets	8,944
Interest rate swap, liabilities	(1,154)	(27,171)
Fair Value, Measurements, Recurring | Level 1
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Interest rate swap, assets	0
Interest rate swap, liabilities	0	0
Fair Value, Measurements, Recurring | Level 2
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Interest rate swap, assets	8,944
Interest rate swap, liabilities	(1,154)	(27,171)
Fair Value, Measurements, Recurring | Fair Value Inputs Level3 [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Interest rate swap, assets	0
Interest rate swap, liabilities	$ 0	$ 0

Summary of Significant Accoun_8

Summary of Significant Accounting Policies - Summary of Carrying Amount Reported on Condensed Consolidated Balance Sheets (Detail) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Summary Of Significant Accounting Policies [Abstract]
Carrying amount	$ 1,802,552	$ 1,699,160
Fair value	$ 1,785,597	$ 1,785,701

Related Party Transactions - Ad

Related Party Transactions - Additional Information (Detail) shares in Thousands	3 Months Ended
	Mar. 31, 2021shares
Related Party Transaction [Line Items]
Number of OP units exchanged	38

Internalization - Summary of Ea

Internalization - Summary of Earnout Tranches, Applicable VWAP of REIT Share and Applicable Earnout Period (Details) - shares	Mar. 31, 2022	Dec. 31, 2021
Internalization [Line Items]
Shares of Common stock issued	168,750,000	162,383,000

Acquisitions of Rental Proper_3

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

Apr. 19, 2022USD ($)Customer

Apr. 13, 2022USD ($)Customer

Apr. 12, 2022USD ($)Customer

Mar. 31, 2022USD ($)Customer

Mar. 04, 2022USD ($)Customer

Feb. 28, 2022USD ($)Customer

Feb. 15, 2022USD ($)Customer

Feb. 10, 2022USD ($)Customer

Jan. 07, 2022USD ($)Customer

Mar. 31, 2021USD ($)Customer

Mar. 30, 2021USD ($)Customer

Mar. 11, 2021USD ($)Customer

Feb. 26, 2021USD ($)

Feb. 05, 2021USD ($)Customer

May 02, 2022USD ($)Property

Mar. 31, 2021USD ($)Customer

Business Acquisition [Line Items]

Number of Properties | Customer

27

28

28

Real Estate Acquisition Price

$ 209,973

[1]

$ 87,322

[2]

Subsequent Event

Business Acquisition [Line Items]

Number of Properties | Property

4

Real Estate Acquisition Price

$ 27,232

Healthcare

Business Acquisition [Line Items]

Property Type

Healthcare

Healthcare

Number of Properties | Customer

3

1

3

Real Estate Acquisition Price

$ 14,140

$ 4,843

Restaurant

Business Acquisition [Line Items]

Property Type

Restaurant

Restaurant

Number of Properties | Customer

16

Real Estate Acquisition Price

$ 99,587

$ 181

[3]

Retail

Business Acquisition [Line Items]

Property Type

Retail

Retail

Retail

Retail

Retail

Number of Properties | Customer

6

1

2

11

13

Real Estate Acquisition Price

$ 79,061

$ 1,341

$ 2,573

$ 41,324

$ 26,834

Retail | Subsequent Event

Business Acquisition [Line Items]

Property Type

Retail

Retail

Number of Properties | Customer

1

1

Real Estate Acquisition Price

$ 1,780

$ 1,680

Industrial

Business Acquisition [Line Items]

Property Type

Industrial

Industrial

Number of Properties | Customer

1

1

Real Estate Acquisition Price

$ 5,678

$ 21,733

Industrial | Subsequent Event

Business Acquisition [Line Items]

Property Type

Industrial

Industrial

Number of Properties | Customer

1

1

Real Estate Acquisition Price

$ 16,250

$ 7,522

[1]

Acquisition price does not include capitalized acquisition costs of $ 2.0 million

[2]

Acquisition price does not include capitalized acquisition costs of $ 1.2 million.

[3]

Acquisition of additional land adjacent to an existing property.

Acquisitions of Rental Proper_4

Acquisitions of Rental Property - Acquisitions of Rental Property Closed (Parenthetical) - (Detail) - USD ($) $ in Millions	Mar. 31, 2022	Mar. 31, 2021
Business Combinations [Abstract]
Acquisition costs capitalized	$ 2	$ 1.2

Acquisitions of Rental Proper_5

Acquisitions of Rental Property - Purchase Price Allocation for Real Estate Acquisitions (Detail) - USD ($) $ in Thousands		Mar. 31, 2022	Mar. 31, 2021
Business Acquisition [Line Items]
Non-real estate liabilities assumed		$ (6,440)	$ 0
Business combination, recognized identifiable assets acquired and liabilities assumed, assets		211,984	88,557
Land
Business Acquisition [Line Items]
Business combination, recognized identifiable assets acquired and liabilities assumed, property, plant, and equipment		54,784	19,584
Land Improvements
Business Acquisition [Line Items]
Business combination, recognized identifiable assets acquired and liabilities assumed, property, plant, and equipment		5,410	4,355
Buildings and Improvements
Business Acquisition [Line Items]
Business combination, recognized identifiable assets acquired and liabilities assumed, property, plant, and equipment		142,269	57,893
Acquired In-Place Leases
Business Acquisition [Line Items]
Business combination, recognized identifiable assets acquired and liabilities assumed, Intangible assets	[1]	16,037	6,725
Acquired Below-Market Leases
Business Acquisition [Line Items]
Business combination, recognized identifiable assets acquired and liabilities assumed, Intangible assets	[2]	$ 76	$ 0
[1]	The weighted average amortization period for acquired in-place leases is 19 years and 16 years for acquisitions completed during the three months ended March 31, 2022 and 2021, respectively.
[2]	The weighted average amortization period for acquired below-market leases is nine years for acquisitions completed during the three months ended March 31, 2022. There were no below-market leases acquired during the three months ended March 31, 2021.

Acquisitions of Rental Proper_6

Acquisitions of Rental Property - Purchase Price Allocation for Real Estate Acquisitions (Parenthetical) - (Detail)	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Acquired In-Place Leases
Business Acquisition [Line Items]
Weighted average amortization period	19 years	16 years
Acquired Below-Market Leases
Business Acquisition [Line Items]
Weighted average amortization period	9 years	0 years

Sale of Real Estate - Schedule

Sale of Real Estate - Schedule of Sale of Real Estate (Detail) $ in Thousands	3 Months Ended
	Mar. 31, 2022USD ($)Property	Mar. 31, 2021USD ($)Property
Real Estate [Line Items]
Number of properties disposed | Property	1	8
Aggregate sale price	$ 5,212	$ 23,062
Aggregate carrying value	(3,824)	(17,372)
Gain on sale of real estate	1,196	4,733
Real Estate
Real Estate [Line Items]
Additional sales expenses	(192)	(957)
Gain on sale of real estate	$ 1,196	$ 4,733

Investment in Rental Property_3

Investment in Rental Property and Lease Arrangements - Additional Information (Detail)	3 Months Ended
	Mar. 31, 2022PropertyNumberProperty1Property
Lessor Lease Description [Line Items]
Number of leased commercial properties owned | Property	752
Number of real estate properties under operating leases | PropertyNumber	739
Number of real estate properties under direct financing leases | Property1	10
Number of real estate properties under sales-type leases | Property	1
Number of real estate properties under direct financing leases that include land option | Property1	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
Lessor direct financing leases, initial terms	10 years
Maximum
Lessor Lease Description [Line Items]
Lessor operating lease, initial terms	20 years
Lessor direct financing leases, initial terms	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	Mar. 31, 2022	Dec. 31, 2021
Property Subject To Or Available For Operating Lease [Line Items]
Rental property subject to non-cancelable operating leases, gross	$ 4,402,674	$ 4,205,191
Less accumulated depreciation	(454,122)	(430,141)
Accounted for using the operating method, net	$ 3,948,552	$ 3,775,050

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
	Mar. 31, 2022	Mar. 31, 2021
Leases [Abstract]
Depreciation	$ 26,658	$ 23,743

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	Mar. 31, 2022USD ($)
Lessor, Operating Lease, Payments, Fiscal Year Maturity [Abstract]
Remainder of 2022	$ 260,936
2023	349,824
2024	346,753
2025	340,232
2026	330,637
Thereafter	2,469,426
Estimated lease payments to be received under non-cancelable operating leases	$ 4,097,808

Investment in Rental Property_7

Investment in Rental Property and Lease Arrangements - Net Investment in Direct Financing Leases (Detail) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Leases [Abstract]
Undiscounted estimated lease payments to be received	$ 41,793	$ 42,602
Estimated unguaranteed residual values	15,203	15,203
Unearned revenue	(28,182)	(28,893)
Reserve for credit losses	(130)	(130)
Net investment in direct financing leases	$ 28,684	$ 28,782

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	Mar. 31, 2022USD ($)
Capital Leases, Future Minimum Payments Receivable, Fiscal Year Maturity [Abstract]
Remainder of 2022	$ 2,433
2023	3,304
2024	3,361
2025	3,474
2026	3,547
Thereafter	25,674
Undiscounted estimated lease payments to be received under non-cancelable direct financing leases	$ 41,793

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
	Mar. 31, 2022	Mar. 31, 2021
Income Statement [Abstract]
Contractual rental amounts billed for operating leases	$ 84,396	$ 73,245
Adjustment to recognize contractual operating lease billings on a straight-line basis	5,021	4,809
Net write-offs of accrued rental income	(1,326)	(442)
Variable rental amounts earned	186	91
Earned income from direct financing leases	723	730
Interest income from sales-type leases	14	14
Operating expenses billed to tenants	4,735	4,388
Other income from real estate transactions	42	5
Adjustment to revenue recognized for uncollectible rental amounts billed, net	50	(142)
Total Lease revenues, net	$ 93,841	$ 82,698

Intangible Assets and Liabili_3

Intangible Assets and Liabilities - Schedule of Intangible Assets and Liabilities (Detail) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Lease intangibles:
Intangible lease assets, net	$ 311,277	$ 303,642
Acquired below-market leases	105,386	105,310
Less accumulated amortization	(36,611)	(34,714)
Intangible lease liabilities, net	68,775	70,596
Leasing fees	14,728	14,786
Less accumulated amortization	(5,337)	(5,145)
Leasing fees, net	9,391	9,641
Acquired Above-Market Leases
Lease intangibles:
Intangible lease assets, gross	46,990	47,147
Less accumulated amortization	(17,396)	(16,807)
Intangible lease assets, net	29,594	30,340
Acquired In-Place Leases
Lease intangibles:
Intangible lease assets, gross	395,326	380,766
Less accumulated amortization	(113,643)	(107,464)
Intangible lease assets, net	$ 281,683	$ 273,302

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
	Mar. 31, 2022	Mar. 31, 2021
Acquired In-Place Leases | Depreciation and Amortization
Finite Lived Intangible Assets [Line Items]
Acquired in-place leases and leasing fees	$ 7,601	$ 6,947
Above and Below Market Leases | Lease Revenues, Net
Finite Lived Intangible Assets [Line Items]
Acquired in-place leases and leasing fees	$ 1,161	$ 753

Intangible Assets and Liabili_5

Intangible Assets and Liabilities - Schedule of Amortizable Intangible Assets (Detail) $ in Thousands	Mar. 31, 2022USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
Remainder of 2022	$ 19,508
2023	25,800
2024	25,040
2025	23,743
2026	22,393
Thereafter	135,409
Total	$ 251,893

Unsecured Credit Agreements - S

Unsecured Credit Agreements - Summary of Unsecured Credit Agreements (Detail) - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2022	Dec. 31, 2021
Debt Instrument [Line Items]
Debt instrument, interest rate		5.00%	5.00%
Total unsecured debt		$ 1,802,552	$ 1,699,160
Long-term Debt		1,802,552
Unsecured Debt
Debt Instrument [Line Items]
Long-term Debt		1,696,992	1,592,472
Unsecured Debt | Term Loan [Member]
Debt Instrument [Line Items]
Total unsecured debt		590,000	650,000
Debt issuance costs, net		3,116	3,329
Long-term Debt		586,884	646,671
Unsecured Debt | Senior Notes [Member]
Debt Instrument [Line Items]
Total unsecured debt		850,000	850,000
Unamortized debt issuance costs and original issuance discount, net		(6,010)	(6,199)
Long-term Debt		$ 843,990	843,801
Unsecured Debt | Unsecured Revolving Credit Facility
Debt Instrument [Line Items]
Interest Rate	[1],[2],[3]	Applicable reference rate + 0.85% (a) (b) (c)
Maturity Date		2026-03
Basis spread on variable rate	[1],[2],[3]	0.85%
Total unsecured debt		$ 266,118	102,000
Unsecured Debt | 2022 Unsecured Term Loan
Debt Instrument [Line Items]
Interest Rate	[1]	one-month LIBOR + 1.00% (c)
Maturity Date	[4]	2022-02
Total unsecured debt			60,000
Unsecured Debt | 2022 Unsecured Term Loan | 1 Month LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate	[1]	1.00%
Unsecured Debt | 2024 Unsecured Term Loan
Debt Instrument [Line Items]
Interest Rate	[1]	one-month LIBOR + 1.00% (c)
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]	1.00%
Unsecured Debt | 2026 Unsecured Term Loan
Debt Instrument [Line Items]
Interest Rate	[1]	one-month LIBOR + 1.00% (c)
Maturity Date		2026-02
Total unsecured debt		$ 400,000	400,000
Unsecured Debt | 2026 Unsecured Term Loan | 1 Month LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate	[1]	1.00%
Unsecured Debt | 2027 Senior Unsecured Notes | 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 | 2028 Senior Unsecured Notes | 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 | 2030 Senior Unsecured Notes | 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 | 2031 Senior Unsecured Public Notes | Senior Notes
Debt Instrument [Line Items]
Debt instrument, interest rate		2.60%
Maturity Date		2031-09
Total unsecured debt		$ 375,000	$ 375,000
[1]	At March 31, 2022 and December 31, 2021 , one-month LIBOR was 0.45 % and 0.10 %, respectively.
[2]	At December 31, 2021, interest rate was one-month LIBOR plus 1.00 %
[3]	At March 31, 2022, a balance of $ 186.0 million was subject to the one-month Secured Overnight Financing Rate of 0.30 %. The remaining balance includes $ 100 million CAD borrowings remeasured to $ 80.1 million USD, which was subject to the one-month Canadian Dollar Offered Rate of 0.96 %.
[4]	The 2022 Unsecured Term Loan was paid in full in February 2022, with borrowings from the unsecured revolving credit facility

Unsecured Credit Agreements -_2

Unsecured Credit Agreements - Summary of Unsecured Credit Agreements (Parenthetical) (Detail) $ in Thousands, $ in Millions		3 Months Ended	12 Months Ended
		Mar. 31, 2022USD ($)	Dec. 31, 2021USD ($)	Mar. 31, 2022CAD ($)
Debt Instrument [Line Items]
Long-term Debt		$ 1,802,552
Unsecured Debt
Debt Instrument [Line Items]
Long-term Debt		$ 1,696,992	$ 1,592,472
Unsecured Debt | 1 Month LIBOR
Debt Instrument [Line Items]
Interest rate		0.45%	0.10%	0.45%
Unsecured Debt | 1 Month LIBOR | 2022 Unsecured Term Loan
Debt Instrument [Line Items]
Basis spread on variable rate	[1]	1.00%
Unsecured Debt | 1 Month LIBOR | 2024 Unsecured Term Loan
Debt Instrument [Line Items]
Basis spread on variable rate	[1]	1.00%
Unsecured Debt | 1 Month LIBOR | 2026 Unsecured Term Loan
Debt Instrument [Line Items]
Basis spread on variable rate	[1]	1.00%
Unsecured Debt | 1 Month LIBOR | Revolving Credit Facilities
Debt Instrument [Line Items]
Basis spread on variable rate			1.00%
Unsecured Debt | 1 Month Canadian Dollar
Debt Instrument [Line Items]
Long-term Debt		$ 80,100		$ 100
Interest rate		0.96%		0.96%
Unsecured Debt | 1 Month Secured Overnight
Debt Instrument [Line Items]
Long-term Debt		$ 186,000
Interest rate		0.30%		0.30%
[1]	At March 31, 2022 and December 31, 2021 , one-month LIBOR was 0.45 % and 0.10 %, respectively.

Unsecured Credit Agreements - A

Unsecured Credit Agreements - Additional Information (Detail) - USD ($) $ in Thousands	Jan. 28, 2022	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Debt Instrument [Line Items]
Weighted Average Fixed Rate		2.69%
Total unsecured debt		$ 1,802,552		$ 1,699,160
Debt Instrument, Interest Rate, Stated Percentage		5.00%		5.00%
Debt Instrument Maturity Date	Mar. 31, 2026
Debt issuance costs incurred			$ 100
Cost of debt extinguishment			(126)
LIBOR | Minimum
Debt Instrument [Line Items]
Basis spread on variable rate				0.825%
LIBOR | Maximum
Debt Instrument [Line Items]
Basis spread on variable rate				1.55%
Unsecured Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Total unsecured debt	$ 1,000,000
Applicable margin of facility fee percentage	0.20%
Unsecured Revolving Credit Facility [Member] | Minimum
Debt Instrument [Line Items]
Basis spread on variable rate	0.725%
Unsecured Revolving Credit Facility [Member] | Maximum
Debt Instrument [Line Items]
Basis spread on variable rate	1.40%
Unsecured Revolving Credit Facility [Member] | Euros and Canadian Dollars
Debt Instrument [Line Items]
Total unsecured debt	$ 500,000
2026 Unsecured Term Loan
Debt Instrument [Line Items]
Debt issuance costs incurred		$ 3,800	1,000
Modification of Existing Debt
Debt Instrument [Line Items]
Debt issuance costs incurred			$ 900
Interest Rate Swap
Debt Instrument [Line Items]
Weighted Average Fixed Rate		2.17%

Unsecured Credit Agreements -_3

Unsecured Credit Agreements - Summary of Debt Issuance Cost Amortization (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Debt Disclosure [Abstract]
Debt issuance costs amortization	$ 856	$ 914

Mortgages - Summary of Mortgage

Mortgages - Summary of Mortgages (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Dec. 31, 2021
Debt Instrument [Line Items]
Debt instrument, interest rate	5.00%	5.00%
Carrying amount	$ 1,802,552	$ 1,699,160
Mortgages, net	96,141	96,846
Secured Debt
Debt Instrument [Line Items]
Carrying amount	96,434	97,160
Debt issuance costs, net	$ (293)	(314)
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%
Carrying amount	$ 46,447	46,760
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%
Carrying amount	$ 19,454	19,557
PNC Bank | Secured Debt
Debt Instrument [Line Items]
Origination Date	2016-10
Maturity Date	2026-11
Debt instrument, interest rate	3.62%
Carrying amount	$ 16,989	17,094
T2 Durham I, LLC | Secured Debt
Debt Instrument [Line Items]
Origination Date	2021-07
Maturity Date	2024-07
Interest Rate	Greater of Prime + 1.25% or 5.00%
Carrying amount	$ 7,500	7,500
T2 Durham I, LLC | Greater of Prime | Secured Debt | Maximum
Debt Instrument [Line Items]
Debt instrument, interest rate	5.00%
T2 Durham I, LLC | Greater of Prime | Secured Debt | Minimum
Debt Instrument [Line Items]
Debt instrument, interest rate	1.25%
Aegon | Secured Debt
Debt Instrument [Line Items]
Origination Date	2012-04
Maturity Date	2023-10
Debt instrument, interest rate	6.38%
Carrying amount	$ 6,044	$ 6,249

Mortgages - Summary of Mortga_2

Mortgages - Summary of Mortgages (Parenthetical) (Details)	3 Months Ended
	Mar. 31, 2022	Dec. 31, 2021
Debt Instrument [Line Items]
Debt instrument, interest rate	5.00%	5.00%
Prime Rate plus 1.25% | Maximum [Member]
Debt Instrument [Line Items]
Basis spread on variable rate	5.00%
Prime Rate plus 1.25% | Minimum [Member]
Debt Instrument [Line Items]
Basis spread on variable rate	1.25%

Mortgages - Additional Informat

Mortgages - Additional Information (Detail) $ in Millions	Mar. 31, 2022USD ($)
Debt Disclosure [Abstract]
Investment in rental property pledged as collateral	$ 160.6

Mortgages - Schedule of Estimat

Mortgages - Schedule of Estimated Future Principal Payments (Detail) $ in Thousands	Mar. 31, 2022USD ($)
Debt Disclosure [Abstract]
Remainder of 2022	$ 2,180
2023	7,582
2024	199,760
2025	20,195
2026	682,961
Thereafter	889,874
Long-term Debt	$ 1,802,552

Interest Rate Swaps - Summary o

Interest Rate Swaps - Summary of Interest-rate Swap Agreements (Detail) - Interest Rate Swap - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Dec. 31, 2021
Derivative [Line Items]
Notional Amount	$ 720,118	$ 640,000
Fair Value	$ 7,790	(27,171)
Wells Fargo Bank One
Derivative [Line Items]
Derivative, Maturity date	2024-10
Derivative, Fixed rate	2.72%
Notional Amount	$ 15,000	15,000
Fair Value	$ (102)	(702)
Capital One, National Association One
Derivative [Line Items]
Derivative, Maturity date	2024-12
Derivative, Fixed rate	1.58%
Notional Amount	$ 15,000	15,000
Fair Value	$ 341	(241)
Bank of Montreal One
Derivative [Line Items]
Derivative, Maturity date	2025-01
Derivative, Fixed rate	1.91%
Notional Amount	$ 25,000	25,000
Fair Value	$ 366	(649)
Truist Financial Corporation One
Derivative [Line Items]
Derivative, Maturity date	2025-04
Derivative, Fixed rate	2.20%
Notional Amount	$ 25,000	25,000
Fair Value	$ 187	(905)
Bank of Montreal Two
Derivative [Line Items]
Derivative, Maturity date	2025-07
Derivative, Fixed rate	2.32%
Notional Amount	$ 25,000	25,000
Fair Value	$ 105	(1,049)
Truist Financial Corporation Two
Derivative [Line Items]
Derivative, Maturity date	2025-07
Derivative, Fixed rate	1.99%
Notional Amount	$ 25,000	25,000
Fair Value	$ 364	(767)
Truist Financial Corporation Three
Derivative [Line Items]
Derivative, Maturity date	2025-12
Derivative, Fixed rate	2.30%
Notional Amount	$ 25,000	25,000
Fair Value	$ 117	(1,125)
Bank of Montreal Three
Derivative [Line Items]
Derivative, Maturity date	2026-01
Derivative, Fixed rate	1.92%
Notional Amount	$ 25,000	25,000
Fair Value	$ 456	(760)
Bank of Montreal Four
Derivative [Line Items]
Derivative, Maturity date	2026-01
Derivative, Fixed rate	2.05%
Notional Amount	$ 40,000	40,000
Fair Value	$ 545	(1,415)
Capital One, National Association Two
Derivative [Line Items]
Derivative, Maturity date	2026-01
Derivative, Fixed rate	2.08%
Notional Amount	$ 35,000	35,000
Fair Value	$ 442	(1,274)
Truist Financial Corporation Four
Derivative [Line Items]
Derivative, Maturity date	2026-01
Derivative, Fixed rate	1.93%
Notional Amount	$ 25,000	25,000
Fair Value	$ 449	(768)
Capital One, National Association Three
Derivative [Line Items]
Derivative, Maturity date	2026-04
Derivative, Fixed rate	2.68%
Notional Amount	$ 15,000	15,000
Fair Value	$ (155)	(941)
Capital One, National Association Four
Derivative [Line Items]
Derivative, Maturity date	2026-07
Derivative, Fixed rate	1.32%
Notional Amount	$ 35,000	35,000
Fair Value	$ 1,520	(205)
Bank of Montreal Five
Derivative [Line Items]
Derivative, Maturity date	2026-12
Derivative, Fixed rate	2.33%
Notional Amount	$ 10,000	10,000
Fair Value	$ 12	(538)
Bank of Montreal Six
Derivative [Line Items]
Derivative, Maturity date	2026-12
Derivative, Fixed rate	1.99%
Notional Amount	$ 25,000	25,000
Fair Value	$ 410	(936)
Toronto-Dominion Bank
Derivative [Line Items]
Derivative, Maturity date	2027-03
Derivative, Fixed rate	2.46%
Notional Amount	$ 16,024	0
Fair Value	$ 224
Wells Fargo Bank Two
Derivative [Line Items]
Derivative, Maturity date	2027-04
Derivative, Fixed rate	2.72%
Notional Amount	$ 25,000	25,000
Fair Value	$ (452)	(1,887)
Bank of Montreal Seven
Derivative [Line Items]
Derivative, Maturity date	2027-12
Derivative, Fixed rate	2.37%
Notional Amount	$ 25,000	25,000
Fair Value	$ (80)	(1,570)
Capital One, National Association Five
Derivative [Line Items]
Derivative, Maturity date	2027-12
Derivative, Fixed rate	2.37%
Notional Amount	$ 25,000	25,000
Fair Value	$ (91)	(1,575)
Wells Fargo Bank Three
Derivative [Line Items]
Derivative, Maturity date	2028-01
Derivative, Fixed rate	2.37%
Notional Amount	$ 75,000	75,000
Fair Value	$ (274)	(4,741)
Bank of Montreal Eight
Derivative [Line Items]
Derivative, Maturity date	2029-05
Derivative, Fixed rate	2.09%
Notional Amount	$ 25,000	25,000
Fair Value	$ 289	(1,316)
Regions Bank One
Derivative [Line Items]
Derivative, Maturity date	2029-05
Derivative, Fixed rate	2.11%
Notional Amount	$ 25,000	25,000
Fair Value	$ 243	(1,356)
Regions Bank Two
Derivative [Line Items]
Derivative, Maturity date	2029-06
Derivative, Fixed rate	2.03%
Notional Amount	$ 25,000	25,000
Fair Value	$ 370	(1,222)
U S Bank National Association One
Derivative [Line Items]
Derivative, Maturity date	2029-06
Derivative, Fixed rate	2.03%
Notional Amount	$ 25,000	25,000
Fair Value	$ 386	(1,220)
U S Bank National Association Two
Derivative [Line Items]
Derivative, Maturity date	2029-08
Derivative, Fixed rate	1.35%
Notional Amount	$ 25,000	25,000
Fair Value	$ 1,541	(9)
Regions Bank Three
Derivative [Line Items]
Derivative, Maturity date	2032-03
Derivative, Fixed rate	2.69%
Notional Amount	$ 16,024	0
Fair Value	$ 172
U S Bank National Association Three
Derivative [Line Items]
Derivative, Maturity date	2032-03
Derivative, Fixed rate	2.70%
Notional Amount	$ 16,024	0
Fair Value	$ 186
Bank of Montreal Nine
Derivative [Line Items]
Derivative, Maturity date	2034-03
Derivative, Fixed rate	2.81%
Notional Amount	$ 32,046	0
Fair Value	$ 219

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
	Mar. 31, 2022	Mar. 31, 2021
Derivative [Line Items]
Total Interest Expense Presented in the Condensed Consolidated Statements of Income and Comprehensive Income (Loss)	$ 16,896	$ 16,108
Interest Rate Swap
Derivative [Line Items]
Amount of Gain (Loss) Recognized in Accumulated Other Comprehensive Income (Loss)	$ 34,961	$ 28,680
Reclassification from Accumulated Other Comprehensive Income (Loss), Location	Interest expense	Interest expense
Reclassification from Accumulated Other Comprehensive Income (Loss), Amount of Loss	$ 3,865	$ 4,016
Total Interest Expense Presented in the Condensed Consolidated Statements of Income and Comprehensive Income (Loss)	$ 16,896	$ 16,108

Interest Rate Swaps - Additiona

Interest Rate Swaps - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Derivative [Line Items]
Interest rate swaps expected to be reclassified - (loss)	$ 4,900
Weighted Average Fixed Rate	2.69%
Interest Expense	$ 16,896	$ 16,108
Interest Rate Swap
Derivative [Line Items]
Weighted Average Fixed Rate	2.17%
Interest Expense	$ 16,896	$ 16,108

Non-Controlling Interests - Sch

Non-Controlling Interests - Schedule of OP Units Exchanged for Shares of Common Stock (Detail) $ in Thousands	3 Months Ended
	Mar. 31, 2021USD ($)
Additional Paid-in Capital
Noncontrolling Interest [Line Items]
Value of shares/units exchanged	$ 606

Credit Risk Concentrations - Ad

Credit Risk Concentrations - Additional Information (Detail) - Customer	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Concentration Risk [Line Items]
Number of tenants or common franchises	0	0

Equity - Additional Information

Equity - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		7 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Mar. 31, 2022
Equity [Line Items]
Net proceeds from issuance of common stock	$ 134,412	$ (173)
ATM
Equity [Line Items]
Issuance of shares of common stock, shares		0
Offering price	$ 21.82		$ 21.82
Gross Sale Price			$ 164,700
Common Stock
Equity [Line Items]
Issuance of shares of common stock, shares	6,427,000	211,000
Common Stock | ATM
Equity [Line Items]
Common stock with an aggregate sales price	$ 235,300		$ 235,300
Common Stock | Maximum
Equity [Line Items]
Gross Sale Price	$ 400,000

Equity - Summary of Common Shar

Equity - Summary of Common Shares under Company's ATM Program (Details) - ATM $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2022USD ($)$ / sharesshares
Equity [Line Items]
Number of common shares issued | shares	6,273
Weighted average sale price per share | $ / shares	$ 21.82
Net proceeds	$ 134,326
Gross proceeds	$ 136,544

Stock-Based Compensation - Addi

Stock-Based Compensation - Additional Information (Detail) - $ / shares	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021	Dec. 31, 2020
Restricted Stock Awards
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of shares of restricted stock	142,000	199,000
Weighted average grant date fair value per share, Granted	$ 21.66	$ 18.66
Unvested shares	367,000	416,000	372,000	341,000
Performance-based Restricted Stock Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of shares of restricted stock	122,000	132,000
Weighted average grant date fair value per share, Granted	$ 27.93	$ 24.40
Unvested shares	232,000	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	142,045	199,430
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, Granted	$ 21.66	$ 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	121,883	132,189
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		12 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Compensation cost	$ 610	$ 1,695
Dividends declared on unvested RSAs	97	104
Grant date fair value of shares vested during the period	3,209	$ 2,522
Unamortized value of RSAs	$ 7,177		$ 4,715
Weighted average amortization period (in years)	2 years 9 months 18 days		2 years 4 months 24 days

Stock-Based Compensation - Su_2

Stock-Based Compensation - Summary of RSA Activity (Detail) - $ / shares shares in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Weighted Average Grant Date Fair Value per Share, Unvested at end of period		$ 24.40
Restricted Stock Awards
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of Shares, Unvested at beginning of period	372	341
Number of Shares, Granted	142	199
Number of Shares, Vested	(146)	(124)
Number of Shares, Forfeited	(1)	0
Number of Shares, Unvested at end of period	367	416
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, Granted	21.66	18.66
Weighted Average Grant Date Fair Value per Share, Vested	19.80	20.26
Weighted Average Grant Date Fair Value per Share, Forfeited	26.41	0
Weighted Average Grant Date Fair Value per Share, Unvested at end of period	$ 20.33	$ 19.62

Stock-Based Compensation - Su_3

Stock-Based Compensation - Summary of PRSUs (Detail) - Performance-based Restricted Stock Units - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Compensation cost	$ 319	$ 74
Unamortized value of PRSUs	$ 5,011		$ 1,931
Weighted average amortization period (in years)	2 years 7 months 6 days		2 years 2 months 12 days

Stock-Based Compensation - Su_4

Stock-Based Compensation - Summary of PRSU Activity (Detail) - $ / shares shares in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Weighted Average Grant Date Fair Value per Share, Unvested at end of period		$ 24.40
Performance-based Restricted Stock Units
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	122	132
Number of Shares, Vested	0	0
Number of Shares, Forfeited	0	(22)
Number of Shares, Unvested at end of period	232	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, Granted	27.93	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	$ 26.25

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
		Mar. 31, 2022	Mar. 31, 2021
Basic earnings:
Net earnings attributable to Broadstone Net Lease, Inc. common shareholders		$ 26,758	$ 22,223
Less earnings allocated to unvested restricted shares		(97)	(104)
Net earnings used to compute basic earnings per common share		26,661	22,119
Diluted earnings:
Net earnings used to compute basic earnings per share		26,661	22,119
Net earnings attributable to non-controlling interests		1,683	1,737
Net earnings used to compute diluted earnings per common share		$ 28,344	$ 23,856
Weighted average number of common shares outstanding		164,179	145,672
Less weighted average unvested restricted shares	[1]	(370)	(334)
Weighted average number of common shares outstanding used in basic earnings per common share		163,809	145,338
Effect of restricted stock units	[2]	156	0
Effects of convertible membership units	[3]	10,323	11,386
Weighted average number of common shares outstanding used in diluted earnings per common share		174,288	156,724
Basic earnings per share		$ 0.16	$ 0.15
Diluted earnings per share		$ 0.16	$ 0.15
[1]	Represents the weighted average effects of 366,912 and 415,932 unvested restricted shares of common stock as of March 31, 2022 and 2021, respectively, 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.
[2]	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 12).
[3]	Represents the weighted average effects of 10,323,206 and 11,360,080 OP Units outstanding at March 31, 2022 and 2021 , 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.

Earnings per Share - Summary _2

Earnings per Share - Summary of Components used in Calculation of Basic and Diluted Earnings per Share (Parenthetical) (Detail) - shares	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Earnings Per Share [Abstract]
Unvested restricted shares of common stock	366,912	415,932
Weighted average effects of OP Units outstanding	10,323,206	11,360,080

Supplemental Cash Flow Disclo_2

Supplemental Cash Flow Disclosures - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Supplemental Cash Flow Elements [Line Items]
Cash paid for interest	$ 12	$ 9.4
Cash paid for income taxes	0.5	0.2
Dividends payable	47.7	39.3
OP | Additional Paid-in Capital
Supplemental Cash Flow Elements [Line Items]
Adjusted carrying value of non-controlling interests	$ 1.9	$ (0.1)

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Detail) $ in Millions	3 Months Ended
	Mar. 31, 2022USD ($)
Loss Contingencies [Line Items]
Potential liability due to taxable sales of applicable properties	$ 22.3
Tenant building Expansion	$ 17.4
Minimum | Office Lease
Loss Contingencies [Line Items]
Non-cancellable operating leases, expiration year	2022
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	2069

Subsequent Events - Additional

Subsequent Events - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Millions	May 02, 2022	Apr. 29, 2022	Apr. 15, 2022	Mar. 31, 2022	Dec. 31, 2021
Subsequent Event [Line Items]
Acquisitions of rental property and associated intangible assets and liabilities				$ 27.2
Common Stock, Shares, Issued				168,750,000	162,383,000
Subsequent Event
Subsequent Event [Line Items]
Distribution paid			$ 47.5
Quarterly distribution per share		$ 0.270
Quarterly distribution declared date		Apr. 29, 2022
Quarterly distribution payable date		Jul. 15, 2022
Quarterly distribution date of record		Jun. 30, 2022
Common Stock, Shares, Issued	542,929
Weighted average sale price per share	$ 21.88
Commissions and other offering costs	$ 0.2
Net proceeds after deducting of commissions and other offering costs	$ 11.7