Broadstone Net Lease (BNL) 10-Q 31 Jul 24 2024 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2024	Jul. 29, 2024
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2024
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q2
Entity Registrant Name	BROADSTONE NET LEASE, INC.
Entity Central Index Key	0001424182
Current Fiscal Year End Date	--12-31
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Common Stock, Shares Outstanding		188,517,485
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	Jun. 30, 2024	Dec. 31, 2023
Assets
Total accounted for using the operating method	$ 4,813,976	$ 4,888,696
Less accumulated depreciation	(627,871)	(626,597)
Accounted for using the operating method, net	4,186,105	4,262,099
Accounted for using the direct financing method	26,413	26,643
Accounted for using the sales-type method	572	572
Property under development	165,014	94,964
Investment in rental property, net	4,378,104	4,384,278
Cash and cash equivalents	18,282	19,494
Accrued rental income	153,551	152,724
Tenant and other receivables, net	2,604	1,487
Prepaid expenses and other assets	33,255	36,661
Interest rate swap, assets	56,444	46,096
Goodwill	339,769	339,769
Intangible lease assets, net	282,548	288,226
Total assets	5,264,557	5,268,735
Liabilities and equity
Unsecured revolving credit facility	79,096	90,434
Mortgages, net	77,970	79,068
Unsecured term loans, net	896,574	895,947
Senior unsecured notes, net	845,687	845,309
Accounts payable and other liabilities	42,635	47,534
Dividends payable	58,028	56,869
Accrued interest payable	14,033	5,702
Intangible lease liabilities, net	53,124	53,531
Total liabilities	2,067,147	2,074,394
Commitments and contingencies (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, 188,517 and 187,614 shares issued and outstanding at June 30, 2024 and December 31, 2023, respectively	47	47
Additional paid-in capital	3,444,265	3,440,639
Cumulative distributions in excess of retained earnings	(449,893)	(440,731)
Accumulated other comprehensive income	60,383	49,286
Total Broadstone Net Lease, Inc. equity	3,054,802	3,049,241
Non-controlling interests	142,608	145,100
Total equity	3,197,410	3,194,341
Total liabilities and equity	5,264,557	5,268,735
Land
Assets
Total accounted for using the operating method	773,224	748,529
Land Improvements
Assets
Total accounted for using the operating method	324,138	328,746
Buildings and Improvements
Assets
Total accounted for using the operating method	3,708,366	3,803,156
Equipment
Assets
Total accounted for using the operating method	$ 8,248	$ 8,265

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares shares in Thousands	Jun. 30, 2024	Dec. 31, 2023
Preferred stock, par value	$ 0.001	$ 0.001
Preferred stock, shares authorized	20,000	20,000
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	500,000
Common stock, shares issued	188,517	187,614
Common stock, shares outstanding	188,517	187,614

Condensed Consolidated Statemen

Condensed Consolidated Statements of Income and Comprehensive Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Revenues
Lease revenues, net	$ 105,907	$ 109,353	$ 211,274	$ 228,345
Operating expenses
Depreciation and amortization	37,404	39,031	75,176	80,815
Property and operating expense	5,303	4,988	10,963	10,874
General and administrative	9,904	9,483	19,336	19,899
Provision for impairment of investment in rental properties	3,852	0	30,252	1,473
Total operating expenses	56,463	53,502	135,727	113,061
Other income (expenses)
Interest income	649	82	882	244
Interest expense	(17,757)	(20,277)	(36,334)	(41,416)
Gain on sale of real estate	3,384	29,462	62,515	32,877
Income taxes	(531)	(448)	(939)	(927)
Other income (expenses)	748	1,674	2,443	1,692
Net income	35,937	62,996	104,114	104,370
Net income attributable to non-controlling interests	(608)	(2,982)	(3,671)	(5,052)
Net income attributable to Broadstone Net Lease, Inc.	$ 35,329	$ 60,014	$ 100,443	$ 99,318
Weighted average number of common shares outstanding
Basic	187,436,000	186,733,000	187,363,000	186,433,000
Diluted	196,470,000	196,228,000	196,379,000	196,148,000
Net earnings per share attributable to common stockholders
Basic earnings per share	$ 0.19	$ 0.32	$ 0.53	$ 0.53
Diluted earnings per share	$ 0.19	$ 0.32	$ 0.53	$ 0.53
Comprehensive income
Net income (loss)	$ 35,937	$ 62,996	$ 104,114	$ 104,370
Other comprehensive income
Change in fair value of interest rate swaps	(1,456)	19,652	10,348	1,753
Realized loss on interest rate swaps	62	522	221	1,044
Comprehensive income	34,543	83,170	114,683	107,167
Comprehensive income attributable to non-controlling interests	(546)	(3,937)	(4,146)	(5,138)
Comprehensive income attributable to Broadstone Net Lease, Inc.	$ 33,997	$ 79,233	$ 110,537	$ 102,029

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, 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 common stock under equity incentive plan	(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 loss on interest rate swap agreements	522				496	26
Adjustment to non-controlling interests			460		498	38
Stock-based compensation, net of 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	104,370
Conversion of OP Units to shares of common stock			15,295
Change in fair value of interest rate swap agreements	1,753
Ending Balance at Jun. 30, 2023	3,261,597	47	3,430,692	391,631	68,428	154,061
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 loss on interest rate swap agreements	522				496	26
Adjustment to non-controlling interests			5,769		5,694	75
Stock-based compensation, net of shares of restricted stock forfeited	1,539		1,539
Ending Balance at Jun. 30, 2023	3,261,597	47	3,430,692	391,631	68,428	154,061
Beginning Balance at Dec. 31, 2023	3,194,341	47	3,440,639	440,731	49,286	145,100
Net income	68,177			65,114		3,063
Issuance of shares of common stock	116		116
Offering costs, discounts and commissions	(36)		(36)
Retirement of shares of common stock under equity incentive plan	(1,040)		(1,040)
Conversion of OP Units to shares of common stock			1,536			1,536
Distributions declared	(57,292)			(54,552)		(2,740)
Change in fair value of interest rate swap agreements	11,804				11,274	530
Realized loss on interest rate swap agreements	159				152	7
Adjustment to non-controlling interests			4,220		3,878	342
Stock-based compensation, net of shares of restricted stock forfeited	1,475		1,475
Ending Balance at Mar. 31, 2024	3,217,704	47	3,446,910	430,169	56,834	144,082
Beginning Balance at Dec. 31, 2023	3,194,341	47	3,440,639	440,731	49,286	145,100
Net income	104,114
Conversion of OP Units to shares of common stock			2,068
Change in fair value of interest rate swap agreements	10,348
Ending Balance at Jun. 30, 2024	3,197,410	47	3,444,265	449,893	60,383	142,608
Beginning Balance at Mar. 31, 2024	3,217,704	47	3,446,910	430,169	56,834	144,082
Net income	35,937			35,329		608
Offering costs, discounts and commissions	(200)		(200)
Contributions from non-controlling interests	1,000					1,000
Conversion of OP Units to shares of common stock			532			532
Distributions declared	(57,710)			(55,053)		(2,657)
Change in fair value of interest rate swap agreements	(1,456)				1,391	(65)
Realized loss on interest rate swap agreements	62				59	3
Adjustment to non-controlling interests			5,050		4,881	169
Stock-based compensation, net of shares of restricted stock forfeited	2,073		2,073
Ending Balance at Jun. 30, 2024	$ 3,197,410	$ 47	$ 3,444,265	$ 449,893	$ 60,383	$ 142,608

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Stockholders' Equity (Unaudited) (Parenthetical) - $ / shares	3 Months Ended
	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2023	Mar. 31, 2023
Issuance of shares of common stock, shares	55,000	822,000	51,000
Retirement shares of restricted common stock, shares		71,000		66,000
Issuance of Share of restricted stock forfeited	5,000	25,000	6,000	0
Common Stock
Issuance of shares of common stock, shares				259,000
Conversion of OP Units to Common Stock	32,000	95,000	25,000	896,000
Distribution declared per share	$ 0.29	$ 0.285	$ 0.28	$ 0.275
OP units [Member]
Conversion of OP Units to Common Stock	32,000	95,000	25,000	896,000

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Operating activities
Net income	$ 104,114	$ 104,370
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	73,063	77,039
Provision for impairment of investment in rental properties	30,252	1,473
Amortization of debt issuance costs and original issuance discount charged to interest expense	1,966	1,894
Stock-based compensation expense	3,548	3,418
Straight-line rent, direct financing and sales-type lease adjustments	(7,475)	14,250
Gain on sale of real estate	(62,515)	(32,877)
Other non-cash items	(2,239)	(923)
Changes in assets and liabilities:
Tenant and other receivables	(66)	(371)
Prepaid expenses and other assets	1,520	(192)
Accounts payable and other liabilities	(5,460)	4,383
Accrued interest payable	8,331	1,182
Net cash provided by operating activities	145,039	136,604
Investing activities
Acquisition of rental property	(218,891)	(25,990)
Investment in property under development including capitalized interest of $2,601 and $267 in 2024 and 2023, respectively	(70,051)	(37,449)
Capital expenditures and improvements	(3,304)	(23,593)
Proceeds from disposition of rental property, net	270,823	118,253
Change in deposits on investments in rental property	0	(125)
Net cash (used in) provided by investing activities	(21,423)	31,346
Financing activities
Offering costs, discounts, and commissions	(461)	180
Principal payments on mortgages and unsecured term loans	(1,117)	(6,411)
Borrowings on unsecured revolving credit facility	90,000	125,000
Repayments on unsecured revolving credit facility	(99,000)	(201,000)
Cash distributions paid to stockholders	(108,385)	(103,521)
Cash distributions paid to non-controlling interests	(5,389)	(5,613)
Net cash used in financing activities	(124,352)	(191,725)
Net decrease in cash and cash equivalents and restricted cash	(736)	(23,775)
Cash and cash equivalents and restricted cash at beginning of period	20,632	60,040
Cash and cash equivalents and restricted cash at end of period	19,896	36,265
Reconciliation of cash and cash equivalents and restricted cash
Cash and cash equivalents at beginning of period	19,494	21,789
Restricted cash at beginning of period	1,138	38,251
Cash and cash equivalents and restricted cash at beginning of period	20,632	60,040
Cash and cash equivalents at end of period	18,282	20,763
Restricted cash at end of period	1,614	15,502
Cash and cash equivalents and restricted cash at end of period	$ 19,896	$ 36,265

Condensed Consolidated Statem_5

Condensed Consolidated Statements of Cash Flows (Unaudited) (Parenthetical) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Interest Costs Capitalized	$ 2,601	$ 267

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ 35,329	$ 60,014	$ 100,443	$ 99,318

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Jun. 30, 2024
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	6 Months Ended
	Jun. 30, 2024
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 and are recorded as non-controlling interests in the Condensed Consolidated Financial Statements. As the Corporation conducts substantially all of its operations through the OP, it is structured as an umbrella partnership real estate investment trust (“UPREIT”). The Corporation’s common stock is listed on the New York Stock Exchange under the symbol “BNL.” The Corporation, the OP, and its consolidated subsidiaries are collectively referred to as the “Company.” 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, restaurant, healthcare, retail, and office commercial properties under long-term lease agreements. At June 30, 2024 , the Company owned a diversified portfolio of 777 individual commercial properties with 770 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: June 30, 2024 December 31, 2023 (in thousands) Shares of OP Units Total Diluted Shares of OP Units Total Diluted Ownership interest 188,517 8,801 197,318 187,614 8,928 196,542 Percent ownership of OP 95.5 % 4.5 % 100.0 % 95.5 % 4.5 % 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	6 Months Ended
	Jun. 30, 2024
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, 2023, included in the Company’s 2023 Annual Report on Form 10-K, filed with the SEC on February 22, 2024. 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. When the Company obtains an economic interest in an entity, the Company evaluates the entity to determine if it should be deemed a variable interest entity (“VIE”) and, if so, whether the Company is the primary beneficiary and is therefore required to consolidate the entity. The accounting guidance for consolidation of VIEs is applied to certain entities in which the equity investors do not have the characteristics of a controlling financial interest or do not have sufficient equity at risk for the entity to finance its activities without additional subordinated financial support from other parties. Certain decision-making rights within a loan or joint-venture agreement may cause us to consider an entity a VIE. The contractual arrangements in a partnership agreement or other related contracts are reviewed to determine whether the entity is a VIE, and if the Company has variable interests in the VIE. The Company’s variable interests are then compared to those of the other variable interest holders to determine which party is the primary beneficiary of the VIE. A primary beneficiary: (i) has the power to direct the activities that most significantly impact the economic performance of the VIE and (ii) has the obligation to absorb losses or the right to receive benefits of the VIE that could potentially be significant to the VIE. The Company reassesses the initial evaluation of whether an entity is a VIE when certain events occur, and reassesses the primary beneficiary determination of a VIE on an ongoing basis based on current facts and circumstances. To the extent the Company has a variable interest in entities that are not evaluated under the VIE model, the Company 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. In June 2024, the Company invested $ 52.2 million in exchange for 98.1 % ownership interest in a VIE. The Company is the primary beneficiary as it: (i) has the power to direct the activities that significantly impact the economic performance of the VIE, and (ii) has the obligation to absorb losses and the right to receive benefits of the VIE, and therefore consolidates the VIE. The following table presents a summary of selected financial data of the consolidated VIE included in the Condensed Consolidated Balance Sheets : (in thousands) June 30, Assets Accounted for using the operating method: Land $ 7,644 Land improvements 2,508 Buildings and improvements 38,648 Total accounted for using the operating method 48,800 Less accumulated depreciation ( 240 ) Accounted for using the operating method, net 48,560 Intangible lease assets, net 3,926 Other assets 1,831 Total assets $ 54,317 Liabilities Intangible lease liabilities, net $ 555 Other liabilities 1,485 Total liabilities $ 2,040 From time to time, the Company acquires properties using a reverse like-kind exchange structure pursuant to Section 1031 of the Internal Revenue Code (a “reverse 1031 exchange”) and, as such, the properties are in the possession of an Exchange Accommodation Titleholder (“EAT”) until the reverse 1031 exchange is completed. The EAT is classified as a VIE as it is a “thinly capitalized” entity. The Company consolidates the EAT because it is the primary beneficiary as it has the ability to control the activities that most significantly impact the EAT's economic performance and can collapse the 1031 exchange structure at its discretion. The assets of the EAT primarily consist of leased property (net real estate investment in rental property and lease intangibles). The portions of a consolidated entity not owned by the Company are 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. 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 in 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. The following tables summarize the Company’s investments in property under development: (in thousands) June 30, December 31, Development, construction and improvement costs $ 160,950 $ 93,501 Capitalized interest 4,064 1,463 Property under development $ 165,014 $ 94,964 For the Three Months Ended For the Six Months Ended (in thousands) 2024 2023 2024 2023 Investment in properties under development, $ 30,591 $ 37,182 $ 67,450 $ 37,182 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 June 30, 2024 and 2023 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 and information obtained from brokers and other third party sources. The Company determines the valuation of impaired assets using generally accepted valuation techniques including discounted cash flow analysis, income capitalization, analysis of recent comparable sales transactions, actual sales negotiations, and bona fide purchase offers received from third parties. Management may consider a single valuation technique or multiple valuation techniques, as appropriate, when estimating the fair value of its real estate. The following table summarizes the Company ’s impairment charges: For the Three Months Ended For the Six Months Ended (in thousands, except number of properties) 2024 2023 2024 2023 Number of properties 2 — 14 1 Impairment charge $ 3,852 $ — $ 30,252 $ 1,473 During the three and six months ended June 30, 2024, the Company recognized impairment of of $ 3.9 million and $ 30.3 million, respectively, resulting from changes in the Company’s long-term hold strategy with respect to the individual properties. The impairments primarily include $ 18.1 million on two healthcare properties and $ 11.2 million on 11 healthcare properties sold as part of a portfolio with a gain of $ 59.1 million, excluding any impairment, and were based on actual and expected sales prices of the individual properties. Restricted Cash Restricted cash generally includes escrow funds the Company maintains pursuant to the terms of certain mortgages, lease agreements, and undistributed proceeds from the sale of properties under Section 1031 of the Internal Revenue Code of 1986, as amended (the “Code”), and is reported within Prepaid expenses and other assets in the Condensed Consolidated Balance Sheets. Restricted cash consisted of the following: June 30, December 31, (in thousands) 2024 2023 Escrow funds and other $ 1,614 $ 1,138 1031 exchange proceeds — — $ 1,614 $ 1,138 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 in the Condensed Consolidated Balance Sheets. Rent received in advance consisted of the following: (in thousands) June 30, December 31, Rent received in advance $ 14,292 $ 14,776 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): June 30, 2024 (in thousands) Total Level 1 Level 2 Level 3 Interest rate swap, assets $ 56,444 $ — $ 56,444 $ — December 31, 2023 (in thousands) Total Level 1 Level 2 Level 3 Interest rate swap, assets $ 46,096 $ — $ 46,096 $ — 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 comparable financing transactions, recent market risk premiums for loans of comparable quality, applicable Secured Overnight Financing Rate (“SOFR”), Canadian Dollar Offered Rate (“CDOR”), Canadian Overnight Repo Rate Average (“CORRA”), 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 in 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) June 30, December 31, Carrying amount $ 1,907,151 $ 1,919,607 Fair value 1,751,768 1,761,177 Non-recurring Fair Value Measurements The Company’s non-recurring fair value measurements at June 30, 2024 and December 31, 2023 consisted of the fair value of impaired real estate assets that were determined using Level 3 inputs. Right-of-Use Assets and Lease Liabilities The Company is a lessee under non-cancelable operating leases associated with its corporate headquarters and other office spaces as well as with leases of land (“ground leases”). The Company records right-of-use assets and lease liabilities associated with these leases. The lease liability is equal to the net present value of the future payments to be made under the lease, discounted using estimates based on observable market factors. The right-of-use asset is generally equal to the lease liability plus initial direct costs associated with the leases. The Company includes in the recognition of the right-of-use asset and lease liability those renewal periods that are reasonably certain to be exercised, based on the facts and circumstances that exist at lease inception. Amounts associated with percentage rent provisions are considered variable lease costs and are not included in the initial measurement of the right-of-use asset or lease liability. The Company has made an accounting policy election, applicable to all asset types, not to separate lease from nonlease components when allocating contract consideration related to operating leases. Right-of-use assets and lease liabilities associated with operating leases were included in the accompanying Condensed Consolidated Balance Sheets as follows: June 30, December 31, (in thousands) Financial Statement Presentation 2024 2023 Right-of-use assets Prepaid expenses and other assets $ 7,387 $ 8,476 Lease liabilities Accounts payable and other liabilities 7,757 8,256 The Company’s right-of-use assets and lease liabilities primarily consist of a lease for the Company’s corporate office space, which expires in October 2033. The lease contains two five-year extension options, exercisable at the Company’s discretion, that are not reasonably certain to be exercised, and are therefore excluded from our calculation of the lease liability.

Acquisitions of Rental Property

Acquisitions of Rental Property	6 Months Ended
	Jun. 30, 2024
Business Combinations [Abstract]
Acquisitions of Rental Property	3. Acquisitions of Rental Property The Company closed on the following acquisitions during the six months ended June 30, 2024: (in thousands, except number of properties) Number of Real Estate Date Property Type Properties Acquisition Price April 4, 2024 Retail & Restaurant 8 $ 84,500 (a) April 18, 2024 Industrial & Retail 5 65,000 May 21, 2024 Retail 1 12,590 May 30, 2024 Industrial 5 31,493 June 6, 2024 Industrial 1 9,470 June 24, 2024 Retail 2 14,000 22 $ 217,053 (b) (a) In April 2024, the Company acquired $ 52.0 million of real estate assets. In June 2024, the Company contributed these assets in exchange for preferred equity in a consolidated VIE (see Note 2) . (b) Acquisition price excludes capitalized acquisition costs of $ 1.7 million. The Company closed on the following acquisitions during the six months ended June 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 (c) May 25, 2023 Industrial 1 9,952 5 $ 42,905 (d) (c) 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 16). (d) Acquisit ion price excludes capitalized acquisition costs of $ 2.8 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 Six Months Ended (in thousands) 2024 2023 Land $ 50,741 $ 2,461 Land improvements 10,121 2,694 Buildings and improvements 142,866 18,647 Property under development — 19,648 Acquired in-place leases (e) 17,956 2,400 Acquired above-market leases (f) 1,028 — Acquired below-market leases (g) ( 3,996 ) ( 166 ) $ 218,716 $ 45,684 (e) The weighted average amortization period for acquired in-place leases is 11 years and 15 years for acquisitions completed during the six months ended June 30, 2024 and 2023, respectively. (f) The weighted average amortization period for acquired above-market leases is six years for acquisitions completed during the six months ended June 30, 2024. There were no above-market leases acquired during the six months ended June 30, 2023. (g) The weighted average amortization period for acquired below-market leases is nine years and 20 years for acquisitions completed during the six months ended June 30, 2024 and 2023, respectively. 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 six months ended June 30, 2024 and 2023, qualified as asset acquisitions and as such, acquisition costs were capitalized.

Sale of Real Estate

Sale of Real Estate	6 Months Ended
	Jun. 30, 2024
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 Six Months Ended (in thousands, except number of properties) 2024 2023 2024 2023 Number of properties disposed 3 4 40 7 Aggregate sale price $ 24,350 $ 69,390 $ 276,102 $ 121,264 Aggregate carrying value ( 20,473 ) ( 38,381 ) ( 209,846 ) ( 85,376 ) Additional sales expenses ( 493 ) ( 1,547 ) ( 3,741 ) ( 3,011 ) Gain on sale of real estate $ 3,384 $ 29,462 $ 62,515 $ 32,877

Investment in Rental Property a

Investment in Rental Property and Lease Arrangements	6 Months Ended
	Jun. 30, 2024
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, restaurant, healthcare, retail, and office property types. At June 30, 2024 , the Company had 777 real estate properties, 764 of which were leased under leases that have been classified as operating leases , nine that have been classified as direct financing leases, one that has been classified as a sales-type lease, and three that were vacant. Of the nine leases classified as direct financing leases , three include land portions which are accounted for as operating leases. The sales-type lease includes a land portion which is accounted for as an operating lease. Most leases have initial terms of 10 to 20 years. The Company ’s leases generally provide for limited increases in rent as a result of fixed increases, increases in the Consumer Price Index (“CPI”), or increases in the tenant’s sales volume. Generally, tenants are also required to pay all property taxes and assessments, substantially maintain the interior and exterior of the building, and maintain property and liability insurance coverage. The leases also typically provide for one or more multiple-year renewal options, at the election of the tenant, and are subject to generally the same terms and conditions as the initial lease. Investment in Rental Property – Accounted for Using the Operating Method Depreciation expense on investment in rental property was as follows: For the Three Months Ended For the Six Months Ended (in thousands) 2024 2023 2024 2023 Depreciation $ 29,480 $ 30,989 $ 59,474 $ 62,146 Estimated lease payments to be received under non-cancelable operating leases with tenants at June 30, 2024 are as follows: (in thousands) Remainder of 2024 $ 194,506 2025 400,269 2026 398,481 2027 384,581 2028 368,069 Thereafter 3,075,488 $ 4,821,394 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) June 30, December 31, Undiscounted estimated lease payments to be received $ 33,569 $ 35,155 Estimated unguaranteed residual values 14,547 14,547 Unearned revenue ( 21,605 ) ( 22,944 ) Reserve for credit losses ( 98 ) ( 115 ) Net investment in direct financing leases $ 26,413 $ 26,643 Undiscounted estimated lease payments to be received under non-cancelable direct financing leases with tenants at June 30, 2024 are as follows: (in thousands) Remainder of 2024 $ 1,586 2025 3,285 2026 3,357 2027 3,426 2028 3,496 Thereafter 18,419 $ 33,569 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 in the Condensed Consolidated Statements of Income and Comprehensive Income: For the Three Months Ended For the Six Months Ended (in thousands) 2024 2023 2024 2023 Contractual rental amounts billed for operating leases $ 95,736 $ 96,456 $ 193,285 $ 194,558 Adjustment to recognize contractual operating lease billings 5,177 7,380 10,281 14,750 Net write-offs of accrued rental income — — ( 2,556 ) ( 105 ) Variable rental amounts earned 659 452 1,257 793 Earned income from direct financing leases 689 689 1,371 1,380 Interest income from sales-type leases 15 15 29 29 Operating expenses billed to tenants 4,651 4,594 9,756 9,669 Other income from real estate transactions 12 3 79 7,395 (a) Adjustment to revenue recognized for uncollectible rental ( 1,032 ) ( 236 ) ( 2,228 ) ( 124 ) Total lease revenues, net $ 105,907 $ 109,353 $ 211,274 $ 228,345 (a) The six months ended June 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, and Leasing Fees	6 Months Ended
	Jun. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Intangible Assets and Liabilities, and Leasing Fees	6. 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) June 30, December 31, Lease intangibles: Acquired above-market leases $ 41,237 $ 44,711 Less accumulated amortization ( 18,377 ) ( 20,312 ) Acquired above-market leases, net 22,860 24,399 Acquired in-place leases 415,062 416,206 Less accumulated amortization ( 155,374 ) ( 152,379 ) Acquired in-place leases, net 259,688 263,827 Total intangible lease assets, net $ 282,548 $ 288,226 Acquired below-market leases $ 99,650 $ 98,535 Less accumulated amortization ( 46,526 ) ( 45,004 ) Intangible lease liabilities, net $ 53,124 $ 53,531 Leasing fees $ 17,676 $ 18,117 Less accumulated amortization ( 6,399 ) ( 6,426 ) Leasing fees, net $ 11,277 $ 11,691 Amortization of intangible lease assets and liabilities, and leasing fees was as follows: (in thousands) For the Three Months Ended For the Six Months Ended Intangible Financial Statement Presentation 2024 2023 2024 2023 Acquired in-place leases and leasing fees Depreciation and amortization $ 7,840 $ 8,001 $ 15,536 $ 18,589 Above-market and below-market leases Lease revenues, net 1,096 1,088 2,117 3,782 There was no accelerated amortization for the three and six months ended June 30, 2024, respectively. There was no accelerated amortization for the three months ended June 30, 2023. For the six months ended June 30, 2023, amortization expense includes $ 0.9 million of accelerated amortization resulting from early lease terminations. Estimated future amortization of intangible assets and liabilities, and leasing fees at June 30, 2024 is as follows: (in thousands) Remainder of 2024 $ 13,401 2025 26,102 2026 25,050 2027 23,161 2028 20,888 Thereafter 132,099 $ 240,701

Unsecured Credit Agreements

Unsecured Credit Agreements	6 Months Ended
	Jun. 30, 2024
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) June 30, December 31, Interest Rate Maturity Date Unsecured revolving credit facility $ 79,096 $ 90,434 Applicable reference rate + 0.85 % (a) Mar. 2026 (c) Unsecured term loans: 2026 Unsecured Term Loan 400,000 400,000 one-month adjusted SOFR + 1.00 % (b) Feb. 2026 2027 Unsecured Term Loan 200,000 200,000 one-month adjusted SOFR + 0.95 % (b) Aug. 2027 2029 Unsecured Term Loan 300,000 300,000 one-month adjusted SOFR + 1.25 % (b) Aug. 2029 Total unsecured term loans 900,000 900,000 Unamortized debt issuance costs, net ( 3,426 ) ( 4,053 ) Total unsecured term loans, net 896,574 895,947 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 ( 4,313 ) ( 4,691 ) Total senior unsecured notes, net 845,687 845,309 Total unsecured debt, net $ 1,821,357 $ 1,831,690 (a) At June 30, 2024 and December 31, 2023 , a balance of $ 6.0 million and $ 15.0 million was subject to the one-month SOFR of 5.34 % and 5.35 %, respectively. The remaining balance of $ 100 million Canadian Dollar (“CAD”) borrowings remeasured to $ 73.1 million United States Dollar (”USD”) and $ 75.4 million USD, at June 30, 2024 and December 31, 2023, respectively, and was subject to the adjusted daily simple CORRA of 4.80 % at June 30, 2024 and one-month CDOR, of 5.46 % at December 31, 2023. Effective May 24, 2024, the $ 100 million CAD borrowings converted into an adjusted daily simple CORRA borrowing resulting from CDOR’s cessation in June 2024. (b) At June 30, 2024 and December 31, 2023 , one-month SOFR was 5.34 % and 5.35 %, respectively. (c) The Company’s unsecured revolving credit facility 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 June 30, 2024 , the weighted average interest rate on all outstanding borrowings was 5.30 % exclusive of interest rate swap agreements, and 3.73 % 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. As of June 30, 2024, 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. 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 Six Months Ended (in thousands) 2024 2023 2024 2023 Debt issuance costs and original issuance discount amortization $ 983 $ 986 $ 1,966 $ 1,972

Mortgages

Mortgages	6 Months Ended
	Jun. 30, 2024
Debt Disclosure [Abstract]
Mortgages	8. Mortgages The Company ’s mortgages consist of the following: Origination Maturity (in thousands, except interest rates) Date Date Interest June 30, December 31, Lender (Month/Year) (Month/Year) Rate 2024 2023 Wilmington Trust National Association Apr-19 Feb-28 4.92 % $ 43,531 $ 44,207 (a) (b) (c) (d) Wilmington Trust National Association Jun-18 Aug-25 4.36 % 18,506 18,725 (a) (b) (c) (d) PNC Bank Oct-16 Nov-26 3.62 % 16,018 16,241 (b) (c) Total mortgages 78,055 79,173 Debt issuance costs, net ( 85 ) ( 105 ) Mortgages, net $ 77,970 $ 79,068 (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 as part of the acquisition of the related property. The debt was recorded at fair value at the time of assumption. At June 30, 2024 , investment in rental property of $ 119.1 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 June 30, 2024 are as follows: (in thousands) Remainder of 2024 $ 1,143 2025 20,195 2026 495,939 2027 351,596 2028 263,278 Thereafter 775,000 $ 1,907,151 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	6 Months Ended
	Jun. 30, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Interest Rate Swaps	9. Interest Rate Swaps During the three months ended June 30, 2024, the Company entered into nine forward-starting interest rate swaps with various institutions for a total notional amount of $ 460.0 million in order to mitigate the impact of interest rate variability over the term of the Company’s current and expected debt obligations. These swap arrangements are effective during various periods between March and December 2025 and mature in 2030. The following is a summary of the Company ’s outstanding interest rate swap agreements: (in thousands, except interest rates) June 30, 2024 December 31, 2023 Counterparty Maturity Date Fixed Variable Rate Index (a) Notional Fair Notional Fair Effective Swaps: Wells Fargo Bank, N.A. October 2024 2.72 % daily compounded SOFR $ 15,000 $ 103 $ 15,000 $ 255 Capital One, National Association December 2024 1.58 % daily compounded SOFR 15,000 239 15,000 445 Bank of Montreal January 2025 1.91 % daily compounded SOFR 25,000 428 25,000 713 Truist Financial Corporation April 2025 2.20 % daily compounded SOFR 25,000 553 25,000 734 Bank of Montreal July 2025 2.32 % daily compounded SOFR 25,000 670 25,000 768 Truist Financial Corporation July 2025 1.99 % daily compounded SOFR 25,000 751 25,000 888 Truist Financial Corporation December 2025 2.30 % daily compounded SOFR 25,000 911 25,000 887 Bank of Montreal January 2026 1.92 % daily compounded SOFR 25,000 1,054 25,000 1,071 Bank of Montreal January 2026 2.05 % daily compounded SOFR 40,000 1,611 40,000 1,615 Capital One, National Association January 2026 2.08 % daily compounded SOFR 35,000 1,395 35,000 1,389 Truist Financial Corporation January 2026 1.93 % daily compounded SOFR 25,000 1,051 25,000 1,067 Capital One, National Association April 2026 2.68 % daily compounded SOFR 15,000 517 15,000 439 Capital One, National Association July 2026 1.32 % daily compounded SOFR 35,000 2,216 35,000 2,186 Bank of Montreal December 2026 2.33 % daily compounded SOFR 10,000 509 10,000 423 Bank of Montreal December 2026 1.99 % daily compounded SOFR 25,000 1,473 25,000 1,299 Toronto-Dominion Bank March 2027 2.46 % one-month CDOR 14,619 (b) 588 15,087 (b) 572 Wells Fargo Bank, N.A. April 2027 2.72 % daily compounded SOFR 25,000 1,102 25,000 806 Bank of Montreal December 2027 2.37 % daily compounded SOFR 25,000 1,557 25,000 1,215 Capital One, National Association December 2027 2.37 % daily compounded SOFR 25,000 1,550 25,000 1,197 Wells Fargo Bank, N.A. January 2028 2.37 % daily compounded SOFR 75,000 4,665 75,000 3,632 Bank of Montreal May 2029 2.09 % daily compounded SOFR 25,000 2,267 25,000 1,835 Regions Bank May 2029 2.11 % daily compounded SOFR 25,000 2,237 25,000 1,801 Regions Bank June 2029 2.03 % daily compounded SOFR 25,000 2,329 25,000 1,900 U.S. Bank National Association June 2029 2.03 % daily compounded SOFR 25,000 2,334 25,000 1,908 Regions Bank August 2029 2.58 % one-month SOFR 100,000 6,462 100,000 4,392 Toronto-Dominion Bank August 2029 2.58 % one-month SOFR 45,000 2,946 45,000 2,021 U.S. Bank National Association August 2029 2.65 % one-month SOFR 15,000 932 15,000 618 U.S. Bank National Association August 2029 2.58 % one-month SOFR 100,000 6,490 100,000 4,427 U.S. Bank National Association August 2029 1.35 % daily compounded SOFR 25,000 3,192 25,000 2,828 Regions Bank March 2032 2.69 % one-month CDOR 14,619 (b) 931 15,087 (b) 677 U.S. Bank National Association March 2032 2.70 % one-month CDOR 14,619 (b) 930 15,087 (b) 678 Bank of Montreal March 2034 2.81 % one-month CDOR 29,239 (c) 2,082 30,174 (c) 1,410 973,096 56,075 975,435 46,096 Forward Starting Swaps: (d) Bank of Montreal March 2030 3.80 % daily simple SOFR 80,000 — — — JPMorgan Chase Bank, N.A. March 2030 3.79 % daily simple SOFR 50,000 35 — — U.S. Bank National Association June 2030 3.73 % daily simple SOFR 70,000 76 — — Truist Financial Corporation June 2030 3.73 % daily simple SOFR 55,000 48 — — Manufacturers & Traders Trust Company September 2030 3.71 % daily simple SOFR 50,000 29 — — Regions Bank September 2030 3.69 % daily simple SOFR 15,000 13 — — Truist Financial Corporation September 2030 3.70 % daily simple SOFR 15,000 14 — — Toronto-Dominion Bank December 2030 3.66 % daily simple SOFR 70,000 101 — — Regions Bank December 2030 3.66 % daily simple SOFR 55,000 53 — — 460,000 369 — — Total Swaps $ 1,433,096 $ 56,444 $ 975,435 $ 46,096 (a) Effective July 1, 2024, the variable rate index for CDOR based swaps will convert to daily compounded CORRA concurrent with CDOR ’ s cessation. (b) The contractual notional amount is $ 20.0 million CAD. (c) The contractual notional amount is $ 40.0 million CAD. (d) Forward starting swaps have effective dates that are five years prior to each respective maturity date. At June 30, 2024 , the weighted average interest rate on all outstanding borrowings was 3.73 %, inclusive of a weighted average fixed rate on effective interest rate swaps of 2.28 % . 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 (Loss) 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 June 30, Income Location Gain Income 2024 $ ( 1,456 ) Interest expense $ 7,619 $ 17,757 2023 19,652 Interest expense 6,182 20,277 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 Six Months Ended June 30, Income Location Gain Income 2024 $ 10,348 Interest expense $ 15,167 $ 36,334 2023 1,753 Interest expense 11,179 41,416 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 $ 25.3 million.

Non-Controlling Interests

Non-Controlling Interests	6 Months Ended
	Jun. 30, 2024
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 Six Months Ended (in thousands) 2024 2023 2024 2023 OP Units exchanged for shares of common stock 32 25 127 921 Value of units exchanged $ 532 $ 398 $ 2,068 $ 15,295

Credit Risk Concentrations

Credit Risk Concentrations	6 Months Ended
	Jun. 30, 2024
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 six months ended June 30, 2024. 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 six months ended June 30, 2024 and 2023 , 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	6 Months Ended
	Jun. 30, 2024
Equity [Abstract]
Equity	12. Equity At-the-Market Program (“ATM Program”) In May 2024, the Company replaced its prior ATM Program with a new 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 Company’s 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. The Company was authorized to publicly offer and sell shares of common stock having an aggregate gross sales price of up to $ 400.0 million under the prior ATM Program, of which the Company sold shares of common stock having an aggregate gross sales price of $ 254.6 million. During the six months ended June 30, 2024, and June 30, 2023, no shares were issued under the applicable ATM Program and, as of June 30, 2024, the Company has $ 400.0 million of available capacity under the new ATM Program. Share Repurchase Program The Company has a stock repurchase program (the “Repurchase Program”), which authorizes the Company to repurchase up to $ 150.0 million of the Company’s common stock. On March 12, 2024, the Company’s Board of Directors re-authorized the Repurchase Program for a 12-month period beginning on March 14, 2024. Under the Repurchase Program, repurchases of the Company’s stock can be made in the open market or through private transactions from time to time over the 12-month period, depending on prevailing market conditions and compliance with 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 six months ended June 30, 2024 and 2023, no shares of the Company’s common stock were repurchased under the Repurchase Program.

Stock-Based Compensation

Stock-Based Compensation	6 Months Ended
	Jun. 30, 2024
Share-Based Payment Arrangement [Abstract]
Stock-Based Compensation	13. Stock-Based Compensation Restricted Stock Awards During the three and six months ended June 30, 2024, the Company awarded 55,064 and 833,007 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 six months ended June 30, 2023, the Company awarded 50,531 and 309,630 shares of RSAs, respectively, to officers, employees and non-employee directors under the Company ’ s equity incentive plan. The holder of RSAs is generally entitled at all times on and after the date of issuance of the restricted common shares to exercise the rights of a stockholder of the Company, including the right to vote the shares and the right to receive dividends on the shares. The RSAs vest over a one -, three -, four -, or five-year period from the date of the grant and are subject to the holder ’ s continued service through the applicable vesting dates and in accordance with the terms of the individual award agreements. The weighted average value of awards granted per share during the three and six months ended June 30, 2024, were $ 15.23 and $ 14.77 , respectively, which were based on the market price per share of the Company ’ s common stock on the grant dates. The weighted average value of awards granted per share during the three and six months ended June 30, 2023, were $ 16.33 and $ 17.52 , respectively. The following table presents information about the Company ’s RSAs: For the Three Months Ended For the Six Months Ended (in thousands) 2024 2023 2024 2023 Compensation cost $ 1,346 $ 932 $ 2,389 $ 2,660 Dividends declared on unvested RSAs 300 142 595 278 Fair value of shares vested during the period 762 520 3,969 3,384 As of June 30, 2024 , there was $ 14.4 million of unrecognized compensation costs related to the unvested restricted shares, which is expected to be recognized over a weighted average period of 3.6 years. The following table presents information about the Company ’s restricted stock activity: For the Three Months Ended June 30, 2024 2023 (in thousands, except per share amounts) Number of Shares Weighted Average Number of Shares Weighted Average Unvested at beginning of period 1,036 $ 15.57 495 $ 19.00 Granted 55 15.23 51 16.33 Vested ( 50 ) 16.33 ( 32 ) 20.22 Forfeited ( 5 ) 16.98 ( 6 ) 18.90 Unvested at end of period 1,036 15.51 508 18.65 For the Six Months Ended June 30, 2024 2023 (in thousands, except per share amounts) Number of Shares Weighted Average Number of Shares Weighted Average Unvested at beginning of period 492 $ 18.63 396 $ 20.36 Granted 833 14.77 310 17.52 Vested ( 259 ) 18.70 ( 192 ) 20.33 Forfeited ( 30 ) 18.68 ( 6 ) 18.90 Unvested at end of period 1,036 15.51 508 18.65 Performance-based Restricted Stock Units During the six months ended June 30, 2024, the Company issued target grants of 202,308 of performance-based restricted stock units (“PRSUs”), under the Company ’ s equity incentive plan to the officers of the Company. During the six months ended June 30, 2023, the Company issued target grants of 186,481 of PRSUs. During the three months ended June 30, 2024 and 2023, there were no PRSUs issued. 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. For PRSUs issued during the six months ended June 30, 2024 that achieve a percentile rank of at least the 55 th percentile, and the absolute rTSR of the Company is negative for the performance period, the awards will be reduced by 25 %, not to result in a reduction less than target. Dividends accrue during the measurement period and will be paid on the PRSUs ultimately earned at the end of the measurement period in either cash or common stock, at the discretion of the Compensation Committee of the Board of Directors. The grant date fair value of the PRSUs was measured using a Monte Carlo simulation model based on assumptions including share price volatility. The following table presents compensation cost recognized on the Company ’s performance-based restricted stock units: For the Three Months Ended For the Six Months Ended (in thousands) 2024 2023 2024 2023 Compensation cost $ 727 $ 607 $ 1,159 $ 758 As of June 30, 2024 , there was $ 5.4 million of unrecognized compensation costs related to the unvested PRSUs, which is expected to be recognized over a weighted average period of 2.1 years. The following table presents information about the Company ’s performance-based restricted stock unit activity: For the Three Months Ended June 30, 2024 2023 (in thousands, except per share amounts) Number of Shares Weighted Average Number of Shares Weighted Average Unvested at beginning of period 446 $ 20.89 358 $ 25.01 Granted — — — — Vested — — — — Forfeited — — — — Unvested at end of period 446 20.89 358 25.01 For the Six Months Ended June 30, 2024 2023 (in thousands, except per share amounts) Number of Shares Weighted Average Number of Shares Weighted Average Unvested at beginning of period 351 $ 24.90 233 $ 26.27 Granted 202 15.84 186 23.78 Vested ( 88 ) 24.40 — — Forfeited ( 19 ) 25.09 ( 61 ) 26.80 Unvested at end of period 446 20.89 358 25.01

Earnings per Share

Earnings per Share	6 Months Ended
	Jun. 30, 2024
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 Six Months Ended (in thousands, except per share amounts) 2024 2023 2024 2023 Basic earnings: Net earnings attributable to Broadstone Net Lease, Inc. common $ 35,329 $ 60,014 $ 100,443 $ 99,318 Less: earnings allocated to unvested restricted shares ( 300 ) ( 162 ) ( 595 ) ( 278 ) Net earnings used to compute basic earnings per common share $ 35,029 $ 59,852 $ 99,848 $ 99,040 Diluted earnings: Net earnings used to compute basic earnings per common share $ 35,029 $ 59,852 $ 99,848 $ 99,040 Add: net earnings attributable to OP unit holders 1,608 2,982 4,671 5,052 Add: undistributed earnings allocated to unvested restricted shares — 21 — — Less: undistributed earnings reallocated to unvested restricted shares — ( 20 ) — — Net earnings used to compute diluted earnings per common share $ 36,637 $ 62,835 $ 104,519 $ 104,092 Weighted average number of common shares outstanding 188,470 187,237 188,211 186,901 Less: weighted average unvested restricted shares (a) ( 1,034 ) ( 504 ) ( 848 ) ( 468 ) Weighted average number of common shares outstanding used in 187,436 186,733 187,363 186,433 Add: effects of restricted stock units (b) 205 191 180 151 Add: effects of convertible OP units (c) 8,829 9,304 8,836 9,564 Weighted average number of common shares outstanding used in 196,470 196,228 196,379 196,148 Basic earnings per share $ 0.19 $ 0.32 $ 0.53 $ 0.53 Diluted earnings per share $ 0.19 $ 0.32 $ 0.53 $ 0.53 (a) Represents the weighted average effects of 1,035,110 and 506,671 unvested restricted shares of common stock as of June 30, 2024 and 2023, 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 8,800,636 and 9,284,245 OP Units outstanding at June 30, 2024 and 2023 , respectively.

Supplemental Cash Flow Disclosu

Supplemental Cash Flow Disclosures	6 Months Ended
	Jun. 30, 2024
Supplemental Cash Flow Elements [Abstract]
Supplemental Cash Flow Disclosures	15. Supplemental Cash Flow Disclosures Cash paid for interest was $ 28.4 million and $ 39.7 million for the six months ended June 30, 2024 and 2023 , respectively. Cash paid for income taxes was $ 0.8 million and $ 1.0 million for the six months ended June 30, 2024 and 2023, respectively. The following are non-cash transactions and have been excluded from the accompanying Condensed Consolidated Statements of Cash Flows: • During the six months ended June 30, 2024 , the Company converted 127,100 OP Units valued at $ 2.1 million to 127,100 shares of common stock. During the six months ended June 30, 2023 , the Company converted 920,561 OP Units valued at $ 15.3 million to 920,561 shares of common stock. • At June 30, 2024 and 2023 , dividend amounts declared and accrued but not yet paid amounted to $ 58.0 million and $ 55.6 million, respectively.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2024
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 June 30, 2024, the Company has a commitment to fund one build-to-suit transaction with a remaining obligation of $ 43.5 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 October 15, 2024. 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 entered into 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 are not probable. Therefore, there is no impact to the Condensed Consolidated Financial Statements. Based on values as of June 30, 2024 , 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.

Subsequent Events

Subsequent Events	6 Months Ended
	Jun. 30, 2024
Subsequent Events [Abstract]
Subsequent Events	17. Subsequent Events On July 15, 2024, the Company paid distributions totaling $ 57.2 million. On July 25, 2024, the Board of Directors declared a quarterly distribution of $ 0.29 per share on the Company ’ s common stock and OP Units for the third quarter of 2024, which will be payable on or before October 15, 2024 to stockholders and OP unitholders of record as of September 30, 2024 . Subsequent to June 30, 2024, the Company paid down $ 6.0 million, and 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 June 30, 2024, the Company sold a portfolio of five healthcare properties with an aggregate carrying value of approximately $ 27.9 million for total proceeds of $ 30.8 million. The Company incurred additional expenses related to the sales of approximately $ 0.4 million, resulting in a gain on sale of real estate of approximately $ 2.5 million.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2024
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, 2023, included in the Company’s 2023 Annual Report on Form 10-K, filed with the SEC on February 22, 2024. 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. When the Company obtains an economic interest in an entity, the Company evaluates the entity to determine if it should be deemed a variable interest entity (“VIE”) and, if so, whether the Company is the primary beneficiary and is therefore required to consolidate the entity. The accounting guidance for consolidation of VIEs is applied to certain entities in which the equity investors do not have the characteristics of a controlling financial interest or do not have sufficient equity at risk for the entity to finance its activities without additional subordinated financial support from other parties. Certain decision-making rights within a loan or joint-venture agreement may cause us to consider an entity a VIE. The contractual arrangements in a partnership agreement or other related contracts are reviewed to determine whether the entity is a VIE, and if the Company has variable interests in the VIE. The Company’s variable interests are then compared to those of the other variable interest holders to determine which party is the primary beneficiary of the VIE. A primary beneficiary: (i) has the power to direct the activities that most significantly impact the economic performance of the VIE and (ii) has the obligation to absorb losses or the right to receive benefits of the VIE that could potentially be significant to the VIE. The Company reassesses the initial evaluation of whether an entity is a VIE when certain events occur, and reassesses the primary beneficiary determination of a VIE on an ongoing basis based on current facts and circumstances. To the extent the Company has a variable interest in entities that are not evaluated under the VIE model, the Company 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. In June 2024, the Company invested $ 52.2 million in exchange for 98.1 % ownership interest in a VIE. The Company is the primary beneficiary as it: (i) has the power to direct the activities that significantly impact the economic performance of the VIE, and (ii) has the obligation to absorb losses and the right to receive benefits of the VIE, and therefore consolidates the VIE. The following table presents a summary of selected financial data of the consolidated VIE included in the Condensed Consolidated Balance Sheets : (in thousands) June 30, Assets Accounted for using the operating method: Land $ 7,644 Land improvements 2,508 Buildings and improvements 38,648 Total accounted for using the operating method 48,800 Less accumulated depreciation ( 240 ) Accounted for using the operating method, net 48,560 Intangible lease assets, net 3,926 Other assets 1,831 Total assets $ 54,317 Liabilities Intangible lease liabilities, net $ 555 Other liabilities 1,485 Total liabilities $ 2,040 From time to time, the Company acquires properties using a reverse like-kind exchange structure pursuant to Section 1031 of the Internal Revenue Code (a “reverse 1031 exchange”) and, as such, the properties are in the possession of an Exchange Accommodation Titleholder (“EAT”) until the reverse 1031 exchange is completed. The EAT is classified as a VIE as it is a “thinly capitalized” entity. The Company consolidates the EAT because it is the primary beneficiary as it has the ability to control the activities that most significantly impact the EAT's economic performance and can collapse the 1031 exchange structure at its discretion. The assets of the EAT primarily consist of leased property (net real estate investment in rental property and lease intangibles). The portions of a consolidated entity not owned by the Company are 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. Accordingly, actual results may differ from those estimates.
Investment in Property Under Development	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 in 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. The following tables summarize the Company’s investments in property under development: (in thousands) June 30, December 31, Development, construction and improvement costs $ 160,950 $ 93,501 Capitalized interest 4,064 1,463 Property under development $ 165,014 $ 94,964 For the Three Months Ended For the Six Months Ended (in thousands) 2024 2023 2024 2023 Investment in properties under development, $ 30,591 $ 37,182 $ 67,450 $ 37,182
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 June 30, 2024 and 2023 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 and information obtained from brokers and other third party sources. The Company determines the valuation of impaired assets using generally accepted valuation techniques including discounted cash flow analysis, income capitalization, analysis of recent comparable sales transactions, actual sales negotiations, and bona fide purchase offers received from third parties. Management may consider a single valuation technique or multiple valuation techniques, as appropriate, when estimating the fair value of its real estate. The following table summarizes the Company ’s impairment charges: For the Three Months Ended For the Six Months Ended (in thousands, except number of properties) 2024 2023 2024 2023 Number of properties 2 — 14 1 Impairment charge $ 3,852 $ — $ 30,252 $ 1,473 During the three and six months ended June 30, 2024, the Company recognized impairment of of $ 3.9 million and $ 30.3 million, respectively, resulting from changes in the Company’s long-term hold strategy with respect to the individual properties. The impairments primarily include $ 18.1 million on two healthcare properties and $ 11.2 million on 11 healthcare properties sold as part of a portfolio with a gain of $ 59.1 million, excluding any impairment, and were based on actual and expected sales prices of the individual properties.
Restricted Cash	Restricted Cash Restricted cash generally includes escrow funds the Company maintains pursuant to the terms of certain mortgages, lease agreements, and undistributed proceeds from the sale of properties under Section 1031 of the Internal Revenue Code of 1986, as amended (the “Code”), and is reported within Prepaid expenses and other assets in the Condensed Consolidated Balance Sheets. Restricted cash consisted of the following: June 30, December 31, (in thousands) 2024 2023 Escrow funds and other $ 1,614 $ 1,138 1031 exchange proceeds — — $ 1,614 $ 1,138
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 in the Condensed Consolidated Balance Sheets. Rent received in advance consisted of the following: (in thousands) June 30, December 31, Rent received in advance $ 14,292 $ 14,776
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): June 30, 2024 (in thousands) Total Level 1 Level 2 Level 3 Interest rate swap, assets $ 56,444 $ — $ 56,444 $ — December 31, 2023 (in thousands) Total Level 1 Level 2 Level 3 Interest rate swap, assets $ 46,096 $ — $ 46,096 $ — 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 comparable financing transactions, recent market risk premiums for loans of comparable quality, applicable Secured Overnight Financing Rate (“SOFR”), Canadian Dollar Offered Rate (“CDOR”), Canadian Overnight Repo Rate Average (“CORRA”), 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 in 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) June 30, December 31, Carrying amount $ 1,907,151 $ 1,919,607 Fair value 1,751,768 1,761,177 Non-recurring Fair Value Measurements The Company’s non-recurring fair value measurements at June 30, 2024 and December 31, 2023 consisted of the fair value of impaired real estate assets that were determined using Level 3 inputs.
Right-of-Use Assets and Lease Liabilities	Right-of-Use Assets and Lease Liabilities The Company is a lessee under non-cancelable operating leases associated with its corporate headquarters and other office spaces as well as with leases of land (“ground leases”). The Company records right-of-use assets and lease liabilities associated with these leases. The lease liability is equal to the net present value of the future payments to be made under the lease, discounted using estimates based on observable market factors. The right-of-use asset is generally equal to the lease liability plus initial direct costs associated with the leases. The Company includes in the recognition of the right-of-use asset and lease liability those renewal periods that are reasonably certain to be exercised, based on the facts and circumstances that exist at lease inception. Amounts associated with percentage rent provisions are considered variable lease costs and are not included in the initial measurement of the right-of-use asset or lease liability. The Company has made an accounting policy election, applicable to all asset types, not to separate lease from nonlease components when allocating contract consideration related to operating leases. Right-of-use assets and lease liabilities associated with operating leases were included in the accompanying Condensed Consolidated Balance Sheets as follows: June 30, December 31, (in thousands) Financial Statement Presentation 2024 2023 Right-of-use assets Prepaid expenses and other assets $ 7,387 $ 8,476 Lease liabilities Accounts payable and other liabilities 7,757 8,256 The Company’s right-of-use assets and lease liabilities primarily consist of a lease for the Company’s corporate office space, which expires in October 2033. The lease contains two five-year extension options, exercisable at the Company’s discretion, that are not reasonably certain to be exercised, and are therefore excluded from our calculation of the lease liability.

Business Description (Tables)

Business Description (Tables)	3 Months Ended
	Mar. 31, 2024
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: June 30, 2024 December 31, 2023 (in thousands) Shares of OP Units Total Diluted Shares of OP Units Total Diluted Ownership interest 188,517 8,801 197,318 187,614 8,928 196,542 Percent ownership of OP 95.5 % 4.5 % 100.0 % 95.5 % 4.5 % 100.0 %

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	6 Months Ended
	Jun. 30, 2024
Accounting Policies [Abstract]
Schedule of Condensed Consolidated Balance Sheets	The following table presents a summary of selected financial data of the consolidated VIE included in the Condensed Consolidated Balance Sheets : (in thousands) June 30, Assets Accounted for using the operating method: Land $ 7,644 Land improvements 2,508 Buildings and improvements 38,648 Total accounted for using the operating method 48,800 Less accumulated depreciation ( 240 ) Accounted for using the operating method, net 48,560 Intangible lease assets, net 3,926 Other assets 1,831 Total assets $ 54,317 Liabilities Intangible lease liabilities, net $ 555 Other liabilities 1,485 Total liabilities $ 2,040
Schedule of Investments in Property Under Development	The following tables summarize the Company’s investments in property under development: (in thousands) June 30, December 31, Development, construction and improvement costs $ 160,950 $ 93,501 Capitalized interest 4,064 1,463 Property under development $ 165,014 $ 94,964 For the Three Months Ended For the Six Months Ended (in thousands) 2024 2023 2024 2023 Investment in properties under development, $ 30,591 $ 37,182 $ 67,450 $ 37,182
Summary of Impairment Charge	The following table summarizes the Company ’s impairment charges: For the Three Months Ended For the Six Months Ended (in thousands, except number of properties) 2024 2023 2024 2023 Number of properties 2 — 14 1 Impairment charge $ 3,852 $ — $ 30,252 $ 1,473
Summary of Restricted Cash	Restricted cash consisted of the following: June 30, December 31, (in thousands) 2024 2023 Escrow funds and other $ 1,614 $ 1,138 1031 exchange proceeds — — $ 1,614 $ 1,138
Summary of Rents Received in Advance	Rent received in advance consisted of the following: (in thousands) June 30, December 31, Rent received in advance $ 14,292 $ 14,776
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): June 30, 2024 (in thousands) Total Level 1 Level 2 Level 3 Interest rate swap, assets $ 56,444 $ — $ 56,444 $ — December 31, 2023 (in thousands) Total Level 1 Level 2 Level 3 Interest rate swap, assets $ 46,096 $ — $ 46,096 $ —
Summary of Carrying Amount Reported on Condensed Consolidated Balance Sheets	The following table summarizes the carrying amount reported in 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) June 30, December 31, Carrying amount $ 1,907,151 $ 1,919,607 Fair value 1,751,768 1,761,177
Summary of Right-of-Use Assets And Lease Liabilities Associated With Operating Leases Included In Condensed Consolidated Balance Sheets	Right-of-use assets and lease liabilities associated with operating leases were included in the accompanying Condensed Consolidated Balance Sheets as follows: June 30, December 31, (in thousands) Financial Statement Presentation 2024 2023 Right-of-use assets Prepaid expenses and other assets $ 7,387 $ 8,476 Lease liabilities Accounts payable and other liabilities 7,757 8,256

Acquisitions of Rental Proper_2

Acquisitions of Rental Property (Tables)	6 Months Ended
	Jun. 30, 2024
Business Combinations [Abstract]
Acquisitions of Rental Property Closed	The Company closed on the following acquisitions during the six months ended June 30, 2024: (in thousands, except number of properties) Number of Real Estate Date Property Type Properties Acquisition Price April 4, 2024 Retail & Restaurant 8 $ 84,500 (a) April 18, 2024 Industrial & Retail 5 65,000 May 21, 2024 Retail 1 12,590 May 30, 2024 Industrial 5 31,493 June 6, 2024 Industrial 1 9,470 June 24, 2024 Retail 2 14,000 22 $ 217,053 (b) (a) In April 2024, the Company acquired $ 52.0 million of real estate assets. In June 2024, the Company contributed these assets in exchange for preferred equity in a consolidated VIE (see Note 2) . (b) Acquisition price excludes capitalized acquisition costs of $ 1.7 million. The Company closed on the following acquisitions during the six months ended June 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 (c) May 25, 2023 Industrial 1 9,952 5 $ 42,905 (d) (c) 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 16). Acquisit ion price excludes capitalized acquisition costs of $ 2.8 million
Summary of Allocation of Purchase Price	The Company allocated the purchase price of these properties to the fair value of the assets acquired and liabilities assumed. The following table summarizes the purchase price allocation for completed real estate acquisitions: For the Six Months Ended (in thousands) 2024 2023 Land $ 50,741 $ 2,461 Land improvements 10,121 2,694 Buildings and improvements 142,866 18,647 Property under development — 19,648 Acquired in-place leases (e) 17,956 2,400 Acquired above-market leases (f) 1,028 — Acquired below-market leases (g) ( 3,996 ) ( 166 ) $ 218,716 $ 45,684 (e) The weighted average amortization period for acquired in-place leases is 11 years and 15 years for acquisitions completed during the six months ended June 30, 2024 and 2023, respectively. (f) The weighted average amortization period for acquired above-market leases is six years for acquisitions completed during the six months ended June 30, 2024. There were no above-market leases acquired during the six months ended June 30, 2023. (g) The weighted average amortization period for acquired below-market leases is nine years and 20 years for acquisitions completed during the six months ended June 30, 2024 and 2023, respectively.

Sale of Real Estate (Tables)

Sale of Real Estate (Tables)	6 Months Ended
	Jun. 30, 2024
Real Estate [Abstract]
Schedule of Sale of Real Estate	The Company closed on the following sales of real estate, none of which qualified as discontinued operations: For the Three Months Ended For the Six Months Ended (in thousands, except number of properties) 2024 2023 2024 2023 Number of properties disposed 3 4 40 7 Aggregate sale price $ 24,350 $ 69,390 $ 276,102 $ 121,264 Aggregate carrying value ( 20,473 ) ( 38,381 ) ( 209,846 ) ( 85,376 ) Additional sales expenses ( 493 ) ( 1,547 ) ( 3,741 ) ( 3,011 ) Gain on sale of real estate $ 3,384 $ 29,462 $ 62,515 $ 32,877

Investment in Rental Property_2

Investment in Rental Property and Lease Arrangements (Tables)	6 Months Ended
	Jun. 30, 2024
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 Six Months Ended (in thousands) 2024 2023 2024 2023 Depreciation $ 29,480 $ 30,989 $ 59,474 $ 62,146
Estimated Lease Payments to be Received under Non-cancelable Operating Leases	Estimated lease payments to be received under non-cancelable operating leases with tenants at June 30, 2024 are as follows: (in thousands) Remainder of 2024 $ 194,506 2025 400,269 2026 398,481 2027 384,581 2028 368,069 Thereafter 3,075,488 $ 4,821,394
Net Investment in Direct Financing Leases	The Company ’s net investment in direct financing leases was comprised of the following: (in thousands) June 30, December 31, Undiscounted estimated lease payments to be received $ 33,569 $ 35,155 Estimated unguaranteed residual values 14,547 14,547 Unearned revenue ( 21,605 ) ( 22,944 ) Reserve for credit losses ( 98 ) ( 115 ) Net investment in direct financing leases $ 26,413 $ 26,643
Direct Financing Leases, Lease Receivable Maturity	Undiscounted estimated lease payments to be received under non-cancelable direct financing leases with tenants at June 30, 2024 are as follows: (in thousands) Remainder of 2024 $ 1,586 2025 3,285 2026 3,357 2027 3,426 2028 3,496 Thereafter 18,419 $ 33,569
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 in the Condensed Consolidated Statements of Income and Comprehensive Income: For the Three Months Ended For the Six Months Ended (in thousands) 2024 2023 2024 2023 Contractual rental amounts billed for operating leases $ 95,736 $ 96,456 $ 193,285 $ 194,558 Adjustment to recognize contractual operating lease billings 5,177 7,380 10,281 14,750 Net write-offs of accrued rental income — — ( 2,556 ) ( 105 ) Variable rental amounts earned 659 452 1,257 793 Earned income from direct financing leases 689 689 1,371 1,380 Interest income from sales-type leases 15 15 29 29 Operating expenses billed to tenants 4,651 4,594 9,756 9,669 Other income from real estate transactions 12 3 79 7,395 (a) Adjustment to revenue recognized for uncollectible rental ( 1,032 ) ( 236 ) ( 2,228 ) ( 124 ) Total lease revenues, net $ 105,907 $ 109,353 $ 211,274 $ 228,345 (a) The six months ended June 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, and Leasing Fees (Tables)	6 Months Ended
	Jun. 30, 2024
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) June 30, December 31, Lease intangibles: Acquired above-market leases $ 41,237 $ 44,711 Less accumulated amortization ( 18,377 ) ( 20,312 ) Acquired above-market leases, net 22,860 24,399 Acquired in-place leases 415,062 416,206 Less accumulated amortization ( 155,374 ) ( 152,379 ) Acquired in-place leases, net 259,688 263,827 Total intangible lease assets, net $ 282,548 $ 288,226 Acquired below-market leases $ 99,650 $ 98,535 Less accumulated amortization ( 46,526 ) ( 45,004 ) Intangible lease liabilities, net $ 53,124 $ 53,531 Leasing fees $ 17,676 $ 18,117 Less accumulated amortization ( 6,399 ) ( 6,426 ) Leasing fees, net $ 11,277 $ 11,691
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 Six Months Ended Intangible Financial Statement Presentation 2024 2023 2024 2023 Acquired in-place leases and leasing fees Depreciation and amortization $ 7,840 $ 8,001 $ 15,536 $ 18,589 Above-market and below-market leases Lease revenues, net 1,096 1,088 2,117 3,782
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense	Estimated future amortization of intangible assets and liabilities, and leasing fees at June 30, 2024 is as follows: (in thousands) Remainder of 2024 $ 13,401 2025 26,102 2026 25,050 2027 23,161 2028 20,888 Thereafter 132,099 $ 240,701

Unsecured Credit Agreements (Ta

Unsecured Credit Agreements (Tables)	6 Months Ended
	Jun. 30, 2024
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 Six Months Ended (in thousands) 2024 2023 2024 2023 Debt issuance costs and original issuance discount amortization $ 983 $ 986 $ 1,966 $ 1,972
Unsecured Debt
Debt Instrument [Line Items]
Summary of Unsecured Credit Agreements	The following table summarizes the Company ’s unsecured credit agreements: Outstanding Balance (in thousands, except interest rates) June 30, December 31, Interest Rate Maturity Date Unsecured revolving credit facility $ 79,096 $ 90,434 Applicable reference rate + 0.85 % (a) Mar. 2026 (c) Unsecured term loans: 2026 Unsecured Term Loan 400,000 400,000 one-month adjusted SOFR + 1.00 % (b) Feb. 2026 2027 Unsecured Term Loan 200,000 200,000 one-month adjusted SOFR + 0.95 % (b) Aug. 2027 2029 Unsecured Term Loan 300,000 300,000 one-month adjusted SOFR + 1.25 % (b) Aug. 2029 Total unsecured term loans 900,000 900,000 Unamortized debt issuance costs, net ( 3,426 ) ( 4,053 ) Total unsecured term loans, net 896,574 895,947 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 ( 4,313 ) ( 4,691 ) Total senior unsecured notes, net 845,687 845,309 Total unsecured debt, net $ 1,821,357 $ 1,831,690 (a) At June 30, 2024 and December 31, 2023 , a balance of $ 6.0 million and $ 15.0 million was subject to the one-month SOFR of 5.34 % and 5.35 %, respectively. The remaining balance of $ 100 million Canadian Dollar (“CAD”) borrowings remeasured to $ 73.1 million United States Dollar (”USD”) and $ 75.4 million USD, at June 30, 2024 and December 31, 2023, respectively, and was subject to the adjusted daily simple CORRA of 4.80 % at June 30, 2024 and one-month CDOR, of 5.46 % at December 31, 2023. Effective May 24, 2024, the $ 100 million CAD borrowings converted into an adjusted daily simple CORRA borrowing resulting from CDOR’s cessation in June 2024. (b) At June 30, 2024 and December 31, 2023 , one-month SOFR was 5.34 % and 5.35 %, respectively. (c) The Company’s unsecured revolving credit facility 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)	6 Months Ended
	Jun. 30, 2024
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 June 30, 2024 are as follows: (in thousands) Remainder of 2024 $ 1,143 2025 20,195 2026 495,939 2027 351,596 2028 263,278 Thereafter 775,000 $ 1,907,151
Secured Debt
Debt Instrument [Line Items]
Summary of Unsecured Credit Agreements	The Company ’s mortgages consist of the following: Origination Maturity (in thousands, except interest rates) Date Date Interest June 30, December 31, Lender (Month/Year) (Month/Year) Rate 2024 2023 Wilmington Trust National Association Apr-19 Feb-28 4.92 % $ 43,531 $ 44,207 (a) (b) (c) (d) Wilmington Trust National Association Jun-18 Aug-25 4.36 % 18,506 18,725 (a) (b) (c) (d) PNC Bank Oct-16 Nov-26 3.62 % 16,018 16,241 (b) (c) Total mortgages 78,055 79,173 Debt issuance costs, net ( 85 ) ( 105 ) Mortgages, net $ 77,970 $ 79,068 (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 as part of the acquisition of the related property. The debt was recorded at fair value at the time of assumption.

Interest Rate Swaps (Tables)

Interest Rate Swaps (Tables)	6 Months Ended
	Jun. 30, 2024
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) June 30, 2024 December 31, 2023 Counterparty Maturity Date Fixed Variable Rate Index (a) Notional Fair Notional Fair Effective Swaps: Wells Fargo Bank, N.A. October 2024 2.72 % daily compounded SOFR $ 15,000 $ 103 $ 15,000 $ 255 Capital One, National Association December 2024 1.58 % daily compounded SOFR 15,000 239 15,000 445 Bank of Montreal January 2025 1.91 % daily compounded SOFR 25,000 428 25,000 713 Truist Financial Corporation April 2025 2.20 % daily compounded SOFR 25,000 553 25,000 734 Bank of Montreal July 2025 2.32 % daily compounded SOFR 25,000 670 25,000 768 Truist Financial Corporation July 2025 1.99 % daily compounded SOFR 25,000 751 25,000 888 Truist Financial Corporation December 2025 2.30 % daily compounded SOFR 25,000 911 25,000 887 Bank of Montreal January 2026 1.92 % daily compounded SOFR 25,000 1,054 25,000 1,071 Bank of Montreal January 2026 2.05 % daily compounded SOFR 40,000 1,611 40,000 1,615 Capital One, National Association January 2026 2.08 % daily compounded SOFR 35,000 1,395 35,000 1,389 Truist Financial Corporation January 2026 1.93 % daily compounded SOFR 25,000 1,051 25,000 1,067 Capital One, National Association April 2026 2.68 % daily compounded SOFR 15,000 517 15,000 439 Capital One, National Association July 2026 1.32 % daily compounded SOFR 35,000 2,216 35,000 2,186 Bank of Montreal December 2026 2.33 % daily compounded SOFR 10,000 509 10,000 423 Bank of Montreal December 2026 1.99 % daily compounded SOFR 25,000 1,473 25,000 1,299 Toronto-Dominion Bank March 2027 2.46 % one-month CDOR 14,619 (b) 588 15,087 (b) 572 Wells Fargo Bank, N.A. April 2027 2.72 % daily compounded SOFR 25,000 1,102 25,000 806 Bank of Montreal December 2027 2.37 % daily compounded SOFR 25,000 1,557 25,000 1,215 Capital One, National Association December 2027 2.37 % daily compounded SOFR 25,000 1,550 25,000 1,197 Wells Fargo Bank, N.A. January 2028 2.37 % daily compounded SOFR 75,000 4,665 75,000 3,632 Bank of Montreal May 2029 2.09 % daily compounded SOFR 25,000 2,267 25,000 1,835 Regions Bank May 2029 2.11 % daily compounded SOFR 25,000 2,237 25,000 1,801 Regions Bank June 2029 2.03 % daily compounded SOFR 25,000 2,329 25,000 1,900 U.S. Bank National Association June 2029 2.03 % daily compounded SOFR 25,000 2,334 25,000 1,908 Regions Bank August 2029 2.58 % one-month SOFR 100,000 6,462 100,000 4,392 Toronto-Dominion Bank August 2029 2.58 % one-month SOFR 45,000 2,946 45,000 2,021 U.S. Bank National Association August 2029 2.65 % one-month SOFR 15,000 932 15,000 618 U.S. Bank National Association August 2029 2.58 % one-month SOFR 100,000 6,490 100,000 4,427 U.S. Bank National Association August 2029 1.35 % daily compounded SOFR 25,000 3,192 25,000 2,828 Regions Bank March 2032 2.69 % one-month CDOR 14,619 (b) 931 15,087 (b) 677 U.S. Bank National Association March 2032 2.70 % one-month CDOR 14,619 (b) 930 15,087 (b) 678 Bank of Montreal March 2034 2.81 % one-month CDOR 29,239 (c) 2,082 30,174 (c) 1,410 973,096 56,075 975,435 46,096 Forward Starting Swaps: (d) Bank of Montreal March 2030 3.80 % daily simple SOFR 80,000 — — — JPMorgan Chase Bank, N.A. March 2030 3.79 % daily simple SOFR 50,000 35 — — U.S. Bank National Association June 2030 3.73 % daily simple SOFR 70,000 76 — — Truist Financial Corporation June 2030 3.73 % daily simple SOFR 55,000 48 — — Manufacturers & Traders Trust Company September 2030 3.71 % daily simple SOFR 50,000 29 — — Regions Bank September 2030 3.69 % daily simple SOFR 15,000 13 — — Truist Financial Corporation September 2030 3.70 % daily simple SOFR 15,000 14 — — Toronto-Dominion Bank December 2030 3.66 % daily simple SOFR 70,000 101 — — Regions Bank December 2030 3.66 % daily simple SOFR 55,000 53 — — 460,000 369 — — Total Swaps $ 1,433,096 $ 56,444 $ 975,435 $ 46,096 (a) Effective July 1, 2024, the variable rate index for CDOR based swaps will convert to daily compounded CORRA concurrent with CDOR ’ s cessation. (b) The contractual notional amount is $ 20.0 million CAD. (c) The contractual notional amount is $ 40.0 million CAD. (d) Forward starting swaps have effective dates that are five years prior to each respective maturity date.
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 (Loss) 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 June 30, Income Location Gain Income 2024 $ ( 1,456 ) Interest expense $ 7,619 $ 17,757 2023 19,652 Interest expense 6,182 20,277 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 Six Months Ended June 30, Income Location Gain Income 2024 $ 10,348 Interest expense $ 15,167 $ 36,334 2023 1,753 Interest expense 11,179 41,416

Non-Controlling Interests (Tabl

Non-Controlling Interests (Tables)	6 Months Ended
	Jun. 30, 2024
Noncontrolling Interest [Abstract]
Schedule of OP Units Exchanged for Shares of Common Stock	The following table summarizes OP Units exchanged for shares of common stock: For the Three Months Ended For the Six Months Ended (in thousands) 2024 2023 2024 2023 OP Units exchanged for shares of common stock 32 25 127 921 Value of units exchanged $ 532 $ 398 $ 2,068 $ 15,295

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	6 Months Ended
	Jun. 30, 2024
Restricted Stock Awards
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Summary of Restricted Stock	The following table presents information about the Company ’s RSAs: For the Three Months Ended For the Six Months Ended (in thousands) 2024 2023 2024 2023 Compensation cost $ 1,346 $ 932 $ 2,389 $ 2,660 Dividends declared on unvested RSAs 300 142 595 278 Fair value of shares vested during the period 762 520 3,969 3,384
Summary of Restricted Stock Activity	The following table presents information about the Company ’s restricted stock activity: For the Three Months Ended June 30, 2024 2023 (in thousands, except per share amounts) Number of Shares Weighted Average Number of Shares Weighted Average Unvested at beginning of period 1,036 $ 15.57 495 $ 19.00 Granted 55 15.23 51 16.33 Vested ( 50 ) 16.33 ( 32 ) 20.22 Forfeited ( 5 ) 16.98 ( 6 ) 18.90 Unvested at end of period 1,036 15.51 508 18.65 For the Six Months Ended June 30, 2024 2023 (in thousands, except per share amounts) Number of Shares Weighted Average Number of Shares Weighted Average Unvested at beginning of period 492 $ 18.63 396 $ 20.36 Granted 833 14.77 310 17.52 Vested ( 259 ) 18.70 ( 192 ) 20.33 Forfeited ( 30 ) 18.68 ( 6 ) 18.90 Unvested at end of period 1,036 15.51 508 18.65
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 performance-based restricted stock units: For the Three Months Ended For the Six Months Ended (in thousands) 2024 2023 2024 2023 Compensation cost $ 727 $ 607 $ 1,159 $ 758
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 June 30, 2024 2023 (in thousands, except per share amounts) Number of Shares Weighted Average Number of Shares Weighted Average Unvested at beginning of period 446 $ 20.89 358 $ 25.01 Granted — — — — Vested — — — — Forfeited — — — — Unvested at end of period 446 20.89 358 25.01 For the Six Months Ended June 30, 2024 2023 (in thousands, except per share amounts) Number of Shares Weighted Average Number of Shares Weighted Average Unvested at beginning of period 351 $ 24.90 233 $ 26.27 Granted 202 15.84 186 23.78 Vested ( 88 ) 24.40 — — Forfeited ( 19 ) 25.09 ( 61 ) 26.80 Unvested at end of period 446 20.89 358 25.01

Earnings per Share (Tables)

Earnings per Share (Tables)	6 Months Ended
	Jun. 30, 2024
Earnings Per Share [Abstract]
Summary of Components used in Calculation of Basic and Diluted Earnings per Share	The following table summarizes the components used in the calculation of basic and diluted earnings per share (“EPS”): For the Three Months Ended For the Six Months Ended (in thousands, except per share amounts) 2024 2023 2024 2023 Basic earnings: Net earnings attributable to Broadstone Net Lease, Inc. common $ 35,329 $ 60,014 $ 100,443 $ 99,318 Less: earnings allocated to unvested restricted shares ( 300 ) ( 162 ) ( 595 ) ( 278 ) Net earnings used to compute basic earnings per common share $ 35,029 $ 59,852 $ 99,848 $ 99,040 Diluted earnings: Net earnings used to compute basic earnings per common share $ 35,029 $ 59,852 $ 99,848 $ 99,040 Add: net earnings attributable to OP unit holders 1,608 2,982 4,671 5,052 Add: undistributed earnings allocated to unvested restricted shares — 21 — — Less: undistributed earnings reallocated to unvested restricted shares — ( 20 ) — — Net earnings used to compute diluted earnings per common share $ 36,637 $ 62,835 $ 104,519 $ 104,092 Weighted average number of common shares outstanding 188,470 187,237 188,211 186,901 Less: weighted average unvested restricted shares (a) ( 1,034 ) ( 504 ) ( 848 ) ( 468 ) Weighted average number of common shares outstanding used in 187,436 186,733 187,363 186,433 Add: effects of restricted stock units (b) 205 191 180 151 Add: effects of convertible OP units (c) 8,829 9,304 8,836 9,564 Weighted average number of common shares outstanding used in 196,470 196,228 196,379 196,148 Basic earnings per share $ 0.19 $ 0.32 $ 0.53 $ 0.53 Diluted earnings per share $ 0.19 $ 0.32 $ 0.53 $ 0.53 (a) Represents the weighted average effects of 1,035,110 and 506,671 unvested restricted shares of common stock as of June 30, 2024 and 2023, 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 8,800,636 and 9,284,245 OP Units outstanding at June 30, 2024 and 2023 , respectively.

Business Description - Addition

Business Description - Additional Information (Detail)	Jun. 30, 2024 Property
Business Description [Line Items]
Number of leased commercial properties owned	777
Number of provinces	777
UNITED STATES
Business Description [Line Items]
Number of leased commercial properties owned	770
Number of States in which properties located	44
Canadian Provinces
Business Description [Line Items]
Number of leased commercial properties owned	7
Number of provinces	4

Business Description - Summary

Business Description - Summary of Outstanding Equity and Economic Ownership Interest (Detail) - shares shares in Thousands	Jun. 30, 2024	Dec. 31, 2023
Broadstone Net Lease, LLC
Business Description [Line Items]
Percent ownership of OP, Shares of Common Stock	95.50%	95.50%
Percent ownership of OP, OP Units	4.50%	4.50%
Percent ownership of OP, Total Diluted Shares	100%	100%
Ownership Interest
Business Description [Line Items]
Shares of Common Stock	188,517	187,614
OP Units	8,801	8,928
Total Diluted Shares	197,318	196,542

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Additional Information (Detail) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Finite-Lived Intangible Assets [Line Items]
Additional impairment charges			$ 0
Impairment charge on reclassified assets	$ 3,900,000		30,300,000
Deferred Gain on Sale of Property	59,100,000		59,100,000
Lease termination fee				$ 7,500,000
Capitalized interest	4,064,000		4,064,000		$ 1,463,000
Capitalized Costs	165,014,000		165,014,000		$ 94,964,000
Company Fund in Property Under Development	30,591,000	$ 37,182,000	67,450,000	37,182,000
Acquired in-place leases and leasing fees	0	0	0	900,000
Depreciation and amortization	37,404,000	39,031,000	75,176,000	80,815,000
Aggregate sale price	24,350,000	69,390,000	276,102,000	121,264,000
Carrying value of property sold	20,473,000	38,381,000	209,846,000	85,376,000
Consolidated Entity, Including Consolidated VIE [Member]
Finite-Lived Intangible Assets [Line Items]
Investments	52,200,000		$ 52,200,000
Ownership interest, percentage			98.10%
Two Healthcare Properties [Member]
Finite-Lived Intangible Assets [Line Items]
Impairment charge on reclassified assets			$ 18,100,000
Eleven Healthcare Properties [Member]
Finite-Lived Intangible Assets [Line Items]
Impairment charge on reclassified assets			11,200,000
Above and Below Market Leases | Lease Revenues, Net
Finite-Lived Intangible Assets [Line Items]
Acquired in-place leases and leasing fees	1,096,000	1,088,000	2,117,000	3,782,000
Acquired In-Place Leases | Depreciation and Amortization
Finite-Lived Intangible Assets [Line Items]
Acquired in-place leases and leasing fees	$ 7,840,000	$ 8,001,000	$ 15,536,000	$ 18,589,000

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Schedule of Condensed Consolidated Balance Sheets (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Assets
Total accounted for using the operating method	$ 4,813,976	$ 4,888,696
Less accumulated depreciation	(627,871)	(626,597)
Accounted for using the operating method, net	4,186,105	4,262,099
Intangible lease assets, net	282,548	288,226
Total assets	5,264,557	5,268,735
Liabilities
Intangible lease liabilities, net	53,124	53,531
Total liabilities	2,067,147	2,074,394
Land
Assets
Total accounted for using the operating method	773,224	748,529
Land Improvements
Assets
Total accounted for using the operating method	324,138	328,746
Buildings and Improvements
Assets
Total accounted for using the operating method	3,708,366	$ 3,803,156
Consolidated Entity, Including Consolidated VIE [Member]
Assets
Total accounted for using the operating method	48,800
Less accumulated depreciation	(240)
Accounted for using the operating method, net	48,560
Intangible lease assets, net	3,926
Other assets	1,831
Total assets	54,317
Liabilities
Intangible lease liabilities, net	555
Other liabilities	1,485
Total liabilities	2,040
Consolidated Entity, Including Consolidated VIE [Member] | Land
Assets
Total accounted for using the operating method	7,644
Consolidated Entity, Including Consolidated VIE [Member] | Land Improvements
Assets
Total accounted for using the operating method	2,508
Consolidated Entity, Including Consolidated VIE [Member] | Buildings and Improvements
Assets
Total accounted for using the operating method	$ 38,648

Summary of Significant Accoun_6

Summary of Significant Accounting Policies - Schedule of Investments in Property Under Development (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Accounting Policies [Abstract]
Development, construction and improvement costs	$ 160,950		$ 160,950		$ 93,501
Capitalized interest	4,064		4,064		1,463
Property under development	165,014		165,014		$ 94,964
Investment in properties under development, excluding capitalized costs	$ 30,591	$ 37,182	$ 67,450	$ 37,182

Significant Accounting Policies

Significant Accounting Policies - Summary of Impairment Charge (Detail) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024 USD ($) Property	Jun. 30, 2023 USD ($) Property	Jun. 30, 2024 USD ($) Property	Jun. 30, 2023 USD ($) Property
Impaired Long-Lived Assets Held and Used [Line Items]
Number of properties | Property	2	0	14	1
Impairment charge | $	$ 3,852	$ 0	$ 30,252	$ 1,473

Summary of Significant Accoun_7

Summary of Significant Accounting Policies - Summary of Components of Restricted Cash (Detail) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023	Jun. 30, 2023	Dec. 31, 2022
Cash and Cash Equivalents [Abstract]
Escrow funds and other	$ 1,614	$ 1,138
1031 exchange proceeds	0	0
Restricted cash	$ 1,614	$ 1,138	$ 15,502	$ 38,251

Summary of Significant Accoun_8

Summary of Significant Accounting Policies - Summary of Rents Received in Advance (Detail) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Revenue from Contract with Customer [Abstract]
Rent received in advance	$ 14,292	$ 14,776

Summary of Significant Accoun_9

Summary of Significant Accounting Policies - Balances of Financial Instruments Measured at Fair Value on Recurring Basis (Detail) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Interest rate swap, assets	$ 56,444	$ 46,096
Fair Value, Measurements, Recurring
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Interest rate swap, assets	56,444	46,096
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	56,444	46,096
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 Accou_10

Summary of Significant Accounting Policies - Summary of Carrying Amount Reported on Condensed Consolidated Balance Sheets (Detail) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Summary Of Significant Accounting Policies [Abstract]
Carrying amount	$ 1,907,151	$ 1,919,607
Fair value	$ 1,751,768	$ 1,761,177

Summary of Significant Accou_11

Summary of Significant Accounting Policies - Summary of Right-of-Use Assets And Lease Liabilities Associated With Operating Leases Included In Consolidated Balance Sheets (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Accounting Policies [Abstract]
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Prepaid Expense and Other Assets	Prepaid Expense and Other Assets
Operating Lease, Liability, Statement of Financial Position [Extensible Enumeration]	Accounts Payable and Other Accrued Liabilities	Accounts Payable and Other Accrued Liabilities
Right-of-use assets	$ 7,387	$ 8,476
Lease liabilities	$ 7,757	$ 8,256

Related Party Transactions - Ad

Related Party Transactions - Additional Information (Detail) - shares	3 Months Ended			6 Months Ended
	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Related Party Transaction [Line Items]
Issuance of shares of common stock, shares	55,000	822,000	51,000
Number of OP units exchanged				127,100	920,561

Internalization - Summary of Ea

Internalization - Summary of Earnout Tranches, Applicable VWAP of REIT Share and Applicable Earnout Period (Details) - shares shares in Thousands	Jun. 30, 2024	Dec. 31, 2023
Internalization [Line Items]
Shares of Common stock issued	188,517	187,614

Acquisitions of Rental Proper_3

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

6 Months Ended

Jun. 24, 2024 USD ($) Customer

Jun. 06, 2024 USD ($) Customer

May 30, 2024 USD ($) Customer

May 21, 2024 USD ($) Customer

Apr. 30, 2024 USD ($)

Apr. 18, 2024 USD ($) Customer

Apr. 04, 2024 USD ($) Customer

May 25, 2023 USD ($) Customer

May 22, 2023 USD ($) Customer

[4]

May 16, 2023 USD ($) Customer

Mar. 14, 2023 USD ($) Customer

Jun. 30, 2024 USD ($) Customer

[1]

Jun. 30, 2023 USD ($) Customer

[2]

Business Acquisition [Line Items]

Number of Properties | Customer

22

5

Real Estate Acquisition Price | $

$ 52,000

$ 217,053

$ 42,905

Retail & Restaurant

Business Acquisition [Line Items]

Property Type

[3]

Retail & Restaurant

Number of Properties | Customer

[3]

8

Real Estate Acquisition Price | $

[3]

$ 84,500

Industrial & Retail

Business Acquisition [Line Items]

Property Type

Industrial & Retail

Number of Properties | Customer

5

Real Estate Acquisition Price | $

$ 65,000

Retail

Business Acquisition [Line Items]

Property Type

Retail

Retail

Retail

Number of Properties | Customer

2

1

1

Real Estate Acquisition Price | $

$ 14,000

$ 12,590

$ 5,221

Industrial

Business Acquisition [Line Items]

Property Type

Industrial

Industrial

Industrial

Industrial

Industrial

Number of Properties | Customer

1

5

1

1

2

Real Estate Acquisition Price | $

$ 9,470

$ 31,493

$ 9,952

$ 17,300

$ 10,432

[1] Acquisition price excludes capitalized acquisition costs of $ 1.7 million. Acquisit ion price excludes capitalized acquisition costs of $ 2.8 million In April 2024, the Company acquired $ 52.0 million of real estate assets. In June 2024, the Company contributed these assets in exchange for preferred equity in a consolidated VIE (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 16).

Acquisitions of Rental Proper_4

Acquisitions of Rental Property - Acquisitions of Rental Property Closed (Parenthetical) - (Detail) - USD ($) $ in Thousands		6 Months Ended
	Apr. 30, 2024	Jun. 30, 2024		Jun. 30, 2023
Business Acquisition [Line Items]
Real estate asset acquisition amount	$ 52,000	$ 217,053	[1]	$ 42,905	[2]
Acquisition costs capitalized		$ 1,700		2,800
October 2024
Business Acquisition [Line Items]
Acquisition of land				$ 204,800
[1] Acquisition price excludes capitalized acquisition costs of $ 1.7 million. Acquisit ion price excludes capitalized acquisition costs of $ 2.8 million

Acquisitions of Rental Proper_5

Acquisitions of Rental Property - Purchase Price Allocation for Real Estate Acquisitions (Detail) - USD ($) $ in Thousands		Jun. 30, 2024	Jun. 30, 2023
Business Acquisition [Line Items]
Business combination, recognized identifiable assets acquired and liabilities assumed, assets		$ 218,716	$ 45,684
Land
Business Acquisition [Line Items]
Business combination, recognized identifiable assets acquired and liabilities assumed, property, plant, and equipment		50,741	2,461
Land Improvements
Business Acquisition [Line Items]
Business combination, recognized identifiable assets acquired and liabilities assumed, property, plant, and equipment		10,121	2,694
Buildings and Improvements
Business Acquisition [Line Items]
Business combination, recognized identifiable assets acquired and liabilities assumed, property, plant, and equipment		142,866	18,647
Property under development
Business Acquisition [Line Items]
Business combination, recognized identifiable assets acquired and liabilities assumed, property, plant, and equipment		0	19,648
Acquired In-Place Leases
Business Acquisition [Line Items]
Business combination, recognized identifiable assets acquired and liabilities assumed, Intangible assets	[1]	17,956	2,400
Acquired Above-Market Lease
Business Acquisition [Line Items]
Business combination, recognized identifiable assets acquired and liabilities assumed, Intangible assets	[2]	1,028	0
Acquired Below-Market Leases
Business Acquisition [Line Items]
Business combination, recognized identifiable assets acquired and liabilities assumed, Intangible assets	[3]	$ (3,996)	$ (166)
[1] The weighted average amortization period for acquired in-place leases is 11 years and 15 years for acquisitions completed during the six months ended June 30, 2024 and 2023, respectively. The weighted average amortization period for acquired above-market leases is six years for acquisitions completed during the six months ended June 30, 2024. There were no above-market leases acquired during the six months ended June 30, 2023. The weighted average amortization period for acquired below-market leases is nine years and 20 years for acquisitions completed during the six months ended June 30, 2024 and 2023, respectively.

Acquisitions of Rental Proper_6

Acquisitions of Rental Property - Purchase Price Allocation for Real Estate Acquisitions (Parenthetical) - (Detail)	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Acquired In-Place Leases
Business Acquisition [Line Items]
Weighted average amortization period	11 years	15 years
Acquired Above-Market Leases
Business Acquisition [Line Items]
Weighted average amortization period	6 years
Acquired Below-Market Leases
Business Acquisition [Line Items]
Weighted average amortization period	20 years	20 years

Sale of Real Estate - Schedule

Sale of Real Estate - Schedule of Sale of Real Estate (Detail) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024 USD ($) Property	Jun. 30, 2023 USD ($) Property	Jun. 30, 2024 USD ($) Property	Jun. 30, 2023 USD ($) Property
Real Estate [Line Items]
Number of properties disposed | Property	3	4	40	7
Aggregate sale price	$ 24,350	$ 69,390	$ 276,102	$ 121,264
Aggregate carrying value	(20,473)	(38,381)	(209,846)	(85,376)
Gain on sale of real estate	3,384	29,462	62,515	32,877
Real Estate
Real Estate [Line Items]
Additional sales expenses	$ (493)	$ (1,547)	$ (3,741)	$ (3,011)

Sale of Real Estate - Schedul_2

Sale of Real Estate - Schedule of Sale of Real Estate (Parenthetical) (Details) $ in Millions	6 Months Ended
	Jun. 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)	6 Months Ended
	Jun. 30, 2024 PropertyNumber Property
Lessor Lease Description [Line Items]
Number of leased commercial properties owned | Property	777
Number of real estate properties under operating leases	764
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 - Summary of Depreciation Expense on Investment in Rental Property (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Leases [Abstract]
Depreciation	$ 29,480	$ 30,989	$ 59,474	$ 62,146

Investment in Rental Property_5

Investment in Rental Property and Lease Arrangements - Estimated Lease Payments to be Received under Non-cancelable Operating Leases (Detail) $ in Thousands	Jun. 30, 2024 USD ($)
Lessor, Operating Lease, Payment to be Received, Fiscal Year Maturity [Abstract]
Remainder of 2024	$ 194,506
2025	400,269
2026	398,481
2027	384,581
2028	368,069
Thereafter	3,075,488
Estimated lease payments to be received under non-cancelable operating leases	$ 4,821,394

Investment in Rental Property_6

Investment in Rental Property and Lease Arrangements - Net Investment in Direct Financing Leases (Detail) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Leases [Abstract]
Undiscounted estimated lease payments to be received	$ 33,569	$ 35,155
Estimated unguaranteed residual values	14,547	14,547
Unearned revenue	(21,605)	(22,944)
Reserve for credit losses	(98)	(115)
Net investment in direct financing leases	$ 26,413	$ 26,643

Investment in Rental Property_7

Investment in Rental Property and Lease Arrangements - Undiscounted Estimated Lease Payments to be Received under Non-cancelable Direct Financing Leases (Detail) $ in Thousands	Jun. 30, 2024 USD ($)
Capital Leases, Future Minimum Payments Receivable, Fiscal Year Maturity [Abstract]
Remainder of 2024	$ 1,586
2025	3,285
2026	3,357
2027	3,426
2028	3,496
Thereafter	18,419
Undiscounted estimated lease payments to be received under non-cancelable direct financing leases	$ 33,569

Investment in Rental Property_8

Investment in Rental Property and Lease Arrangements - Summary of Amounts Reported as Lease Revenues Net on the Condensed Consolidated Statements of Income and Comprehensive Income (Loss) (Detail) - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
		Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Leases [Abstract]
Contractual rental amounts billed for operating leases		$ 95,736	$ 96,456	$ 193,285	$ 194,558
Adjustment to recognize contractual operating lease billings on a straight-line basis		5,177	7,380	10,281	14,750
Net write-offs of accrued rental income		0	0	(2,556)	(105)
Variable rental amounts earned		659	452	1,257	793
Earned income from direct financing leases		689	689	1,371	1,380
Interest income from sales-type leases		15	15	29	29
Operating expenses billed to tenants		4,651	4,594	9,756	9,669
Other income from real estate transactions	[1]	12	3	79	7,395
Adjustment to revenue recognized for uncollectible rental amounts billed, net		1,032	236	2,228	124
Total Lease revenues, net		$ 105,907	$ 109,353	$ 211,274	$ 228,345
[1] The six months ended June 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 Property_9

Investment in Rental Property and Lease Arrangements - Summary of Amounts Reported as Lease Revenues Net on the Condensed Consolidated Statements of Income and Comprehensive Income (Loss) (Parenthetical) - (Details) $ in Millions	6 Months Ended
	Jun. 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, and Leasing Fees - Schedule of Intangible Assets and Liabilities (Detail) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Lease intangibles:
Intangible lease assets, net	$ 282,548	$ 288,226
Acquired below-market leases	99,650	98,535
Less accumulated amortization	(46,526)	(45,004)
Intangible lease liabilities, net	53,124	53,531
Leasing fees	17,676	18,117
Less accumulated amortization	(6,399)	(6,426)
Leasing fees, net	11,277	11,691
Acquired Above-Market Leases
Lease intangibles:
Intangible lease assets, gross	41,237	44,711
Less accumulated amortization	(18,377)	(20,312)
Intangible lease assets, net	22,860	24,399
Acquired In-Place Leases
Lease intangibles:
Intangible lease assets, gross	415,062	416,206
Less accumulated amortization	(155,374)	(152,379)
Intangible lease assets, net	$ 259,688	$ 263,827

Intangible Assets and Liabili_4

Intangible Assets and Liabilities, and Leasing Fees - Schedule of Amortization of Intangible Lease Assets and Liabilities (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Finite Lived Intangible Assets [Line Items]
Acquired in-place leases and leasing fees	$ 0	$ 0	$ 0	$ 900
Acquired In-Place Leases | Depreciation and Amortization
Finite Lived Intangible Assets [Line Items]
Acquired in-place leases and leasing fees	7,840	8,001	15,536	18,589
Above and Below Market Leases | Lease Revenues, Net
Finite Lived Intangible Assets [Line Items]
Acquired in-place leases and leasing fees	$ 1,096	$ 1,088	$ 2,117	$ 3,782

Intangible Assets and Liabili_5

Intangible Assets and Liabilities, and Leasing Fees - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization expense	$ 0	$ 0	$ 0	$ 900

Intangible Assets and Liabili_6

Intangible Assets and Liabilities, and Leasing Fees - Schedule of Amortizable Intangible Assets (Detail) $ in Thousands	Jun. 30, 2024 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
Remainder of 2024	$ 13,401
2025	26,102
2026	25,050
2027	23,161
2028	20,888
Thereafter	132,099
Total	$ 240,701

Unsecured Credit Agreements - S

Unsecured Credit Agreements - Summary of Unsecured Credit Agreements (Detail) - USD ($) $ in Thousands		6 Months Ended
		Jun. 30, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Total unsecured debt		$ 1,907,151	$ 1,919,607
Long-term Debt		1,907,151
Unsecured Debt
Debt Instrument [Line Items]
Long-term Debt		1,821,357	1,831,690
Unsecured Debt | Term Loan [Member]
Debt Instrument [Line Items]
Total unsecured debt		900,000	900,000
Debt issuance costs, net		(3,426)	(4,053)
Long-term Debt		896,574	895,947
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		4,313	4,691
Long-term Debt		$ 845,687	845,309
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		$ 79,096	90,434
Unsecured Debt | 2026 Unsecured Term Loan
Debt Instrument [Line Items]
Interest Rate		one-month adjusted SOFR + 1.00% (b)
Maturity Date		2026-02
Total unsecured debt		$ 400,000	400,000
Unsecured Debt | 2026 Unsecured Term Loan | SOFR
Debt Instrument [Line Items]
Basis spread on variable rate	[3]	1%
Unsecured Debt | 2027 Unsecured Term Loan
Debt Instrument [Line Items]
Interest Rate		one-month adjusted SOFR + 0.95% (b)
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% (b)
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 facility 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 June 30, 2024 and December 31, 2023 , a balance of $ 6.0 million and $ 15.0 million was subject to the one-month SOFR of 5.34 % and 5.35 %, respectively. The remaining balance of $ 100 million Canadian Dollar (“CAD”) borrowings remeasured to $ 73.1 million United States Dollar (”USD”) and $ 75.4 million USD, at June 30, 2024 and December 31, 2023, respectively, and was subject to the adjusted daily simple CORRA of 4.80 % at June 30, 2024 and one-month CDOR, of 5.46 % at December 31, 2023. Effective May 24, 2024, the $ 100 million CAD borrowings converted into an adjusted daily simple CORRA borrowing resulting from CDOR’s cessation in June 2024. At June 30, 2024 and December 31, 2023 , one-month SOFR was 5.34 % and 5.35 %, respectively.

Unsecured Credit Agreements -_2

Unsecured Credit Agreements - Summary of Unsecured Credit Agreements (Parenthetical) (Detail) $ in Thousands, $ in Millions	6 Months Ended
	Jun. 30, 2024 USD ($)	Jun. 30, 2024 CAD ($)	May 24, 2024 CAD ($)	Dec. 31, 2023 USD ($)
Debt Instrument [Line Items]
Long-term Debt	$ 1,907,151
Unsecured Debt
Debt Instrument [Line Items]
Long-term Debt	$ 1,821,357			$ 1,831,690
Unsecured Debt | Revolving Credit Facilities
Debt Instrument [Line Items]
Basis spread on variable rate	0.0625%
Unsecured Debt | 1 Month Canadian Dollar
Debt Instrument [Line Items]
Long-term Debt	$ 73,100	$ 100	$ 100	$ 75,400
Interest rate	4.80%	4.80%		5.46%
Unsecured Debt | 1 Month Secured Overnight
Debt Instrument [Line Items]
Long-term Debt	$ 6,000			$ 15,000
Interest rate	5.34%	5.34%		5.35%

Unsecured Credit Agreements - A

Unsecured Credit Agreements - Additional Information (Detail)	Jun. 30, 2024
Debt Instrument [Line Items]
Weighted Average Fixed Rate	5.30%
Interest Rate Swap
Debt Instrument [Line Items]
Weighted Average Fixed Rate	3.73%
Weighted Average Inclusive Fixed Rate	3.73%

Unsecured Credit Agreements -_3

Unsecured Credit Agreements - Summary of Debt Issuance Cost Amortization (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Debt Disclosure [Abstract]
Debt issuance costs and original issuance discount amortization	$ 983	$ 986	$ 1,966	$ 1,972

Mortgages - Summary of Mortgage

Mortgages - Summary of Mortgages (Detail) - USD ($) $ in Thousands		6 Months Ended
		Jun. 30, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Carrying amount		$ 1,907,151	$ 1,919,607
Mortgages, net		77,970	79,068
Secured Debt
Debt Instrument [Line Items]
Carrying amount		78,055	79,173
Debt issuance costs, net		$ (85)	(105)
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]	$ 43,531	44,207
Wilmington Trust National Association, Due August 25 | Secured Debt
Debt Instrument [Line Items]
Origination Date	[1],[2],[3],[4]	2018-06
Maturity Date	[1],[2],[3],[4]	2025-08
Debt instrument, interest rate	[1],[2],[3],[4]	4.36%
Carrying amount	[1],[2],[3],[4]	$ 18,506	18,725
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]	$ 16,018	$ 16,241
[1] Debt secured by guaranty of the OP. Debt secured by related rental property and lease rents. Mortgage was assumed 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.

Mortgages - Additional Informat

Mortgages - Additional Information (Detail) $ in Millions	Jun. 30, 2024 USD ($)
Debt Disclosure [Abstract]
Investment in rental property pledged as collateral	$ 119.1

Mortgages - Schedule of Estimat

Mortgages - Schedule of Estimated Future Principal Payments (Detail) $ in Thousands	Jun. 30, 2024 USD ($)
Debt Disclosure [Abstract]
Remainder of 2024	$ 1,143
2025	20,195
2026	495,939
2027	351,596
2028	263,278
Thereafter	775,000
Long-term Debt	$ 1,907,151

Interest Rate Swaps - Summary o

Interest Rate Swaps - Summary of Interest-rate Swap Agreements (Detail) $ in Thousands, $ in Millions		6 Months Ended
		Jun. 30, 2024 USD ($)	Jun. 30, 2024 CAD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2023 CAD ($)
Derivative [Line Items]
Notional Amount			$ 20		$ 40
Effective Interest Rate Swaps
Derivative [Line Items]
Notional Amount		$ 973,096		$ 975,435
Fair Value		$ 56,075		46,096
Effective Interest Rate Swaps | 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		$ 103		255
Effective Interest Rate Swaps | 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		$ 239		445
Effective Interest Rate Swaps | 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]	$ 14,619		15,087
Fair Value		$ 931		677
Effective Interest Rate Swaps | 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		$ 428		713
Effective Interest Rate Swaps | 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		$ 553		734
Effective Interest Rate Swaps | 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		$ 670		768
Effective Interest Rate Swaps | 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		$ 751		888
Effective Interest Rate Swaps | 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		$ 911		887
Effective Interest Rate Swaps | 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		$ 1,054		1,071
Effective Interest Rate Swaps | 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		$ 1,611		1,615
Effective Interest Rate Swaps | 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		$ 1,395		1,389
Effective Interest Rate Swaps | Truist Financial Corporation Four
Derivative [Line Items]
Derivative, Maturity date		2026-01
Derivative, Fixed rate		1.93%	1.93%
Variable Rate Index	[1]	daily compounded SOFR
Notional Amount		$ 25,000		25,000
Fair Value		$ 1,051		1,067
Effective Interest Rate Swaps | 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		$ 517		439
Effective Interest Rate Swaps | 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		$ 2,216		2,186
Effective Interest Rate Swaps | 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		$ 509		423
Effective Interest Rate Swaps | 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		$ 1,473		1,299
Effective Interest Rate Swaps | 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]	$ 14,619		15,087
Fair Value		$ 588		572
Effective Interest Rate Swaps | 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		$ 2,946		2,021
Effective Interest Rate Swaps | 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		$ 1,102		806
Effective Interest Rate Swaps | 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		$ 1,557		1,215
Effective Interest Rate Swaps | 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		$ 1,550		1,197
Effective Interest Rate Swaps | Wells Fargo Bank Three
Derivative [Line Items]
Derivative, Maturity date		2028-01
Derivative, Fixed rate		2.37%	2.37%
Variable Rate Index	[1]	daily compounded SOFR
Notional Amount		$ 75,000		75,000
Fair Value		$ 4,665		3,632
Effective Interest Rate Swaps | 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		$ 2,267		1,835
Effective Interest Rate Swaps | 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		$ 2,237		1,801
Effective Interest Rate Swaps | 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		$ 2,329		1,900
Effective Interest Rate Swaps | 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		$ 2,334		1,908
Effective Interest Rate Swaps | 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		$ 932		618
Effective Interest Rate Swaps | 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		$ 6,490		4,427
Effective Interest Rate Swaps | 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		$ 6,462		4,392
Effective Interest Rate Swaps | 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		$ 3,192		2,828
Effective Interest Rate Swaps | U.S. Bank National Association Four
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]	$ 14,619		15,087
Fair Value		$ 930		678
Effective Interest Rate Swaps | 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	[3]	$ 29,239		30,174
Fair Value		2,082		1,410
Forward Starting Interest Rate Swaps
Derivative [Line Items]
Notional Amount	[4]	460,000		0
Fair Value	[4]	$ 369		0
Forward Starting Interest Rate Swaps | Bank of Montreal One
Derivative [Line Items]
Derivative, Fixed rate	[4]	3.80%	3.80%
Variable Rate Index	[1],[4]	daily simple SOFR
Notional Amount	[4]	$ 80,000		0
Fair Value	[4]	$ 0		0
Forward Starting Interest Rate Swaps | Truist Financial Corporation One
Derivative [Line Items]
Derivative, Fixed rate	[4]	3.73%	3.73%
Variable Rate Index	[1],[4]	daily simple SOFR
Notional Amount	[4]	$ 55,000		0
Fair Value	[4]	$ 48		0
Forward Starting Interest Rate Swaps | Truist Financial Corporation Two
Derivative [Line Items]
Derivative, Fixed rate	[4]	3.70%	3.70%
Variable Rate Index	[1],[4]	daily simple SOFR
Notional Amount	[4]	$ 15,000		0
Fair Value	[4]	$ 14		0
Forward Starting Interest Rate Swaps | Toronto Dominion Bank One Member
Derivative [Line Items]
Derivative, Fixed rate	[4]	3.66%	3.66%
Variable Rate Index	[1],[4]	daily simple SOFR
Notional Amount	[4]	$ 70,000		0
Fair Value	[4]	$ 101		0
Forward Starting Interest Rate Swaps | Regions Bank One
Derivative [Line Items]
Derivative, Fixed rate	[4]	3.69%	3.69%
Variable Rate Index	[1],[4]	daily simple SOFR
Notional Amount	[4]	$ 15,000		0
Fair Value	[4]	$ 13		0
Forward Starting Interest Rate Swaps | Regions Bank Two
Derivative [Line Items]
Derivative, Fixed rate	[4]	3.66%	3.66%
Variable Rate Index	[1],[4]	daily simple SOFR
Notional Amount	[4]	$ 55,000		0
Fair Value	[4]	$ 53		0
Forward Starting Interest Rate Swaps | U S Bank National Association One
Derivative [Line Items]
Derivative, Fixed rate	[4]	3.73%	3.73%
Variable Rate Index	[1],[4]	daily simple SOFR
Notional Amount	[4]	$ 70,000		0
Fair Value	[4]	$ 76		0
Forward Starting Interest Rate Swaps | JP Morgan Chase Bank, N.A.
Derivative [Line Items]
Derivative, Fixed rate	[4]	3.79%	3.79%
Variable Rate Index	[1],[4]	daily simple SOFR
Notional Amount	[4]	$ 50,000		0
Fair Value	[4]	$ 35		0
Forward Starting Interest Rate Swaps | Manufacturers & Traders Trust Company
Derivative [Line Items]
Derivative, Fixed rate	[4]	3.71%	3.71%
Variable Rate Index	[1],[4]	daily simple SOFR
Notional Amount	[4]	$ 50,000		0
Fair Value	[4]	$ 29		0
Interest Rate Swap
Derivative [Line Items]
Derivative, Fixed rate		2.28%	2.28%
Notional Amount		$ 1,433,096		975,435
Fair Value		$ 56,444		$ 46,096
[1] Effective July 1, 2024, the variable rate index for CDOR based swaps will convert to daily compounded CORRA concurrent with CDOR ’ s cessation. The contractual notional amount is $ 20.0 million CAD. The contractual notional amount is $ 40.0 million CAD. Forward starting swaps have effective dates that are five years prior to each respective maturity date.

Interest Rate Swaps - Summary_2

Interest Rate Swaps - Summary of Interest-rate Swap Agreements (Parenthetical) (Detail) $ in Thousands, $ in Millions	Jun. 30, 2024 USD ($)	Jun. 30, 2024 CAD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2023 CAD ($)
Derivative [Line Items]
Contractual notional amount		$ 20		$ 40
Interest Rate Swap
Derivative [Line Items]
Contractual notional amount	$ 1,433,096		$ 975,435

Interest Rate Swaps - Total Amo

Interest Rate Swaps - Total Amounts Recognized From Converting Variable Rates to Fixed Rates and Location of Gain (Loss) (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Derivative [Line Items]
Total Interest Expense Presented in the Condensed Consolidated Statements of Income and Comprehensive Income	$ 17,757	$ 20,277	$ 36,334	$ 41,416
Interest Rate Swap
Derivative [Line Items]
Amount of Gain (Loss) Recognized in Accumulated Other Comprehensive Income (Loss)	$ 1,456	$ 19,652	$ 10,348	$ 1,753
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	$ 7,619	$ 6,182	$ 15,167	$ 11,179
Total Interest Expense Presented in the Condensed Consolidated Statements of Income and Comprehensive Income	$ 17,757	$ 20,277	$ 36,334	$ 41,416

Interest Rate Swaps - Additiona

Interest Rate Swaps - Additional Information (Detail) $ in Thousands, $ in Millions		6 Months Ended
		Jun. 30, 2024 USD ($)	Jun. 30, 2024 CAD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2023 CAD ($)
Derivative [Line Items]
Notional Amount			$ 20		$ 40
Weighted Average Fixed Rate		5.30%	5.30%
Accumulated losses reclassified to interest expense		$ 25,300
Interest Rate Swap
Derivative [Line Items]
Notional Amount		$ 1,433,096		$ 975,435
Derivative, Fixed Interest Rate		2.28%	2.28%
Weighted Average Fixed Rate		3.73%	3.73%
Forward Starting Interest Rate Swaps
Derivative [Line Items]
Notional Amount	[1]	$ 460,000		$ 0
[1] Forward starting swaps have effective dates that are five years prior to each respective maturity date.

Non-Controlling Interests - Sch

Non-Controlling Interests - Schedule of OP Units Exchanged for Shares of Common Stock (Detail) - USD ($) $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2024	Jun. 30, 2023
Common Stock
Noncontrolling Interest [Line Items]
OP Units exchanged for shares of common stock	32,000		25,000		127,000	921,000
Additional Paid-in Capital
Noncontrolling Interest [Line Items]
Value of units exchanged	$ 532	$ 1,536	$ 398	$ 14,897	$ 2,068	$ 15,295

Credit Risk Concentrations - Ad

Credit Risk Concentrations - Additional Information (Detail) - Customer	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
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	1 Months Ended	3 Months Ended				6 Months Ended
	May 31, 2024	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2024	Jun. 30, 2023
Equity [Line Items]
Issuance of shares of common stock, shares		55,000	822,000	51,000
Net proceeds from issuance of common stock						$ (461)	$ 180
ATM
Equity [Line Items]
Common stock with an aggregate sales price		$ 400,000				$ 400,000
Share Repurchase Program [Member]
Equity [Line Items]
Common stock shares repurchased						0	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
Common Stock | Maximum
Equity [Line Items]
Gross Sale Price	$ 400,000					400,000
Common Stock | Maximum | ATM
Equity [Line Items]
Gross Sale Price						$ 254,600

Stock-Based Compensation - Addi

Stock-Based Compensation - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Restricted Stock Awards
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of shares of restricted stock	55,000	51,000	833,000	310,000
Weighted Average Grant Date Fair Value per share, Granted	$ 15.23	$ 16.33	$ 14.77	$ 17.52
Unrecognized compensation costs	$ 14.4		$ 14.4
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition			3 years 7 months 6 days
Performance-based Restricted Stock Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of shares of restricted stock	0	0	202,000	186,000
Weighted Average Grant Date Fair Value per share, Granted	$ 0	$ 0	$ 15.84	$ 23.78
Unrecognized compensation costs	$ 5.4		$ 5.4
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition			2 years 1 month 6 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	$ 15.23	$ 16.33	$ 14.77	$ 17.52
2020 Equity Incentive Plan | Restricted Stock Awards
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of shares of restricted stock	55,064	50,531	833,007	309,630
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			202,308	186,481
Non-vested share awards percentage			50%
Vesting percentage payout schedule can produce			100%
Performance period			3 years
Percentage as rTSR of peer group			55%
Share Based Payment Award Based, Reduction in Non Vested Share Awards Percentage			25%
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%
Percentage as rTSR of peer group			55%
2020 Equity Incentive Plan | Performance-based Restricted Stock Units | Maximum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting percentage payout schedule can produce			200%
2020 Equity Incentive Plan | 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
2020 Equity Incentive Plan | Tranche Four | Restricted Stock Awards
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Award vesting period			5 years

Stock-Based Compensation - Summ

Stock-Based Compensation - Summary of RSAs (Detail) - Restricted Stock Awards - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Compensation cost	$ 1,346	$ 932	$ 2,389	$ 2,660
Dividends declared on unvested RSAs	300	142	595	278
Fair value of shares vested during the period	$ 762	$ 520	$ 3,969	$ 3,384

Stock-Based Compensation - Su_2

Stock-Based Compensation - Summary of RSA Activity (Detail) - Restricted Stock Awards - $ / shares shares in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of Shares, Unvested at beginning of period	1,036	495	492	396
Number of Shares, Granted	55	51	833	310
Number of Shares, Vested	(50)	(32)	(259)	(192)
Number of Shares, Forfeited	(5)	(6)	(30)	(6)
Number of Shares, Unvested at end of period	1,036	508	1,036	508
Weighted Average Grant Date Fair Value per Share, Unvested at beginning of period	$ 15.57	$ 19	$ 18.63	$ 20.36
Weighted Average Grant Date Fair Value per share, Granted	15.23	16.33	14.77	17.52
Weighted Average Grant Date Fair Value per Share, Vested	16.33	20.22	18.7	20.33
Weighted Average Grant Date Fair Value per Share, Forfeited	16.98	18.9	18.68	18.9
Weighted Average Grant Date Fair Value per Share, Unvested at end of period	$ 15.51	$ 18.65	$ 15.51	$ 18.65

Stock-Based Compensation - Su_3

Stock-Based Compensation - Summary of PRSUs (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Performance-based Restricted Stock Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Compensation cost	$ 727	$ 607	$ 1,159	$ 758

Stock-Based Compensation - Su_4

Stock-Based Compensation - Summary of PRSU Activity (Detail) - Performance-based Restricted Stock Units - $ / shares shares in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of Shares, Unvested at beginning of period	446	358	351	233
Number of Shares, Granted	0	0	202	186
Number of Shares, Vested	0	0	(88)	0
Number of Shares, Forfeited	0	0	(19)	(61)
Number of Shares, Unvested at end of period	446	358	446	358
Weighted Average Grant Date Fair Value per Share, Unvested at beginning of period	$ 20.89	$ 25.01	$ 24.9	$ 26.27
Weighted Average Grant Date Fair Value per share, Granted	0	0	15.84	23.78
Weighted Average Grant Date Fair Value per Share, Vested	0	0	24.4	0
Weighted Average Grant Date Fair Value per Share, Forfeited	0	0	25.09	26.8
Weighted Average Grant Date Fair Value per Share, Unvested at end of period	$ 20.89	$ 25.01	$ 20.89	$ 25.01

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		6 Months Ended
		Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Basic earnings:
Net Income (Loss)		$ 35,329	$ 60,014	$ 100,443	$ 99,318
Less: earnings allocated to unvested restricted shares		(300)	(162)	(595)	(278)
Net earnings used to compute basic earnings per common share		35,029	59,852	99,848	99,040
Diluted earnings:
Net earnings used to compute basic earnings per share		35,029	59,852	99,848	99,040
Add: net earnings attributable to OP unit holders		608	2,982	3,671	5,052
Add: undistributed earnings allocated to unvested restricted shares		0	21	0	0
Less: undistributed earnings reallocated to unvested restricted shares		0	20	0	0
Net earnings used to compute diluted earnings per common share		$ 36,637	$ 62,835	$ 104,519	$ 104,092
Weighted average number of common shares outstanding		188,470,000	187,237,000	188,211,000	186,901,000
Less: weighted average unvested restricted shares	[1]	(1,034,000)	(504,000)	(848,000)	(468,000)
Weighted average number of common shares outstanding used in basic earnings per common share		187,436,000	186,733,000	187,363,000	186,433,000
Add: effects of restricted stock units	[2]	205,000	191,000	180,000	151,000
Add: effects of convertible OP units	[3]	8,829,000	9,304,000	8,836,000	9,564,000
Weighted average number of common shares outstanding used in diluted earnings per common share		196,470,000	196,228,000	196,379,000	196,148,000
Basic earnings per share		$ 0.19	$ 0.32	$ 0.53	$ 0.53
Diluted earnings per share		$ 0.19	$ 0.32	$ 0.53	$ 0.53
Common Stock And O P Units [Member]
Diluted earnings:
Add: net earnings attributable to OP unit holders		$ 1,608	$ 2,982	$ 4,671	$ 5,052
[1] Represents the weighted average effects of 1,035,110 and 506,671 unvested restricted shares of common stock as of June 30, 2024 and 2023, 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 8,800,636 and 9,284,245 OP Units outstanding at June 30, 2024 and 2023 , respectively.

Earnings per Share - Summary _2

Earnings per Share - Summary of Components used in Calculation of Basic and Diluted Earnings per Share (Parenthetical) (Detail) - shares	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Earnings Per Share [Abstract]
Unvested restricted shares of common stock	1,035,110	506,671
Weighted average effects of OP Units outstanding	8,800,636	9,284,245

Supplemental Cash Flow Disclo_2

Supplemental Cash Flow Disclosures - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2024	Jun. 30, 2023
Supplemental Cash Flow Elements [Line Items]
Cash paid for interest					$ 28,400	$ 39,700
Cash paid for income taxes					800	1,000
Dividends payable	$ 58,000		$ 55,600		$ 58,000	$ 55,600
Number Of Operating Units Exchanged					127,100	920,561
Additional Paid-in Capital
Supplemental Cash Flow Elements [Line Items]
Conversion of OP Units to shares of common stock	$ 532	$ 1,536	$ 398	$ 14,897	$ 2,068	$ 15,295
Common Stock and OP Units
Supplemental Cash Flow Elements [Line Items]
Issuance of shares common stock upon conversion of OP units					127,100	920,561
Conversion of OP Units to shares of common stock					$ 2,100	$ 15,300

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Detail) $ in Millions	Jun. 30, 2024 USD ($)
Loss Contingencies [Line Items]
Property and Acquisition Commitment fund	$ 43.5
Potential liability due to taxable sales of applicable properties	$ 20.4

Subsequent Events - Additional

Subsequent Events - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands				3 Months Ended		6 Months Ended
	Jul. 25, 2024	Jul. 15, 2024	Jul. 01, 2024	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Subsequent Event [Line Items]
Proceeds from sale of property				$ 24,350	$ 69,390	$ 276,102	$ 121,264
Gain (Loss) on Sale of Properties				3,384	$ 29,462	62,515	32,877
Borrowings on unsecured revolving credit facility						90,000	$ 125,000
Mortgages, net				$ 77,970		$ 77,970		$ 79,068
Subsequent Event
Subsequent Event [Line Items]
Distribution paid		$ 57,200
Quarterly distribution per share		$ 0.29
Quarterly distribution payable date	Oct. 15, 2024
Quarterly distribution date of record	Sep. 30, 2024
Repayment of debt			$ 6,000
Borrowings on unsecured revolving credit facility			23,500
Subsequent Event | Five Real Estate Properties
Subsequent Event [Line Items]
Carrying value of properties			27,900
Proceeds from sale of property			30,800
Additional expenses related to sale of property			400
Gain (Loss) on Sale of Properties			$ 2,500