Broadstone Net Lease (BNL) 10-Q 3 Nov 22 2022 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2022	Nov. 01, 2022
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2022
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q3
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		173,114,949
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	Sep. 30, 2022	Dec. 31, 2021
Assets
Total accounted for using the operating method	$ 4,747,761	$ 4,205,191
Less accumulated depreciation	(505,456)	(430,141)
Accounted for using the operating method, net	4,242,305	3,775,050
Accounted for using the direct financing method	27,128	28,782
Accounted for using the sales-type method	571	571
Investment in rental property, net	4,270,004	3,804,403
Cash and cash equivalents	75,912	21,669
Accrued rental income	129,579	116,874
Tenant and other receivables, net	791	1,310
Prepaid expenses and other assets	18,984	17,275
Interest rate swap, assets	66,602	0
Goodwill	339,769	339,769
Intangible lease assets, net	322,314	303,642
Debt issuance costs – unsecured revolving credit facility, net	6,485	4,065
Leasing fees, net	8,752	9,641
Total assets	5,239,192	4,618,648
Liabilities and equity
Unsecured revolving credit facility	219,537	102,000
Mortgages, net	94,753	96,846
Unsecured term loans, net	894,378	646,671
Senior unsecured notes, net	844,367	843,801
Interest rate swap, liabilities	0	27,171
Accounts payable and other liabilities	52,594	38,038
Dividends payable	49,886	45,914
Accrued interest payable	10,559	6,473
Intangible lease liabilities, net	64,971	70,596
Total liabilities	2,231,045	1,877,510
Commitments and contingencies (See Note 18)
Broadstone Net Lease, Inc. stockholders' equity:
Preferred stock, $0.001 par value; 20,000 shares authorized, no shares issued or outstanding	0	0
Common stock, $0.00025 par value; 500,000 shares authorized, 173,115 and 162,383 shares issued and outstanding at September 30, 2022 and December 31, 2021, respectively	43	41
Additional paid-in capital	3,148,075	2,924,168
Cumulative distributions in excess of retained earnings	(369,260)	(318,476)
Accumulated other comprehensive income (loss)	61,834	(28,441)
Total Broadstone Net Lease, Inc. stockholders’ equity	2,840,692	2,577,292
Non-controlling interests	167,455	163,846
Total equity	3,008,147	2,741,138
Total liabilities and equity	5,239,192	4,618,648
Land
Assets
Total accounted for using the operating method	755,206	655,374
Land Improvements
Assets
Total accounted for using the operating method	331,858	295,329
Buildings and Improvements
Assets
Total accounted for using the operating method	3,650,275	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	Sep. 30, 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	173,115,000	162,383,000
Common stock, shares outstanding	173,115,000	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		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Revenues
Lease revenues, net	$ 103,524	$ 122,777	$ 295,378	$ 290,234
Operating expenses
Depreciation and amortization	39,400	36,682	109,201	98,620
Property and operating expense	5,636	4,842	15,376	14,019
General and administrative	9,942	8,552	28,058	27,840
Provision for impairment of investment in rental properties	4,155	25,989	5,535	28,001
Total operating expenses	59,133	76,065	158,170	168,480
Other income (expenses)
Interest income	4		4	11
Interest expense	(20,095)	(15,611)	(54,879)	(47,149)
Cost of debt extinguishment	(231)	(242)	(231)	(368)
Gain on sale of real estate	61	1,220	5,328	9,791
Income taxes	(356)	(473)	(1,169)	(1,187)
Change in fair value of earnout liability		(1,059)		(5,539)
Other income	4,935	(25)	6,441	(11)
Net income	28,709	30,522	92,702	77,302
Net income attributable to non-controlling interests	(1,600)	(1,824)	(5,319)	(5,167)
Net income attributable to Broadstone Net Lease, Inc.	$ 27,109	$ 28,698	$ 87,383	$ 72,135
Weighted average number of common shares outstanding
Weighted average number of common shares outstanding-Basic	172,578	159,226	168,680	150,227
Weighted average number of common shares outstanding-Diluted	182,971	169,587	179,132	161,273
Net earnings per share attributable to common stockholders
Earnings Per Share, Basic	$ 0.16	$ 0.18	$ 0.52	$ 0.48
Earnings Per Share, Diluted	$ 0.16	$ 0.18	$ 0.52	$ 0.48
Comprehensive income
Net income	$ 28,709	$ 30,522	$ 92,702	$ 77,302
Other comprehensive income
Change in fair value of interest rate swaps	40,039	4,559	93,772	30,328
Realized loss on interest rate swaps	639	85	1,993	2
Comprehensive income	69,387	35,166	188,467	107,632
Comprehensive income attributable to non-controlling interests	(3,868)	(2,101)	(10,809)	(7,313)
Comprehensive income attributable to Broadstone Net Lease, Inc.	$ 65,519	$ 33,065	$ 177,658	$ 100,319

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) $ in Thousands	Total	Common Stock	Common Stock Class 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	0	2,625,320	(274,140)	(38,684)	180,165
Beginning Balance at Dec. 31, 2020	2,479,081	27	9	2,624,997	(259,673)	(66,255)	179,976
Net income	77,302
Conversion of OP Units to shares of common stock	46,200			46,220
Change in fair value of interest rate swap agreements	30,328
Ending Balance at Sep. 30, 2021	2,716,125	40	0	2,895,219	(305,665)	(37,590)	164,121
Beginning Balance at Mar. 31, 2021	2,492,697	36	0	2,625,320	(274,140)	(38,684)	180,165
Net income	22,820				21,214		1,606
Issuance of shares of common stock	264,799	4		264,795
Offering costs, discounts and commissions	(11,013)			(11,013)
Stock-based compensation, net	951			951
Retirement of shares of restricted common stock	(309)			(309)
Conversion of OP Units to shares of common stock				17,859			(17,859)
Distributions declared	(43,484)				(40,696)		(2,788)
Change in fair value of interest rate swap agreements	(2,911)					(2,708)	(203)
Realized gain on interest rate swap agreements	(42)					(38)	(4)
Adjustment to non-controlling interests				(7,472)		(466)	7,938
Ending Balance at Jun. 30, 2021	2,723,508	40	0	2,890,131	(293,622)	(41,896)	168,855
Net income	30,522				28,698		1,824
Issuance of shares of common stock	281			281
Offering costs, discounts and commissions	(256)			(256)
Stock-based compensation net of five shares of restricted stock forfeited	924			924
Retirement of shares of restricted common stock	(75)			(75)
Conversion of OP Units to shares of common stock				27,755			(27,755)
Distributions declared	(43,423)				(40,741)		(2,682)
Change in fair value of interest rate swap agreements	4,559					4,287	272
Realized gain on interest rate swap agreements	85					80	5
Adjustment to non-controlling interests				(23,541)		(61)	23,602
Ending Balance at Sep. 30, 2021	2,716,125	40	$ 0	2,895,219	(305,665)	(37,590)	164,121
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 of one share of restricted stock forfeited	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
Beginning Balance at Dec. 31, 2021	2,741,138	41		2,924,168	(318,476)	(28,441)	163,846
Net income	92,702
Conversion of OP Units to shares of common stock	1,900			1,926
Change in fair value of interest rate swap agreements	93,772
Ending Balance at Sep. 30, 2022	3,008,147	43		3,148,075	(369,260)	61,834	167,455
Beginning Balance at Mar. 31, 2022	2,891,320	42		3,056,560	(336,988)	5,027	166,679
Net income	35,552				33,516		2,036
Issuance of shares of common stock	69,421	1		69,420
Offering costs, discounts and commissions	(992)			(992)
Stock-based compensation, net of eight shares of restricted stock forfeited	1,381			1,381
Distributions declared	(49,507)				(46,655)		(2,852)
Change in fair value of interest rate swap agreements	18,772					17,697	1,075
Realized gain on interest rate swap agreements	695					655	40
Adjustment to non-controlling interests				(992)		18	974
Ending Balance at Jun. 30, 2022	2,966,642	43		3,125,377	(350,127)	23,397	167,952
Net income	28,709				27,109		1,600
Issuance of shares of common stock	20,626			20,626
Offering costs, discounts and commissions	(935)			(935)
Stock-based compensation, net of eight shares of restricted stock forfeited	1,503			1,503
Conversion of OP Units to shares of common stock				1,926			(1,926)
Distributions declared	(49,076)				(46,242)		(2,834)
Change in fair value of interest rate swap agreements	40,039					37,807	2,232
Realized gain on interest rate swap agreements	639					603	36
Adjustment to non-controlling interests				(422)		27	395
Ending Balance at Sep. 30, 2022	$ 3,008,147	$ 43		$ 3,148,075	$ (369,260)	$ 61,834	$ 167,455

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Stockholders' Equity (Unaudited) (Parenthetical) - $ / shares	3 Months Ended
	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021
Issuance of shares of common stock, shares					11,659,000
Issuance of OP units, number of units				1,611,000	248,000
Retirement shares of restricted common stock, shares			59,000		16,000	45,000
Number of OP units exchanged	118,000			1,723,000	1,127,000	38,000
Distribution declared per share						$ 0.250
Issuance of Share of restricted stock forfeited	1,000	8,000	1,000
Common Stock
Issuance of shares of common stock, shares	975,000	3,281,000	6,427,000	957,000		211,000
Number of shares converted						37,000,000
Issuance of shares common stock upon conversion of OP units	118,000			1,723,000	1,127,000	38,000
Distribution declared per share	$ 0.270	$ 0.270	$ 0.265	$ 0.255	$ 0.255
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	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Operating activities
Net income (loss)	$ 30,522	$ 92,702	$ 77,302
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		105,700	96,312
Provision for impairment of investment in rental properties	25,989	5,535	28,001
Amortization of debt issuance costs charged to interest expense		2,626	2,725
Stock-based compensation expense		3,813	3,644
Straight-line rent, financing and sales-type lease adjustments		(13,665)	(13,042)
Cost of debt extinguishment		231	368
Gain on sale of real estate	(1,220)	(5,328)	(9,791)
Change in fair value of earnout liability	1,059		5,539
Cash Paid For Earnout Liability			(6,440)
Settlement of interest rate swaps			(5,580)
Other non-cash items		(3,371)	510
Changes in assets and liabilities, net of acquisition:
Tenant and other receivables		1,029	664
Prepaid expenses and other assets		(955)	1,690
Accounts payable and other liabilities		3,071	(456)
Accrued interest payable		4,086	5,872
Net cash provided by operating activities		195,474	187,318
Investing activities
Acquisition of rental property accounted for using the operating method		(583,989)	(516,111)
Capital expenditures and improvements		(19,171)	(1,451)
Proceeds from disposition of rental property, net		18,020	68,608
Change in deposits on investments in rental property		(18)	575
Net cash used in investing activities		(585,158)	(448,379)
Financing activities
Proceeds from issuance of common stock, net of $3,654 and $11,194 offering costs, discounts, and commissions in 2022 and 2021, respectively		222,829	253,170
Borrowings on mortgages, senior unsecured notes and unsecured term loans		500,000	381,810
Principal payments on mortgages and unsecured term loans		(252,086)	(332,193)
Borrowings on unsecured revolving credit facility		641,283	216,600
Repayments on unsecured revolving credit facility		(518,000)	(216,600)
Cash distributions paid to stockholders		(134,227)	(113,304)
Cash distributions paid to non-controlling interests		(8,513)	(8,638)
Cash paid for earnout liability		0	(6,608)
Debt issuance and extinguishment costs paid		(7,010)	(3,827)
Net cash (used in) provided by financing activities		444,276	170,410
Net increase (decrease) in cash and cash equivalents and restricted cash		54,592	(90,651)
Cash and cash equivalents and restricted cash at beginning of period	20,077	27,769	110,728
Cash and cash equivalents and restricted cash at end of period	20,077	82,361	20,077
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	20,077	27,769	110,728
Cash and cash equivalents at end of period	16,182	75,912	16,182
Restricted cash at end of period	3,895	6,449	3,895
Cash and cash equivalents and restricted cash at end of period	$ 20,077	$ 82,361	$ 20,077

Condensed Consolidated Statem_5

Condensed Consolidated Statements of Cash Flows (Unaudited) (Parenthetical) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Offering costs,discounts, and commissions	$ 3,654	$ 11,194

Business Description

Business Description	9 Months Ended
	Sep. 30, 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 September 30, 2022 , the Corporation owned a diversified portfolio of 790 individual commercial properties with 783 properties located in 44 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 New York Stock Exchange under the symbol "BNL." The following table summarizes the outstanding equity and economic ownership interest of the Corporation and the OP: September 30, 2022 December 31, 2021 (in thousands) Shares of OP Units Total Diluted Shares of OP Units Total Diluted Ownership interest 173,115 10,205 183,320 162,383 10,323 172,706 Percent ownership of OP 94.4 % 5.6 % 100.0 % 94.0 % 6.0 % 100.0 % Refer to Note 16 for further discussion regarding the calculation of weighted average shares outstanding.

Summary of Significant Accounti

Summary of Significant Accounting Policies	9 Months Ended
	Sep. 30, 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 probability of collecting outstanding and future lease payments, 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 September 30, 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 charges, resulting primarily from changes in the Company's long-term hold strategy, with respect to the individual properties: For the Three Months Ended For the Nine Months Ended (in thousands, except number of properties) 2022 2021 2022 2021 Number of properties 2 4 3 5 Impairment charge $ 4,155 $ 25,989 $ 5,535 $ 28,001 During the three months ended September 30, 2021, the Company executed an early lease termination with an office tenant on two properties in exchange for a fee of $ 35.0 million, and simultaneously sold the underlying properties to an unrelated third party for aggregate gross proceeds of $ 16.0 million. As the sale of the underlying properties was to an unrelated third party, the Company accounted for the lease termination income and sale of properties as separate transactions in accordance with GAAP. The sale resulted in a loss of $ 25.7 million which was recognized as an impairment charge in the Condensed Consolidated Statements of Income and Comprehensive Income. The Company recognized termination fee income of $ 33.5 million as other income from real estate transactions, a component of Lease revenues, net, in the Condensed Consolidated Statements of Income and Comprehensive Income. The net impact of the lease termination and the sale of the underlying properties was a $ 4.0 million increase to net income after considering certain other adjustments. Restricted Cash Restricted cash generally 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: September 30, December 31, (in thousands) 2022 2021 Escrow funds and other $ 6,449 $ 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) September 30, December 31, Rent received in advance $ 21,328 $ 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 11): September 30, 2022 (in thousands) Total Level 1 Level 2 Level 3 Interest rate swap, assets $ 66,602 $ — $ 66,602 $ — 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 9), 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"), Secured Overnight Financing Rate ("SOFR"), 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) September 30, December 31, Carrying amount $ 2,064,533 $ 1,699,160 Fair value 1,855,849 1,785,701 Non-recurring Fair Value Measurements The Company's non-recurring fair value measurements at September 30, 2022 and December 31, 2021 consisted of the fair value of impaired real estate assets that were determined using Level 3 inputs. Forward Sale Agreements The Company occasionally sells shares of common stock through forward sale agreements to enable the Company to set the price of such shares upon pricing the offering (subject to certain adjustments) while delaying the issuance of such shares and the receipt of the net proceeds by the Company. To account for the forward sale agreements, the Company considers the accounting guidance governing financial instruments and derivatives. To date, the Company has concluded that its forward sale agreements are not liabilities as they do not embody obligations to repurchase its shares nor do they embody obligations to issue a variable number of shares for which the monetary value is predominantly fixed, varying with something other than the fair value of the shares, or varying inversely in relation to its shares. The Company then evaluates whether the agreements meet the derivatives and hedging guidance scope exception to be accounted for as equity instruments. The Company has concluded that the agreements are classifiable as equity contracts based on the following assessments: (i) none of the agreements’ exercise contingencies are based on observable markets or indices besides those related to the market for the Company’s own stock price and operations; and (ii) none of the settlement provisions preclude the agreements from being indexed to its own stock. The Company also considers the potential dilution resulting from the forward sale agreements on the earnings per share calculations. The Company uses the treasury stock method to determine the dilution resulting from the forward sale agreements during the period of time prior to settlement. 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 adoption of this guidance on January 1, 2022 did not have a material impact on the Company's financial statements.

Related-Party Transactions

Related-Party Transactions	9 Months Ended
	Sep. 30, 2022
Related Party Transactions [Abstract]
Related-Party Transactions	3. Related-Party Transactions Prior to the Company's internalization on February 7, 2020, the Company was externally managed by Broadstone Real Estate, LLC ("BRE") and Broadstone Asset Management, LLC (the "Asset Manager") subject to the direction, oversight, and approval of the Company's board of directors (the "Board of Directors"). As part of the internalization the Asset Manager and BRE merged into the Company. Accordingly, both BRE and the Asset Manager were related parties of the Company. Earnout Consideration In connection with the Company's internalization, the Company incurred a contingent obligation that would be payable to certain members of the Board of Directors and employees who had previously been owners and/or employees of BRE, upon the occurrence of certain events (see Note 4). As of September 30, 2021, the Company achieved all four volume-weighted average price ("VWAP") milestones applicable to the earnout. As a result, the Company issued 1,088,977 shares of common stock, 1,859,257 OP Units and made cash payments of $ 13.0 million to these related parties (See Note 4) during the year ended December 31, 2021. Conversion of OP Units to Common Stock During the three and nine months ended September 30, 2021, in a non-cash transaction (see Note 17), the Company converted 1,029,565 and 2,049,439 OP Units held by an affiliated third party to 1,029,565 and 2,049,439 shares of common stock at a total conversion value of $ 16.6 million and $ 32.8 million, respectively. There were no OP Units held by an affiliated third party converted to common stock during the three and nine months ended September 30, 2022.

Internalization

Internalization	9 Months Ended
	Sep. 30, 2022
Internalization [Abstract]
Internalization	4. Internalization On February 7, 2020, the Company completed an internalization where the Company's management team and corporate staff, who were previously employed by BRE, became employees of an indirect subsidiary of the OP. The effect of the internalization has been reflected in the Company's operating results beginning on February 7, 2020. In accordance with the Company's internalization, the Company was required to pay additional earnout consideration of up to $ 75.0 million payable in four tranches of $ 10.0 million, $ 15.0 million, $ 25.0 million, and $ 25.0 million if certain milestones related to the 40 -day volume-weighted average price of a share of the Company's common stock ("VWAP per REIT Share") were achieved. The consideration consisted of a combination of cash, shares of the Company's common stock, and OP Units, based on the same proportions paid in the base consideration. As of December 31, 2021, the Company achieved all four VWAP milestones, thereby triggering the payout of all earnout tranches. Below is a summary of the shares of common stock and OP Units issued, and cash paid for each earnout tranche: (in thousands, except per share amounts) Shares of 40-Day Common Stock OP Units VWAP of a Tranche Issued Issued Cash Paid REIT Share Achievement Date 1 145 248 $ 1,926 (a) $ 22.50 June 16, 2021 2 218 371 2,888 (a) 23.75 July 14, 2021 3 363 620 4,117 24.375 September 21, 2021 4 363 620 4,117 25.00 September 21, 2021 (a) Cash payments include amounts earned for dividends.

Acquisitions of Rental Property

Acquisitions of Rental Property	9 Months Ended
	Sep. 30, 2022
Business Combinations [Abstract]
Acquisitions of Rental Property	5. Acquisitions of Rental Property The Company closed on the following acquisitions during the nine months ended September 30, 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 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 May 16, 2022 Retail 1 2,264 June 7, 2022 Retail 1 11,510 June 13, 2022 Retail 1 1,638 June 15, 2022 Retail 1 1,884 June 21, 2022 Industrial 5 78,500 June 29, 2022 Healthcare 1 12,467 June 30, 2022 Industrial 1 29,500 July 1, 2022 Retail 2 3,052 July 7, 2022 Retail 1 2,171 July 8, 2022 Industrial 11 75,000 August 25, 2022 Healthcare 1 9,219 August 26, 2022 Industrial 4 44,000 September 6, 2022 Retail 1 1,411 September 28, 2022 Industrial 4 56,250 September 29, 2022 Restaurant 3 12,823 69 $ 578,894 (a) (a) Acquisition price excludes capitalized acquisition costs of $ 5.2 million and a $ 17.4 million building expansion agreed to as a forward commitment in connection with a prior acquisition (see Note 18). The Company closed on the following acquisitions during the nine months ended September 30, 2021: (in thousands, except number of properties) Number of Real Estate Date Property Type Properties Acquisition Price February 5, 2021 Healthcare 1 $ 4,843 February 26, 2021 Restaurant (b) 181 March 11, 2021 Retail 13 26,834 March 30, 2021 Retail 11 41,324 March 31, 2021 Healthcare 3 14,140 June 4, 2021 Retail 2 19,420 June 9, 2021 Industrial 1 8,500 June 9, 2021 Industrial 11 106,578 June 25, 2021 Retail 8 12,131 June 28, 2021 Healthcare 4 15,300 June 30, 2021 Retail 1 1,279 June 30, 2021 Healthcare 7 30,750 July 2, 2021 Industrial (c) 4,500 July 21, 2021 Retail 1 5,565 July 29, 2021 Retail 3 4,586 July 29, 2021 Industrial 1 13,041 July 30, 2021 Industrial 2 11,011 August 23, 2021 Healthcare 1 60,000 September 8, 2021 Retail 2 8,901 September 17, 2021 Retail 1 1,722 September 24, 2021 Retail 1 2,456 September 24, 2021 Industrial 2 48,699 September 29, 2021 Industrial 1 10,600 September 30, 2021 Industrial 3 59,343 80 $ 511,704 (d) (b) Acquisition of additional land adjacent to an existing property. (c) Acquisition of land related to an existing property. (d) Acquisition price excludes capitalized acquisition costs of $ 4.4 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 Nine Months Ended (in thousands) 2022 2021 Land $ 101,278 $ 72,829 Land improvements 37,578 22,103 Buildings and improvements 406,994 379,946 Acquired in-place leases (e) 46,348 40,865 Acquired above-market lease (f) — 211 Acquired below-market lease (g) ( 76 ) — Right-of-use asset — 663 Lease liability — ( 481 ) Non-real estate liabilities assumed ( 8,051 ) — $ 584,071 (h) $ 516,136 (e) The weighted average amortization period for acquired in-place leases is 20 years and 17 years for acquisitions completed during the nine months ended September 30, 2022 and 2021 , respectively. (f) The weighted average amortization period for the acquired above-market leases is 10 years for acquisitions completed during the nine months ended September 30, 2021. There were no above-market leases acquired during the nine months ended September 30, 2022. (g) The weighted average amortization period for acquired below-market leases is 9 years for acquisitions completed during the nine months ended September 30, 2022 . There were no below-market leases acquired during the nine months ended September 30, 2021 . (h) Excludes $ 17.4 million building expansion agreed to as a forward commitment in connection with a prior acquisition (see Note 18) . 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 nine months ended September 30, 2022 and 2021, qualified as asset acquisitions and, as such, acquisition costs have been capitalized. Subsequent to September 30, 2022, the Company closed on the following acquisitions (see Note 19): (in thousands, except number of properties) Number of Real Estate Date Property Type Properties Acquisition Price October 12, 2022 Industrial 7 $ 235,000 October 12, 2022 Retail 1 1,743 October 17, 2022 Retail 2 6,000 October 19, 2022 Retail 1 1,743 November 2, 2022 Industrial 4 38,650 15 $ 283,136

Sale of Real Estate

Sale of Real Estate	9 Months Ended
	Sep. 30, 2022
Real Estate [Abstract]
Sale of Real Estate	6. Sale of Real Estate The Company closed on the following sales of real estate, none of which qualified as discontinued operations: For the Three Months Ended For the Nine Months Ended (in thousands, except number of properties) 2022 2021 2022 2021 Number of properties disposed 1 6 5 25 Aggregate sale price $ 1,727 $ 26,567 $ 18,828 $ 71,905 Aggregate carrying value ( 1,557 ) ( 24,244 ) ( 12,692 ) ( 58,817 ) Additional sales expenses ( 109 ) ( 1,103 ) ( 808 ) ( 3,297 ) Gain on sale of real estate $ 61 $ 1,220 $ 5,328 $ 9,791

Investment in Rental Property a

Investment in Rental Property and Lease Arrangements	9 Months Ended
	Sep. 30, 2022
Leases [Abstract]
Investment in Rental Property and Lease Arrangements	7. Investment in Rental Property and Lease Arrangements The Company generally leases its investment rental property to established tenants in the industrial, healthcare, restaurant, retail, and office property types. At September 30, 2022 , the Company had 790 real estate properties, 777 of which were leased under leases that have been classified as operating leases , nine that have been classified as direct financing leases, one that has been classified as a sales-type lease, and three that were vacant. Of the nine 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 For the Nine Months Ended (in thousands) 2022 2021 2022 2021 Depreciation $ 29,142 $ 25,232 $ 83,530 $ 73,119 Estimated lease payments to be received under non-cancelable operating leases with tenants at September 30, 2022 are as follows: (in thousands) Remainder of 2022 $ 91,352 2023 369,961 2024 369,585 2025 363,947 2026 354,818 Thereafter 2,941,041 $ 4,490,704 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) September 30, December 31, Undiscounted estimated lease payments to be received $ 39,032 $ 42,602 Estimated unguaranteed residual values 14,547 15,203 Unearned revenue ( 26,326 ) ( 28,893 ) Reserve for credit losses ( 125 ) ( 130 ) Net investment in direct financing leases $ 27,128 $ 28,782 Undiscounted estimated lease payments to be received under non-cancelable direct financing leases with tenants at September 30, 2022 are as follows: (in thousands) Remainder of 2022 $ 763 2023 3,114 2024 3,171 2025 3,285 2026 3,357 Thereafter 25,342 $ 39,032 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 For the Nine Months Ended (in thousands) 2022 2021 2022 2021 Contractual rental amounts billed for operating leases $ 91,208 $ 78,886 $ 263,109 $ 227,142 Adjustment to recognize contractual operating lease billings on a 5,344 4,942 15,455 14,475 Net write-offs of accrued rental income — — ( 1,326 ) ( 442 ) Variable rental amounts earned 309 130 786 335 Earned income from direct financing leases 719 726 2,163 2,184 Interest income from sales-type leases 14 14 43 43 Operating expenses billed to tenants 5,061 4,414 14,059 12,998 Other income from real estate transactions (a) 874 33,515 1,050 33,548 Adjustment to revenue recognized for uncollectible rental ( 5 ) 150 39 ( 49 ) Total lease revenues, net $ 103,524 $ 122,777 $ 295,378 $ 290,234 (a) Other income from real estate transactions includes $ 0.8 million and $ 33.5 million of lease termination fee income for the three and nine months ended September 30, 2022 and 2021, respectively.

Intangible Assets And Liabiliti

Intangible Assets And Liabilities	9 Months Ended
	Sep. 30, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Intangible Assets and Liabilities	8. Intangible Assets and Liabilities The following is a summary of intangible assets and liabilities and related accumulated amortization: (in thousands) September 30, December 31, Lease intangibles: Acquired above-market leases $ 45,749 $ 47,147 Less accumulated amortization ( 17,742 ) ( 16,807 ) Acquired above-market leases, net 28,007 30,340 Acquired in-place leases 421,773 380,766 Less accumulated amortization ( 127,466 ) ( 107,464 ) Acquired in-place leases, net 294,307 273,302 Total intangible lease assets, net $ 322,314 $ 303,642 Acquired below-market leases $ 105,293 $ 105,310 Less accumulated amortization ( 40,322 ) ( 34,714 ) Intangible lease liabilities, net $ 64,971 $ 70,596 Leasing fees $ 14,465 $ 14,786 Less accumulated amortization ( 5,713 ) ( 5,145 ) Leasing fees, net $ 8,752 $ 9,641 Amortization of intangible lease assets and liabilities was as follows: (in thousands) For the Three Months Ended For the Nine Months Ended Intangible Financial Statement Presentation 2022 2021 2022 2021 Acquired in-place leases and leasing fees Depreciation and amortization $ 10,224 $ 11,424 $ 25,574 $ 25,429 Above-market and below-market leases Lease revenues, net 1,180 944 3,511 2,362 For the three and nine months ended September 30, 2022 and 2021, amortization expense includes $ 2.3 million and $ 3.8 million of accelerated amortization resulting from early lease terminations, respectively. Estimated future amortization of intangible assets and liabilities at September 30, 2022 is as follows: (in thousands) Remainder of 2022 $ 6,865 2023 27,239 2024 26,430 2025 25,134 2026 23,783 Thereafter 156,644 $ 266,095

Unsecured Credit Agreements

Unsecured Credit Agreements	9 Months Ended
	Sep. 30, 2022
Debt Disclosure [Abstract]
Unsecured Credit Agreements	Unsecured Credit Agreements The following table summarizes the Company's unsecured credit agreements: Outstanding Balance (in thousands, except interest rates) September 30, December 31, Interest Maturity Unsecured revolving $ 219,537 $ 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 (e) 2024 Unsecured Term Loan — 190,000 one-month LIBOR 1.00 % (c) Jun. 2024 (f) 2026 Unsecured Term Loan 400,000 400,000 one-month LIBOR 1.00 % (c) Feb. 2026 2027 Unsecured Term Loan 200,000 — one-month adjusted SOFR 0.95 % (d) Aug. 2027 2029 Unsecured Term Loan 300,000 — one-month adjusted SOFR 1.25 % (d) Aug. 2029 Total unsecured term loans 900,000 650,000 Unamortized debt issuance costs, net ( 5,622 ) ( 3,329 ) Total unsecured term loans, net 894,378 646,671 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 ( 5,633 ) ( 6,199 ) Total senior unsecured notes, net 844,367 843,801 Total unsecured debt, net $ 1,958,282 $ 1,592,472 (a) At September 30, 2022 , a balance of $ 146.5 million was subject to the one-month SOFR of 3.04 %. The remaining balance includes $ 100 million CAD borrowings remeasured to $ 73 million USD, which was subject to the one-month Canadian Dollar Offered Rate ("CDOR") of 3.76 %. (b) At December 31, 2021, the applicable interest rate was one-month LIBOR plus 1.00 % (c) At September 30, 2022 and December 31, 2021 , one-month LIBOR was 3.14 % and 0.10 %, respectively. (d) At September 30, 2022 , one-month SOFR was 3.04 %. (e) The 2022 Unsecured Term Loan was paid in full in February 2022 with borrowings from the unsecured revolving credit facility. (f) The 2024 Unsecured Term Loan was paid in full in August 2022 with borrowings from the 2027 Unsecured Term Loan and 2029 Unsecured Term Loan. At September 30, 2022 , the weighted average interest rate on all outstanding borrowings was 4.10 %, 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 September 30, 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. On August 1, 2022, the Company entered into two unsecured term loans, including a $ 200.0 million, five-year unsecured term loan that matures in 2027 (the "2027 Unsecured Term Loan"), and a $ 300.0 million, seven-year unsecured term loan that matures in 2029 (the "2029 Unsecured Term Loan"). Borrowings on the new term loans bear interest at variable rates based on adjusted SOFR, plus a margin based on the Company's credit rating, ranging between 0.80 % and 1.60 % per annum for the 2027 Unsecured Term Loan, and 1.15 % and 2.20 % per annum for the 2029 Unsecured Term Loan. Proceeds from the loans were used to repay in full the $ 190.0 million 2024 Unsecured Term Loan, including accrued interest, and a portion of the outstanding balance on the unsecured revolving credit facility. For the three and nine months ended September 30, 2022 , the Company incurred $ 3.2 million and $ 7.0 million, respectively, in debt issuance costs associated with the unsecured revolving credit facility, 2027 Unsecured Term Loan and 2029 Unsecured Term Loan. For the three and nine months ended September 30, 2021 , the Company incurred $ 4.1 million and $ 5.0 million, respectively, in debt issuance costs and original issuance discount associated with the 2031 Senior Public Notes and 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 amended unsecured revolving credit facility, and the 2027 Unsecured Term Loan and 2029 Unsecured Term Loan, the transactions were deemed to be new debt, and a modification of existing debt, and therefore the $ 3.2 million and $ 7.0 million of debt issuance costs incurred during the three and nine months ended September 30, 2022, respectively, were deferred and are being amortized over the term of the associated debt. Additionally, unamortized debt issuance costs of $ 0.2 million were expensed and included in Cost of debt extinguishment in the accompanying Condensed Consolidated Statements of Income and Comprehensive Income for the three and nine months ended September 30, 2022. With respect to the 2031 Senior Unsecured Public Notes and the amended 2026 Unsecured Term Loan, the transactions were deemed to be related to new debt and a modification of existing debt, and therefore the $ 3.4 million and $ 4.3 million of debt issuance costs paid to lenders were deferred and are being amortized over the term of the associated debt during the three and nine months ended September 30, 2021 , respectively. Additionally, unamortized debt issuance costs of $ 0.2 million and $ 0.3 million were expensed and included in Cost of debt extinguishment in the accompany Condensed Consolidated Statements of Income and Comprehensive Income for the three and nine months ended September 30, 2021, respectively. 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. T he following table summarizes debt issuance cost and original issuance discount amortization: For the Three Months Ended For the Nine Months Ended (in thousands) 2022 2021 2022 2021 Debt issuance costs and original issuance discount amortization $ 948 $ 962 $ 2,704 $ 2,832

Mortgages

Mortgages	9 Months Ended
	Sep. 30, 2022
Debt Disclosure [Abstract]
Mortgages	The Company's mortgages consist of the following: Origination Maturity (in thousands, except interest rates) Date Date Interest September 30, December 31, Lender (Month/Year) (Month/Year) Rate 2022 2021 Wilmington Trust National Association Apr-19 Feb-28 4.92 % $ 45,834 $ 46,760 (a) (b) (c) (d) Wilmington Trust National Association Jun-18 Aug-25 4.36 % 19,254 19,557 (a) (b) (c) (e) PNC Bank Oct-16 Nov-26 3.62 % 16,782 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) (h) Aegon Apr-12 Oct-23 6.38 % 5,626 6,249 (b) (g) Total mortgages 94,996 97,160 Debt issuance costs, net ( 243 ) ( 314 ) Mortgages, net $ 94,753 $ 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 September 30, 2022 and December 31, 2021, the interest rate was 7.50 % and 5.00 %, respectively. (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. (h) Mortgage was paid in full on October 6, 2022 (see Note 19). At September 30, 2022 , investment in rental property of $ 158.5 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 9) at September 30, 2022 are as follows: (in thousands) Remainder of 2022 $ 743 2023 7,582 2024 9,760 2025 20,195 2026 636,380 Thereafter 1,389,873 $ 2,064,533 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	9 Months Ended
	Sep. 30, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Interest Rate Swaps	11. Interest Rate Swaps Interest rate swaps were entered into with certain financial institutions in order to mitigate the impact of interest rate variability over the term of the related debt agreements. The interest rate swaps are considered cash flow hedges. In order to reduce counterparty concentration risk, the Company has a diversification policy for institutions that serve as swap counterparties. Under these agreements, the Company receives monthly payments from the counterparties on these interest rate swaps equal to the related variable interest rates multiplied by the outstanding notional amounts. Certain interest rate swaps amortize on a monthly basis. In turn, the Company pays the counterparties each month an amount equal to a fixed rate multiplied by the related outstanding notional amounts. The intended net impact of these transactions is that the Company pays a fixed interest rate on its variable-rate borrowings. The following is a summary of the Company's outstanding interest rate swap agreements: (in thousands, except interest rates) September 30, 2022 December 31, 2021 Counterparty Maturity Date Fixed Variable Rate Index Notional Fair Notional Fair Wells Fargo Bank, N.A. October 2024 2.72 % one-month LIBOR $ 15,000 $ 451 $ 15,000 $ ( 702 ) Capital One, National Association December 2024 1.58 % one-month LIBOR 15,000 834 15,000 ( 241 ) Bank of Montreal January 2025 1.91 % one-month LIBOR 25,000 1,256 25,000 ( 649 ) Truist Financial Corporation April 2025 2.20 % one-month LIBOR 25,000 1,184 25,000 ( 905 ) Bank of Montreal July 2025 2.32 % one-month LIBOR 25,000 1,189 25,000 ( 1,049 ) Truist Financial Corporation July 2025 1.99 % one-month LIBOR 25,000 1,404 25,000 ( 767 ) Truist Financial Corporation December 2025 2.30 % one-month LIBOR 25,000 1,346 25,000 ( 1,125 ) Bank of Montreal January 2026 1.92 % one-month LIBOR 25,000 1,637 25,000 ( 760 ) Bank of Montreal January 2026 2.05 % one-month LIBOR 40,000 2,463 40,000 ( 1,415 ) Capital One, National Association January 2026 2.08 % one-month LIBOR 35,000 2,116 35,000 ( 1,274 ) Truist Financial Corporation January 2026 1.93 % one-month LIBOR 25,000 1,631 25,000 ( 768 ) Capital One, National Association April 2026 2.68 % one-month LIBOR 15,000 662 15,000 ( 941 ) Capital One, National Association July 2026 1.32 % one-month LIBOR 35,000 3,250 35,000 ( 205 ) Bank of Montreal December 2026 2.33 % one-month LIBOR 10,000 633 10,000 ( 538 ) Bank of Montreal December 2026 1.99 % one-month LIBOR 25,000 1,913 25,000 ( 936 ) Toronto-Dominion Bank March 2027 2.46 % one-month CDOR 14,607 (a) 744 — — Wells Fargo Bank, N.A. April 2027 2.72 % one-month LIBOR 25,000 1,233 25,000 ( 1,887 ) Bank of Montreal December 2027 2.37 % one-month LIBOR 25,000 1,774 25,000 ( 1,570 ) Capital One, National Association December 2027 2.37 % one-month LIBOR 25,000 1,742 25,000 ( 1,575 ) Wells Fargo Bank, N.A. January 2028 2.37 % one-month LIBOR 75,000 5,265 75,000 ( 4,741 ) Bank of Montreal May 2029 2.09 % one-month LIBOR 25,000 2,451 25,000 ( 1,316 ) Regions Bank May 2029 2.11 % one-month LIBOR 25,000 2,394 25,000 ( 1,356 ) Regions Bank June 2029 2.03 % one-month LIBOR 25,000 2,511 25,000 ( 1,222 ) U.S. Bank National Association June 2029 2.03 % one-month LIBOR 25,000 2,536 25,000 ( 1,220 ) Regions Bank August 2029 2.58 % one-month SOFR 100,000 6,137 — — Toronto-Dominion Bank August 2029 2.58 % one-month SOFR 45,000 2,851 — — U.S. Bank National Association August 2029 2.65 % one-month SOFR 15,000 880 — — U.S. Bank National Association August 2029 2.58 % one-month SOFR 100,000 6,231 — — U.S. Bank National Association August 2029 1.35 % one-month LIBOR 25,000 3,605 25,000 ( 9 ) Regions Bank March 2032 2.69 % one-month CDOR 14,607 (a) 1,028 — — U.S. Bank National Association March 2032 2.70 % one-month CDOR 14,607 (a) 1,044 — — Bank of Montreal March 2034 2.81 % one-month CDOR 29,216 (a) 2,207 — — $ 973,037 $ 66,602 $ 640,000 $ ( 27,171 ) (a) The contractual notional amount is $ 20.0 million or $ 40.0 million CAD . At September 30, 2022 , the weighted average fixed rate on all outstanding interest rate swaps was 2.22 %. 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: Amount of Gain Reclassification from Total Interest Expense Recognized in Accumulated Other Presented in the Condensed Accumulated Other Comprehensive Income (Loss) Consolidated Statements of (in thousands) Comprehensive Amount of Income and Comprehensive For the Three Months Ended September 30, Income (Loss) Location Loss Income 2022 $ 40,039 Interest expense $ 446 $ 20,095 2021 4,559 Interest expense 4,085 15,611 Amount of Gain Reclassification from Total Interest Expense Recognized in Accumulated Other Presented in the Condensed Accumulated Other Comprehensive Income (Loss) Consolidated Statements of (in thousands) Comprehensive Amount of Income and Comprehensive For the Nine Months Ended September 30, Income (Loss) Location Loss Income 2022 $ 93,772 Interest expense $ 7,433 $ 54,879 2021 30,328 Interest expense 12,140 47,149 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 gain of $ 17.2 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 only major banks who meet established credit and capital guidelines.

Non-Controlling Interests

Non-Controlling Interests	9 Months Ended
	Sep. 30, 2022
Noncontrolling Interest [Abstract]
Non-Controlling Interests	12. Non-Controlling Interests The following table summarizes OP Units exchanged for shares of common stock: For the Three Months Ended For the Nine Months Ended (in thousands) 2022 2021 2022 2021 OP Units exchanged for shares of common stock 118 1,723 118 2,888 Value of units exchanged $ 1,926 $ 27,755 $ 1,926 $ 46,220 As of September 30, 2021, the Company achieved all four VWAP milestones applicable to the earnout (see Note 4). As a result, the OP issued 1,611,358 and 1,859,257 non-controlling OP Units during the three and nine months ended September 30, 2021, respectively. There were no OP Units issued during the three and nine months ended September 30, 2022 .

Credit Risk Concentrations

Credit Risk Concentrations	9 Months Ended
	Sep. 30, 2022
Risks and Uncertainties [Abstract]
Credit Risk Concentrations	13. Credit Risk Concentrations The Company maintained bank balances that, at times, exceeded the federally insured limit during the nine months ended September 30, 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 and nine months ended September 30, 2022 and 2021 , the Company had no individual tenants or common franchises that accounted for more than 10% of Lease revenues, net, excluding lease termination fees.

Equity

Equity	9 Months Ended
	Sep. 30, 2022
Equity [Abstract]
Equity	14. 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 September 30, 2022 , the Company has $ 145.4 million of available capacity under the ATM Program. The following table presents information about the Company's ATM Program activity: For the Three Months Ended For the Nine Months Ended (in thousands, except per share amounts) September 30, 2022 September 30, 2022 Number of common shares issued 962 10,471 Weighted average sale price per share $ 21.44 $ 21.66 Net proceeds $ 20,248 $ 222,895 Gross proceeds 20,626 226,483 There was no ATM Program activity during the three and nine months ended September 30, 2021. In August 2022, the Company completed a public offering to sell an aggregate of 13,000,000 shares of common stock at a price of $ 21.35 per share, subject to certain adjustments, in connection with a forward sale agreement. The Company expects to settle the forward sale agreement by the August 2023 maturity date. As of September 30, 2022, the Company anticipates the forward sale agreement will provide net proceeds of approximately $ 270.7 million. The Company has not settled any part of the forward sale agreement as of September 30, 2022. As of September 30, 2021, the Company achieved all four VWAP milestones applicable to the earnout (see Note 4). As a result, the Company issued 943,782 and 1,088,977 shares of common stock during the three and nine months ended September 30, 2021, respectively. There was no such activity during the three and nine months ended September 30, 2022. On June 28, 2021, the Corporation completed its first public follow-on equity offering and issued 11,500,000 shares of Common Stock, including shares issued pursuant to the underwriters' full exercise of their over-allotment option, at $ 23.00 per share. The net proceeds, after deducting underwriting discounts and commissions of $ 10.6 million and $ 0.4 million of other expenses, were $ 253.5 million. The Company used the net proceeds to repay the unsecured revolving credit facility in full, and used the remaining net proceeds for general business purposes, including acquisitions.

Stock-Based Compensation

Stock-Based Compensation	9 Months Ended
	Sep. 30, 2022
Share-Based Payment Arrangement [Abstract]
Stock-Based Compensation	15. Stock-Based Compensation Restricted Stock Awards During the three and nine months ended September 30, 2022 , the Company awarded 6,175 and 181,088 shares of RSAs, respectively, to officers, employees and non-employee directors, under the Equity Incentive Plan. During the three and nine months ended September 30, 2021 , the Company issued 178 and 201,273 shares of RSAs, respectively. 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 holder'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 and nine months ended September 30, 2022 , were $ 22.67 and $ 21.44 , respectively, which were based on the market price per share of the Company's common stock on the grant date. The weighted average value of awards granted during the three and nine months ended September 30, 2021 , were $ 26.02 and $ 18.68 , respectively. The following table presents information about the Company's RSAs: For the Three Months Ended For the Nine Months Ended (in thousands) 2022 2021 2022 2021 Compensation cost (a) $ 994 $ 701 $ 2,481 $ 3,124 Dividends declared on unvested RSAs 107 95 310 296 Fair value of shares vested during the period — — 3,209 3,296 (a) Includes $ 0.2 million and $ 0.3 million compensation cost recognized from RSAs granted to non-employee directors for the three and nine months ended September 30, 2022, respectively. (in thousands, except recognition period) September 30, 2022 December 31, 2021 Unamortized value of RSAs $ 5,935 $ 4,715 Weighted average amortization period (in years) 2.4 2.4 The following table presents information about the Company's RSA activity: For the Three Months Ended September 30, 2022 2021 (in thousands, except per share amounts) Number of Shares Weighted Average Number of Shares Weighted Average Unvested at beginning of period 392 $ 20.33 378 $ 19.60 Granted 6 22.67 1 26.02 Vested — — — — Forfeited ( 1 ) 21.66 ( 5 ) 19.72 Unvested at end of period 397 20.37 374 19.61 For the Nine Months Ended September 30, 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 181 21.44 202 18.68 Vested ( 146 ) 19.80 ( 164 ) 20.15 Forfeited ( 10 ) 20.10 ( 5 ) 19.72 Unvested at end of period 397 20.37 374 19.61 Performance-based Restricted Stock Units The Company issued target grants of 124,024 and 132,189 PRSUs, during the nine months ended September 30, 2022 and 2021 , respectively, under the Equity Incentive Plan to the officers of the Company. There were 2,141 PRSUs granted during the three months ended September 30, 2022. There were no PRSUs granted during the three months ended September 30, 2021. 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 tables present information about the Company's PRSUs: For the Three Months Ended For the Nine Months Ended (in thousands, except recognition period) 2022 2021 2022 2021 Compensation cost $ 509 $ 223 $ 1,332 $ 520 September 30, 2022 December 31, 2021 Unamortized value of PRSUs $ 4,027 $ 1,931 Weighted average amortization period (in years) 2.1 2.2 The following table presents information about the Company's PRSU activity: For the Three Months Ended September 30, 2022 2021 (in thousands, except per share amounts) Number of Shares Weighted Average Number of Shares Weighted Average Unvested at beginning of period 231 $ 26.25 110 $ 24.40 Granted 2 27.93 — — Vested — — — — Forfeited — — — — Unvested at end of period 233 26.27 110 24.40 For the Nine Months Ended September 30, 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 124 27.93 132 24.40 Vested — — — — Forfeited ( 1 ) 27.93 ( 22 ) 24.40 Unvested at end of period 233 26.27 110 24.40

Earnings per Share

Earnings per Share	9 Months Ended
	Sep. 30, 2022
Earnings Per Share [Abstract]
Earnings Per Share	16. Earnings per Share T he following table summarizes the components used in the calculation of basic and diluted earnings per share ("EPS"): For the Three Months Ended For the Nine Months Ended (in thousands, except per share amounts) 2022 2021 2022 2021 Basic earnings: Net earnings attributable to Broadstone Net Lease, Inc. common $ 27,109 $ 28,698 $ 87,383 $ 72,135 Less: earnings allocated to unvested restricted shares ( 108 ) ( 95 ) ( 310 ) ( 296 ) Net earnings used to compute basic earnings per common share $ 27,001 $ 28,603 $ 87,073 $ 71,839 Diluted earnings: Net earnings used to compute basic earnings per share $ 27,001 $ 28,603 $ 87,073 $ 71,839 Net earnings attributable to non-controlling interests 1,600 1,824 5,319 5,167 Net earnings used to compute diluted earnings per common share $ 28,601 $ 30,427 $ 92,392 $ 77,006 Weighted average number of common shares outstanding 172,973 159,604 169,061 150,593 Less: weighted average unvested restricted shares (a) ( 395 ) ( 378 ) ( 381 ) ( 366 ) Weighted average number of common shares outstanding used in 172,578 159,226 168,680 150,227 Effects of restricted stock units (b) 180 219 166 172 Effects of convertible membership units (c) 10,213 10,142 10,286 10,874 Weighted average number of common shares outstanding used in 182,971 169,587 179,132 161,273 Basic earnings per share $ 0.16 $ 0.18 $ 0.52 $ 0.48 Diluted earnings per share $ 0.16 $ 0.18 $ 0.52 $ 0.48 (a) Represents the weighted average effects of 397,135 and 373,619 unvested restricted shares of common stock as of September 30, 2022 and 2021, respectively, which will be excluded from the computation of earnings per share until they vest. (b) Represents the weighted average effects of shares of common stock to be issued as though the end of the period were the end of the performance period (see Note 15). (c) Represents the weighted average effects of 10,204,806 and 10,370,417 OP Units outstanding at September 30, 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	9 Months Ended
	Sep. 30, 2022
Supplemental Cash Flow Elements [Abstract]
Supplemental Cash Flow Disclosures	17. Supplemental Cash Flow Disclosures Cash paid for interest was $ 46.2 million and $ 38.6 million for the nine months ended September 30, 2022 and 2021 , respectively. Cash paid for income taxes was $ 0.9 million and $ 1.1 million for the nine months ended September 30, 2022 and 2021, respectively. The following are non-cash transactions and have been excluded from the accompanying Condensed Consolidated Statements of Cash Flows: • During the nine months ended September 30, 2022, the Company converted 118,400 OP Units valued at $ 1.9 million to 118,400 shares of common stock. During the nine months ended September 30, 2021 , the Company converted 2,887,278 OP Units valued at $ 46.2 million to 2,887,278 shares of common stock. • At September 30, 2022 and 2021 , dividend amounts declared and accrued but not yet paid amounted to $ 49.9 million and $ 43.9 million, respectively. • At September 30, 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 $ 3.3 million and $ 31.5 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	9 Months Ended
	Sep. 30, 2022
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	18. Commitments and Contingencies Litigation From time to time, the Company is a party to various litigation matters incidental to the conduct of the Company's business. While the resolution of such matters cannot be predicted with certainty, based on currently available information, the Company does not believe that the final outcome of any of these matters will have a material effect on its consolidated financial position, results of operations, or liquidity. Property and Acquisition Related In connection with ownership and operation of real estate, the Company may potentially be liable for 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 had a commitment to fund a building expansion project related to a previous acquisition for a total of $ 17.4 millio n, in exchange for an increase in base rent. In June 2022, the Company fulfilled this commitment and the base rent increased accordingly. The Company is a party to three separate tax protection agreements with the contributing members of three distinct UPREIT transactions and to a 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 tax protection agreement entered into in connection with the Company's internalization, 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 September 30, 2022, taxable sales of the applicable properties would trigger liability under the agreements of approximately $ 22.3 million. Based on information available, the Company does not believe that the events resulting in damages as detailed above have occurred or are likely to occur in the foreseeable future. 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	9 Months Ended
	Sep. 30, 2022
Subsequent Events [Abstract]
Subsequent Events	19. Subsequent Events On October 14, 2022, the Company paid distributions totaling $ 49.5 million. On October 27, 2022 , the Board of Directors declared a quarterly distribution of $ 0.275 per share on the Company's common stock and OP Units for the fourth quarter of 2022, which will be payable on or before January 13, 2023 to stockholders and OP unitholders of record as of December 30, 2022 . Subsequent to September 30, 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 $ 283.1 million of rental property and associated intangible assets and liabilities (see Note 5). Subsequent to September 30, 2022 , the Company borrowed $ 259.0 million on the unsecured revolving credit facility, the proceeds of which were used to fund acquisitions and for other general corporate purposes. Additionally, on October 6, 2022, the Company paid one mortgage with a principal balance of $ 7.5 million in full (see Note 10). Subsequent to September 30, 2022, the Company executed a lease amendment with an existing tenant to fund a total of $ 33.0 million towards a building expansion expected to be completed in 2023, in exchange for an increase in rent contractually scheduled to occur simultaneously upon funding.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 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 probability of collecting outstanding and future lease payments, 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 September 30, 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 charges, resulting primarily from changes in the Company's long-term hold strategy, with respect to the individual properties: For the Three Months Ended For the Nine Months Ended (in thousands, except number of properties) 2022 2021 2022 2021 Number of properties 2 4 3 5 Impairment charge $ 4,155 $ 25,989 $ 5,535 $ 28,001 During the three months ended September 30, 2021, the Company executed an early lease termination with an office tenant on two properties in exchange for a fee of $ 35.0 million, and simultaneously sold the underlying properties to an unrelated third party for aggregate gross proceeds of $ 16.0 million. As the sale of the underlying properties was to an unrelated third party, the Company accounted for the lease termination income and sale of properties as separate transactions in accordance with GAAP. The sale resulted in a loss of $ 25.7 million which was recognized as an impairment charge in the Condensed Consolidated Statements of Income and Comprehensive Income. The Company recognized termination fee income of $ 33.5 million as other income from real estate transactions, a component of Lease revenues, net, in the Condensed Consolidated Statements of Income and Comprehensive Income. The net impact of the lease termination and the sale of the underlying properties was a $ 4.0 million increase to net income after considering certain other adjustments.
Restricted Cash	Restricted Cash Restricted cash generally 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: September 30, December 31, (in thousands) 2022 2021 Escrow funds and other $ 6,449 $ 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) September 30, December 31, Rent received in advance $ 21,328 $ 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 11): September 30, 2022 (in thousands) Total Level 1 Level 2 Level 3 Interest rate swap, assets $ 66,602 $ — $ 66,602 $ — 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 9), 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"), Secured Overnight Financing Rate ("SOFR"), 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) September 30, December 31, Carrying amount $ 2,064,533 $ 1,699,160 Fair value 1,855,849 1,785,701 Non-recurring Fair Value Measurements The Company's non-recurring fair value measurements at September 30, 2022 and December 31, 2021 consisted of the fair value of impaired real estate assets that were determined using Level 3 inputs.
Forward Sale Agreements	Forward Sale Agreements The Company occasionally sells shares of common stock through forward sale agreements to enable the Company to set the price of such shares upon pricing the offering (subject to certain adjustments) while delaying the issuance of such shares and the receipt of the net proceeds by the Company. To account for the forward sale agreements, the Company considers the accounting guidance governing financial instruments and derivatives. To date, the Company has concluded that its forward sale agreements are not liabilities as they do not embody obligations to repurchase its shares nor do they embody obligations to issue a variable number of shares for which the monetary value is predominantly fixed, varying with something other than the fair value of the shares, or varying inversely in relation to its shares. The Company then evaluates whether the agreements meet the derivatives and hedging guidance scope exception to be accounted for as equity instruments. The Company has concluded that the agreements are classifiable as equity contracts based on the following assessments: (i) none of the agreements’ exercise contingencies are based on observable markets or indices besides those related to the market for the Company’s own stock price and operations; and (ii) none of the settlement provisions preclude the agreements from being indexed to its own stock. The Company also considers the potential dilution resulting from the forward sale agreements on the earnings per share calculations. The Company uses the treasury stock method to determine the dilution resulting from the forward sale agreements during the period of time prior to settlement.
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 adoption of this guidance on January 1, 2022 did not have a material impact on the Company's financial statements.

Business Description (Tables)

Business Description (Tables)	9 Months Ended
	Sep. 30, 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: September 30, 2022 December 31, 2021 (in thousands) Shares of OP Units Total Diluted Shares of OP Units Total Diluted Ownership interest 173,115 10,205 183,320 162,383 10,323 172,706 Percent ownership of OP 94.4 % 5.6 % 100.0 % 94.0 % 6.0 % 100.0 %

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	9 Months Ended
	Sep. 30, 2022
Accounting Policies [Abstract]
Summary of Impairment Charge	The following table summarizes the Company's impairment charges, resulting primarily from changes in the Company's long-term hold strategy, with respect to the individual properties: For the Three Months Ended For the Nine Months Ended (in thousands, except number of properties) 2022 2021 2022 2021 Number of properties 2 4 3 5 Impairment charge $ 4,155 $ 25,989 $ 5,535 $ 28,001
Summary of Restricted Cash	Restricted cash consisted of the following: September 30, December 31, (in thousands) 2022 2021 Escrow funds and other $ 6,449 $ 6,100
Summary of Rents Received in Advance	Rent received in advance consisted of the following: (in thousands) September 30, December 31, Rent received in advance $ 21,328 $ 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 11): September 30, 2022 (in thousands) Total Level 1 Level 2 Level 3 Interest rate swap, assets $ 66,602 $ — $ 66,602 $ — 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) September 30, December 31, Carrying amount $ 2,064,533 $ 1,699,160 Fair value 1,855,849 1,785,701

Internalization (Tables)

Internalization (Tables)	9 Months Ended
	Sep. 30, 2022
Internalization [Abstract]
Summary of Earnout Tranches, Applicable VWAP of REIT Share and Applicable Earnout Periods	As of December 31, 2021, the Company achieved all four VWAP milestones, thereby triggering the payout of all earnout tranches. Below is a summary of the shares of common stock and OP Units issued, and cash paid for each earnout tranche: (in thousands, except per share amounts) Shares of 40-Day Common Stock OP Units VWAP of a Tranche Issued Issued Cash Paid REIT Share Achievement Date 1 145 248 $ 1,926 (a) $ 22.50 June 16, 2021 2 218 371 2,888 (a) 23.75 July 14, 2021 3 363 620 4,117 24.375 September 21, 2021 4 363 620 4,117 25.00 September 21, 2021 (a) Cash payments include amounts earned for dividends.

Acquisitions of Rental Proper_2

Acquisitions of Rental Property (Tables)	9 Months Ended
	Sep. 30, 2022
Business Combinations [Abstract]
Acquisitions of Rental Property Closed	The Company closed on the following acquisitions during the nine months ended September 30, 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 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 May 16, 2022 Retail 1 2,264 June 7, 2022 Retail 1 11,510 June 13, 2022 Retail 1 1,638 June 15, 2022 Retail 1 1,884 June 21, 2022 Industrial 5 78,500 June 29, 2022 Healthcare 1 12,467 June 30, 2022 Industrial 1 29,500 July 1, 2022 Retail 2 3,052 July 7, 2022 Retail 1 2,171 July 8, 2022 Industrial 11 75,000 August 25, 2022 Healthcare 1 9,219 August 26, 2022 Industrial 4 44,000 September 6, 2022 Retail 1 1,411 September 28, 2022 Industrial 4 56,250 September 29, 2022 Restaurant 3 12,823 69 $ 578,894 (a) (a) Acquisition price excludes capitalized acquisition costs of $ 5.2 million and a $ 17.4 million building expansion agreed to as a forward commitment in connection with a prior acquisition (see Note 18). The Company closed on the following acquisitions during the nine months ended September 30, 2021: (in thousands, except number of properties) Number of Real Estate Date Property Type Properties Acquisition Price February 5, 2021 Healthcare 1 $ 4,843 February 26, 2021 Restaurant (b) 181 March 11, 2021 Retail 13 26,834 March 30, 2021 Retail 11 41,324 March 31, 2021 Healthcare 3 14,140 June 4, 2021 Retail 2 19,420 June 9, 2021 Industrial 1 8,500 June 9, 2021 Industrial 11 106,578 June 25, 2021 Retail 8 12,131 June 28, 2021 Healthcare 4 15,300 June 30, 2021 Retail 1 1,279 June 30, 2021 Healthcare 7 30,750 July 2, 2021 Industrial (c) 4,500 July 21, 2021 Retail 1 5,565 July 29, 2021 Retail 3 4,586 July 29, 2021 Industrial 1 13,041 July 30, 2021 Industrial 2 11,011 August 23, 2021 Healthcare 1 60,000 September 8, 2021 Retail 2 8,901 September 17, 2021 Retail 1 1,722 September 24, 2021 Retail 1 2,456 September 24, 2021 Industrial 2 48,699 September 29, 2021 Industrial 1 10,600 September 30, 2021 Industrial 3 59,343 80 $ 511,704 (d) (b) Acquisition of additional land adjacent to an existing property. (c) Acquisition of land related to an existing property. (d) Acquisition price excludes capitalized acquisition costs of $ 4.4 million. Subsequent to September 30, 2022, the Company closed on the following acquisitions (see Note 19): (in thousands, except number of properties) Number of Real Estate Date Property Type Properties Acquisition Price October 12, 2022 Industrial 7 $ 235,000 October 12, 2022 Retail 1 1,743 October 17, 2022 Retail 2 6,000 October 19, 2022 Retail 1 1,743 November 2, 2022 Industrial 4 38,650 15 $ 283,136
Summary of Allocation of Purchase Price	The following table summarizes the purchase price allocation for completed real estate acquisitions: For the Nine Months Ended (in thousands) 2022 2021 Land $ 101,278 $ 72,829 Land improvements 37,578 22,103 Buildings and improvements 406,994 379,946 Acquired in-place leases (e) 46,348 40,865 Acquired above-market lease (f) — 211 Acquired below-market lease (g) ( 76 ) — Right-of-use asset — 663 Lease liability — ( 481 ) Non-real estate liabilities assumed ( 8,051 ) — $ 584,071 (h) $ 516,136 (e) The weighted average amortization period for acquired in-place leases is 20 years and 17 years for acquisitions completed during the nine months ended September 30, 2022 and 2021 , respectively. (f) The weighted average amortization period for the acquired above-market leases is 10 years for acquisitions completed during the nine months ended September 30, 2021. There were no above-market leases acquired during the nine months ended September 30, 2022. (g) The weighted average amortization period for acquired below-market leases is 9 years for acquisitions completed during the nine months ended September 30, 2022 . There were no below-market leases acquired during the nine months ended September 30, 2021 . Excludes $ 17.4 million building expansion agreed to as a forward commitment in connection with a prior acquisition (see Note 18) .

Sale of Real Estate (Tables)

Sale of Real Estate (Tables)	9 Months Ended
	Sep. 30, 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 For the Nine Months Ended (in thousands, except number of properties) 2022 2021 2022 2021 Number of properties disposed 1 6 5 25 Aggregate sale price $ 1,727 $ 26,567 $ 18,828 $ 71,905 Aggregate carrying value ( 1,557 ) ( 24,244 ) ( 12,692 ) ( 58,817 ) Additional sales expenses ( 109 ) ( 1,103 ) ( 808 ) ( 3,297 ) Gain on sale of real estate $ 61 $ 1,220 $ 5,328 $ 9,791

Investment in Rental Property_2

Investment in Rental Property and Lease Arrangements (Tables)	9 Months Ended
	Sep. 30, 2022
Leases [Abstract]
Rental Property Subject to Non-cancelable Operating Leases	Depreciation expense on investment in rental property was as follows: For the Three Months Ended For the Nine Months Ended (in thousands) 2022 2021 2022 2021 Depreciation $ 29,142 $ 25,232 $ 83,530 $ 73,119
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 September 30, 2022 are as follows: (in thousands) Remainder of 2022 $ 91,352 2023 369,961 2024 369,585 2025 363,947 2026 354,818 Thereafter 2,941,041 $ 4,490,704
Net Investment in Direct Financing Leases	The Company's net investment in direct financing leases was comprised of the following: (in thousands) September 30, December 31, Undiscounted estimated lease payments to be received $ 39,032 $ 42,602 Estimated unguaranteed residual values 14,547 15,203 Unearned revenue ( 26,326 ) ( 28,893 ) Reserve for credit losses ( 125 ) ( 130 ) Net investment in direct financing leases $ 27,128 $ 28,782
Direct Financing Leases, Lease Receivable Maturity	Undiscounted estimated lease payments to be received under non-cancelable direct financing leases with tenants at September 30, 2022 are as follows: (in thousands) Remainder of 2022 $ 763 2023 3,114 2024 3,171 2025 3,285 2026 3,357 Thereafter 25,342 $ 39,032
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 For the Nine Months Ended (in thousands) 2022 2021 2022 2021 Contractual rental amounts billed for operating leases $ 91,208 $ 78,886 $ 263,109 $ 227,142 Adjustment to recognize contractual operating lease billings on a 5,344 4,942 15,455 14,475 Net write-offs of accrued rental income — — ( 1,326 ) ( 442 ) Variable rental amounts earned 309 130 786 335 Earned income from direct financing leases 719 726 2,163 2,184 Interest income from sales-type leases 14 14 43 43 Operating expenses billed to tenants 5,061 4,414 14,059 12,998 Other income from real estate transactions (a) 874 33,515 1,050 33,548 Adjustment to revenue recognized for uncollectible rental ( 5 ) 150 39 ( 49 ) Total lease revenues, net $ 103,524 $ 122,777 $ 295,378 $ 290,234

Intangible Assets and Liabili_2

Intangible Assets and Liabilities (Tables)	9 Months Ended
	Sep. 30, 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) September 30, December 31, Lease intangibles: Acquired above-market leases $ 45,749 $ 47,147 Less accumulated amortization ( 17,742 ) ( 16,807 ) Acquired above-market leases, net 28,007 30,340 Acquired in-place leases 421,773 380,766 Less accumulated amortization ( 127,466 ) ( 107,464 ) Acquired in-place leases, net 294,307 273,302 Total intangible lease assets, net $ 322,314 $ 303,642 Acquired below-market leases $ 105,293 $ 105,310 Less accumulated amortization ( 40,322 ) ( 34,714 ) Intangible lease liabilities, net $ 64,971 $ 70,596 Leasing fees $ 14,465 $ 14,786 Less accumulated amortization ( 5,713 ) ( 5,145 ) Leasing fees, net $ 8,752 $ 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 For the Nine Months Ended Intangible Financial Statement Presentation 2022 2021 2022 2021 Acquired in-place leases and leasing fees Depreciation and amortization $ 10,224 $ 11,424 $ 25,574 $ 25,429 Above-market and below-market leases Lease revenues, net 1,180 944 3,511 2,362 For the three and nine months ended September 30, 2022 and 2021, amortization expense includes $ 2.3 million and $ 3.8 million of accelerated amortization resulting from early lease terminations, respectively.
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense	Estimated future amortization of intangible assets and liabilities at September 30, 2022 is as follows: (in thousands) Remainder of 2022 $ 6,865 2023 27,239 2024 26,430 2025 25,134 2026 23,783 Thereafter 156,644 $ 266,095

Unsecured Credit Agreements (Ta

Unsecured Credit Agreements (Tables)	9 Months Ended
	Sep. 30, 2022
Debt Instrument [Line Items]
Summary of Debt Issuance Cost Amortization	he following table summarizes debt issuance cost and original issuance discount amortization: For the Three Months Ended For the Nine Months Ended (in thousands) 2022 2021 2022 2021 Debt issuance costs and original issuance discount amortization $ 948 $ 962 $ 2,704 $ 2,832
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) September 30, December 31, Interest Maturity Unsecured revolving $ 219,537 $ 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 (e) 2024 Unsecured Term Loan — 190,000 one-month LIBOR 1.00 % (c) Jun. 2024 (f) 2026 Unsecured Term Loan 400,000 400,000 one-month LIBOR 1.00 % (c) Feb. 2026 2027 Unsecured Term Loan 200,000 — one-month adjusted SOFR 0.95 % (d) Aug. 2027 2029 Unsecured Term Loan 300,000 — one-month adjusted SOFR 1.25 % (d) Aug. 2029 Total unsecured term loans 900,000 650,000 Unamortized debt issuance costs, net ( 5,622 ) ( 3,329 ) Total unsecured term loans, net 894,378 646,671 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 ( 5,633 ) ( 6,199 ) Total senior unsecured notes, net 844,367 843,801 Total unsecured debt, net $ 1,958,282 $ 1,592,472 (a) At September 30, 2022 , a balance of $ 146.5 million was subject to the one-month SOFR of 3.04 %. The remaining balance includes $ 100 million CAD borrowings remeasured to $ 73 million USD, which was subject to the one-month Canadian Dollar Offered Rate ("CDOR") of 3.76 %. (b) At December 31, 2021, the applicable interest rate was one-month LIBOR plus 1.00 % (c) At September 30, 2022 and December 31, 2021 , one-month LIBOR was 3.14 % and 0.10 %, respectively. (d) At September 30, 2022 , one-month SOFR was 3.04 %. (e) The 2022 Unsecured Term Loan was paid in full in February 2022 with borrowings from the unsecured revolving credit facility. (f) The 2024 Unsecured Term Loan was paid in full in August 2022 with borrowings from the 2027 Unsecured Term Loan and 2029 Unsecured Term Loan.

Mortgages (Tables)

Mortgages (Tables)	9 Months Ended
	Sep. 30, 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 9) at September 30, 2022 are as follows: (in thousands) Remainder of 2022 $ 743 2023 7,582 2024 9,760 2025 20,195 2026 636,380 Thereafter 1,389,873 $ 2,064,533
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 September 30, December 31, Lender (Month/Year) (Month/Year) Rate 2022 2021 Wilmington Trust National Association Apr-19 Feb-28 4.92 % $ 45,834 $ 46,760 (a) (b) (c) (d) Wilmington Trust National Association Jun-18 Aug-25 4.36 % 19,254 19,557 (a) (b) (c) (e) PNC Bank Oct-16 Nov-26 3.62 % 16,782 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) (h) Aegon Apr-12 Oct-23 6.38 % 5,626 6,249 (b) (g) Total mortgages 94,996 97,160 Debt issuance costs, net ( 243 ) ( 314 ) Mortgages, net $ 94,753 $ 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 September 30, 2022 and December 31, 2021, the interest rate was 7.50 % and 5.00 %, respectively. 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)	9 Months Ended
	Sep. 30, 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) September 30, 2022 December 31, 2021 Counterparty Maturity Date Fixed Variable Rate Index Notional Fair Notional Fair Wells Fargo Bank, N.A. October 2024 2.72 % one-month LIBOR $ 15,000 $ 451 $ 15,000 $ ( 702 ) Capital One, National Association December 2024 1.58 % one-month LIBOR 15,000 834 15,000 ( 241 ) Bank of Montreal January 2025 1.91 % one-month LIBOR 25,000 1,256 25,000 ( 649 ) Truist Financial Corporation April 2025 2.20 % one-month LIBOR 25,000 1,184 25,000 ( 905 ) Bank of Montreal July 2025 2.32 % one-month LIBOR 25,000 1,189 25,000 ( 1,049 ) Truist Financial Corporation July 2025 1.99 % one-month LIBOR 25,000 1,404 25,000 ( 767 ) Truist Financial Corporation December 2025 2.30 % one-month LIBOR 25,000 1,346 25,000 ( 1,125 ) Bank of Montreal January 2026 1.92 % one-month LIBOR 25,000 1,637 25,000 ( 760 ) Bank of Montreal January 2026 2.05 % one-month LIBOR 40,000 2,463 40,000 ( 1,415 ) Capital One, National Association January 2026 2.08 % one-month LIBOR 35,000 2,116 35,000 ( 1,274 ) Truist Financial Corporation January 2026 1.93 % one-month LIBOR 25,000 1,631 25,000 ( 768 ) Capital One, National Association April 2026 2.68 % one-month LIBOR 15,000 662 15,000 ( 941 ) Capital One, National Association July 2026 1.32 % one-month LIBOR 35,000 3,250 35,000 ( 205 ) Bank of Montreal December 2026 2.33 % one-month LIBOR 10,000 633 10,000 ( 538 ) Bank of Montreal December 2026 1.99 % one-month LIBOR 25,000 1,913 25,000 ( 936 ) Toronto-Dominion Bank March 2027 2.46 % one-month CDOR 14,607 (a) 744 — — Wells Fargo Bank, N.A. April 2027 2.72 % one-month LIBOR 25,000 1,233 25,000 ( 1,887 ) Bank of Montreal December 2027 2.37 % one-month LIBOR 25,000 1,774 25,000 ( 1,570 ) Capital One, National Association December 2027 2.37 % one-month LIBOR 25,000 1,742 25,000 ( 1,575 ) Wells Fargo Bank, N.A. January 2028 2.37 % one-month LIBOR 75,000 5,265 75,000 ( 4,741 ) Bank of Montreal May 2029 2.09 % one-month LIBOR 25,000 2,451 25,000 ( 1,316 ) Regions Bank May 2029 2.11 % one-month LIBOR 25,000 2,394 25,000 ( 1,356 ) Regions Bank June 2029 2.03 % one-month LIBOR 25,000 2,511 25,000 ( 1,222 ) U.S. Bank National Association June 2029 2.03 % one-month LIBOR 25,000 2,536 25,000 ( 1,220 ) Regions Bank August 2029 2.58 % one-month SOFR 100,000 6,137 — — Toronto-Dominion Bank August 2029 2.58 % one-month SOFR 45,000 2,851 — — U.S. Bank National Association August 2029 2.65 % one-month SOFR 15,000 880 — — U.S. Bank National Association August 2029 2.58 % one-month SOFR 100,000 6,231 — — U.S. Bank National Association August 2029 1.35 % one-month LIBOR 25,000 3,605 25,000 ( 9 ) Regions Bank March 2032 2.69 % one-month CDOR 14,607 (a) 1,028 — — U.S. Bank National Association March 2032 2.70 % one-month CDOR 14,607 (a) 1,044 — — Bank of Montreal March 2034 2.81 % one-month CDOR 29,216 (a) 2,207 — — $ 973,037 $ 66,602 $ 640,000 $ ( 27,171 ) (a) The contractual notional amount is $ 20.0 million or $ 40.0 million CAD .
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: Amount of Gain Reclassification from Total Interest Expense Recognized in Accumulated Other Presented in the Condensed Accumulated Other Comprehensive Income (Loss) Consolidated Statements of (in thousands) Comprehensive Amount of Income and Comprehensive For the Three Months Ended September 30, Income (Loss) Location Loss Income 2022 $ 40,039 Interest expense $ 446 $ 20,095 2021 4,559 Interest expense 4,085 15,611 Amount of Gain Reclassification from Total Interest Expense Recognized in Accumulated Other Presented in the Condensed Accumulated Other Comprehensive Income (Loss) Consolidated Statements of (in thousands) Comprehensive Amount of Income and Comprehensive For the Nine Months Ended September 30, Income (Loss) Location Loss Income 2022 $ 93,772 Interest expense $ 7,433 $ 54,879 2021 30,328 Interest expense 12,140 47,149

Non-Controlling Interests (Tabl

Non-Controlling Interests (Tables)	9 Months Ended
	Sep. 30, 2022
Noncontrolling Interest [Abstract]
Schedule of OP Units Exchanged for Shares of Common Stock	The following table summarizes OP Units exchanged for shares of common stock: For the Three Months Ended For the Nine Months Ended (in thousands) 2022 2021 2022 2021 OP Units exchanged for shares of common stock 118 1,723 118 2,888 Value of units exchanged $ 1,926 $ 27,755 $ 1,926 $ 46,220

Equity (Tables)

Equity (Tables)	9 Months Ended
	Sep. 30, 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 For the Nine Months Ended (in thousands, except per share amounts) September 30, 2022 September 30, 2022 Number of common shares issued 962 10,471 Weighted average sale price per share $ 21.44 $ 21.66 Net proceeds $ 20,248 $ 222,895 Gross proceeds 20,626 226,483

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	9 Months Ended
	Sep. 30, 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 For the Nine Months Ended (in thousands) 2022 2021 2022 2021 Compensation cost (a) $ 994 $ 701 $ 2,481 $ 3,124 Dividends declared on unvested RSAs 107 95 310 296 Fair value of shares vested during the period — — 3,209 3,296 (a) Includes $ 0.2 million and $ 0.3 million compensation cost recognized from RSAs granted to non-employee directors for the three and nine months ended September 30, 2022, respectively. (in thousands, except recognition period) September 30, 2022 December 31, 2021 Unamortized value of RSAs $ 5,935 $ 4,715 Weighted average amortization period (in years) 2.4 2.4
Summary of Restricted Stock Activity	The following table presents information about the Company's RSA activity: For the Three Months Ended September 30, 2022 2021 (in thousands, except per share amounts) Number of Shares Weighted Average Number of Shares Weighted Average Unvested at beginning of period 392 $ 20.33 378 $ 19.60 Granted 6 22.67 1 26.02 Vested — — — — Forfeited ( 1 ) 21.66 ( 5 ) 19.72 Unvested at end of period 397 20.37 374 19.61 For the Nine Months Ended September 30, 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 181 21.44 202 18.68 Vested ( 146 ) 19.80 ( 164 ) 20.15 Forfeited ( 10 ) 20.10 ( 5 ) 19.72 Unvested at end of period 397 20.37 374 19.61
Performance-based Restricted Stock Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Summary of Restricted Stock	The following tables present information about the Company's PRSUs: For the Three Months Ended For the Nine Months Ended (in thousands, except recognition period) 2022 2021 2022 2021 Compensation cost $ 509 $ 223 $ 1,332 $ 520 September 30, 2022 December 31, 2021 Unamortized value of PRSUs $ 4,027 $ 1,931 Weighted average amortization period (in years) 2.1 2.2
Summary of Restricted Stock Activity	The following table presents information about the Company's PRSU activity: For the Three Months Ended September 30, 2022 2021 (in thousands, except per share amounts) Number of Shares Weighted Average Number of Shares Weighted Average Unvested at beginning of period 231 $ 26.25 110 $ 24.40 Granted 2 27.93 — — Vested — — — — Forfeited — — — — Unvested at end of period 233 26.27 110 24.40 For the Nine Months Ended September 30, 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 124 27.93 132 24.40 Vested — — — — Forfeited ( 1 ) 27.93 ( 22 ) 24.40 Unvested at end of period 233 26.27 110 24.40

Earnings per Share (Tables)

Earnings per Share (Tables)	9 Months Ended
	Sep. 30, 2022
Earnings Per Share [Abstract]
Summary of Components used in Calculation of Basic and Diluted Earnings per Share	he following table summarizes the components used in the calculation of basic and diluted earnings per share ("EPS"): For the Three Months Ended For the Nine Months Ended (in thousands, except per share amounts) 2022 2021 2022 2021 Basic earnings: Net earnings attributable to Broadstone Net Lease, Inc. common $ 27,109 $ 28,698 $ 87,383 $ 72,135 Less: earnings allocated to unvested restricted shares ( 108 ) ( 95 ) ( 310 ) ( 296 ) Net earnings used to compute basic earnings per common share $ 27,001 $ 28,603 $ 87,073 $ 71,839 Diluted earnings: Net earnings used to compute basic earnings per share $ 27,001 $ 28,603 $ 87,073 $ 71,839 Net earnings attributable to non-controlling interests 1,600 1,824 5,319 5,167 Net earnings used to compute diluted earnings per common share $ 28,601 $ 30,427 $ 92,392 $ 77,006 Weighted average number of common shares outstanding 172,973 159,604 169,061 150,593 Less: weighted average unvested restricted shares (a) ( 395 ) ( 378 ) ( 381 ) ( 366 ) Weighted average number of common shares outstanding used in 172,578 159,226 168,680 150,227 Effects of restricted stock units (b) 180 219 166 172 Effects of convertible membership units (c) 10,213 10,142 10,286 10,874 Weighted average number of common shares outstanding used in 182,971 169,587 179,132 161,273 Basic earnings per share $ 0.16 $ 0.18 $ 0.52 $ 0.48 Diluted earnings per share $ 0.16 $ 0.18 $ 0.52 $ 0.48 (a) Represents the weighted average effects of 397,135 and 373,619 unvested restricted shares of common stock as of September 30, 2022 and 2021, respectively, which will be excluded from the computation of earnings per share until they vest. (b) Represents the weighted average effects of shares of common stock to be issued as though the end of the period were the end of the performance period (see Note 15). (c) Represents the weighted average effects of 10,204,806 and 10,370,417 OP Units outstanding at September 30, 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)	9 Months Ended
	Sep. 30, 2022 Property Provinces State
Business Description [Line Items]
Date of incorporation	Oct. 18, 2007
Number of leased commercial properties owned	790
UNITED STATES
Business Description [Line Items]
Number of leased commercial properties owned	783
Number of States in which properties located | State	44
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	Sep. 30, 2022	Dec. 31, 2021
Broadstone Net Lease, LLC
Business Description [Line Items]
Percent ownership of OP, Shares of Common Stock	94.40%	94%
Percent ownership of OP, OP Units	5.60%	6%
Percent ownership of OP, Total Diluted Shares	100%	100%
Ownership Interest
Business Description [Line Items]
Shares of Common Stock	173,115	162,383
OP Units	10,205	10,323
Total Diluted Shares	183,320	172,706

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Additional Information (Detail) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Finite-Lived Intangible Assets [Line Items]
Additional impairment charges			$ 0
Lease termination fee	$ 800,000	$ 33,500,000	800,000	$ 33,500,000
Acquired in-place leases and leasing fees	2,300,000	3,800,000	2,300,000	3,800,000
Depreciation and amortization	39,400,000	36,682,000	109,201,000	98,620,000
Aggregate sale price	1,727,000	26,567,000	18,828,000	71,905,000
Carrying value of property sold	1,557,000	24,244,000	12,692,000	58,817,000
Loss on sale of properties	$ 61,000	1,220,000	$ 5,328,000	9,791,000
Lease Termination Impact
Finite-Lived Intangible Assets [Line Items]
Lease termination fee		4,000,000
Proceeds from sale of property		16,000,000
Loss on sale of properties		25,700,000
Lease termination income		33,500,000
Lease Termination Impact | Office tenant [Member]
Finite-Lived Intangible Assets [Line Items]
Lease termination fee		35,000,000
Maximum [Member] | Equity Incentive Plan [Member]
Finite-Lived Intangible Assets [Line Items]
Number of restricted stock awards issued	9,000,000		9,000,000
Above and Below Market Leases | Lease Revenues, Net
Finite-Lived Intangible Assets [Line Items]
Acquired in-place leases and leasing fees	$ 1,180,000	944,000	$ 3,511,000	2,362,000
Acquired In-Place Leases | Depreciation and Amortization
Finite-Lived Intangible Assets [Line Items]
Acquired in-place leases and leasing fees	$ 10,224,000	$ 11,424,000	$ 25,574,000	$ 25,429,000

Significant Accounting Policies

Significant Accounting Policies - Summary of Impairment Charge (Detail) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022 USD ($) Customer	Sep. 30, 2021 USD ($) Customer	Sep. 30, 2022 USD ($) Customer	Sep. 30, 2021 USD ($) Customer
Impaired Long-Lived Assets Held and Used [Line Items]
Number of properties | Customer	(2)	4	3	5
Impairment charge | $	$ (4,155)	$ 25,989	$ 5,535	$ 28,001

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Summary of Components of Restricted Cash (Detail) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021	Sep. 30, 2021	Dec. 31, 2020
Cash and Cash Equivalents [Abstract]
Escrow funds and other	$ 6,449	$ 6,100
Restricted cash	$ 6,449	$ 6,100	$ 3,895	$ 10,242

Summary of Significant Accoun_6

Summary of Significant Accounting Policies - Summary of Rents Received in Advance (Detail) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Revenue from Contract with Customer [Abstract]
Rent received in advance	$ 21,328	$ 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	Sep. 30, 2022	Dec. 31, 2021
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Interest rate swap, assets	$ 66,602	$ 0
Interest rate swap, liabilities	0	(27,171)
Fair Value, Measurements, Recurring
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Interest rate swap, assets	66,602
Interest rate swap, liabilities		(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
Fair Value, Measurements, Recurring | Level 2
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Interest rate swap, assets	66,602
Interest rate swap, liabilities		(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

Summary of Significant Accoun_8

Summary of Significant Accounting Policies - Summary of Carrying Amount Reported on Condensed Consolidated Balance Sheets (Detail) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Summary Of Significant Accounting Policies [Abstract]
Carrying amount	$ 2,064,533	$ 1,699,160
Fair value	$ 1,855,849	$ 1,785,701

Related Party Transactions - Ad

Related Party Transactions - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended				9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Sep. 30, 2022	Sep. 30, 2021
Related Party Transaction [Line Items]
Issuance of shares of common stock, shares			11,659,000
Number of OP Units Issued During Period		1,611,358				1,859,257
Issuance of shares common stock upon conversion of OP units					118,400	2,887,278
Conversion of OP Units to shares of common stock					$ 1.9	$ 46.2
Number of OP units exchanged	118,000	1,723,000	1,127,000	38,000	118,400	2,887,278
Affiliated Entity [Member]
Related Party Transaction [Line Items]
Issuance of shares common stock upon conversion of OP units		1,029,565				2,049,439
Conversion of OP Units to shares of common stock		$ 16.6				$ 32.8
Number of OP units exchanged	0	1,029,565			0	2,049,439
Tranche One
Related Party Transaction [Line Items]
Issuance of shares of common stock, shares						1,088,977
Number of OP Units Issued During Period						1,859,257
Payment of cash at earnout milestone						$ 13

Internalization - Additional In

Internalization - Additional Information (Detail) - Merger Agreement $ in Millions	9 Months Ended
	Sep. 30, 2022 USD ($) Tranche
Internalization [Line Items]
Number of tranches | Tranche	4
VWAP per REIT Share Days	40 days
Maximum
Internalization [Line Items]
Additional consideration payable	$ 75
Tranche One
Internalization [Line Items]
Additional consideration payable	10
Tranche Two
Internalization [Line Items]
Additional consideration payable	15
Tranche Three
Internalization [Line Items]
Additional consideration payable	25
Tranche Four
Internalization [Line Items]
Additional consideration payable	$ 25

Internalization - Summary of Ea

Internalization - Summary of Earnout Tranches, Applicable VWAP of REIT Share and Applicable Earnout Period (Details) - USD ($) $ / shares in Units, $ in Thousands		3 Months Ended	9 Months Ended
		Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Internalization [Line Items]
Shares of Common stock issued			173,115,000		162,383,000
Op Units Issued		1,611,358		1,859,257
Tranche One
Internalization [Line Items]
Op Units Issued				1,859,257
Merger Agreement | Tranche One
Internalization [Line Items]
Shares of Common stock issued			145,000
Op Units Issued			248,000
Cash Paid	[1]		$ 1,926
40-Day VWAP of a REIT Share			$ 22.50
Achievement Date			Jun. 16, 2021
Merger Agreement | Tranche Two
Internalization [Line Items]
Shares of Common stock issued			218,000
Op Units Issued			371,000
Cash Paid	[1]		$ 2,888
40-Day VWAP of a REIT Share			$ 23.75
Achievement Date			Jul. 14, 2021
Merger Agreement | Tranche Three
Internalization [Line Items]
Shares of Common stock issued			363,000
Op Units Issued			620,000
Cash Paid			$ 4,117
40-Day VWAP of a REIT Share			$ 24.375
Achievement Date			Sep. 21, 2021
Merger Agreement | Tranche Four
Internalization [Line Items]
Shares of Common stock issued			363,000
Op Units Issued			620,000
Cash Paid			$ 4,117
40-Day VWAP of a REIT Share			$ 25
Achievement Date			Sep. 21, 2021
[1] Cash payments include amounts earned for dividends.

Acquisitions of Rental Proper_3

Acquisitions of Rental Property - Acquisitions of Rental Property Closed - (Detail) $ in Thousands																																																		9 Months Ended
	Nov. 02, 2022 USD ($) Property	Oct. 27, 2022 USD ($) Property	Oct. 19, 2022 USD ($) Property	Oct. 17, 2022 USD ($) Property	Oct. 12, 2022 USD ($) Property	Sep. 29, 2022 USD ($) Customer	Sep. 28, 2022 USD ($) Customer	Sep. 06, 2022 USD ($) Customer	Aug. 26, 2022 USD ($) Customer	Aug. 25, 2022 USD ($) Customer	Jul. 08, 2022 USD ($) Customer	Jul. 07, 2022 USD ($) Customer	Jul. 01, 2022 USD ($) Customer	Jun. 30, 2022 USD ($) Customer	Jun. 29, 2022 USD ($) Customer	Jun. 21, 2022 USD ($) Customer	Jun. 15, 2022 USD ($) Customer	Jun. 13, 2022 USD ($) Customer	Jun. 07, 2022 USD ($) Customer	May 16, 2022 USD ($) Customer	Apr. 19, 2022 USD ($) Customer	Apr. 13, 2022 USD ($) Customer	Apr. 12, 2022 USD ($) Customer	Mar. 31, 2022 USD ($) Customer	Mar. 04, 2022 USD ($) Customer	Feb. 28, 2022 USD ($) Customer	Feb. 15, 2022 USD ($) Customer	Feb. 10, 2022 USD ($) Customer	Jan. 07, 2022 USD ($) Customer	Sep. 30, 2021 USD ($) Customer	Sep. 29, 2021 USD ($) Customer	Sep. 24, 2021 USD ($) Customer	Sep. 17, 2021 USD ($) Customer	Sep. 08, 2021 USD ($) Customer	Aug. 23, 2021 USD ($) Customer	Jul. 30, 2021 USD ($) Customer	Jul. 29, 2021 USD ($) Customer	Jul. 21, 2021 USD ($) Customer	Jul. 02, 2021 USD ($)	Jun. 30, 2021 USD ($) Customer	Jun. 28, 2021 USD ($) Customer	Jun. 25, 2021 USD ($) Customer	Jun. 09, 2021 USD ($) Customer	Jun. 04, 2021 USD ($) Customer	Mar. 31, 2021 USD ($) Customer	Mar. 30, 2021 USD ($) Customer	Mar. 11, 2021 USD ($) Customer	Feb. 26, 2021 USD ($)	Feb. 05, 2021 USD ($) Customer	Sep. 30, 2022 USD ($) Customer		Sep. 30, 2021 USD ($) Customer
Business Acquisition [Line Items]
Number of Properties | Customer																														80																				69		80
Real Estate Acquisition Price																																																		$ 578,894	[1]	$ 511,704	[2]
Subsequent Event
Business Acquisition [Line Items]
Number of Properties | Property		15
Real Estate Acquisition Price		$ 283,136
Healthcare
Business Acquisition [Line Items]
Property Type										Healthcare					Healthcare																				Healthcare					Healthcare	Healthcare				Healthcare				Healthcare
Number of Properties | Customer										1					1																				1					7	4				3				1
Real Estate Acquisition Price										$ 9,219					$ 12,467																				$ 60,000					$ 30,750	$ 15,300				$ 14,140				$ 4,843
Restaurant
Business Acquisition [Line Items]
Property Type						Restaurant																		Restaurant																								Restaurant
Number of Properties | Customer						3																		16
Real Estate Acquisition Price						$ 12,823																		$ 99,587																								$ 181
Retail
Business Acquisition [Line Items]
Property Type								Retail				Retail	Retail				Retail	Retail	Retail	Retail	Retail		Retail		Retail		Retail		Retail			Retail	Retail	Retail			Retail	Retail		Retail		Retail		Retail		Retail	Retail
Number of Properties | Customer								1				1	2				1	1	1	1	1		1		6		1		2			1	1	2			3	1		1		8		2		11	13
Real Estate Acquisition Price								$ 1,411				$ 2,171	$ 3,052				$ 1,884	$ 1,638	$ 11,510	$ 2,264	$ 1,780		$ 1,680		$ 79,061		$ 1,341		$ 2,573			$ 2,456	$ 1,722	$ 8,901			$ 4,586	$ 5,565		$ 1,279		$ 12,131		$ 19,420		$ 41,324	$ 26,834
Retail | Subsequent Event
Business Acquisition [Line Items]
Property Type			Retail	Retail	Retail
Number of Properties | Property			1	2	1
Real Estate Acquisition Price			$ 1,743	$ 6,000	$ 1,743
Industrial
Business Acquisition [Line Items]
Property Type							Industrial		Industrial		Industrial			Industrial		Industrial						Industrial	Industrial			Industrial		Industrial															Industrial
Number of Properties | Customer							4		4		11			1		5						1	1			1		1															1
Real Estate Acquisition Price							$ 56,250		$ 44,000		$ 75,000			$ 29,500		$ 78,500						$ 16,250	$ 7,522			$ 5,678		$ 21,733															$ 8,500
Industrial | Subsequent Event
Business Acquisition [Line Items]
Property Type	Industrial				Industrial
Number of Properties | Property	4				7
Real Estate Acquisition Price	$ 38,650				$ 235,000
Industrial
Business Acquisition [Line Items]
Property Type																														Industrial	Industrial	Industrial				Industrial	Industrial		Industrial				Industrial
Number of Properties | Customer																														3	1	2				2	1						11									3
Real Estate Acquisition Price																														$ 59,343	$ 10,600	$ 48,699				$ 11,011	$ 13,041		$ 4,500				$ 106,578
[1] Acquisition price excludes capitalized acquisition costs of $ 5.2 million and a $ 17.4 million building expansion agreed to as a forward commitment in connection with a prior acquisition (see Note 18). Acquisition price excludes capitalized acquisition costs of $ 4.4 million.

Acquisitions of Rental Proper_4

Acquisitions of Rental Property - Acquisitions of Rental Property Closed (Parenthetical) - (Detail) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Business Combinations [Abstract]
Acquisition costs capitalized	$ 5.2	$ 4.4
Tenant's building expansion	$ 17.4

Acquisitions of Rental Proper_5

Acquisitions of Rental Property - Purchase Price Allocation for Real Estate Acquisitions (Detail) - USD ($) $ in Thousands		Sep. 30, 2022	Sep. 30, 2021
Business Acquisition [Line Items]
Non-real estate liabilities assumed		$ (8,051)	$ 0
Business combination, recognized identifiable assets acquired and liabilities assumed, assets		584,071	516,136	[1]
Land
Business Acquisition [Line Items]
Business combination, recognized identifiable assets acquired and liabilities assumed, property, plant, and equipment		101,278	72,829
Land Improvements
Business Acquisition [Line Items]
Business combination, recognized identifiable assets acquired and liabilities assumed, property, plant, and equipment		37,578	22,103
Buildings and Improvements
Business Acquisition [Line Items]
Business combination, recognized identifiable assets acquired and liabilities assumed, property, plant, and equipment		406,994	379,946
Acquired In-Place Leases
Business Acquisition [Line Items]
Business combination, recognized identifiable assets acquired and liabilities assumed, Intangible assets	[2]	(46,348)	(40,865)
Acquired Above-Market Lease
Business Acquisition [Line Items]
Business combination, recognized identifiable assets acquired and liabilities assumed, Intangible assets		0	(211)	[3]
Acquired Below-Market Leases
Business Acquisition [Line Items]
Business combination, recognized identifiable assets acquired and liabilities assumed, Intangible assets	[4]	(76)	0
Right-of-use asset
Business Acquisition [Line Items]
Business combination, recognized identifiable assets acquired and liabilities assumed, Intangible assets		0	(663)
Lease liability
Business Acquisition [Line Items]
Business combination, recognized identifiable assets acquired and liabilities assumed, Intangible assets		$ 0	$ (481)
[1] Excludes $ 17.4 million building expansion agreed to as a forward commitment in connection with a prior acquisition (see Note 18) The weighted average amortization period for acquired in-place leases is 20 years and 17 years for acquisitions completed during the nine months ended September 30, 2022 and 2021 , respectively. The weighted average amortization period for the acquired above-market leases is 10 years for acquisitions completed during the nine months ended September 30, 2021. There were no above-market leases acquired during the nine months ended September 30, 2022. The weighted average amortization period for acquired below-market leases is 9 years for acquisitions completed during the nine months ended September 30, 2022 . There were no below-market leases acquired during the nine months ended September 30, 2021 .

Acquisitions of Rental Proper_6

Acquisitions of Rental Property - Purchase Price Allocation for Real Estate Acquisitions (Parenthetical) - (Detail) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Business Acquisition [Line Items]
Tenant's building expansion	$ 17.4
Acquired In-Place Leases
Business Acquisition [Line Items]
Weighted average amortization period	20 years	17 years
Acquired Above-Market Lease
Business Acquisition [Line Items]
Weighted average amortization period	0 years	10 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		9 Months Ended
	Sep. 30, 2022 USD ($) Property	Sep. 30, 2021 USD ($) Property	Sep. 30, 2022 USD ($) Property	Sep. 30, 2021 USD ($) Property
Real Estate [Line Items]
Number of properties disposed | Property	1	6	5	25
Aggregate sale price	$ 1,727	$ 26,567	$ 18,828	$ 71,905
Aggregate carrying value	(1,557)	(24,244)	(12,692)	(58,817)
Gain on sale of real estate	61	1,220	5,328	9,791
Real Estate
Real Estate [Line Items]
Additional sales expenses	(109)	(1,103)	(808)	(3,297)
Gain on sale of real estate	$ 61	$ 1,220	$ 5,328	$ 9,791

Investment in Rental Property_3

Investment in Rental Property and Lease Arrangements - Additional Information (Detail)	9 Months Ended
	Sep. 30, 2022 PropertyNumber Property
Lessor Lease Description [Line Items]
Number of leased commercial properties owned | Property	790
Number of real estate properties under operating leases	777
Number of real estate properties under direct financing leases	9
Number of real estate properties under sales-type leases | Property	1
Number of real estate properties under direct financing leases that include land option	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	Sep. 30, 2022	Dec. 31, 2021
Property Subject To Or Available For Operating Lease [Line Items]
Rental property subject to non-cancelable operating leases, gross	$ 4,747,761	$ 4,205,191
Less accumulated depreciation	(505,456)	(430,141)
Accounted for using the operating method, net	$ 4,242,305	$ 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		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Leases [Abstract]
Depreciation	$ 29,142	$ 25,232	$ 83,530	$ 73,119

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	Sep. 30, 2022 USD ($)
Lessor, Operating Lease, Payments to be Received, Fiscal Year Maturity [Abstract]
Remainder of 2022	$ 91,352
2023	369,961
2024	369,585
2025	363,947
2026	354,818
Thereafter	2,941,041
Estimated lease payments to be received under non-cancelable operating leases	$ 4,490,704

Investment in Rental Property_7

Investment in Rental Property and Lease Arrangements - Net Investment in Direct Financing Leases (Detail) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Leases [Abstract]
Undiscounted estimated lease payments to be received	$ 39,032	$ 42,602
Estimated unguaranteed residual values	14,547	15,203
Unearned revenue	(26,326)	(28,893)
Reserve for credit losses	(125)	(130)
Net investment in direct financing leases	$ 27,128	$ 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	Sep. 30, 2022 USD ($)
Capital Leases, Future Minimum Payments Receivable, Fiscal Year Maturity [Abstract]
Remainder of 2022	$ 763
2023	3,114
2024	3,171
2025	3,285
2026	3,357
Thereafter	25,342
Undiscounted estimated lease payments to be received under non-cancelable direct financing leases	$ 39,032

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		9 Months Ended
		Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Leases [Abstract]
Contractual rental amounts billed for operating leases		$ 91,208	$ 78,886	$ 263,109	$ 227,142
Adjustment to recognize contractual operating lease billings on a straight-line basis		5,344	4,942	15,455	14,475
Net write-offs of accrued rental income		0	0	(1,326)	(442)
Variable rental amounts earned		309	130	786	335
Earned income from direct financing leases		719	726	2,163	2,184
Interest income from sales-type leases		14	14	43	43
Operating expenses billed to tenants		5,061	4,414	14,059	12,998
Other income from real estate transactions	[1]	874	33,515	1,050	33,548
Adjustment to revenue recognized for uncollectible rental amounts billed, net		(5)	150	39	(49)
Total Lease revenues, net		$ 103,524	$ 122,777	$ 295,378	$ 290,234
[1] Other income from real estate transactions includes $ 0.8 million and $ 33.5 million of lease termination fee income for the three and nine months ended September 30, 2022 and 2021, respectively.

Investment in Rental Propert_10

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) (Parenthetical) - (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Leases [Abstract]
Lease termination fee income	$ 0.8	$ 33.5	$ 0.8	$ 33.5

Intangible Assets and Liabili_3

Intangible Assets and Liabilities - Schedule of Intangible Assets and Liabilities (Detail) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Lease intangibles:
Intangible lease assets, net	$ 322,314	$ 303,642
Acquired below-market leases	105,293	105,310
Less accumulated amortization	(40,322)	(34,714)
Intangible lease liabilities, net	64,971	70,596
Leasing fees	14,465	14,786
Less accumulated amortization	(5,713)	(5,145)
Leasing fees, net	8,752	9,641
Acquired Above-Market Leases
Lease intangibles:
Intangible lease assets, gross	45,749	47,147
Less accumulated amortization	(17,742)	(16,807)
Intangible lease assets, net	28,007	30,340
Acquired In-Place Leases
Lease intangibles:
Intangible lease assets, gross	421,773	380,766
Less accumulated amortization	(127,466)	(107,464)
Intangible lease assets, net	$ 294,307	$ 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		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Finite Lived Intangible Assets [Line Items]
Acquired in-place leases and leasing fees	$ 2,300	$ 3,800	$ 2,300	$ 3,800
Acquired In-Place Leases | Depreciation and Amortization
Finite Lived Intangible Assets [Line Items]
Acquired in-place leases and leasing fees	10,224	11,424	25,574	25,429
Above and Below Market Leases | Lease Revenues, Net
Finite Lived Intangible Assets [Line Items]
Acquired in-place leases and leasing fees	$ 1,180	$ 944	$ 3,511	$ 2,362

Intangible Assets and Liabili_5

Intangible Assets and Liabilities - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization expense	$ 2.3	$ 3.8	$ 2.3	$ 3.8

Intangible Assets and Liabili_6

Intangible Assets and Liabilities - Schedule of Amortizable Intangible Assets (Detail) $ in Thousands	Sep. 30, 2022 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
Remainder of 2022	$ 6,865
2023	27,239
2024	26,430
2025	25,134
2026	23,783
Thereafter	156,644
Total	$ 266,095

Unsecured Credit Agreements - S

Unsecured Credit Agreements - Summary of Unsecured Credit Agreements (Detail) $ in Thousands			9 Months Ended
		Aug. 01, 2022 Reporting_unit	Sep. 30, 2022 USD ($)	Dec. 31, 2021 USD ($)
Debt Instrument [Line Items]
Debt instrument, interest rate			7.50%	5%
Total unsecured debt			$ 2,064,533	$ 1,699,160
Long-term Debt			2,064,533
Unsecured Debt
Debt Instrument [Line Items]
Long-term Debt			$ 1,958,282	1,592,472
Number of term loan | Reporting_unit		2
Unsecured Debt | 1 Month LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate	[1]		1%
Unsecured Debt | Term Loan [Member]
Debt Instrument [Line Items]
Total unsecured debt			$ 900,000	650,000
Debt issuance costs, net			(5,622)	(3,329)
Long-term Debt			894,378	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			(5,633)	(6,199)
Long-term Debt			$ 844,367	843,801
Unsecured Debt | Unsecured Revolving Credit Facility
Debt Instrument [Line Items]
Interest Rate			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			$ 219,537	102,000
Unsecured Debt | 2022 Unsecured Term Loan
Debt Instrument [Line Items]
Interest Rate			one-month LIBOR + 1.00% (c)
Maturity Date	[4]		2022-02
Total unsecured debt				60,000
Unsecured Debt | 2024 Unsecured Term Loan
Debt Instrument [Line Items]
Interest Rate			one-month LIBOR + 1.00% (c)
Maturity Date	[5]		2024-06
Total unsecured debt				190,000
Unsecured Debt | 2024 Unsecured Term Loan | 1 Month LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate	[1]		1%
Unsecured Debt | 2026 Unsecured Term Loan
Debt Instrument [Line Items]
Interest Rate			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%
Unsecured Debt | 2027 Unsecured Term Loan
Debt Instrument [Line Items]
Interest Rate			one-month adjusted SOFR + 0.95
Maturity Date			2027-08
Total unsecured debt			$ 200,000
Unsecured Debt | 2027 Unsecured Term Loan | SOFR
Debt Instrument [Line Items]
Basis spread on variable rate	[6]		0.95%
Unsecured Debt | 2029 Unsecured Term Loan
Debt Instrument [Line Items]
Interest Rate			one-month adjusted SOFR + 1.25% (d)
Maturity Date			2029-08
Total unsecured debt			$ 300,000
Unsecured Debt | 2029 Unsecured Term Loan | SOFR
Debt Instrument [Line Items]
Basis spread on variable rate	[6]		1.25%
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 September 30, 2022 and December 31, 2021 , one-month LIBOR was 3.14 % and 0.10 %, respectively. At September 30, 2022 , a balance of $ 146.5 million was subject to the one-month SOFR of 3.04 %. The remaining balance includes $ 100 million CAD borrowings remeasured to $ 73 million USD, which was subject to the one-month Canadian Dollar Offered Rate ("CDOR") of 3.76 %. At December 31, 2021, the applicable interest rate was one-month LIBOR plus 1.00 % The 2022 Unsecured Term Loan was paid in full in February 2022 with borrowings from the unsecured revolving credit facility. The 2024 Unsecured Term Loan was paid in full in August 2022 with borrowings from the 2027 Unsecured Term Loan and 2029 Unsecured Term Loan. At September 30, 2022 , one-month SOFR was 3.04 %.

Unsecured Credit Agreements -_2

Unsecured Credit Agreements - Summary of Unsecured Credit Agreements (Parenthetical) (Detail) $ in Thousands, $ in Millions		9 Months Ended	12 Months Ended
		Sep. 30, 2022 USD ($)	Dec. 31, 2021 USD ($)	Sep. 30, 2022 CAD ($)
Debt Instrument [Line Items]
Long-term Debt		$ 2,064,533
1 Month Secured Overnight
Debt Instrument [Line Items]
Interest rate		3.04%		3.04%
Unsecured Debt
Debt Instrument [Line Items]
Long-term Debt		$ 1,958,282	$ 1,592,472
Unsecured Debt | 1 Month LIBOR
Debt Instrument [Line Items]
Interest rate		3.14%	0.10%	3.14%
Basis spread on variable rate	[1]	1%
Unsecured Debt | 1 Month LIBOR | 2024 Unsecured Term Loan
Debt Instrument [Line Items]
Basis spread on variable rate	[1]	1%
Unsecured Debt | 1 Month LIBOR | 2026 Unsecured Term Loan
Debt Instrument [Line Items]
Basis spread on variable rate	[1]	1%
Unsecured Debt | 1 Month LIBOR | Revolving Credit Facilities
Debt Instrument [Line Items]
Basis spread on variable rate			1%
Unsecured Debt | 1 Month Canadian Dollar
Debt Instrument [Line Items]
Long-term Debt		$ 73,000		$ 100
Interest rate		3.76%		3.76%
Unsecured Debt | 1 Month Secured Overnight
Debt Instrument [Line Items]
Long-term Debt		$ 146,500
Interest rate		3.04%		3.04%
[1] At September 30, 2022 and December 31, 2021 , one-month LIBOR was 3.14 % and 0.10 %, respectively.

Unsecured Credit Agreements - A

Unsecured Credit Agreements - Additional Information (Detail) - USD ($) $ in Thousands				3 Months Ended		9 Months Ended		12 Months Ended
		Aug. 01, 2022	Jan. 28, 2022	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Debt Instrument [Line Items]
Weighted Average Fixed Rate				4.10%		4.10%
Total unsecured debt				$ 2,064,533		$ 2,064,533		$ 1,699,160
Debt Instrument, Interest Rate, Stated Percentage				7.50%		7.50%		5%
Debt Instrument Maturity Date			Mar. 31, 2026
Cost of debt extinguishment				$ (231)	$ (242)	$ (231)	$ (368)
Other Nonoperating Income (Expense)
Debt Instrument [Line Items]
Cost of debt extinguishment				(200)	200	(200)	300
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%
2027 Unsecured Term Loan
Debt Instrument [Line Items]
Unsecured debt		$ 200,000
Unsecured debt, term (years)		5 years
Unsecured debt, maturity year		2027
2027 Unsecured Term Loan | SOFR | Minimum
Debt Instrument [Line Items]
Basis spread on variable rate		0.80%
2027 Unsecured Term Loan | SOFR | Maximum
Debt Instrument [Line Items]
Basis spread on variable rate		1.60%
2029 Unsecured Term Loan [Member]
Debt Instrument [Line Items]
Unsecured debt		$ 300,000
Unsecured debt, term (years)		7 years
Unsecured debt, maturity year		2029
2029 Unsecured Term Loan [Member] | SOFR | Minimum
Debt Instrument [Line Items]
Basis spread on variable rate		1.15%
2029 Unsecured Term Loan [Member] | SOFR | Maximum
Debt Instrument [Line Items]
Basis spread on variable rate		2.20%
Unsecured Debt
Debt Instrument [Line Items]
Repayments of unsecured debt		$ 190,000
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
Unsecured Revolving Credit Facility [Member] | 2027 Unsecured Term Loan
Debt Instrument [Line Items]
Debt issuance costs				3,200
Unamortized debt issuance costs				3,200
Unsecured Revolving Credit Facility [Member] | 2029 Unsecured Term Loan [Member]
Debt Instrument [Line Items]
Debt issuance costs						7,000
Unamortized debt issuance costs						7,000
Unsecured Revolving Credit Facility [Member] | Unsecured Debt
Debt Instrument [Line Items]
Total unsecured debt				219,537		$ 219,537		$ 102,000
Basis spread on variable rate	[1],[2],[3]					0.85%
2026 Unsecured Term Loan | Unsecured Debt
Debt Instrument [Line Items]
Total unsecured debt				$ 400,000		$ 400,000		$ 400,000
2026 Unsecured Term Loan | Unsecured Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Debt issuance costs							5,000
Modification of Existing Debt
Debt Instrument [Line Items]
Debt issuance costs					3,400		$ 4,300
2031 Senior Unsecured Public Notes | Unsecured Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Debt issuance costs					$ 4,100
Interest Rate Swap
Debt Instrument [Line Items]
Weighted Average Fixed Rate				2.22%		2.22%
[1] At September 30, 2022 and December 31, 2021 , one-month LIBOR was 3.14 % and 0.10 %, respectively. At September 30, 2022 , a balance of $ 146.5 million was subject to the one-month SOFR of 3.04 %. The remaining balance includes $ 100 million CAD borrowings remeasured to $ 73 million USD, which was subject to the one-month Canadian Dollar Offered Rate ("CDOR") of 3.76 %. At December 31, 2021, the applicable interest rate was one-month LIBOR plus 1.00 %

Unsecured Credit Agreements -_3

Unsecured Credit Agreements - Summary of Debt Issuance Cost Amortization (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Debt Disclosure [Abstract]
Debt issuance costs amortization	$ 948	$ 962	$ 2,704	$ 2,832

Mortgages - Summary of Mortgage

Mortgages - Summary of Mortgages (Detail) - USD ($) $ in Thousands		9 Months Ended
		Sep. 30, 2022		Dec. 31, 2021
Debt Instrument [Line Items]
Debt instrument, interest rate		7.50%		5%
Carrying amount		$ 2,064,533		$ 1,699,160
Mortgages, net		94,753		96,846
Secured Debt
Debt Instrument [Line Items]
Carrying amount		94,996		97,160
Debt issuance costs, net		$ (243)		(314)
Wilmington Trust National Association, Due February 28 | Secured Debt
Debt Instrument [Line Items]
Origination Date	[1],[2],[3],[4]	2019-04
Maturity Date	[1],[2],[3],[4]	2028-02
Debt instrument, interest rate	[1],[2],[3],[4]	4.92%
Carrying amount	[1],[2],[3],[4]	$ 45,834		46,760
Wilmington Trust National Association, Due August 25 | Secured Debt
Debt Instrument [Line Items]
Origination Date	[1],[2],[4],[5]	2018-06
Maturity Date	[1],[2],[4],[5]	2025-08
Debt instrument, interest rate	[1],[2],[4],[5]	4.36%
Carrying amount	[1],[2],[4],[5]	$ 19,254		19,557
PNC Bank | Secured Debt
Debt Instrument [Line Items]
Origination Date	[1],[2]	2016-10
Maturity Date	[1],[2]	2026-11
Debt instrument, interest rate	[1],[2]	3.62%
Carrying amount	[1],[2]	$ 16,782		17,094
T2 Durham I, LLC | Secured Debt
Debt Instrument [Line Items]
Origination Date	[2],[6]	2021-07
Maturity Date	[2],[6]	2024-07
Interest Rate	[2],[6]	Greater of Prime + 1.25% or 5.00%
Carrying amount	[2],[6]	$ 7,500	[7]	7,500
T2 Durham I, LLC | Greater of Prime | Secured Debt | Maximum
Debt Instrument [Line Items]
Debt instrument, interest rate	[2],[6]	5%
T2 Durham I, LLC | Greater of Prime | Secured Debt | Minimum
Debt Instrument [Line Items]
Debt instrument, interest rate	[2],[6]	1.25%
Aegon | Secured Debt
Debt Instrument [Line Items]
Origination Date	[2],[8]	2012-04
Maturity Date	[2],[8]	2023-10
Debt instrument, interest rate	[2],[8]	6.38%
Carrying amount	[2],[8]	$ 5,626		$ 6,249
[1] Debt secured by guaranty of the OP. Debt secured by related rental property and lease rents. 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. Non-recourse debt includes the indemnification/guaranty of the Corporation and/or OP pertaining to fraud, environmental claims, insolvency, and other matters. 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. 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 September 30, 2022 and December 31, 2021, the interest rate was 7.50 % and 5.00 %, respectively. Mortgage was paid in full on October 6, 2022 (see Note 19). 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.

Mortgages - Summary of Mortga_2

Mortgages - Summary of Mortgages (Parenthetical) (Details)	9 Months Ended
	Sep. 30, 2022	Dec. 31, 2021
Debt Instrument [Line Items]
Debt instrument, interest rate	7.50%	5%
Prime Rate plus 1.25% | Maximum [Member]
Debt Instrument [Line Items]
Basis spread on variable rate	5%
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	Sep. 30, 2022 USD ($)
Debt Disclosure [Abstract]
Investment in rental property pledged as collateral	$ 158.5

Mortgages - Schedule of Estimat

Mortgages - Schedule of Estimated Future Principal Payments (Detail) $ in Thousands	Sep. 30, 2022 USD ($)
Debt Disclosure [Abstract]
Remainder of 2022	$ 743
2023	7,582
2024	9,760
2025	20,195
2026	636,380
Thereafter	1,389,873
Long-term Debt	$ 2,064,533

Interest Rate Swaps - Summary o

Interest Rate Swaps - Summary of Interest-rate Swap Agreements (Detail) $ in Thousands, $ in Millions		9 Months Ended
		Sep. 30, 2022 USD ($)		Sep. 30, 2022 CAD ($)	Dec. 31, 2021 USD ($)	Dec. 31, 2021 CAD ($)
Derivative [Line Items]
Notional Amount				$ 20		$ 40
Interest Rate Swap
Derivative [Line Items]
Notional Amount		$ 973,037			$ 640,000
Fair Value		$ 66,602			(27,171)
Interest Rate Swap | Wells Fargo Bank One
Derivative [Line Items]
Derivative, Maturity date		2024-10
Derivative, Fixed rate		2.72%		2.72%
Variable Rate Index		one-month LIBOR
Notional Amount		$ 15,000			15,000
Fair Value		$ 451			(702)
Interest Rate Swap | Capital One, National Association One
Derivative [Line Items]
Derivative, Maturity date		2024-12
Derivative, Fixed rate		1.58%		1.58%
Variable Rate Index		one-month LIBOR
Notional Amount		$ 15,000			15,000
Fair Value		$ 834			(241)
Interest Rate Swap | Regions Bank
Derivative [Line Items]
Derivative, Maturity date		2032-03
Derivative, Fixed rate		2.69%		2.69%
Variable Rate Index		one-month CDOR
Fair Value		$ 1,028
Interest Rate Swap | Bank of Montreal One
Derivative [Line Items]
Derivative, Maturity date		2025-01
Derivative, Fixed rate		1.91%		1.91%
Variable Rate Index		one-month LIBOR
Notional Amount		$ 25,000			25,000
Fair Value		$ 1,256			(649)
Interest Rate Swap | Truist Financial Corporation One
Derivative [Line Items]
Derivative, Maturity date		2025-04
Derivative, Fixed rate		2.20%		2.20%
Variable Rate Index		one-month LIBOR
Notional Amount		$ 25,000			25,000
Fair Value		$ 1,184			(905)
Interest Rate Swap | Bank of Montreal Two
Derivative [Line Items]
Derivative, Maturity date		2025-07
Derivative, Fixed rate		2.32%		2.32%
Variable Rate Index		one-month LIBOR
Notional Amount		$ 25,000			25,000
Fair Value		$ 1,189			(1,049)
Interest Rate Swap | Truist Financial Corporation Two
Derivative [Line Items]
Derivative, Maturity date		2025-07
Derivative, Fixed rate		1.99%		1.99%
Variable Rate Index		one-month LIBOR
Notional Amount		$ 25,000			25,000
Fair Value		$ 1,404			(767)
Interest Rate Swap | Truist Financial Corporation Three
Derivative [Line Items]
Derivative, Maturity date		2025-12
Derivative, Fixed rate		2.30%		2.30%
Variable Rate Index		one-month LIBOR
Notional Amount		$ 25,000			25,000
Fair Value		$ 1,346			(1,125)
Interest Rate Swap | Bank of Montreal Three
Derivative [Line Items]
Derivative, Maturity date		2026-01
Derivative, Fixed rate		1.92%		1.92%
Variable Rate Index		one-month LIBOR
Notional Amount		$ 25,000			25,000
Fair Value		$ 1,637			(760)
Interest Rate Swap | Bank of Montreal Four
Derivative [Line Items]
Derivative, Maturity date		2026-01
Derivative, Fixed rate		2.05%		2.05%
Variable Rate Index		one-month LIBOR
Notional Amount		$ 40,000			40,000
Fair Value		$ 2,463			(1,415)
Interest Rate Swap | Capital One, National Association Two
Derivative [Line Items]
Derivative, Maturity date		2026-01
Derivative, Fixed rate		2.08%		2.08%
Variable Rate Index		one-month LIBOR
Notional Amount		$ 35,000			35,000
Fair Value		$ 2,116			(1,274)
Interest Rate Swap | Truist Financial Corporation Five
Derivative [Line Items]
Derivative, Maturity date		2026-01
Derivative, Fixed rate		1.93%		1.93%
Notional Amount		$ 25,000			25,000
Fair Value		$ 1,631			(768)
Interest Rate Swap | Truist Financial Corporation Four
Derivative [Line Items]
Variable Rate Index		one-month LIBOR
Interest Rate Swap | Capital One, National Association Three
Derivative [Line Items]
Derivative, Maturity date		2026-04
Derivative, Fixed rate		2.68%		2.68%
Variable Rate Index		one-month LIBOR
Notional Amount		$ 15,000			15,000
Fair Value		$ 662			(941)
Interest Rate Swap | Capital One, National Association Four
Derivative [Line Items]
Derivative, Maturity date		2026-07
Derivative, Fixed rate		1.32%		1.32%
Variable Rate Index		one-month LIBOR
Notional Amount		$ 35,000			35,000
Fair Value		$ 3,250			(205)
Interest Rate Swap | Bank of Montreal Five
Derivative [Line Items]
Derivative, Maturity date		2026-12
Derivative, Fixed rate		2.33%		2.33%
Variable Rate Index		one-month LIBOR
Notional Amount		$ 10,000			10,000
Fair Value		$ 633			(538)
Interest Rate Swap | Bank of Montreal Six
Derivative [Line Items]
Derivative, Maturity date		2026-12
Derivative, Fixed rate		1.99%		1.99%
Variable Rate Index		one-month LIBOR
Notional Amount		$ 25,000			25,000
Fair Value		$ 1,913			(936)
Interest Rate Swap | Toronto-Dominion Bank
Derivative [Line Items]
Derivative, Maturity date		2027-03
Derivative, Fixed rate		2.46%		2.46%
Variable Rate Index		one-month CDOR
Notional Amount		$ 14,607	[1]
Fair Value		$ 744
Interest Rate Swap | Toronto Dominion Bank One Member
Derivative [Line Items]
Derivative, Maturity date		2029-08
Derivative, Fixed rate		2.58%		2.58%
Variable Rate Index		one-month SOFR
Notional Amount		$ 45,000			0
Fair Value		$ 2,851			0
Interest Rate Swap | Wells Fargo Bank Two
Derivative [Line Items]
Derivative, Maturity date		2027-04
Derivative, Fixed rate		2.72%		2.72%
Variable Rate Index		one-month LIBOR
Notional Amount		$ 25,000			25,000
Fair Value		$ 1,233			(1,887)
Interest Rate Swap | Bank of Montreal Seven
Derivative [Line Items]
Derivative, Maturity date		2027-12
Derivative, Fixed rate		2.37%		2.37%
Variable Rate Index		one-month LIBOR
Notional Amount		$ 25,000			25,000
Fair Value		$ 1,774			(1,570)
Interest Rate Swap | Capital One, National Association Five
Derivative [Line Items]
Derivative, Maturity date		2027-12
Derivative, Fixed rate		2.37%		2.37%
Variable Rate Index		one-month LIBOR
Notional Amount		$ 25,000			25,000
Fair Value		$ 1,742			(1,575)
Interest Rate Swap | Wells Fargo Bank Three
Derivative [Line Items]
Derivative, Maturity date		2028-01
Derivative, Fixed rate		2.37%		2.37%
Notional Amount		$ 75,000			75,000
Fair Value		$ 5,265			(4,741)
Interest Rate Swap | Wells Fargo Bank Four
Derivative [Line Items]
Variable Rate Index		one-month LIBOR
Interest Rate Swap | Bank of Montreal Eight
Derivative [Line Items]
Derivative, Maturity date		2029-05
Derivative, Fixed rate		2.09%		2.09%
Variable Rate Index		one-month LIBOR
Notional Amount		$ 25,000			25,000
Fair Value		$ 2,451			(1,316)
Interest Rate Swap | Regions Bank One
Derivative [Line Items]
Derivative, Maturity date		2029-05
Derivative, Fixed rate		2.11%		2.11%
Variable Rate Index		one-month LIBOR
Notional Amount		$ 25,000			25,000
Fair Value		$ 2,394			(1,356)
Interest Rate Swap | Regions Bank Two
Derivative [Line Items]
Derivative, Maturity date		2029-06
Derivative, Fixed rate		2.03%		2.03%
Variable Rate Index		one-month LIBOR
Notional Amount		$ 25,000			25,000
Fair Value		$ 2,511			(1,222)
Interest Rate Swap | U.S. Bank National Association
Derivative [Line Items]
Derivative, Maturity date		2029-06
Derivative, Fixed rate		2.03%		2.03%
Variable Rate Index		one-month LIBOR
Notional Amount		$ 25,000			25,000
Fair Value		$ 2,536			(1,220)
Interest Rate Swap | U S Bank National Association One
Derivative [Line Items]
Derivative, Maturity date		2029-08
Derivative, Fixed rate		2.58%		2.58%
Variable Rate Index		one-month SOFR
Notional Amount		$ 100,000			0
Fair Value		$ 6,231			0
Interest Rate Swap | U S Bank National Association Two
Derivative [Line Items]
Derivative, Maturity date		2029-08
Derivative, Fixed rate		2.65%		2.65%
Variable Rate Index		one-month SOFR
Notional Amount		$ 15,000			0
Fair Value		$ 880			0
Interest Rate Swap | Regions Bank Three
Derivative [Line Items]
Derivative, Maturity date		2029-08
Derivative, Fixed rate		2.58%		2.58%
Variable Rate Index		one-month SOFR
Notional Amount		$ 100,000			0
Fair Value		$ 6,137			0
Interest Rate Swap | U S Bank National Association Three
Derivative [Line Items]
Derivative, Maturity date		2029-08
Derivative, Fixed rate		1.35%		1.35%
Variable Rate Index		one-month LIBOR
Notional Amount		$ 25,000			25,000
Fair Value		$ 3,605			$ (9)
Interest Rate Swap | Us Bank National Association Four Member
Derivative [Line Items]
Derivative, Maturity date		2032-03
Derivative, Fixed rate		2.70%		2.70%
Variable Rate Index		one-month CDOR
Fair Value		$ 1,044
Interest Rate Swap | Bank of Montreal Nine
Derivative [Line Items]
Derivative, Maturity date		2034-03
Derivative, Fixed rate		2.81%		2.81%
Variable Rate Index		one-month CDOR
Fair Value		$ 2,207
Interest Rate Swap | CAD | Regions Bank
Derivative [Line Items]
Notional Amount	[1]	14,607
Interest Rate Swap | CAD | Us Bank National Association Four Member
Derivative [Line Items]
Notional Amount	[1]	14,607
Interest Rate Swap | CAD | Bank of Montreal Nine
Derivative [Line Items]
Notional Amount	[1]	$ 29,216
[1] The contractual notional amount is $ 20.0 million or $ 40.0 million CAD

Interest Rate Swaps - Summary_2

Interest Rate Swaps - Summary of Interest-rate Swap Agreements (Parenthetical) (Detail) $ in Thousands, $ in Millions	Sep. 30, 2022 USD ($)	Sep. 30, 2022 CAD ($)	Dec. 31, 2021 USD ($)	Dec. 31, 2021 CAD ($)
Derivative [Line Items]
Contractual notional amount		$ 20		$ 40
Interest Rate Swap
Derivative [Line Items]
Contractual notional amount	$ 973,037		$ 640,000

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		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Derivative [Line Items]
Total Interest Expense Presented in the Condensed Consolidated Statements of Income and Comprehensive Income (Loss)	$ 20,095	$ 15,611	$ 54,879	$ 47,149
Interest Rate Swap
Derivative [Line Items]
Amount of Gain (Loss) Recognized in Accumulated Other Comprehensive Income (Loss)	$ 40,039	$ 4,559	$ 93,772	$ 30,328
Reclassification from Accumulated Other Comprehensive Income (Loss), Location	Interest expense	Interest expense	Interest expense	Interest expense
Reclassification from Accumulated Other Comprehensive Income (Loss), Amount of Loss	$ 446	$ 4,085	$ 7,433	$ 12,140
Total Interest Expense Presented in the Condensed Consolidated Statements of Income and Comprehensive Income (Loss)	$ 20,095	$ 15,611	$ 54,879	$ 47,149

Interest Rate Swaps - Additiona

Interest Rate Swaps - Additional Information (Detail) $ in Millions	9 Months Ended
	Sep. 30, 2022 USD ($)
Derivative [Line Items]
Weighted Average Fixed Rate	4.10%
Accumulated losses reclassified to interest expense	$ 17.2
Interest Rate Swap
Derivative [Line Items]
Weighted Average Fixed Rate	2.22%

Non-Controlling Interests - Sch

Non-Controlling Interests - Schedule of OP Units Exchanged for Shares of Common Stock (Detail) - USD ($) $ in Thousands	3 Months Ended				9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Sep. 30, 2022	Sep. 30, 2021
Noncontrolling Interest [Line Items]
Value of units exchanged					$ 1,900	$ 46,200
Common Stock
Noncontrolling Interest [Line Items]
OP Units exchanged for shares of common stock	118,000	1,723,000			118,000	2,888,000
Additional Paid-in Capital
Noncontrolling Interest [Line Items]
Value of units exchanged	$ 1,926	$ 27,755	$ 17,859	$ 606	$ 1,926	$ 46,220

Non-Controlling Interests - Add

Non-Controlling Interests - Additional Information (Details) - shares	3 Months Ended	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2021
Noncontrolling Interest [Abstract]
Number of OP Units Issued During Period	1,611,358	1,859,257

Credit Risk Concentrations - Ad

Credit Risk Concentrations - Additional Information (Detail) - Customer	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Concentration Risk [Line Items]
Number of tenants or common franchises	0	0	0	0

Equity - Additional Information

Equity - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands			3 Months Ended						9 Months Ended
	Aug. 31, 2022	Jun. 28, 2021	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Sep. 30, 2022	Sep. 30, 2021
Equity [Line Items]
Issuance of shares of common stock, shares							11,659,000
Net proceeds from issuance of common stock									$ 222,829	$ 253,170
Follow-on equity offering
Equity [Line Items]
Issuance of shares of common stock, shares		11,500,000
Offering price		$ 23
Underwriting discounts and commissions		$ 10,600
Other equity offering expenses		400
Net proceeds from issuance of common stock		$ 253,500
ATM
Equity [Line Items]
Issuance of shares of common stock, shares						0				0
Common stock with an aggregate sales price			$ 145,400						145,400
Common Stock
Equity [Line Items]
Issuance of shares of common stock, shares	13,000,000		975,000	3,281,000	6,427,000	957,000		211,000
Offering price	$ 21.35
Net proceeds from issuance of common stock	$ 270,700
Common Stock | VWAP Earnout [Member]
Equity [Line Items]
Issuance of shares of common stock, shares						943,782				1,088,977
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 - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2022
Equity [Line Items]
Number of common shares issued	962	10,471
Weighted average sale price per share	$ 21.44	$ 21.66
Net proceeds	$ 20,248	$ 222,895
Gross proceeds	$ 20,626	$ 226,483

Stock-Based Compensation - Addi

Stock-Based Compensation - Additional Information (Detail) - $ / shares	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Jun. 30, 2022	Dec. 31, 2021	Jun. 30, 2021	Dec. 31, 2020
Restricted Stock Awards
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of shares of restricted stock	6,000	1,000	181,000	202,000
Weighted average grant date fair value per share, Granted	$ 22.67	$ 26.02	$ 21.44	$ 18.68
Unvested shares	397,000	374,000	397,000	374,000	392,000	372,000	378,000	341,000
Performance-based Restricted Stock Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of shares of restricted stock	2,000	0	124,000	132,000
Weighted average grant date fair value per share, Granted	$ 27.93		$ 27.93	$ 24.40
Unvested shares	233,000	110,000	233,000	110,000	231,000	110,000	110,000	0
2020 Equity Incentive Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Weighted average grant date fair value per share, Granted	$ 22.67	$ 26.02	$ 21.44	$ 18.68
2020 Equity Incentive Plan | Restricted Stock Awards
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of shares of restricted stock	6,175	178	181,088	201,273
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	2,141,000		124,024	132,189
Non-vested share awards percentage			50%
Vesting percentage payout schedule can produce			100%
Performance period			3 years
Percentage as rTSR of peer group			55%
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%
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%
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		9 Months Ended		12 Months Ended
		Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Compensation cost	[1]	$ 994	$ 701	$ 2,481	$ 3,124
Dividends declared on unvested RSAs		107	95	310	296
Grant date fair value of shares vested during the period		0	$ 0	3,209	$ 3,296
Unamortized value of RSAs		$ 5,935		$ 5,935		$ 4,715
Weighted average amortization period (in years)				2 years 4 months 24 days		2 years 4 months 24 days
[1] Includes $ 0.2 million and $ 0.3 million compensation cost recognized from RSAs granted to non-employee directors for the three and nine months ended September 30, 2022, respectively.

Stock-Based Compensation - Su_2

Stock-Based Compensation - Summary of RSAs (Parenthetical) (Details) - Restricted Stock Awards - USD ($) $ in Thousands		3 Months Ended		9 Months Ended
		Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Compensation cost	[1]	$ 994	$ 701	$ 2,481	$ 3,124
Non-Employee Directors [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Compensation cost		$ 200		$ 300
[1] Includes $ 0.2 million and $ 0.3 million compensation cost recognized from RSAs granted to non-employee directors for the three and nine months ended September 30, 2022, respectively.

Stock-Based Compensation - Su_3

Stock-Based Compensation - Summary of RSA Activity (Detail) - Restricted Stock Awards - $ / shares shares in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of Shares, Unvested at beginning of period	392	378	372	341
Number of Shares, Granted	6	1	181	202
Number of Shares, Vested	0	0	(146)	(164)
Number of Shares, Forfeited	(1)	(5)	(10)	(5)
Number of Shares, Unvested at end of period	397	374	397	374
Weighted Average Grant Date Fair Value per Share, Unvested at beginning of period	$ 20.33	$ 19.60	$ 19.62	$ 20.50
Weighted average grant date fair value per share, Granted	22.67	26.02	21.44	18.68
Weighted Average Grant Date Fair Value per Share, Vested	0	0	19.80	20.15
Weighted Average Grant Date Fair Value per Share, Forfeited	21.66	19.72	20.10	19.72
Weighted Average Grant Date Fair Value per Share, Unvested at end of period	$ 20.37	$ 19.61	$ 20.37	$ 19.61

Stock-Based Compensation - Su_4

Stock-Based Compensation - Summary of PRSUs (Detail) - Performance-based Restricted Stock Units - USD ($) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Compensation cost	$ 509	$ 223	$ 1,332	$ 520
Unamortized value of PRSUs	$ 4,027		$ 4,027		$ 1,931
Weighted average amortization period (in years)			2 years 1 month 6 days		2 years 2 months 12 days

Stock-Based Compensation - Su_5

Stock-Based Compensation - Summary of PRSU Activity (Detail) - Performance-based Restricted Stock Units - $ / shares shares in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of Shares, Unvested at beginning of period	231	110	110	0
Number of Shares, Granted	2	0	124	132
Number of Shares, Vested	0	0	0	0
Number of Shares, Forfeited	0	0	(1)	(22)
Number of Shares, Unvested at end of period	233	110	233	110
Weighted Average Grant Date Fair Value per Share, Unvested at beginning of period	$ 26.25	$ 24.40	$ 24.40	$ 0
Weighted average grant date fair value per share, Granted	27.93		27.93	24.40
Weighted Average Grant Date Fair Value per Share, Vested	0	0	0	0
Weighted Average Grant Date Fair Value per Share, Forfeited	0	0	27.93	24.40
Weighted Average Grant Date Fair Value per Share, Unvested at end of period	$ 26.27	$ 24.40	$ 26.27	$ 24.40

Earnings per Share - Summary of

Earnings per Share - Summary of Components used in Calculation of Basic and Diluted Earnings per Share (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands		3 Months Ended		9 Months Ended
		Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Basic earnings:
Net earnings attributable to Broadstone Net Lease, Inc. common shareholders		$ 27,109	$ 28,698	$ 87,383	$ 72,135
Less earnings allocated to unvested restricted shares		(108)	(95)	(310)	(296)
Net earnings used to compute basic earnings per common share		27,001	28,603	87,073	71,839
Diluted earnings:
Net earnings used to compute basic earnings per share		27,001	28,603	87,073	71,839
Net earnings attributable to non-controlling interests		1,600	1,824	5,319	5,167
Net earnings used to compute diluted earnings per common share		$ 28,601	$ 30,427	$ 92,392	$ 77,006
Weighted Average Number of Common Shares Outstanding		172,973	159,604	169,061	150,593
Less weighted average unvested restricted shares	[1]	(395)	(378)	(381)	(366)
Weighted average number of common shares outstanding used in basic earnings per common share		172,578	159,226	168,680	150,227
Effect of restricted stock units	[2]	180	219	166	172
Effects of convertible membership units	[3]	10,213	10,142	10,286	10,874
Weighted average number of common shares outstanding used in diluted earnings per common share		182,971	169,587	179,132	161,273
Basic earnings per share		$ 0.16	$ 0.18	$ 0.52	$ 0.48
Diluted earnings per share		$ 0.16	$ 0.18	$ 0.52	$ 0.48
[1] Represents the weighted average effects of 397,135 and 373,619 unvested restricted shares of common stock as of September 30, 2022 and 2021, respectively, which will be excluded from the computation of earnings per share until they vest. Represents the weighted average effects of shares of common stock to be issued as though the end of the period were the end of the performance period (see Note 15). Represents the weighted average effects of 10,204,806 and 10,370,417 OP Units outstanding at September 30, 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	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Earnings Per Share [Abstract]
Unvested restricted shares of common stock	397,135	373,619
Weighted average effects of OP Units outstanding	10,204,806	10,370,417

Supplemental Cash Flow Disclo_2

Supplemental Cash Flow Disclosures - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended				9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Sep. 30, 2022	Sep. 30, 2021
Supplemental Cash Flow Elements [Line Items]
Cash paid for interest					$ 46,200	$ 38,600
Cash paid for income taxes					900	1,100
Dividends payable	$ 49,900	$ 43,900			$ 49,900	$ 43,900
Issuance of shares common stock upon conversion of OP units					118,400	2,887,278
Conversion of OP Units to shares of common stock					$ 1,900	$ 46,200
Number Of Operating Units Exchanged	118,000	1,723,000	1,127,000	38,000	118,400	2,887,278
Additional Paid-in Capital
Supplemental Cash Flow Elements [Line Items]
Conversion of OP Units to shares of common stock	$ 1,926	$ 27,755	$ 17,859	$ 606	$ 1,926	$ 46,220
Common Stock
Supplemental Cash Flow Elements [Line Items]
Issuance of shares common stock upon conversion of OP units	118,000	1,723,000	1,127,000	38,000
Non-controlling Interests
Supplemental Cash Flow Elements [Line Items]
Conversion of OP Units to shares of common stock	$ (1,926)	$ (27,755)	$ (17,859)	$ (606)
OP | Additional Paid-in Capital
Supplemental Cash Flow Elements [Line Items]
Adjusted carrying value of non-controlling interests					$ 3,300	$ 31,500

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Detail) $ in Millions	9 Months Ended
	Sep. 30, 2022 USD ($)
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 Thousands			9 Months Ended
	Oct. 27, 2022	Oct. 14, 2022	Sep. 30, 2022	Sep. 30, 2021	Oct. 06, 2022	Dec. 31, 2021
Subsequent Event [Line Items]
Borrowings on unsecured revolving credit facility			$ 641,283	$ 216,600
Mortgages, net			94,753			$ 96,846
Fund for building expansion			33,000
Minimum | Unsecured Revolving Credit Facility
Subsequent Event [Line Items]
Borrowings on unsecured revolving credit facility			$ 259,000
Subsequent Event
Subsequent Event [Line Items]
Distribution paid		$ 49,500
Quarterly distribution per share	$ 0.275
Quarterly distribution declared date	Oct. 27, 2022
Quarterly distribution payable date	Jan. 13, 2023
Quarterly distribution date of record	Dec. 30, 2022
Acquisitions of rental property and associated intangible assets and liabilities	$ 283,100
Mortgages, net					$ 7,500