Broadstone Net Lease (BNL) 10-Q 2 Nov 23 2023 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2023	Oct. 30, 2023
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2023
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q3
Entity Registrant Name	BROADSTONE NET LEASE, INC.
Entity Central Index Key	0001424182
Current Fiscal Year End Date	--12-31
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Common Stock, Shares Outstanding		187,256,978
Entity Shell Company	false
Entity File Number	001-39529
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	26-1516177
Entity Address, Address Line One	207 High Point Drive
Entity Address, Address Line Two	Suite 300
Entity Address, City or Town	Victor
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	14564
City Area Code	585
Local Phone Number	287-6500
Document Quarterly Report	true
Document Transition Report	false
Title of 12(b) Security	Common Stock, $0.00025 par value
Trading Symbol	BNL
Security Exchange Name	NYSE

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Assets
Total accounted for using the operating method	$ 4,912,275	$ 5,008,230
Less accumulated depreciation	(601,895)	(533,965)
Accounted for using the operating method, net	4,310,380	4,474,265
Accounted for using the direct financing method	26,751	27,045
Accounted for using the sales-type method	572	571
Property under development	49,819
Investment in rental property, net	4,387,522	4,501,881
Cash and cash equivalents	35,061	21,789
Accrued rental income	152,268	135,666
Tenant and other receivables, net	1,372	1,349
Prepaid expenses and other assets	42,309	64,180
Interest rate swap, assets	79,086	63,390
Goodwill	339,769	339,769
Intangible lease assets, net	297,656	329,585
Total assets	5,335,043	5,457,609
Liabilities and equity
Unsecured revolving credit facility	74,060	197,322
Mortgages, net	79,613	86,602
Unsecured term loans, net	895,633	894,692
Senior unsecured notes, net	845,121	844,555
Accounts payable and other liabilities	44,886	47,547
Dividends payable	55,770	54,460
Accrued interest payable	9,186	7,071
Intangible lease liabilities, net	55,301	62,855
Total liabilities	2,059,570	2,195,104
Commitments and contingencies (See Note 16)
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, 187,272 and 186,114 shares issued and outstanding at September 30, 2023 and December 31, 2022, respectively	47	47
Additional paid-in capital	3,430,725	3,419,395
Cumulative distributions in excess of retained earnings	(393,571)	(386,049)
Accumulated other comprehensive income	83,575	59,525
Total Broadstone Net Lease, Inc. stockholders’ equity	3,120,776	3,092,918
Non-controlling interests	154,697	169,587
Total equity	3,275,473	3,262,505
Total liabilities and equity	5,335,043	5,457,609
Land
Assets
Total accounted for using the operating method	752,708	768,667
Land Improvements
Assets
Total accounted for using the operating method	330,214	340,385
Buildings and Improvements
Assets
Total accounted for using the operating method	3,819,745	3,888,756
Equipment
Assets
Total accounted for using the operating method	$ 9,608	$ 10,422

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares	Sep. 30, 2023	Dec. 31, 2022
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	187,272,000	186,114,000
Common stock, shares outstanding	187,272,000	186,114,000

Condensed Consolidated Statemen

Condensed Consolidated Statements of Income and Comprehensive Income (Loss) (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Revenues
Lease revenues, net	$ 109,543	$ 103,524	$ 337,887	$ 295,378
Operating expenses
Depreciation and amortization	38,533	39,400	119,348	109,201
Property and operating expense	5,707	5,636	16,580	15,376
General and administrative	10,143	9,942	30,043	28,058
Provision for impairment of investment in rental properties	0	4,155	1,473	5,535
Total operating expenses	54,383	59,133	167,444	158,170
Other income (expenses)
Interest income	127	4	370	4
Interest expense	(19,665)	(20,095)	(61,081)	(54,879)
Gain on sale of real estate	15,163	61	48,040	5,328
Income taxes	(104)	(356)	(1,030)	(1,169)
Other income (expenses)	1,464	4,704	(227)	6,210
Net income	52,145	28,709	156,515	92,702
Net income attributable to non-controlling interests	(2,463)	(1,600)	(7,515)	(5,319)
Net income attributable to Broadstone Net Lease, Inc.	$ 49,682	$ 27,109	$ 149,000	$ 87,383
Weighted average number of common shares outstanding
Basic	186,766,000	172,578,000	186,545,000	168,680,000
Diluted	196,372,000	182,971,000	196,282,000	179,132,000
Net earnings per share attributable to common stockholders
Basic	$ 0.27	$ 0.16	$ 0.8	$ 0.52
Diluted	$ 0.26	$ 0.16	$ 0.8	$ 0.52
Comprehensive income
Net income (loss)	$ 52,145	$ 28,709	$ 156,515	$ 92,702
Other comprehensive income
Change in fair value of interest rate swaps	13,943	40,039	15,696	93,772
Realized loss (gain) on interest rate swaps	522	639	1,566	1,993
Comprehensive income	66,610	69,387	173,777	188,467
Comprehensive income attributable to non-controlling interests	(3,147)	(3,868)	(8,285)	(10,809)
Comprehensive income attributable to Broadstone Net Lease, Inc.	$ 63,463	$ 65,519	$ 165,492	$ 177,658

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Cumulative Distributions in Excess of Retained Earnings	Accumulated Other Comprehensive Loss	Non-controlling Interests
Beginning Balance at Dec. 31, 2021	$ 2,741,138	$ 41	$ 2,924,168	$ (318,476)	$ (28,441)	$ 163,846
Net income	28,441			26,758		1,683
Issuance of shares of common stock	136,826	1	136,825
Offering costs, discounts and commissions	2,218		2,218
Retirement of shares of restricted common stock	1,301		1,301
Distributions declared	(48,115)			(45,270)		(2,845)
Change in fair value of interest rate swap agreements	34,961				32,893	2,068
Realized gain on interest rate swap agreements	659				620	39
Adjustment to non-controlling interests			(1,843)		(45)	1,888
Stock-based compensation, net of one share of restricted stock forfeited 1	929		929
Ending Balance at Mar. 31, 2022	2,891,320	42	3,056,560	(336,988)	5,027	166,679
Beginning Balance at Dec. 31, 2021	2,741,138	41	2,924,168	(318,476)	(28,441)	163,846
Net income	92,702
Conversion of OP Units to shares of common stock	1,900		1,926
Change in fair value of interest rate swap agreements	93,772
Ending Balance at Sep. 30, 2022	3,008,147	43	3,148,075	(369,260)	61,834	167,455
Beginning Balance at Mar. 31, 2022	2,891,320	42	3,056,560	(336,988)	5,027	166,679
Net income	35,552			33,516		2,036
Issuance of shares of common stock	69,421	1	69,420
Offering costs, discounts and commissions	992		992
Distributions declared	(49,507)			(46,655)		(2,852)
Change in fair value of interest rate swap agreements	18,772				17,697	1,075
Realized gain on interest rate swap agreements	695				655	40
Adjustment to non-controlling interests			(992)		18	974
Stock-based compensation, net of one share of restricted stock forfeited 1	1,381		1,381
Ending Balance at Jun. 30, 2022	2,966,642	43	3,125,377	(350,127)	23,397	167,952
Net income	28,709			27,109		1,600
Issuance of shares of common stock	20,626		20,626
Offering costs, discounts and commissions	935		935
Conversion of OP Units to shares of common stock			1,926			(1,926)
Distributions declared	(49,076)			(46,242)		(2,834)
Change in fair value of interest rate swap agreements	40,039				37,807	2,232
Realized gain on interest rate swap agreements	639				603	36
Adjustment to non-controlling interests			(422)		27	395
Stock-based compensation, net of one share of restricted stock forfeited 1	1,503		1,503
Ending Balance at Sep. 30, 2022	3,008,147	43	3,148,075	(369,260)	61,834	167,455
Beginning Balance at Dec. 31, 2022	3,262,505	47	3,419,395	(386,049)	59,525	169,587
Net income	41,374			39,304		2,070
Offering costs, discounts and commissions	2		2
Retirement of shares of restricted common stock	1,175		1,175
Conversion of OP Units to shares of common stock			14,897			14,897
Distributions declared	(54,887)			(52,145)		(2,742)
Change in fair value of interest rate swap agreements	(17,899)				(17,003)	(896)
Realized gain on interest rate swap agreements	522				496	26
Adjustment to non-controlling interests			(460)		498	(38)
Stock-based compensation, net of zero shares of restricted stock forfeited	1,879		1,879
Ending Balance at Mar. 31, 2023	3,232,317	47	3,434,534	(398,890)	43,516	153,110
Beginning Balance at Dec. 31, 2022	3,262,505	47	3,419,395	(386,049)	59,525	169,587
Net income	156,515
Conversion of OP Units to shares of common stock	15,300		15,316
Change in fair value of interest rate swap agreements	15,696
Ending Balance at Sep. 30, 2023	3,275,473	47	3,430,725	(393,571)	83,575	154,697
Beginning Balance at Mar. 31, 2023	3,232,317	47	3,434,534	(398,890)	43,516	153,110
Net income	62,996			60,014		2,982
Offering costs, discounts and commissions	10		10
Conversion of OP Units to shares of common stock			398			(398)
Distributions declared	(55,419)			(52,755)		(2,664)
Change in fair value of interest rate swap agreements	19,652				18,722	930
Realized gain on interest rate swap agreements	522				496	26
Adjustment to non-controlling interests			(5,769)		5,694	75
Stock-based compensation, net of one share of restricted stock forfeited 1	1,539		1,539
Ending Balance at Jun. 30, 2023	3,261,597	47	3,430,692	(391,631)	68,428	154,061
Net income	52,145			49,682		2,463
Conversion of OP Units to shares of common stock			21			(21)
Distributions declared	(54,274)			51,622		(2,652)
Change in fair value of interest rate swap agreements	13,943				13,284	659
Realized gain on interest rate swap agreements	522				497	25
Adjustment to non-controlling interests			(1,528)		1,366	162
Stock-based compensation, net of one share of restricted stock forfeited 1	1,540		1,540
Ending Balance at Sep. 30, 2023	$ 3,275,473	$ 47	$ 3,430,725	$ (393,571)	$ 83,575	$ 154,697

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Stockholders' Equity (Unaudited) (Parenthetical) - $ / shares	3 Months Ended
	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022
Issuance of shares of common stock, shares		51,000
Retirement shares of restricted common stock, shares			66,000			59,000
Issuance of Share of restricted stock forfeited	2,000	6,000	0	1,000	8,000	1,000
Common Stock
Issuance of shares of common stock, shares			259,000	975,000	3,281,000	6,427,000
Conversion of OP Units to Common Stock		25,000	896,000	118,000
Distribution declared per share	$ 0.28	$ 0.28	$ 0.275	$ 0.27	$ 0.27	$ 0.265
OP units [Member]
Conversion of OP Units to Common Stock	1,000	25,000	896,000	118,000

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Operating activities
Net income	$ 156,515	$ 92,702
Adjustments to reconcile net income including non-controlling interests to net cash provided by operating activities:
Depreciation and amortization including intangibles associated with investment in rental property	114,517	105,700
Provision for impairment of investment in rental properties	1,473	5,535
Amortization of debt issuance costs charged to interest expense	2,877	2,626
Stock-based compensation expense	4,958	3,813
Straight-line rent, direct financing and sales-type lease adjustments	(21,035)	(13,665)
Gain on sale of real estate	(48,040)	(5,328)
Other non-cash items	(24)	(3,140)
Changes in assets and liabilities, net of acquisition:
Tenant and other receivables	897	1,029
Prepaid expenses and other assets	(70)	(955)
Accounts payable and other liabilities	(3,691)	3,071
Accrued interest payable	2,115	4,086
Net cash provided by operating activities	210,492	195,474
Investing activities
Acquisition of rental property	(26,163)	(583,989)
Investment in property under development including capitalized interest of $768 and $0 in 2023 and 2022, respectively	(49,820)	0
Capital expenditures and improvements	(29,455)	(19,171)
Proceeds from disposition of rental property, net	179,187	18,020
Change in deposits on investments in rental property	125	(18)
Net cash used in investing activities	73,874	(585,158)
Financing activities
Proceeds from issuance of common stock, net of $180 and $3,654 offering costs, discounts, and commissions in 2023 and 2022, respectively	(180)	222,829
Borrowings on unsecured term notes	0	500,000
Principal payments on mortgages and unsecured term loans	(6,950)	(252,086)
Borrowings on unsecured revolving credit facility	162,000	641,283
Repayments on unsecured revolving credit facility	(285,500)	(518,000)
Cash distributions paid to stockholders	(155,013)	(134,227)
Cash distributions paid to non-controlling interests	(8,266)	(8,513)
Debt issuance and extinguishment costs paid	0	(7,010)
Net cash (used in) provided by financing activities	(293,909)	444,276
Net increase (decrease) in cash and cash equivalents and restricted cash	(9,543)	54,592
Cash and cash equivalents and restricted cash at beginning of period	60,040	27,769
Cash and cash equivalents and restricted cash at end of period	50,497	82,361
Reconciliation of cash and cash equivalents and restricted cash
Cash and cash equivalents at beginning of period	21,789	21,669
Restricted cash at beginning of period	38,251	6,100
Cash and cash equivalents and restricted cash at beginning of period	60,040	27,769
Cash and cash equivalents at end of period	35,061	75,912
Restricted cash at end of period	15,436	6,449
Cash and cash equivalents and restricted cash at end of period	$ 50,497	$ 82,361

Condensed Consolidated Statem_5

Condensed Consolidated Statements of Cash Flows (Unaudited) (Parenthetical) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Offering costs,discounts, and commissions	$ 180	$ 3,654
Interest Costs Capitalized	$ 768	$ 0

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Pay vs Performance Disclosure
Net Income (Loss)	$ 49,682	$ 27,109	$ 149,000	$ 87,383

Insider Trading Arrangements

Insider Trading Arrangements	9 Months Ended
	Sep. 30, 2023
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Business Description

Business Description	9 Months Ended
	Sep. 30, 2023
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. Broadstone Net Lease, LLC (the Corporation ’s operating company, or the “OP”), is the entity through which the Corporation conducts its business and owns (either directly or through subsidiaries) all of the Corporation’s properties. The Corporation is the sole managing member of the OP. The membership units not owned by the Corporation are referred to as OP Units or non-controlling interests. As the Corporation conducts substantially all of its operations through the OP, it is structured as what is referred to as an umbrella partnership real estate investment trust (“UPREIT”). The Corporation, the OP, and its consolidated subsidiaries are collectively referred to as the “Company.” The Corporation’s common stock is listed on the New York Stock Exchange under the symbol “BNL”. The Company is an industrial-focused, diversified net lease REIT that focuses on investing in income-producing, single-tenant net leased commercial properties, primarily in the United States. The Company leases industrial, healthcare, restaurant, retail, and office commercial properties under long-term lease agreements. At September 30, 2023 , the Company owned a diversified portfolio of 800 individual commercial properties with 793 properties located in 44 U.S. states and seven properties located in four Canadian provinces. The following table summarizes the outstanding equity and economic ownership interest of the Company: September 30, 2023 December 31, 2022 (in thousands) Shares of OP Units Total Diluted Shares of OP Units Total Diluted Ownership interest 187,272 9,283 196,555 186,114 10,205 196,319 Percent ownership of OP 95.3 % 4.7 % 100.0 % 94.8 % 5.2 % 100.0 % Refer to Note 14 for further discussion regarding the calculation of weighted average shares outstanding.

Summary of Significant Accounti

Summary of Significant Accounting Policies	9 Months Ended
	Sep. 30, 2023
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	2. Summary of Significant Accounting Policies Interim Information The accompanying Condensed Consolidated Financial Statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information (Accounting Standards Codification (“ASC”) 270, Interim Reporting ) and Article 10 of the Securities and Exchange Commission’s (“SEC”) Regulation S-X. Accordingly, the Company has omitted certain footnote disclosures which would substantially duplicate those contained within the audited consolidated financial statements for the year ended December 31, 2022, included in the Company’s 2022 Annual Report on Form 10-K, filed with the SEC on February 23, 2023. Therefore, the readers of this quarterly report should refer to those audited consolidated financial statements, specifically Note 2, Summary of Significant Accounting Policies , for further discussion of significant accounting policies and estimates. The Company believes all adjustments necessary for a fair presentation have been included in these interim Condensed Consolidated Financial Statements (which include only normal recurring adjustments). Principles of Consolidation The Condensed Consolidated Financial Statements include the accounts and operations of the Company. All intercompany balances and transactions have been eliminated in consolidation. To the extent the Corporation has a variable interest in entities that are not evaluated under the variable interest entity (“VIE”) model, the Corporation evaluates its interests using the voting interest entity model. The Corporation has complete responsibility for the day-to-day management of, authority to make decisions for, and control of the OP. Based on consolidation guidance, the Corporation has concluded that the OP is a VIE as the members in the OP do not possess kick-out rights or substantive participating rights. Accordingly, the Corporation consolidates its interest in the OP. However, because the Corporation holds the majority voting interest in the OP and certain other conditions are met, it qualifies for the exemption from providing certain disclosure requirements associated with investments in VIEs. The portion of the OP not owned by the Corporation is presented as non-controlling interests as of and during the periods presented. Basis of Accounting The Condensed Consolidated Financial Statements have been prepared in accordance with GAAP. Use of Estimates The preparation of Condensed Consolidated Financial Statements in conformity with GAAP requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent liabilities at the date of the Condensed Consolidated Financial Statements and the reported amounts of revenues and expenses during the reporting periods. Significant estimates include, but are not limited to, the allocation of purchase price between tangible and intangible assets acquired and liabilities assumed, the fair value of long-lived assets and goodwill utilized in impairment assessments, the depreciable lives of rental property, the amortizable lives of intangible assets and liabilities, the probability of collecting outstanding and future lease payments, and the fair value of the Company’ s interest rate swap agreements. Accordingly, actual results may differ from those estimates. Investment in Property Under Development Land acquired for development and construction and improvement costs incurred in connection with the development of new properties are capitalized and recorded as Property under development on the accompanying Condensed Consolidated Balance Sheets until construction has been completed. Such capitalized costs include all direct and indirect costs related to planning, development, and construction, including interest, real estate taxes, and other miscellaneous costs incurred during the construction period. Once completed, the property under development is placed in service and depreciation commences. For the nine months ended September 30, 2023, the Company funded $ 49.8 million of costs related to two properties under development, inclusive of $ 0.8 million of capitalized interest. Long-lived Asset Impairment The Company reviews long-lived assets to be held and used for possible impairment when events or changes in circumstances indicate that their carrying amounts may not be recoverable. If, and when, such events or changes in circumstances are present, an impairment exists to the extent the carrying value of the long-lived asset or asset group exceeds the sum of the undiscounted cash flows expected to result from the use of the long-lived asset or asset group and its eventual disposition. Such cash flows include expected future operating income, as adjusted for trends and prospects, as well as the effects of demand, competition, and other factors. An impairment loss is measured as the amount by which the carrying amount of the long-lived asset or asset group exceeds its fair value. Significant judgment is made to determine if and when impairment should be taken. The Company’s assessment of impairment as of September 30, 2023 and 2022 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 impaired real estate assets generally fall within Level 3 of the fair value hierarchy, which are characterized as requiring significant judgment as little or no current market activity may be available for validation. The main indicator used to establish the classification of the inputs is current market conditions, as derived through the use of published commercial real estate market information. The Company determines the valuation of impaired assets using generally accepted valuation techniques including discounted cash flow analysis, income capitalization, analysis of recent comparable sales transactions, actual sales negotiations, and bona fide purchase offers received from third parties. Management may consider a single valuation technique or multiple valuation techniques, as appropriate, when estimating the fair value of its real estate. The following table summarizes the Company ’s impairment charge, resulting primarily from changes in the Company’s long-term hold strategy, with respect to the individual property: For the Three Months Ended For the Nine Months Ended (in thousands, except number of properties) 2023 2022 2023 2022 Number of properties — 2 1 3 Impairment charge $ — $ 4,155 $ 1,473 $ 5,535 As of September 30, 2023, events and circumstances resulted in the identification of an impairment indicator at a healthcare asset, which has a carrying value of $ 55.3 million. Based upon management’s planned holding period and estimated undiscounted cash flows the carrying value was deemed recoverable as of September 30, 2023. It is reasonably possible that the holding period and estimate of undiscounted cash flows may change in the near term resulting in the need to recognize impairment, which may be material. Restricted Cash Restricted cash generally includes escrow funds the Company maintains pursuant to the terms of certain mortgages, lease agreements, and proceeds from the sale of properties under Section 1031 of the Internal Revenue Code of 1986, as amended (the “Code”), and is reported within Prepaid expenses and other assets on the Condensed Consolidated Balance Sheets. Restricted cash consisted of the following: September 30, December 31, (in thousands) 2023 2022 Escrow funds and other $ 1,249 $ 4,812 1031 exchange proceeds 14,187 33,439 $ 15,436 $ 38,251 Rent Received in Advance Rent received in advance represents tenant rent payments received prior to the contractual due date, and is included in Accounts payable and other liabilities on the Condensed Consolidated Balance Sheets. Rent received in advance consisted of the following: (in thousands) September 30, December 31, Rent received in advance $ 19,168 $ 18,783 Fair Value Measurements Recurring Fair Value Measurements The balances of financial instruments measured at fair value on a recurring basis are as follows (see Note 9): September 30, 2023 (in thousands) Total Level 1 Level 2 Level 3 Interest rate swap, assets $ 79,086 $ — $ 79,086 $ — December 31, 2022 (in thousands) Total Level 1 Level 2 Level 3 Interest rate swap, assets $ 63,390 $ — $ 63,390 $ — Long-term Debt – The fair value of the Company’s debt was estimated using Level 1, Level 2, and Level 3 inputs based on recent secondary market trades of the Company’s 2031 Senior Unsecured Public Notes (see Note 7), recent financing transactions, estimates of the fair value of the property that serves as collateral for such debt, recent market risk premiums for loans of comparable quality, applicable 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 Condensed Consolidated Balance Sheets and the Company ’s estimate of the fair value of the unsecured revolving credit facility, mortgages, unsecured term loans, and senior unsecured notes which reflects the fair value of interest rate swaps: (in thousands) September 30, December 31, Carrying amount $ 1,903,787 $ 2,034,076 Fair value 1,668,659 1,841,381 Non-recurring Fair Value Measurements The Company’s non-recurring fair value measurements at September 30, 2023 and December 31, 2022 consisted of the fair value of impaired real estate assets that were determined using Level 3 inputs. Reclassifications The Company reclassified Debt issuance costs – unsecured revolving credit facility, net of $ 6.0 million and Leasing fees, net of $ 8.5 million to Prepaid expenses and other assets on the Condensed Consolidated Balance Sheets at December 31, 2022, to conform with the current period presentation. Additionally, the Company reclassified $ 0.2 million of Cost of debt extinguishment to Other income (expenses) on the Condensed Consolidated Statements of Income and Comprehensive Income for the three and nine months ended September 30, 2022 and to Other non-cash items on the Condensed Consolidated Statements of Cash Flows for the nine months ended September 30, 2022.

Acquisitions of Rental Property

Acquisitions of Rental Property	9 Months Ended
	Sep. 30, 2023
Business Combinations [Abstract]
Acquisitions of Rental Property	3. Acquisitions of Rental Property The Company closed on the following acquisitions during the nine months ended September 30, 2023: (in thousands, except number of properties) Number of Real Estate Date Property Type Properties Acquisition Price March 14, 2023 Retail 1 $ 5,221 May 16, 2023 Industrial 2 10,432 May 22, 2023 Industrial 1 17,300 (a) May 25, 2023 Industrial 1 9,952 July 11, 2023 Restaurant 1 460 (b) 6 $ 43,365 (c) (a) Acquisition of land to be developed in connection with a $ 204.8 million build-to-suit transaction expected to fund in multiple draws through October 2024 (see Note 2). (b) Acquisition of land to be developed in connection with a $ 1.7 million build-to-suit transaction expected to fund in multiple draws through October 2023 (see Note 2). (c) Acquisition price excludes capitalized acquisition costs of $ 3.2 million. The Company closed on the following acquisitions during the nine months ended September 30, 2022: (in thousands, except number of properties) Number of Real Estate Date Property Type Properties Acquisition Price January 7, 2022 Retail 2 $ 2,573 February 10, 2022 Industrial 1 21,733 February 15, 2022 Retail 1 1,341 February 28, 2022 Industrial 1 5,678 March 4, 2022 Retail 6 79,061 March 31, 2022 Restaurant 16 99,587 April 12, 2022 Retail 1 1,680 April 12, 2022 Industrial 1 7,522 April 13, 2022 Industrial 1 16,250 April 19, 2022 Retail 1 1,780 May 16, 2022 Retail 1 2,264 June 7, 2022 Retail 1 11,510 June 13, 2022 Retail 1 1,638 June 15, 2022 Retail 1 1,884 June 21, 2022 Industrial 5 78,500 June 29, 2022 Healthcare 1 12,467 June 30, 2022 Industrial 1 29,500 July 1, 2022 Retail 2 3,052 July 7, 2022 Retail 1 2,171 July 8, 2022 Industrial 11 75,000 August 25, 2022 Healthcare 1 9,219 August 26, 2022 Industrial 4 44,000 September 6, 2022 Retail 1 1,411 September 28, 2022 Industrial 4 56,250 September 29, 2022 Restaurant 3 12,823 69 $ 578,894 (d) (d) Acquisition price excludes capitalized acquisition costs of $ 5.2 million. The Company allocated the purchase price of these properties to the fair value of the assets acquired and liabilities assumed. The following table summarizes the purchase price allocation for completed real estate acquisitions: For the Nine Months Ended (in thousands) 2023 2022 Land $ 2,461 $ 101,278 Land improvements 2,694 37,578 Buildings and improvements 18,820 406,994 Property under development 20,315 — Acquired in-place leases (e) 2,400 46,348 Acquired below-market leases (f) ( 166 ) ( 76 ) Non-real estate liabilities assumed — ( 8,051 ) $ 46,524 $ 584,071 (g) (e) The weighted average amortization period for acquired in-place leases is 15 years and 20 years for acquisitions completed during the nine months ended September 30, 2023 and 2022 , respectively. (f) The weighted average amortization period for the acquired below-market leases is 20 years and nine years for acquisitions completed during the nine months ended September 30, 2023 and 2022 , respectively. (g) Excludes a $ 17.4 million building expansion agreed to as a forward commitment in connection with a prior acquisition. The above acquisitions were funded using a combination of available cash on hand and unsecured revolving credit facility borrowings. All real estate acquisitions closed during the nine months ended September 30, 2023 and 2022 , qualified as asset acquisitions and as such, acquisition costs have been capitalized.

Sale of Real Estate

Sale of Real Estate	9 Months Ended
	Sep. 30, 2023
Real Estate [Abstract]
Sale of Real Estate	4. Sale of Real Estate The Company closed on the following sales of real estate, none of which qualified as discontinued operations: For the Three Months Ended For the Nine Months Ended (in thousands, except number of properties) 2023 2022 2023 2022 Number of properties disposed 2 1 9 5 Aggregate sale price $ 62,300 $ 1,727 $ 183,564 (a) $ 18,828 Aggregate carrying value ( 45,770 ) ( 1,557 ) ( 131,146 ) ( 12,692 ) Additional sales expenses ( 1,367 ) ( 109 ) ( 4,378 ) ( 808 ) Gain on sale of real estate $ 15,163 $ 61 $ 48,040 $ 5,328 (a) The nine months ended September 30, 2023 includes $ 32.0 million of proceeds from the sale of an underlying office property which was executed simultaneously with a lease termination in exchange for a fee of $ 7.5 million.

Investment in Rental Property a

Investment in Rental Property and Lease Arrangements	9 Months Ended
	Sep. 30, 2023
Leases [Abstract]
Investment in Rental Property and Lease Arrangements	5. Investment in Rental Property and Lease Arrangements The Company generally leases its investment rental property to established tenants in the industrial, healthcare, restaurant, retail, and office property types. At September 30, 2023 , the Company had 800 real estate properties, 788 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 two that were vacant. Of the nine leases classified as direct financing leases , three include land portions which are accounted for as operating leases. The sales-type lease includes a land portion which is accounted for as an operating lease. Most leases have initial terms of 10 to 20 years. The Company ’s leases generally provide for limited increases in rent as a result of fixed increases, increases in the Consumer Price Index (“CPI”), or increases in the tenant’s sales volume. Generally, tenants are also required to pay all property taxes and assessments, substantially maintain the interior and exterior of the building, and maintain property and liability insurance coverage. The leases also typically provide for one or more multiple-year renewal options, at the election of the tenant, and are subject to generally the same terms and conditions as the initial lease. Investment in Rental Property – Accounted for Using the Operating Method Depreciation expense on investment in rental property was as follows: For the Three Months Ended For the Nine Months Ended (in thousands) 2023 2022 2023 2022 Depreciation $ 30,630 $ 29,142 $ 92,776 $ 83,530 Estimated lease payments to be received under non-cancelable operating leases with tenants at September 30, 2023 are as follows: (in thousands) Remainder of 2023 $ 96,469 2024 406,090 2025 441,172 2026 437,506 2027 421,627 Thereafter 3,834,638 $ 5,637,502 Since lease renewal periods are exercisable at the option of the tenant, the above amounts only include future lease payments due during the initial lease terms. Such amounts exclude any potential variable rent increases that are based on changes in the CPI or future variable rents which may be received under the leases based on a percentage of the tenant’s gross sales. Additionally, certain of our leases provide tenants with the option to terminate their leases in exchange for termination penalties, or that are contingent upon the occurrence of a future event. Future lease payments within the table above have not been adjusted for these termination rights. Investment in Rental Property – Direct Financing Leases The Company ’s net investment in direct financing leases was comprised of the following: (in thousands) September 30, December 31, Undiscounted estimated lease payments to be received $ 35,934 $ 38,268 Estimated unguaranteed residual values 14,547 14,547 Unearned revenue ( 23,615 ) ( 25,645 ) Reserve for credit losses ( 115 ) ( 125 ) Net investment in direct financing leases $ 26,751 $ 27,045 Undiscounted estimated lease payments to be received under non-cancelable direct financing leases with tenants at September 30, 2023 are as follows: (in thousands) Remainder of 2023 $ 780 2024 3,171 2025 3,285 2026 3,357 2027 3,426 Thereafter 21,915 $ 35,934 The above rental receipts do not include future lease payments for renewal periods, potential variable CPI rent increases, or variable percentage rent payments that may become due in future periods. The following table summarizes amounts reported as Lease revenues, net on the Condensed Consolidated Statements of Income and Comprehensive Income: For the Three Months Ended For the Nine Months Ended (in thousands) 2023 2022 2023 2022 Contractual rental amounts billed for operating leases $ 96,333 $ 91,208 $ 290,891 $ 263,109 Adjustment to recognize contractual operating lease billings on a 6,891 5,344 21,641 15,455 Net write-offs of accrued rental income — — ( 105 ) ( 1,326 ) Variable rental amounts earned 513 309 1,306 786 Earned income from direct financing leases 687 719 2,067 2,163 Interest income from sales-type leases 14 14 43 43 Operating expenses billed to tenants 5,181 5,061 14,850 14,059 Other income from real estate transactions 19 874 7,414 (a) 1,050 Adjustment to revenue recognized for uncollectible rental ( 95 ) ( 5 ) ( 220 ) 39 Total lease revenues, net $ 109,543 $ 103,524 $ 337,887 $ 295,378 (a) The nine months ended September 30, 2023 , includes $ 7.5 million of lease termination fee income recognized in connection with the simultaneous lease termination and sale of an underlying office property for an additional $ 32.0 million in proceeds.

Intangible Assets And Liabiliti

Intangible Assets And Liabilities	9 Months Ended
	Sep. 30, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Intangible Assets and Liabilities	. Intangible Assets and Liabilities, and Leasing Fees The following is a summary of intangible assets and liabilities, and leasing fees, and related accumulated amortization: (in thousands) September 30, December 31, Lease intangibles: Acquired above-market leases $ 44,913 $ 45,740 Less accumulated amortization ( 19,783 ) ( 18,436 ) Acquired above-market leases, net 25,130 27,304 Acquired in-place leases 420,598 436,401 Less accumulated amortization ( 148,072 ) ( 134,120 ) Acquired in-place leases, net 272,526 302,281 Total intangible lease assets, net $ 297,656 $ 329,585 Acquired below-market leases $ 100,431 $ 105,059 Less accumulated amortization ( 45,130 ) ( 42,204 ) Intangible lease liabilities, net $ 55,301 $ 62,855 Leasing fees $ 16,076 $ 14,430 Less accumulated amortization ( 6,555 ) ( 5,924 ) Leasing fees, net $ 9,521 $ 8,506 Amortization of intangible lease assets and liabilities, and leasing fees was as follows: (in thousands) For the Three Months Ended For the Nine Months Ended Intangible Financial Statement Presentation 2023 2022 2023 2022 Acquired in-place leases and leasing fees Depreciation and amortization $ 7,866 $ 10,224 $ 26,455 $ 25,574 Above-market and below-market leases Lease revenues, net 1,059 1,180 4,841 3,511 For the three and nine months ended September 30, 2023, amortization expense includes $ 0.0 million and $ 0.9 million, respectively of accelerated amortization, resulting from early lease terminations. For the three and nine months ended September 30, 2022 , amortization expense includes $ 2.3 million of accelerated amortization resulting from early lease terminations. Estimated future amortization of intangible assets and liabilities, and leasing fees at September 30, 2023 is as follows: (in thousands) Remainder of 2023 $ 6,743 2024 26,471 2025 25,427 2026 24,265 2027 22,522 Thereafter 146,448 $ 251,876

Unsecured Credit Agreements

Unsecured Credit Agreements	9 Months Ended
	Sep. 30, 2023
Debt Disclosure [Abstract]
Unsecured Credit Agreements	7. Unsecured Credit Agreements The following table summarizes the Company ’s unsecured credit agreements: Outstanding Balance (in thousands, except interest rates) September 30, December 31, Interest Maturity Unsecured revolving credit facility $ 74,060 $ 197,322 Applicable reference rate + 0.85 % (a) Mar. 2026 (d) Unsecured term loans: 2026 Unsecured Term Loan 400,000 400,000 one-month adjusted SOFR + 1.00 % (b)(c) Feb. 2026 2027 Unsecured Term Loan 200,000 200,000 one-month adjusted SOFR + 0.95 % (c) Aug. 2027 2029 Unsecured Term Loan 300,000 300,000 one-month adjusted SOFR + 1.25 % (c) Aug. 2029 Total unsecured term loans 900,000 900,000 Unamortized debt issuance costs, net ( 4,367 ) ( 5,308 ) Total unsecured term loans, net 895,633 894,692 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 ( 4,879 ) ( 5,445 ) Total senior unsecured notes, net 845,121 844,555 Total unsecured debt, net $ 1,814,814 $ 1,936,569 (a) At September 30, 2023 and December 31, 2022 , a balance of $0.0 million and $ 123.5 million was subject to the one-month SOFR of 5.32 % and 4.36 %, respectively. The remaining balance of $ 100 million Canadian Dollar (”CAD”) borrowings remeasured to $ 74.1 million United States Dollar (”USD”) and $ 73.8 million USD, at September 30, 2023 and December 31, 2022, respectively, and was subject to the one-month CDOR of 5.39 % and 4.74 %, respectively. (b) At September 30, 2023 , one-month SOFR was 5.32 %. At December 31, 2022 , the applicable interest rate was one-month LIBOR of 4.39 % plus 1.00 %. (c) At September 30, 2023 and December 31, 2022 , one-month SOFR was 5.32 % and 4.36 %, respectively. (d) The Company’s unsecured revolving credit agreement contains two six-month extension options subject to certain conditions, including the payment of an extension fee equal to 0.0625 % of the revolving commitments. At September 30, 2023 , the weighted average interest rate on all outstanding borrowings was 5.30 % exclusive of interest rate swap agreements. At September 30, 2023 , the weighted average interest rate on all outstanding borrowings was 3.71 % inclusive of interest rate swap agreements. The Company is subject to various financial and operational covenants and financial reporting requirements pursuant to its unsecured credit agreements. These covenants require the Company to maintain certain financial ratios, including leverage, fixed charge coverage, debt service coverage, aggregate debt ratio, consolidated income available for debt to annual debt service charge, total unencumbered assets to total unsecured debt, and secured debt ratio, among others. As of September 30, 2023, 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 effect on the Company. The Company did no t incur any debt issuance costs during the nine months ended September 30, 2023. For the three and nine months ended September 30, 2022 , the Company incurred $ 3.2 million and $ 7.0 million, respectively in debt issuance costs associated with the unsecured revolving credit facility. Debt issuance costs and original issuance discounts are amortized as a component of Interest expense in the accompanying Condensed Consolidated Statements of Income and Comprehensive Income. The following table summarizes debt issuance cost and original issuance discount amortization: For the Three Months Ended For the Nine Months Ended (in thousands) 2023 2022 2023 2022 Debt issuance costs and original issuance discount amortization $ 983 $ 948 $ 2,955 $ 2,704

Mortgages

Mortgages	9 Months Ended
	Sep. 30, 2023
Debt Disclosure [Abstract]
Mortgages	The Company ’s mortgages consist of the following: Origination Maturity (in thousands, except interest rates) Date Date Interest September 30, December 31, Lender (Month/Year) (Month/Year) Rate 2023 2022 Wilmington Trust National Association Apr-19 Feb-28 4.92 % $ 44,542 $ 45,516 (a) (b) (c) (d) Wilmington Trust National Association Jun-18 Aug-25 4.36 % 18,834 19,150 (a) (b) (c) (e) PNC Bank Oct-16 Nov-26 3.62 % 16,351 16,675 (b) (c) Aegon Apr-12 Oct-23 6.38 % - 5,413 (b) (f) Total mortgages 79,727 86,754 Debt issuance costs, net ( 114 ) ( 152 ) Mortgages, net $ 79,613 $ 86,602 (a) Non-recourse debt includes the indemnification/guaranty of the Company pertaining to fraud, environmental claims, insolvency, and other matters. (b) Debt secured by related rental property and lease rents. (c) Debt secured by guaranty of the OP. (d) Mortgage was assumed in April 2019 as part of the acquisition of the related property. The debt was recorded at fair value at the time of assumption. (e) Mortgage was assumed in June 2018 as part of the acquisition of the related property. The debt was recorded at fair value at the time of assumption. (f) Mortgage was assumed in April 2012 as part of the acquisition of the related property. The debt was recorded at fair value at the time of the assumption. At September 30, 2023 , investment in rental property of $ 121.2 million was pledged as collateral against the Company ’s mortgages. Estimated future principal payments to be made under the above mortgages and the Company ’s unsecured credit agreements (see Note 7) at September 30, 2023 are as follows: (in thousands) Remainder of 2023 $ 554 2024 2,260 2025 20,195 2026 490,903 2027 351,596 Thereafter 1,038,279 $ 1,903,787 Certain of the Company’ s mortgages provide for prepayment fees and can be terminated under certain events of default as defined under the related agreements. These prepayment fees are not reflected as part of the table above.

Interest Rate Swaps

Interest Rate Swaps	9 Months Ended
	Sep. 30, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Interest Rate Swaps	9. Interest Rate Swaps Interest rate swaps were entered into with certain financial institutions in order to mitigate the impact of interest rate variability over the term of the related debt agreements. The interest rate swaps are considered cash flow hedges. Under these agreements, the Company receives monthly payments from the counterparties equal to the related variable interest rates multiplied by the outstanding notional amounts. 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 order to reduce counterparty concentration risk, the Company diversifies the institutions that serve as swap counterparties. The Company is exposed to credit risk in the event of non-performance by the counterparties of the swaps. The Company minimizes the risk exposure by limiting counterparties to only major banks who meet established credit and capital guidelines. The following is a summary of the Company ’s outstanding interest rate swap agreements: (in thousands, except interest rates) September 30, 2023 December 31, 2022 Counterparty Maturity Date Fixed Variable Rate Index (a) Notional Fair Notional Fair Wells Fargo Bank, N.A. October 2024 2.72 % daily compounded SOFR $ 15,000 $ 400 $ 15,000 $ 477 Capital One, National Association December 2024 1.58 % daily compounded SOFR 15,000 649 15,000 815 Bank of Montreal January 2025 1.91 % daily compounded SOFR 25,000 1,049 25,000 1,239 Truist Financial Corporation April 2025 2.20 % daily compounded SOFR 25,000 1,100 25,000 1,169 Bank of Montreal July 2025 2.32 % daily compounded SOFR 25,000 1,174 25,000 1,162 Truist Financial Corporation July 2025 1.99 % daily compounded SOFR 25,000 1,313 25,000 1,358 Truist Financial Corporation December 2025 2.30 % daily compounded SOFR 25,000 1,388 25,000 1,279 Bank of Montreal January 2026 1.92 % daily compounded SOFR 25,000 1,594 25,000 1,547 Bank of Montreal January 2026 2.05 % daily compounded SOFR 40,000 2,441 40,000 2,332 Capital One, National Association January 2026 2.08 % daily compounded SOFR 35,000 2,105 35,000 2,007 Truist Financial Corporation January 2026 1.93 % daily compounded SOFR 25,000 1,590 25,000 1,542 Capital One, National Association April 2026 2.68 % daily compounded SOFR 15,000 755 15,000 625 Capital One, National Association July 2026 1.32 % daily compounded SOFR 35,000 3,073 35,000 3,042 Bank of Montreal December 2026 2.33 % daily compounded SOFR 10,000 691 10,000 584 Bank of Montreal December 2026 1.99 % daily compounded SOFR 25,000 1,983 25,000 1,773 Toronto-Dominion Bank March 2027 2.46 % one-month CDOR 14,812 (b) 1,146 14,764 (b) 765 Wells Fargo Bank, N.A. April 2027 2.72 % daily compounded SOFR 25,000 1,496 25,000 1,129 Bank of Montreal December 2027 2.37 % daily compounded SOFR 25,000 2,035 25,000 1,628 Capital One, National Association December 2027 2.37 % daily compounded SOFR 25,000 2,009 25,000 1,605 Wells Fargo Bank, N.A. January 2028 2.37 % daily compounded SOFR 75,000 6,083 75,000 4,854 Bank of Montreal May 2029 2.09 % daily compounded SOFR 25,000 2,856 25,000 2,295 Regions Bank May 2029 2.11 % daily compounded SOFR 25,000 2,811 25,000 2,244 Regions Bank June 2029 2.03 % daily compounded SOFR 25,000 2,914 25,000 2,357 U.S. Bank National Association June 2029 2.03 % daily compounded SOFR 25,000 2,931 25,000 2,377 Regions Bank August 2029 2.58 % one-month SOFR 100,000 8,486 100,000 5,782 Toronto-Dominion Bank August 2029 2.58 % one-month SOFR 45,000 3,885 45,000 2,674 U.S. Bank National Association August 2029 2.65 % one-month SOFR 15,000 1,237 15,000 826 U.S. Bank National Association August 2029 2.58 % one-month SOFR 100,000 8,557 100,000 5,861 U.S. Bank National Association August 2029 1.35 % daily compounded SOFR 25,000 3,888 25,000 3,419 Regions Bank March 2032 2.69 % one-month CDOR 14,812 (b) 1,768 14,764 (b) 1,092 U.S. Bank National Association March 2032 2.70 % one-month CDOR 14,812 (b) 1,783 14,764 (b) 1,107 Bank of Montreal March 2034 2.81 % one-month CDOR 29,624 (c) 3,896 29,530 (c) 2,424 $ 974,060 $ 79,086 $ 973,822 $ 63,390 (a) Prior to the cessation of LIBOR on July 1, 2023, the variable rate index for daily compounded SOFR based swaps was one-month LIBOR. (b) The contractual notional amount is $ 20.0 million CAD . (c) The contractual notional amount is $ 40.0 million CAD. At September 30, 2023 , the weighted average fixed rate on all outstanding interest rate swaps was 2.28 %. At September 30, 2023 , the weighted average interest rate on all outstanding borrowings was 3.71 % inclusive of unsecured credit agreements. The total amounts recognized, and the location in the accompanying Condensed Consolidated Statements of Income and Comprehensive Income, from converting from variable rates to fixed rates under these agreements were as follows: Amount of Gain Reclassification from Total Interest Expense Recognized in Accumulated Other Presented in the Condensed Accumulated Other Comprehensive Income Consolidated Statements of (in thousands) Comprehensive Amount of Income and Comprehensive For the Three Months Ended September 30, Income Location Gain (Loss) Income 2023 $ 13,943 Interest expense $ 7,063 $ 19,665 2022 40,039 Interest expense ( 446 ) 20,095 Amount of Gain Reclassification from Total Interest Expense Recognized in Accumulated Other Presented in the Condensed Accumulated Other Comprehensive Income Consolidated Statements of (in thousands) Comprehensive Amount of Income and Comprehensive For the Nine Months Ended September 30, Income Location Gain (Loss) Income 2023 $ 15,696 Interest expense $ 18,242 $ 61,081 2022 93,772 Interest expense ( 7,433 ) 54,879 Amounts related to the interest rate swaps expected to be reclassified out of Accumulated other comprehensive income to Interest expense during the next twelve months are estimated to be a gain of $ 29.4 million.

Non-Controlling Interests

Non-Controlling Interests	9 Months Ended
	Sep. 30, 2023
Noncontrolling Interest [Abstract]
Non-Controlling Interests	10. Non-Controlling Interests The following table summarizes OP Units exchanged for shares of common stock: For the Three Months Ended For the Nine Months Ended (in thousands) 2023 2022 2023 2022 OP Units exchanged for shares of common stock 1 118 922 118 Value of units exchanged $ 21 $ 1,926 $ 15,316 $ 1,926

Credit Risk Concentrations

Credit Risk Concentrations	9 Months Ended
	Sep. 30, 2023
Risks and Uncertainties [Abstract]
Credit Risk Concentrations	11. Credit Risk Concentrations The Company maintained bank balances that, at times, exceeded the federally insured limit during the nine months ended September 30, 2023. 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 based on the financial position and capitalization of the banks. For the nine months ended September 30, 2023 and 2022 , the Company had no individual tenants or common franchises that accounted for more than 10 % of Lease revenues, net, excluding lease termination fees.

Equity

Equity	9 Months Ended
	Sep. 30, 2023
Equity [Abstract]
Equity	12. Equity At-the-Market Program The Company has an at-the-market common equity offering program (“ATM Program”), through which it may, from time to time, publicly offer and sell shares of common stock having an aggregate gross sales price of up to $ 400.0 million. The ATM Program provides for forward sale agreements, enabling the Company to set the price of shares upon pricing the offering, while delaying the issuance of shares and the receipt of the net proceeds. As of September 30, 2023 , the Company has $ 145.4 million of available capacity under the ATM Program. The following table presents information about the Company ’s ATM Program activity: For the Three Months Ended For the Nine Months Ended (in thousands, except per share amounts) 2023 2022 2023 2022 Number of common shares issued — 962 — 10,471 Weighted average sale price per share $ — $ 21.44 $ — $ 21.66 Net proceeds $ — $ 20,248 $ — $ 222,895 Gross proceeds — 20,626 — 226,483 Share Repurchase Program On March 14, 2023, the Company’s Board of Directors approved a stock repurchase program (the “Repurchase Program”), which authorized the Company to repurchase up to $ 150.0 million of the Company’s common stock. These purchases can be made in the open market or through private transactions from time to time over the 12-month time period following authorization, depending on prevailing market conditions and applicable legal and regulatory requirements. The timing, manner, price and amount of any repurchases of common stock under the Repurchase Program will be determined at the Company’s discretion, using available cash resources. During the nine months ended September 30, 2023 , no shares of the Company’s common stock were repurchased under the program.

Stock-Based Compensation

Stock-Based Compensation	9 Months Ended
	Sep. 30, 2023
Share-Based Payment Arrangement [Abstract]
Stock-Based Compensation	13. Stock-Based Compensation Restricted Stock Awards During the three and nine months ended September 30, 2023 , the Company awarded 116 and 309,746 shares of restricted stock awards (“RSAs”), respectively, to officers, employees and non-employee directors under the Company's equity incentive plan. During the three and nine months ended September 30, 2022 , the Company issued 6,175 and 181,088 shares of RSAs, respectively. The holder of RSAs is generally entitled at all times on and after the date of issuance of the restricted common shares to exercise the rights of a stockholder of the Company, including the right to vote the shares and the right to receive dividends on the shares. The RSAs vest over a one -, three -, or four-year period from the date of the grant and are subject to the holder ’s continued service through the applicable vesting dates and in accordance with the terms of the individual award agreements. The weighted average per share value of awards granted during the three and nine months ended September 30, 2023 , were $ 16.52 and $ 17.52 , respectively, which were based on the market price per share of the Company ’s common stock on the grant date. The weighted average value of awards granted during the three and nine months ended September 30, 2022 were $ 22.67 and $ 21.44 , respectively. The following table presents information about the Company ’s RSAs: For the Three Months Ended For the Nine Months Ended (in thousands) 2023 2022 2023 2022 Compensation cost $ 927 $ 994 $ 3,587 $ 2,481 Dividends declared on unvested RSAs 142 107 420 310 Fair value of shares vested during the period — — 3,384 3,209 As of September 30, 2023 , there was $ 6.2 million of unrecognized compensation costs related to the unvested restricted shares, which is expected to be recognized over a weighted average period of 2.5 years. The following table presents information about the Company ’s restricted stock activity: For the Three Months Ended September 30, 2023 2022 (in thousands, except per share amounts) Number of Shares Weighted Average Number of Shares Weighted Average Unvested at beginning of period 508 $ 18.65 392 $ 20.33 Granted — 16.52 6 22.67 Vested — — — — Forfeited ( 2 ) 17.75 ( 1 ) 21.66 Unvested at end of period 506 18.66 397 20.37 For the Nine Months Ended September 30, 2023 2022 (in thousands, except per share amounts) Number of Shares Weighted Average Number of Shares Weighted Average Unvested at beginning of period 396 $ 20.36 372 $ 19.62 Granted 310 17.52 181 21.44 Vested ( 192 ) 20.33 ( 146 ) 19.80 Forfeited ( 8 ) 18.73 ( 10 ) 20.10 Unvested at end of period 506 18.66 397 20.37 Performance-based Restricted Stock Units During the nine months ended September 30, 2023 , the Company issued target grants of 186,481 of performance-based restricted stock units (“PRSUs”), under the Company's equity incentive plan to the officers of the Company. During the three and nine months ended September 30, 2022 , the Company issued target grants of 2,141 and 124,024 PRSUs. 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. The grant date fair value of the PRSUs was measured using a Monte Carlo simulation model based on assumptions including share price volatility, among others. The following table presents compensation cost recognized on the Company ’s PRSUs: For the Three Months Ended For the Nine Months Ended (in thousands) 2023 2022 2023 2022 Compensation cost $ 613 $ 509 $ 1,371 $ 1,332 As of September 30, 2023 , there was $ 4.6 million of unrecognized compensation costs related to the unvested PRSUs, which is expected to be recognized over a weighted average period of 2.2 years. The following table presents information about the Company ’s performance-based restricted stock unit activity: For the Three Months Ended September 30, 2023 2022 (in thousands, except per share amounts) Number of Shares Weighted Average Number of Shares Weighted Average Unvested at beginning of period 358 $ 25.01 231 $ 26.25 Granted — — 2 27.93 Vested — — — — Forfeited — — — — Unvested at end of period 358 25.01 233 26.27 For the Nine Months Ended September 30, 2023 2022 (in thousands, except per share amounts) Number of Shares Weighted Average Number of Shares Weighted Average Unvested at beginning of period 233 $ 26.27 110 $ 24.40 Granted 186 23.78 124 27.93 Vested — — — — Forfeited ( 61 ) 26.80 ( 1 ) 27.93 Unvested at end of period 358 25.01 233 26.27

Earnings per Share

Earnings per Share	9 Months Ended
	Sep. 30, 2023
Earnings Per Share [Abstract]
Earnings Per Share	14. Earnings per Share The following table summarizes the components used in the calculation of basic and diluted earnings per share (“EPS”): For the Three Months Ended For the Nine Months Ended (in thousands, except per share amounts) 2023 2022 2023 2022 Basic earnings: Net earnings attributable to Broadstone Net Lease, Inc. common $ 49,682 $ 27,109 $ 149,000 $ 87,383 Less: earnings allocated to unvested restricted shares ( 142 ) ( 108 ) ( 420 ) ( 310 ) Net earnings used to compute basic earnings per common share $ 49,540 $ 27,001 $ 148,580 $ 87,073 Diluted earnings: Net earnings used to compute basic earnings per common share $ 49,540 $ 27,001 $ 148,580 $ 87,073 Add: net earnings attributable to non-controlling interests 2,463 1,600 7,515 5,319 Net earnings used to compute diluted earnings per common share $ 52,003 $ 28,601 $ 156,095 $ 92,392 Weighted average number of common shares outstanding 187,272 172,973 187,026 169,061 Less: weighted average unvested restricted shares (a) ( 506 ) ( 395 ) ( 481 ) ( 381 ) Weighted average number of common shares outstanding used in 186,766 172,578 186,545 168,680 Add: effects of restricted stock units (b) 322 180 267 166 Add: effects of convertible membership units (c) 9,284 10,213 9,470 10,286 Weighted average number of common shares outstanding used in 196,372 182,971 196,282 179,132 Basic earnings per share $ 0.27 $ 0.16 $ 0.80 $ 0.52 Diluted earnings per share $ 0.26 $ 0.16 $ 0.80 $ 0.52 (a) Represents the weighted average effects of 505,668 and 397,135 unvested restricted shares of common stock as of September 30, 2023 and 2022, 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 13). (c) Represents the weighted average effects of 9,282,953 and 10,204,806 OP Units outstanding at September 30, 2023 and 2022 , respectively. OP Units are included in the diluted earnings per share calculation. However, because such OP Units would also require that the share of the net income attributable to such OP units also be added back to net income, there is no effect to EPS.

Supplemental Cash Flow Disclosu

Supplemental Cash Flow Disclosures	9 Months Ended
	Sep. 30, 2023
Supplemental Cash Flow Elements [Abstract]
Supplemental Cash Flow Disclosures	15. Supplemental Cash Flow Disclosures Cash paid for interest was $ 54.5 million and $ 46.2 million for the nine months ended September 30, 2023 and 2022 , respectively. Cash paid for income taxes was $ 0.9 million for the nine months ended September 30, 2023 and 2022. The following are non-cash transactions and have been excluded from the accompanying Condensed Consolidated Statements of Cash Flows: • During the nine months ended September 30, 2023 , the Company converted 921,853 OP units valued at $ 15.3 million to 921,853 shares of common stock at the election of the holder. During the nine months ended September 30, 2022 , the Company converted 118,400 OP units valued at $ 1.9 million to 118,400 shares of common stock at the election of the holder. • At September 30, 2023 and 2022 , dividend amounts declared and accrued but not yet paid amounted to $ 55.8 million and $ 49.9 million, respectively. • At September 30, 2023 and 2022 , the Company adjusted the carrying value of Non-controlling interests to reflect their share of the book value of the OP by $ 0.2 million and $ 3.3 million, respectively, with the reallocation recorded as an offset to Additional paid-in capital and Accumulated other comprehensive income.

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	16. Commitments and Contingencies Litigation From time to time, the Company is a party to various litigation matters incidental to the conduct of the Company’s business. While the resolution of such matters cannot be predicted with certainty, based on currently available information, the Company does not believe that the final outcome of any of these matters will have a material effect on its consolidated financial position, results of operations, or liquidity. Property and Acquisition Related In connection with ownership and operation of real estate, the Company may potentially be liable for costs and damages related to environmental matters. The Company is not aware of any non-compliance, liability, claim, or other environmental condition that would have a material effect on its consolidated financial position, results of operations, or liquidity. As of September 30, 2023 , the Company has commitments to fund two build-to-suit transactions with remaining obligations of $ 157.3 million expected to fund in multiple draws through October 2024, using a combination of available cash on hand and unsecured revolving credit facility borrowings. Rent is contractually scheduled to commence at the earlier of construction completion or a specified date defined in the respective lease agreement. The Company is a party to two separate tax protection agreements with the contributing members of two distinct UPREIT transactions and a third tax protection agreement in connection with the Company's internalization. The tax protection agreements require the Company to indemnify the beneficiaries in the event of a sale, exchange, transfer, or other disposal of the contributed property, and in the case of the tax protection agreement entered into in connection with the Company’s internalization, the entire Company, in a taxable transaction that would cause such beneficiaries to recognize a gain that is protected under the agreements, subject to certain exceptions. The Company is required to allocate an amount of nonrecourse liabilities to each beneficiary that is at least equal to the minimum liability amount, as contained in the agreements. The minimum liability amount and the associated allocation of nonrecourse liabilities are calculated in accordance with applicable tax regulations, are completed at the OP level, and do not represent GAAP accounting. Therefore, there is no impact to the Condensed Consolidated Financial Statements. Based on values as of September 30, 2023, 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 during the fourth quarter of 2023, the timing of which depends on the satisfaction of certain conditions set forth in the lease. Upon commencement, the total expected future lease payments would be $ 8.9 million.

Subsequent Events

Subsequent Events	9 Months Ended
	Sep. 30, 2023
Subsequent Events [Abstract]
Subsequent Events	17. Subsequent Events On October 13, 2023, the Company paid distributions totaling $ 55.0 million. On October 26, 2023, the Board of Directors declared a quarterly distribution of $ 0.285 per share on the Company ’ s common stock and OP Units for the fourth quarter of 2023, which will be payable on or before January 12, 2024 to stockholders and OP unitholders of record as of December 29, 2023 . Subsequent to September 30, 2023 , the Company borrowed $ 23.5 million on the unsecured revolving credit facility, the proceeds of which were used to fund investment activity and for general corporate purposes. Subsequent to September 30, 2023, the Company executed a lease amendment with an existing tenant to fund a total of $ 16.9 million towards a building expansion expected to be completed in 2024, which included a contractual increase in rent.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2023
Accounting Policies [Abstract]
Interim Information	Interim Information The accompanying Condensed Consolidated Financial Statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information (Accounting Standards Codification (“ASC”) 270, Interim Reporting ) and Article 10 of the Securities and Exchange Commission’s (“SEC”) Regulation S-X. Accordingly, the Company has omitted certain footnote disclosures which would substantially duplicate those contained within the audited consolidated financial statements for the year ended December 31, 2022, included in the Company’s 2022 Annual Report on Form 10-K, filed with the SEC on February 23, 2023. Therefore, the readers of this quarterly report should refer to those audited consolidated financial statements, specifically Note 2, Summary of Significant Accounting Policies , for further discussion of significant accounting policies and estimates. The Company believes all adjustments necessary for a fair presentation have been included in these interim Condensed Consolidated Financial Statements (which include only normal recurring adjustments).
Principles of Consolidation	Principles of Consolidation The Condensed Consolidated Financial Statements include the accounts and operations of the Company. All intercompany balances and transactions have been eliminated in consolidation. To the extent the Corporation has a variable interest in entities that are not evaluated under the variable interest entity (“VIE”) model, the Corporation evaluates its interests using the voting interest entity model. The Corporation has complete responsibility for the day-to-day management of, authority to make decisions for, and control of the OP. Based on consolidation guidance, the Corporation has concluded that the OP is a VIE as the members in the OP do not possess kick-out rights or substantive participating rights. Accordingly, the Corporation consolidates its interest in the OP. However, because the Corporation holds the majority voting interest in the OP and certain other conditions are met, it qualifies for the exemption from providing certain disclosure requirements associated with investments in VIEs. The portion of the OP not owned by the Corporation is presented as non-controlling interests as of and during the periods presented.
Basis of Accounting	Basis of Accounting The Condensed Consolidated Financial Statements have been prepared in accordance with GAAP.
Use of Estimates	Use of Estimates The preparation of Condensed Consolidated Financial Statements in conformity with GAAP requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent liabilities at the date of the Condensed Consolidated Financial Statements and the reported amounts of revenues and expenses during the reporting periods. Significant estimates include, but are not limited to, the allocation of purchase price between tangible and intangible assets acquired and liabilities assumed, the fair value of long-lived assets and goodwill utilized in impairment assessments, the depreciable lives of rental property, the amortizable lives of intangible assets and liabilities, the probability of collecting outstanding and future lease payments, and the fair value of the Company’ s interest rate swap agreements. Accordingly, actual results may differ from those estimates.
Investment in Property Under Development Text Block	Investment in Property Under Development Land acquired for development and construction and improvement costs incurred in connection with the development of new properties are capitalized and recorded as Property under development on the accompanying Condensed Consolidated Balance Sheets until construction has been completed. Such capitalized costs include all direct and indirect costs related to planning, development, and construction, including interest, real estate taxes, and other miscellaneous costs incurred during the construction period. Once completed, the property under development is placed in service and depreciation commences. For the nine months ended September 30, 2023, the Company funded $ 49.8 million of costs related to two properties under development, inclusive of $ 0.8 million of capitalized interest.
Long-lived Asset Impairment	Long-lived Asset Impairment The Company reviews long-lived assets to be held and used for possible impairment when events or changes in circumstances indicate that their carrying amounts may not be recoverable. If, and when, such events or changes in circumstances are present, an impairment exists to the extent the carrying value of the long-lived asset or asset group exceeds the sum of the undiscounted cash flows expected to result from the use of the long-lived asset or asset group and its eventual disposition. Such cash flows include expected future operating income, as adjusted for trends and prospects, as well as the effects of demand, competition, and other factors. An impairment loss is measured as the amount by which the carrying amount of the long-lived asset or asset group exceeds its fair value. Significant judgment is made to determine if and when impairment should be taken. The Company’s assessment of impairment as of September 30, 2023 and 2022 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 impaired real estate assets generally fall within Level 3 of the fair value hierarchy, which are characterized as requiring significant judgment as little or no current market activity may be available for validation. The main indicator used to establish the classification of the inputs is current market conditions, as derived through the use of published commercial real estate market information. The Company determines the valuation of impaired assets using generally accepted valuation techniques including discounted cash flow analysis, income capitalization, analysis of recent comparable sales transactions, actual sales negotiations, and bona fide purchase offers received from third parties. Management may consider a single valuation technique or multiple valuation techniques, as appropriate, when estimating the fair value of its real estate. The following table summarizes the Company ’s impairment charge, resulting primarily from changes in the Company’s long-term hold strategy, with respect to the individual property: For the Three Months Ended For the Nine Months Ended (in thousands, except number of properties) 2023 2022 2023 2022 Number of properties — 2 1 3 Impairment charge $ — $ 4,155 $ 1,473 $ 5,535 As of September 30, 2023, events and circumstances resulted in the identification of an impairment indicator at a healthcare asset, which has a carrying value of $ 55.3 million. Based upon management’s planned holding period and estimated undiscounted cash flows the carrying value was deemed recoverable as of September 30, 2023. It is reasonably possible that the holding period and estimate of undiscounted cash flows may change in the near term resulting in the need to recognize impairment, which may be material.
Restricted Cash	Restricted Cash Restricted cash generally includes escrow funds the Company maintains pursuant to the terms of certain mortgages, lease agreements, and proceeds from the sale of properties under Section 1031 of the Internal Revenue Code of 1986, as amended (the “Code”), and is reported within Prepaid expenses and other assets on the Condensed Consolidated Balance Sheets. Restricted cash consisted of the following: September 30, December 31, (in thousands) 2023 2022 Escrow funds and other $ 1,249 $ 4,812 1031 exchange proceeds 14,187 33,439 $ 15,436 $ 38,251
Rent Received in Advance	Rent Received in Advance Rent received in advance represents tenant rent payments received prior to the contractual due date, and is included in Accounts payable and other liabilities on the Condensed Consolidated Balance Sheets. Rent received in advance consisted of the following: (in thousands) September 30, December 31, Rent received in advance $ 19,168 $ 18,783
Fair Value Measurements	Fair Value Measurements Recurring Fair Value Measurements The balances of financial instruments measured at fair value on a recurring basis are as follows (see Note 9): September 30, 2023 (in thousands) Total Level 1 Level 2 Level 3 Interest rate swap, assets $ 79,086 $ — $ 79,086 $ — December 31, 2022 (in thousands) Total Level 1 Level 2 Level 3 Interest rate swap, assets $ 63,390 $ — $ 63,390 $ — Long-term Debt – The fair value of the Company’s debt was estimated using Level 1, Level 2, and Level 3 inputs based on recent secondary market trades of the Company’s 2031 Senior Unsecured Public Notes (see Note 7), recent financing transactions, estimates of the fair value of the property that serves as collateral for such debt, recent market risk premiums for loans of comparable quality, applicable 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 Condensed Consolidated Balance Sheets and the Company ’s estimate of the fair value of the unsecured revolving credit facility, mortgages, unsecured term loans, and senior unsecured notes which reflects the fair value of interest rate swaps: (in thousands) September 30, December 31, Carrying amount $ 1,903,787 $ 2,034,076 Fair value 1,668,659 1,841,381 Non-recurring Fair Value Measurements The Company’s non-recurring fair value measurements at September 30, 2023 and December 31, 2022 consisted of the fair value of impaired real estate assets that were determined using Level 3 inputs.
Reclassifications	Reclassifications The Company reclassified Debt issuance costs – unsecured revolving credit facility, net of $ 6.0 million and Leasing fees, net of $ 8.5 million to Prepaid expenses and other assets on the Condensed Consolidated Balance Sheets at December 31, 2022, to conform with the current period presentation. Additionally, the Company reclassified $ 0.2 million of Cost of debt extinguishment to Other income (expenses) on the Condensed Consolidated Statements of Income and Comprehensive Income for the three and nine months ended September 30, 2022 and to Other non-cash items on the Condensed Consolidated Statements of Cash Flows for the nine months ended September 30, 2022.

Business Description (Tables)

Business Description (Tables)	9 Months Ended
	Sep. 30, 2023
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 Company: September 30, 2023 December 31, 2022 (in thousands) Shares of OP Units Total Diluted Shares of OP Units Total Diluted Ownership interest 187,272 9,283 196,555 186,114 10,205 196,319 Percent ownership of OP 95.3 % 4.7 % 100.0 % 94.8 % 5.2 % 100.0 %

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	9 Months Ended
	Sep. 30, 2023
Accounting Policies [Abstract]
Summary of Impairment Charge	The following table summarizes the Company ’s impairment charge, resulting primarily from changes in the Company’s long-term hold strategy, with respect to the individual property: For the Three Months Ended For the Nine Months Ended (in thousands, except number of properties) 2023 2022 2023 2022 Number of properties — 2 1 3 Impairment charge $ — $ 4,155 $ 1,473 $ 5,535 As of September 30, 2023, events and circumstances resulted in the identification of an impairment indicator at a healthcare asset, which has a carrying value of $ 55.3 million. Based upon management’s planned holding period and estimated undiscounted cash flows the carrying value was deemed recoverable as of September 30, 2023. It is reasonably possible that the holding period and estimate of undiscounted cash flows may change in the near term resulting in the need to recognize impairment, which may be material.
Summary of Restricted Cash	Restricted cash consisted of the following: September 30, December 31, (in thousands) 2023 2022 Escrow funds and other $ 1,249 $ 4,812 1031 exchange proceeds 14,187 33,439 $ 15,436 $ 38,251
Summary of Rents Received in Advance	Rent received in advance consisted of the following: (in thousands) September 30, December 31, Rent received in advance $ 19,168 $ 18,783
Balances of Financial Instruments Measured at Fair Value on Recurring Basis	The balances of financial instruments measured at fair value on a recurring basis are as follows (see Note 9): September 30, 2023 (in thousands) Total Level 1 Level 2 Level 3 Interest rate swap, assets $ 79,086 $ — $ 79,086 $ — December 31, 2022 (in thousands) Total Level 1 Level 2 Level 3 Interest rate swap, assets $ 63,390 $ — $ 63,390 $ —
Summary of Carrying Amount Reported on Condensed Consolidated Balance Sheets	The following table summarizes the carrying amount reported on the Condensed Consolidated Balance Sheets and the Company ’s estimate of the fair value of the unsecured revolving credit facility, mortgages, unsecured term loans, and senior unsecured notes which reflects the fair value of interest rate swaps: (in thousands) September 30, December 31, Carrying amount $ 1,903,787 $ 2,034,076 Fair value 1,668,659 1,841,381

Acquisitions of Rental Proper_2

Acquisitions of Rental Property (Tables)	9 Months Ended
	Sep. 30, 2023
Business Combinations [Abstract]
Acquisitions of Rental Property Closed	The Company closed on the following acquisitions during the nine months ended September 30, 2023: (in thousands, except number of properties) Number of Real Estate Date Property Type Properties Acquisition Price March 14, 2023 Retail 1 $ 5,221 May 16, 2023 Industrial 2 10,432 May 22, 2023 Industrial 1 17,300 (a) May 25, 2023 Industrial 1 9,952 July 11, 2023 Restaurant 1 460 (b) 6 $ 43,365 (c) (a) Acquisition of land to be developed in connection with a $ 204.8 million build-to-suit transaction expected to fund in multiple draws through October 2024 (see Note 2). (b) Acquisition of land to be developed in connection with a $ 1.7 million build-to-suit transaction expected to fund in multiple draws through October 2023 (see Note 2). (c) Acquisition price excludes capitalized acquisition costs of $ 3.2 million. The Company closed on the following acquisitions during the nine months ended September 30, 2022: (in thousands, except number of properties) Number of Real Estate Date Property Type Properties Acquisition Price January 7, 2022 Retail 2 $ 2,573 February 10, 2022 Industrial 1 21,733 February 15, 2022 Retail 1 1,341 February 28, 2022 Industrial 1 5,678 March 4, 2022 Retail 6 79,061 March 31, 2022 Restaurant 16 99,587 April 12, 2022 Retail 1 1,680 April 12, 2022 Industrial 1 7,522 April 13, 2022 Industrial 1 16,250 April 19, 2022 Retail 1 1,780 May 16, 2022 Retail 1 2,264 June 7, 2022 Retail 1 11,510 June 13, 2022 Retail 1 1,638 June 15, 2022 Retail 1 1,884 June 21, 2022 Industrial 5 78,500 June 29, 2022 Healthcare 1 12,467 June 30, 2022 Industrial 1 29,500 July 1, 2022 Retail 2 3,052 July 7, 2022 Retail 1 2,171 July 8, 2022 Industrial 11 75,000 August 25, 2022 Healthcare 1 9,219 August 26, 2022 Industrial 4 44,000 September 6, 2022 Retail 1 1,411 September 28, 2022 Industrial 4 56,250 September 29, 2022 Restaurant 3 12,823 69 $ 578,894 (d) (d) Acquisition price excludes capitalized acquisition costs of $ 5.2 million.
Summary of Allocation of Purchase Price	The following table summarizes the purchase price allocation for completed real estate acquisitions: For the Nine Months Ended (in thousands) 2023 2022 Land $ 2,461 $ 101,278 Land improvements 2,694 37,578 Buildings and improvements 18,820 406,994 Property under development 20,315 — Acquired in-place leases (e) 2,400 46,348 Acquired below-market leases (f) ( 166 ) ( 76 ) Non-real estate liabilities assumed — ( 8,051 ) $ 46,524 $ 584,071 (g) (e) The weighted average amortization period for acquired in-place leases is 15 years and 20 years for acquisitions completed during the nine months ended September 30, 2023 and 2022 , respectively. (f) The weighted average amortization period for the acquired below-market leases is 20 years and nine years for acquisitions completed during the nine months ended September 30, 2023 and 2022 , respectively. (g) Excludes a $ 17.4 million building expansion agreed to as a forward commitment in connection with a prior acquisition.

Sale of Real Estate (Tables)

Sale of Real Estate (Tables)	9 Months Ended
	Sep. 30, 2023
Real Estate [Abstract]
Schedule of Sale of Real Estate	The Company closed on the following sales of real estate, none of which qualified as discontinued operations: For the Three Months Ended For the Nine Months Ended (in thousands, except number of properties) 2023 2022 2023 2022 Number of properties disposed 2 1 9 5 Aggregate sale price $ 62,300 $ 1,727 $ 183,564 (a) $ 18,828 Aggregate carrying value ( 45,770 ) ( 1,557 ) ( 131,146 ) ( 12,692 ) Additional sales expenses ( 1,367 ) ( 109 ) ( 4,378 ) ( 808 ) Gain on sale of real estate $ 15,163 $ 61 $ 48,040 $ 5,328 (a) The nine months ended September 30, 2023 includes $ 32.0 million of proceeds from the sale of an underlying office property which was executed simultaneously with a lease termination in exchange for a fee of $ 7.5 million.

Investment in Rental Property_2

Investment in Rental Property and Lease Arrangements (Tables)	9 Months Ended
	Sep. 30, 2023
Leases [Abstract]
Rental Property Subject to Non-cancelable Operating Leases	Depreciation expense on investment in rental property was as follows: For the Three Months Ended For the Nine Months Ended (in thousands) 2023 2022 2023 2022 Depreciation $ 30,630 $ 29,142 $ 92,776 $ 83,530
Estimated Lease Payments to be Received under Non-cancelable Operating Leases	Estimated lease payments to be received under non-cancelable operating leases with tenants at September 30, 2023 are as follows: (in thousands) Remainder of 2023 $ 96,469 2024 406,090 2025 441,172 2026 437,506 2027 421,627 Thereafter 3,834,638 $ 5,637,502
Net Investment in Direct Financing Leases	The Company ’s net investment in direct financing leases was comprised of the following: (in thousands) September 30, December 31, Undiscounted estimated lease payments to be received $ 35,934 $ 38,268 Estimated unguaranteed residual values 14,547 14,547 Unearned revenue ( 23,615 ) ( 25,645 ) Reserve for credit losses ( 115 ) ( 125 ) Net investment in direct financing leases $ 26,751 $ 27,045
Direct Financing Leases, Lease Receivable Maturity	Undiscounted estimated lease payments to be received under non-cancelable direct financing leases with tenants at September 30, 2023 are as follows: (in thousands) Remainder of 2023 $ 780 2024 3,171 2025 3,285 2026 3,357 2027 3,426 Thereafter 21,915 $ 35,934
Summary of Amounts Reported as Lease Revenues, Net on the Consolidated Statements of Income and Comprehensive Income	The following table summarizes amounts reported as Lease revenues, net on the Condensed Consolidated Statements of Income and Comprehensive Income: For the Three Months Ended For the Nine Months Ended (in thousands) 2023 2022 2023 2022 Contractual rental amounts billed for operating leases $ 96,333 $ 91,208 $ 290,891 $ 263,109 Adjustment to recognize contractual operating lease billings on a 6,891 5,344 21,641 15,455 Net write-offs of accrued rental income — — ( 105 ) ( 1,326 ) Variable rental amounts earned 513 309 1,306 786 Earned income from direct financing leases 687 719 2,067 2,163 Interest income from sales-type leases 14 14 43 43 Operating expenses billed to tenants 5,181 5,061 14,850 14,059 Other income from real estate transactions 19 874 7,414 (a) 1,050 Adjustment to revenue recognized for uncollectible rental ( 95 ) ( 5 ) ( 220 ) 39 Total lease revenues, net $ 109,543 $ 103,524 $ 337,887 $ 295,378 (a) The nine months ended September 30, 2023 , includes $ 7.5 million of lease termination fee income recognized in connection with the simultaneous lease termination and sale of an underlying office property for an additional $ 32.0 million in proceeds.

Intangible Assets and Liabili_2

Intangible Assets and Liabilities (Tables)	9 Months Ended
	Sep. 30, 2023
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 leasing fees, and related accumulated amortization: (in thousands) September 30, December 31, Lease intangibles: Acquired above-market leases $ 44,913 $ 45,740 Less accumulated amortization ( 19,783 ) ( 18,436 ) Acquired above-market leases, net 25,130 27,304 Acquired in-place leases 420,598 436,401 Less accumulated amortization ( 148,072 ) ( 134,120 ) Acquired in-place leases, net 272,526 302,281 Total intangible lease assets, net $ 297,656 $ 329,585 Acquired below-market leases $ 100,431 $ 105,059 Less accumulated amortization ( 45,130 ) ( 42,204 ) Intangible lease liabilities, net $ 55,301 $ 62,855 Leasing fees $ 16,076 $ 14,430 Less accumulated amortization ( 6,555 ) ( 5,924 ) Leasing fees, net $ 9,521 $ 8,506
Schedule of Amortization of Intangible Lease Assets and Liabilities	Amortization of intangible lease assets and liabilities, and leasing fees was as follows: (in thousands) For the Three Months Ended For the Nine Months Ended Intangible Financial Statement Presentation 2023 2022 2023 2022 Acquired in-place leases and leasing fees Depreciation and amortization $ 7,866 $ 10,224 $ 26,455 $ 25,574 Above-market and below-market leases Lease revenues, net 1,059 1,180 4,841 3,511 For the three and nine months ended September 30, 2023, amortization expense includes $ 0.0 million and $ 0.9 million, respectively of accelerated amortization, resulting from early lease terminations. For the three and nine months ended September 30, 2022 , amortization expense includes $ 2.3 million of accelerated amortization resulting from early lease terminations.
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense	Estimated future amortization of intangible assets and liabilities, and leasing fees at September 30, 2023 is as follows: (in thousands) Remainder of 2023 $ 6,743 2024 26,471 2025 25,427 2026 24,265 2027 22,522 Thereafter 146,448 $ 251,876

Unsecured Credit Agreements (Ta

Unsecured Credit Agreements (Tables)	9 Months Ended
	Sep. 30, 2023
Debt Instrument [Line Items]
Summary of Debt Issuance Cost Amortization	The following table summarizes debt issuance cost and original issuance discount amortization: For the Three Months Ended For the Nine Months Ended (in thousands) 2023 2022 2023 2022 Debt issuance costs and original issuance discount amortization $ 983 $ 948 $ 2,955 $ 2,704
Unsecured Debt
Debt Instrument [Line Items]
Summary of Unsecured Credit Agreements	The following table summarizes the Company ’s unsecured credit agreements: Outstanding Balance (in thousands, except interest rates) September 30, December 31, Interest Maturity Unsecured revolving credit facility $ 74,060 $ 197,322 Applicable reference rate + 0.85 % (a) Mar. 2026 (d) Unsecured term loans: 2026 Unsecured Term Loan 400,000 400,000 one-month adjusted SOFR + 1.00 % (b)(c) Feb. 2026 2027 Unsecured Term Loan 200,000 200,000 one-month adjusted SOFR + 0.95 % (c) Aug. 2027 2029 Unsecured Term Loan 300,000 300,000 one-month adjusted SOFR + 1.25 % (c) Aug. 2029 Total unsecured term loans 900,000 900,000 Unamortized debt issuance costs, net ( 4,367 ) ( 5,308 ) Total unsecured term loans, net 895,633 894,692 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 ( 4,879 ) ( 5,445 ) Total senior unsecured notes, net 845,121 844,555 Total unsecured debt, net $ 1,814,814 $ 1,936,569 (a) At September 30, 2023 and December 31, 2022 , a balance of $0.0 million and $ 123.5 million was subject to the one-month SOFR of 5.32 % and 4.36 %, respectively. The remaining balance of $ 100 million Canadian Dollar (”CAD”) borrowings remeasured to $ 74.1 million United States Dollar (”USD”) and $ 73.8 million USD, at September 30, 2023 and December 31, 2022, respectively, and was subject to the one-month CDOR of 5.39 % and 4.74 %, respectively. (b) At September 30, 2023 , one-month SOFR was 5.32 %. At December 31, 2022 , the applicable interest rate was one-month LIBOR of 4.39 % plus 1.00 %. (c) At September 30, 2023 and December 31, 2022 , one-month SOFR was 5.32 % and 4.36 %, respectively. (d) The Company’s unsecured revolving credit agreement contains two six-month extension options subject to certain conditions, including the payment of an extension fee equal to 0.0625 % of the revolving commitments.

Mortgages (Tables)

Mortgages (Tables)	9 Months Ended
	Sep. 30, 2023
Debt Instrument [Line Items]
Schedule of Estimated Future Principal Payments	Estimated future principal payments to be made under the above mortgages and the Company ’s unsecured credit agreements (see Note 7) at September 30, 2023 are as follows: (in thousands) Remainder of 2023 $ 554 2024 2,260 2025 20,195 2026 490,903 2027 351,596 Thereafter 1,038,279 $ 1,903,787
Secured Debt
Debt Instrument [Line Items]
Summary of Unsecured Credit Agreements	The Company ’s mortgages consist of the following: Origination Maturity (in thousands, except interest rates) Date Date Interest September 30, December 31, Lender (Month/Year) (Month/Year) Rate 2023 2022 Wilmington Trust National Association Apr-19 Feb-28 4.92 % $ 44,542 $ 45,516 (a) (b) (c) (d) Wilmington Trust National Association Jun-18 Aug-25 4.36 % 18,834 19,150 (a) (b) (c) (e) PNC Bank Oct-16 Nov-26 3.62 % 16,351 16,675 (b) (c) Aegon Apr-12 Oct-23 6.38 % - 5,413 (b) (f) Total mortgages 79,727 86,754 Debt issuance costs, net ( 114 ) ( 152 ) Mortgages, net $ 79,613 $ 86,602 (a) Non-recourse debt includes the indemnification/guaranty of the Company pertaining to fraud, environmental claims, insolvency, and other matters. (b) Debt secured by related rental property and lease rents. (c) Debt secured by guaranty of the OP. (d) Mortgage was assumed in April 2019 as part of the acquisition of the related property. The debt was recorded at fair value at the time of assumption. (e) Mortgage was assumed in June 2018 as part of the acquisition of the related property. The debt was recorded at fair value at the time of assumption. Mortgage was assumed in April 2012 as part of the acquisition of the related property. The debt was recorded at fair value at the time of the assumption.

Interest Rate Swaps (Tables)

Interest Rate Swaps (Tables)	9 Months Ended
	Sep. 30, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Summary of Company's Outstanding Interest-rate Swap Agreement	The following is a summary of the Company ’s outstanding interest rate swap agreements: (in thousands, except interest rates) September 30, 2023 December 31, 2022 Counterparty Maturity Date Fixed Variable Rate Index (a) Notional Fair Notional Fair Wells Fargo Bank, N.A. October 2024 2.72 % daily compounded SOFR $ 15,000 $ 400 $ 15,000 $ 477 Capital One, National Association December 2024 1.58 % daily compounded SOFR 15,000 649 15,000 815 Bank of Montreal January 2025 1.91 % daily compounded SOFR 25,000 1,049 25,000 1,239 Truist Financial Corporation April 2025 2.20 % daily compounded SOFR 25,000 1,100 25,000 1,169 Bank of Montreal July 2025 2.32 % daily compounded SOFR 25,000 1,174 25,000 1,162 Truist Financial Corporation July 2025 1.99 % daily compounded SOFR 25,000 1,313 25,000 1,358 Truist Financial Corporation December 2025 2.30 % daily compounded SOFR 25,000 1,388 25,000 1,279 Bank of Montreal January 2026 1.92 % daily compounded SOFR 25,000 1,594 25,000 1,547 Bank of Montreal January 2026 2.05 % daily compounded SOFR 40,000 2,441 40,000 2,332 Capital One, National Association January 2026 2.08 % daily compounded SOFR 35,000 2,105 35,000 2,007 Truist Financial Corporation January 2026 1.93 % daily compounded SOFR 25,000 1,590 25,000 1,542 Capital One, National Association April 2026 2.68 % daily compounded SOFR 15,000 755 15,000 625 Capital One, National Association July 2026 1.32 % daily compounded SOFR 35,000 3,073 35,000 3,042 Bank of Montreal December 2026 2.33 % daily compounded SOFR 10,000 691 10,000 584 Bank of Montreal December 2026 1.99 % daily compounded SOFR 25,000 1,983 25,000 1,773 Toronto-Dominion Bank March 2027 2.46 % one-month CDOR 14,812 (b) 1,146 14,764 (b) 765 Wells Fargo Bank, N.A. April 2027 2.72 % daily compounded SOFR 25,000 1,496 25,000 1,129 Bank of Montreal December 2027 2.37 % daily compounded SOFR 25,000 2,035 25,000 1,628 Capital One, National Association December 2027 2.37 % daily compounded SOFR 25,000 2,009 25,000 1,605 Wells Fargo Bank, N.A. January 2028 2.37 % daily compounded SOFR 75,000 6,083 75,000 4,854 Bank of Montreal May 2029 2.09 % daily compounded SOFR 25,000 2,856 25,000 2,295 Regions Bank May 2029 2.11 % daily compounded SOFR 25,000 2,811 25,000 2,244 Regions Bank June 2029 2.03 % daily compounded SOFR 25,000 2,914 25,000 2,357 U.S. Bank National Association June 2029 2.03 % daily compounded SOFR 25,000 2,931 25,000 2,377 Regions Bank August 2029 2.58 % one-month SOFR 100,000 8,486 100,000 5,782 Toronto-Dominion Bank August 2029 2.58 % one-month SOFR 45,000 3,885 45,000 2,674 U.S. Bank National Association August 2029 2.65 % one-month SOFR 15,000 1,237 15,000 826 U.S. Bank National Association August 2029 2.58 % one-month SOFR 100,000 8,557 100,000 5,861 U.S. Bank National Association August 2029 1.35 % daily compounded SOFR 25,000 3,888 25,000 3,419 Regions Bank March 2032 2.69 % one-month CDOR 14,812 (b) 1,768 14,764 (b) 1,092 U.S. Bank National Association March 2032 2.70 % one-month CDOR 14,812 (b) 1,783 14,764 (b) 1,107 Bank of Montreal March 2034 2.81 % one-month CDOR 29,624 (c) 3,896 29,530 (c) 2,424 $ 974,060 $ 79,086 $ 973,822 $ 63,390 (a) Prior to the cessation of LIBOR on July 1, 2023, the variable rate index for daily compounded SOFR based swaps was one-month LIBOR. (b) The contractual notional amount is $ 20.0 million CAD . (c) The contractual notional amount is $ 40.0 million CAD.
Total Amounts Recognized and Location of Gain (Loss) in Condensed Consolidated Statement of Income and Comprehensive Income (Loss), from Converting from Variable Rates to Fixed Rates	The total amounts recognized, and the location in the accompanying Condensed Consolidated Statements of Income and Comprehensive Income, from converting from variable rates to fixed rates under these agreements were as follows: Amount of Gain Reclassification from Total Interest Expense Recognized in Accumulated Other Presented in the Condensed Accumulated Other Comprehensive Income Consolidated Statements of (in thousands) Comprehensive Amount of Income and Comprehensive For the Three Months Ended September 30, Income Location Gain (Loss) Income 2023 $ 13,943 Interest expense $ 7,063 $ 19,665 2022 40,039 Interest expense ( 446 ) 20,095 Amount of Gain Reclassification from Total Interest Expense Recognized in Accumulated Other Presented in the Condensed Accumulated Other Comprehensive Income Consolidated Statements of (in thousands) Comprehensive Amount of Income and Comprehensive For the Nine Months Ended September 30, Income Location Gain (Loss) Income 2023 $ 15,696 Interest expense $ 18,242 $ 61,081 2022 93,772 Interest expense ( 7,433 ) 54,879

Non-Controlling Interests (Tabl

Non-Controlling Interests (Tables)	9 Months Ended
	Sep. 30, 2023
Noncontrolling Interest [Abstract]
Schedule of OP Units Exchanged for Shares of Common Stock	The following table summarizes OP Units exchanged for shares of common stock: For the Three Months Ended For the Nine Months Ended (in thousands) 2023 2022 2023 2022 OP Units exchanged for shares of common stock 1 118 922 118 Value of units exchanged $ 21 $ 1,926 $ 15,316 $ 1,926

Equity (Tables)

Equity (Tables)	9 Months Ended
	Sep. 30, 2023
Equity [Abstract]
Summary of Common Shares under Company's ATM Program	The following table presents information about the Company ’s ATM Program activity: For the Three Months Ended For the Nine Months Ended (in thousands, except per share amounts) 2023 2022 2023 2022 Number of common shares issued — 962 — 10,471 Weighted average sale price per share $ — $ 21.44 $ — $ 21.66 Net proceeds $ — $ 20,248 $ — $ 222,895 Gross proceeds — 20,626 — 226,483

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	9 Months Ended
	Sep. 30, 2023
Restricted Stock Awards
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Summary of Restricted Stock	The following table presents information about the Company ’s RSAs: For the Three Months Ended For the Nine Months Ended (in thousands) 2023 2022 2023 2022 Compensation cost $ 927 $ 994 $ 3,587 $ 2,481 Dividends declared on unvested RSAs 142 107 420 310 Fair value of shares vested during the period — — 3,384 3,209 As of September 30, 2023 , there was $ 6.2 million of unrecognized compensation costs related to the unvested restricted shares, which is expected to be recognized over a weighted average period of 2.5 years.
Summary of Restricted Stock Activity	The following table presents information about the Company ’s restricted stock activity: For the Three Months Ended September 30, 2023 2022 (in thousands, except per share amounts) Number of Shares Weighted Average Number of Shares Weighted Average Unvested at beginning of period 508 $ 18.65 392 $ 20.33 Granted — 16.52 6 22.67 Vested — — — — Forfeited ( 2 ) 17.75 ( 1 ) 21.66 Unvested at end of period 506 18.66 397 20.37 For the Nine Months Ended September 30, 2023 2022 (in thousands, except per share amounts) Number of Shares Weighted Average Number of Shares Weighted Average Unvested at beginning of period 396 $ 20.36 372 $ 19.62 Granted 310 17.52 181 21.44 Vested ( 192 ) 20.33 ( 146 ) 19.80 Forfeited ( 8 ) 18.73 ( 10 ) 20.10 Unvested at end of period 506 18.66 397 20.37
Performance-based Restricted Stock Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Summary of Restricted Stock	The following table presents compensation cost recognized on the Company ’s PRSUs: For the Three Months Ended For the Nine Months Ended (in thousands) 2023 2022 2023 2022 Compensation cost $ 613 $ 509 $ 1,371 $ 1,332 As of September 30, 2023 , there was $ 4.6 million of unrecognized compensation costs related to the unvested PRSUs, which is expected to be recognized over a weighted average period of 2.2 years.
Summary of Restricted Stock Activity	The following table presents information about the Company ’s performance-based restricted stock unit activity: For the Three Months Ended September 30, 2023 2022 (in thousands, except per share amounts) Number of Shares Weighted Average Number of Shares Weighted Average Unvested at beginning of period 358 $ 25.01 231 $ 26.25 Granted — — 2 27.93 Vested — — — — Forfeited — — — — Unvested at end of period 358 25.01 233 26.27 For the Nine Months Ended September 30, 2023 2022 (in thousands, except per share amounts) Number of Shares Weighted Average Number of Shares Weighted Average Unvested at beginning of period 233 $ 26.27 110 $ 24.40 Granted 186 23.78 124 27.93 Vested — — — — Forfeited ( 61 ) 26.80 ( 1 ) 27.93 Unvested at end of period 358 25.01 233 26.27

Earnings per Share (Tables)

Earnings per Share (Tables)	9 Months Ended
	Sep. 30, 2023
Earnings Per Share [Abstract]
Summary of Components used in Calculation of Basic and Diluted Earnings per Share	The following table summarizes the components used in the calculation of basic and diluted earnings per share (“EPS”): For the Three Months Ended For the Nine Months Ended (in thousands, except per share amounts) 2023 2022 2023 2022 Basic earnings: Net earnings attributable to Broadstone Net Lease, Inc. common $ 49,682 $ 27,109 $ 149,000 $ 87,383 Less: earnings allocated to unvested restricted shares ( 142 ) ( 108 ) ( 420 ) ( 310 ) Net earnings used to compute basic earnings per common share $ 49,540 $ 27,001 $ 148,580 $ 87,073 Diluted earnings: Net earnings used to compute basic earnings per common share $ 49,540 $ 27,001 $ 148,580 $ 87,073 Add: net earnings attributable to non-controlling interests 2,463 1,600 7,515 5,319 Net earnings used to compute diluted earnings per common share $ 52,003 $ 28,601 $ 156,095 $ 92,392 Weighted average number of common shares outstanding 187,272 172,973 187,026 169,061 Less: weighted average unvested restricted shares (a) ( 506 ) ( 395 ) ( 481 ) ( 381 ) Weighted average number of common shares outstanding used in 186,766 172,578 186,545 168,680 Add: effects of restricted stock units (b) 322 180 267 166 Add: effects of convertible membership units (c) 9,284 10,213 9,470 10,286 Weighted average number of common shares outstanding used in 196,372 182,971 196,282 179,132 Basic earnings per share $ 0.27 $ 0.16 $ 0.80 $ 0.52 Diluted earnings per share $ 0.26 $ 0.16 $ 0.80 $ 0.52 (a) Represents the weighted average effects of 505,668 and 397,135 unvested restricted shares of common stock as of September 30, 2023 and 2022, 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 13). (c) Represents the weighted average effects of 9,282,953 and 10,204,806 OP Units outstanding at September 30, 2023 and 2022 , respectively. OP Units are included in the diluted earnings per share calculation. However, because such OP Units would also require that the share of the net income attributable to such OP units also be added back to net income, there is no effect to EPS.

Business Description - Addition

Business Description - Additional Information (Detail)	9 Months Ended
	Sep. 30, 2023 Property Provinces
Business Description [Line Items]
Date of incorporation	Oct. 18, 2007
Number of leased commercial properties owned	800
UNITED STATES
Business Description [Line Items]
Number of leased commercial properties owned	793
Number of States in which properties located	44
Canadian Provinces
Business Description [Line Items]
Number of leased commercial properties owned	7
Number of provinces | Provinces	4

Business Description - Summary

Business Description - Summary of Outstanding Equity and Economic Ownership Interest (Detail) - shares shares in Thousands	Sep. 30, 2023	Dec. 31, 2022
Broadstone Net Lease, LLC
Business Description [Line Items]
Percent ownership of OP, Shares of Common Stock	95.30%	94.80%
Percent ownership of OP, OP Units	4.70%	5.20%
Percent ownership of OP, Total Diluted Shares	100%	100%
Ownership Interest
Business Description [Line Items]
Shares of Common Stock	187,272	186,114
OP Units	9,283	10,205
Total Diluted Shares	196,555	196,319

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Additional Information (Detail) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023		Sep. 30, 2022	Dec. 31, 2022
Finite-Lived Intangible Assets [Line Items]
Additional impairment charges			$ 0
Unsecured revolving credit facility						$ 6,000,000
Other Income			200,000
Prepaid Expense						$ 8,500,000
Lease termination fee			7,500,000
Capitalized interest	$ 800,000		800,000
Company Fund in Property Under Development			49,800,000
Carrying value of asset	55,300,000		55,300,000
Acquired in-place leases and leasing fees	0	$ 2,300,000	900,000		$ 2,300,000
Depreciation and amortization	38,533,000	39,400,000	119,348,000		109,201,000
Aggregate sale price	62,300,000	1,727,000	183,564,000	[1]	18,828,000
Carrying value of property sold	45,770,000	1,557,000	131,146,000		12,692,000
Above and Below Market Leases | Lease Revenues, Net
Finite-Lived Intangible Assets [Line Items]
Acquired in-place leases and leasing fees	1,059,000	1,180,000	4,841,000		3,511,000
Acquired In-Place Leases | Depreciation and Amortization
Finite-Lived Intangible Assets [Line Items]
Acquired in-place leases and leasing fees	$ 7,866,000	$ 10,224,000	$ 26,455,000		$ 25,574,000
[1] The nine months ended September 30, 2023 includes $ 32.0 million of proceeds from the sale of an underlying office property which was executed simultaneously with a lease termination in exchange for a fee of $ 7.5 million.

Significant Accounting Policies

Significant Accounting Policies - Summary of Impairment Charge (Detail) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023 USD ($) Property	Sep. 30, 2022 USD ($) Property	Sep. 30, 2023 USD ($) Property	Sep. 30, 2022 USD ($) Property
Impaired Long-Lived Assets Held and Used [Line Items]
Number of properties | Property	0	2	1	3
Impairment charge | $	$ 0	$ 4,155	$ 1,473	$ 5,535

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Summary of Components of Restricted Cash (Detail) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022	Sep. 30, 2022	Dec. 31, 2021
Cash and Cash Equivalents [Abstract]
Escrow funds and other	$ 1,249	$ 4,812
1031 exchange proceeds	14,187	33,439
Restricted cash	$ 15,436	$ 38,251	$ 6,449	$ 6,100

Summary of Significant Accoun_6

Summary of Significant Accounting Policies - Summary of Rents Received in Advance (Detail) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Revenue from Contract with Customer [Abstract]
Rent received in advance	$ 19,168	$ 18,783

Summary of Significant Accoun_7

Summary of Significant Accounting Policies - Balances of Financial Instruments Measured at Fair Value on Recurring Basis (Detail) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Interest rate swap, assets	$ 79,086	$ 63,390
Fair Value, Measurements, Recurring
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Interest rate swap, assets	79,086	63,390
Fair Value, Measurements, Recurring | Level 1
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Interest rate swap, assets	0	0
Fair Value, Measurements, Recurring | Level 2
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Interest rate swap, assets	79,086	63,390
Fair Value, Measurements, Recurring | Fair Value Inputs Level3 [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Interest rate swap, assets	$ 0	$ 0

Summary of Significant Accoun_8

Summary of Significant Accounting Policies - Summary of Carrying Amount Reported on Condensed Consolidated Balance Sheets (Detail) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Summary Of Significant Accounting Policies [Abstract]
Carrying amount	$ 1,903,787	$ 2,034,076
Fair value	$ 1,668,659	$ 1,841,381

Related Party Transactions - Ad

Related Party Transactions - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended	9 Months Ended
	Jun. 30, 2023	Sep. 30, 2023	Sep. 30, 2022
Related Party Transaction [Line Items]
Issuance of shares of common stock, shares	51,000
Issuance of shares common stock upon conversion of OP units		921,853	118,400
Conversion of OP Units to shares of common stock		$ 15.3	$ 1.9
Number of OP units exchanged		921,853	118,400

Internalization - Summary of Ea

Internalization - Summary of Earnout Tranches, Applicable VWAP of REIT Share and Applicable Earnout Period (Details) - shares	Sep. 30, 2023	Dec. 31, 2022
Internalization [Line Items]
Shares of Common stock issued	187,272,000	186,114,000

Acquisitions of Rental Proper_3

Acquisitions of Rental Property - Acquisitions of Rental Property Closed - (Detail) $ in Thousands																																9 Months Ended
	Jul. 11, 2023 USD ($) Property		May 25, 2023 USD ($) Property	May 22, 2023 USD ($) Property		May 16, 2023 USD ($) Property	Mar. 14, 2023 USD ($) Customer	Sep. 29, 2022 USD ($) Property	Sep. 28, 2022 USD ($) Property	Sep. 06, 2022 USD ($) Property	Aug. 26, 2022 USD ($) Property	Aug. 25, 2022 USD ($) Property	Jul. 08, 2022 USD ($) Property	Jul. 07, 2022 USD ($) Property	Jul. 01, 2022 USD ($) Property	Jun. 30, 2022 USD ($) Customer	Jun. 29, 2022 USD ($) Property	Jun. 21, 2022 USD ($) Customer	Jun. 15, 2022 USD ($) Customer	Jun. 13, 2022 USD ($) Customer	Jun. 07, 2022 USD ($) Customer	May 16, 2022 USD ($) Customer	Apr. 19, 2022 USD ($) Customer	Apr. 13, 2022 USD ($) Customer	Apr. 12, 2022 USD ($) Customer	Mar. 31, 2022 USD ($) Customer	Mar. 04, 2022 USD ($) Customer	Feb. 28, 2022 USD ($) Customer	Feb. 15, 2022 USD ($) Customer	Feb. 10, 2022 USD ($) Customer	Jan. 07, 2022 USD ($) Customer	Sep. 30, 2023 USD ($) Property		Sep. 30, 2022 USD ($) Customer	[1]
Business Acquisition [Line Items]
Number of Properties																																6		69
Real Estate Acquisition Price																																$ 43,365	[2]	$ 578,894
Healthcare
Business Acquisition [Line Items]
Property Type												Healthcare					Healthcare
Number of Properties | Property												1					1
Real Estate Acquisition Price												$ 9,219					$ 12,467
Restaurant
Business Acquisition [Line Items]
Property Type	Restaurant							Restaurant																		Restaurant
Number of Properties	1							3																		16
Real Estate Acquisition Price	$ 460	[3]						$ 12,823																		$ 99,587
Retail
Business Acquisition [Line Items]
Property Type							Retail			Retail				Retail	Retail				Retail	Retail	Retail	Retail	Retail		Retail		Retail		Retail		Retail
Number of Properties							1			1				1	2				1	1	1	1	1		1		6		1		2
Real Estate Acquisition Price							$ 5,221			$ 1,411				$ 2,171	$ 3,052				$ 1,884	$ 1,638	$ 11,510	$ 2,264	$ 1,780		$ 1,680		$ 79,061		$ 1,341		$ 2,573
Industrial
Business Acquisition [Line Items]
Property Type			Industrial	Industrial		Industrial			Industrial		Industrial		Industrial			Industrial		Industrial						Industrial	Industrial			Industrial		Industrial
Number of Properties			1	1		2			4		4		11			1		5						1	1			1		1
Real Estate Acquisition Price			$ 9,952	$ 17,300	[4]	$ 10,432			$ 56,250		$ 44,000		$ 75,000			$ 29,500		$ 78,500						$ 16,250	$ 7,522			$ 5,678		$ 21,733
[1] Acquisition price excludes capitalized acquisition costs of $ 5.2 million. Acquisition price excludes capitalized acquisition costs of $ 3.2 million. Acquisition of land to be developed in connection with a $ 1.7 million build-to-suit transaction expected to fund in multiple draws through October 2023 (see Note 2). Acquisition of land to be developed in connection with a $ 204.8 million build-to-suit transaction expected to fund in multiple draws through October 2024 (see Note 2).

Acquisitions of Rental Proper_4

Acquisitions of Rental Property - Acquisitions of Rental Property Closed (Parenthetical) - (Detail) - USD ($) $ in Millions	Sep. 30, 2023	Sep. 30, 2022
Business Acquisition [Line Items]
Acquisition costs capitalized	$ 3.2	$ 5.2
October 2024
Business Acquisition [Line Items]
Acquisition of land	204.8
October 2023
Business Acquisition [Line Items]
Acquisition of land	$ 1.7

Acquisitions of Rental Proper_5

Acquisitions of Rental Property - Purchase Price Allocation for Real Estate Acquisitions (Detail) - USD ($) $ in Thousands		Sep. 30, 2023	Sep. 30, 2022
Business Acquisition [Line Items]
Non-real estate liabilities assumed		$ 0	$ (8,051)
Business combination, recognized identifiable assets acquired and liabilities assumed, assets	[1]	46,524	584,071
Land
Business Acquisition [Line Items]
Business combination, recognized identifiable assets acquired and liabilities assumed, property, plant, and equipment		2,461	101,278
Land Improvements
Business Acquisition [Line Items]
Business combination, recognized identifiable assets acquired and liabilities assumed, property, plant, and equipment		2,694	37,578
Buildings and Improvements
Business Acquisition [Line Items]
Business combination, recognized identifiable assets acquired and liabilities assumed, property, plant, and equipment		18,820	406,994
Property under development
Business Acquisition [Line Items]
Business combination, recognized identifiable assets acquired and liabilities assumed, property, plant, and equipment		20,315	0
Acquired In-Place Leases
Business Acquisition [Line Items]
Business combination, recognized identifiable assets acquired and liabilities assumed, Intangible assets	[2]	2,400	46,348
Acquired Below-Market Leases
Business Acquisition [Line Items]
Business combination, recognized identifiable assets acquired and liabilities assumed, Intangible assets	[3]	$ 166	$ 76
[1] Excludes a $ 17.4 million building expansion agreed to as a forward commitment in connection with a prior acquisition. The weighted average amortization period for acquired in-place leases is 15 years and 20 years for acquisitions completed during the nine months ended September 30, 2023 and 2022 , respectively. The weighted average amortization period for the acquired below-market leases is 20 years and nine years for acquisitions completed during the nine months ended September 30, 2023 and 2022 , respectively.

Acquisitions of Rental Proper_6

Acquisitions of Rental Property - Purchase Price Allocation for Real Estate Acquisitions (Parenthetical) - (Detail) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Business Acquisition [Line Items]
Tenant's building expansion	$ 17.4
Acquired In-Place Leases
Business Acquisition [Line Items]
Weighted average amortization period	15 years	20 years
Acquired Below-Market Leases
Business Acquisition [Line Items]
Weighted average amortization period	20 years	9 years

Sale of Real Estate - Schedule

Sale of Real Estate - Schedule of Sale of Real Estate (Detail) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023 USD ($) Property	Sep. 30, 2022 USD ($) Property	Sep. 30, 2023 USD ($) Property		Sep. 30, 2022 USD ($) Property
Real Estate [Line Items]
Number of properties disposed | Property	2	1	9		5
Aggregate sale price	$ 62,300	$ 1,727	$ 183,564	[1]	$ 18,828
Aggregate carrying value	(45,770)	(1,557)	(131,146)		(12,692)
Gain on sale of real estate	15,163	61	48,040		5,328
Real Estate
Real Estate [Line Items]
Additional sales expenses	(1,367)	(109)	(4,378)		(808)
Gain on sale of real estate	$ 15,163	$ 61	$ 48,040		$ 5,328
[1] The nine months ended September 30, 2023 includes $ 32.0 million of proceeds from the sale of an underlying office property which was executed simultaneously with a lease termination in exchange for a fee of $ 7.5 million.

Sale of Real Estate - Schedul_2

Sale of Real Estate - Schedule of Sale of Real Estate (Parenthetical) (Details) $ in Millions	9 Months Ended
	Sep. 30, 2023 USD ($)
Real Estate [Abstract]
Lease termination fee	$ 7.5
Proceeds from sale of property	$ 32

Investment in Rental Property_3

Investment in Rental Property and Lease Arrangements - Additional Information (Detail)	9 Months Ended
	Sep. 30, 2023 PropertyNumber Property
Lessor Lease Description [Line Items]
Number of leased commercial properties owned | Property	800
Number of real estate properties under operating leases	788
Number of real estate properties under direct financing leases	9
Number of real estate properties under sales-type leases | Property	1
Number of real estate properties under direct financing leases that include land option	3
Lessee, operating lease, existence of option to extend	true
Lessee, finance lease, existence of option to extend	true
Minimum
Lessor Lease Description [Line Items]
Lessor operating lease, initial terms	10 years
Lessor direct financing leases, initial terms	10 years
Maximum
Lessor Lease Description [Line Items]
Lessor operating lease, initial terms	20 years
Lessor direct financing leases, initial terms	20 years

Investment in Rental Property_4

Investment in Rental Property and Lease Arrangements - Rental Property Subject to Non-cancelable Operating Leases (Detail) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Property Subject To Or Available For Operating Lease [Line Items]
Rental property subject to non-cancelable operating leases, gross	$ 4,912,275	$ 5,008,230
Less accumulated depreciation	(601,895)	(533,965)
Accounted for using the operating method, net	$ 4,310,380	$ 4,474,265

Investment in Rental Property_5

Investment in Rental Property and Lease Arrangements - Summary of Depreciation Expense on Investment in Rental Property (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Leases [Abstract]
Depreciation	$ 30,630	$ 29,142	$ 92,776	$ 83,530

Investment in Rental Property_6

Investment in Rental Property and Lease Arrangements - Estimated Lease Payments to be Received under Non-cancelable Operating Leases (Detail) $ in Thousands	Sep. 30, 2023 USD ($)
Lessor, Operating Lease, Payment to be Received, Fiscal Year Maturity [Abstract]
Remainder of 2023	$ 96,469
2024	406,090
2025	441,172
2026	437,506
2027	421,627
Thereafter	3,834,638
Estimated lease payments to be received under non-cancelable operating leases	$ 5,637,502

Investment in Rental Property_7

Investment in Rental Property and Lease Arrangements - Net Investment in Direct Financing Leases (Detail) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Leases [Abstract]
Undiscounted estimated lease payments to be received	$ 35,934	$ 38,268
Estimated unguaranteed residual values	14,547	14,547
Unearned revenue	(23,615)	(25,645)
Reserve for credit losses	115	125
Net investment in direct financing leases	$ 26,751	$ 27,045

Investment in Rental Property_8

Investment in Rental Property and Lease Arrangements - Undiscounted Estimated Lease Payments to be Received under Non-cancelable Direct Financing Leases (Detail) $ in Thousands	Sep. 30, 2023 USD ($)
Capital Leases, Future Minimum Payments Receivable, Fiscal Year Maturity [Abstract]
Remainder of 2023	$ 780
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	$ 35,934

Investment in Rental Property_9

Investment in Rental Property and Lease Arrangements - Summary of Amounts Reported as Lease Revenues Net on the Condensed Consolidated Statements of Income and Comprehensive Income (Loss) (Detail) - USD ($) $ in Thousands		3 Months Ended		9 Months Ended
		Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Leases [Abstract]
Contractual rental amounts billed for operating leases		$ 96,333	$ 91,208	$ 290,891	$ 263,109
Adjustment to recognize contractual operating lease billings on a straight-line basis		6,891	5,344	21,641	15,455
Net write-offs of accrued rental income		0	0	105	(1,326)
Variable rental amounts earned		513	309	1,306	786
Earned income from direct financing leases		687	719	2,067	2,163
Interest income from sales-type leases		14	14	43	43
Operating expenses billed to tenants		5,181	5,061	14,850	14,059
Other income from real estate transactions	[1]	19	874	7,414	1,050
Adjustment to revenue recognized for uncollectible rental amounts billed, net		(95)	(5)	(220)	39
Total Lease revenues, net		$ 109,543	$ 103,524	$ 337,887	$ 295,378
[1] The nine months ended September 30, 2023 , includes $ 7.5 million of lease termination fee income recognized in connection with the simultaneous lease termination and sale of an underlying office property for an additional $ 32.0 million in proceeds.

Investment in Rental Propert_10

Investment in Rental Property and Lease Arrangements - Summary of Amounts Reported as Lease Revenues Net on the Condensed Consolidated Statements of Income and Comprehensive Income (Loss) (Parenthetical) - (Details) $ in Millions	9 Months Ended
	Sep. 30, 2023 USD ($)
Leases [Abstract]
Lease termination fee income	$ 7.5
Proceeds from sale of property	$ 32

Intangible Assets and Liabili_3

Intangible Assets and Liabilities - Schedule of Intangible Assets and Liabilities (Detail) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Lease intangibles:
Intangible lease assets, net	$ 297,656	$ 329,585
Acquired below-market leases	100,431	105,059
Less accumulated amortization	(45,130)	(42,204)
Intangible lease liabilities, net	55,301	62,855
Leasing fees	16,076	14,430
Less accumulated amortization	(6,555)	(5,924)
Leasing fees, net	9,521	8,506
Acquired Above-Market Leases
Lease intangibles:
Intangible lease assets, gross	44,913	45,740
Less accumulated amortization	(19,783)	(18,436)
Intangible lease assets, net	25,130	27,304
Acquired In-Place Leases
Lease intangibles:
Intangible lease assets, gross	420,598	436,401
Less accumulated amortization	(148,072)	(134,120)
Intangible lease assets, net	$ 272,526	$ 302,281

Intangible Assets and Liabili_4

Intangible Assets and Liabilities - Schedule of Amortization of Intangible Lease Assets and Liabilities (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Finite Lived Intangible Assets [Line Items]
Acquired in-place leases and leasing fees	$ 0	$ 2,300	$ 900	$ 2,300
Acquired In-Place Leases | Depreciation and Amortization
Finite Lived Intangible Assets [Line Items]
Acquired in-place leases and leasing fees	7,866	10,224	26,455	25,574
Above and Below Market Leases | Lease Revenues, Net
Finite Lived Intangible Assets [Line Items]
Acquired in-place leases and leasing fees	$ 1,059	$ 1,180	$ 4,841	$ 3,511

Intangible Assets and Liabili_5

Intangible Assets and Liabilities - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization expense	$ 0	$ 2.3	$ 0.9	$ 2.3

Intangible Assets and Liabili_6

Intangible Assets and Liabilities - Schedule of Amortizable Intangible Assets (Detail) $ in Thousands	Sep. 30, 2023 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
Remainder of 2023	$ 6,743
2024	26,471
2025	25,427
2026	24,265
2027	22,522
Thereafter	146,448
Total	$ 251,876

Unsecured Credit Agreements - S

Unsecured Credit Agreements - Summary of Unsecured Credit Agreements (Detail) - USD ($) $ in Thousands		9 Months Ended	12 Months Ended
		Sep. 30, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Total unsecured debt		$ 1,903,787	$ 2,034,076
Long-term Debt		1,903,787
Unsecured Debt
Debt Instrument [Line Items]
Long-term Debt		1,814,814	1,936,569
Unsecured Debt | Term Loan [Member]
Debt Instrument [Line Items]
Total unsecured debt		900,000	900,000
Debt issuance costs, net		(4,367)	(5,308)
Long-term Debt		895,633	894,692
Unsecured Debt | Senior Notes [Member]
Debt Instrument [Line Items]
Total unsecured debt		850,000	850,000
Unamortized debt issuance costs and original issuance discount, net		(4,879)	(5,445)
Long-term Debt		$ 845,121	844,555
Unsecured Debt | Unsecured Revolving Credit Facility
Debt Instrument [Line Items]
Interest Rate		Applicable reference rate + 0.85% (a)
Maturity Date	[1]	2026-03
Basis spread on variable rate	[2]	0.85%
Total unsecured debt		$ 74,060	197,322
Unsecured Debt | 2026 Unsecured Term Loan
Debt Instrument [Line Items]
Interest Rate		one-month adjusted SOFR + 1.00% (b)(c)
Maturity Date		2026-02
Total unsecured debt		$ 400,000	$ 400,000
Unsecured Debt | 2026 Unsecured Term Loan | 1 Month LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate			1%
Unsecured Debt | 2026 Unsecured Term Loan | SOFR
Debt Instrument [Line Items]
Basis spread on variable rate	[3],[4]	1%
Unsecured Debt | 2027 Unsecured Term Loan
Debt Instrument [Line Items]
Interest Rate		one-month adjusted SOFR + 0.95% (c)
Maturity Date		2027-08
Total unsecured debt		$ 200,000	$ 200,000
Unsecured Debt | 2027 Unsecured Term Loan | SOFR
Debt Instrument [Line Items]
Basis spread on variable rate	[3]	0.95%
Unsecured Debt | 2029 Unsecured Term Loan
Debt Instrument [Line Items]
Interest Rate		one-month adjusted SOFR + 1.25% (c)
Maturity Date		2029-08
Total unsecured debt		$ 300,000	300,000
Unsecured Debt | 2029 Unsecured Term Loan | SOFR
Debt Instrument [Line Items]
Basis spread on variable rate	[3]	1.25%
Unsecured Debt | 2027 Senior Unsecured Notes | Senior Guaranteed Notes Series A
Debt Instrument [Line Items]
Debt instrument, interest rate		4.84%
Maturity Date		2027-04
Total unsecured debt		$ 150,000	150,000
Unsecured Debt | 2028 Senior Unsecured Notes | Senior Guaranteed Notes Series B
Debt Instrument [Line Items]
Debt instrument, interest rate		5.09%
Maturity Date		2028-07
Total unsecured debt		$ 225,000	225,000
Unsecured Debt | 2030 Senior Unsecured Notes | Senior Guaranteed Notes Series C
Debt Instrument [Line Items]
Debt instrument, interest rate		5.19%
Maturity Date		2030-07
Total unsecured debt		$ 100,000	100,000
Unsecured Debt | 2031 Senior Unsecured Public Notes | Senior Notes
Debt Instrument [Line Items]
Debt instrument, interest rate		2.60%
Maturity Date		2031-09
Total unsecured debt		$ 375,000	$ 375,000
[1] The Company’s unsecured revolving credit agreement contains two six-month extension options subject to certain conditions, including the payment of an extension fee equal to 0.0625 % of the revolving commitments. At September 30, 2023 and December 31, 2022 , a balance of $0.0 million and $ 123.5 million was subject to the one-month SOFR of 5.32 % and 4.36 %, respectively. The remaining balance of $ 100 million Canadian Dollar (”CAD”) borrowings remeasured to $ 74.1 million United States Dollar (”USD”) and $ 73.8 million USD, at September 30, 2023 and December 31, 2022, respectively, and was subject to the one-month CDOR of 5.39 % and 4.74 %, respectively. At September 30, 2023 and December 31, 2022 , one-month SOFR was 5.32 % and 4.36 %, respectively. At September 30, 2023 , one-month SOFR was 5.32 %. At December 31, 2022 , the applicable interest rate was one-month LIBOR of 4.39 % plus 1.00 %.

Unsecured Credit Agreements -_2

Unsecured Credit Agreements - Summary of Unsecured Credit Agreements (Parenthetical) (Detail) $ in Thousands, $ in Millions	9 Months Ended	12 Months Ended
	Sep. 30, 2023 USD ($)	Dec. 31, 2022 USD ($)	Sep. 30, 2023 CAD ($)
Debt Instrument [Line Items]
Long-term Debt	$ 1,903,787
Unsecured Debt
Debt Instrument [Line Items]
Long-term Debt	$ 1,814,814	$ 1,936,569
Unsecured Debt | Revolving Credit Facilities
Debt Instrument [Line Items]
Basis spread on variable rate	0.0625%
Unsecured Debt | 1 Month LIBOR | 2026 Unsecured Term Loan
Debt Instrument [Line Items]
Interest rate		4.39%
Basis spread on variable rate		1%
Unsecured Debt | 1 Month Canadian Dollar
Debt Instrument [Line Items]
Long-term Debt	$ 74,100	$ 73,800	$ 100
Interest rate	5.39%	4.74%	5.39%
Unsecured Debt | 1 Month Secured Overnight
Debt Instrument [Line Items]
Long-term Debt		$ 123,500
Interest rate	5.32%	4.36%	5.32%
Unsecured Debt | 1 Month Secured Overnight | 2026 Unsecured Term Loan
Debt Instrument [Line Items]
Interest rate	5.32%		5.32%

Unsecured Credit Agreements - A

Unsecured Credit Agreements - Additional Information (Detail) - USD ($) $ in Thousands		3 Months Ended	9 Months Ended
		Sep. 30, 2023	Sep. 30, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Weighted Average Fixed Rate		5.30%	5.30%
Total unsecured debt		$ 1,903,787	$ 1,903,787	$ 2,034,076
Debt issuance costs incurred			$ 0
Revolving Credit Facility [Member] | Unsecured Debt
Debt Instrument [Line Items]
Basis spread on variable rate			0.0625%
Unsecured Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Debt issuance costs		3,200	$ 7,000
Unsecured Revolving Credit Facility [Member] | Unsecured Debt
Debt Instrument [Line Items]
Total unsecured debt		74,060	$ 74,060	197,322
Basis spread on variable rate	[1]		0.85%
2026 Unsecured Term Loan | Unsecured Debt
Debt Instrument [Line Items]
Total unsecured debt		$ 400,000	$ 400,000	$ 400,000
2026 Unsecured Term Loan | Unsecured Debt | SOFR
Debt Instrument [Line Items]
Basis spread on variable rate	[2],[3]		1%
Interest Rate Swap
Debt Instrument [Line Items]
Weighted Average Fixed Rate		2.28%	2.28%
Weighted Average Inclusive Fixed Rate		3.71%	3.71%
[1] At September 30, 2023 and December 31, 2022 , a balance of $0.0 million and $ 123.5 million was subject to the one-month SOFR of 5.32 % and 4.36 %, respectively. The remaining balance of $ 100 million Canadian Dollar (”CAD”) borrowings remeasured to $ 74.1 million United States Dollar (”USD”) and $ 73.8 million USD, at September 30, 2023 and December 31, 2022, respectively, and was subject to the one-month CDOR of 5.39 % and 4.74 %, respectively. At September 30, 2023 and December 31, 2022 , one-month SOFR was 5.32 % and 4.36 %, respectively. At September 30, 2023 , one-month SOFR was 5.32 %. At December 31, 2022 , the applicable interest rate was one-month LIBOR of 4.39 % plus 1.00 %.

Unsecured Credit Agreements -_3

Unsecured Credit Agreements - Summary of Debt Issuance Cost Amortization (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Debt Disclosure [Abstract]
Debt issuance costs amortization	$ 983	$ 948	$ 2,955	$ 2,704

Mortgages - Summary of Mortgage

Mortgages - Summary of Mortgages (Detail) - USD ($) $ in Thousands		9 Months Ended
		Sep. 30, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Carrying amount		$ 1,903,787	$ 2,034,076
Mortgages, net		79,613	86,602
Secured Debt
Debt Instrument [Line Items]
Carrying amount		79,727	86,754
Debt issuance costs, net		$ (114)	(152)
Wilmington Trust National Association, Due February 28 | Secured Debt
Debt Instrument [Line Items]
Origination Date	[1],[2],[3],[4]	2019-04
Maturity Date	[1],[2],[3],[4]	2028-02
Debt instrument, interest rate	[1],[2],[3],[4]	4.92%
Carrying amount	[1],[2],[3],[4]	$ 44,542	45,516
Wilmington Trust National Association, Due August 25 | Secured Debt
Debt Instrument [Line Items]
Origination Date	[1],[2],[4],[5]	2018-06
Maturity Date	[1],[2],[4],[5]	2025-08
Debt instrument, interest rate	[1],[2],[4],[5]	4.36%
Carrying amount	[1],[2],[4],[5]	$ 18,834	19,150
PNC Bank | Secured Debt
Debt Instrument [Line Items]
Origination Date	[1],[2]	2016-10
Maturity Date	[1],[2]	2026-11
Debt instrument, interest rate	[1],[2]	3.62%
Carrying amount	[1],[2]	$ 16,351	16,675
Aegon | Secured Debt
Debt Instrument [Line Items]
Origination Date	[2],[6]	2012-04
Maturity Date	[2],[6]	2023-10
Debt instrument, interest rate	[2],[6]	6.38%
Carrying amount	[2],[6]		$ 5,413
[1] Debt secured by guaranty of the OP. Debt secured by related rental property and lease rents. Mortgage was assumed in April 2019 as part of the acquisition of the related property. The debt was recorded at fair value at the time of assumption. Non-recourse debt includes the indemnification/guaranty of the Company pertaining to fraud, environmental claims, insolvency, and other matters. Mortgage was assumed in June 2018 as part of the acquisition of the related property. The debt was recorded at fair value at the time of assumption. Mortgage was assumed in April 2012 as part of the acquisition of the related property. The debt was recorded at fair value at the time of the assumption.

Mortgages - Additional Informat

Mortgages - Additional Information (Detail) $ in Millions	Sep. 30, 2023 USD ($)
Debt Disclosure [Abstract]
Investment in rental property pledged as collateral	$ 121.2

Mortgages - Schedule of Estimat

Mortgages - Schedule of Estimated Future Principal Payments (Detail) $ in Thousands	Sep. 30, 2023 USD ($)
Debt Disclosure [Abstract]
Remainder of 2023	$ 554
2024	2,260
2025	20,195
2026	490,903
2027	351,596
Thereafter	1,038,279
Long-term Debt	$ 1,903,787

Interest Rate Swaps - Summary o

Interest Rate Swaps - Summary of Interest-rate Swap Agreements (Detail) $ in Thousands, $ in Millions		9 Months Ended
		Sep. 30, 2023 USD ($)	Sep. 30, 2023 CAD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2022 CAD ($)
Derivative [Line Items]
Notional Amount			$ 20		$ 40
Interest Rate Swap
Derivative [Line Items]
Derivative, Fixed rate		3.71%	3.71%
Notional Amount		$ 974,060		$ 973,822
Fair Value		$ 79,086		63,390
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	[1]	daily compounded SOFR
Notional Amount		$ 15,000		15,000
Fair Value		$ 400		477
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	[1]	daily compounded SOFR
Notional Amount		$ 15,000		15,000
Fair Value		$ 649		815
Interest Rate Swap | Regions Bank
Derivative [Line Items]
Derivative, Maturity date		2032-03
Derivative, Fixed rate		2.69%	2.69%
Variable Rate Index	[1]	one-month CDOR
Notional Amount	[2]	$ 14,812		14,764
Fair Value		$ 2,811		1,092
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	[1]	daily compounded SOFR
Notional Amount		$ 25,000		25,000
Fair Value		$ 1,049		1,239
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	[1]	daily compounded SOFR
Notional Amount		$ 25,000		25,000
Fair Value		$ 1,100		1,169
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	[1]	daily compounded SOFR
Notional Amount		$ 25,000		25,000
Fair Value		$ 1,174		1,162
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	[1]	daily compounded SOFR
Notional Amount		$ 25,000		25,000
Fair Value		$ 1,313		1,358
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	[1]	daily compounded SOFR
Notional Amount		$ 25,000		25,000
Fair Value		$ 1,388		1,279
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	[1]	daily compounded SOFR
Notional Amount		$ 25,000		25,000
Fair Value		$ 1,594		1,547
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	[1]	daily compounded SOFR
Notional Amount		$ 40,000		40,000
Fair Value		$ 2,441		2,332
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	[1]	daily compounded SOFR
Notional Amount		$ 35,000		35,000
Fair Value		$ 2,105		2,007
Interest Rate Swap | Truist Financial Corporation Five
Derivative [Line Items]
Derivative, Maturity date		2026-01
Derivative, Fixed rate		1.93%	1.93%
Fair Value		$ 1,590
Interest Rate Swap | Truist Financial Corporation Four
Derivative [Line Items]
Variable Rate Index	[1]	daily compounded SOFR
Notional Amount		$ 25,000		25,000
Fair Value				1,542
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	[1]	daily compounded SOFR
Notional Amount		$ 15,000		15,000
Fair Value		$ 755		625
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	[1]	daily compounded SOFR
Notional Amount		$ 35,000		35,000
Fair Value		$ 3,073		3,042
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	[1]	daily compounded SOFR
Notional Amount		$ 10,000		10,000
Fair Value		$ 691		584
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	[1]	daily compounded SOFR
Notional Amount		$ 25,000		25,000
Fair Value		$ 1,983		1,773
Interest Rate Swap | Toronto-Dominion Bank
Derivative [Line Items]
Derivative, Maturity date		2027-03
Derivative, Fixed rate		2.46%	2.46%
Variable Rate Index	[1]	one-month CDOR
Notional Amount	[2]	$ 14,812		14,764
Fair Value		$ 1,146		765
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	[1]	one-month SOFR
Notional Amount		$ 45,000		45,000
Fair Value		$ 3,885		2,674
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	[1]	daily compounded SOFR
Notional Amount		$ 25,000		25,000
Fair Value		$ 1,496		1,129
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	[1]	daily compounded SOFR
Notional Amount		$ 25,000		25,000
Fair Value		$ 2,035		1,628
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	[1]	daily compounded SOFR
Notional Amount		$ 25,000		25,000
Fair Value		$ 2,009		1,605
Interest Rate Swap | Wells Fargo Bank Three
Derivative [Line Items]
Derivative, Maturity date		2028-01
Derivative, Fixed rate		2.37%	2.37%
Fair Value		$ 6,083
Interest Rate Swap | Wells Fargo Bank Four
Derivative [Line Items]
Variable Rate Index	[1]	daily compounded SOFR
Notional Amount		$ 75,000		75,000
Fair Value				4,854
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	[1]	daily compounded SOFR
Notional Amount		$ 25,000		25,000
Fair Value		$ 2,856		2,295
Interest Rate Swap | Regions Bank One
Derivative [Line Items]
Derivative, Maturity date		2029-05
Derivative, Fixed rate		2.11%	2.11%
Variable Rate Index	[1]	daily compounded SOFR
Notional Amount		$ 25,000		25,000
Fair Value		$ 2,914		2,244
Interest Rate Swap | Regions Bank Two
Derivative [Line Items]
Derivative, Maturity date		2029-06
Derivative, Fixed rate		2.03%	2.03%
Variable Rate Index	[1]	daily compounded SOFR
Notional Amount		$ 25,000		25,000
Fair Value		$ 8,486		2,357
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	[1]	daily compounded SOFR
Notional Amount		$ 25,000		25,000
Fair Value		$ 2,931		2,377
Interest Rate Swap | U S Bank National Association One
Derivative [Line Items]
Derivative, Maturity date		2029-08
Derivative, Fixed rate		2.65%	2.65%
Variable Rate Index	[1]	one-month SOFR
Notional Amount		$ 15,000		15,000
Fair Value		$ 1,237		826
Interest Rate Swap | U S Bank National Association Two
Derivative [Line Items]
Derivative, Maturity date		2029-08
Derivative, Fixed rate		2.58%	2.58%
Variable Rate Index	[1]	one-month SOFR
Notional Amount		$ 100,000		100,000
Fair Value		$ 8,557		5,861
Interest Rate Swap | Regions Bank Three
Derivative [Line Items]
Derivative, Maturity date		2029-08
Derivative, Fixed rate		2.58%	2.58%
Variable Rate Index	[1]	one-month SOFR
Notional Amount		$ 100,000		100,000
Fair Value		$ 1,768		5,782
Interest Rate Swap | U S Bank National Association Three
Derivative [Line Items]
Derivative, Maturity date		2029-08
Derivative, Fixed rate		1.35%	1.35%
Variable Rate Index	[1]	daily compounded SOFR
Notional Amount		$ 25,000		25,000
Fair Value		$ 3,888		3,419
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	[1]	one-month CDOR
Notional Amount	[2]	$ 14,812		14,764
Fair Value		$ 1,783		1,107
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	[1]	one-month CDOR
Notional Amount	[2]	$ 29,624		29,530
Fair Value		$ 3,896		$ 2,424
[1] July 1, 2023, the variable rate index for daily compounded SOFR based swaps was one-month LIBOR. The contractual notional amount is $ 20.0 million CAD

Interest Rate Swaps - Summary_2

Interest Rate Swaps - Summary of Interest-rate Swap Agreements (Parenthetical) (Detail) $ in Thousands, $ in Millions	Sep. 30, 2023 USD ($)	Sep. 30, 2023 CAD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2022 CAD ($)
Derivative [Line Items]
Contractual notional amount		$ 20		$ 40
Interest Rate Swap
Derivative [Line Items]
Contractual notional amount	$ 974,060		$ 973,822

Interest Rate Swaps - Total Amo

Interest Rate Swaps - Total Amounts Recognized From Converting Variable Rates to Fixed Rates and Location of Gain (Loss) (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Derivative [Line Items]
Total Interest Expense Presented in the Condensed Consolidated Statements of Income and Comprehensive Income (Loss)	$ 19,665	$ 20,095	$ 61,081	$ 54,879
Interest Rate Swap
Derivative [Line Items]
Amount of Gain (Loss) Recognized in Accumulated Other Comprehensive Income (Loss)	$ 13,943	$ 40,039	$ 15,696	$ 93,772
Reclassification from Accumulated Other Comprehensive Income (Loss), Location	Interest expense	Interest expense	Interest expense	Interest expense
Reclassification from Accumulated Other Comprehensive Income (Loss), Amount of Loss	$ 7,063	$ (446)	$ 0	$ (7,433)
Total Interest Expense Presented in the Condensed Consolidated Statements of Income and Comprehensive Income (Loss)	$ 19,665	$ 20,095	$ 61,081	$ 54,879

Interest Rate Swaps - Additiona

Interest Rate Swaps - Additional Information (Detail) $ in Millions	9 Months Ended
	Sep. 30, 2023 USD ($)
Derivative [Line Items]
Weighted Average Fixed Rate	5.30%
Interest Rate Swap
Derivative [Line Items]
Derivative, Fixed Interest Rate	3.71%
Weighted Average Fixed Rate	2.28%
Accumulated losses reclassified to interest expense	$ 29.4

Non-Controlling Interests - Sch

Non-Controlling Interests - Schedule of OP Units Exchanged for Shares of Common Stock (Detail) - USD ($) $ in Thousands	3 Months Ended				9 Months Ended
	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Noncontrolling Interest [Line Items]
Value of units exchanged					$ 15,300	$ 1,900
Common Stock
Noncontrolling Interest [Line Items]
OP Units exchanged for shares of common stock	1,000			118,000	922,000	118,000
Additional Paid-in Capital
Noncontrolling Interest [Line Items]
Value of units exchanged	$ 21	$ 398	$ 14,897	$ 1,926	$ 15,316	$ 1,926

Credit Risk Concentrations - Ad

Credit Risk Concentrations - Additional Information (Detail) - Customer	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Concentration Risk [Line Items]
Lease revenue, net, percentage	10%	10%
Number of tenants or common franchises	0	0

Equity - Additional Information

Equity - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended					9 Months Ended
	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Sep. 30, 2023	Sep. 30, 2022
Equity [Line Items]
Issuance of shares of common stock, shares	51,000
Net proceeds from issuance of common stock						$ (180)	$ 222,829
ATM
Equity [Line Items]
Net proceeds from issuance of common stock						$ 145,400
Share Repurchase Program [Member]
Equity [Line Items]
Common stock shares repurchased						0
Maximum | Share Repurchase Program [Member]
Equity [Line Items]
Repurchase of common stock value						$ 150,000
Common Stock
Equity [Line Items]
Issuance of shares of common stock, shares		259,000	975,000	3,281,000	6,427,000
Common Stock | Maximum
Equity [Line Items]
Gross Sale Price						$ 400,000

Equity - Summary of Common Shar

Equity - Summary of Common Shares under Company's ATM Program (Details) - ATM - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Equity [Line Items]
Number of common shares issued	0	962	0	10,471
Weighted average sale price per share	$ 0	$ 21.44	$ 0	$ 21.66
Net proceeds	$ 0	$ 20,248	$ 0	$ 222,895
Gross proceeds	$ 0	$ 20,626	$ 0	$ 226,483

Stock-Based Compensation - Addi

Stock-Based Compensation - Additional Information (Detail) - $ / shares	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Restricted Stock Awards
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of shares of restricted stock	0	6,000	310,000	181,000
Weighted average grant date fair value per share, Granted	$ 16.52	$ 22.67	$ 17.52	$ 21.44
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition			2 years 6 months
Performance-based Restricted Stock Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of shares of restricted stock	0	2,000	186,000	124,000
Weighted average grant date fair value per share, Granted	$ 0	$ 0	$ 23.78	$ 27.93
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition			2 years 2 months 12 days
2020 Equity Incentive Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Weighted average grant date fair value per share, Granted	$ 16.52	$ 22.67	$ 17.52	$ 21.44
2020 Equity Incentive Plan | Restricted Stock Awards
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of shares of restricted stock	116		309,746
No of share issued Of RSA	6,175		181,088
2020 Equity Incentive Plan | Performance-based Restricted Stock Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of shares of restricted stock		2,141	186,481	124,024
Non-vested share awards percentage			50%
Vesting percentage payout schedule can produce			100%
Performance period			3 years
Percentage as rTSR of peer group			55%
2020 Equity Incentive Plan | Performance-based Restricted Stock Units | Minimum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting percentage payout schedule can produce			0%
2020 Equity Incentive Plan | Performance-based Restricted Stock Units | Maximum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting percentage payout schedule can produce			200%
2020 Equity Incentive Plan | Tranche One | Restricted Stock Awards
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Award vesting period			1 year
2020 Equity Incentive Plan | Tranche Two | Restricted Stock Awards
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Award vesting period			3 years
2020 Equity Incentive Plan | Tranche Three | Restricted Stock Awards
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Award vesting period			4 years

Stock-Based Compensation - Summ

Stock-Based Compensation - Summary of RSAs (Detail) - Restricted Stock Awards - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Compensation cost	$ 927	$ 994	$ 3,587	$ 2,481
Dividends declared on unvested RSAs	142	107	420	310
Fair value of shares vested during the period	0	$ 0	3,384	$ 3,209
Unamortized value of RSAs	$ 6,200		$ 6,200
Weighted average amortization period (in years)			2 years 6 months

Stock-Based Compensation - Su_2

Stock-Based Compensation - Summary of RSA Activity (Detail) - Restricted Stock Awards - $ / shares shares in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of Shares, Unvested at beginning of period	508	392	396	372
Number of Shares, Granted	0	6	310	181
Number of Shares, Vested	0	0	(192)	(146)
Number of Shares, Forfeited	(2)	(1)	(8)	(10)
Number of Shares, Unvested at end of period	506	397	506	397
Weighted Average Grant Date Fair Value per Share, Unvested at beginning of period	$ 18.65	$ 20.33	$ 20.36	$ 19.62
Weighted average grant date fair value per share, Granted	16.52	22.67	17.52	21.44
Weighted Average Grant Date Fair Value per Share, Vested	0	0	20.33	19.8
Weighted Average Grant Date Fair Value per Share, Forfeited	17.75	21.66	18.73	20.1
Weighted Average Grant Date Fair Value per Share, Unvested at end of period	$ 18.66	$ 20.37	$ 18.66	$ 20.37

Stock-Based Compensation - Su_3

Stock-Based Compensation - Summary of PRSUs (Detail) - Performance-based Restricted Stock Units - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Compensation cost	$ 613	$ 509	$ 1,371	$ 1,332
Unamortized value of PRSUs	$ 4,600		$ 4,600
Weighted average amortization period (in years)			2 years 2 months 12 days

Stock-Based Compensation - Su_4

Stock-Based Compensation - Summary of PRSU Activity (Detail) - Performance-based Restricted Stock Units - $ / shares shares in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of Shares, Unvested at beginning of period	358	231	233	110
Number of Shares, Granted	0	2	186	124
Number of Shares, Vested	0	0
Number of Shares, Forfeited	0	0	(61)	(1)
Number of Shares, Unvested at end of period	358	233	358	233
Weighted Average Grant Date Fair Value per Share, Unvested at beginning of period	$ 25.01	$ 26.25	$ 26.27	$ 24.4
Weighted average grant date fair value per share, Granted	0	0	23.78	27.93
Weighted Average Grant Date Fair Value per Share, Vested	0	0	0	0
Weighted Average Grant Date Fair Value per Share, Forfeited	0	0	26.8	27.93
Weighted Average Grant Date Fair Value per Share, Unvested at end of period	$ 25.01	$ 26.27	$ 25.01	$ 26.27

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, $ in Thousands		3 Months Ended		9 Months Ended
		Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Basic earnings:
Net Income (Loss)		$ 49,682	$ 27,109	$ 149,000	$ 87,383
Less: earnings allocated to unvested restricted shares		(142)	(108)	(420)	(310)
Net earnings used to compute basic earnings per common share		49,540	27,001	148,580	87,073
Diluted earnings:
Net earnings used to compute basic earnings per share		49,540	27,001	148,580	87,073
Add: net earnings attributable to non-controlling interests		2,463	1,600	7,515	5,319
Net earnings used to compute diluted earnings per common share		$ 52,003	$ 28,601	$ 156,095	$ 92,392
Weighted average number of common shares outstanding		187,272,000	172,973,000	187,026,000	169,061,000
Less: weighted average unvested restricted shares	[1]	(506,000)	(395,000)	(481,000)	(381,000)
Weighted average number of common shares outstanding used in basic earnings per common share		186,766,000	172,578,000	186,545,000	168,680,000
Add: effects of restricted stock units	[2]	322,000	180,000	267,000	166,000
Add: effects of convertible membership units	[3]	9,284,000	10,213,000	9,470,000	10,286,000
Weighted average number of common shares outstanding used in diluted earnings per common share		196,372,000	182,971,000	196,282,000	179,132,000
Basic earnings per share		$ 0.27	$ 0.16	$ 0.8	$ 0.52
Diluted earnings per share		$ 0.26	$ 0.16	$ 0.8	$ 0.52
[1] Represents the weighted average effects of 505,668 and 397,135 unvested restricted shares of common stock as of September 30, 2023 and 2022, 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 13). Represents the weighted average effects of 9,282,953 and 10,204,806 OP Units outstanding at September 30, 2023 and 2022 , respectively. OP Units are included in the diluted earnings per share calculation. However, because such OP Units would also require that the share of the net income attributable to such OP units also be added back to net income, there is no effect to EPS.

Earnings per Share - Summary _2

Earnings per Share - Summary of Components used in Calculation of Basic and Diluted Earnings per Share (Parenthetical) (Detail) - shares	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Earnings Per Share [Abstract]
Unvested restricted shares of common stock	505,668	397,135
Weighted average effects of OP Units outstanding	9,282,953	10,204,806

Supplemental Cash Flow Disclo_2

Supplemental Cash Flow Disclosures - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended				9 Months Ended
	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Supplemental Cash Flow Elements [Line Items]
Cash paid for interest					$ 54,500	$ 46,200
Cash paid for income taxes					900	900
Dividends payable	$ 55,800			$ 49,900	$ 55,800	$ 49,900
Issuance of shares common stock upon conversion of OP units					921,853	118,400
Conversion of OP Units to shares of common stock					$ 15,300	$ 1,900
Number Of Operating Units Exchanged					921,853	118,400
Additional Paid-in Capital
Supplemental Cash Flow Elements [Line Items]
Conversion of OP Units to shares of common stock	$ 21	$ 398	$ 14,897	$ 1,926	$ 15,316	$ 1,926
OP | Additional Paid-in Capital
Supplemental Cash Flow Elements [Line Items]
Adjusted carrying value of non-controlling interests					$ 200	$ 3,300

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Detail) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Loss Contingencies [Line Items]
Property and Acquisition Commitment fund	$ 157.3
Potential liability due to taxable sales of applicable properties	20.4
Operating lease payments	8.9
Building Expansion	$ 17.4
Minimum | Office Lease
Loss Contingencies [Line Items]
Non-cancellable operating leases, expiration year		2022
Minimum | Ground Lease
Loss Contingencies [Line Items]
Non-cancellable operating leases term		2034
Maximum | Office Lease
Loss Contingencies [Line Items]
Non-cancellable operating leases, expiration year		2023
Maximum | Ground Lease
Loss Contingencies [Line Items]
Non-cancellable operating leases term		2069

Commitments and Contingencies_2

Commitments and Contingencies - Summary of Payments Associated with Obligations Under Operating Leases (Detail) $ in Millions	9 Months Ended
	Sep. 30, 2023 USD ($)
Cash Flow, Operating Activities, Lessee [Abstract]
Operating lease payments	$ 8.9

Subsequent Events - Additional

Subsequent Events - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands			3 Months Ended		9 Months Ended
	Oct. 26, 2023	Oct. 13, 2023	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023		Sep. 30, 2022	Dec. 31, 2022
Subsequent Event [Line Items]
Proceeds from sale of property			$ 62,300	$ 1,727	$ 183,564	[1]	$ 18,828
Borrowings on unsecured revolving credit facility					162,000		$ 641,283
Mortgages, net			79,613		79,613			$ 86,602
2024
Subsequent Event [Line Items]
Acquisition of land			$ 16,900		16,900
Unsecured Revolving Credit Facility
Subsequent Event [Line Items]
Proceeds from debt					$ 23,500
Subsequent Event
Subsequent Event [Line Items]
Distribution paid		$ 55,000
Quarterly distribution per share	$ 0.285
Quarterly distribution payable date	Jan. 12, 2024
Quarterly distribution date of record	Dec. 29, 2023
[1] The nine months ended September 30, 2023 includes $ 32.0 million of proceeds from the sale of an underlying office property which was executed simultaneously with a lease termination in exchange for a fee of $ 7.5 million.