Broadstone Net Lease (BNL) 10-K 23 Feb 23 2022 FY Annual report Financial data

Cover Page

Cover Page - USD ($) $ in Billions	12 Months Ended
	Dec. 31, 2022	Feb. 17, 2023	Jun. 30, 2022
Cover [Abstract]
Document Type	10-K
Amendment Flag	false
Document Period End Date	Dec. 31, 2022
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	FY
Entity Registrant Name	BROADSTONE NET LEASE, INC.
Entity Central Index Key	0001424182
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	Yes
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Filer Category	Large Accelerated Filer
Entity Shell Company	false
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Public Float			$ 3.5
Title of 12(b) Security	Common Stock, $0.00025 par value
Trading Symbol	BNL
Security Exchange Name	NYSE
Entity Common Stock, Shares Outstanding		186,296,094
Securities Act 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 Annual Report	true
Document Transition Report	false
Entity Interactive Data Current	Yes
ICFR Auditor Attestation Flag	true
Documents Incorporated by Reference [Text Block]	Part III, Items 10, 11, 12, 13, and 14 of this annual report incorporate by reference certain specific portions of Broadstone Net Lease, Inc.’s definitive proxy statement for its 2023 Annual Meeting of Stockholders, which w ill be filed with the Securities and Exchange Commission no later than 120 days after the end of the registrant’s fiscal year. Only those portions of the proxy statement that are specifically incorporated by reference herein shall constitute a part of this Annual Report on Form 10-K.
Auditor Name	Deloitte & Touche LLP
Auditor Firm ID	34
Auditor Location	New York

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Assets
Total accounted for using the operating method	$ 5,008,230	$ 4,205,191
Less accumulated depreciation	(533,965)	(430,141)
Accounted for using the operating method, net	4,474,265	3,775,050
Accounted for using the direct financing method	27,045	28,782
Accounted for using the sales-type method	571	571
Investment in rental property, net	4,501,881	3,804,403
Cash and cash equivalents	21,789	21,669
Accrued rental income	135,666	116,874
Tenant and other receivables, net	1,349	1,310
Prepaid expenses and other assets	49,661	17,275
Interest rate swap, assets	63,390	0
Goodwill	339,769	339,769
Intangible lease assets, net	329,585	303,642
Debt issuance costs—unsecured revolving credit facility, net	6,013	4,065
Leasing fees, net	8,506	9,641
Total assets	5,457,609	4,618,648
Liabilities and equity
Unsecured revolving credit facility	197,322	102,000
Mortgages, net	86,602	96,846
Unsecured term loans, net	894,692	646,671
Senior unsecured notes, net	844,555	843,801
Interest rate swap, liabilities	0	27,171
Earnout liability
Accounts payable and other liabilities	47,547	38,038
Dividends payable	54,460	45,914
Accrued interest payable	7,071	6,473
Intangible lease liabilities, net	62,855	70,596
Total liabilities	2,195,104	1,877,510
Commitments and contingencies (See Note 19)
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, 186,114 and 162,383 shares issued and outstanding at December 31, 2022 and 2021, respectively	47	41
Additional paid-in capital	3,419,395	2,924,168
Cumulative distributions in excess of retained earnings	(386,049)	(318,476)
Accumulated other comprehensive loss	59,525	(28,441)
Total Broadstone Net Lease, Inc. stockholders' equity	3,092,918	2,577,292
Non-controlling interests	169,587	163,846
Total equity	3,262,505	2,741,138
Total liabilities and equity	5,457,609	4,618,648
Land
Assets
Total accounted for using the operating method	768,667	655,374
Land Improvements
Assets
Total accounted for using the operating method	340,385	295,329
Buildings and Improvements
Assets
Total accounted for using the operating method	3,888,756	3,242,618
Equipment
Assets
Total accounted for using the operating method	$ 10,422	$ 11,870

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Dec. 31, 2022	Dec. 31, 2021
Preferred stock, par value	$ 0.001	$ 0.001
Preferred stock, shares authorized	20,000,000	20,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value	$ 0.00025	$ 0.00025
Common stock, shares authorized	500,000,000	500,000,000
Common stock, shares issued	186,114,000	186,114,000
Common stock, shares outstanding	162,383,000	162,383,000

Consolidated Statements of Inco

Consolidated Statements of Income and Comprehensive Income - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Revenues
Lease revenues, net	$ 407,513	$ 382,876	$ 321,637
Operating expenses
Depreciation and amortization	154,807	132,096	132,685
Property and operating expense	21,773	18,459	17,478
General and administrative	37,375	36,366	27,988
Provision for impairment of investment in rental properties	5,535	28,208	19,077
Total operating expenses	219,490	215,129	200,964
Other income (expenses)
Interest income	44	17	24
Interest expense	(78,652)	(64,146)	(76,138)
Cost of debt extinguishment	(308)	(368)	(417)
Gain on sale of real estate	15,953	13,523	14,985
Income taxes	(1,275)	(1,644)	(939)
Internalization expenses	0	0	(3,705)
Change in fair value of earnout liability	0	(5,539)	1,800
Other income (expenses)	5,690	(62)	(7)
Net income	129,475	109,528	56,276
Net income attributable to non-controlling interests	(7,360)	(7,102)	(5,095)
Net income attributable to Broadstone Net Lease, Inc.	$ 122,115	$ 102,426	$ 51,181
Weighted average number of common shares outstanding
Basic	169,840	153,057	117,150
Diluted	180,201	163,970	128,799
Net earnings per share attributable to common stockholders
Basic earnings per share	$ 0.72	$ 0.67	$ 0.44
Diluted earnings per share	$ 0.72	$ 0.67	$ 0.44
Comprehensive income
Net income	$ 129,475	$ 109,528	$ 56,276
Other comprehensive income
Change in fair value of interest rate swaps	90,560	39,353	(50,544)
Realized loss (gain) on interest rate swaps	2,514	698	(166)
Comprehensive income	222,549	149,579	5,566
Comprehensive income attributable to non-controlling interests	(12,700)	(9,831)	(554)
Comprehensive income attributable to Broadstone Net Lease, Inc.	209,849	139,748	5,012
Asset Management Fees
Operating expenses
Property management fees	0	0	2,461
Property Management Fees
Operating expenses
Property management fees	$ 0	$ 0	$ 1,275

Consolidated Statements of Stoc

Consolidated Statements of Stockholders' Equity and Mezzanine Equity - USD ($) $ in Thousands	Total	Total Shareholders Equity	Mezzanine Equity Common Stock	Mezzanine Equity Non-controlling Interests	Common Stock	Common Stock Class A Common Stock	Additional Paid-in Capital	Additional Paid-in Capital Non Related Party	Cumulative Distributions in Excess of Retained Earnings	Accumulated Other Comprehensive (Loss)/Income	Non-controlling Interests
Beginning Balance at Dec. 31, 2019	$ 1,779,020				$ 26		$ 1,895,935		$ (208,261)	$ (20,086)	$ 111,406
Cumulative effect of accounting change (see Note 2)	(323)								(323)
Net income	56,276								51,181		3,647
Issuance of shares of common stock	6,795						6,795
Stock-based compensation	1,989						1,989
Issuance of shares of Class A common stock	629,000					$ 9	628,991
Issuance of mezzanine equity non-controlling interests	112,159			$ 112,159
Offering costs, discounts, and commissions	(40,750)						(40,750)
Adjustments to carrying value of mezzanine equity non-controlling interests	(2,513)						(2,513)				2,513
Reclassification of portion of earnout liability	30,810						11,380				19,430
Repurchase of fractional shares of common stock	(35)						(35)
Repurchase of OP Units	(91)										(91)
Distributions declared	(109,693)								(102,270)		(7,423)
Change in fair value of interest rate swap agreements	(50,544)	$ (48,868)								(46,018)	(2,850)
Realized gain on interest rate swap agreements	(162)									(151)	(11)
Reclassification of shares of mezzanine equity common stock to shares of common stock	66,376				1		66,375
Reclassification of mezzanine equity non-controlling interests to non-controlling interests	112,698										112,698
Conversion of OP Units to shares of common stock	15,600						15,631				(15,631)
Net income	1,448			1,448
Issuance shares of mezzanine equity common stock	66,376		$ 66,376
Adjustments to carrying value of mezzanine equity non-controlling interests	2,513			2,513
Distributions declared	(1,742)			(1,742)
Change in fair value of interest rate swap agreements	(1,676)			(1,676)
Realized gain on interest rate swap agreements	(4)			(4)
Reclassification of shares of mezzanine equity common stock to shares of common stock	(66,376)		$ (66,376)
Reclassification of mezzanine equity non-controlling interests to non-controlling interests	(112,698)			$ (112,698)
Adjustment to non-controlling interests							41,199				(41,199)
Ending Balance at Dec. 31, 2020					27	9	2,624,997		(259,673)	(66,255)	179,976
Net income	109,528								102,426		7,102
Issuance of shares of common stock	293,732				4		293,728
Offering costs, discounts, and commissions	(12,290)						(12,290)
Stock based compensation net of seven shares of restricted stock forfeited	4,668						4,668
Retirement of shares of restricted common stock	(1,215)						(1,215)
Conversion of Class A common stock to shares of common stock					9	$ (9)
Conversion of OP Units to shares of common stock with a related party					1		32,761				(32,762)
Distributions declared	(172,417)								(161,229)		(11,188)
Change in fair value of interest rate swap agreements	39,353									36,664	2,689
Conversion of OP Units to shares of common stock	47,000						46,968	$ 14,206			(14,206)
Realized gain on interest rate swap agreements	698									658	40
Adjustment to non-controlling interests							(32,687)			492	32,195
Ending Balance at Dec. 31, 2021	2,741,138				41		2,924,168		(318,476)	(28,441)	163,846
Net income	129,475								122,115		7,360
Issuance of shares of common stock	503,448				6		503,442
Offering costs, discounts, and commissions	(7,575)						(7,575)
Stock-based compensation, net of ten shares of restricted stock forfeited	5,316						5,316
Retirement of shares of restricted common stock	(1,301)						(1,301)
Distributions declared	(201,070)								(189,688)		(11,382)
Change in fair value of interest rate swap agreements	90,560									85,363	5,197
Conversion of OP Units to shares of common stock	1,900						1,926				(1,926)
Realized gain on interest rate swap agreements	2,514									2,371	143
Adjustment to non-controlling interests							(6,581)			232	6,349
Ending Balance at Dec. 31, 2022	$ 3,262,505				$ 47		$ 3,419,395		$ (386,049)	$ 59,525	$ 169,587

Consolidated Statements of St_2

Consolidated Statements of Stockholders' Equity and Mezzanine Equity (Parenthetical) - $ / shares	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Issuance of mezzanine equity non-controlling interests, shares			5,278,000
Issuance of Share of restricted stock forfeited	10,000	7,000
Retirement shares of restricted common stock, shares	59,000	64,000
Issuance of shares common stock upon conversion of OP units	118,400	2,934,489	822,745
Reclassification of mezzanine equity non-controlling interests to non-controlling interests shares			5,278,000
Number of OP units exchanged	118,400	2,934,489	822,745
Common Stock
Issuance of shares of common stock, shares	23,682,000	13,910,000	659,000
Issuance of shares of mezzanine equity common stock, shares			3,124,000
Issuance of shares common stock upon conversion of OP units	118,000	2,049,000	822,000
Reclassification of mezzanine equity common stock to common stock			3,124,000
Number of OP units exchanged		2,049,000	822,000
Distribution declared per share	$ 1.080	$ 1.025	$ 0.825
Conversion of Class A Common Stock to Common stock		37,000,000
Conversion of OP Units to Common Stock		886,000
Class A Common Stock
Issuance of shares of common stock, shares			37,000,000
Conversion of Class A Common Stock to Common stock		37,000,000
OP units [Member]
Partners' Capital Account, Units, Sale of Units		1,859,000
Conversion of OP Units to Common Stock		886,000

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Operating activities
Net income	$ 129,475	$ 109,528	$ 56,276
Adjustments to reconcile net income including non-controlling interest to net cash provided by operating activities:
Depreciation and amortization including intangibles associated with investment in rental property	149,998	128,888	131,568
Provision for impairment of investment in rental properties	5,535	28,208	19,077
Amortization of debt issuance costs and original issuance discounts charged to interest expense	3,588	3,721	3,303
Stock-based compensation expense	5,316	4,669	1,989
Straight-line rent, direct financing and sales-type lease adjustments	(20,494)	(18,362)	(19,817)
Cost of debt extinguishment	308	368	417
Gain on sale of real estate	(15,953)	(13,523)	(14,985)
Change in fair value of earnout liability	0	5,539	(1,800)
Cash paid for earnout liability	0	(6,440)	0
Settlement of interest rate swaps	0	(5,580)	0
Other non-cash items	(2,166)	1,454	457
Changes in assets and liabilities, net of acquisition:
Tenant and other receivables	659	776	(670)
Prepaid expenses and other assets	199	350	(3,868)
Accounts payable and other liabilities	(1,149)	2,891	6,652
Accrued interest payable	598	2,450	429
Net cash provided by operating activities	255,914	244,937	179,028
Investing activities
Acquisition of rental property accounted for using the operating method	(884,770)	(665,030)	(94,808)
Acquisition of rental property accounted for using the sales-type method	0	0	(574)
Cash paid for Internalization	0	0	(30,861)
Capital expenditures and improvements	(31,374)	(1,598)	(10,806)
Proceeds from disposition of rental property, net	56,438	83,812	77,513
Change in deposits on investments in rental property	63	512	(700)
Net cash used in investing activities	(859,643)	(582,304)	(60,236)
Financing activities
Proceeds from issuance of common stock and Class A common stock, net of $7,492, $12,270 and $40,674 of offering costs, discounts, and commissions in 2022, 2021 and 2020, respectively	495,566	280,356	588,457
Repurchase of fractional shares of common stock and OP Units	0	0	(126)
Borrowings on mortgages, senior unsecured notes and unsecured term loans	500,000	381,810	60,000
Principal payments on mortgages and unsecured term loans	(260,303)	(332,874)	(394,666)
Borrowings on unsecured revolving credit facility	900,283	356,600	192,000
Repayments on unsecured revolving credit facility	(800,000)	(254,600)	(389,300)
Cash distributions paid to stockholders	(181,224)	(154,459)	(71,532)
Cash distributions paid to non-controlling interests	(11,312)	(11,302)	(7,079)
Cash paid for earnout liability	0	(6,608)	0
Debt issuance and extinguishment costs paid	(7,010)	(4,515)	(6,129)
Net cash provided by (used in) financing activities	636,000	254,408	(28,375)
Net increase (decrease) in cash and cash equivalents and restricted cash	32,271	(82,959)	90,417
Cash and cash equivalents and restricted cash at beginning of period	27,769	110,728	20,311
Cash and cash equivalents and restricted cash at end of period	60,040	27,769	110,728
Reconciliation of cash and cash equivalents and restricted cash
Cash and cash equivalents at beginning of period	21,669	100,486	12,455
Restricted cash at beginning of period	6,100	10,242	7,856
Cash and cash equivalents and restricted cash at beginning of period	60,040	27,769	110,728
Cash and cash equivalents at end of period	21,789	21,669	100,486
Restricted cash at end of period	38,251	6,100	10,242
Cash and cash equivalents and restricted cash at end of period	$ 60,040	$ 27,769	$ 110,728

Consolidated Statements of Ca_2

Consolidated Statements of Cash Flows (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Offering costs,discounts, and commissions	$ 7,492	$ 12,270	$ 40,674

Business Description

Business Description	12 Months Ended
	Dec. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Business Description	1. Business Description Broadstone Net Lease, Inc. (the “Corporation”) is a Maryland corporation formed on October 18, 2007 , that elected to be taxed as a real estate investment trust (“REIT”) commencing with the taxable year ended December 31, 2008. The Corporation focuses on investing in income-producing, net leased commercial properties, primarily in the United States. The Corporation leases industrial, healthcare, restaurant, retail, and office commercial properties under long-term lease agreements. At December 31, 2022 , the Corporation owned a diversified portfolio of 804 individual commercial properties with 797 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 remaining membership units in the OP (“OP Units”), which are referred to as non-controlling interests, are held by members who were issued OP Units pursuant to the Internalization (defined below) or in exchange for their interests in properties acquired by the OP. As the Corporation conducts substantially all of its operations through the OP, it is structured as what is referred to as an umbrella partnership real estate investment trust (“UPREIT”). The Corporation, the OP, and its consolidated subsidiaries are collectively referred to as the “Company.” Prior to February 7, 2020, the Corporation was externally managed by Broadstone Real Estate, LLC (“BRE”) and Broadstone Asset Management, LLC (the “Asset Manager”) subject to the direction, oversight, and approval of the Company’s board of directors (the “Board of Directors”). The Asset Manager was a wholly owned subsidiary of BRE and all of the Corporation’s officers were employees of BRE. Accordingly, both BRE and the Asset Manager were related parties of the Company. Refer to Note 3 for further discussion concerning related parties and related party transactions. On February 7, 2020, the Corporation, the OP, BRE, and certain of their respective subsidiaries and affiliates completed through a series of mergers (the “Mergers”) the internalization of the external management functions previously performed for the Corporation and the OP by BRE and the Asset Manager (such transactions, collectively, the “Internalization”). Upon consummation of the Internalization, the Company’s management team and corporate staff, who were previously employed by BRE, became employees of an indirect subsidiary of the OP and the Company became internally managed. Upon Internalization, the prior Property Management Agreement and Asset Management Agreement (defined in Note 3) were terminated. The Internalization was not considered a “Termination Event” under the terms of either agreement and therefore no fees were paid under them as a result of the Internalization. On September 18, 2020, the Corporation effected a four-for-one stock split on its then outstanding 26,943,587 shares of common stock (“Common Stock”) that previously had a $ 0.001 par value. Concurrent with the stock split, the OP effected a four -for-one stock split of its outstanding OP Units. No fractional shares or OP Units were issued as a result of the stock split. All historic share and per share amounts in these Consolidated Financial Statements have been adjusted to give retroactive effect to the stock split. On September 21, 2020, the Corporation completed its initial public offering (“IPO”) and issued an aggregate of 37,000,000 shares of a new class of common stock, $ 0.00025 par value per share (“Class A Common Stock”) at $ 17.00 per share, which includes shares issued pursuant to the underwriters’ partial exercise of their over-allotment option on October 20, 2020, pursuant to a registration statement on Form S-11 (File No. 333-240381), as amended, under the Securities Act of 1933. Shares of Class A Common Stock were listed on the New York Stock Exchange (“NYSE”) under the symbol “BNL.” On March 20, 2021, each share of Class A Common Stock automatically converted into one share of Common Stock, and effective March 22, 2021, all shares of Common Stock were listed and freely tradeable on the NYSE under the symbol “BNL.” See Note 14. The following table summarizes the outstanding equity and economic ownership interest of the Corporation and the OP: December 31, 2022 December 31, 2021 December 31, 2020 (in thousands) Shares of OP Total Diluted Shares Shares of OP Total Diluted Shares Shares of OP Total Diluted Shares Ownership interest 186,114 10,205 196,319 162,383 10,323 172,706 145,609 11,399 157,008 Percent Ownership 94.8 % 5.2 % 100.0 % 94.0 % 6.0 % 100.0 % 92.7 % 7.3 % 100.0 % Refer to Note 16 for further discussion regarding the calculation of weighted average shares outstanding.

Summary of Significant Accounti

Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2022
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	2. Summary of Significant Accounting Policies Principles of Consolidation The 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 Consolidated Financial Statements have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”). Use of Estimates The preparation of 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 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. Investment in Rental Property Rental property accounted for under operating leases is recorded at cost. Rental property accounted for under direct financing leases and sales-type leases are recorded at its net investment, which generally represents the cost of the property at the inception of the lease. The Company accounts for its acquisitions of real estate as asset acquisitions in accordance with Accounting Standards Codification (“ASC”) 805, Business Combinations , as substantially all of the fair value of the assets acquired are concentrated in a single identifiable asset or group of similar identifiable assets. The Company allocates the purchase price of investments in rental property accounted for as asset acquisitions based on the relative fair value of the assets acquired and liabilities assumed. These generally include tangible assets, consisting of land and land improvements, buildings and other improvements, and equipment, and identifiable intangible assets and liabilities, including the value of in-place leases and acquired above-market and below-market leases. Acquisition costs incurred in connection with investments in real estate accounted for as asset acquisitions are capitalized and included with the allocated purchase price. The results of operations of acquired properties are included in the Consolidated Statements of Income and Comprehensive Income from the respective date of acquisition. Estimated fair value determinations are based on management’s judgment, which considers various factors including real estate market conditions, industry conditions that the tenant operates in, and characteristics of the real estate and/or real estate appraisals. The estimated fair value of the tangible assets of an acquired property is determined by valuing the property as if it were vacant. The as-if-vacant value is then allocated to land and land improvements, buildings, and equipment based on comparable sales and other relevant information with respect to the property as estimated by management. Specifically, the “if vacant” value of buildings and equipment is calculated using an income approach. Assumptions used in the income approach to value the buildings include: capitalization and discount rates, lease-up time, market rents, make ready costs, land value, and land improvement value. The estimated fair value of acquired in-place leases are the costs that the Company would have had to incur to lease the properties to the occupancy level of the properties at the date of acquisition. Such costs include the fair value of leasing commissions and other operating costs that would have been incurred to lease the properties, had they been vacant, to their acquired occupancy level. Acquired in-place leases as of the date of acquisition are amortized over the remaining non-cancellable lease terms of the respective leases to amortization expense. Acquired above-market and below-market lease values are recorded based on the present value (using an interest rate that reflects the risks associated with the lease acquired) of the differences between the contractual amounts to be paid pursuant to the in-place leases and management’s estimate of fair market value lease rates at the time of acquisition for the corresponding in-place leases. The capitalized above-market and below-market lease values are amortized as adjustments to lease revenue over the remaining term of the respective leases. Should a tenant terminate its lease, the unamortized portion of the in-place lease value is charged to amortization expense and the unamortized portion of above-market or below-market lease value is charged to lease revenue. Management estimates the fair value of assumed mortgages payable based upon indications of then-current market pricing for similar types of debt with similar maturities. Assumed mortgages are initially recorded at their estimated fair value as of the assumption date, and the difference between such estimated fair value and the notes’ outstanding principal balance is amortized to interest expense over the remaining term of the debt. Expenditures for significant betterments and improvements are capitalized. Maintenance and repairs are charged to expense when incurred. 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 December 31, 2022, 2021, and 2020 , 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 Year Ended (in thousands, except number of properties) 2022 2021 2020 Number of properties 3 7 7 Impairment charge $ 5,535 $ 28,208 $ 19,077 During the year ended December 31, 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. As a result, the $ 35.0 million cash receipt was not able to be factored into the properties’ future undiscounted cash flows, resulting in a $ 25.7 million impairment charge in the 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 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. Remaining impairments recognized during the year ended December 31, 2021 were immaterial. During the year ended December 31, 2020, impairment indicators primarily included changes in the Company’s long-term hold strategy with respect to the individual properties, which was due in part to unfavorable market trends resulting from the COVID-19 pandemic in geographic areas where the Company had vacant properties marketed for re-lease or sale. Impairments recognized during the year ended December 31, 2022 were immaterial. Investments in Rental Property Held for Sale The Company classifies investments in rental property as held for sale when all of the following criteria are met: (i) management commits to a plan to sell the property, (ii) the property is available for immediate sale in its present condition, subject only to terms that are usual and customary for sales of investment properties, (iii) an active program to locate a buyer and conduct other actions required to complete the sale has been initiated, (iv) the sale of the property is probable in occurrence and is expected to qualify as a completed sale, (v) the property is actively marketed for sale at a sale price that is reasonable in relation to its fair value, and (vi) actions required to complete the sale indicate that it is unlikely that any significant changes will be made or that the plan to sell will be withdrawn. For properties classified as held for sale, the Company suspends depreciation and amortization of the related assets, including the acquired in-place lease and above- or below-market lease intangibles, as well as straight-line revenue recognition of the associated lease, and records the investment in rental property at the lower of cost or net realizable value. The assets and liabilities associated with the properties classified as held for sale are presented separately on the Consolidated Balance Sheets for the most recent reporting period. At December 31, 2022 and 2021 , the Company did not have any properties that met the held for sale criteria. Sales of Real Estate Under ASC 610-20, Other Income – Gains and Losses from the Derecognition of Nonfinancial Assets, the Company’s sales of real estate are generally considered to be sales to non-customers, requiring the Company to identify each distinct non-financial asset promised to the buyer. The Company determines whether the buyer obtains control of the non-financial assets, achieved through the transfer of the risks and rewards of ownership of the non-financial assets. If control is transferred to the buyer, the Company derecognizes the asset. If the Company determines that it did not transfer control of the non-financial assets to the buyer, the Company analyzes the contract for separate performance obligations and allocates a portion of the sales price to each performance obligation. As performance obligations are satisfied, the Company recognizes the respective income in the Consolidated Statements of Income and Comprehensive Income. The Company presents discontinued operations if disposals of properties represent a strategic shift in operations. Those strategic shifts would need to have a major effect on the Company’s operations and financial results in order to meet the definition. For the years ended December 31, 2022, 2021, and 2020 , the Company did not have property dispositions that qualified as discontinued operations. Depreciation Depreciation is computed using the straight-line method over the estimated useful lives of the related assets, which are as follows: Land improvements 15 years Buildings and improvements 15 to 39 years Equipment 7 years Leasing Fees Leasing fees represent costs incurred to lease properties to tenants and are capitalized as they are incremental costs of a lease that would not have been incurred if the lease had not been obtained. Leasing fees are amortized using the straight-line method over the term of the lease to which they relate, which range from 4 to 25 years. Cash Equivalents Cash equivalents consist of highly liquid investments with an original maturity at date of acquisition of three months or less, including money market funds. The Company estimates that the fair value of cash equivalents approximates the carrying value due to the relatively short maturity of these instruments. Restricted Cash Restricted cash includes escrow funds the Company maintains pursuant to the terms of certain mortgages, lease agreements, and undistributed proceeds from the sale of properties under Section 1031 of the Internal Revenue Code of 1986, as amended (the “Code”), and is reported within Prepaid expenses and other assets on the Consolidated Balance Sheets. Restricted cash consisted of the following: December 31, (in thousands) 2022 2021 Escrow funds and other $ 4,812 $ 6,100 Undistributed 1031 proceeds 33,439 — $ 38,251 $ 6,100 Revenue Recognition The Company accounts for leases in accordance with ASC 842, Leases (“ASC 842”). The Company commences revenue recognition on its leases based on a number of factors, including the initial determination that the contract is or contains a lease. Generally, all of the Company’s property related contracts are or contain leases, and therefore revenue is recognized when the lessee takes possession of or controls the physical use of the leased assets. In most instances this occurs on the lease commencement date. At the time of lease assumption or at the inception of a new lease, including new leases that arise from amendments, the Company assesses the terms and conditions of the lease to determine the proper lease classification. Certain of the Company’s leases require tenants to pay rent based upon a percentage of the property’s net sales (“percentage rent”) or contain rent escalators indexed to future changes in the Consumer Price Index (“CPI”). Lease income associated with such provisions, absent the existence of a floor, are considered variable lease income and are not included in the initial measurement of the lease receivable, or in the calculation of straight-line rent revenue. Such amounts are recognized as income when the amounts are determinable. A lease is classified as an operating lease if none of the following criteria are met: (i) ownership transfers to the lessee at the end of the lease term, (ii) the lessee has a purchase option that is reasonably expected to be exercised, (iii) the lease term is for a major part of the economic life of the leased property, (iv) the present value of the future lease payments and any residual value guaranteed by the lessee that is not already reflected in the lease payments equals or exceeds substantially all of the fair value of the leased property, and (v) the leased property is of such a specialized nature that it is expected to have no future alternative use to the Company at the end of the lease term. If one or more of these criteria are met, the lease will generally be classified as a sales-type lease, unless the lease contains a residual value guarantee from a third party other than the lessee, in which case it would be classified as a direct financing lease under certain circumstances. Prior to the adoption of ASC 842, a lease that was not an operating lease would be accounted for as a direct financing lease. The Company accounts for the right to use land as a separate lease component, unless the accounting effect of doing so would be insignificant. Determination of significance requires management judgment. In determining whether the accounting effect of separately reporting the land component from other components for its real estate leases is significant, the Company assesses: (i) whether separating the land component impacts the classification of any lease component, (ii) the value of the land component in the context of the overall contract, and (iii) whether the right to use the land is coterminous with the rights to use the other assets. Revenue recognition methods for operating leases, direct financing leases, and sales-type leases are described below: Rental property accounted for under operating leases – Revenue is recognized as rents are earned on a straight-line basis over the non-cancelable terms of the related leases. For leases that have fixed and measurable rent escalations and collectability of the lease payments is probable, the difference between such rental income earned and the cash rent due under the provisions of the lease is recorded as Accrued rental income on the Consolidated Balance Sheets. If the Company determines that collectability of the lease payments is not probable, the Company records an adjustment to Lease revenues, net to reduce cumulative income recognized since lease commencement to the amount of cash collected from the lessee. Future revenue recognition is limited to amounts paid by the lessee. Rental property accounted for under direct financing leases – The Company utilizes the direct finance method of accounting to record direct financing lease income. The net investment in the direct financing lease represents receivables for the sum of future lease payments to be received and the estimated residual value of the leased property, less unamortized unearned income (which represents the difference between undiscounted cash flows and discounted cash flows). Unearned income is deferred and amortized into income over the lease terms so as to produce a constant periodic rate of return on the Company’s net investment in the leases. Rental property accounted for under sales-type leases – For leases accounted for as sales-type leases, the Company records selling profit arising from the lease at inception, along with the net investment in the lease. The Company leases assets through the assumption of existing leases or through sale-leaseback transactions, and records such assets at their fair value at the time of acquisition, which in most cases coincides with lease inception. As a result, the Company does not generally recognize selling profit on sales-type leases. The net investment in the sales-type lease represents receivables for the sum of future lease payments and the estimated unguaranteed residual value of the leased property, each measured at net present value. Interest income is recorded over the lease terms so as to produce a constant periodic rate of return on the Company’s net investment in the leases. Certain of the Company’s lease contracts contain nonlease components ( e.g. , charges for management fees, common area maintenance, and reimbursement of third-party maintenance expenses) in addition to lease components ( i.e. , monthly rental charges). Services related to nonlease components are provided over the same period of time as, and billed in the same manner as, monthly rental charges. The Company elected to apply the practical expedient available under ASC 842, for all classes of assets, not to separate the lease components from the nonlease components when accounting for operating leases. Since the lease component is the predominant component under each of these leases, combined revenues from both the lease and nonlease components are reported as Lease revenues, net in the accompanying Consolidated Statements of Income and Comprehensive Income. In accordance with ASC 842, provisions for uncollectible rent are recorded as an offset to Lease revenues, net on the accompanying Consolidated Statements of Income and Comprehensive Income. In April 2020, the FASB staff issued a question and answer document (the “Lease Modification Q&A”) that focused on the application of lease accounting guidance to lease concessions provided as a result of the COVID-19 pandemic. The Lease Modification Q&A allowed the Company to make an accounting policy election to account for COVID-19 related lease concessions as either a lease modification or a negative variable adjustment to rental revenue. Such election was required to be applied consistently to leases with similar characteristics and similar circumstances. In accordance with elections made pursuant to the Lease Modification Q&A, straight-line revenue recognized in the financial statements was not impacted for partial rent deferrals that were expected to be repaid within a short period of time, and where there was not a substantial change to the total consideration in the original lease agreement. Deferred rents due under these agreements was recorded as Tenant and other receivables, net in the Consolidated Balance Sheets. Lease Termination Fee Income The Company recognizes lease termination fee income as other income from real estate transactions, a component of Lease revenues, net, when all conditions of the termination agreement have been met, and collection of the lease termination fee is probable. If the tenant immediately vacates the property upon satisfying the conditions of the termination agreement, the Company recognizes the lease termination fee income net of accrued rental income associated with the lease immediately. If the tenant continues to occupy the property, the Company treats the termination as a lease modification, and recognizes the lease termination fee income on a straight-line basis over the new lease term. Lease termination fee income is recorded as other income from real estate transactions, a component of Lease revenues, net, in the Consolidated Statements of Income and Comprehensive Income. Goodwill Goodwill represents the excess of the amount paid over the fair value of the identifiable tangible and intangible assets acquired and liabilities assumed in a business combination and it assigned to one or more reporting units. The Company evaluates goodwill for impairment when an event occurs or circumstances change that indicate the carrying value may not be recoverable, or at least annually. The Company’s annual testing date is November 30. The goodwill impairment evaluation is completed using either a qualitative or quantitative approach. Under a qualitative approach, the impairment review for goodwill consists of an assessment of whether it is more-likely-than-not that the reporting unit’s fair value is less than its carrying value, including goodwill. If a qualitative approach indicates it is more likely-than-not that the estimated carrying value of a reporting unit (including goodwill) exceeds its fair value, or if we choose to bypass the qualitative approach, we perform the quantitative approach described below. When the Company performs a quantitative test of goodwill for impairment, it compares the carrying value of its reporting unit with its fair value. If the fair value of the reporting unit exceeds its carrying amount, the Company does not consider goodwill to be impaired and no further analysis would be required. If the fair value is determined to be less than its carrying value, the amount of goodwill impairment equals the amount by which the reporting unit’s carrying value exceeds its fair value, not to exceed the carrying amount of goodwill. The Company determined that it has one reporting unit, consistent with its segment reporting analysis, which includes the acquisition, leasing, and ownership of net leased properties (i.e., the consolidated entity). When necessary to perform the quantitative test for goodwill impairment, the Company’s estimate of fair value is determined using a market approach, leveraging assumptions such as the fair value of our equity, and consideration of a control premium, if necessary, which includes an analysis of similar market transactions. While the Company believes the assumptions used to estimate the fair value of its reporting unit are reasonable, changes in these assumptions may have a material impact on the Company’s financial results. Based on the results of its annual goodwill impairment test on November 30, 2022 and 2021, the Company concluded that goodwill was not impaired. 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 Consolidated Balance Sheets. Rent received in advance consisted of the following: December 31, (in thousands) 2022 2021 Rent received in advance $ 18,783 $ 15,162 Debt Issuance Costs In accordance with ASC 835, Interest, debt issuance costs related to mortgages, unsecured term loans and senior unsecured notes are reported as a direct deduction from the carrying amount of the related liability, consistent with debt discounts, in the Consolidated Balance Sheets. Debt issuance costs associated with the unsecured revolving credit facility are reported as an asset on the Consolidated Balance Sheets. Debt issuance costs incurred in connection with the Company’s unsecured revolving credit facility, mortgages, unsecured term loans and senior unsecured notes have been deferred and are being amortized over the term of the respective loan commitment using the straight-line method, which approximates the effective interest method. Offering Costs In connection with equity offerings, the Company incurs and capitalizes certain direct, incremental legal, professional, accounting and other third-party costs. Such costs are offset against the gross proceeds of each equity offering, and recorded as a component of Additional paid-in capital on the Consolidated Balance Sheets upon the consummation of the offering. See Note 14 for further discussion of net proceeds associated with equity offerings. 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. Earnout Liability The Company’s earnout liability was payable in four tranches, in a combination of cash, common shares, and OP Units, in the same proportion as the initial consideration paid in the Internalization (see Note 4). The common shares and OP Units payable under the arrangement were originally subject to a redemption rights agreement, whereby holders of the common shares and OP Units had the right to require the Company to repurchase any or all of the common shares or OP Units if an IPO had not occurred on or before December 31, 2020 (see discussion of the redemption rights agreement in Note 4). The common shares and OP Units were deemed to be freestanding financial instruments that, at inception, embodied an obligation to repurchase the Company’s common shares and OP Units, and therefore were initially classified as liabilities together with the cash portion of the earnout, and recorded in Earnout liability on the Consolidated Balance Sheets as part of the purchase price allocation. The fair value of the earnout liability was remeasured each reporting period, with changes recorded as Change in fair value of earnout liability in the Consolidated Statements of Income and Comprehensive Income. Upon completion of the IPO in September 2020, the redemption rights with respect to the common shares and OP Units terminated, and the $ 18.4 million fair value of the 725,988 shares of common stock and 1,239,506 OP Units associated with the third and fourth earnout tranches as of the date of the IPO, was reclassified to equity as a component of Additional paid-in capital and Non-controlling interests on the Consolidated Balance Sheets. At December 31, 2020, the $ 12.4 million fair value of 362,989 shares of common stock and 619,751 OP Units associated with the first and second earnout tranches was reclassified to equity as a component of Additional paid-in capital and Non-controlling interests on the Consolidated Balance Sheets, as the achievement of 2020 adjusted funds from operations (“AFFO”) targets were not met and were no longer applicable. The Company achieved all four milestones applicable to the earnout thereby triggering the payout of all earnout tranches during the year ended December 31, 2021, and therefore no remaining earnout liability existing on, or after, December 31, 2021. Mezzanine Equity The Company issued common shares and OP Units as base consideration for the Internalization, each of which were subject to a redemption rights agreement, where the common shares (“mezzanine equity common stock”) and OP Units (“mezzanine equity non-controlling interests”) were economically equivalent to the permanent equity classified common shares and OP Units. The Company presented the mezzanine equity common stock and mezzanine equity non-controlling interests as mezzanine equity in the Consolidated Balance Sheets as they were redeemable outside the Company’s control. The Company subsequently recorded mezzanine equity common stock at redemption value

Related-Party Transactions

Related-Party Transactions	12 Months Ended
	Dec. 31, 2022
Related Party Transactions [Abstract]
Related-Party Transactions	3. Related-Party Transactions Prior to the Internalization on February 7, 2020, BRE, a related party in which certain directors of the Corporation had either a direct or indirect ownership interest, and the Asset Manager were considered to be related parties. Property Management Agreement The Corporation and the OP were parties to a property management agreement (as amended, the “Property Management Agreement”) with BRE. Under the terms of the Property Management Agreement, BRE managed and coordinated certain aspects of the leasing of the Corporation’s rental property. In exchange for services provided under the Property Management Agreement, BRE received certain fees and other compensation as follows: (i) 3 % of gross rentals collected each month from the rental property for property management services (other than one property, which called for 5 % of gross rentals under the Property Management Agreement); and (ii) Re-leasing fees for existing rental property equal to one month ’s rent for a new lease with an existing tenant and two months ’ rent for a new lease with a new tenant. Upon completion of the Internalization, the Property Management Agreement was terminated and, prospectively, property management fees were no longer payable to BRE. The Internalization was not considered a “Termination Event” under the Property Management Agreement, therefore no fees were payable to BRE as a result of the Internalization. See Note 4 for further discussion regarding the Internalization, including the associated payments related thereto. Asset Management Agreement The Corporation and the OP were parties to an asset management agreement (as amended, the “Asset Management Agreement”) with the Asset Manager, a single member limited liability company of which BRE was the sole member, and therefore a related party in which certain directors of the Corporation had an indirect ownership interest. Under the terms of the Asset Management Agreement, the Asset Manager was responsible for, among other things, the Corporation’s acquisition, initial leasing, and disposition strategies, financing activities, and providing support to the Corporation’s Independent Directors Committee (“IDC”) for its valuation functions and other duties. The Asset Manager also nominated two individuals to serve on the Board of Directors of the Corporation. Under the terms of the Asset Management Agreement, the Asset Manager was compensated as follows: (i) a quarterly asset management fee equal to 0.25 % of the aggregate value of common stock, based on the per share value as determined by the IDC each quarter, on a fully diluted basis as if all interests in the OP had been converted into shares of the Corporation’s common stock; (ii) 0.5 % of the proceeds from future equity closings as reimbursement for offering, marketing, and brokerage expenses; (iii) 1 % of the gross purchase price paid for each rental property acquired (other than acquisitions described in (iv) below), including any property contributed in exchange for membership interests in the OP; (iv) 2 % of the gross purchase price paid for each rental property acquired in the event that the acquisition of a rental property required a new lease (as opposed to the assumption of an existing lease), such as a sale-leaseback transaction; (v) 1 % of the gross sale price received for each rental property disposition; and (vi) 1 % of the Aggregate Consideration, as defined in the Asset Management Agreement, received in connection with a disposition event, as defined in the Asset Management Agreement. Upon completion of the Internalization, the Asset Management Agreement was terminated and, prospectively, asset management fees were no longer payable to the Asset Manager. The Internalization was not considered a “Termination Event” under the Asset Management Agreement, therefore no fees were payable to the Asset Manager as a result of the Internalization. See Note 4 for further discussion regarding the Internalization, including the associated payments related thereto. Total fees incurred under the Property Management Agreement and Asset Management Agreement were as follows: (in thousands) Financial Statement For the Year Ended Type of Fee Presentation December 31, 2020 (a) Asset management fee Asset management fees $ 2,461 Property management fee Property management fees 1,275 Total management fee expense 3,736 Marketing fee (offering costs) Additional paid-in capital — Acquisition fee Capitalized as a component — Leasing fee and re-leasing fees Leasing fees, net — Disposition fee Gain on sale of real estate 109 Total management fees $ 3,845 (a) Fees were payable under the Property Management Agreement and Asset Management Agreement from January 1, 2020 through February 6, 2020. The Internalization, and termination of the agreements, was effective February 7, 2020, and therefore, there were no management fees subsequent to that date. All management fees have been paid in full, in cash, within the Company’s normal payment cycle for vendors. Earnout Consideration In connection with the Internalization, the Company incurred a contingent obligation that would be payable to certain members of the Company’s Board of Directors and employees who had previously been owners and/or employees of BRE, upon the occurrence of certain events (see Note 4). During the year ended December 31, 2021 , the Company achieved all four 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). Conversion of OP Units to Common Stock During the years ended December 31, 2021, and 2020, in non-cash transactions (see Note 18), the Company converted 2,049,439 and 822,745 OP Units, respectively, held by an affiliated third party to 2,049,439 and 822,745 shares of common stock, respectively, at a total conversion value of $ 32.8 million and $ 15.6 million, respectively. There was no conversion of OP Units held by an affiliated third party during the year ended December 31, 2022. See further discussion in Note 12 and 14.

Internalization

Internalization	12 Months Ended
	Dec. 31, 2022
Internalization [Abstract]
Internalization	. Internalization On February 7, 2020, the Company completed the Internalization and the Company’s management team and corporate staff, who were previously employed by BRE, became employees of an indirect subsidiary of the OP. The effect of the Internalization has been reflected in the Company’s operating results beginning on February 7, 2020. In accordance with the Internalization, the Company 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 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. The Company incurred $ 3.7 million in non-recurring costs associated with the Internalization during the year ended December 31, 2020 which was classified as Internalization expenses in the Consolidated Statements of Income and Comprehensive Income. The effect of the Internalization has been reflected in the Company’s operating results beginning on February 7, 2020. No incremental revenues were recorded as a result of the Internalization. Subsequent to the Internalization, during the year ended December 31, 2020, the Company incurred $ 20.5 million in expenses as a result of being internalized. Such amounts include general and administrative expenses associated with the Company’s performance of functions previously performed by BRE and the Asset Manager (primarily employee related costs), as well as interest expense associated with the borrowings related to the Internalization. These expenses do not include the Internalization expenses discussed above, or amounts recorded to reflect changes in the fair value of the earnout liability. Redemption Rights Agreement If an IPO did not occur on or before the satisfaction of certain milestones related to the 40-day VWAP per REIT Share, then each holder of common shares or OP Units issued in connection with the Internalization had the right to require the Company to repurchase any or all of such holder’s shares or OP Units. Such rights terminated effective with the IPO. Upon occurrence of the IPO in September 2020, the common stock and non-controlling interests issued as base consideration in connection with the Internalization and originally classified as mezzanine equity, were reclassified as a component of Common stock, Additional paid-in capital, and Non-controlling interests on the Consolidated Balance Sheets. Condensed Pro Forma Financial Information (Unaudited) The following pro forma information summarizes selected financial information from the Company’s combined results of operations, as if the Internalization had occurred on January 1, 2019. These results contain certain adjustments totaling $ 4.5 million of income for the year ended December 31, 2020. This pro forma adjustment reflects the elimination of Internalization expenses and asset management, property management, and disposition fees between the Company and BRE and the Asset Manager in historical financial results, and adjustments to reflect compensation and related costs, incremental general and administrative expenses related to the Internalization, and incremental interest expense associated with the borrowing related to the Internalization. This pro forma information is presented for informational purposes only, and may not be indicative of what actual results of operations would have been had the Internalization occurred at the beginning of the period, nor does it purport to represent the results of future operations. The condensed pro forma financial information is as follows: For the Year Ended December 31, (in thousands) 2020 Revenues $ 321,637 Net income 60,783

Acquisitions of Rental Property

Acquisitions of Rental Property	12 Months Ended
	Dec. 31, 2022
Business Combinations [Abstract]
Acquisitions of Rental Property	5. Acquisitions of Rental Property The Company closed on the following acquisitions during the year ended December 31, 2022: (in thousands, except number of properties) Number of Real Estate Date Property Type Properties Acquisition Price January 7, 2022 Retail 2 $ 2,573 February 10, 2022 Industrial 1 21,733 February 15, 2022 Retail 1 1,341 February 28, 2022 Industrial 1 5,678 March 4, 2022 Retail 6 79,061 March 31, 2022 Restaurant 16 99,587 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 October 12, 2022 Industrial / Office 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 November 4, 2022 Retail 1 5,645 November 10, 2022 Industrial 1 10,758 86 $ 878,433 (a) (a) Acquisition price excludes capitalized acquisition costs of $ 6.4 million and a $ 17.4 million building expansion agreed to as a forward commitment in connection with a prior acquisition (see Note 19). The Company closed on the following acquisitions during the year ended December 31, 2021: (in thousands, except number of properties) Number of Real Estate Date Property Type Properties Acquisition Price February 5, 2021 Healthcare 1 $ 4,843 February 26, 2021 Restaurant (b) 181 March 11, 2021 Retail 13 26,834 March 30, 2021 Retail 11 41,324 March 31, 2021 Healthcare 3 14,140 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 October 1, 2021 Healthcare 1 3,306 October 22, 2021 Industrial 1 5,386 October 27, 2021 Retail 3 4,278 December 10, 2021 Retail 16 33,500 December 15, 2021 Industrial 1 16,000 December 15, 2021 Healthcare 1 6,000 December 16, 2021 Restaurant/Office 6 28,546 December 17, 2021 Retail 3 4,260 December 17, 2021 Industrial 1 16,000 December 22, 2021 Industrial 2 22,651 December 22, 2021 Healthcare 1 7,600 116 $ 659,231 (d) (b) Acquisition of additional land adjacent to an existing property. (c) Acquisition of land related to an existing property. (d) Acquisition price does not include capitalized acquisition costs of $ 5.8 million. The Company closed on the following acquisitions during the year ended December 31, 2020: (in thousands, except number of properties) Number of Real Estate Date Property Type Properties Acquisition Price November 13, 2020 Healthcare 1 $ 4,950 December 7, 2020 Industrial 8 28,000 December 23, 2020 Industrial 1 36,473 (e) December 28, 2020 Retail 1 5,150 December 29, 2020 Restaurant 7 13,189 December 30, 2020 Industrial 1 8,050 19 $ 95,812 (f) (e) Acquisition price excludes $ 4.5 million deposited in an escrow for the future purchase of the related land. The land purchase closed on July 2, 2021, and is included in the 2021 acquisitions. (f) Acquisition price does not include capitalized acquisition costs of $ 1.3 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 Year Ended December 31, (in thousands) 2022 2021 2020 Land $ 126,865 $ 114,296 $ 17,403 Land improvements 47,513 29,298 5,356 Buildings and improvements 649,195 469,113 64,116 Acquired in-place leases (g) 69,609 51,956 8,346 Acquired above-market leases (h) — 211 1,717 Acquired below-market leases (i) ( 279 ) — ( 428 ) Right-of-use asset — 663 — Lease liability — ( 481 ) — Sales-type investments — — 574 Non-real estate liabilities assumed ( 8,051 ) — — $ 884,852 $ 665,056 $ 97,084 (g) The weighted average amortization period for acquired in-place leases is 20 years, 16 years, and 15 years for acquisitions completed during the years ended December 31, 2022, 2021, and 2020 , respectively. (h) The weighted average amortization period for acquired above-market leases is 10 years and 1 year for acquisitions completed during the years ended December 31, 2021, and 2020, respectively. There were no above-market leases acquired during the year ended December 31, 2022. (i) The weighted average amortization period for acquired below-market leases is 14 years and 10 years for acquisitions completed during the years ended December 31, 2022 and 2020, respectively. There were no below-market leases acquired during the year ended December 31, 2021. The above acquisitions were funded using a combination of available cash on hand and revolving credit facility borrowings. All real estate acquisitions closed during the years ended December 31, 2022, 2021, and 2020 , qualified as asset acquisitions and, as such, acquisition costs have been capitalized.

Sale of Real Estate

Sale of Real Estate	12 Months Ended
	Dec. 31, 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 Year Ended December 31, (in thousands, except number of properties) 2022 2021 2020 Number of properties disposed 8 31 24 Aggregate sale price $ 58,024 $ 87,730 $ 81,039 Aggregate carrying value ( 40,485 ) ( 70,289 ) ( 62,528 ) Additional sales expenses ( 1,586 ) ( 3,918 ) ( 3,526 ) Gain on sale of real estate $ 15,953 $ 13,523 $ 14,985

Investment in Rental Property a

Investment in Rental Property and Lease Arrangements	12 Months Ended
	Dec. 31, 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 December 31, 2022 , the Company had 804 real estate properties, 791 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 (see Revenue Recognition within Note 2). Substantially all leases have initial terms of 10 to 20 years. The Company’s leases generally provide for limited increases in rent as a result of fixed increases, increases in the CPI, or increases in the tenant’s sales volume. Generally, tenants are also required to pay all property taxes and assessments, substantially maintain the interior and exterior of the building, and maintain property and liability insurance coverage. The leases also typically provide for one or more multiple year renewal options, at the election of the tenant, and are subject to generally the same terms and conditions as the initial lease. Investment in Rental Property – Accounted for Using the Operating Method Depreciation expense on investment in rental property was as follows: For the Year Ended December 31, (in thousands) 2022 2021 2020 Depreciation $ 114,583 $ 99,143 $ 93,679 Estimated lease payments to be received under non-cancelable operating leases with tenants at December 31, 2022 are as follows: (in thousands) 2023 $ 388,971 2024 389,107 2025 383,990 2026 376,937 2027 359,533 Thereafter 2,987,770 $ 4,886,308 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: December 31, (in thousands) 2022 2021 Undiscounted estimated lease payments to be received $ 38,268 $ 42,602 Estimated unguaranteed residual values 14,547 15,203 Unearned revenue ( 25,645 ) ( 28,893 ) Reserve for credit losses ( 125 ) ( 130 ) Net investment in direct financing leases $ 27,045 $ 28,782 Undiscounted estimated lease payments to be received under non-cancelable direct financing leases with tenants at December 31, 2022 are as follows: (in thousands) 2023 $ 3,114 2024 3,171 2025 3,285 2026 3,357 2027 3,426 Thereafter 21,915 $ 38,268 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 Consolidated Statements of Income and Comprehensive Income: For the Year Ended December 31, (in thousands) 2022 2021 2020 Contractual rental amounts billed for operating leases $ 359,317 $ 308,624 $ 281,998 Adjustment to recognize contractual operating lease billings on a 22,353 19,847 25,200 Write-off of accrued rental income ( 1,326 ) ( 442 ) ( 4,235 ) Variable rental amounts earned 1,507 768 743 Earned income from direct financing leases 2,856 2,909 3,355 Interest income from sales-type leases 58 58 5 Operating expenses billed to tenants 19,779 17,462 15,845 Other income from real estate transactions (a) 3,069 33,549 799 Adjustment to revenue recognized for uncollectible rental amounts billed, net ( 100 ) 101 ( 2,073 ) Total lease revenues, net $ 407,513 $ 382,876 $ 321,637 (a) Other income from real estate transactions includes $ 2.5 million and $ 33.5 million of lease termination fee income for the years ended December 31, 2022 and 2021, respectively. There was no lease termination fee income for the year ended December 31, 2020.

Intangible Assets And Liabiliti

Intangible Assets And Liabilities	12 Months Ended
	Dec. 31, 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: December 31, (in thousands) 2022 2021 Lease intangibles: Acquired above-market leases $ 45,740 $ 47,147 Less accumulated amortization ( 18,436 ) ( 16,807 ) Acquired above-market leases, net 27,304 30,340 Acquired in-place leases 436,401 380,766 Less accumulated amortization ( 134,120 ) ( 107,464 ) Acquired in-place leases, net 302,281 273,302 Total intangible lease assets, net $ 329,585 $ 303,642 Acquired below-market leases $ 105,059 $ 105,310 Less accumulated amortization ( 42,204 ) ( 34,714 ) Intangible lease liabilities, net $ 62,855 $ 70,596 Leasing fees $ 14,430 $ 14,786 Less accumulated amortization ( 5,924 ) ( 5,145 ) Leasing fees, net $ 8,506 $ 9,641 Amortization of intangible lease assets and liabilities was as follows: (in thousands) For the Year Ended December 31, Intangible Financial Statement Presentation 2022 2021 2020 Acquired in-place leases and Depreciation and amortization $ 40,090 $ 32,857 $ 38,934 Above-market and below-market Lease revenues, net 4,822 3,264 1,127 For the years ended December 31, 2022, 2021 and 2020, amortization of all intangible assets and liabilities includes $ 8.5 million, $ 3.8 million and $ 14.5 million, respectively, of accelerated amortization resulting from early lease terminations. Estimated future amortization of all intangible assets and liabilities at December 31, 2022 is as follows: (in thousands) 2023 $ 27,928 2024 27,120 2025 25,852 2026 24,700 2027 22,957 Thereafter 146,679 $ 275,236

Unsecured Credit Agreements

Unsecured Credit Agreements	12 Months Ended
	Dec. 31, 2022
Debt Disclosure [Abstract]
Unsecured Credit Agreements	9. Unsecured Credit Agreements Unsecured Revolving Credit Agreements Unsecured Revolving Credit Facility On September 4, 2020, the Company entered into an agreement (the “Revolving Credit Agreement”) for a $ 900.0 million unsecured revolving credit facility (the “Revolving Credit Facility”), with JPMorgan Chase Bank, N.A., as Administrative Agent. The Company closed the Revolving Credit Agreement on September 21, 2020. The Revolving Credit Agreement includes an accordion feature to increase the aggregate facility size from $ 900.0 million to $ 2.0 billion, subject to the willingness of existing or new lenders to fund such increase and other customary conditions. The Company has the option to extend the term of the Revolving Credit Agreement twice for six months per extension , subject to certain conditions, including payment of an extension fee equal to 0.0625 % of the revolving commitments. On January 28, 2022, the Company amended and restated the 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 Revolving Credit Agreement 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 Revolving Credit Agreement 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 1.550 % per annum. Borrowings under the amended Revolving Credit Agreement 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 %. All other terms and conditions of the Revolving Credit Agreement remained materially the same as those in effect prior to this amendment. The amended Revolving Credit Agreement is subject to a facility fee on the amount of the revolving commitments, based on the Company’s credit rating, ranging between 0.125 % and 0.300 %. The applicable facility fee is 0.200 % per annum. Unsecured Term Loan Agreements 2022 Unsecured Term Loan On February 7, 2020, the Company entered into a $ 60.0 million term loan agreement (the “2022 Unsecured Term Loan”) with JP Morgan Chase, N.A. as administrative agent. The 2022 Unsecured Term Loan was fully funded at closing and used to repay a portion of the debt assumed by the Company as part of the Internalization. Borrowings under the 2022 Unsecured Term Loan were subject to interest only payments at variable rates equal to LIBOR plus a margin based upon the Company’s credit rating, ranging between 0.85 % and 1.65 % per annum. The 2022 Unsecured Term Loan was paid in full in February 2022 with borrowings from the Revolving Credit Facility. 2024 Unsecured Term Loan Borrowings under the 2024 Unsecured Term Loan bore interest at variable rates based on LIBOR plus a margin based on the Company’s credit rating ranging between 0.85 % and 1.65 % per annum. 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. 2026 Unsecured Term Loan On February 27, 2019, the Company entered into a $ 450.0 million seven-year unsecured term loan agreement (the “2026 Unsecured Term Loan”) with Capital One, National Association as administrative agent. The 2026 Unsecured Term Loan provides an accordion feature for up to a total of $ 550.0 million borrowing capacity. The 2026 Unsecured Term Loan has an initial maturity date of February 27, 2026 . Borrowings under the 2026 Unsecured Term Loan were subject to interest only payments at variable rates equal to LIBOR plus a margin between 1.45 % and 2.40 % per annum based on the Company’s credit rating through March 12, 2021. On March 12, 2021, the Company amended the 2026 Unsecured Term Loan and made a $ 50.0 million paydown on the loan. The amendment reduced the margin on variable interest rate borrowings to a range between 0.85 % and 1.65 % per annum based on the Company’s credit rating. All other terms and conditions of the 2026 Unsecured Term Loan remained materially the same as those in effect prior to this amendment. The 2026 Unsecured Term Loan is subject to a fee of 0.25 % per annum on the amount of the commitment, reduced by the amount of term loans outstanding. 2027 and 2029 Unsecured Term Loans On August 1, 2022, the Company entered into two unsecured term loans, including a $ 200.0 million, five-year unsecured term loan (the “2027 Unsecured Term Loan”), and a $ 300.0 million, seven-year unsecured term loan (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. Senior Unsecured Notes 2027 Senior Unsecured Notes - Series A On April 18, 2017, the Company issued $ 150.0 million of unsecured, fixed-rate, interest-only guaranteed senior promissory notes (the “2027 Senior Unsecured Notes - Series A”). The Series A Notes were issued at par, bear interest at a rate of 4.84 %. 2028 Senior Unsecured Notes - Series B and 2030 Senior Unsecured Notes - Series C On July 2, 2018, the Company entered into a Note and Guaranty Agreement (the “NGA Agreement”) with each of the purchasers of unsecured, fixed-rate, interest-only, guaranteed senior promissory notes. Under the NGA Agreement, the OP issued and sold senior promissory notes in two series, Series B Guaranteed Senior Notes (the “2028 Senior Unsecured Notes - Series B”) and Series C Guaranteed Senior Notes (the “2030 Unsecured Notes - Series C”), for an aggregate principal amount of $ 325.0 million. The 2028 Senior Unsecured Notes - Series B provide for an aggregate principal amount of $ 225.0 million with a fixed-rate of 5.09 %. The 2030 Senior Unsecured Notes - Series C provide for an aggregate principal amount of $ 100.0 million with a fixed-rate of 5.19 %. 2031 Senior Unsecured Public Notes On September 15, 2021, the Company completed a public offering of $ 375.0 million in aggregate principal amount of 2.60 % senior unsecured notes due 2031 (“2031 Senior Unsecured Public Notes”), issued at 99.816 % of the principal amount. The 2031 Senior Unsecured Public Notes require semi-annual interest payments through the maturity date of September 15, 2031 , unless earlier redeemed. The 2031 Senior Unsecured Public Notes were issued by the OP and are fully and unconditionally guaranteed by the Company. The proceeds were used to repay in full borrowings on the Revolving Credit Facility and the 2023 Unsecured Term Loan, and to fund acquisitions. Covenants on Unsecured Credit 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 December 31, 2022, and for all periods presented the Company believes it was in compliance with all of its loan covenants. Failure to comply with the covenants would result in a default which, if the Company were unable to cure or obtain a waiver from the lenders, could accelerate the repayment of the obligations. Further, in the event of default, the Company may be restricted from paying dividends to its stockholders in excess of dividends required to maintain its REIT qualification. Accordingly, an event of default could have a material and adverse impact on the Company. The following table summarizes the Company’s unsecured credit agreements: December 31, 2022 2021 Interest Maturity (in thousands, except interest rates) Outstanding Balance Rate Date Unsecured revolving credit facility $ 197,322 $ 102,000 Applicable reference rate + 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 ( 5,308 ) ( 3,329 ) Total unsecured term loans, net 894,692 646,671 Senior unsecured notes: 2027 Senior Unsecured Notes - Series A 150,000 150,000 4.84 % Apr. 2027 2028 Senior Unsecured Notes - Series B 225,000 225,000 5.09 % Jul. 2028 2030 Senior Unsecured Notes - Series C 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 ( 5,445 ) ( 6,199 ) Total senior unsecured notes, net 844,555 843,801 Total unsecured debt, net $ 1,936,569 $ 1,592,472 (a) At December 31, 2022 , a balance of $ 123.5 million was subject to the one-month SOFR of 4.36 %. The remaining balance includes $ 100.0 million CAD borrowings remeasured to $ 73.8 million USD, which was subject to the one-month CDOR of 4.74 %. (b) At December 31, 2021 , the applicable interest rate was one-month LIBOR plus 1.00 %. (c) At December 31, 2022 and 2021 one-month LIBOR was 4.39 % and 0.10 %, respectively. (d) At December 31, 2022 , one-month SOFR was 4.36 %. (e) The 2022 Unsecured Term Loan was paid in full in February 2022 with borrowings from the Revolving Credit Agreement. (f) The 2024 Unsecured Term Loan was paid in full in August 2022 with borrowings from the 2027 Unsecured Term Loan and the 2029 Unsecured Term Loan. At December 31, 2022 , the weighted average interest rate on all outstanding borrowings was 4.82 %, exclusive of interest rate swap agreements. For the year ended December 31, 2022 , the Company incurred $ 7.0 million in debt issuance costs associated with the amended Revolving Credit Agreement, unsecured revolving credit facility, 2027 Unsecured Term Loan and 2029 Unsecured Term Loan. For the year ended December 31, 2021, the Company incurred $ 5.0 million in debt issuance costs and original issuance discount associated with the 2031 Senior Unsecured Public Notes and the amended 2026 Unsecured Term Loan. For the year ended December 31, 2020, the Company incurred $ 5.9 million in debt issuance costs associated with the unsecured revolving credit facility. Additionally, during the years ended December 31, 2022, 2021, and 2020 , $ 0.2 million, $ 0.3 million and $ 0.4 million, respectively, of unamortized debt issuance costs were expensed, and included in Cost of debt extinguishment in the accompanying Consolidated Statements of Income and Comprehensive Income. Debt issuance costs and original issuance discounts are amortized as a component of Interest expense in the accompanying Consolidated Statements of Income and Comprehensive Income. The following table summarizes debt issuance cost and original issuance discount amortization: For the Year Ended December 31, (in thousands) 2022 2021 2020 Debt issuance costs and original issuance discount amortization $ 3,692 $ 3,854 $ 3,445

Mortgages

Mortgages	12 Months Ended
	Dec. 31, 2022
Debt Disclosure [Abstract]
Mortgages	10. Mortgages The Company’s mortgages consist of the following: Origination Maturity (in thousands, except interest rates) Date Date Interest December 31, Lender (Month/Year) (Month/Year) Rate 2022 2021 Wilmington Trust National Association Apr-19 Feb-28 4.92 % $ 45,516 $ 46,760 (a) (b) (c) (d) Wilmington Trust National Association Jun-18 Aug-25 4.36 % 19,150 19,557 (a) (b) (c) (e) PNC Bank Oct-16 Nov-26 3.62 % 16,675 17,094 (b) (c) Aegon Apr-12 Oct-23 6.38 % 5,413 6,249 (b) (g) T2 Durham I, LLC Jul-21 Jul-24 Greater of Prime + 1.25 % or 5.00 % — 7,500 (b) (f) Total mortgages 86,754 97,160 Debt issuance costs, net ( 152 ) ( 314 ) Mortgages, net $ 86,602 $ 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 April 2019 as part of the acquisition of the related property. The debt was recorded at fair value at the time of the 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 the 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 December 31, 2021, the interest rate was 5.00 %. (g) Mortgage was assumed April 2012 as part of the acquisition of the related property. The debt was recorded at fair value at the time of assumption. At December 31, 2022 , investment in rental property of $ 143.3 million was pledged as collateral against the Company’s mortgages. Estimated future principal payments to be made under the above mortgage and the Company’s unsecured credit agreements (see Note 9) at December 31, 2022, are as follows: (in thousands) 2023 $ 7,582 2024 2,260 2025 20,195 2026 614,165 2027 351,596 Thereafter 1,038,278 $ 2,034,076 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	12 Months Ended
	Dec. 31, 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. In connection with the issuance of the 2031 Senior Unsecured Public Notes in September 2021 and repayment of outstanding borrowings of variable rate debt indexed to the one-month LIBOR rate (see Note 9), the Company terminated interest rate swap agreements with an aggregate termination value of $5.6 million. The Company determined that it was not probable the hedge forecasted transactions would not occur during the original periods, and therefore, the $5.6 million of accumulated losses held in Other comprehensive income is being reclassified to interest expense on a straight-line basis over the original lives of the terminated swaps. There were no swap terminations for the years ended December 31, 2022 and 2020. The following is a summary of the Company’s outstanding interest rate swap agreements: (in thousands, except interest rates) December 31, 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 $ 477 $ 15,000 $ ( 702 ) Capital One, National Association December 2024 1.58 % one-month LIBOR 15,000 815 15,000 ( 241 ) Bank of Montreal January 2025 1.91 % one-month LIBOR 25,000 1,239 25,000 ( 649 ) Truist Financial Corporation April 2025 2.20 % one-month LIBOR 25,000 1,169 25,000 ( 905 ) Bank of Montreal July 2025 2.32 % one-month LIBOR 25,000 1,162 25,000 ( 1,049 ) Truist Financial Corporation July 2025 1.99 % one-month LIBOR 25,000 1,358 25,000 ( 767 ) Truist Financial Corporation December 2025 2.30 % one-month LIBOR 25,000 1,279 25,000 ( 1,125 ) Bank of Montreal January 2026 1.92 % one-month LIBOR 25,000 1,547 25,000 ( 760 ) Bank of Montreal January 2026 2.05 % one-month LIBOR 40,000 2,332 40,000 ( 1,415 ) Capital One, National Association January 2026 2.08 % one-month LIBOR 35,000 2,007 35,000 ( 1,274 ) Truist Financial Corporation January 2026 1.93 % one-month LIBOR 25,000 1,542 25,000 ( 768 ) Capital One, National Association April 2026 2.68 % one-month LIBOR 15,000 625 15,000 ( 941 ) Capital One, National Association July 2026 1.32 % one-month LIBOR 35,000 3,042 35,000 ( 205 ) Bank of Montreal December 2026 2.33 % one-month LIBOR 10,000 584 10,000 ( 538 ) Bank of Montreal December 2026 1.99 % one-month LIBOR 25,000 1,773 25,000 ( 936 ) Toronto-Dominion Bank March 2027 2.46 % one-month CDOR 14,764 (a) 765 — — Wells Fargo Bank, N.A. April 2027 2.72 % one-month LIBOR 25,000 1,129 25,000 ( 1,887 ) Bank of Montreal December 2027 2.37 % one-month LIBOR 25,000 1,628 25,000 ( 1,570 ) Capital One, National Association December 2027 2.37 % one-month LIBOR 25,000 1,605 25,000 ( 1,575 ) Wells Fargo Bank, N.A. January 2028 2.37 % one-month LIBOR 75,000 4,854 75,000 ( 4,741 ) Bank of Montreal May 2029 2.09 % one-month LIBOR 25,000 2,295 25,000 ( 1,316 ) Regions Bank May 2029 2.11 % one-month LIBOR 25,000 2,244 25,000 ( 1,356 ) Regions Bank June 2029 2.03 % one-month LIBOR 25,000 2,357 25,000 ( 1,222 ) U.S. Bank National Association June 2029 2.03 % one-month LIBOR 25,000 2,377 25,000 ( 1,220 ) Regions Bank August 2029 2.58 % one-month SOFR 100,000 5,782 — — Toronto-Dominion Bank August 2029 2.58 % one-month SOFR 45,000 2,674 — — U.S. Bank National Association August 2029 2.65 % one-month SOFR 15,000 826 — — U.S. Bank National Association August 2029 2.58 % one-month SOFR 100,000 5,861 — — U.S. Bank National Association August 2029 1.35 % one-month LIBOR 25,000 3,419 25,000 ( 9 ) Regions Bank March 2032 2.69 % one-month CDOR 14,764 (a) 1,092 — — U.S. Bank National Association March 2032 2.70 % one-month CDOR 14,764 (a) 1,107 — — Bank of Montreal March 2034 2.81 % one-month CDOR 29,530 (a) 2,424 — — $ 973,822 $ 63,390 $ 640,000 $ ( 27,171 ) (a) The contractual notional amount is $ 20.0 million or $ 40.0 million CAD. At December 31, 2022 , the weighted average fixed rate on all outstanding interest rate swaps was 2.23 %. The total amounts recognized, and the location in the accompanying Consolidated Statements of Income and Comprehensive Income, from converting from variable rates to fixed rates under these agreements were as follows: Total Interest Expense Amount of Gain Presented in the (Loss) Recognized in Reclassification from Accumulated Consolidated Statements Accumulated Other Other Comprehensive Income (Loss) of Income and (in thousands) Comprehensive Amount of Comprehensive For the year ended December 31, Income (Loss) Location Loss Income 2022 $ 90,560 Interest expense $ 4,453 $ 78,652 2021 39,353 Interest expense 16,136 64,146 2020 ( 50,544 ) Interest expense 12,656 76,138 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 $ 22.8 million. The Company is exposed to credit risk in the event of non-performance by the counterparties of the swaps. The Company minimizes the risk exposure by limiting counterparties to major banks who meet established credit and capital guidelines.

Non-Controlling Interests

Non-Controlling Interests	12 Months Ended
	Dec. 31, 2022
Noncontrolling Interest [Abstract]
Non-Controlling Interests	12. Non-Controlling Interests Under the Company’s UPREIT structure, entities and individuals can contribute their properties in exchange for OP Units. There were no UPREIT transactions during the years ended December 31, 2022, 2021, and 2020 . The cumulative amount of UPREIT properties contributed, less assumed debt, amounted to $ 128.7 million as of December 31, 2022 and 2021 . In exchange for the properties contributed and as part of the Internalization, 5,939,680 and 4,265,126 non-controlling OP Units were issued and outstanding, respectively, as of December 31, 2022, representing a 5.2 % interest in the OP at December 31, 2022. In exchange for the properties contributed and as part of the Internalization, 6,058,080 and 4,265,126 non-controlling OP Units were issued and outstanding, respectively, as of December 31, 2021, representing a 6.0 % interest in the OP at December 31, 2021. In exchange for the properties contributed and as part of the Internalization, 6,943,130 and 4,455,308 non-controlling OP Units were issued and outstanding, respectively, as of December 31, 2020, representing a 7.3 % interest in the OP at December 31, 2020. The OP Units are economically equivalent to the Corporation’s common stock and, subject to certain restrictions, are convertible into the Company’s common stock at the option of the respective unit holders on a one-to-one basis. The OP Units are redeemable for cash at the option of the holder, however, the Company may issue shares in lieu of cash. Therefore the OP Units are considered to be permanent equity. Exchanges of OP Units held by non-controlling interest holders are recorded by reducing non-controlling interest on a historical cost basis with a corresponding increase in common stock and additional paid-in capital. The following table summarizes OP Units exchanged for shares of common stock: For the Year Ended December 31, (in thousands) 2022 2021 2020 OP Units exchanged for shares of common stock 118 2,935 822 Value of units exchanged $ 1,926 $ 46,968 $ 15,631 During the year ended December 31, 2021, the Company achieved all four VWAP milestones applicable to the earnout and issued 1,859,257 OP Units (see Note 4). Holders of the OP Units do not have voting rights at the Corporation level.

Credit Risk Concentrations

Credit Risk Concentrations	12 Months Ended
	Dec. 31, 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 years ended December 31, 2022, 2021, and 2020. 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. Prior to the Internalization on February 7, 2020, the Company’s rental property was managed by BRE and the Asset Manager as described in Note 3. Management fees paid to BRE and the Asset Manager represented 2 % of total operating expenses for the year ended December 31, 2020. This amount does not include acquisition fees paid to the Asset Manager that were capitalized (see Note 3). There were no management fees paid to BRE or the Asset Manager during the years ended December 31, 2022 and 2021. For the years ended December 31, 2022, 2021, and 2020 , the Company had no individual tenants or common franchises that accounted for more than 10% of total revenues, excluding lease termination fees.

Equity

Equity	12 Months Ended
	Dec. 31, 2022
Equity [Abstract]
Equity	14. Equity General On September 21, 2020, the Corporation completed its IPO and issued 37,000,000 shares of Class A Common Stock inclusive of the underwriters’ partial exercise of their over-allotment option on October 20, 2020. Aside from the conversion discussed below, the terms of the Class A Common Stock were identical to the terms of the Common Stock. Each share of Class A Common Stock automatically converted into one share of Common Stock on March 20, 2021, and effective March 22, 2021, all shares of Common Stock were listed and freely tradeable on the NYSE under the ticker “BNL.” The Common Stock and Class A Common Stock are collectively referred to as the Corporation’s “common stock.” On June 28, 2021, the Corporation completed its first public follow-on equity offering and issued 11,500,000 shares of Common Stock, inclusive of 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 Company’s unsecured revolving credit facility in full, and used the remaining net proceeds for general business purposes, including acquisitions. During the year ended December 31, 2021, the Company achieved all four VWAP milestones applicable to the earnout. As a result, the Company issued 1,088,977 shares of common stock (see Note 4). 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 December 31, 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 Year Ended December 31, (in thousands, except per share amounts) 2022 2021 Number of common shares issued 10,471 1,072 Weighted average sale price per share $ 21.66 $ 26.26 Net proceeds $ 222,893 $ 27,293 Gross proceeds 226,483 28,137 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. On December 28, 2022, the Company settled the forward sale agreement and issued 13,000,000 shares of Common Stock. The net proceeds, after deducting underwriting discounts and commissions of $ 3.4 million and $ 0.6 million of other expenses, were $ 272.6 million. The Company used the net proceeds to pay down the unsecured revolving credit facility. Common Stock The shares of the Corporation’s common stock entitle the holders to one vote per share on all matters upon which stockholders are entitled to vote, to receive dividends and other distributions as authorized by the Board of Directors in accordance with the Maryland General Corporation Law, and to all rights of a stockholder pursuant to the Maryland General Corporation Law. The common stock has no preferences or preemptive conversion or exchange rights. Pursuant to the limited liability company agreement between the Corporation and the OP, each outstanding OP Unit is convertible into one share of the Corporation’s common stock, subject to the terms and conditions set forth in the OP’s operating agreement. Preferred Stock The Charter also provides the Board of Directors with the authority to issue one or more classes or series of preferred stock, and prior to the issuance of such shares of preferred stock, the Board of Directors shall have the power from time to time to classify or reclassify, in one or more series, any unissued shares and designate the preferences, rights and privileges of such shares of preferred stock. At December 31, 2022 and 2021 , no shares of the Corporation’s preferred stock were issued and outstanding.

Stock-Based Compensation

Stock-Based Compensation	12 Months Ended
	Dec. 31, 2022
Share-Based Payment Arrangement [Abstract]
Stock-Based Compensation	15. Stock-Based Compensation Restricted Stock Awards The Company awarded 181,244 , 199,430 and 340,976 shares of RSAs, during the years ended December 31, 2022, 2021, and 2020 , respectively, to certain officers, employees and non-employee directors under the Equity Incentive Plan. The holder of RSAs is generally entitled at all times on and after the date of issuance of the restricted common shares to exercise the rights of a stockholder of the Company, including the right to vote the shares and the right to receive dividends on the shares. The RSAs vest over a one , three , or four year period from the date of the grant and are subject to the 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 years ended December 31, 2022 and 2021 were $ 21.43 and $ 18.66 , which were based on the market price per share of the Company’s common stock on the grant dates. The weighted average value per share of awards granted during the year ended December 31, 2020 was $ 20.50 , which was based on the Determined Share Value. Prior to the IPO, the Company sold shares of common stock in a private offering at a price equal to the Determined Share Value, which was established at least quarterly by the Board of Directors based on the net asset value (“NAV”) of the Company’s portfolio, input from management and third-party consultants, and such other factors as the Board of Directors determined. The Company’s NAV was calculated using its established valuation process, starting with an estimate of the fair value of the properties in the portfolio as of the date based upon, among other factors, the implied market price for each asset based upon a review of market capitalization rates. The following table presents information about the Company’s RSAs: For the year ended December 31, (in thousands) 2022 2021 2020 Compensation cost $ 3,469 $ 3,926 $ 1,989 Dividends declared on unvested RSAs 419 394 131 Fair value of shares vested during the period 3,209 3,296 — As of December 31, 2022 , there was $ 4.9 million of unrecognized compensation costs related to the unvested restricted shares, which is expected to be recognized over a weighted average period of 2.3 years. The following table presents information about the Company’s restricted stock activity: For the year ended December 31, 2022 2021 2020 (in thousands, except per share amounts) Number of Shares Weighted Average Grant Date Fair Value per Share Number of Shares Weighted Average Grant Date Fair Value per Share Number of Shares Weighted Average Grant Date Fair Value per Share Unvested at beginning of period 372 $ 19.62 341 $ 20.50 — $ — Granted 181 21.43 202 18.70 341 20.50 Vested ( 147 ) 19.80 ( 164 ) 20.15 — — Forfeited ( 10 ) 20.24 ( 7 ) 19.40 — — Unvested at end of period 396 20.36 372 19.62 341 20.50 Performance-based Restricted Stock Units During the years ended December 31, 2022 and 2021 , the Company issued target grants of 124,024 and 132,189 PRSUs under the Equity Incentive Plan to the officers of the Company, respectively. 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 of Director’s Compensation Committee. The grant date fair value of the PRSUs was measured using a Monte Carlo simulation model based on assumptions including share price volatility. The following table presents information about the Company’s PRSUs: For the Year Ended December 31, (in thousands) 2022 2021 Compensation cost $ 1,847 $ 743 As of December 31, 2022 , there was $ 3.5 million of unrecognized compensation costs related to the unvested PRSUs, which is expected to be recognized over a weighted average period of 1.9 years. The were no PRSUs at December 31, 2020. The following table presents information about the Company’s PRSU activity: For the Year Ended December 31, 2022 2021 (in thousands, except per share amounts) Number of Shares Weighted Average Number of Shares Weighted Average Unvested at beginning of period 110 $ 24.40 — $ — Granted 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	12 Months Ended
	Dec. 31, 2022
Earnings Per Share [Abstract]
Earnings Per Share	16. Earnings per Share The following table summarizes the components used in the calculation of basic and diluted earnings per share (“EPS”): For the Year Ended December 31, (in thousands, except per share amounts) 2022 2021 2020 Basic earnings: Net earnings attributable to Broadstone Net Lease, Inc. common $ 122,115 $ 102,426 $ 51,181 Less: earnings allocated to unvested restricted shares ( 419 ) ( 394 ) ( 131 ) Net earnings used to compute basic earnings per common share $ 121,696 $ 102,032 $ 51,050 Diluted earnings: Net earnings used to compute basic earnings per share $ 121,696 $ 102,032 $ 51,050 Net earnings attributable to non-controlling interests 7,360 7,102 5,095 Net earnings used to compute diluted earnings per common share $ 129,056 $ 109,134 $ 56,145 Weighted average number of common shares outstanding 170,225 153,425 117,289 Less: weighted average unvested restricted shares (a) ( 385 ) ( 368 ) ( 139 ) Weighted average number of common shares outstanding used in 169,840 153,057 117,150 Effects of restricted stock units (b) 96 172 — Effects of convertible membership units (c) 10,265 10,741 11,649 Weighted average number of common shares outstanding used in 180,201 163,970 128,799 Basic earnings per share $ 0.72 $ 0.67 $ 0.44 Diluted earnings per share $ 0.72 $ 0.67 $ 0.44 (a) Represents the weighted average effects of 396,383 , 372,150 and 340,963 unvested restricted shares of common stock as of December 31, 2022, 2021, and 2020 , 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 , 10,323,206 , and 11,398,438 OP Units outstanding at December 31, 2022, 2021, and 2020 , respectively. OP Units are included in the diluted earnings per share calculation. However, because such OP Units would also require that the share of the net income attributable to such OP units also be added back to net income, there is no effect to EPS .

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2022
Income Tax Disclosure [Abstract]
Income Taxes	17. Income Taxes For federal income tax purposes, distributions to stockholders are characterized as ordinary dividends, capital gain distributions, or return of capital distributions. Return of capital distributions will reduce stockholders’ basis in their shares, but not below zero. The portion of the distribution that exceeds the adjusted basis of the stock will be treated as gain from the sale or exchange of property. The following table shows the character of the distributions the Company paid on a percentage basis: For the Year Ended December 31, Character of Distributions 2022 2021 2020 Ordinary dividends 68 % 61 % 89 % Capital gain distributions 2 % 0 % 7 % Return of capital distributions 30 % 39 % 4 % 100 % 100 % 100 %

Supplemental Cash Flow Disclosu

Supplemental Cash Flow Disclosures	12 Months Ended
	Dec. 31, 2022
Supplemental Cash Flow Elements [Abstract]
Supplemental Cash Flow Disclosures	18. Supplemental Cash Flow Disclosures Cash paid for interest was $ 72.0 million, $ 57.3 million, and $ 72.6 million for the years ended December 31, 2022, 2021, and 2020 , respectively. Cash paid for income taxes was $ 0.4 million, $ 0.6 million, and $ 1.5 million for the years ended December 31, 2022, 2021, and 2020, respectively. The following are non-cash transactions and have been excluded from the accompanying Consolidated Statements of Cash Flows: • During the year ended December 31, 2022, the Company converted 118,400 OP units valued at $ 1.9 million to 118,400 shares of common stock. During the year ended December 31, 2021, the Company converted 2,934,489 OP Units valued at $ 47.0 million to 2,934,489 shares of common stock. During the year ended December 31, 2020, the Company converted 822,745 OP Units valued at $ 15.6 million to 822,745 shares of common stock. (See Note 12). • At December 31, 2022, 2021, and 2020 , dividend amounts declared and accrued but not yet paid amounted to $ 54.5 million, $ 45.9 million, and $ 39.3 million, respectively. • At December 31, 2022, 2021, and 2020 , the Company adjusted the carrying value of Non-controlling interests to reflect their share of the book value of the OP by $ 6.3 million, $ 32.2 million, and $( 41.2 ) million, respectively, with the reallocation recorded as an offset to Additional paid-in capital (see Note 2). • During the year ended December 31, 2020, the Corporation issued 275,271 shares of common stock with a value of approximately $ 5.7 million, under the terms of the Corporation’s Distribution Reinvestment Plan. • During the year ended December 31, 2020, the Company issued shares of Common Stock and OP Units, with a total value of approximately $ 178.5 million, and earnout consideration with a fair value of $ 40.1 million as consideration for the Internalization, and assumed $ 90.5 million of debt (see Note 4). • During the year ended December 31, 2020, the Company adjusted the carrying value of mezzanine equity non-controlling interests by $ 2.5 million, with an offset to Additional paid-in capital, in accordance with our accounting policy (see Note 2). • During the year ended December 31, 2020, the Company reclassified $ 112.7 million of mezzanine equity non-controlling interests to Non-controlling interests as a result of the IPO triggering permanent equity classification (see Notes 2 and 4). • During the year ended December 31, 2020, the Company reclassified $ 66.4 million of mezzanine equity common stock, with an offset of $ 66.4 million to Additional paid-in capital as a result of the IPO triggering permanent equity classification (see Notes 2 and 4). • During the year ended December 31, 2020, the Company reclassified $ 30.8 million of the carrying value of the earnout liability, with an offset of $ 19.4 million as a component of Non-controlling interests and $ 11.4 million as a component of Additional paid-in capital (see Note 2). • During the year ended December 31, 2020, the Company executed lease modifications that resulted in the lease classification changing from direct financing lease to operating lease for five properties. At the modification date, the net investment in the original lease, and therefore the carrying value of the assets recognized, amounted to $ 10.8 million. • Upon adoption of ASC 326, Financial Instruments – Credit losses, on January 1, 2020, the Company recorded a transition adjustment to record a provision for credit losses associated with its net investment in direct financing leases of $ 0.3 million, with an equal amount recorded as a reduction in retained earnings. The provision for credit losses is included as a component of Accounted for using the direct financing method on the Consolidated Balance Sheets. In connection with real estate transactions conducted during the year ended December 31, 2020, the Company accepted credits for rent in advance of $ 1.7 million in exchange for a reduction to the cash paid to acquire the associated real estate assets.

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	19. 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. As of December 31, 2022, the Company has a $ 22.2 million remaining commitment to fund a building expansion, in exchange for increases in rent contractually scheduled to commence simultaneously upon funding. The Company expects to fulfill the obligation during 2023. The Company had a commitment to fund a building expansion related to a previous acquisition for a total of $ 17.4 million as of December 31, 2021, 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 two 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 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 Consolidated Financial Statements. Based on values as of December 31, 2022 , taxable sales of the applicable properties would trigger liability under the agreements of approximately $ 20.4 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. Obligations Under Leases In October 2022, the Company executed a ten year lease for its new corporate office space that commences in 2023, the timing of which depends on the satisfaction of certain conditions set forth in the lease. The Company has the ability to terminate the lease prior to commencement if certain conditions are not met. If the lease were to commence, the total expected future lease payments would be $ 8.9 million.

Subsequent Events

Subsequent Events	12 Months Ended
	Dec. 31, 2022
Subsequent Events [Abstract]
Subsequent Events	20. Subsequent Events On January 13, 2023, the Company paid distributions totaling $ 54.0 million. On February 17, 2023 , the Board of Directors declared a quarterly distribution of $ 0.275 per share on the Company’s common stock and OP Units for the first quarter of 2023, which will be payable on or before April 14, 2023 to stockholders and unit holders of record as of March 31, 2023 . Subsequent to December 31, 2022 , the Company paid down $ 61.0 million, and borrowed $ 29.0 million on the Revolving Credit Facility, the proceeds of which were used for general corporate purposes. Subsequent to December 31, 2022, the Company executed an early lease termination with an office tenant on a single property in exchange for a fee of $ 7.5 million, and simultaneously sold the underlying property to an unrelated third party for total proceeds of $ 32.0 million. The carrying value of the property was approximately $ 30.9 million, resulting in a gain on sale of real estate of approximately $ 0.5 million after selling costs. As the sale was to an unrelated third party, the Company accounted for the lease termination and sale as separate transactions in accordance with GAAP. Aggregate gross proceeds from the two transactions amounted to $ 39.5 million.

Schedule III - Real Estate Asse

Schedule III - Real Estate Assets and Accumulated Depreciation	12 Months Ended
	Dec. 31, 2022
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract]
Schedule III - Real Estate Assets and Accumulated Depreciation	Broadstone Net Lease, Inc. and Subsidiaries Schedule III – Real Estate Assets an d Accumulated Depreciation As of December 31, 2022 (in thousands) Costs Capitalized Life on Initial Costs to Subsequent Gross Amount at Which Carried at Which Company(A) to Acquisition Close of Period Depreciation Buildings and Buildings and Accumulated Date of Date is Computed Property Type Encumbrance Land Improvements Land Improvements Land Improvements Total(B) Depreciation Construction Acquired (Years) Industrial Manufacturing $ — $ 131,149 $ 649,557 $ — $ 9,343 $ 131,149 $ 658,900 $ 790,049 $ 75,169 1932-2021 2011-2022 15 - 39 Distribution & — 92,317 591,503 4,511 1,875 96,828 593,378 690,206 66,531 1929-2021 2012-2022 15 - 39 Food Processing 5,413 52,356 541,526 — 30,822 52,356 572,348 624,704 37,924 1907-2020 2012-2022 15 - 39 Flex and R&D 45,516 57,118 155,150 — 48 57,118 155,198 212,316 22,741 1982-2018 2013-2019 15 - 39 Cold Storage 19,150 11,638 154,542 — 68 11,638 154,610 166,248 21,769 1933-2017 2017-2018 7 - 39 Services — 58,114 65,644 — 3,680 58,114 69,324 127,438 6,522 1960-2022 2013-2022 15 - 39 Untenanted — 1,048 7,545 — 1 1,048 7,546 8,594 1,248 2008 2017 15 - 39 Healthcare Clinical — 33,424 283,539 557 10,266 33,981 293,805 327,786 55,508 1970-2022 2010-2022 15 - 39 Healthcare Services — 21,393 146,126 ( 145 ) 669 21,248 146,795 168,043 13,808 1982-2020 2009-2022 15 - 39 Animal Health Services — 15,943 111,107 — ( 144 ) 15,943 110,963 126,906 14,515 1954-2017 2015-2021 15 - 39 Surgical — 9,942 117,006 290 135 10,232 117,141 127,373 19,611 1984-2011 2014-2021 15 - 39 Life Science — 10,306 78,056 — 1,327 10,306 79,383 89,689 14,893 1965-2016 2011-2018 15 - 39 Untenanted — 141 2,152 — 1 141 2,153 2,294 36 2006 2018 15 - 39 Restaurant Quick Service — 49,187 236,569 197 3,650 49,384 240,219 289,603 48,501 1965-2020 2009-2020 15 - 39 Casual Dining — 75,840 272,774 — 12 75,840 272,786 348,626 39,125 1972-2014 2011-2022 15 - 39 Retail General Merchandise 16,675 80,669 294,923 — 17 80,669 294,940 375,609 19,715 2003-2022 2016-2022 15 - 39 Automotive — 33,659 124,979 — 73 33,659 125,052 158,711 20,389 1909-2021 2014-2022 7 - 39 Home Furnishings — 3,625 90,644 — 981 3,625 91,625 95,250 14,178 1974-2014 2017-2018 15 - 39 Child Care — 482 4,741 — — 482 4,741 5,223 17 2022 2022 15 - 39 Office Corporate Headquarters — 13,415 98,041 — 2,222 13,415 100,263 113,678 13,749 1965-2008 2012-2022 15 - 39 Strategic Operations — 7,723 90,130 — 8,900 7,723 99,030 106,753 17,811 1984-2012 2016-2017 7 - 39 Call Center — 3,580 35,942 — 10,228 3,580 46,170 49,750 10,154 1979-1998 2014-2019 15 - 39 Untenanted — 188 3,147 — — 188 3,147 3,335 51 2001 2010 15 - 39 Acquisitions in — — 46 — — — 46 46 — Total (D) 86,754 763,257 4,155,389 5,410 84,174 768,667 4,239,563 5,008,230 533,965 Notes: (A) The initial cost to the Company represents the original purchase price of the property (see Note 5). (B) The aggregate cost of real estate owned as of December 31, 2022 for U.S. federal income tax purposes was approximately $ 5.2 billion. (C) Acquisition costs in progress represents costs incurred during the year ended December 31, 2022 related to asset acquisitions expected to close during the year ended December 31, 2023. (D) This schedule excludes properties subject to leases that are classified as direct financing leases, sales-type leases, as well as the value of right-of-use assets recorded on certain of the properties where the Company is lessee under a ground lease. Change in Total Real Estate Assets For the Year Ended December 31, 2022 2021 2020 Balance, beginning of period $ 4,205,191 $ 3,704,488 $ 3,686,444 Acquisitions and building improvements 929,972 613,646 108,868 Dispositions ( 118,028 ) ( 109,761 ) ( 69,941 ) Impairment ( 8,905 ) ( 3,182 ) ( 20,883 ) Balance, end of period $ 5,008,230 $ 4,205,191 $ 3,704,488 Change in Accumulated Depreciation For the Year Ended December 31, 2022 2021 2020 Balance, beginning of period $ 430,141 $ 349,977 $ 271,044 Acquisitions and building improvements 115,892 100,878 93,741 Dispositions ( 8,165 ) ( 19,543 ) ( 12,369 ) Impairment ( 3,903 ) ( 1,171 ) ( 2,439 ) Balance, end of period $ 533,965 $ 430,141 $ 349,977

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2022
Accounting Policies [Abstract]
Principles of Consolidation	Principles of Consolidation The 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 Consolidated Financial Statements have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”).
Use of Estimates	Use of Estimates The preparation of 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 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.
Investment in Rental Property	Investment in Rental Property Rental property accounted for under operating leases is recorded at cost. Rental property accounted for under direct financing leases and sales-type leases are recorded at its net investment, which generally represents the cost of the property at the inception of the lease. The Company accounts for its acquisitions of real estate as asset acquisitions in accordance with Accounting Standards Codification (“ASC”) 805, Business Combinations , as substantially all of the fair value of the assets acquired are concentrated in a single identifiable asset or group of similar identifiable assets. The Company allocates the purchase price of investments in rental property accounted for as asset acquisitions based on the relative fair value of the assets acquired and liabilities assumed. These generally include tangible assets, consisting of land and land improvements, buildings and other improvements, and equipment, and identifiable intangible assets and liabilities, including the value of in-place leases and acquired above-market and below-market leases. Acquisition costs incurred in connection with investments in real estate accounted for as asset acquisitions are capitalized and included with the allocated purchase price. The results of operations of acquired properties are included in the Consolidated Statements of Income and Comprehensive Income from the respective date of acquisition. Estimated fair value determinations are based on management’s judgment, which considers various factors including real estate market conditions, industry conditions that the tenant operates in, and characteristics of the real estate and/or real estate appraisals. The estimated fair value of the tangible assets of an acquired property is determined by valuing the property as if it were vacant. The as-if-vacant value is then allocated to land and land improvements, buildings, and equipment based on comparable sales and other relevant information with respect to the property as estimated by management. Specifically, the “if vacant” value of buildings and equipment is calculated using an income approach. Assumptions used in the income approach to value the buildings include: capitalization and discount rates, lease-up time, market rents, make ready costs, land value, and land improvement value. The estimated fair value of acquired in-place leases are the costs that the Company would have had to incur to lease the properties to the occupancy level of the properties at the date of acquisition. Such costs include the fair value of leasing commissions and other operating costs that would have been incurred to lease the properties, had they been vacant, to their acquired occupancy level. Acquired in-place leases as of the date of acquisition are amortized over the remaining non-cancellable lease terms of the respective leases to amortization expense. Acquired above-market and below-market lease values are recorded based on the present value (using an interest rate that reflects the risks associated with the lease acquired) of the differences between the contractual amounts to be paid pursuant to the in-place leases and management’s estimate of fair market value lease rates at the time of acquisition for the corresponding in-place leases. The capitalized above-market and below-market lease values are amortized as adjustments to lease revenue over the remaining term of the respective leases. Should a tenant terminate its lease, the unamortized portion of the in-place lease value is charged to amortization expense and the unamortized portion of above-market or below-market lease value is charged to lease revenue. Management estimates the fair value of assumed mortgages payable based upon indications of then-current market pricing for similar types of debt with similar maturities. Assumed mortgages are initially recorded at their estimated fair value as of the assumption date, and the difference between such estimated fair value and the notes’ outstanding principal balance is amortized to interest expense over the remaining term of the debt. Expenditures for significant betterments and improvements are capitalized. Maintenance and repairs are charged to expense when incurred.
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 December 31, 2022, 2021, and 2020 , 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 Year Ended (in thousands, except number of properties) 2022 2021 2020 Number of properties 3 7 7 Impairment charge $ 5,535 $ 28,208 $ 19,077 During the year ended December 31, 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. As a result, the $ 35.0 million cash receipt was not able to be factored into the properties’ future undiscounted cash flows, resulting in a $ 25.7 million impairment charge in the 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 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. Remaining impairments recognized during the year ended December 31, 2021 were immaterial. During the year ended December 31, 2020, impairment indicators primarily included changes in the Company’s long-term hold strategy with respect to the individual properties, which was due in part to unfavorable market trends resulting from the COVID-19 pandemic in geographic areas where the Company had vacant properties marketed for re-lease or sale. Impairments recognized during the year ended December 31, 2022 were immaterial.
Lease Termination Fee Income	Lease Termination Fee Income The Company recognizes lease termination fee income as other income from real estate transactions, a component of Lease revenues, net, when all conditions of the termination agreement have been met, and collection of the lease termination fee is probable. If the tenant immediately vacates the property upon satisfying the conditions of the termination agreement, the Company recognizes the lease termination fee income net of accrued rental income associated with the lease immediately. If the tenant continues to occupy the property, the Company treats the termination as a lease modification, and recognizes the lease termination fee income on a straight-line basis over the new lease term. Lease termination fee income is recorded as other income from real estate transactions, a component of Lease revenues, net, in the Consolidated Statements of Income and Comprehensive Income.
Investment In Rental Property Held For Sale	Investments in Rental Property Held for Sale The Company classifies investments in rental property as held for sale when all of the following criteria are met: (i) management commits to a plan to sell the property, (ii) the property is available for immediate sale in its present condition, subject only to terms that are usual and customary for sales of investment properties, (iii) an active program to locate a buyer and conduct other actions required to complete the sale has been initiated, (iv) the sale of the property is probable in occurrence and is expected to qualify as a completed sale, (v) the property is actively marketed for sale at a sale price that is reasonable in relation to its fair value, and (vi) actions required to complete the sale indicate that it is unlikely that any significant changes will be made or that the plan to sell will be withdrawn. For properties classified as held for sale, the Company suspends depreciation and amortization of the related assets, including the acquired in-place lease and above- or below-market lease intangibles, as well as straight-line revenue recognition of the associated lease, and records the investment in rental property at the lower of cost or net realizable value. The assets and liabilities associated with the properties classified as held for sale are presented separately on the Consolidated Balance Sheets for the most recent reporting period. At December 31, 2022 and 2021 , the Company did not have any properties that met the held for sale criteria.
Sales of Real Estate	Sales of Real Estate Under ASC 610-20, Other Income – Gains and Losses from the Derecognition of Nonfinancial Assets, the Company’s sales of real estate are generally considered to be sales to non-customers, requiring the Company to identify each distinct non-financial asset promised to the buyer. The Company determines whether the buyer obtains control of the non-financial assets, achieved through the transfer of the risks and rewards of ownership of the non-financial assets. If control is transferred to the buyer, the Company derecognizes the asset. If the Company determines that it did not transfer control of the non-financial assets to the buyer, the Company analyzes the contract for separate performance obligations and allocates a portion of the sales price to each performance obligation. As performance obligations are satisfied, the Company recognizes the respective income in the Consolidated Statements of Income and Comprehensive Income. The Company presents discontinued operations if disposals of properties represent a strategic shift in operations. Those strategic shifts would need to have a major effect on the Company’s operations and financial results in order to meet the definition. For the years ended December 31, 2022, 2021, and 2020 , the Company did not have property dispositions that qualified as discontinued operations.
Depreciation	Depreciation Depreciation is computed using the straight-line method over the estimated useful lives of the related assets, which are as follows: Land improvements 15 years Buildings and improvements 15 to 39 years Equipment 7 years
Leasing Fees	Leasing Fees Leasing fees represent costs incurred to lease properties to tenants and are capitalized as they are incremental costs of a lease that would not have been incurred if the lease had not been obtained. Leasing fees are amortized using the straight-line method over the term of the lease to which they relate, which range from 4 to 25 years.
Cash Equivalents	Cash Equivalents Cash equivalents consist of highly liquid investments with an original maturity at date of acquisition of three months or less, including money market funds. The Company estimates that the fair value of cash equivalents approximates the carrying value due to the relatively short maturity of these instruments.
Restricted Cash	Restricted Cash Restricted cash includes escrow funds the Company maintains pursuant to the terms of certain mortgages, lease agreements, and undistributed proceeds from the sale of properties under Section 1031 of the Internal Revenue Code of 1986, as amended (the “Code”), and is reported within Prepaid expenses and other assets on the Consolidated Balance Sheets. Restricted cash consisted of the following: December 31, (in thousands) 2022 2021 Escrow funds and other $ 4,812 $ 6,100 Undistributed 1031 proceeds 33,439 — $ 38,251 $ 6,100
Revenue Recognition	Revenue Recognition The Company accounts for leases in accordance with ASC 842, Leases (“ASC 842”). The Company commences revenue recognition on its leases based on a number of factors, including the initial determination that the contract is or contains a lease. Generally, all of the Company’s property related contracts are or contain leases, and therefore revenue is recognized when the lessee takes possession of or controls the physical use of the leased assets. In most instances this occurs on the lease commencement date. At the time of lease assumption or at the inception of a new lease, including new leases that arise from amendments, the Company assesses the terms and conditions of the lease to determine the proper lease classification. Certain of the Company’s leases require tenants to pay rent based upon a percentage of the property’s net sales (“percentage rent”) or contain rent escalators indexed to future changes in the Consumer Price Index (“CPI”). Lease income associated with such provisions, absent the existence of a floor, are considered variable lease income and are not included in the initial measurement of the lease receivable, or in the calculation of straight-line rent revenue. Such amounts are recognized as income when the amounts are determinable. A lease is classified as an operating lease if none of the following criteria are met: (i) ownership transfers to the lessee at the end of the lease term, (ii) the lessee has a purchase option that is reasonably expected to be exercised, (iii) the lease term is for a major part of the economic life of the leased property, (iv) the present value of the future lease payments and any residual value guaranteed by the lessee that is not already reflected in the lease payments equals or exceeds substantially all of the fair value of the leased property, and (v) the leased property is of such a specialized nature that it is expected to have no future alternative use to the Company at the end of the lease term. If one or more of these criteria are met, the lease will generally be classified as a sales-type lease, unless the lease contains a residual value guarantee from a third party other than the lessee, in which case it would be classified as a direct financing lease under certain circumstances. Prior to the adoption of ASC 842, a lease that was not an operating lease would be accounted for as a direct financing lease. The Company accounts for the right to use land as a separate lease component, unless the accounting effect of doing so would be insignificant. Determination of significance requires management judgment. In determining whether the accounting effect of separately reporting the land component from other components for its real estate leases is significant, the Company assesses: (i) whether separating the land component impacts the classification of any lease component, (ii) the value of the land component in the context of the overall contract, and (iii) whether the right to use the land is coterminous with the rights to use the other assets. Revenue recognition methods for operating leases, direct financing leases, and sales-type leases are described below: Rental property accounted for under operating leases – Revenue is recognized as rents are earned on a straight-line basis over the non-cancelable terms of the related leases. For leases that have fixed and measurable rent escalations and collectability of the lease payments is probable, the difference between such rental income earned and the cash rent due under the provisions of the lease is recorded as Accrued rental income on the Consolidated Balance Sheets. If the Company determines that collectability of the lease payments is not probable, the Company records an adjustment to Lease revenues, net to reduce cumulative income recognized since lease commencement to the amount of cash collected from the lessee. Future revenue recognition is limited to amounts paid by the lessee. Rental property accounted for under direct financing leases – The Company utilizes the direct finance method of accounting to record direct financing lease income. The net investment in the direct financing lease represents receivables for the sum of future lease payments to be received and the estimated residual value of the leased property, less unamortized unearned income (which represents the difference between undiscounted cash flows and discounted cash flows). Unearned income is deferred and amortized into income over the lease terms so as to produce a constant periodic rate of return on the Company’s net investment in the leases. Rental property accounted for under sales-type leases – For leases accounted for as sales-type leases, the Company records selling profit arising from the lease at inception, along with the net investment in the lease. The Company leases assets through the assumption of existing leases or through sale-leaseback transactions, and records such assets at their fair value at the time of acquisition, which in most cases coincides with lease inception. As a result, the Company does not generally recognize selling profit on sales-type leases. The net investment in the sales-type lease represents receivables for the sum of future lease payments and the estimated unguaranteed residual value of the leased property, each measured at net present value. Interest income is recorded over the lease terms so as to produce a constant periodic rate of return on the Company’s net investment in the leases. Certain of the Company’s lease contracts contain nonlease components ( e.g. , charges for management fees, common area maintenance, and reimbursement of third-party maintenance expenses) in addition to lease components ( i.e. , monthly rental charges). Services related to nonlease components are provided over the same period of time as, and billed in the same manner as, monthly rental charges. The Company elected to apply the practical expedient available under ASC 842, for all classes of assets, not to separate the lease components from the nonlease components when accounting for operating leases. Since the lease component is the predominant component under each of these leases, combined revenues from both the lease and nonlease components are reported as Lease revenues, net in the accompanying Consolidated Statements of Income and Comprehensive Income. In accordance with ASC 842, provisions for uncollectible rent are recorded as an offset to Lease revenues, net on the accompanying Consolidated Statements of Income and Comprehensive Income. In April 2020, the FASB staff issued a question and answer document (the “Lease Modification Q&A”) that focused on the application of lease accounting guidance to lease concessions provided as a result of the COVID-19 pandemic. The Lease Modification Q&A allowed the Company to make an accounting policy election to account for COVID-19 related lease concessions as either a lease modification or a negative variable adjustment to rental revenue. Such election was required to be applied consistently to leases with similar characteristics and similar circumstances. In accordance with elections made pursuant to the Lease Modification Q&A, straight-line revenue recognized in the financial statements was not impacted for partial rent deferrals that were expected to be repaid within a short period of time, and where there was not a substantial change to the total consideration in the original lease agreement. Deferred rents due under these agreements was recorded as Tenant and other receivables, net in the Consolidated Balance Sheets.
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 Consolidated Balance Sheets. Rent received in advance consisted of the following: December 31, (in thousands) 2022 2021 Rent received in advance $ 18,783 $ 15,162
Goodwill	Goodwill Goodwill represents the excess of the amount paid over the fair value of the identifiable tangible and intangible assets acquired and liabilities assumed in a business combination and it assigned to one or more reporting units. The Company evaluates goodwill for impairment when an event occurs or circumstances change that indicate the carrying value may not be recoverable, or at least annually. The Company’s annual testing date is November 30. The goodwill impairment evaluation is completed using either a qualitative or quantitative approach. Under a qualitative approach, the impairment review for goodwill consists of an assessment of whether it is more-likely-than-not that the reporting unit’s fair value is less than its carrying value, including goodwill. If a qualitative approach indicates it is more likely-than-not that the estimated carrying value of a reporting unit (including goodwill) exceeds its fair value, or if we choose to bypass the qualitative approach, we perform the quantitative approach described below. When the Company performs a quantitative test of goodwill for impairment, it compares the carrying value of its reporting unit with its fair value. If the fair value of the reporting unit exceeds its carrying amount, the Company does not consider goodwill to be impaired and no further analysis would be required. If the fair value is determined to be less than its carrying value, the amount of goodwill impairment equals the amount by which the reporting unit’s carrying value exceeds its fair value, not to exceed the carrying amount of goodwill. The Company determined that it has one reporting unit, consistent with its segment reporting analysis, which includes the acquisition, leasing, and ownership of net leased properties (i.e., the consolidated entity). When necessary to perform the quantitative test for goodwill impairment, the Company’s estimate of fair value is determined using a market approach, leveraging assumptions such as the fair value of our equity, and consideration of a control premium, if necessary, which includes an analysis of similar market transactions. While the Company believes the assumptions used to estimate the fair value of its reporting unit are reasonable, changes in these assumptions may have a material impact on the Company’s financial results. Based on the results of its annual goodwill impairment test on November 30, 2022 and 2021, the Company concluded that goodwill was not impaired.
Offering Costs	Offering Costs In connection with equity offerings, the Company incurs and capitalizes certain direct, incremental legal, professional, accounting and other third-party costs. Such costs are offset against the gross proceeds of each equity offering, and recorded as a component of Additional paid-in capital on the Consolidated Balance Sheets upon the consummation of the offering. See Note 14 for further discussion of net proceeds associated with equity offerings.
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.
Debt Issuance Costs	Debt Issuance Costs In accordance with ASC 835, Interest, debt issuance costs related to mortgages, unsecured term loans and senior unsecured notes are reported as a direct deduction from the carrying amount of the related liability, consistent with debt discounts, in the Consolidated Balance Sheets. Debt issuance costs associated with the unsecured revolving credit facility are reported as an asset on the Consolidated Balance Sheets. Debt issuance costs incurred in connection with the Company’s unsecured revolving credit facility, mortgages, unsecured term loans and senior unsecured notes have been deferred and are being amortized over the term of the respective loan commitment using the straight-line method, which approximates the effective interest method.
Earnout Liability	Earnout Liability The Company’s earnout liability was payable in four tranches, in a combination of cash, common shares, and OP Units, in the same proportion as the initial consideration paid in the Internalization (see Note 4). The common shares and OP Units payable under the arrangement were originally subject to a redemption rights agreement, whereby holders of the common shares and OP Units had the right to require the Company to repurchase any or all of the common shares or OP Units if an IPO had not occurred on or before December 31, 2020 (see discussion of the redemption rights agreement in Note 4). The common shares and OP Units were deemed to be freestanding financial instruments that, at inception, embodied an obligation to repurchase the Company’s common shares and OP Units, and therefore were initially classified as liabilities together with the cash portion of the earnout, and recorded in Earnout liability on the Consolidated Balance Sheets as part of the purchase price allocation. The fair value of the earnout liability was remeasured each reporting period, with changes recorded as Change in fair value of earnout liability in the Consolidated Statements of Income and Comprehensive Income. Upon completion of the IPO in September 2020, the redemption rights with respect to the common shares and OP Units terminated, and the $ 18.4 million fair value of the 725,988 shares of common stock and 1,239,506 OP Units associated with the third and fourth earnout tranches as of the date of the IPO, was reclassified to equity as a component of Additional paid-in capital and Non-controlling interests on the Consolidated Balance Sheets. At December 31, 2020, the $ 12.4 million fair value of 362,989 shares of common stock and 619,751 OP Units associated with the first and second earnout tranches was reclassified to equity as a component of Additional paid-in capital and Non-controlling interests on the Consolidated Balance Sheets, as the achievement of 2020 adjusted funds from operations (“AFFO”) targets were not met and were no longer applicable. The Company achieved all four milestones applicable to the earnout thereby triggering the payout of all earnout tranches during the year ended December 31, 2021, and therefore no remaining earnout liability existing on, or after, December 31, 2021.
Mezzanine Equity	Mezzanine Equity The Company issued common shares and OP Units as base consideration for the Internalization, each of which were subject to a redemption rights agreement, where the common shares (“mezzanine equity common stock”) and OP Units (“mezzanine equity non-controlling interests”) were economically equivalent to the permanent equity classified common shares and OP Units. The Company presented the mezzanine equity common stock and mezzanine equity non-controlling interests as mezzanine equity in the Consolidated Balance Sheets as they were redeemable outside the Company’s control. The Company subsequently recorded mezzanine equity common stock at redemption value each reporting period, with changes in carrying value recorded as a component of Additional paid-in capital on the Consolidated Balance Sheets. The Company subsequently recorded mezzanine equity non-controlling interests at the greater of (i) carrying amount, increased or decreased for the non-controlling interests’ share of net income or loss, dividends and comprehensive income or loss or (ii) redemption value. Changes in carrying value of mezzanine equity non-controlling interests were recorded as a component of Additional paid-in capital on the Consolidated Balance Sheets. The rights under the redemption rights agreement terminated effective with the IPO and the applicable common shares and OP Units were reclassified to permanent equity in 2020 (see discussion of the redemption rights agreement in Note 4).
Derivative Instruments	Derivative Instruments The Company uses interest rate swap agreements to manage risks related to interest rate movements. The interest rate swap agreements, designated and qualifying as cash flow hedges, are reported at fair value. ASC 815, Derivatives and Hedging, requires a company to present the earnings effect of the hedging instrument in the same income statement line item in which the earnings effect of the hedged item is reported. In accordance with ASC 815, the gain or loss on the qualifying hedges is initially included as a component of other comprehensive income or loss and is subsequently reclassified into earnings when interest payments (the forecasted transactions) on the related debt are incurred and as the swap net settlements occur. When an existing cash flow hedge is terminated, the Company determines the accounting treatment for the accumulated gain or loss recognized in Accumulated other comprehensive income (loss) based on the probability of the hedged forecasted transaction occurring within the period the cash flow hedge was anticipated to affect earnings. If the Company determines that the hedged forecasted transaction is probable of occurring during the original period, the accumulated gain or loss is reclassified into earnings over the remaining life of the cash flow hedge using a straight-line method. If the Company determines that the hedged forecasted transaction is not probable of occurring during the original period, the entire amount of accumulated gain or loss is reclassified into earnings at such time. The Company documents its risk management strategy and hedge effectiveness at the inception of, and during the term of, each hedge. The Company’s interest rate risk management strategy is intended to stabilize cash flow requirements by maintaining interest rate swap agreements to convert certain variable-rate debt to a fixed rate.
Property Loss and Insurance Recoveries	Property Loss and Insurance Recoveries Property losses, whether full or partial, are accounted for using a combination of impairment, insurance, and revenue recognition guidance prescribed by GAAP. Upon incurring a loss event, the Company evaluates for asset impairment under ASC 350, Intangibles – Goodwill and Other, and ASC 360, Property, Plant, and Equipment. Under the terms of the Company’s lease agreements with tenants, a majority of which are net leases (whereby the tenants are responsible for insurance, taxes, and maintenance, among other property costs), the tenants are responsible for repairs and maintenance to the properties. The terms of the leases generally also require the tenants to continue making their monthly rental payments despite the property loss. To the extent that the assets are recoverable, determined utilizing undiscounted cash flows expected to result from the use of the asset or asset group and its eventual disposition, the Company accounts for a full or partial property loss as an acceleration of depreciation and evaluates whether all or a portion of the property loss can be offset by the recognition of insurance recoveries. Under the terms of the lease agreements with tenants, in the case of full or partial loss to a property, the tenant has an obligation to restore/rebuild the premises as nearly as possible to its value, condition and character immediately prior to such event. To mitigate the risk of loss, the Company requires tenants to maintain general liability insurance policies on the replacement value of the properties. Based on these considerations, the Company follows the guidance in ASC 610-30, Other Income – Gains and Losses on Involuntary Conversions, for the conversion of nonmonetary assets ( i.e. , the properties) to monetary assets ( i.e. , insurance recoveries or tenant recoveries). Under ASC 610-30, once probable of receipt, the Company recognizes an insurance/tenant recovery receivable in Tenant and other receivables, net, in the Consolidated Balance Sheets, with a corresponding offset to the accelerated depreciation recognized in the Consolidated Statements of Income and Comprehensive Income. If the insurance/tenant recovery is less than the amount of accelerated depreciation recognized, the Company will recognize a net loss in the Consolidated Statements of Income and Comprehensive Income. If the insurance/tenant recovery is greater than the amount of accelerated depreciation recognized, the Company will only recognize a recovery up to the amount of the accelerated depreciation, and will account for the excess as a gain contingency in accordance with ASC 450-30, Gain Contingencies. Gain contingencies are recognized when earned and realized, which typically will occur at the time of final settlement or when non-refundable cash advances are received.
Non-controlling Interests	Non-controlling Interests Non-controlling interests represents the membership interests held in the OP of 5.2 %, 6.0 %, and 7.3 % at December 31, 2022, 2021, and 2020, respectively, by third parties which are accounted for as a separate component of equity. The Company adjusts the carrying value of non-controlling interests to reflect their share of the book value of the OP. Such adjustments are recorded to Additional paid-in capital as a reallocation of Non-controlling interests in the Consolidated Statements of Stockholders’ Equity and Mezzanine Equity.
Segment Reporting	Segment Reporting The Company currently operates in a single reportable segment, which includes the acquisition, leasing, and ownership of net leased properties. The Company’s chief operating decision maker assesses, measures, and reviews the operating and financial results at the consolidated level for the entire portfolio, and therefore, each property or property type is not considered an individual operating segment. The Company does not evaluate the results of operations based on geography, size, or property type.
Fair Value Measurements	Fair Value Measurements ASC 820, Fair Value Measurement, defines fair value as the price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. ASC 820 also establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value. The standard describes three levels of inputs that may be used to measure fair value: Level 1 – Quoted prices that are available in active markets for identical assets or liabilities. The types of financial instruments included in Level 1 are marketable, available-for-sale equity securities that are traded in an active exchange market. Level 2 – Pricing inputs other than quoted prices in active markets, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. Instruments included in this category are derivative contracts whose value is determined using a pricing model with inputs (such as yield curves and credit spreads) that are observable in the market or can be derived principally from or corroborated by observable market data. Level 3 – Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. Level 3 includes assets and liabilities whose values are determined using pricing models, discounted cash flow methodologies, or similar techniques, as well as instruments for which the determination of fair value requires significant management judgment or estimation. The Company has estimated that the carrying amount reported on the Consolidated Balance Sheets for Cash and cash equivalents, Prepaid expenses and other assets, Tenant and other receivables, net, Accrued interest payable, Accounts payable and other liabilities, and Dividends payable approximates their fair values due to their short-term nature. Recurring Fair Value Measurements Interest Rate Swap Assets and Liabilities – The Company measures and records its interest rate swap instruments (see Note 11) and earnout liability at fair value, and discloses the fair value of its long-term debt, on a recurring basis. Interest rate swaps are derivative instruments that have no quoted readily available Level 1 inputs, and therefore are measured at fair value using inputs that are directly observable in active markets and are classified within Level 2 of the valuation hierarchy, using an income approach. Specifically, the fair value of the interest rate swaps is determined using a discounted cash flow analysis on the expected future cash flows of each instrument. This analysis utilizes observable market data including yield curves and implied volatilities to determine the market’s expectation of the future cash flows of the variable component. The fixed and variable components of the interest rate swaps are then discounted using calculated discount factors developed based on the overnight indexed swap (“OIS”) curve and are aggregated to arrive at a single valuation for the period. The Company also incorporates credit valuation adjustments to appropriately reflect both its own nonperformance risk and the respective counterparty’s nonperformance risk in the fair value measurements. Although the Company has determined that the majority of the inputs used to value its interest rate swaps fall within Level 2 of the fair value hierarchy, the credit valuation adjustments associated with its interest rate swaps utilize Level 3 inputs, such as estimates of current credit spreads to evaluate the likelihood of default by itself and its counterparties. At December 31, 2022 and 2021, the Company has assessed the significance of the impact of the credit valuation adjustments on the overall valuation of its derivative positions and has determined that the credit valuation adjustments are not significant to the overall valuation. As a result, the Company has determined that its interest rate swap valuations in their entirety are appropriately classified within Level 2 of the fair value hierarchy. Earnout Liability – In connection with the Internalization, the Company recognized an earnout liability that was due and payable to the former owners of BRE if certain milestones were achieved during specified periods of time following the closing of the Internalization (the “Earnout Periods”). Under the terms of the agreement, the milestones related to either (a) the 40-day dollar volume-weighted average price of a share of the Company’s common stock (“VWAP per REIT Share”), following the completion of an IPO of the Company’s common stock, or (b) the Company’s AFFO per share, prior to the completion of an IPO. The Company utilized third-party valuation experts to assist in estimating the fair value of the earnout liability, and developed estimates by considering weighted-average probabilities of likely outcomes, and using a Monte Carlo simulation and discounted cash flow analysis. These estimates required the Company to make various assumptions about share price volatility and, prior to the IPO, about the timing of an IPO and net asset prices, each of which are unobservable and considered Level 3 inputs in the fair value hierarchy. A change in these inputs to a different amount could have resulted in a significantly higher or lower fair value measurement at the reporting date. Specifically, advancements in the estimated IPO date assumption increased the earnout liability’s fair value given the earnout’s fixed time horizon. Peer share price volatilities were used to estimate the Company’s expected share price volatility, and the Company’s corresponding ability to achieve the earnout targets. Increases in the volatility assumption would increase the earnout liability’s fair value. Increases in net asset values would also increase the earnout liability’s fair value. The Company achieved all four volume-weighted average price (“VWAP”) milestones applicable to the earnout thereby triggering the payout of all earnout tranches during the year ended December 31, 2021. The table below provides a summary of the significant unobservable inputs used to estimate the fair value of the earnout liability as of December 30, 2020: Significant Unobservable Inputs Weighted Average Range Peer stock price volatility 40.0 % 25.92 % - 55.90 % The table below provides a summary of the significant unobservable inputs used to estimate the fair value of the earnout liability as February 7, 2020, which was the date of the Internalization: Significant Unobservable Inputs Weighted Average Range Expected IPO date April 15, 2020 March 2020 through May 2020 Peer stock price volatility 20.0 % 16.22 % to 23.09 % Company’s net asset value per diluted share $ 21.30 (a) (a) The Company’s net asset value per diluted share was primarily based on the fair value of its real estate investment portfolio, together with the fair value of its other assets and liabilities. The fair value of the Company’s real estate investment portfolio as of the measurement date was determined using market capitalization rates that ranged between 6.05 % and 7.09 %. The following table presents a reconciliation of the change in the earnout liability: For the Year Ended December 31, (in thousands) 2021 2020 Beginning balance $ 7,509 $ — Allocation of Internalization purchase price at February 7, 2020 — 40,119 Change in fair value subsequent to Internalization 5,539 ( 1,800 ) Reclassification as a component of additional paid-in capital and — ( 30,810 ) Payout of tranches earned ( 13,048 ) — Ending balance $ — $ 7,509 The balances of financial instruments measured at fair value on a recurring basis are as follows (see Note 11): December 31, 2022 (in thousands) Total Level 1 Level 2 Level 3 Interest rate swap, assets $ 63,390 $ — $ 63,390 $ — December 31, 2021 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”), Canadian Dollar Offered Rate (“CDOR”), 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 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: December 31, (in thousands) 2022 2021 Carrying amount $ 2,034,076 $ 1,699,160 Fair value 1,841,381 1,785,701 Non-recurring Fair Value Measurements The Company’s non-recurring fair value measurements at December 31, 2022 and 2021 , consisted of the fair value of impaired real estate assets that were determined using Level 3 inputs.
Income Taxes	Income Taxes The Company has made an election to be taxed as a REIT under Sections 856 through 860 of the Code, commencing with its taxable year ended December 31, 2008. The Company believes it is organized and operates in such a manner as to qualify for treatment as a REIT, and intends to operate in the foreseeable future in such a manner so that it will remain qualified as a REIT for U.S. federal income tax purposes. Accordingly, the Company is not subject to U.S. federal corporate income tax to the extent its dividends paid deduction exceeds its taxable income, as defined in the Code. Accordingly, no provision has been made for U.S. federal income taxes in the accompanying Consolidated Financial Statements. The Company has a wholly-owned subsidiary that elected to be treated as a taxable REIT subsidiary (“TRS”) and is subject to U.S. federal, state and local income taxes at regular corporate tax rates when due. The Company is subject to state and local income or franchise taxes and foreign taxes in certain jurisdictions in which some of its properties are located and records these within Income taxes in the accompanying Consolidated Statements of Income and Comprehensive Income when due. The Company is required to file income tax returns with federal, state, and Canadian taxing authorities. At December 31, 2022, the Company’s U.S. federal and state income tax returns remain subject to examination by the respective taxing authorities for the 2019 through 2021 tax years. The Company recognizes and measures uncertain tax positions using a two-step approach. The first step is to evaluate the tax position for recognition by determining if the weight of available evidence indicates it is more-likely-than-not that the position will be sustained upon examination, including resolution of related appeals or litigation processes, if any. In making this assessment, the Company must assume that the taxing authority will examine the income tax position and have full knowledge of all relevant information. The second step is to measure the tax benefit as the largest amount that is more than 50% likely of being realized upon ultimate settlement. The Company considers many factors when evaluating and estimating tax positions and tax benefits, which may require periodic adjustments and which may or may not accurately forecast actual outcomes. The Company has determined that it has no uncertain tax positions at December 31, 2022 and 2021, or for the years ended December 31, 2022, 2021, and 2020, which include the tax status of the Company. Interest and penalties related to income taxes are charged to tax expense during the year in which they are incurred.
Taxes Collected From Tenants and Remitted to Governmental Authorities	Taxes Collected From Tenants and Remitted to Governmental Authorities A majority of the Company’s properties are leased on a net basis, which provides that the tenants are responsible for the payment of property operating expenses, including, but not limited to, property taxes, maintenance, insurance, repairs, and capital costs, during the lease term. The Company records such expenses on a net basis. In other situations, the Company may collect property taxes from its tenants and remit those taxes to governmental authorities. Taxes collected from tenants and remitted to governmental authorities are presented on a gross basis, where amounts billed to tenants are included in Lease revenues, net and the corresponding expense is included in Property and operating expense in the accompanying Consolidated Statements of Income and Comprehensive Income.
Right-of-Use Assets and Lease Liabilities	Right-of-Use Assets and Lease Liabilities The Company is a lessee under non-cancelable operating leases associated with its corporate headquarters and other office spaces as well as with leases of land (“ground leases”). The Company records right-of-use assets and lease liabilities associated with these leases. The lease liability is equal to the net present value of the future payments to be made under the lease, discounted using estimates based on observable market factors. The right-of-use asset is generally equal to the lease liability plus initial direct costs associated with the leases. The Company includes in the recognition of the right-of-use asset and lease liability those renewal periods that are reasonably certain to be exercised, based on the facts and circumstances that exist at lease inception. Amounts associated with percentage rent provisions are considered variable lease costs and are not included in the initial measurement of the right-of-use asset or lease liability. The Company has made an accounting policy election, applicable to all asset types, not to separate lease from nonlease components when allocating contract consideration related to operating leases. Right-of-use assets and lease liabilities associated with operating leases were included in the accompanying Consolidated Balance Sheets as follows: December 31, (in thousands) Financial Statement Presentation 2022 2021 Right -of-use assets Prepaid expenses and other assets $ 3,200 $ 3,099 Lease liabilities Accounts payable and other liabilities 2,772 2,570
Rental Expense	Rental Expense Rental expense associated with operating leases is recorded on a straight-line basis over the term of each lease, for leases that have fixed and measurable rent escalations. The difference between rental expense incurred on a straight-line basis and the cash rental payments due under the provisions of the lease is recorded as part of the right-of-use asset in the accompanying December 31, 2022 and 2021 Consolidated Balance Sheets. Amounts associated with percentage rent provisions based on the achievement of sales targets are recognized as variable rental expense when achievement of the sales targets are considered probable. Rental expense is included in Property and operating expense on the accompanying Consolidated Statements of Income and Comprehensive Income
Stock-Based Compensation	Stock-Based Compensation The Company has issued restricted stock awards (“RSAs”) and performance-based restricted stock units (“PRSUs”) under its 2020 Omnibus Equity and Incentive Plan (the “Equity Incentive Plan”). The Company accounts for stock-based incentives in accordance with ASC 718, Compensation – Stock Compensation , which requires that such compensation be recognized in the financial statements based on the award’s estimated grant date fair value. The value of such awards is recognized as compensation expense in General and administrative expenses in the 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 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 Consolidated Balance Sheets. Accumulated dividends accrued related to forfeited PRSUs are reversed in the period the forfeiture occurs.
Earnings per Share	Earnings per Share Earnings per common share has been computed pursuant to the guidance in ASC 260, Earnings Per Share, which requires the classification of the Company’s unvested shares of restricted common stock, which contain rights to receive non-forfeitable dividends, as participating securities requiring the two-class method of computing earnings per share. The two-class method is an earnings allocation formula that determines earnings per share for each class of common stock and participating securities according to dividends declared (or accumulated) and participation rights in undistributed earnings. In accordance with the two-class method, the Company’s calculation of earnings per share excludes the income attributable to the unvested shares of restricted common stock from the numerator of the calculation and the weighted average number of such unvested shares from the denominator. Diluted earnings per share is computed by dividing net income by the weighted average shares of common stock and potentially dilutive securities in accordance with the treasury stock method and/or if converted method. See Note 16.
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 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. In December 2022, the FASB issued ASU 2022-06, Deferral of the Sunset Date of Topic 848 which was issued to defer the sunset date of Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform to December 31, 2024. ASU 2022-06 is effective immediately and does not have an impact on the Company’s financial statements for the year ended December 31, 2022.

Business Description (Tables)

Business Description (Tables)	12 Months Ended
	Dec. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Summary of Outstanding Equity and Economic Ownership Interest	The following table summarizes the outstanding equity and economic ownership interest of the Corporation and the OP: December 31, 2022 December 31, 2021 December 31, 2020 (in thousands) Shares of OP Total Diluted Shares Shares of OP Total Diluted Shares Shares of OP Total Diluted Shares Ownership interest 186,114 10,205 196,319 162,383 10,323 172,706 145,609 11,399 157,008 Percent Ownership 94.8 % 5.2 % 100.0 % 94.0 % 6.0 % 100.0 % 92.7 % 7.3 % 100.0 %

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	12 Months Ended
	Dec. 31, 2022
Accounting Policies [Abstract]
Summary of Impairment Charges	The following table summarizes the Company’s impairment charges, resulting primarily from changes in the Company's long-term hold strategy with respect to the individual properties: For the Year Ended (in thousands, except number of properties) 2022 2021 2020 Number of properties 3 7 7 Impairment charge $ 5,535 $ 28,208 $ 19,077
Summary of Estimated Useful Life of Asset	Depreciation is computed using the straight-line method over the estimated useful lives of the related assets, which are as follows: Land improvements 15 years Buildings and improvements 15 to 39 years Equipment 7 years
Summary of Restricted Cash	Restricted cash consisted of the following: December 31, (in thousands) 2022 2021 Escrow funds and other $ 4,812 $ 6,100 Undistributed 1031 proceeds 33,439 — $ 38,251 $ 6,100
Summary of Rents Received in Advance	Rent received in advance represents tenant payments received prior to the contractual due date, and is included in Accounts payable and other liabilities on the Consolidated Balance Sheets. Rent received in advance consisted of the following: December 31, (in thousands) 2022 2021 Rent received in advance $ 18,783 $ 15,162
Summary of Significant Unobservable Inputs Used to Estimate Fair Value of Earnout Liability	The table below provides a summary of the significant unobservable inputs used to estimate the fair value of the earnout liability as of December 30, 2020: Significant Unobservable Inputs Weighted Average Range Peer stock price volatility 40.0 % 25.92 % - 55.90 % The table below provides a summary of the significant unobservable inputs used to estimate the fair value of the earnout liability as February 7, 2020, which was the date of the Internalization: Significant Unobservable Inputs Weighted Average Range Expected IPO date April 15, 2020 March 2020 through May 2020 Peer stock price volatility 20.0 % 16.22 % to 23.09 % Company’s net asset value per diluted share $ 21.30 (a) (a) The Company’s net asset value per diluted share was primarily based on the fair value of its real estate investment portfolio, together with the fair value of its other assets and liabilities. The fair value of the Company’s real estate investment portfolio as of the measurement date was determined using market capitalization rates that ranged between 6.05 % and 7.09 %.
Summary of Reconciliation of Change in Earnout Liability	The following table presents a reconciliation of the change in the earnout liability: For the Year Ended December 31, (in thousands) 2021 2020 Beginning balance $ 7,509 $ — Allocation of Internalization purchase price at February 7, 2020 — 40,119 Change in fair value subsequent to Internalization 5,539 ( 1,800 ) Reclassification as a component of additional paid-in capital and — ( 30,810 ) Payout of tranches earned ( 13,048 ) — Ending balance $ — $ 7,509
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): December 31, 2022 (in thousands) Total Level 1 Level 2 Level 3 Interest rate swap, assets $ 63,390 $ — $ 63,390 $ — December 31, 2021 Total Level 1 Level 2 Level 3 Interest rate swap, liabilities $ ( 27,171 ) $ — $ ( 27,171 ) $ —
Summary of Carrying Amount Reported on Consolidated Balance Sheets	The following table summarizes the carrying amount reported on the 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: December 31, (in thousands) 2022 2021 Carrying amount $ 2,034,076 $ 1,699,160 Fair value 1,841,381 1,785,701
Summary of Right-of-Use Assets And Lease Liabilities Associated With Operating Leases Included In Consolidated Balance Sheets	Right-of-use assets and lease liabilities associated with operating leases were included in the accompanying Consolidated Balance Sheets as follows: December 31, (in thousands) Financial Statement Presentation 2022 2021 Right -of-use assets Prepaid expenses and other assets $ 3,200 $ 3,099 Lease liabilities Accounts payable and other liabilities 2,772 2,570

Related-Party Transactions (Tab

Related-Party Transactions (Tables)	12 Months Ended
	Dec. 31, 2022
Schedule of Related Party Transactions	Total fees incurred under the Property Management Agreement and Asset Management Agreement were as follows: (in thousands) Financial Statement For the Year Ended Type of Fee Presentation December 31, 2020 (a) Asset management fee Asset management fees $ 2,461 Property management fee Property management fees 1,275 Total management fee expense 3,736 Marketing fee (offering costs) Additional paid-in capital — Acquisition fee Capitalized as a component — Leasing fee and re-leasing fees Leasing fees, net — Disposition fee Gain on sale of real estate 109 Total management fees $ 3,845 (a) Fees were payable under the Property Management Agreement and Asset Management Agreement from January 1, 2020 through February 6, 2020. The Internalization, and termination of the agreements, was effective February 7, 2020, and therefore, there were no management fees subsequent to that date. All management fees have been paid in full, in cash, within the Company’s normal payment cycle for vendors.

Internalization (Tables)

Internalization (Tables)	12 Months Ended
	Dec. 31, 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.
Schedule of Pro Forma Financial Information	The condensed pro forma financial information is as follows: For the Year Ended December 31, (in thousands) 2020 Revenues $ 321,637 Net income 60,783

Acquisitions of Rental Proper_2

Acquisitions of Rental Property (Tables)	12 Months Ended
	Dec. 31, 2022
Business Combinations [Abstract]
Acquisitions of Rental Property Closed	The Company closed on the following acquisitions during the year ended December 31, 2022: (in thousands, except number of properties) Number of Real Estate Date Property Type Properties Acquisition Price January 7, 2022 Retail 2 $ 2,573 February 10, 2022 Industrial 1 21,733 February 15, 2022 Retail 1 1,341 February 28, 2022 Industrial 1 5,678 March 4, 2022 Retail 6 79,061 March 31, 2022 Restaurant 16 99,587 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 October 12, 2022 Industrial / Office 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 November 4, 2022 Retail 1 5,645 November 10, 2022 Industrial 1 10,758 86 $ 878,433 (a) (a) Acquisition price excludes capitalized acquisition costs of $ 6.4 million and a $ 17.4 million building expansion agreed to as a forward commitment in connection with a prior acquisition (see Note 19). The Company closed on the following acquisitions during the year ended December 31, 2021: (in thousands, except number of properties) Number of Real Estate Date Property Type Properties Acquisition Price February 5, 2021 Healthcare 1 $ 4,843 February 26, 2021 Restaurant (b) 181 March 11, 2021 Retail 13 26,834 March 30, 2021 Retail 11 41,324 March 31, 2021 Healthcare 3 14,140 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 October 1, 2021 Healthcare 1 3,306 October 22, 2021 Industrial 1 5,386 October 27, 2021 Retail 3 4,278 December 10, 2021 Retail 16 33,500 December 15, 2021 Industrial 1 16,000 December 15, 2021 Healthcare 1 6,000 December 16, 2021 Restaurant/Office 6 28,546 December 17, 2021 Retail 3 4,260 December 17, 2021 Industrial 1 16,000 December 22, 2021 Industrial 2 22,651 December 22, 2021 Healthcare 1 7,600 116 $ 659,231 (d) (b) Acquisition of additional land adjacent to an existing property. (c) Acquisition of land related to an existing property. (d) Acquisition price does not include capitalized acquisition costs of $ 5.8 million. The Company closed on the following acquisitions during the year ended December 31, 2020: (in thousands, except number of properties) Number of Real Estate Date Property Type Properties Acquisition Price November 13, 2020 Healthcare 1 $ 4,950 December 7, 2020 Industrial 8 28,000 December 23, 2020 Industrial 1 36,473 (e) December 28, 2020 Retail 1 5,150 December 29, 2020 Restaurant 7 13,189 December 30, 2020 Industrial 1 8,050 19 $ 95,812 (f) (e) Acquisition price excludes $ 4.5 million deposited in an escrow for the future purchase of the related land. The land purchase closed on July 2, 2021, and is included in the 2021 acquisitions. (f) Acquisition price does not include capitalized acquisition costs of $ 1.3 million.
Summary of Allocation of Purchase Price	The following table summarizes the purchase price allocation for completed real estate acquisitions: For the Year Ended December 31, (in thousands) 2022 2021 2020 Land $ 126,865 $ 114,296 $ 17,403 Land improvements 47,513 29,298 5,356 Buildings and improvements 649,195 469,113 64,116 Acquired in-place leases (g) 69,609 51,956 8,346 Acquired above-market leases (h) — 211 1,717 Acquired below-market leases (i) ( 279 ) — ( 428 ) Right-of-use asset — 663 — Lease liability — ( 481 ) — Sales-type investments — — 574 Non-real estate liabilities assumed ( 8,051 ) — — $ 884,852 $ 665,056 $ 97,084 (g) The weighted average amortization period for acquired in-place leases is 20 years, 16 years, and 15 years for acquisitions completed during the years ended December 31, 2022, 2021, and 2020 , respectively. (h) The weighted average amortization period for acquired above-market leases is 10 years and 1 year for acquisitions completed during the years ended December 31, 2021, and 2020, respectively. There were no above-market leases acquired during the year ended December 31, 2022. (i) The weighted average amortization period for acquired below-market leases is 14 years and 10 years for acquisitions completed during the years ended December 31, 2022 and 2020, respectively. There were no below-market leases acquired during the year ended December 31, 2021.

Sale of Real Estate (Tables)

Sale of Real Estate (Tables)	12 Months Ended
	Dec. 31, 2022
Real Estate [Abstract]
Schedule of Sale of Real Estate	The Company closed on the following sales of real estate, none of which qualified as discontinued operations: For the Year Ended December 31, (in thousands, except number of properties) 2022 2021 2020 Number of properties disposed 8 31 24 Aggregate sale price $ 58,024 $ 87,730 $ 81,039 Aggregate carrying value ( 40,485 ) ( 70,289 ) ( 62,528 ) Additional sales expenses ( 1,586 ) ( 3,918 ) ( 3,526 ) Gain on sale of real estate $ 15,953 $ 13,523 $ 14,985

Investment in Rental Property_2

Investment in Rental Property and Lease Arrangements (Tables)	12 Months Ended
	Dec. 31, 2022
Leases [Abstract]
Rental Property Subject to Non-cancelable Operating Leases	Investment in Rental Property – Accounted for Using the Operating Method Depreciation expense on investment in rental property was as follows: For the Year Ended December 31, (in thousands) 2022 2021 2020 Depreciation $ 114,583 $ 99,143 $ 93,679
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 December 31, 2022 are as follows: (in thousands) 2023 $ 388,971 2024 389,107 2025 383,990 2026 376,937 2027 359,533 Thereafter 2,987,770 $ 4,886,308
Net Investment in Direct Financing Leases	The Company’s net investment in direct financing leases was comprised of the following: December 31, (in thousands) 2022 2021 Undiscounted estimated lease payments to be received $ 38,268 $ 42,602 Estimated unguaranteed residual values 14,547 15,203 Unearned revenue ( 25,645 ) ( 28,893 ) Reserve for credit losses ( 125 ) ( 130 ) Net investment in direct financing leases $ 27,045 $ 28,782
Direct Financing Leases, Lease Receivable Maturity	Undiscounted estimated lease payments to be received under non-cancelable direct financing leases with tenants at December 31, 2022 are as follows: (in thousands) 2023 $ 3,114 2024 3,171 2025 3,285 2026 3,357 2027 3,426 Thereafter 21,915 $ 38,268
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 Consolidated Statements of Income and Comprehensive Income: For the Year Ended December 31, (in thousands) 2022 2021 2020 Contractual rental amounts billed for operating leases $ 359,317 $ 308,624 $ 281,998 Adjustment to recognize contractual operating lease billings on a 22,353 19,847 25,200 Write-off of accrued rental income ( 1,326 ) ( 442 ) ( 4,235 ) Variable rental amounts earned 1,507 768 743 Earned income from direct financing leases 2,856 2,909 3,355 Interest income from sales-type leases 58 58 5 Operating expenses billed to tenants 19,779 17,462 15,845 Other income from real estate transactions (a) 3,069 33,549 799 Adjustment to revenue recognized for uncollectible rental amounts billed, net ( 100 ) 101 ( 2,073 ) Total lease revenues, net $ 407,513 $ 382,876 $ 321,637

Intangible Assets and Liabili_2

Intangible Assets and Liabilities (Tables)	12 Months Ended
	Dec. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Intangible Assets and Liabilities Relating to Amortization	The following is a summary of intangible assets and liabilities and related accumulated amortization: December 31, (in thousands) 2022 2021 Lease intangibles: Acquired above-market leases $ 45,740 $ 47,147 Less accumulated amortization ( 18,436 ) ( 16,807 ) Acquired above-market leases, net 27,304 30,340 Acquired in-place leases 436,401 380,766 Less accumulated amortization ( 134,120 ) ( 107,464 ) Acquired in-place leases, net 302,281 273,302 Total intangible lease assets, net $ 329,585 $ 303,642 Acquired below-market leases $ 105,059 $ 105,310 Less accumulated amortization ( 42,204 ) ( 34,714 ) Intangible lease liabilities, net $ 62,855 $ 70,596 Leasing fees $ 14,430 $ 14,786 Less accumulated amortization ( 5,924 ) ( 5,145 ) Leasing fees, net $ 8,506 $ 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 Year Ended December 31, Intangible Financial Statement Presentation 2022 2021 2020 Acquired in-place leases and Depreciation and amortization $ 40,090 $ 32,857 $ 38,934 Above-market and below-market Lease revenues, net 4,822 3,264 1,127
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense	Estimated future amortization of all intangible assets and liabilities at December 31, 2022 is as follows: (in thousands) 2023 $ 27,928 2024 27,120 2025 25,852 2026 24,700 2027 22,957 Thereafter 146,679 $ 275,236

Unsecured Credit Agreements (Ta

Unsecured Credit Agreements (Tables)	12 Months Ended
	Dec. 31, 2022
Summary of Debt Issuance Cost Amortization	The following table summarizes debt issuance cost and original issuance discount amortization: For the Year Ended December 31, (in thousands) 2022 2021 2020 Debt issuance costs and original issuance discount amortization $ 3,692 $ 3,854 $ 3,445
Unsecured Debt [Member]
Summary of Unsecured Credit Agreements	The following table summarizes the Company’s unsecured credit agreements: December 31, 2022 2021 Interest Maturity (in thousands, except interest rates) Outstanding Balance Rate Date Unsecured revolving credit facility $ 197,322 $ 102,000 Applicable reference rate + 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 ( 5,308 ) ( 3,329 ) Total unsecured term loans, net 894,692 646,671 Senior unsecured notes: 2027 Senior Unsecured Notes - Series A 150,000 150,000 4.84 % Apr. 2027 2028 Senior Unsecured Notes - Series B 225,000 225,000 5.09 % Jul. 2028 2030 Senior Unsecured Notes - Series C 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 ( 5,445 ) ( 6,199 ) Total senior unsecured notes, net 844,555 843,801 Total unsecured debt, net $ 1,936,569 $ 1,592,472 (a) At December 31, 2022 , a balance of $ 123.5 million was subject to the one-month SOFR of 4.36 %. The remaining balance includes $ 100.0 million CAD borrowings remeasured to $ 73.8 million USD, which was subject to the one-month CDOR of 4.74 %. (b) At December 31, 2021 , the applicable interest rate was one-month LIBOR plus 1.00 %. (c) At December 31, 2022 and 2021 one-month LIBOR was 4.39 % and 0.10 %, respectively. (d) At December 31, 2022 , one-month SOFR was 4.36 %. (e) The 2022 Unsecured Term Loan was paid in full in February 2022 with borrowings from the Revolving Credit Agreement. (f) The 2024 Unsecured Term Loan was paid in full in August 2022 with borrowings from the 2027 Unsecured Term Loan and the 2029 Unsecured Term Loan.

Mortgages (Tables)

Mortgages (Tables)	12 Months Ended
	Dec. 31, 2022
Schedule of Estimated Future Principal Payments	Estimated future principal payments to be made under the above mortgage and the Company’s unsecured credit agreements (see Note 9) at December 31, 2022, are as follows: (in thousands) 2023 $ 7,582 2024 2,260 2025 20,195 2026 614,165 2027 351,596 Thereafter 1,038,278 $ 2,034,076
Secured Debt
Summary of Unsecured Credit Agreements	The Company’s mortgages consist of the following: Origination Maturity (in thousands, except interest rates) Date Date Interest December 31, Lender (Month/Year) (Month/Year) Rate 2022 2021 Wilmington Trust National Association Apr-19 Feb-28 4.92 % $ 45,516 $ 46,760 (a) (b) (c) (d) Wilmington Trust National Association Jun-18 Aug-25 4.36 % 19,150 19,557 (a) (b) (c) (e) PNC Bank Oct-16 Nov-26 3.62 % 16,675 17,094 (b) (c) Aegon Apr-12 Oct-23 6.38 % 5,413 6,249 (b) (g) T2 Durham I, LLC Jul-21 Jul-24 Greater of Prime + 1.25 % or 5.00 % — 7,500 (b) (f) Total mortgages 86,754 97,160 Debt issuance costs, net ( 152 ) ( 314 ) Mortgages, net $ 86,602 $ 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 April 2019 as part of the acquisition of the related property. The debt was recorded at fair value at the time of the 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 the 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 December 31, 2021, the interest rate was 5.00 %. (g) Mortgage was assumed April 2012 as part of the acquisition of the related property. The debt was recorded at fair value at the time of assumption.

Interest Rate Swaps (Tables)

Interest Rate Swaps (Tables)	12 Months Ended
	Dec. 31, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Summary of Company's Outstanding Interest-rate Swap Agreement	The following is a summary of the Company’s outstanding interest rate swap agreements: (in thousands, except interest rates) December 31, 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 $ 477 $ 15,000 $ ( 702 ) Capital One, National Association December 2024 1.58 % one-month LIBOR 15,000 815 15,000 ( 241 ) Bank of Montreal January 2025 1.91 % one-month LIBOR 25,000 1,239 25,000 ( 649 ) Truist Financial Corporation April 2025 2.20 % one-month LIBOR 25,000 1,169 25,000 ( 905 ) Bank of Montreal July 2025 2.32 % one-month LIBOR 25,000 1,162 25,000 ( 1,049 ) Truist Financial Corporation July 2025 1.99 % one-month LIBOR 25,000 1,358 25,000 ( 767 ) Truist Financial Corporation December 2025 2.30 % one-month LIBOR 25,000 1,279 25,000 ( 1,125 ) Bank of Montreal January 2026 1.92 % one-month LIBOR 25,000 1,547 25,000 ( 760 ) Bank of Montreal January 2026 2.05 % one-month LIBOR 40,000 2,332 40,000 ( 1,415 ) Capital One, National Association January 2026 2.08 % one-month LIBOR 35,000 2,007 35,000 ( 1,274 ) Truist Financial Corporation January 2026 1.93 % one-month LIBOR 25,000 1,542 25,000 ( 768 ) Capital One, National Association April 2026 2.68 % one-month LIBOR 15,000 625 15,000 ( 941 ) Capital One, National Association July 2026 1.32 % one-month LIBOR 35,000 3,042 35,000 ( 205 ) Bank of Montreal December 2026 2.33 % one-month LIBOR 10,000 584 10,000 ( 538 ) Bank of Montreal December 2026 1.99 % one-month LIBOR 25,000 1,773 25,000 ( 936 ) Toronto-Dominion Bank March 2027 2.46 % one-month CDOR 14,764 (a) 765 — — Wells Fargo Bank, N.A. April 2027 2.72 % one-month LIBOR 25,000 1,129 25,000 ( 1,887 ) Bank of Montreal December 2027 2.37 % one-month LIBOR 25,000 1,628 25,000 ( 1,570 ) Capital One, National Association December 2027 2.37 % one-month LIBOR 25,000 1,605 25,000 ( 1,575 ) Wells Fargo Bank, N.A. January 2028 2.37 % one-month LIBOR 75,000 4,854 75,000 ( 4,741 ) Bank of Montreal May 2029 2.09 % one-month LIBOR 25,000 2,295 25,000 ( 1,316 ) Regions Bank May 2029 2.11 % one-month LIBOR 25,000 2,244 25,000 ( 1,356 ) Regions Bank June 2029 2.03 % one-month LIBOR 25,000 2,357 25,000 ( 1,222 ) U.S. Bank National Association June 2029 2.03 % one-month LIBOR 25,000 2,377 25,000 ( 1,220 ) Regions Bank August 2029 2.58 % one-month SOFR 100,000 5,782 — — Toronto-Dominion Bank August 2029 2.58 % one-month SOFR 45,000 2,674 — — U.S. Bank National Association August 2029 2.65 % one-month SOFR 15,000 826 — — U.S. Bank National Association August 2029 2.58 % one-month SOFR 100,000 5,861 — — U.S. Bank National Association August 2029 1.35 % one-month LIBOR 25,000 3,419 25,000 ( 9 ) Regions Bank March 2032 2.69 % one-month CDOR 14,764 (a) 1,092 — — U.S. Bank National Association March 2032 2.70 % one-month CDOR 14,764 (a) 1,107 — — Bank of Montreal March 2034 2.81 % one-month CDOR 29,530 (a) 2,424 — — $ 973,822 $ 63,390 $ 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 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 Consolidated Statements of Income and Comprehensive Income, from converting from variable rates to fixed rates under these agreements were as follows: Total Interest Expense Amount of Gain Presented in the (Loss) Recognized in Reclassification from Accumulated Consolidated Statements Accumulated Other Other Comprehensive Income (Loss) of Income and (in thousands) Comprehensive Amount of Comprehensive For the year ended December 31, Income (Loss) Location Loss Income 2022 $ 90,560 Interest expense $ 4,453 $ 78,652 2021 39,353 Interest expense 16,136 64,146 2020 ( 50,544 ) Interest expense 12,656 76,138

Non-Controlling Interests (Tabl

Non-Controlling Interests (Tables)	12 Months Ended
	Dec. 31, 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 Year Ended December 31, (in thousands) 2022 2021 2020 OP Units exchanged for shares of common stock 118 2,935 822 Value of units exchanged $ 1,926 $ 46,968 $ 15,631

Equity (Tables)

Equity (Tables)	12 Months Ended
	Dec. 31, 2022
Equity [Abstract]
Summary of Common Shares under Company's ATM Program	The following table presents information about the Company’s ATM Program activity: For the Year Ended December 31, (in thousands, except per share amounts) 2022 2021 Number of common shares issued 10,471 1,072 Weighted average sale price per share $ 21.66 $ 26.26 Net proceeds $ 222,893 $ 27,293 Gross proceeds 226,483 28,137

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	12 Months Ended
	Dec. 31, 2022
Restricted Stock Awards
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Summary of Restricted Stock	The following table presents information about the Company’s RSAs: For the year ended December 31, (in thousands) 2022 2021 2020 Compensation cost $ 3,469 $ 3,926 $ 1,989 Dividends declared on unvested RSAs 419 394 131 Fair value of shares vested during the period 3,209 3,296 —
Summary of Restricted Stock Activity	The following table presents information about the Company’s restricted stock activity: For the year ended December 31, 2022 2021 2020 (in thousands, except per share amounts) Number of Shares Weighted Average Grant Date Fair Value per Share Number of Shares Weighted Average Grant Date Fair Value per Share Number of Shares Weighted Average Grant Date Fair Value per Share Unvested at beginning of period 372 $ 19.62 341 $ 20.50 — $ — Granted 181 21.43 202 18.70 341 20.50 Vested ( 147 ) 19.80 ( 164 ) 20.15 — — Forfeited ( 10 ) 20.24 ( 7 ) 19.40 — — Unvested at end of period 396 20.36 372 19.62 341 20.50
Performance-based Restricted Stock Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Summary of Restricted Stock	The following table presents information about the Company’s PRSUs: For the Year Ended December 31, (in thousands) 2022 2021 Compensation cost $ 1,847 $ 743
Summary of Restricted Stock Activity	The following table presents information about the Company’s PRSU activity: For the Year Ended December 31, 2022 2021 (in thousands, except per share amounts) Number of Shares Weighted Average Number of Shares Weighted Average Unvested at beginning of period 110 $ 24.40 — $ — Granted 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)	12 Months Ended
	Dec. 31, 2022
Earnings Per Share [Abstract]
Summary of Components used in Calculation of Basic and Diluted Earnings per Share	The following table summarizes the components used in the calculation of basic and diluted earnings per share (“EPS”): For the Year Ended December 31, (in thousands, except per share amounts) 2022 2021 2020 Basic earnings: Net earnings attributable to Broadstone Net Lease, Inc. common $ 122,115 $ 102,426 $ 51,181 Less: earnings allocated to unvested restricted shares ( 419 ) ( 394 ) ( 131 ) Net earnings used to compute basic earnings per common share $ 121,696 $ 102,032 $ 51,050 Diluted earnings: Net earnings used to compute basic earnings per share $ 121,696 $ 102,032 $ 51,050 Net earnings attributable to non-controlling interests 7,360 7,102 5,095 Net earnings used to compute diluted earnings per common share $ 129,056 $ 109,134 $ 56,145 Weighted average number of common shares outstanding 170,225 153,425 117,289 Less: weighted average unvested restricted shares (a) ( 385 ) ( 368 ) ( 139 ) Weighted average number of common shares outstanding used in 169,840 153,057 117,150 Effects of restricted stock units (b) 96 172 — Effects of convertible membership units (c) 10,265 10,741 11,649 Weighted average number of common shares outstanding used in 180,201 163,970 128,799 Basic earnings per share $ 0.72 $ 0.67 $ 0.44 Diluted earnings per share $ 0.72 $ 0.67 $ 0.44 (a) Represents the weighted average effects of 396,383 , 372,150 and 340,963 unvested restricted shares of common stock as of December 31, 2022, 2021, and 2020 , 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). Represents the weighted average effects of 10,204,806 , 10,323,206 , and 11,398,438 OP Units outstanding at December 31, 2022, 2021, and 2020 , respectively. OP Units are included in the diluted earnings per share calculation. However, because such OP Units would also require that the share of the net income attributable to such OP units also be added back to net income, there is no effect to EPS .

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2022
Income Tax Disclosure [Abstract]
Schedule of Distributions Characterized as Ordinary Dividends Capital Gain and Nontaxable	The following table shows the character of the distributions the Company paid on a percentage basis: For the Year Ended December 31, Character of Distributions 2022 2021 2020 Ordinary dividends 68 % 61 % 89 % Capital gain distributions 2 % 0 % 7 % Return of capital distributions 30 % 39 % 4 % 100 % 100 % 100 %
Income Taxes	17. Income Taxes For federal income tax purposes, distributions to stockholders are characterized as ordinary dividends, capital gain distributions, or return of capital distributions. Return of capital distributions will reduce stockholders’ basis in their shares, but not below zero. The portion of the distribution that exceeds the adjusted basis of the stock will be treated as gain from the sale or exchange of property. The following table shows the character of the distributions the Company paid on a percentage basis: For the Year Ended December 31, Character of Distributions 2022 2021 2020 Ordinary dividends 68 % 61 % 89 % Capital gain distributions 2 % 0 % 7 % Return of capital distributions 30 % 39 % 4 % 100 % 100 % 100 %

Business Description - Addition

Business Description - Additional Information (Detail) $ / shares in Units, $ in Thousands			12 Months Ended
	Sep. 18, 2020 $ / shares shares	Feb. 07, 2020 USD ($)	Dec. 31, 2022 USD ($) Property Provinces State $ / shares shares	Dec. 31, 2021 USD ($) $ / shares shares	Dec. 31, 2020 USD ($)	Aug. 31, 2022 $ / shares	Sep. 21, 2020 $ / shares shares
Business Description [Line Items]
Date of incorporation			Oct. 18, 2007
Number of leased commercial properties owned | Property			804
Internalization fees | $			$ 0	$ 0	$ 3,705
Common stock, shares outstanding | shares	26,943,587		162,383,000	162,383,000
Common stock, par value	$ 0.001		$ 0.00025	$ 0.00025
IPO
Business Description [Line Items]
Offering price							$ 17
IPO | Class A Common Stock
Business Description [Line Items]
Common stock, shares outstanding | shares	0						37,000,000
Common stock, par value							$ 0.00025
Common Stock
Business Description [Line Items]
Stock split	4
Offering price						$ 21.35
Property Management Agreement and Asset Management Agreement | Merger Agreement
Business Description [Line Items]
Internalization fees | $		$ 0
British Columbia, Canada
Business Description [Line Items]
Number of leased commercial properties owned | Property			7
Number Of Provinces | Provinces			4
UNITED STATES
Business Description [Line Items]
Number of leased commercial properties owned | Property			797
Number of States in which properties located | State			44

Business Description - Summary

Business Description - Summary of Outstanding Equity and Economic Ownership Interest (Detail) - shares	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Business Description [Line Items]
OP Units outstanding	4,265,126	4,265,126	4,455,308
Broadstone Net Lease, LLC
Business Description [Line Items]
Percent Ownership of OP, Shares of Common Stock	94.80%	94%	92.70%
Percent Ownership of OP, OP Units	5.20%	6%	7.30%
Percent Ownership of OP, Total Diluted Shares	100%	100%	100%
Ownership Interest
Business Description [Line Items]
Shares of Common Stock	186,114,000	162,383,000	145,609,000
OP Units outstanding	10,205,000	10,323,000	11,399,000
Total Diluted Shares	196,319,000	172,706,000	157,008,000

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Additional Information (Detail) $ in Thousands		12 Months Ended
	Jan. 13, 2023 USD ($)	Dec. 31, 2022 USD ($) Customer	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($) shares	Dec. 31, 2019 USD ($)
Significant Accounting Policies [Line Items]
Number of reporting units | Customer		1
Fair value of contingent consideration recorded in stockholders equity				$ 30,810
Business Combination, Contingent Consideration, Liability				7,509
Percentage of income tax benefit likely of being realized upon settlement		more than 50%
Proceeds from Sale of Real Estate		$ 58,024	87,730	81,039
Gain (Loss) on Sale of Properties	$ 30,900	15,953	13,523	14,985
Carrying Value Of Real Estate Sold		40,485	70,289	62,528
Amortization of Intangible Assets		8,500	3,800	14,500
Depreciation, Depletion and Amortization, Nonproduction		154,807	132,096	132,685
Gain (Loss) on Termination of Lease		2,500	33,500	0
Long-term debt		2,034,076
Accounts payable and other liabilities		47,547	38,038
Additional Impairment Charges		0
Unsecured Debt [Member]
Significant Accounting Policies [Line Items]
Long-term debt		1,936,569	1,592,472
Term Loan [Member] | Unsecured Debt [Member]
Significant Accounting Policies [Line Items]
Long-term debt		894,692	646,671
Senior Notes [Member] | Unsecured Debt [Member]
Significant Accounting Policies [Line Items]
Long-term debt		844,555	843,801
Lease Revenues Net [Member] | Above And Below Market Leases [Member]
Significant Accounting Policies [Line Items]
Amortization of Intangible Assets		$ 4,822	3,264	$ 1,127
Lease Termination Impact [Member]
Significant Accounting Policies [Line Items]
Gain (Loss) on Sale of Properties			25,700
Lease Termination Income			33,500
Gain (Loss) on Termination of Lease			4,000
Proceeds from Sale of Property			16,000
Cash receved future undiscounted cash flows			35,000
Office tenant [Member] | Lease Termination Impact [Member]
Significant Accounting Policies [Line Items]
Gain (Loss) on Termination of Lease			$ 35,000
Broadstone Net Lease, LLC
Significant Accounting Policies [Line Items]
Percent Ownership of OP, OP Units		5.20%	6%	7.30%
Minimum
Significant Accounting Policies [Line Items]
Lease term		4 years
Maximum
Significant Accounting Policies [Line Items]
Lease term		25 years
Earnout Liability
Significant Accounting Policies [Line Items]
Fair value of contingent consideration recorded in stockholders equity				$ 18,400
Earnout Liability | Tranche Three and Four
Significant Accounting Policies [Line Items]
Number of shares issuable in future | shares				725,988
Number of OP units issuable in future | shares				1,239,506
Earnout Liability | Tranche First and Second
Significant Accounting Policies [Line Items]
Number of shares issuable in future | shares				362,989
Number of OP units issuable in future | shares				619,751
Business Combination, Contingent Consideration, Liability				$ 12,400

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Summary of Impairment Charges (Detail) $ in Thousands	12 Months Ended
	Dec. 31, 2022 USD ($) Property	Dec. 31, 2021 USD ($) Property	Dec. 31, 2020 USD ($) Property
Impaired Long-Lived Assets Held and Used [Line Items]
NumberOfIndividualProperties | Property	3	7	7
Impairment of Real Estate | $	$ 5,535	$ 28,208	$ 19,077

Summary of Significant Accoun_6

Summary of Significant Accounting Policies - Summary of Estimated Useful Life of Asset (Detail)	12 Months Ended
	Dec. 31, 2022
Land Improvements
Property, Plant and Equipment [Line Items]
Assets estimated useful life	15 years
Buildings and Improvements | Minimum
Property, Plant and Equipment [Line Items]
Assets estimated useful life	15
Buildings and Improvements | Maximum
Property, Plant and Equipment [Line Items]
Assets estimated useful life	39 years
Equipment
Property, Plant and Equipment [Line Items]
Assets estimated useful life	7 years

Summary of Significant Accoun_7

Summary of Significant Accounting Policies - Summary of Components of Restricted Cash (Detail) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Cash and Cash Equivalents [Abstract]
Escrow funds and other	$ 4,812	$ 6,100
Undistributed 1031 proceeds	33,439
Restricted cash	$ 38,251	$ 6,100	$ 10,242	$ 7,856

Summary of Significant Accoun_8

Summary of Significant Accounting Policies - Summary of Rents Received in Advance (Detail) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Revenue from Contract with Customer [Abstract]
Rent received in advance	$ 18,783	$ 15,162

Summary of Significant Accoun_9

Summary of Significant Accounting Policies - Summary of Significant Unobservable Inputs Used to Estimate Fair Value of Earnout Liability (Detail) - Fair Value Inputs Level3 [Member]	Feb. 07, 2020 USD ($) $ / shares	Dec. 31, 2020 USD ($)
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Weighted Average Assumption Used, Expected IPO date	Apr. 15, 2020
Range, Expected IPO date	March 2020 through May 2020
Measurement Input, Price Volatility [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Weighted Average Assumption Used, Company's net asset value per diluted share | $ / shares	$ 21.30
Weighted Average [Member] | Measurement Input, Price Volatility [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Weighted Average Assumption Used, Peer stock price volatility	20	40
Minimum | Measurement Input, Price Volatility [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Weighted Average Assumption Used, Peer stock price volatility	16.22	25.92
Maximum | Measurement Input, Price Volatility [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Weighted Average Assumption Used, Peer stock price volatility	23.09	55.90

Summary of Significant Accou_10

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

Summary of Significant Accou_11

Summary of Significant Accounting Policies - Summary of Reconciliation of Change in Earnout Liability (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Fair Value Disclosures [Abstract]
Beginning balance	$ 7,509
Allocation of Internalization purchase price at February 7, 2020		40,119
Change in fair value subsequent to Internalization	5,539	(1,800)
Reclassification as a component of additional paid-in capital and non-controlling interests		(30,810)
Payout of tranches earned	(13,048)
Ending balance		$ 7,509

Summary of Significant Accou_12

Summary of Significant Accounting Policies - Balances of Financial Instruments Measured at Fair Value on Recurring Basis (Detail) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Interest rate swap, liabilities	$ 0	$ (27,171)
Interest rate swap, assets	63,390	0
Earnout liability			$ (7,509)
Fair Value, Measurements, Recurring
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Interest rate swap, liabilities		(27,171)
Interest rate swap, assets	63,390
Fair Value, Measurements, Recurring | Level 1
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Interest rate swap, liabilities
Interest rate swap, assets
Fair Value, Measurements, Recurring | Level 2
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Interest rate swap, liabilities		$ (27,171)
Interest rate swap, assets	$ 63,390

Summary of Significant Accou_13

Summary of Significant Accounting Policies - Summary of Carrying Amount Reported on Consolidated Balance Sheets (Detail) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Summary Of Significant Accounting Policies [Abstract]
Carrying amount	$ 2,034,076	$ 1,699,160
Fair value	$ 1,841,381	$ 1,785,701

Summary of Significant Accou_14

Summary of Significant Accounting Policies - Summary of Right-of-Use Assets And Lease Liabilities Associated With Operating Leases Included In Consolidated Balance Sheets (Detail) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Accounting Policies [Abstract]
Right-of-use assets	$ 3,200	$ 3,099
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Prepaid Expense and Other Assets	Prepaid Expense and Other Assets
Lease liabilities	$ 2,772	$ 2,570
Operating Lease, Liability, Statement of Financial Position [Extensible Enumeration]	Accounts Payable and Other Accrued Liabilities	Accounts Payable and Other Accrued Liabilities

Summary of Significant Accou_15

Summary of Significant Accounting Policies - Summary of Reclassification (Detail) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Property, Plant, and Equipment, Lessor Asset under Operating Lease, before Accumulated Depreciation	$ 5,008,230	$ 4,205,191
Property, Plant, and Equipment, Lessor Asset under Operating Lease, Accumulated Depreciation	533,965	430,141
Property, Plant, and Equipment, Lessor Asset under Operating Lease, after Accumulated Depreciation	$ 4,474,265	$ 3,775,050

Related Party Transactions - Ad

Related Party Transactions - Additional Information (Detail) $ in Thousands	12 Months Ended
	Dec. 31, 2022 USD ($) Property shares	Dec. 31, 2021 USD ($) shares	Dec. 31, 2020 USD ($) shares	Dec. 31, 2019 USD ($)
Related Party Transaction [Line Items]
Number of leased commercial properties owned | Property	804
Number of OP Units Issued During Period | shares		1,859,257
Fair value of earnout liability			$ 7,509
Stock Issued During Period, Shares, Conversion of Units | shares	118,400	2,934,489	822,745
Number Of Operating Units Exchanged | shares	118,400	2,934,489	822,745
Stock Issued During Period, Value, Conversion of Units	$ 1,900	$ 47,000	$ 15,600
Additional Paid-in Capital
Related Party Transaction [Line Items]
Stock Issued During Period, Value, Conversion of Units	1,926	46,968	15,631
Non-controlling Interests
Related Party Transaction [Line Items]
Stock Issued During Period, Value, Conversion of Units	$ (1,926)	$ (14,206)	$ (15,631)
Affiliated Third Party
Related Party Transaction [Line Items]
Stock Issued During Period, Shares, Conversion of Units | shares		2,049,439	822,745
Number Of Operating Units Exchanged | shares	0	2,049,439	822,745
Stock Issued During Period, Value, Conversion of Units		$ 32,800	$ 15,600
Business Acquisition Consideration Payable Tranche One Member
Related Party Transaction [Line Items]
Payment of cash at earnout milestone		$ 13,000
Number of OP Units Issued During Period | shares		1,859,257
Issuance of shares of common stock, shares | shares		1,088,977
Asset Management Agreement
Related Party Transaction [Line Items]
Gross rental percentage			1%
Receivable interest rate			0.25%
Interest rate paid from proceed			0.50%
Asset Management Agreement | Amendment Details Two
Related Party Transaction [Line Items]
Percentage of gross sale price received			1%
Asset Management Agreement | Amendment Details
Related Party Transaction [Line Items]
Percentage of gross purchase price paid			1%
Asset Management Agreement | Amendment Details One
Related Party Transaction [Line Items]
Percentage of gross purchase price paid			2%
Property Management Agreement
Related Party Transaction [Line Items]
Property management fee payable			$ 0
Termination fees			$ 0
Property Management Agreement | Existing Tenant
Related Party Transaction [Line Items]
Existing rental property re-leasing fees term			1 month
Property Management Agreement | New Tenant
Related Party Transaction [Line Items]
Existing rental property re-leasing fees term			2 months
Property Management Agreement | 3% Gross Rentals Property
Related Party Transaction [Line Items]
Gross rental percentage			3%
Property Management Agreement | 5% Gross Rentals Property
Related Party Transaction [Line Items]
Gross rental percentage			5%

Related Party Transactions - Ma

Related Party Transactions - Management Fees Incurred With Related Parties (Detail) - Property Management Agreement and Asset Management Agreement $ in Thousands	12 Months Ended
	Dec. 31, 2020 USD ($)
Related Party Transaction [Line Items]
Expenses incurred with related parties	$ 3,845
Asset Management Agreement
Related Party Transaction [Line Items]
Expenses incurred with related parties	2,461
Property Management Fee
Related Party Transaction [Line Items]
Expenses incurred with related parties	1,275
Management Fee Expense
Related Party Transaction [Line Items]
Expenses incurred with related parties	3,736
Marketing Fee (Offering Costs)
Related Party Transaction [Line Items]
Expenses incurred with related parties	0
Acquisition Fee
Related Party Transaction [Line Items]
Expenses incurred with related parties	0
Leasing Fee and Re-leasing Fees
Related Party Transaction [Line Items]
Expenses incurred with related parties	0
Disposition Fee
Related Party Transaction [Line Items]
Expenses incurred with related parties	$ 109

Internalization - Additional In

Internalization - Additional Information (Detail)		12 Months Ended
	Feb. 07, 2020 USD ($)	Dec. 31, 2022 USD ($) Tranche	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)
Internalization [Line Items]
Internalization fees		$ 0	$ 0	$ 3,705,000
Incremental internalization revenues	$ 0
Incremental expenses				20,500,000
2022 Unsecured Term Loan
Internalization [Line Items]
Debt instrument, face amount	$ 60,000,000
Elimination of Internalization Expenses and Asset Management, Property Management, and Disposition Fees and Adjustments to Reflect Compensation and Related Cost, Incremental General and Administrative and Interest Expense | Internalization Expenses
Internalization [Line Items]
Business combination pro forma adjustments income				$ 4,500,000
Merger Agreement
Internalization [Line Items]
Number of tranches | Tranche		4
VWAP per REIT Share Days		40 days
Merger Agreement | Tranche One
Internalization [Line Items]
Additional consideration payable		$ 10,000,000
Merger Agreement | Tranche Two
Internalization [Line Items]
Additional consideration payable		15,000,000
Merger Agreement | Tranche Three
Internalization [Line Items]
Additional consideration payable		25,000,000
Merger Agreement | Tranche Four
Internalization [Line Items]
Additional consideration payable		25,000,000
Maximum | Merger Agreement
Internalization [Line Items]
Additional consideration payable		$ 75,000,000

Internalization - Schedule of B

Internalization - Schedule of Base Consideration - (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Business Acquisition Contingent Consideration [Line Items]
Initial estimate of fair value of earnout liability	$ 0	$ 5,539	$ (1,800)

Internalization - Schedule of_2

Internalization - Schedule of Base Consideration (Parenthetical) - (Detail) - shares shares in Thousands	Dec. 31, 2022	Dec. 31, 2021
Business Acquisition Contingent Consideration [Line Items]
Common stock, shares issued	186,114	186,114

Internalization - Summary of Ea

Internalization - Summary of Earnout Tranches, Applicable VWAP of REIT Share and Applicable Earnout Periods (Detail) - USD ($) $ / shares in Units, $ in Thousands		12 Months Ended
		Dec. 31, 2022	Dec. 31, 2021
Internalization [Line Items]
Shares of Common stock issued		186,114,000	186,114,000
Op Units Issued			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.

Internalization - Summary of Al

Internalization - Summary of Allocation of Purchase Price (Detail) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net [Abstract]
Goodwill	$ 339,769	$ 339,769
Debt			$ (90,500)

Internalization - Schedule of P

Internalization - Schedule of Pro Forma Financial Information (Detail) $ in Thousands	12 Months Ended
	Dec. 31, 2020 USD ($)
Business Acquisition, Pro Forma Information [Abstract]
Revenues	$ 321,637
Net income	$ 60,783

Acquisitions of Rental Proper_3

Acquisitions of Rental Property - Acquisitions of Rental Property Closed - (Detail) $ in Thousands																																																																		12 Months Ended
	Nov. 10, 2022 USD ($) Customer	Nov. 04, 2022 USD ($) Customer	Nov. 02, 2022 USD ($) Customer	Oct. 19, 2022 USD ($) Customer	Oct. 17, 2022 USD ($) Customer	Oct. 12, 2022 USD ($) Customer	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	Dec. 22, 2021 USD ($) Customer	Dec. 17, 2021 USD ($) Customer	Dec. 16, 2021 USD ($) Customer	Dec. 15, 2021 USD ($) Customer	Dec. 10, 2021 USD ($) Customer	Oct. 27, 2021 USD ($) Customer	Oct. 22, 2021 USD ($) Customer	Oct. 01, 2021 USD ($) 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	Dec. 30, 2020 USD ($) Customer	Dec. 29, 2020 USD ($) Customer	Dec. 28, 2020 USD ($) Customer	Dec. 23, 2020 USD ($) Customer		Dec. 07, 2020 USD ($) Customer	Nov. 13, 2020 USD ($) Customer	Dec. 31, 2022 USD ($) Customer		Dec. 31, 2021 USD ($) Customer		Dec. 31, 2020 USD ($) Customer
Business Acquisition [Line Items]
Number of Properties | Customer																																																																		86		116		19
Real Estate Acquisition Price | $																																																																		$ 878,433	[1]	$ 659,231	[2]	$ 95,812	[3]
Healthcare
Business Acquisition [Line Items]
Property Type											Healthcare					Healthcare															Healthcare			Healthcare				Healthcare						Healthcare					Healthcare	Healthcare				Healthcare				Healthcare							Healthcare
Number of Properties | Customer											1					1															1			1				1						1					7	4				3				1							1
Real Estate Acquisition Price | $											$ 9,219					$ 12,467															$ 7,600			$ 6,000				$ 3,306						$ 60,000					$ 30,750	$ 15,300				$ 14,140				$ 4,843							$ 4,950
Industrial
Business Acquisition [Line Items]
Property Type	Industrial		Industrial					Industrial		Industrial		Industrial			Industrial		Industrial						Industrial	Industrial			Industrial		Industrial		Industrial	Industrial		Industrial			Industrial		Industrial	Industrial	Industrial				Industrial	Industrial		Industrial				Industrial							Industrial			Industrial		Industrial
Number of Properties | Customer	1		4					4		4		11			1		5						1	1			1		1		2	1		1			1		3	1	2				2	1						1							1			1		8
Real Estate Acquisition Price | $	$ 10,758		$ 38,650					$ 56,250		$ 44,000		$ 75,000			$ 29,500		$ 78,500						$ 16,250	$ 7,522			$ 5,678		$ 21,733		$ 22,651	$ 16,000		$ 16,000			$ 5,386		$ 59,343	$ 10,600	$ 48,699				$ 11,011	$ 13,041		$ 4,500				$ 8,500							$ 8,050			$ 36,473	[4]	$ 28,000
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			Retail	Retail		Retail		Retail		Retail		Retail	Retail					Retail
Number of Properties | Customer		1		1	2	1			1				1	2				1	1	1	1	1		1		6		1		2		3			16	3					1	1	2			3	1		1		8		2		11	13					1
Real Estate Acquisition Price | $		$ 5,645		$ 1,743	$ 6,000	$ 1,743			$ 1,411				$ 2,171	$ 3,052				$ 1,884	$ 1,638	$ 11,510	$ 2,264	$ 1,780		$ 1,680		$ 79,061		$ 1,341		$ 2,573		$ 4,260			$ 33,500	$ 4,278					$ 2,456	$ 1,722	$ 8,901			$ 4,586	$ 5,565		$ 1,279		$ 12,131		$ 19,420		$ 41,324	$ 26,834					$ 5,150
Restaurant
Business Acquisition [Line Items]
Property Type							Restaurant																		Restaurant																																Restaurant			Restaurant
Number of Properties | Customer							3																		16																																			7
Real Estate Acquisition Price | $							$ 12,823																		$ 99,587																																$ 181			$ 13,189
Restaurant/Office
Business Acquisition [Line Items]
Property Type																																	Restaurant/Office
Number of Properties | Customer																																	6
Real Estate Acquisition Price | $																																	$ 28,546
Industrial/Office
Business Acquisition [Line Items]
Property Type						Industrial / Office
Number of Properties | Customer						7
Real Estate Acquisition Price | $						$ 235,000
Industrial
Business Acquisition [Line Items]
Property Type																																																				Industrial
Number of Properties | Customer																																																				11
Real Estate Acquisition Price | $																																																				$ 106,578
[1] Acquisition price excludes capitalized acquisition costs of $ 6.4 million and a $ 17.4 million building expansion agreed to as a forward commitment in connection with a prior acquisition (see Note 19). Acquisition price does not include capitalized acquisition costs of $ 5.8 million. Acquisition price does not include capitalized acquisition costs of $ 1.3 million. Acquisition price excludes $ 4.5 million deposited in an escrow for the future purchase of the related land. The land purchase closed on July 2, 2021, and is included in the 2021 acquisitions.

Acquisitions of Rental Proper_4

Acquisitions of Rental Property - Acquisitions of Rental Property Closed (Parenthetical) - (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Business Acquisition [Line Items]
Escrow Deposit			$ 4.5
Acquisition costs capitalized	$ 6.4	$ 5.8	$ 1.3
Tenant building expansion	$ 17.4

Acquisitions of Rental Proper_5

Acquisitions of Rental Property - Purchase Price Allocation for Real Estate Acquisitions (Detail) - USD ($) $ in Thousands		Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Business Acquisition [Line Items]
Sales-type investments				$ 574
Non-real estate liabilities assumed		$ 8,051
Business combination, recognized identifiable assets acquired and liabilities assumed, assets		884,852	$ 665,056	97,084
Land
Business Acquisition [Line Items]
Business combination, recognized identifiable assets acquired and liabilities assumed, property, plant, and equipment		126,865	114,296	17,403
Land Improvements
Business Acquisition [Line Items]
Business combination, recognized identifiable assets acquired and liabilities assumed, property, plant, and equipment		47,513	29,298	5,356
Buildings and Improvements
Business Acquisition [Line Items]
Business combination, recognized identifiable assets acquired and liabilities assumed, property, plant, and equipment		649,195	469,113	64,116
Acquired In-Place Leases
Business Acquisition [Line Items]
Business combination, recognized identifiable assets acquired and liabilities assumed, Intangible assets	[1]	69,609	51,956	8,346
Acquired Above-Market Leases
Business Acquisition [Line Items]
Business combination, recognized identifiable assets acquired and liabilities assumed, Intangible assets	[2]		211	1,717
Acquired Below-Market Leases
Business Acquisition [Line Items]
Business combination, recognized identifiable assets acquired and liabilities assumed, Intangible assets	[3]	$ (279)		$ (428)
Right-of-use asset
Business Acquisition [Line Items]
Business combination, recognized identifiable assets acquired and liabilities assumed, Intangible assets			663
Lease liability
Business Acquisition [Line Items]
Business combination, recognized identifiable assets acquired and liabilities assumed, Intangible assets			$ (481)
[1] The weighted average amortization period for acquired in-place leases is 20 years, 16 years, and 15 years for acquisitions completed during the years ended December 31, 2022, 2021, and 2020 , respectively. The weighted average amortization period for acquired above-market leases is 10 years and 1 year for acquisitions completed during the years ended December 31, 2021, and 2020, respectively. There were no above-market leases acquired during the year ended December 31, 2022. The weighted average amortization period for acquired below-market leases is 14 years and 10 years for acquisitions completed during the years ended December 31, 2022 and 2020, respectively. There were no below-market leases acquired during the year ended December 31, 2021.

Acquisitions of Rental Proper_6

Acquisitions of Rental Property - Purchase Price Allocation for Real Estate Acquisitions (Parenthetical) - (Detail)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Acquired In-Place Leases
Business Acquisition [Line Items]
Weighted average amortization period	20 years	16 years	15 years
Acquired Above-Market Leases
Business Acquisition [Line Items]
Weighted average amortization period	0 years	10 years	1 year
Acquired Below-Market Leases
Business Acquisition [Line Items]
Weighted average amortization period	14 years	0 years	10 years

Sale of Real Estate - Schedule

Sale of Real Estate - Schedule of Sale of Real Estate (Detail) Property in Thousands, $ in Thousands		12 Months Ended
	Jan. 13, 2023 USD ($)	Dec. 31, 2022 USD ($) Property	Dec. 31, 2021 USD ($) Property	Dec. 31, 2020 USD ($) Property
Real Estate [Line Items]
Number of properties disposed | Property		8	31	24
Aggregate sale price		$ 58,024	$ 87,730	$ 81,039
Aggregate carrying value		(40,485)	(70,289)	(62,528)
Gain on sale of real estate	$ 30,900	15,953	13,523	14,985
Real Estate
Real Estate [Line Items]
Additional sales expenses		(1,586)	(3,918)	(3,526)
Gain on sale of real estate		$ 15,953	$ 13,523	$ 14,985

Investment in Rental Property_3

Investment in Rental Property and Lease Arrangements - Additional Information (Detail)	12 Months Ended
	Dec. 31, 2022 PropertyNumber Property
Lessor Lease Description [Line Items]
Number of leased commercial properties owned | Property	804
Number of real estate properties under operating leases	791
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, finance lease, existence of option to extend	true
Lessee, operating 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 - Summary of Depreciation Expense on Investment in Rental Property (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Leases [Abstract]
Depreciation	$ 114,583	$ 99,143	$ 93,679

Investment in Rental Property_5

Investment in Rental Property and Lease Arrangements - Estimated Lease Payments to be Received under Non-cancelable Operating Leases (Detail) $ in Thousands	Dec. 31, 2022 USD ($)
Lessor, Operating Lease, Payments to be Received, Fiscal Year Maturity [Abstract]
2023	$ 388,971
2024	389,107
2025	383,990
2026	376,937
2027	359,533
Thereafter	2,987,770
Estimated lease payments to be received under non-cancelable operating leases	$ 4,886,308

Investment in Rental Property_6

Investment in Rental Property and Lease Arrangements - Net Investment in Direct Financing Leases (Detail) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Leases [Abstract]
Undiscounted estimated lease payments to be received	$ 38,268	$ 42,602
Estimated unguaranteed residual values	14,547	15,203
Unearned revenue	(25,645)	(28,893)
Reserve for credit losses	(125)	(130)
Net investment in direct financing leases	$ 27,045	$ 28,782

Investment in Rental Property_7

Investment in Rental Property and Lease Arrangements - Undiscounted Estimated Lease Payments to be Received under Non-cancelable Direct Financing Leases (Detail) $ in Thousands	Dec. 31, 2022 USD ($)
Capital Leases, Future Minimum Payments Receivable, Fiscal Year Maturity [Abstract]
2023	$ 3,114
2024	3,171
2025	3,285
2026	3,357
2027	3,426
Thereafter	21,915
Undiscounted estimated lease payments to be received under non-cancelable direct financing leases	$ 38,268

Investment in Rental Property_8

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		12 Months Ended
		Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Income Statement [Abstract]
Contractual rental amounts billed for operating leases		$ 359,317	$ 308,624	$ 281,998
Adjustment to recognize contractual operating lease billings on a straight-line basis		22,353	19,847	25,200
Writeoff of accrued rental income		(1,326)	(442)	(4,235)
Variable rental amounts earned		1,507	768	743
Earned income from direct financing leases		2,856	2,909	3,355
Interest income from sales-type leases		58	58	5
Operating expenses billed to tenants		19,779	17,462	15,845
Other income from real estate transactions	[1]	3,069	33,549	799
Adjustment to revenue recognized for uncollectible rental amounts billed, net		(100)	101	(2,073)
Total Lease revenues, net		$ 407,513	$ 382,876	$ 321,637
[1] Other income from real estate transactions includes $ 2.5 million and $ 33.5 million of lease termination fee income for the years ended December 31, 2022 and 2021, respectively. There was no lease termination fee income for the year ended December 31, 2020.

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) (Parenthetical) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Leases [Abstract]
Lease termination fee income	$ 2.5	$ 33.5	$ 0

Intangible Assets and Liabili_3

Intangible Assets and Liabilities - Schedule of Intangible Assets and Liabilities (Detail) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Lease intangibles:
Intangible lease assets, net	$ 329,585	$ 303,642
Acquired below-market leases	105,059	105,310
Less accumulated amortization	(42,204)	(34,714)
Intangible lease liabilities, net	62,855	70,596
Leasing fees	14,430	14,786
Less accumulated amortization	(5,924)	(5,145)
Leasing fees, net	8,506	9,641
Acquired Above-Market Leases
Lease intangibles:
Intangible lease assets, gross	45,740	47,147
Less accumulated amortization	(18,436)	(16,807)
Intangible lease assets, net	27,304	30,340
Acquired In-Place Leases
Lease intangibles:
Intangible lease assets, gross	436,401	380,766
Less accumulated amortization	(134,120)	(107,464)
Intangible lease assets, net	$ 302,281	$ 273,302

Intangible Assets and Liabili_4

Intangible Assets and Liabilities - Schedule of Amortization of Intangible Lease Assets and Liabilities (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Finite Lived Intangible Assets [Line Items]
Acquired in-place leases and leasing fees	$ 8,500	$ 3,800	$ 14,500
Acquired In-Place Leases | Depreciation and Amortization
Finite Lived Intangible Assets [Line Items]
Acquired in-place leases and leasing fees	40,090	32,857	38,934
Above Market and Below Market Leases | Lease Revenues, Net
Finite Lived Intangible Assets [Line Items]
Acquired in-place leases and leasing fees	$ 4,822	$ 3,264	$ 1,127

Intangible Assets and Liabili_5

Intangible Assets and Liabilities - Additional Information (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization expense	$ 8.5	$ 3.8	$ 14.5

Intangible Assets and Liabili_6

Intangible Assets and Liabilities - Schedule of Amortizable Intangible Assets (Detail) $ in Thousands	Dec. 31, 2022 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
2023	$ 27,928
2024	27,120
2025	25,852
2026	24,700
2027	22,957
Thereafter	146,679
Total	$ 275,236

Unsecured Credit Agreements - A

Unsecured Credit Agreements - Additional Information (Detail) $ in Thousands

12 Months Ended

Aug. 01, 2022 USD ($) Reporting_unit

Jan. 28, 2022 USD ($)

Sep. 15, 2021 USD ($)

Mar. 12, 2021 USD ($)

Sep. 04, 2020 USD ($)

Feb. 07, 2020 USD ($)

Feb. 27, 2019 USD ($)

Apr. 18, 2017 USD ($)

Dec. 31, 2022 USD ($)

Dec. 31, 2021 USD ($)

Dec. 31, 2020 USD ($)

Jul. 02, 2018 USD ($)

Debt Instrument [Line Items]

Unsecured debt

$ 300,000

Maturity date

Mar. 31, 2026

Remaining borrowing capacity

$ 900,000

Debt instrument, interest rate

5%

Weighted Average Fixed Rate

4.82%

Cost of debt extinguishment

$ (308)

$ (368)

$ (417)

Other Nonoperating Income (Expense)

Debt Instrument [Line Items]

Cost of debt extinguishment

$ 200

$ (300)

$ (400)

LIBOR | Minimum

Debt Instrument [Line Items]

Basis spread on variable rate

0.825%

LIBOR | Maximum

Debt Instrument [Line Items]

Basis spread on variable rate

1.55%

Unsecured Debt

Debt Instrument [Line Items]

Number of term loan | Reporting_unit

2

Two Thousand Twenty Seven Unsecured Term Loan

Debt Instrument [Line Items]

Unsecured debt

$ 200,000

Debt instrument, term

5 years

Two Thousand Twenty Seven Unsecured Term Loan | SOFR | Minimum

Debt Instrument [Line Items]

Basis spread on variable rate

0.80%

Two Thousand Twenty Seven Unsecured Term Loan | SOFR | Maximum

Debt Instrument [Line Items]

Basis spread on variable rate

1.60%

Two Thousand Twenty Nine Unsecured Term Loan

Debt Instrument [Line Items]

Debt instrument, term

7 years

Two Thousand Twenty Nine Unsecured Term Loan | SOFR | Minimum

Debt Instrument [Line Items]

Basis spread on variable rate

1.15%

Two Thousand Twenty Nine Unsecured Term Loan | SOFR | Maximum

Debt Instrument [Line Items]

Basis spread on variable rate

2.20%

2024 Unsecured Term Loan | LIBOR | Minimum

Debt Instrument [Line Items]

Basis spread on variable rate

0.85%

2024 Unsecured Term Loan | LIBOR | Maximum

Debt Instrument [Line Items]

Basis spread on variable rate

1.65%

Revolving Credit Facility | Unsecured Debt

Debt Instrument [Line Items]

Line of credit, maximum accordion feature

$ 2,000,000

Debt instrument extension options, description

twice for six months per extension

Maturity extension fee on outstanding principal balance percentage

0.0625%

Unsecured Revolving Credit Facility

Debt Instrument [Line Items]

Applicable Margin Of Facility Fee Percentage

0.20%

Line of credit, maximum borrowing capacity

$ 1,000,000

Unsecured Revolving Credit Facility | Minimum

Debt Instrument [Line Items]

Basis spread on variable rate

0.725%

0.125%

Unsecured Revolving Credit Facility | Maximum

Debt Instrument [Line Items]

Basis spread on variable rate

1.40%

0.30%

Unsecured Revolving Credit Facility | Canada, Dollars

Debt Instrument [Line Items]

Line of credit, maximum borrowing capacity

$ 500,000

Unsecured Revolving Credit Facility | Unsecured Debt

Debt Instrument [Line Items]

Basis spread on variable rate

[1],[2],[3]

0.85%

2022 Unsecured Term Loan | LIBOR | Minimum

Debt Instrument [Line Items]

Basis spread on variable rate

0.85%

2022 Unsecured Term Loan | LIBOR | Maximum

Debt Instrument [Line Items]

Basis spread on variable rate

1.65%

Senior Guaranteed Notes Series B and Senior Guaranteed Notes Series C | Unsecured Debt

Debt Instrument [Line Items]

Debt instrument, face amount

$ 325,000

Senior Guaranteed Notes Series B | Unsecured Debt

Debt Instrument [Line Items]

Debt instrument, face amount

$ 225,000

Debt instrument, interest rate

5.09%

Senior Guaranteed Notes Series C | Unsecured Debt

Debt Instrument [Line Items]

Debt instrument, face amount

$ 100,000

Debt instrument, interest rate

5.19%

Revolving Credit Facility Maturing September 2023 | Revolving Credit Facility | Unsecured Debt

Debt Instrument [Line Items]

Line of credit, maximum borrowing capacity

$ 900,000

2022 Unsecured Term Loan

Debt Instrument [Line Items]

Debt instrument, face amount

$ 60,000

2026 Unsecured Term Loan

Debt Instrument [Line Items]

Debt Instrument Paydown Amount

$ 50,000

Debt instrument, face amount

$ 450,000

Line of credit, maximum accordion feature

$ 550,000

Maturity date

Feb. 27, 2026

Commitment fee percentage

0.25%

Debt instrument, term

7 years

2026 Unsecured Term Loan | LIBOR | Minimum

Debt Instrument [Line Items]

Basis spread on variable rate

0.85%

1.45%

2026 Unsecured Term Loan | LIBOR | Maximum

Debt Instrument [Line Items]

Basis spread on variable rate

1.65%

2.40%

2027 Senior Notes

Debt Instrument [Line Items]

Proceeds from issuance of debt

$ 150,000

Debt instrument, interest rate

4.84%

2031 Senior Unsecured Public Notes

Debt Instrument [Line Items]

Percentage of senior unsecured public notes issued

99.816%

Debt instrument, face amount

$ 375,000

Maturity date

Sep. 15, 2031

Debt instrument, interest rate

2.60%

2027 And 2029 Unsecured Revolving Credit Term Loan | Revolving Credit Facility

Debt Instrument [Line Items]

Debt issuance costs incurred

$ 7,000

New Debt Agreements

Debt Instrument [Line Items]

Unamortized debt issuance costs

$ 5,900

$ 5,000

[1] At December 31, 2021 , the applicable interest rate was one-month LIBOR plus 1.00 %. At December 31, 2022 and 2021 one-month LIBOR was 4.39 % and 0.10 %, respectively. At December 31, 2022 , a balance of $ 123.5 million was subject to the one-month SOFR of 4.36 %. The remaining balance includes $ 100.0 million CAD borrowings remeasured to $ 73.8 million USD, which was subject to the one-month CDOR of 4.74 %.

Unsecured Credit Agreements - S

Unsecured Credit Agreements - Summary of Unsecured Credit Agreements (Detail) - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2022	Dec. 31, 2021	Jul. 02, 2018
Debt Instrument [Line Items]
Debt instrument, interest rate			5%
Long-Term Debt, Gross		$ 2,034,076	$ 1,699,160
Long-term Debt		2,034,076
Unsecured Debt
Debt Instrument [Line Items]
Long-term Debt		1,936,569	1,592,472
Unsecured Debt | Term Loan [Member]
Debt Instrument [Line Items]
Long-Term Debt, Gross		900,000	650,000
Debt issuance costs, net		(5,308)	(3,329)
Long-term Debt		894,692	646,671
Unsecured Debt | Senior Notes [Member]
Debt Instrument [Line Items]
Long-Term Debt, Gross		850,000	850,000
Unamortized debt issuance costs and original issuance discount, net		(5,445)	(6,199)
Long-term Debt		$ 844,555	843,801
Unsecured Debt | Unsecured Revolving Credit Facility
Debt Instrument [Line Items]
Interest Rate		Applicable reference rate + 0.85%
Maturity Date		2026-03
Basis spread on variable rate	[1],[2],[3]	0.85%
Long-Term Debt, Gross		$ 197,322	102,000
Unsecured Debt | Senior Guaranteed Notes Series B
Debt Instrument [Line Items]
Debt instrument, interest rate				5.09%
Unsecured Debt | Senior Guaranteed Notes Series C
Debt Instrument [Line Items]
Debt instrument, interest rate				5.19%
Unsecured Debt | 2022 Unsecured Term Loan
Debt Instrument [Line Items]
Interest Rate		one-month LIBOR + 1.00%
Maturity Date	[4]	2022-02
Long-Term Debt, Gross			60,000
Unsecured Debt | 2022 Unsecured Term Loan | 1 Month LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate	[2]	1%
Unsecured Debt | 2024 Unsecured Term Loan
Debt Instrument [Line Items]
Interest Rate		one-month LIBOR + 1.00%
Maturity Date	[5]	2024-06
Long-Term Debt, Gross			190,000
Unsecured Debt | 2024 Unsecured Term Loan | 1 Month LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate	[2]	1%
Unsecured Debt | 2026 Unsecured Term Loan
Debt Instrument [Line Items]
Interest Rate		one-month LIBOR + 1.00%
Maturity Date		2026-02
Long-Term Debt, Gross		$ 400,000	400,000
Unsecured Debt | 2026 Unsecured Term Loan | 1 Month LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate	[2]	1%
Unsecured Debt | 2027 Senior Unsecured Notes
Debt Instrument [Line Items]
Interest Rate		one-month adjusted SOFR + 0.95%
Maturity Date		2027-08
Long-Term Debt, Gross		$ 200,000
Unsecured Debt | 2027 Senior Unsecured Notes | SOFR
Debt Instrument [Line Items]
Basis spread on variable rate	[6]	0.95%
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
Long-Term Debt, Gross		$ 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
Long-Term Debt, Gross		$ 225,000	225,000
Unsecured Debt | 2029 Unsecured Term Loan
Debt Instrument [Line Items]
Interest Rate		one-month adjusted SOFR + 1.25%
Maturity Date		2029-08
Long-Term Debt, Gross		$ 300,000
Unsecured Debt | 2029 Unsecured Term Loan | SOFR
Debt Instrument [Line Items]
Basis spread on variable rate	[6]	1.25%
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
Long-Term Debt, Gross		$ 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
Long-Term Debt, Gross		$ 375,000	$ 375,000
[1] At December 31, 2021 , the applicable interest rate was one-month LIBOR plus 1.00 %. At December 31, 2022 and 2021 one-month LIBOR was 4.39 % and 0.10 %, respectively. At December 31, 2022 , a balance of $ 123.5 million was subject to the one-month SOFR of 4.36 %. The remaining balance includes $ 100.0 million CAD borrowings remeasured to $ 73.8 million USD, which was subject to the one-month CDOR of 4.74 %. The 2022 Unsecured Term Loan was paid in full in February 2022 with borrowings from the Revolving Credit Agreement. The 2024 Unsecured Term Loan was paid in full in August 2022 with borrowings from the 2027 Unsecured Term Loan and the 2029 Unsecured Term Loan. At December 31, 2022 , one-month SOFR was 4.36 %.

Unsecured Credit Agreements -_2

Unsecured Credit Agreements - Summary of Unsecured Credit Agreements (Parenthetical) (Detail) $ in Thousands, $ in Millions		12 Months Ended
		Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Dec. 31, 2022 CAD ($)
Debt Instrument [Line Items]
Long-term debt		$ 2,034,076
1 Month Secured Overnight
Debt Instrument [Line Items]
Interest rate		4.36%		4.36%
Unsecured Debt
Debt Instrument [Line Items]
Long-term debt		$ 1,936,569	$ 1,592,472
Unsecured Debt | 1 Month LIBOR
Debt Instrument [Line Items]
Interest rate		4.39%	0.10%	4.39%
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 Facility
Debt Instrument [Line Items]
Basis spread on variable rate			1%
Unsecured Debt | 1 Month Secured Overnight
Debt Instrument [Line Items]
Interest rate		4.36%		4.36%
Long-term debt		$ 123,500
Unsecured Debt | 1 Month Canadian Dollar
Debt Instrument [Line Items]
Interest rate		4.74%		4.74%
Long-term debt		$ 73,800		$ 100
[1] At December 31, 2022 and 2021 one-month LIBOR was 4.39 % and 0.10 %, respectively.

Unsecured Credit Agreements -_3

Unsecured Credit Agreements - Summary of Debt Issuance Cost Amortization (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Debt Disclosure [Abstract]
Debt issuance costs and original issuance discount amortization	$ 3,692	$ 3,854	$ 3,445

Mortgages - Summary of Mortgage

Mortgages - Summary of Mortgages (Detail) - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2022	Dec. 31, 2021
Debt Instrument [Line Items]
Debt instrument, interest rate			5%
Long-Term Debt, Gross		$ 2,034,076	$ 1,699,160
Mortgages, net		86,602	96,846
Secured Debt
Debt Instrument [Line Items]
Long-Term Debt, Gross		86,754	97,160
Debt issuance costs, net		$ (152)	(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%
Long-Term Debt, Gross	[1],[2],[3],[4]	$ 45,516	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%
Long-Term Debt, Gross	[1],[2],[4],[5]	$ 19,150	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%
Long-Term Debt, Gross	[1],[2]	$ 16,675	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%
Long-Term Debt, Gross	[2],[6]	$ 0	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],[7]	2012-04
Maturity Date	[2],[7]	2023-10
Debt instrument, interest rate	[2],[7]	6.38%
Long-Term Debt, Gross	[2],[7]	$ 5,413	$ 6,249
[1] Debt secured by guaranty of the OP. Debt secured by related rental property and lease rents. Mortgage was assumed April 2019 as part of the acquisition of the related property. The debt was recorded at fair value at the time of the 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 the 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 December 31, 2021, the interest rate was 5.00 %. Mortgage was assumed April 2012 as part of the acquisition of the related property. The debt was recorded at fair value at the time of assumption.

Mortgages - Summary of Mortga_2

Mortgages - Summary of Mortgages (Parenthetical) (Detail)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Debt Instrument [Line Items]
Debt instrument, interest rate		5%
Maximum | Prime Rate plus 1.25%
Debt Instrument [Line Items]
Basis spread on variable rate	5%
Minimum | Prime Rate plus 1.25%
Debt Instrument [Line Items]
Basis spread on variable rate	1.25%

Mortgages - Additional Informat

Mortgages - Additional Information (Detail) $ in Millions	Dec. 31, 2022 USD ($)
Debt Disclosure [Abstract]
Investment in rental property pledges as collateral	$ 143.3

Mortgages - Schedule of Estimat

Mortgages - Schedule of Estimated Future Principal Payments (Detail) $ in Thousands	Dec. 31, 2022 USD ($)
Debt Disclosure [Abstract]
2023	$ 7,582
2024	2,260
2025	20,195
2026	614,165
2027	351,596
Thereafter	1,038,278
Long-term Debt	$ 2,034,076

Interest Rate Swaps - Summary o

Interest Rate Swaps - Summary of Interest-rate Swap Agreements (Detail) $ in Thousands, $ in Millions	12 Months Ended
	Dec. 31, 2022 USD ($)	Dec. 31, 2022 CAD ($)	Dec. 31, 2021 USD ($)	Dec. 31, 2021 CAD ($)
Derivative [Line Items]
Weighted Average Fixed Rate	4.82%	4.82%
Notional Amount		$ 20		$ 40
Interest Rate Swap
Derivative [Line Items]
Weighted Average Fixed Rate	2.23%	2.23%
Notional Amount	$ 973,822		$ 640,000
Fair Value	$ 63,390		(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	$ 477		(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	$ 815		(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
Notional Amount	$ 14,764		0
Fair Value	$ 1,092		0
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	$ 1,169		(905)
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	$ 1,239		(649)
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	$ 1,129		(1,887)
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	$ 2,007		(1,274)
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	$ 1,162		(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	$ 1,358		(767)
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	$ 1,547		(760)
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	$ 1,279		(1,125)
Interest Rate Swap | Truist Financial Corporation Four
Derivative [Line Items]
Derivative, Maturity date	2026-01
Derivative, Fixed rate	1.93%	1.93%
Variable Rate Index	one-month LIBOR
Notional Amount	$ 25,000		25,000
Fair Value	$ 1,542		(768)
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	$ 2,332		(1,415)
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	$ 584		(538)
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	$ 625		(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	$ 3,042		(205)
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	$ 1,605		(1,575)
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	$ 1,773		(936)
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	$ 1,628		(1,570)
Interest Rate Swap | Wells Fargo Bank Three
Derivative [Line Items]
Derivative, Maturity date	2028-01
Derivative, Fixed rate	2.37%	2.37%
Variable Rate Index	one-month LIBOR
Notional Amount	$ 75,000		75,000
Fair Value	$ 4,854		(4,741)
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	$ 2,295		(1,316)
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
Notional Amount	$ 29,530		0
Fair Value	$ 2,424		0
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	$ 2,244		(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	$ 2,357		(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	$ 2,377		(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	$ 5,861		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	$ 826		0
Interest Rate Swap | US 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	$ 3,419		(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
Notional Amount	$ 14,764		0
Fair Value	$ 1,107		0
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	$ 14,764		0
Fair Value	$ 765		0
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	$ 2,674		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	$ 5,782		$ 0

Interest Rate Swaps - Summary_2

Interest Rate Swaps - Summary of Interest-rate Swap Agreements (Parenthetical) (Detail) $ in Thousands, $ in Millions	Dec. 31, 2022 USD ($)	Dec. 31, 2022 CAD ($)	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	$ 973,822		$ 640,000

Interest Rate Swaps - Total Amo

Interest Rate Swaps - Total Amounts Recognized and Location of Gain (Loss) in Consolidated Statement of Income and Comprehensive Income (Loss), from Converting from Variable Rates to Fixed Rates (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Derivative [Line Items]
Derivative Instrument, Gain (Loss) Reclassified from AOCI into Income, Effective Portion, Statement of Income or Comprehensive Income [Extensible Enumeration]	Total Interest Expense Presented in the Consolidated Statements of Income and Comprehensive Income	Total Interest Expense Presented in the Consolidated Statements of Income and Comprehensive Income	Total Interest Expense Presented in the Consolidated Statements of Income and Comprehensive Income
Total Interest Expense Presented in the Consolidated Statements of Income and Comprehensive Income	$ 78,652	$ 64,146	$ 76,138
Interest Rate Swap
Derivative [Line Items]
Amount of (Loss) Gain Recognized in Accumulated Other Comprehensive Loss	90,560	39,353	(50,544)
Reclassification from Accumulated Other Comprehensive Loss, Amount of (Loss) Gain	4,453	16,136	12,656
Total Interest Expense Presented in the Consolidated Statements of Income and Comprehensive Income	$ 78,652	$ 64,146	$ 76,138

Interest Rate Swaps - Additiona

Interest Rate Swaps - Additional Information (Detail) $ in Millions	12 Months Ended
	Dec. 31, 2022 USD ($)
Derivative [Line Items]
Weighted Average Fixed Rate	4.82%
Interest rate swaps expected to be reclassified - (loss)	$ 22.8
Interest Rate Swap
Derivative [Line Items]
Weighted Average Fixed Rate	2.23%

Non-Controlling Interests - Add

Non-Controlling Interests - Additional Information (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Noncontrolling Interest [Line Items]
Properties contributed as part of UPREIT transactions, value	$ 0	$ 0	$ 0
Properties contributed as part of UPREIT transactions, value, net of debt assumed	$ 128,700	$ 128,700
OP units, issued	5,939,680	6,058,080	6,943,130
OP Units outstanding	4,265,126	4,265,126	4,455,308
Number of OP units issued during period		1,859,257
Broadstone Net Lease, LLC
Noncontrolling Interest [Line Items]
Percentage of economic interests owned by non-controlling interests	5.20%	6%	7.30%

Non-Controlling Interests - Sch

Non-Controlling Interests - Schedule of OP Units Exchanged for Shares of Common Stock (Detail) - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Noncontrolling Interest [Line Items]
Value of units exchanged	$ 1,900	$ 47,000	$ 15,600
Common Stock
Noncontrolling Interest [Line Items]
OP Units exchanged for shares of common stock	118	2,935	822
Additional Paid-in Capital
Noncontrolling Interest [Line Items]
Value of units exchanged	$ 1,926	$ 46,968	$ 15,631

Credit Risk Concentrations - Ad

Credit Risk Concentrations - Additional Information (Detail) - Customer	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Concentration Risk [Line Items]
Number of tenants or common franchises	0	0	0
Management fees | Credit Availability Concentration Risk | Financial Institution Two
Concentration Risk [Line Items]
Concentrations risk percentage			2%

Equity - Additional Information

Equity - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands					12 Months Ended
	Dec. 28, 2022	Aug. 31, 2022	Jun. 28, 2021	Sep. 21, 2020	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Equity [Line Items]
Net proceeds from issuance of common stock					$ 495,566	$ 280,356	$ 588,457
Common stock, voting rights					one vote per share
Preferred stock, shares issued					0	0
Preferred stock, shares outstanding					0	0
Common stock, shares issued					186,114,000	186,114,000
Common Stock
Equity [Line Items]
Issuance of shares of common stock, shares	13,000,000	13,000,000			23,682,000	13,910,000	659,000
Offering price		$ 21.35
Net proceeds from issuance of common stock		$ 272,600
Maximum | Common Stock
Equity [Line Items]
Gross Sale Price					$ 400,000
Distribution Reinvestment Plan
Equity [Line Items]
Issuance of shares of common stock, shares							275,271
IPO
Equity [Line Items]
Issuance of shares of common stock, shares				37,000,000
Offering price				$ 17
Underwriting discounts and commissions		3,400
Payments of Stock Issuance Costs		$ 600
ATM
Equity [Line Items]
Common stock with an aggregate sales price					$ 145,400
VWAP Earnout | Common Stock
Equity [Line Items]
Issuance of shares of common stock, shares						1,088,977
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

Equity - Summary of Redemptions

Equity - Summary of Redemptions under Company's Share Redemption Program (Detail) - ATM - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Equity [Line Items]
Number of common shares issued	10,471	1,072
Weighted average sale price per share	$ 21.66	$ 26.26
Net proceeds	$ 222,893	$ 27,293
Gross proceeds	$ 226,483	$ 28,137

Stock-Based Compensation - Addi

Stock-Based Compensation - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Restricted Stock Awards
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period	181,000	202,000	341,000
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value	$ 21.43	$ 18.70	$ 20.50
Unrecognized compensation costs	$ 4.9
Weighted average amortization period (in years)	2 years 3 months 18 days
Performance-based Restricted Stock Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period	124,000	132,000
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value	$ 27.93	$ 24.40
Unrecognized compensation costs	$ 3.5
Weighted average amortization period (in years)	1 year 10 months 24 days
2020 Equity Incentive Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value	$ 21.43	$ 18.66	$ 20.50
2020 Equity Incentive Plan | Restricted Stock Awards
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period	181,244	199,430	340,976
2020 Equity Incentive Plan | Performance-based Restricted Stock Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period	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 | Maximum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting percentage payout schedule can produce	200%
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 | 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	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Compensation cost	$ 3,469	$ 3,926	$ 1,989
Dividends declared on unvested RSAs	419	394	131
Fair value of shares vested during the period	3,209	$ 3,296
Unrecognized compensation costs	$ 4,900
Weighted average amortization period (in years)	2 years 3 months 18 days

Stock-Based Compensation - Su_2

Stock-Based Compensation - Summary of RSA Activity (Detail) - Restricted Stock Awards - $ / shares shares in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of Shares, Unvested at beginning of period	372	341	0
Number of Shares, Granted	181	202	341
Number of shares of restricted stock vested	(147)	(164)
Number of Shares, Forfeited	(10)	(7)
Number of Shares, Unvested at end of period	396	372	341
Weighted Average Grant Date Fair Value per Share, Unvested at beginning of period	$ 19.62	$ 20.50
Weighted Average Grant Date Fair Value per Share, Granted	21.43	18.70	$ 20.50
Weighted Average Grant Date Fair Value per Share, Vested	19.80	20.15
Weighted Average Grant Date Fair Value per Share, Forfeited	20.24	19.40
Weighted Average Grant Date Fair Value per Share, Unvested at end of period	$ 20.36	$ 19.62	$ 20.50

Stock-Based Compensation - Su_3

Stock-Based Compensation - Summary of PRSUs (Detail) - Performance-based Restricted Stock Units - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Compensation cost	$ 1,847	$ 743
Unamortized value of PRSUs	$ 3,500
Weighted average amortization period (in years)	1 year 10 months 24 days

Stock-Based Compensation - Su_4

Stock-Based Compensation - Summary of PRSU Activity (Detail) - Performance-based Restricted Stock Units - $ / shares shares in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of Shares, Unvested at beginning of period	110	0
Number of Shares, Granted	124	132
Number of Shares, Vested	0	0
Number of Shares, Forfeited	(1)	(22)
Number of Shares, Unvested at end of period	233	110
Weighted Average Grant Date Fair Value per Share, Unvested at beginning of period	$ 24.40	$ 0
Weighted Average Grant Date Fair Value per Share, Granted	27.93	24.40
Weighted Average Grant Date Fair Value per Share, Vested	0	0
Weighted Average Grant Date Fair Value per Share, Forfeited	27.93	24.40
Weighted Average Grant Date Fair Value per Share, Unvested at end of period	$ 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		12 Months Ended
		Dec. 31, 2022		Dec. 31, 2021		Dec. 31, 2020
Basic earnings:
Net earnings attributable to Broadstone Net Lease, Inc. common shareholders		$ 122,115		$ 102,426		$ 51,181
Less: earnings allocated to unvested restricted shares		419		394		131
Net earnings used to compute basic earnings per common share		121,696		102,032		51,050
Diluted earnings:
Net earnings used to compute basic earnings per share		121,696		102,032		51,050
Net earnings attributable to non-controlling interests		7,360		7,102		5,095
Net earnings used to compute diluted earnings per common share		$ 129,056		$ 109,134		$ 56,145
Weighted Average Number of Common Shares Outstanding		170,225		153,425		117,289
Less: weighted average unvested restricted shares	[1]	(385)		(368)		(139)
Weighted average number of common shares outstanding used in basic earnings per common share		169,840		153,057		117,150
Effects of restricted stock units		96	[2]	172	[2]
Effects of convertible membership units	[3]	10,265		10,741		11,649
Weighted average number of common shares outstanding used in diluted earnings per common share		180,201		163,970		128,799
Basic earnings per share		$ 0.72		$ 0.67		$ 0.44
Diluted earnings per share		$ 0.72		$ 0.67		$ 0.44
[1] Represents the weighted average effects of 396,383 , 372,150 and 340,963 unvested restricted shares of common stock as of December 31, 2022, 2021, and 2020 , 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 , 10,323,206 , and 11,398,438 OP Units outstanding at December 31, 2022, 2021, and 2020 , respectively. OP Units are included in the diluted earnings per share calculation. However, because such OP Units would also require that the share of the net income attributable to such OP units also be added back to net income, there is no effect to EPS

Earnings per Share - Summary _2

Earnings per Share - Summary of Components used in Calculation of Basic and Diluted Earnings per Share (Parenthetical) (Detail) - shares	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Earnings Per Share [Abstract]
Unvested restricted shares of common stock	396,383	372,150	340,963
Weighted average effects of OP Units outstanding	10,204,806	10,323,206	11,398,438

Income Taxes - Schedule of Dist

Income Taxes - Schedule of Distributions Characterized as Ordinary Dividends Capital Gain and Nontaxable (Detail)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Income Tax Disclosure [Abstract]
Ordinary dividends	68%	61%	89%
Capital gain distributions	2%	0%	7%
Return of capital distributions	30%	39%	4%
Percentage of distributions paid to stockholders	100%	100%	100%

Supplemental Cash Flow Disclo_2

Supplemental Cash Flow Disclosures - Additional Information (Detail) $ in Thousands	12 Months Ended
	Dec. 31, 2022 USD ($) shares	Dec. 31, 2021 USD ($) shares	Dec. 31, 2020 USD ($) Property shares	Jan. 01, 2020 USD ($)	Dec. 31, 2019 USD ($)
Supplemental Cash Flow Elements [Line Items]
Cash paid for interest	$ 72,000	$ 57,300	$ 72,600
Cash paid for state income, franchise, and foreign taxes	$ 400	600	1,500
Business Combination, Contingent Consideration, Liability			7,509
Debt			90,500
Adjustments to additional paid in capital mezzanine equity non-controlling interests			(2,513)
Reclassification of mezzanine equity non-controlling interests			112,700
Reclassification of mezzanine equity common stock			66,400
Reclassification of carrying value of earnout liability			$ 30,800
Stock Issued During Period, Shares, Conversion of Units | shares	118,400	2,934,489	822,745
Stock Issued During Period, Value, Conversion of Units	$ 1,900	$ 47,000	$ 15,600
Number of OP units exchanged | shares	118,400	2,934,489	822,745
Dividend declared and accrued but not yet paid	$ 54,500	$ 45,900	$ 39,300
Carrying amount of asset recognized			$ 10,800
Number of properties placed under lease modifications | Property			5
Provision for credit losses				$ 300
Right-of-use assets	3,200	3,099
Lease liabilities	2,772	2,570
Credit for rent in advance			$ 1,700
Additional Paid-in Capital
Supplemental Cash Flow Elements [Line Items]
Adjustments to additional paid in capital mezzanine equity non-controlling interests			(2,513)
Reclassification of mezzanine equity common stock			66,400
Reclassification of carrying value of earnout liability			11,400
Stock Issued During Period, Value, Conversion of Units	1,926	46,968	15,631
Additional Paid-in Capital | OP
Supplemental Cash Flow Elements [Line Items]
Adjustment To Noncontrolling Interest	6,300	32,200	41,200
Non-controlling Interests
Supplemental Cash Flow Elements [Line Items]
Adjustments to additional paid in capital mezzanine equity non-controlling interests			2,513
Reclassification of carrying value of earnout liability			19,400
Stock Issued During Period, Value, Conversion of Units	$ (1,926)	$ (14,206)	(15,631)
Common Stock and OP Units
Supplemental Cash Flow Elements [Line Items]
Amount of equity interest issued or issuable in a business combination			178,500
Business Combination, Contingent Consideration, Liability			$ 40,100
Distribution Reinvestment Plan
Supplemental Cash Flow Elements [Line Items]
Issuance of shares of common stock, shares | shares			275,271
Common stock issued			$ 5,700

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Detail) $ in Millions	12 Months Ended
	Dec. 31, 2022 USD ($)
Loss Contingencies [Line Items]
Potential liability due to taxable sales of applicable properties	$ 20.4
Fund for buliding Expansion	22.2
Operating lease payments	8.9
Tenant building expansion	$ 17.4

Subsequent Events - Additional

Subsequent Events - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands			12 Months Ended
	Feb. 17, 2023	Jan. 13, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Subsequent Event [Line Items]
Gain on sale of real estate		$ 30,900	$ 15,953	$ 13,523	$ 14,985
Gain (Loss) on Termination of Lease			2,500	33,500	0
Lease Termination Impact [Member]
Subsequent Event [Line Items]
Gain on sale of real estate				25,700
Gain (Loss) on Termination of Lease				4,000
Proceeds from Sale of Property				16,000
Real Estate [Member]
Subsequent Event [Line Items]
Additional selling expense			1,586	3,918	3,526
Gain on sale of real estate			$ 15,953	$ 13,523	$ 14,985
Subsequent Event
Subsequent Event [Line Items]
Distribution paid		54,000
Quarterly distribution per share	$ 0.275
Quarterly distribution payable date	Apr. 14, 2023
Quarterly distribution date of record	Mar. 31, 2023
Dividends payable declared date	Feb. 17, 2023
Additional selling expense		500
Proceeds from Sale of Property		39,500
Subsequent Event | Lease Termination Impact [Member]
Subsequent Event [Line Items]
Gain (Loss) on Termination of Lease		7,500
Proceeds from Sale of Property		32,000
Subsequent Event | Revolving Credit Facility
Subsequent Event [Line Items]
Repayments of Debt		61,000
Proceeds from Issuance of Debt		$ 29,000

Summary of Significant Accou_16

Summary of Significant Accounting Policies - Summary of Impact of Simultaneous Transactions (Detail) - USD ($) $ in Thousands		12 Months Ended
	Jan. 13, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Finite-Lived Intangible Assets [Line Items]
Lease termination fee income		$ 2,500	$ 33,500	$ 0
Total Lease revenues, net		407,513	382,876	321,637
Amortization expense		8,500	3,800	14,500
Loss on sale of properties	$ 30,900	15,953	13,523	14,985
Lease Termination Impact
Finite-Lived Intangible Assets [Line Items]
Lease termination fee income			4,000
Loss on sale of properties			25,700
Above Market and Below Market Leases | Lease Revenues, Net
Finite-Lived Intangible Assets [Line Items]
Amortization expense		4,822	3,264	1,127
Acquired In-Place Leases | Depreciation and Amortization
Finite-Lived Intangible Assets [Line Items]
Amortization expense		$ 40,090	$ 32,857	$ 38,934

Schedule III - Real Estate As_2

Schedule III - Real Estate Assets and Accumulated Depreciation (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Real Estate And Accumulated Depreciation [Line Items]
Initial Costs to Company, Encumbrance	$ 86,754
Initial Costs to Company, Land	763,257
Initial Costs to Company, Buildings and Improvements	4,155,389
Costs Capitalized Subsequent to Acquisition, Land	5,410
Costs Capitalized Subsequent to Acquisition, Improvements	84,174
Gross Amount at Which Carried at Close of Period, Land	768,667
Gross Amount at Which Carried at Close of Period, Buildings and Improvements	4,239,563
Total	5,008,230	$ 4,205,191	$ 3,704,488	$ 3,686,444
Accumulated Depreciation	533,965	$ 430,141	$ 349,977	$ 271,044
Industrial Property | Manufacturing
Real Estate And Accumulated Depreciation [Line Items]
Initial Costs to Company, Land	131,149
Initial Costs to Company, Buildings and Improvements	649,557
Costs Capitalized Subsequent to Acquisition, Improvements	9,343
Gross Amount at Which Carried at Close of Period, Land	131,149
Gross Amount at Which Carried at Close of Period, Buildings and Improvements	658,900
Total	790,049
Accumulated Depreciation	$ 75,169
Date of Construction	1932-2021
Date Acquired	2011-2022
Industrial Property | Manufacturing | Minimum
Real Estate And Accumulated Depreciation [Line Items]
Life on Which Depreciation is Computed (Years)	15 years
Industrial Property | Manufacturing | Maximum
Real Estate And Accumulated Depreciation [Line Items]
Life on Which Depreciation is Computed (Years)	39 years
Industrial Property | Distribution & Warehouse
Real Estate And Accumulated Depreciation [Line Items]
Initial Costs to Company, Land	$ 92,317
Initial Costs to Company, Buildings and Improvements	591,503
Costs Capitalized Subsequent to Acquisition, Land	4,511
Costs Capitalized Subsequent to Acquisition, Improvements	1,875
Gross Amount at Which Carried at Close of Period, Land	96,828
Gross Amount at Which Carried at Close of Period, Buildings and Improvements	593,378
Total	690,206
Accumulated Depreciation	$ 66,531
Date of Construction	1929-2021
Date Acquired	2012-2022
Industrial Property | Distribution & Warehouse | Minimum
Real Estate And Accumulated Depreciation [Line Items]
Life on Which Depreciation is Computed (Years)	15 years
Industrial Property | Distribution & Warehouse | Maximum
Real Estate And Accumulated Depreciation [Line Items]
Life on Which Depreciation is Computed (Years)	39 years
Industrial Property | Food Processing
Real Estate And Accumulated Depreciation [Line Items]
Initial Costs to Company, Encumbrance	$ 5,413
Initial Costs to Company, Land	52,356
Initial Costs to Company, Buildings and Improvements	541,526
Costs Capitalized Subsequent to Acquisition, Improvements	30,822
Gross Amount at Which Carried at Close of Period, Land	52,356
Gross Amount at Which Carried at Close of Period, Buildings and Improvements	572,348
Total	624,704
Accumulated Depreciation	$ 37,924
Date of Construction	1907-2020
Date Acquired	2012-2022
Industrial Property | Food Processing | Minimum
Real Estate And Accumulated Depreciation [Line Items]
Life on Which Depreciation is Computed (Years)	15 years
Industrial Property | Food Processing | Maximum
Real Estate And Accumulated Depreciation [Line Items]
Life on Which Depreciation is Computed (Years)	39 years
Industrial Property | Flex and R&D
Real Estate And Accumulated Depreciation [Line Items]
Initial Costs to Company, Encumbrance	$ 45,516
Initial Costs to Company, Land	57,118
Initial Costs to Company, Buildings and Improvements	155,150
Costs Capitalized Subsequent to Acquisition, Improvements	48
Gross Amount at Which Carried at Close of Period, Land	57,118
Gross Amount at Which Carried at Close of Period, Buildings and Improvements	155,198
Total	212,316
Accumulated Depreciation	$ 22,741
Date of Construction	1982-2018
Date Acquired	2013-2019
Industrial Property | Flex and R&D | Minimum
Real Estate And Accumulated Depreciation [Line Items]
Life on Which Depreciation is Computed (Years)	15 years
Industrial Property | Flex and R&D | Maximum
Real Estate And Accumulated Depreciation [Line Items]
Life on Which Depreciation is Computed (Years)	39 years
Industrial Property | Cold Storage
Real Estate And Accumulated Depreciation [Line Items]
Initial Costs to Company, Encumbrance	$ 19,150
Initial Costs to Company, Land	11,638
Initial Costs to Company, Buildings and Improvements	154,542
Costs Capitalized Subsequent to Acquisition, Improvements	68
Gross Amount at Which Carried at Close of Period, Land	11,638
Gross Amount at Which Carried at Close of Period, Buildings and Improvements	154,610
Total	166,248
Accumulated Depreciation	$ 21,769
Date of Construction	1933-2017
Date Acquired	2017-2018
Industrial Property | Cold Storage | Minimum
Real Estate And Accumulated Depreciation [Line Items]
Life on Which Depreciation is Computed (Years)	7 years
Industrial Property | Cold Storage | Maximum
Real Estate And Accumulated Depreciation [Line Items]
Life on Which Depreciation is Computed (Years)	39 years
Industrial Property | Services
Real Estate And Accumulated Depreciation [Line Items]
Initial Costs to Company, Land	$ 58,114
Initial Costs to Company, Buildings and Improvements	65,644
Costs Capitalized Subsequent to Acquisition, Improvements	3,680
Gross Amount at Which Carried at Close of Period, Land	58,114
Gross Amount at Which Carried at Close of Period, Buildings and Improvements	69,324
Total	127,438
Accumulated Depreciation	$ 6,522
Date of Construction	1960-2022
Date Acquired	2013-2022
Industrial Property | Services | Minimum
Real Estate And Accumulated Depreciation [Line Items]
Life on Which Depreciation is Computed (Years)	15 years
Industrial Property | Services | Maximum
Real Estate And Accumulated Depreciation [Line Items]
Life on Which Depreciation is Computed (Years)	39 years
Industrial Property | Untenanted
Real Estate And Accumulated Depreciation [Line Items]
Initial Costs to Company, Land	$ 1,048
Initial Costs to Company, Buildings and Improvements	7,545
Costs Capitalized Subsequent to Acquisition, Improvements	1
Gross Amount at Which Carried at Close of Period, Land	1,048
Gross Amount at Which Carried at Close of Period, Buildings and Improvements	7,546
Total	8,594
Accumulated Depreciation	$ 1,248
Date of Construction	2008
Date Acquired	2017
Industrial Property | Untenanted | Minimum
Real Estate And Accumulated Depreciation [Line Items]
Life on Which Depreciation is Computed (Years)	15 years
Industrial Property | Untenanted | Maximum
Real Estate And Accumulated Depreciation [Line Items]
Life on Which Depreciation is Computed (Years)	39 years
Healthcare Properties | Clinical
Real Estate And Accumulated Depreciation [Line Items]
Initial Costs to Company, Land	$ 33,424
Initial Costs to Company, Buildings and Improvements	283,539
Costs Capitalized Subsequent to Acquisition, Land	557
Costs Capitalized Subsequent to Acquisition, Improvements	10,266
Gross Amount at Which Carried at Close of Period, Land	33,981
Gross Amount at Which Carried at Close of Period, Buildings and Improvements	293,805
Total	327,786
Accumulated Depreciation	$ 55,508
Date of Construction	1970-2022
Date Acquired	2010-2022
Healthcare Properties | Clinical | Minimum
Real Estate And Accumulated Depreciation [Line Items]
Life on Which Depreciation is Computed (Years)	15 years
Healthcare Properties | Clinical | Maximum
Real Estate And Accumulated Depreciation [Line Items]
Life on Which Depreciation is Computed (Years)	39 years
Healthcare Properties | Healthcare Services
Real Estate And Accumulated Depreciation [Line Items]
Initial Costs to Company, Land	$ 21,393
Initial Costs to Company, Buildings and Improvements	146,126
Costs Capitalized Subsequent to Acquisition, Land	(145)
Costs Capitalized Subsequent to Acquisition, Improvements	669
Gross Amount at Which Carried at Close of Period, Land	21,248
Gross Amount at Which Carried at Close of Period, Buildings and Improvements	146,795
Total	168,043
Accumulated Depreciation	$ 13,808
Date of Construction	1982-2020
Date Acquired	2009-2022
Healthcare Properties | Healthcare Services | Minimum
Real Estate And Accumulated Depreciation [Line Items]
Life on Which Depreciation is Computed (Years)	15 years
Healthcare Properties | Healthcare Services | Maximum
Real Estate And Accumulated Depreciation [Line Items]
Life on Which Depreciation is Computed (Years)	39 years
Healthcare Properties | Animal Health Services
Real Estate And Accumulated Depreciation [Line Items]
Initial Costs to Company, Land	$ 15,943
Initial Costs to Company, Buildings and Improvements	111,107
Costs Capitalized Subsequent to Acquisition, Improvements	(144)
Gross Amount at Which Carried at Close of Period, Land	15,943
Gross Amount at Which Carried at Close of Period, Buildings and Improvements	110,963
Total	126,906
Accumulated Depreciation	$ 14,515
Date of Construction	1954-2017
Date Acquired	2015-2021
Healthcare Properties | Animal Health Services | Minimum
Real Estate And Accumulated Depreciation [Line Items]
Life on Which Depreciation is Computed (Years)	15 years
Healthcare Properties | Animal Health Services | Maximum
Real Estate And Accumulated Depreciation [Line Items]
Life on Which Depreciation is Computed (Years)	39 years
Healthcare Properties | Surgical
Real Estate And Accumulated Depreciation [Line Items]
Initial Costs to Company, Land	$ 9,942
Initial Costs to Company, Buildings and Improvements	117,006
Costs Capitalized Subsequent to Acquisition, Land	290
Costs Capitalized Subsequent to Acquisition, Improvements	135
Gross Amount at Which Carried at Close of Period, Land	10,232
Gross Amount at Which Carried at Close of Period, Buildings and Improvements	117,141
Total	127,373
Accumulated Depreciation	$ 19,611
Date of Construction	1984-2011
Date Acquired	2014-2021
Healthcare Properties | Surgical | Minimum
Real Estate And Accumulated Depreciation [Line Items]
Life on Which Depreciation is Computed (Years)	15 years
Healthcare Properties | Surgical | Maximum
Real Estate And Accumulated Depreciation [Line Items]
Life on Which Depreciation is Computed (Years)	39 years
Healthcare Properties | Life Science
Real Estate And Accumulated Depreciation [Line Items]
Initial Costs to Company, Land	$ 10,306
Initial Costs to Company, Buildings and Improvements	78,056
Costs Capitalized Subsequent to Acquisition, Improvements	1,327
Gross Amount at Which Carried at Close of Period, Land	10,306
Gross Amount at Which Carried at Close of Period, Buildings and Improvements	79,383
Total	89,689
Accumulated Depreciation	$ 14,893
Date of Construction	1965-2016
Date Acquired	2011-2018
Healthcare Properties | Life Science | Minimum
Real Estate And Accumulated Depreciation [Line Items]
Life on Which Depreciation is Computed (Years)	15 years
Healthcare Properties | Life Science | Maximum
Real Estate And Accumulated Depreciation [Line Items]
Life on Which Depreciation is Computed (Years)	39 years
Healthcare Properties | Untenanted
Real Estate And Accumulated Depreciation [Line Items]
Initial Costs to Company, Land	$ 141
Initial Costs to Company, Buildings and Improvements	2,152
Costs Capitalized Subsequent to Acquisition, Improvements	1
Gross Amount at Which Carried at Close of Period, Land	141
Gross Amount at Which Carried at Close of Period, Buildings and Improvements	2,153
Total	2,294
Accumulated Depreciation	$ 36
Date of Construction	2006
Date Acquired	2018
Healthcare Properties | Untenanted | Minimum
Real Estate And Accumulated Depreciation [Line Items]
Life on Which Depreciation is Computed (Years)	15 years
Healthcare Properties | Untenanted | Maximum
Real Estate And Accumulated Depreciation [Line Items]
Life on Which Depreciation is Computed (Years)	39 years
Restaurant Properties | Quick Service Restaurants
Real Estate And Accumulated Depreciation [Line Items]
Initial Costs to Company, Land	$ 49,187
Initial Costs to Company, Buildings and Improvements	236,569
Costs Capitalized Subsequent to Acquisition, Land	197
Costs Capitalized Subsequent to Acquisition, Improvements	3,650
Gross Amount at Which Carried at Close of Period, Land	49,384
Gross Amount at Which Carried at Close of Period, Buildings and Improvements	240,219
Total	289,603
Accumulated Depreciation	$ 48,501
Date of Construction	1965-2020
Date Acquired	2009-2020
Restaurant Properties | Quick Service Restaurants | Minimum
Real Estate And Accumulated Depreciation [Line Items]
Life on Which Depreciation is Computed (Years)	15 years
Restaurant Properties | Quick Service Restaurants | Maximum
Real Estate And Accumulated Depreciation [Line Items]
Life on Which Depreciation is Computed (Years)	39 years
Restaurant Properties | Casual Dining
Real Estate And Accumulated Depreciation [Line Items]
Initial Costs to Company, Land	$ 75,840
Initial Costs to Company, Buildings and Improvements	272,774
Costs Capitalized Subsequent to Acquisition, Improvements	12
Gross Amount at Which Carried at Close of Period, Land	75,840
Gross Amount at Which Carried at Close of Period, Buildings and Improvements	272,786
Total	348,626
Accumulated Depreciation	$ 39,125
Date of Construction	1972-2014
Date Acquired	2011-2022
Restaurant Properties | Casual Dining | Minimum
Real Estate And Accumulated Depreciation [Line Items]
Life on Which Depreciation is Computed (Years)	15 years
Restaurant Properties | Casual Dining | Maximum
Real Estate And Accumulated Depreciation [Line Items]
Life on Which Depreciation is Computed (Years)	39 years
Retail | General Merchandise
Real Estate And Accumulated Depreciation [Line Items]
Initial Costs to Company, Encumbrance	$ 16,675
Initial Costs to Company, Land	80,669
Initial Costs to Company, Buildings and Improvements	294,923
Costs Capitalized Subsequent to Acquisition, Improvements	17
Gross Amount at Which Carried at Close of Period, Land	80,669
Gross Amount at Which Carried at Close of Period, Buildings and Improvements	294,940
Total	375,609
Accumulated Depreciation	$ 19,715
Date of Construction	2003-2022
Date Acquired	2016-2022
Retail | General Merchandise | Minimum
Real Estate And Accumulated Depreciation [Line Items]
Life on Which Depreciation is Computed (Years)	15 years
Retail | General Merchandise | Maximum
Real Estate And Accumulated Depreciation [Line Items]
Life on Which Depreciation is Computed (Years)	39 years
Retail | Automotive
Real Estate And Accumulated Depreciation [Line Items]
Initial Costs to Company, Land	$ 33,659
Initial Costs to Company, Buildings and Improvements	124,979
Costs Capitalized Subsequent to Acquisition, Improvements	73
Gross Amount at Which Carried at Close of Period, Land	33,659
Gross Amount at Which Carried at Close of Period, Buildings and Improvements	125,052
Total	158,711
Accumulated Depreciation	$ 20,389
Date of Construction	1909-2021
Date Acquired	2014-2022
Retail | Automotive | Minimum
Real Estate And Accumulated Depreciation [Line Items]
Life on Which Depreciation is Computed (Years)	7 years
Retail | Automotive | Maximum
Real Estate And Accumulated Depreciation [Line Items]
Life on Which Depreciation is Computed (Years)	39 years
Retail | Home Furnishings
Real Estate And Accumulated Depreciation [Line Items]
Initial Costs to Company, Land	$ 3,625
Initial Costs to Company, Buildings and Improvements	90,644
Costs Capitalized Subsequent to Acquisition, Improvements	981
Gross Amount at Which Carried at Close of Period, Land	3,625
Gross Amount at Which Carried at Close of Period, Buildings and Improvements	91,625
Total	95,250
Accumulated Depreciation	$ 14,178
Date of Construction	1974-2014
Date Acquired	2017-2018
Retail | Home Furnishings | Minimum
Real Estate And Accumulated Depreciation [Line Items]
Life on Which Depreciation is Computed (Years)	15 years
Retail | Home Furnishings | Maximum
Real Estate And Accumulated Depreciation [Line Items]
Life on Which Depreciation is Computed (Years)	39 years
Retail | Child Care
Real Estate And Accumulated Depreciation [Line Items]
Initial Costs to Company, Land	$ 482
Initial Costs to Company, Buildings and Improvements	4,741
Gross Amount at Which Carried at Close of Period, Land	482
Gross Amount at Which Carried at Close of Period, Buildings and Improvements	4,741
Total	5,223
Accumulated Depreciation	$ 17
Date of Construction	2022
Date Acquired	2022
Retail | Child Care | Minimum
Real Estate And Accumulated Depreciation [Line Items]
Life on Which Depreciation is Computed (Years)	15 years
Retail | Child Care | Maximum
Real Estate And Accumulated Depreciation [Line Items]
Life on Which Depreciation is Computed (Years)	39 years
Office Properties | Untenanted
Real Estate And Accumulated Depreciation [Line Items]
Initial Costs to Company, Land	$ 188
Initial Costs to Company, Buildings and Improvements	3,147
Gross Amount at Which Carried at Close of Period, Land	188
Gross Amount at Which Carried at Close of Period, Buildings and Improvements	3,147
Total	3,335
Accumulated Depreciation	$ 51
Date of Construction	2001
Date Acquired	2010
Office Properties | Untenanted | Minimum
Real Estate And Accumulated Depreciation [Line Items]
Life on Which Depreciation is Computed (Years)	15 years
Office Properties | Untenanted | Maximum
Real Estate And Accumulated Depreciation [Line Items]
Life on Which Depreciation is Computed (Years)	39 years
Office Properties | Corporate Headquarters
Real Estate And Accumulated Depreciation [Line Items]
Initial Costs to Company, Land	$ 13,415
Initial Costs to Company, Buildings and Improvements	98,041
Costs Capitalized Subsequent to Acquisition, Improvements	2,222
Gross Amount at Which Carried at Close of Period, Land	13,415
Gross Amount at Which Carried at Close of Period, Buildings and Improvements	100,263
Total	113,678
Accumulated Depreciation	$ 13,749
Date of Construction	1965-2008
Date Acquired	2012-2022
Office Properties | Corporate Headquarters | Minimum
Real Estate And Accumulated Depreciation [Line Items]
Life on Which Depreciation is Computed (Years)	15 years
Office Properties | Corporate Headquarters | Maximum
Real Estate And Accumulated Depreciation [Line Items]
Life on Which Depreciation is Computed (Years)	39 years
Office Properties | Strategic Operations
Real Estate And Accumulated Depreciation [Line Items]
Initial Costs to Company, Land	$ 7,723
Initial Costs to Company, Buildings and Improvements	90,130
Costs Capitalized Subsequent to Acquisition, Improvements	8,900
Gross Amount at Which Carried at Close of Period, Land	7,723
Gross Amount at Which Carried at Close of Period, Buildings and Improvements	99,030
Total	106,753
Accumulated Depreciation	$ 17,811
Date of Construction	1984-2012
Date Acquired	2016-2017
Office Properties | Strategic Operations | Minimum
Real Estate And Accumulated Depreciation [Line Items]
Life on Which Depreciation is Computed (Years)	7 years
Office Properties | Strategic Operations | Maximum
Real Estate And Accumulated Depreciation [Line Items]
Life on Which Depreciation is Computed (Years)	39 years
Office Properties | Call Center
Real Estate And Accumulated Depreciation [Line Items]
Initial Costs to Company, Land	$ 3,580
Initial Costs to Company, Buildings and Improvements	35,942
Costs Capitalized Subsequent to Acquisition, Improvements	10,228
Gross Amount at Which Carried at Close of Period, Land	3,580
Gross Amount at Which Carried at Close of Period, Buildings and Improvements	46,170
Total	49,750
Accumulated Depreciation	$ 10,154
Date of Construction	1979-1998
Date Acquired	2014-2019
Office Properties | Call Center | Minimum
Real Estate And Accumulated Depreciation [Line Items]
Life on Which Depreciation is Computed (Years)	15 years
Office Properties | Call Center | Maximum
Real Estate And Accumulated Depreciation [Line Items]
Life on Which Depreciation is Computed (Years)	39 years
Office Properties | Acquisitions in Process
Real Estate And Accumulated Depreciation [Line Items]
Initial Costs to Company, Buildings and Improvements	$ 46
Gross Amount at Which Carried at Close of Period, Buildings and Improvements	46
Total	$ 46

Schedule III - Real Estate As_3

Schedule III - Real Estate Assets and Accumulated Depreciation (Parenthetical) (Detail) $ in Billions	Dec. 31, 2022 USD ($)
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract]
Aggregate cost of real estate owned	$ 5.2

Schedule III - Change in Real E

Schedule III - Change in Real Estate Assets (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract]
Balance, beginning of period	$ 4,205,191	$ 3,704,488	$ 3,686,444
Acquisitions and building improvements	929,972	613,646	108,868
Dispositions	(118,028)	(109,761)	(69,941)
Impairment	(8,905)	(3,182)	(20,883)
Balance, end of period	$ 5,008,230	$ 4,205,191	$ 3,704,488

Schedule III - Change in Accumu

Schedule III - Change in Accumulated Depreciation (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract]
Balance, beginning of period	$ 430,141	$ 349,977	$ 271,044
Acquisitions and building improvements	115,892	100,878	93,741
Dispositions	(8,165)	(19,543)	(12,369)
Impairment	(3,903)	(1,171)	(2,439)
Balance, end of period	$ 533,965	$ 430,141	$ 349,977