Broadstone Net Lease (BNL) 10-K20 Feb 252024 FY Annual reportFinancial data

Company Profile

Cover Page

Cover Page - USD ($) $ in Billions	12 Months Ended
Cover Page - USD ($) $ in Billions	Dec. 31, 2024	Feb. 14, 2025	Jun. 30, 2024
Cover [Abstract]
Document Type	10-K
Amendment Flag	false
Document Period End Date	Dec. 31, 2024
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	FY
Entity Registrant Name	BROADSTONE NET LEASE, INC.
Entity Central Index Key	0001424182
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	Yes
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Filer Category	Large Accelerated Filer
Entity Shell Company	false
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Public Float			$ 3
Title of 12(b) Security	Common Stock, $0.00025 par value
Trading Symbol	BNL
Security Exchange Name	NYSE
Entity Common Stock, Shares Outstanding		188,798,660
Securities Act 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 Annual Report	true
Document Transition Report	false
Entity Interactive Data Current	Yes
Document Financial Statement Error Correction [Flag]	false
ICFR Auditor Attestation Flag	true
Documents Incorporated by Reference [Text Block]	Part III, Items 10, 11, 12, 13, and 14 of this annual report incorporate by reference certain specific portions of Broadstone Net Lease, Inc.’s definitive proxy statement for its 2023 Annual Meeting of Stockholders, which w ill be filed with the Securities and Exchange Commission no later than 120 days after the end of the registrant’s fiscal year. Only those portions of the proxy statement that are specifically incorporated by reference herein shall constitute a part of this Annual Report on Form 10-K.
Auditor Name	Deloitte & Touche LLP
Auditor Firm ID	34
Auditor Location	Rochester, New York
Auditor Opinion	Opinion on the Financial Statements We have audited the accompanying consolidated balance sheets of Broadstone Net Lease, Inc. and its subsidiaries (the “Company”) as of December 31, 2024 and 2023, the related consolidated statements of income and comprehensive income, equity, and cash flows, for each of the three years in the period ended December 31, 2024, and the related notes and the schedule listed in the Index at Item 15 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2024 and 2023, and the results of its operations and its cash flows for each of the three years in the period ended December 31, 2024, in conformity with accounting principles generally accepted in the United States of America. We have also audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the Company’s internal control over financial reporting as of December 31, 2024, based on criteria established in Internal Control — Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission and our report dated February 20, 2025, expressed an unqualified opinion on the Company’s internal control over financial reporting.

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Assets
Total accounted for using the operating method	$ 4,967,332	$ 4,888,696
Less accumulated depreciation	(672,478)	(626,597)
Accounted for using the operating method, net	4,294,854	4,262,099
Accounted for using the direct financing method	26,154	26,643
Accounted for using the sales-type method	571	572
Property under development	18,784	94,964
Investment in rental property, net	4,340,363	4,384,278
Cash and cash equivalents	14,845	19,494
Accrued rental income	162,717	152,724
Tenant and other receivables, net	3,281	1,487
Prepaid expenses and other assets	41,584	36,661
Interest rate swap, assets	46,220	46,096
Goodwill	339,769	339,769
Intangible lease assets, net	267,638	288,226
Total assets	5,216,417	5,268,735
Liabilities and equity
Unsecured revolving credit facility	93,014	90,434
Mortgages, net	76,846	79,068
Unsecured term loans, net	897,201	895,947
Senior unsecured notes, net	846,064	845,309
Accounts payable and other liabilities	48,983	47,534
Dividends payable	58,317	56,869
Accrued interest payable	5,837	5,702
Intangible lease liabilities, net	48,731	53,531
Total liabilities	2,074,993	2,074,394
Commitments and contingencies (See Note 19)
Broadstone Net Lease, Inc. stockholders' equity:
Preferred stock, $0.001 par value; 20,000 shares authorized, no shares issued or outstanding	0	0
Common stock, $0.00025 par value; 500,000 shares authorized, 188,626 and 187,614 shares issued and outstanding at December 31, 2024 and 2023, respectively	47	47
Additional paid-in capital	3,450,584	3,440,639
Cumulative distributions in excess of retained earnings	(496,543)	(440,731)
Accumulated other comprehensive loss	49,657	49,286
Total Broadstone Net Lease, Inc. stockholders' equity	3,003,745	3,049,241
Non-controlling interests	137,679	145,100
Total equity	3,141,424	3,194,341
Total liabilities and equity	5,216,417	5,268,735
Land
Assets
Total accounted for using the operating method	778,826	748,529
Land Improvements
Assets
Total accounted for using the operating method	357,142	328,746
Buildings and Improvements
Assets
Total accounted for using the operating method	3,815,521	3,803,156
Equipment
Assets
Total accounted for using the operating method	$ 15,843	$ 8,265

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares shares in Thousands	Dec. 31, 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	188,626	187,614
Common stock, shares outstanding	188,626	187,614

Consolidated Statements of Inco

Consolidated Statements of Income and Comprehensive Income - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Revenues
Lease revenues, net	$ 431,800	$ 442,888	$ 407,513
Operating expenses
Depreciation and amortization	156,179	158,626	154,807
Property and operating expense	24,741	22,576	21,773
General and administrative	37,986	39,425	37,375
Provision for impairment of investment in rental properties	49,001	31,274	5,535
Total operating expenses	267,907	251,901	219,490
Other income (expenses)
Interest income	994	512	44
Interest expense	(74,077)	(80,053)	(78,652)
Gain on sale of real estate	73,153	54,310	15,953
Income taxes	(1,175)	(763)	(1,275)
Other income (expenses)	6,201	(1,681)	5,382
Net income	168,989	163,312	129,475
Net income attributable to non-controlling interests	(6,548)	(7,834)	(7,360)
Net income attributable to Broadstone Net Lease, Inc.	$ 162,441	$ 155,478	$ 122,115
Weighted average number of common shares outstanding
Basic	187,454,000	186,617,000	169,840,000
Diluted	196,619,000	196,315,000	180,201,000
Net earnings per share attributable to common stockholders
Basic	$ 0.86	$ 0.83	$ 0.72
Diluted	$ 0.86	$ 0.83	$ 0.72
Comprehensive income
Net income	$ 168,989	$ 163,312	$ 129,475
Other comprehensive income
Change in fair value of interest rate swaps	124	(17,293)	90,560
Realized loss on interest rate swaps	209	1,883	2,514
Comprehensive income	169,322	147,902	222,549
Comprehensive income attributable to non-controlling interests	(6,552)	(7,070)	(12,700)
Comprehensive income attributable to Broadstone Net Lease, Inc.	$ 162,770	$ 140,832	$ 209,849

Consolidated Statements of Equi

Consolidated Statements of Equity - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Cumulative Distributions in Excess of Retained Earnings	Accumulated Other Comprehensive Income (Loss)	Non-controlling Interests
Beginning Balance at Dec. 31, 2021	$ 2,741,138	$ 41	$ 2,924,168	$ (318,476)	$ (28,441)	$ 163,846
Net income	129,475			122,115		7,360
Issuance of shares of common stock under equity incentive plan	503,448	6	503,442
Offering costs, discounts, and commissions	(7,575)		(7,575)
Stock-based compensation, net of restricted stock forfeited	5,316		5,316
Retirement of common stock under equity incentive plan	(1,301)		(1,301)
Conversion of OP Units to shares of common stock			1,926			(1,926)
Distributions declared	(201,070)			(189,688)		(11,382)
Change in fair value of interest rate swap agreements	90,560				85,363	5,197
Realized gain on interest rate swap agreements	2,514				2,371	143
Adjustment to non-controlling interests			(6,581)		232	6,349
Ending Balance at Dec. 31, 2022	3,262,505	47	3,419,395	(386,049)	59,525	169,587
Net income	163,312			155,478		7,834
Offering costs, discounts, and commissions	(237)		(237)
Stock-based compensation, net of restricted stock forfeited	6,359		6,359
Retirement of common stock under equity incentive plan	(1,175)		(1,175)
Conversion of OP Units to shares of common stock			21,235			(21,235)
Distributions declared	(221,013)			(210,160)		(10,853)
Change in fair value of interest rate swap agreements	(17,293)				(16,439)	(854)
Realized gain on interest rate swap agreements	1,883				1,793	90
Adjustment to non-controlling interests			(4,938)		4,407	531
Ending Balance at Dec. 31, 2023	3,194,341	47	3,440,639	(440,731)	49,286	145,100
Net income	168,989			162,441		6,548
Issuance of shares of common stock under equity incentive plan	116	0	116
Offering costs, discounts, and commissions	(782)		(782)
Contributions from non-controlling interests	1,000					1,000
Stock-based compensation, net of restricted stock forfeited	7,355		7,355
Retirement of common stock under equity incentive plan	(1,040)		(1,040)
Conversion of OP Units to shares of common stock			4,544			(4,544)
Distributions declared	(228,888)			(218,253)		(10,635)
Change in fair value of interest rate swap agreements	124				129	(5)
Realized gain on interest rate swap agreements	209				200	9
Adjustment to non-controlling interests			(248)		42	206
Ending Balance at Dec. 31, 2024	$ 3,141,424	$ 47	$ 3,450,584	$ (496,543)	$ 49,657	$ 137,679

Consolidated Statements of Eq_2

Consolidated Statements of Equity (Parenthetical) - $ / shares shares in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Issuance of Share of restricted stock forfeited	92	23	10
Retirement shares of restricted common stock, shares	71	66	59
Common Stock
Issuance of shares of common stock, shares	893	312	23,682
Conversion of OP Units to Common Stock	282	1,277	118
OP units [Member] \| O 2022 A Dividends [Member]
Distribution declared per share			$ 1.08
Conversion of OP Units to Common Stock			118
OP units [Member] \| O 2023 A Dividends [Member]
Distribution declared per share		$ 1.12
Conversion of OP Units to Common Stock		1,277
OP units [Member] \| O 2024 A Dividends [Member]
Distribution declared per share	$ 1.155
Conversion of OP Units to Common Stock	282

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Operating activities
Net income	$ 168,989	$ 163,312	$ 129,475
Adjustments to reconcile net income including non-controlling interest to net cash provided by operating activities:
Depreciation and amortization including intangibles associated with investment in rental property	151,765	152,781	149,998
Provision for impairment of investment in rental properties	49,001	31,274	5,535
Amortization of debt issuance costs and original issuance discounts charged to interest expense	3,932	3,860	3,588
Stock-based compensation expense	7,355	6,359	5,316
Straight-line rent, direct financing and sales-type lease adjustments	(18,975)	(22,278)	(20,494)
Gain on sale of real estate	(73,153)	(54,310)	(15,953)
Other non-cash items	(10,629)	(757)	(1,858)
Changes in assets and liabilities:
Tenant and other receivables	(1,742)	780	659
Prepaid expenses and other assets	480	(352)	199
Accounts payable and other liabilities	(905)	(8,226)	(1,149)
Accrued interest payable	135	(1,369)	598
Net cash provided by operating activities	276,253	271,074	255,914
Investing activities
Acquisition of rental property	(288,577)	(27,738)	(884,770)
Investment in property under development including capitalized interest of $3,871, $1,469, and $0 in 2024, 2023, and 2022, respectively	(108,481)	(96,756)	0
Capital expenditures and improvements	(16,795)	(46,252)	(31,374)
Proceeds from disposition of rental property, net	354,350	194,959	56,438
Change in deposits on investments in rental property	(200)	125	63
Net cash (used in) provided by investing activities	(59,703)	24,338	(859,643)
Financing activities
Proceeds from issuance of common stock, net of $996, $180, and $7,492 of offering costs, discounts, and commissions in 2024, 2023 and 2022, respectively	(996)	(180)	495,566
Contributions from non-controlling interests	1,000	0	0
Borrowings on mortgages, senior unsecured notes and unsecured term loans	0	0	500,000
Principal payments on mortgages and unsecured term Loans	(2,260)	(7,503)	(260,303)
Borrowings on unsecured revolving credit facility	256,500	215,500	900,283
Repayments on unsecured revolving credit facility	(248,000)	(324,000)	(800,000)
Cash distributions paid to stockholders	(216,760)	(207,522)	(181,224)
Cash distributions paid to non-controlling interests	(10,673)	(11,115)	(11,312)
Debt issuance and extinguishment costs paid	0	0	(7,010)
Net cash (used in) provided by financing activities	(221,189)	(334,820)	636,000
Net (decrease) increase in cash and cash equivalents and restricted cash	(4,639)	(39,408)	32,271
Cash and cash equivalents and restricted cash at beginning of period	20,632	60,040	27,769
Cash and cash equivalents and restricted cash at end of period	15,993	20,632	60,040
Reconciliation of cash and cash equivalents and restricted cash
Cash and cash equivalents at beginning of period	19,494	21,789	21,669
Restricted cash at beginning of period	1,138	38,251	6,100
Cash and cash equivalents and restricted cash at beginning of period	15,993	20,632	60,040
Cash and cash equivalents at end of period	14,845	19,494	21,789
Restricted cash at end of period	1,148	1,138	38,251
Cash and cash equivalents and restricted cash at end of period	$ 15,993	$ 20,632	$ 60,040

Consolidated Statements of Ca_2

Consolidated Statements of Cash Flows (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Interest Costs Capitalized	$ 3,871	$ 1,469	$ 0
Offering costs,discounts, and commissions	$ 996	$ 180	$ 7,492

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	12 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Pay vs Performance Disclosure
Net Income (Loss)	$ 162,441	$ 155,478	$ 122,115

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Dec. 31, 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

Cybersecurity Risk Management,

Cybersecurity Risk Management, Strategy, and Governance	12 Months Ended
Cybersecurity Risk Management, Strategy, and Governance	Dec. 31, 2024
Cybersecurity Risk Management, Strategy, and Governance [Line Items]
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]	Item 1C. Cybersecurity Our EVP and Chief Financial Officer is responsible for the oversight of the Company’s information technology and cybersecurity function, which consists of five employees and is led by our VP, Information Systems & Solutions. Our VP, Information Systems & Solutions has over 25 years of experience in information technology leadership, including oversight of information technology general controls and management of information technology security and cybersecurity programs. The information technology and cybersecurity team also includes our Director, Information Technology, who has held information technology leadership roles for over 15 years, including in management of infrastructure, applications, information technology security, and cybersecurity prevention and education programs. The Audit Committee of the Board of Directors oversees the evaluation of the policies and practices developed and implemented by the Company with respect to the risk assessment and risk mitigation of information technology and cybersecurity matters. The Company has implemented a Computer Security Incident Response Plan (the “Incident Response Plan”) that sets forth the process for identifying, responding to, and recovering from cybersecurity incidents. We have a dedicated cross-functional Incident Response Team (the “IRT”) that participates in annual tabletop exercises and simulations with our external cybersecurity legal counsel to test the Incident Response Plan as part of our business continuity, incident response, risk assessment, and disaster recovery planning. The IRT is also responsible for evaluating the level of materiality of any cybersecurity incident in accordance with the Incident Response Plan and may engage the services of third-party experts to assist in the event of a cybersecurity incident. To our knowledge, in the last three years we have not experienced a cybersecurity incident that has had, and we are not aware of any cybersecurity incident that is reasonably likely to have, a material impact on us, our business strategy, results of operations or financial condition. However, as (i) our business involves the storage and transmission of numerous classes of sensitive and confidential information and proprietary information, including tenants’ information, private information about our investors and our employees, and financial and strategic information about us and (ii) we also rely on third-party service providers that have access to such information in connection with providing necessary information technology and security and other business services to us, we face risks associated with security breaches through cyber-attacks or cyber-intrusions, malware, computer viruses, attachments to e-mails, persons inside our organization or persons with access to systems inside our organization, and other significant disruptions of our IT networks and related systems that could have a material impact on us, our business strategy, results of operations or financial condition. See “Risks Related to Our Business and Properties – Security breaches and other technology disruptions could compromise our information systems and expose us to liability, which could materially and adversely affect us” for additional information. In an effort to mitigate the impact of cybersecurity events, we conduct mandatory information technology and cybersecurity training for all employees upon hire and at least annually thereafter, and regularly test our employees for information security awareness and adherence to our information technology and cybersecurity policies, which are reviewed at least annually. We also provide our employees with access to educational newsletters and articles regarding relevant information technology and cybersecurity matters on a regular basis. Additionally, we utilize third-party experts to review and test our information technology infrastructure, including constant monitoring for suspicious activity, routine penetration testing of our networks, and an annual security assessment of the effectiveness of our informational technology environment to identify potential vulnerabilities. For example, our VP, Information Systems & Solutions and Director, Information Technology receive monthly reporting from our managed security service provider and meet regularly to discuss reported activity. Our VP, Information Systems & Solutions and Director , Information Technology also meet with the cybersecurity solutions team at our managed security service provider on a quarterly basis to review and discuss the Company’s cybersecurity vulnerability score and key risk indicators, including security alerts, specific vulnerabilities, and remediation cadence, as well as peer comparisons and enhancements to the Company’s cybersecurity program. Our third-party service providers of technology services are generally required to provide us with system and organization controls (SOC) reports prior to formal engagement and annually thereafter. The reports are reviewed by our VP, Internal Audit and our VP, Information Systems & Solutions, or their designee(s), to assess and monitor compliance with cybersecurity best practices. In conjunction with the operational day-to-day processes discussed above, material risks from cybersecurity threats are identified and assessed in connection with the Company’s enterprise risk management process. Our Enterprise Risk Management Committee (“ERMC”), which is overseen by our SVP and General Counsel and is comprised of our senior leadership team and key functional personnel, meets quarterly to discuss the Company’s enterprise risks, including cybersecurity risks. Cybersecurity risks are reviewed in detail and assigned risk ratings on an annual basis. The ERMC also discusses mitigation efforts, potential enhancements to processes and policies, and key risk indicators for the Company’s risks, including cybersecurity risks. The ERMC’s annual risk assessment is presented to the Board of Directors and the Audit Committee on an annual basis. In addition to the Company’s annual ERMC risk assessment, our VP, Information Systems & Solutions and Director, Information Technology brief the Audit Committee on information technology and cybersecurity matters at least annually and provide interim updates to the Audit Committee on such matters on a quarterly basis.
Cybersecurity Risk Management Processes Integrated [Flag]	true
Cybersecurity Risk Management Processes Integrated [Text Block]	The Company has implemented a Computer Security Incident Response Plan (the “Incident Response Plan”) that sets forth the process for identifying, responding to, and recovering from cybersecurity incidents. We have a dedicated cross-functional Incident Response Team (the “IRT”) that participates in annual tabletop exercises and simulations with our external cybersecurity legal counsel to test the Incident Response Plan as part of our business continuity, incident response, risk assessment, and disaster recovery planning. The IRT is also responsible for evaluating the level of materiality of any cybersecurity incident in accordance with the Incident Response Plan and may engage the services of third-party experts to assist in the event of a cybersecurity incident.
Cybersecurity Risk Management Third Party Engaged [Flag]	true
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag]	true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag]	false
Cybersecurity Risk Board of Directors Oversight [Text Block]	Our EVP and Chief Financial Officer is responsible for the oversight of the Company’s information technology and cybersecurity function, which consists of five employees and is led by our VP, Information Systems & Solutions. Our VP, Information Systems & Solutions has over 25 years of experience in information technology leadership, including oversight of information technology general controls and management of information technology security and cybersecurity programs. The information technology and cybersecurity team also includes our Director, Information Technology, who has held information technology leadership roles for over 15 years, including in management of infrastructure, applications, information technology security, and cybersecurity prevention and education programs. The Audit Committee of the Board of Directors oversees the evaluation of the policies and practices developed and implemented by the Company with respect to the risk assessment and risk mitigation of information technology and cybersecurity matters. In conjunction with the operational day-to-day processes discussed above, material risks from cybersecurity threats are identified and assessed in connection with the Company’s enterprise risk management process. Our Enterprise Risk Management Committee (“ERMC”), which is overseen by our SVP and General Counsel and is comprised of our senior leadership team and key functional personnel, meets quarterly to discuss the Company’s enterprise risks, including cybersecurity risks. Cybersecurity risks are reviewed in detail and assigned risk ratings on an annual basis. The ERMC also discusses mitigation efforts, potential enhancements to processes and policies, and key risk indicators for the Company’s risks, including cybersecurity risks. The ERMC’s annual risk assessment is presented to the Board of Directors and the Audit Committee on an annual basis. In addition to the Company’s annual ERMC risk assessment, our VP, Information Systems & Solutions and Director, Information Technology brief the Audit Committee on information technology and cybersecurity matters at least annually and provide interim updates to the Audit Committee on such matters on a quarterly basis.
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block]	The Audit Committee of the Board of Directors oversees the evaluation of the policies and practices developed and implemented by the Company with respect to the risk assessment and risk mitigation of information technology and cybersecurity matters.
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block]	The ERMC also discusses mitigation efforts, potential enhancements to processes and policies, and key risk indicators for the Company’s risks, including cybersecurity risks. The ERMC’s annual risk assessment is presented to the Board of Directors and the Audit Committee on an annual basis.
Cybersecurity Risk Role of Management [Text Block]	EVP and Chief Financial Officer is responsible for the oversight of the Company’s information technology and cybersecurity function, which consists of five employees and is led by our VP, Information Systems & Solutions. Our VP, Information Systems & Solutions has over 25 years of experience in information technology leadership, including oversight of information technology general controls and management of information technology security and cybersecurity programs. The information technology and cybersecurity team also includes our Director, Information Technology, who has held information technology leadership roles for over 15 years, including in management of infrastructure, applications, information technology security, and cybersecurity prevention and education programs. The Audit Committee of the Board of Directors oversees the evaluation of the policies and practices developed and implemented by the Company with respect to the risk assessment and risk mitigation of information technology and cybersecurity matters. conjunction with the operational day-to-day processes discussed above, material risks from cybersecurity threats are identified and assessed in connection with the Company’s enterprise risk management process. Our Enterprise Risk Management Committee (“ERMC”), which is overseen by our SVP and General Counsel and is comprised of our senior leadership team and key functional personnel, meets quarterly to discuss the Company’s enterprise risks, including cybersecurity risks. Cybersecurity risks are reviewed in detail and assigned risk ratings on an annual basis. The ERMC also discusses mitigation efforts, potential enhancements to processes and policies, and key risk indicators for the Company’s risks, including cybersecurity risks. The ERMC’s annual risk assessment is presented to the Board of Directors and the Audit Committee on an annual basis. In addition to the Company’s annual ERMC risk assessment, our VP, Information Systems & Solutions and Director, Information Technology brief the Audit Committee on information technology and cybersecurity matters at least annually and provide interim updates to the Audit Committee on such matters on a quarterly basis.
Cybersecurity Risk Management Positions or Committees Responsible [Flag]	true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block]	Our EVP and Chief Financial Officer is responsible for the oversight of the Company’s information technology and cybersecurity function, which consists of five employees and is led by our VP, Information Systems & Solutions. Our VP, Information Systems & Solutions
Cybersecurity Risk Management Expertise of Management Responsible [Text Block]	consists of five employees and is led by our VP, Information Systems & Solutions. Our VP, Information Systems & Solutions has over 25 years of experience in information technology leadership, including oversight of information technology general controls and management of information technology security and cybersecurity programs. The information technology and cybersecurity team also includes our Director, Information Technology, who has held information technology leadership roles for over 15 years, including in management of infrastructure, applications, information technology security, and cybersecurity prevention and education programs.
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block]	The ERMC also discusses mitigation efforts, potential enhancements to processes and policies, and key risk indicators for the Company’s risks, including cybersecurity risks.
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag]	true

Business Description

Business Description	12 Months Ended
Business Description	Dec. 31, 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 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 primarily industrial and retail commercial properties under long-term lease agreements. At December 31, 2024, the Company owned a diversified portfolio of 765 individual commercial properties with 758 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: December 31, 2024 December 31, 2023 December 31, 2022 (in thousands) Shares of OP Total Diluted Shares Shares of OP Total Diluted Shares Shares of OP Total Diluted Shares Ownership interest 188,626 8,646 197,272 187,614 8,928 196,542 186,114 10,205 196,319 Percent ownership of OP 95.6 % 4.4 % 100.0 % 95.5 % 4.5 % 100.0 % 94.8 % 5.2 % 100.0 % Refer to Note 14 for further discussion regarding the calculation of weighted average shares outstanding.

Summary of Significant Accounti

Summary of Significant Accounting Policies	12 Months Ended
Summary of Significant Accounting Policies	Dec. 31, 2024
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	2. Summary of Significant Accounting Policies Basis of Accounting The Consolidated Financial Statements have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”). Principles of Consolidation The Consolidated Financial Statements include the accounts and operations of the Company. All intercompany balances and transactions have been eliminated in consolidation. When the Company obtains an economic interest in an entity, the entity is evaluated 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 Consolidated Balance Sheets: (in thousands) December 31, Assets Accounted for using the operating method: Land $ 7,644 Land improvements 2,578 Buildings and improvements 39,899 Total accounted for using the operating method 50,121 Less accumulated depreciation ( 821 ) Accounted for using the operating method, net 49,300 Intangible lease assets, net 3,243 Other assets 3,248 Total assets $ 55,791 Liabilities Intangible lease liabilities, net 512 Other liabilities 467 Total liabilities $ 979 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 reverse 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. Use of Estimates The preparation of Consolidated Financial Statements in conformity with GAAP requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent liabilities at the date of the Consolidated Financial Statements and the reported amounts of revenues and expenses during the reporting periods. Accordingly, actual results may differ from those estimates. Investment in Rental Property Rental property accounted for under operating leases is recorded at cost. Rental property accounted for under direct financing leases and sales-type leases are recorded at its net investment, which generally represents the cost of the property at the inception of the lease. The Company accounts for its acquisitions of real estate as asset acquisitions in accordance with Accounting Standards Codification (“ASC”) 805, Business Combinations , as substantially all of the fair value of the assets acquired are concentrated in a single identifiable asset or group of similar identifiable assets. The Company allocates the purchase price of investments in rental property accounted for as asset acquisitions based on the relative fair value of the assets acquired and liabilities assumed. These generally include tangible assets, consisting of land and land improvements, buildings and other improvements, and equipment, and identifiable intangible assets and liabilities, including the value of in-place leases and acquired above-market and below-market leases. Acquisition costs incurred in connection with investments in real estate accounted for as asset acquisitions are capitalized and included with the allocated purchase price. The results of operations of acquired properties are included in the Consolidated Statements of Income and Comprehensive Income from the respective date of acquisition. Estimated fair value determinations are based on management’s judgment, which considers various factors including real estate market conditions, industry conditions that the tenant operates in, and characteristics of the real estate and/or real estate appraisals. The estimated fair value of the tangible assets of an acquired property is determined by valuing the property as if it were vacant. The as-if-vacant value is then allocated to land and land improvements, buildings, and equipment based on comparable sales and other relevant information with respect to the property as estimated by management. Specifically, the “if vacant” value of buildings and equipment is calculated using an income approach. Assumptions used in the income approach to value the buildings include: capitalization and discount rates, lease-up time, market rents, make ready costs, land value, and land improvement value. The estimated fair value of acquired in-place leases are the costs that the Company would have had to incur to lease the properties to the occupancy level of the properties at the date of acquisition. Such costs include the fair value of leasing commissions and other operating costs that would have been incurred to lease the properties, had they been vacant, to their acquired occupancy level. Acquired in-place leases as of the date of acquisition are amortized over the remaining non-cancellable lease terms of the respective leases to amortization expense. Acquired above-market and below-market lease values are recorded based on the present value (using an interest rate that reflects the risks associated with the lease acquired) of the differences between the contractual amounts to be paid pursuant to the in-place leases and management’s estimate of fair market value lease rates at the time of acquisition. The capitalized above-market and below-market lease values are amortized as adjustments to lease revenue over the remaining term of the respective leases. Should a tenant terminate the lease, the unamortized portion of the in-place lease value is charged to amortization expense and the unamortized portion of above-market or below-market lease value is charged to lease revenue. Management estimates the fair value of assumed mortgages payable based upon indications of then-current market pricing for similar types of debt with similar maturities. Assumed mortgages are initially recorded at their estimated fair value as of the assumption date, and the difference between such estimated fair value and the notes’ outstanding principal balance is amortized to interest expense over the remaining term of the debt. Expenditures for significant betterments and improvements are capitalized. Maintenance and repairs are charged to expense when incurred. 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 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 substantially complete, the property under development is placed in service and depreciation commences. The following tables summarize the Company’s investments in property under development: December 31, (in thousands) 2024 2023 Development, construction and improvement costs $ 18,725 $ 93,501 Capitalized interest 59 1,463 Property under development $ 18,784 $ 94,964 For the Year Ended (in thousands) 2024 2023 Investment in properties under development, $ 104,624 $ 95,287 During the year ended December 31, 2024 , and subsequent to reaching substantial completion, the Company funded an additional $ 10.8 million of capital expenditures in connection with a development property. Long-lived Asset Impairment The Company reviews long-lived assets to be held and used for possible impairment when events or changes in circumstances indicate that their carrying amounts may not be recoverable. If, and when, such events or changes in circumstances are present, an impairment exists to the extent the carrying value of the long-lived asset or asset group exceeds the sum of the undiscounted cash flows expected to result from the use of the long-lived asset or asset group and its eventual disposition. Such cash flows include expected future operating income, as adjusted for trends and prospects, as well as the effects of demand, competition, and other factors. An impairment loss is measured as the amount by which the carrying amount of the long-lived asset or asset group exceeds its fair value. Significant judgment is made to determine if and when impairment should be taken. The Company’s assessment of impairment as of December 31, 2024, 2023, and 2022 , was based on the most current information available to the Company. Certain of the Company’s properties may have fair values less than their carrying amounts. However, based on the Company’s plans with respect to each of those properties, the Company believes that their carrying amounts are recoverable and therefore, no impairment charges were recognized other than those described below. If the operating conditions mentioned above deteriorate or if the Company’s expected holding period for assets changes, subsequent tests for impairments could result in additional impairment charges in the future. Inputs used in establishing fair value for impaired real estate assets generally fall within Level 3 of the fair value hierarchy, which are characterized as requiring significant judgment as little or no current market activity may be available for validation. The main indicator used to establish the classification of the inputs is current market conditions, as derived through the use of published commercial real estate market information 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, resulting primarily from changes in the Company's long-term hold strategy with respect to the individual properties: For the Year Ended December 31, (in thousands, except number of properties) 2024 2023 2022 Number of properties 18 4 3 Impairment charge $ 49,001 $ 31,274 $ 5,535 During the year ended December 31, 2024 , the Company recognized impairment of $ 49.0 million, resulting from changes in the Company’s long-term hold strategy with respect to the individual properties. The 2024 impairments primarily relate to the Company’s decision to sell clinically-oriented healthcare properties and include $ 41.7 million on 16 clinical healthcare properties, which were based on actual or estimated sales prices of the individual properties. Of these properties, 11 were sold as part of a portfolio with a gain of $ 59.1 million, excluding any impairment. The remaining impairments recognized during the year ended December 31, 2024 were immaterial. During the year ended December 31, 2023, the Company recognized an impairment charge of $ 26.4 million on a healthcare property due to changes in the tenant’s ability to perform under the lease agreement, leading to a change in management’s long-term hold strategy and desire to sell in the near term. The fair value measurement was determined using a range of significant unobservable inputs, including a third-party appraisal, broker market information, and recent comparable vacant sales transactions. The remaining impairments recognized during the year ended December 31, 2023 were immaterial. Impairments recognized during the year ended December 31, 2022 were immaterial. Investments in Rental Property Held for Sale The Company classifies investments in rental property as held for sale when all of the following criteria are met: (i) management commits to a plan to sell the property, (ii) the property is available for immediate sale in its present condition, subject only to terms that are usual and customary for sales of investment properties, (iii) an active program to locate a buyer and conduct other actions required to complete the sale has been initiated, (iv) the sale of the property is probable in occurrence and is expected to qualify as a completed sale, (v) the property is actively marketed for sale at a sale price that is reasonable in relation to its fair value, and (vi) actions required to complete the sale indicate that it is unlikely that any significant changes will be made or that the plan to sell will be withdrawn. For properties classified as held for sale, the Company suspends depreciation and amortization of the related assets and liabilities, including the acquired in-place lease and above- or below-market lease intangibles, as well as straight-line revenue recognition of the associated lease, and records the investment in rental property at the lower of cost or net realizable value. The assets and liabilities associated with the properties classified as held for sale are presented separately in the Consolidated Balance Sheets for the most recent reporting period. At December 31, 2024 and 2023 , the Company did not have any properties that met the held for sale criteria. Sales of Real Estate Under ASC 610-20, Other Income – Gains and Losses from the Derecognition of Nonfinancial Assets, the Company’s sales of real estate are generally considered to be sales to non-customers, requiring the Company to identify each distinct non-financial asset promised to the buyer. The Company determines whether the buyer obtains control of the non-financial assets, achieved through the transfer of the risks and rewards of ownership of the non-financial assets. If control is transferred to the buyer, the Company derecognizes the asset. If the Company determines that it did not transfer control of the non-financial assets to the buyer, the Company analyzes the contract for separate performance obligations and allocates a portion of the sales price to each performance obligation. As performance obligations are satisfied, the Company recognizes the respective income in the Consolidated Statements of Income and Comprehensive Income. The Company presents discontinued operations if disposals of properties represent a strategic shift in operations. Those strategic shifts would need to have a major effect on the Company’s operations and financial results in order to meet the definition. For the years ended December 31, 2024, 2023, and 2022 , the Company did not have property dispositions that qualified as discontinued operations. Depreciation Depreciation is computed using the straight-line method over the estimated useful lives of the related assets, which are as follows: Land improvements 15 years Buildings and improvements 15 to 39 years Equipment 7 years Leasing Fees Leasing fees represent costs incurred to lease properties to tenants and are capitalized as they are incremental costs of a lease that would not have been incurred if the lease had not been obtained. Leasing fees are amortized using the straight-line method over the term of the lease to which they relate, which range from 3 to 25 years. Cash Equivalents Cash equivalents consist of highly liquid investments with an original maturity at date of acquisition of three months or less, including money market funds. The Company estimates that the fair value of cash equivalents approximates the carrying value due to the relatively short maturity of these instruments. Restricted Cash Restricted cash 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 Consolidated Balance Sheets. Restricted cash consisted of the following: December 31, (in thousands) 2024 2023 Escrow funds and other $ 1,148 $ 1,138 Revenue Recognition The Company accounts for leases in accordance with ASC 842, Leases (“ASC 842”). The Company commences revenue recognition on its leases based on a number of factors, including the initial determination that the contract is or contains a lease. Generally, all of the Company’s property related contracts are or contain leases, and therefore revenue is recognized when the lessee takes possession of or controls the physical use of the leased assets. In most instances this occurs on the lease commencement date. At the time of lease assumption or at the inception of a new lease, including new leases that arise from amendments, the Company assesses the terms and conditions of the lease to determine the proper lease classification. Certain of the Company’s leases require tenants to pay rent based upon a percentage of the property’s net sales (“percentage rent”) or contain rent escalators indexed to future changes in the Consumer Price Index (“CPI”). Lease income associated with such provisions, absent the existence of a floor, are considered variable lease income and are not included in the initial measurement of the lease receivable, or in the calculation of straight-line rent revenue. Such amounts are recognized as income when the amounts are determinable. A lease is classified as an operating lease if none of the following criteria are met: (i) ownership transfers to the lessee at the end of the lease term, (ii) the lessee has a purchase option that is reasonably expected to be exercised, (iii) the lease term is for a major part of the economic life of the leased property, (iv) the present value of the future lease payments and any residual value guaranteed by the lessee that is not already reflected in the lease payments equals or exceeds substantially all of the fair value of the leased property, and (v) the leased property is of such a specialized nature that it is expected to have no future alternative use to the Company at the end of the lease term. If one or more of these criteria are met, the lease will generally be classified as a sales-type lease, unless the lease contains a residual value guarantee from a third party other than the lessee, in which case it would be classified as a direct financing lease under certain circumstances. Prior to the adoption of ASC 842, a lease that was not an operating lease would be accounted for as a direct financing lease. The Company accounts for the right to use land as a separate lease component, unless the accounting effect of doing so would be insignificant. Determination of significance requires management judgment. In determining whether the accounting effect of separately reporting the land component from other components for its real estate leases is significant, the Company assesses: (i) whether separating the land component impacts the classification of any lease component, (ii) the value of the land component in the context of the overall contract, and (iii) whether the right to use the land is coterminous with the rights to use the other assets. Revenue recognition methods for operating leases, direct financing leases, and sales-type leases are described below: Rental property accounted for under operating leases – Revenue is recognized as rents are earned on a straight-line basis over the non-cancelable terms of the related leases. For leases that have fixed and measurable rent escalations and collectability of the lease payments is probable, the difference between such rental income earned and the cash rent due under the provisions of the lease is recorded as Accrued rental income in the Consolidated Balance Sheets. If the Company determines that collectability of the lease payments is not probable, the Company records an adjustment to Lease revenues, net to reduce cumulative income recognized since lease commencement to the amount of cash collected from the lessee (i.e., write off of accrued rental income). Future revenue recognition is limited to amounts paid by the lessee. Rental property accounted for under direct financing leases – The Company utilizes the direct finance method of accounting to record direct financing lease income. The net investment in the direct financing lease represents receivables for the sum of future lease payments to be received and the estimated residual value of the leased property, less unamortized unearned income (which represents the difference between undiscounted cash flows and discounted cash flows). Unearned income is deferred and amortized into income over the lease terms so as to produce a constant periodic rate of return on the Company’s net investment in the leases. Rental property accounted for under sales-type leases – For leases accounted for as sales-type leases, the Company records selling profit arising from the lease at inception, along with the net investment in the lease. The Company leases assets through the assumption of existing leases or through sale-leaseback transactions, and records such assets at their fair value at the time of acquisition, which in most cases coincides with lease inception. As a result, the Company does not generally recognize selling profit on sales-type leases. The net investment in the sales-type lease represents receivables for the sum of future lease payments and the estimated unguaranteed residual value of the leased property, each measured at net present value. Interest income is recorded over the lease terms so as to produce a constant periodic rate of return on the Company’s net investment in the leases. Certain of the Company’s lease contracts contain nonlease components ( e.g. , charges for management fees, common area maintenance, and reimbursement of third-party maintenance expenses) in addition to lease components (e .g. , monthly rental charges). Services related to nonlease components are provided over the same period of time as, and billed in the same manner as, monthly rental charges. The Company elected to apply the practical expedient available under ASC 842, for all classes of assets, not to separate the lease components from the nonlease components when accounting for operating leases. Since the lease component is the predominant component under each of these leases, combined revenues from both the lease and nonlease components are reported as Lease revenues, net in the accompanying Consolidated Statements of Income and Comprehensive Income. In accordance with ASC 842, provisions for uncollectible rent are recorded as an offset to Lease revenues, net in the accompanying Consolidated Statements of Income and Comprehensive Income. Lease Termination Fee Income The Company recognizes lease termination fee income as other income from real estate transactions, a component of Lease revenues, net, when all conditions of the termination agreement have been met, and collection of the lease termination fee is probable. If the tenant immediately vacates the property upon satisfying the conditions of the termination agreement, the Company recognizes the lease termination fee income net of the write off of accrued rental income associated with the lease immediately. If the tenant continues to occupy the property, the Company treats the termination as a lease modification, and recognizes the lease termination fee income on a straight-line basis over the new lease term. Lease termination fee income is recorded as other income from real estate transactions, a component of Lease revenues, net, in the Consolidated Statements of Income and Comprehensive Income. Goodwill Goodwill represents the excess of the amount paid over the fair value of the identifiable tangible and intangible assets acquired and liabilities assumed in a business combination and is assigned to one or more reporting units. The Company evaluates goodwill for impairment when an event occurs or circumstances change that indicate the carrying value may not be recoverable, or at least annually. The Company’s annual testing date is November 30. The goodwill impairment evaluation is completed using either a qualitative or quantitative approach. Under a qualitative approach, the impairment review for goodwill consists of an assessment of whether it is more-likely-than-not that the reporting unit’s fair value is less than its carrying value, including goodwill. If a qualitative approach indicates it is more likely-than-not that the estimated carrying value of a reporting unit (including goodwill) exceeds its fair value, or if we choose to bypass the qualitative approach, we perform the quantitative approach described below. When the Company performs a quantitative test of goodwill for impairment, it compares the carrying value of its reporting unit with its fair value. If the fair value of the reporting unit exceeds its carrying amount, the Company does not consider goodwill to be impaired and no further analysis would be required. If the fair value is determined to be less than its carrying value, the amount of goodwill impairment equals the amount by which the reporting unit’s carrying value exceeds its fair value, not to exceed the carrying amount of goodwill. The Company determined that it has one reporting unit, consistent with its segment reporting analysis, which includes the acquisition, leasing, and ownership of net leased properties (i.e., the consolidated entity). When necessary to perform the quantitative test for goodwill impairment, the Company’s estimate of fair value is determined using a market approach, leveraging assumptions such as the fair value of our equity inclusive of our consideration of a control premium, if necessary, which includes an analysis of similar market transactions and other quantitative and qualitative factors. While the Company believes the assumptions used to estimate the fair value of its reporting unit are reasonable, changes in these assumptions may have a material impact on the Company’s financial results. Based on the results of its annual goodwill impairment test on November 30, 2024 and 2023, the Company concluded that goodwill was not impaired, and that the fair value of its reporting unit was substantially in excess of carrying value. 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 Consolidated Balance Sheets. Rent received in advance consisted of the following: December 31, (in thousands) 2024 2023 Rent received in advance $ 16,616 $ 14,776 Debt Issuance Costs In accordance with ASC 835, Interest, debt issuance costs related to mortgages, unsecured term loans and senior unsecured notes are reported as a direct deduction from the carrying amount of the related liability, consistent with debt discounts, in the Consolidated Balance Sheets. Debt issuance costs associated with the unsecured revolving credit facility are reported as an asset in the Consolidated Balance Sheets. Debt issuance costs incurred in connection with the Company’s unsecured revolving credit facility, mortgages, unsecured term loans and senior unsecured notes have been deferred and are being amortized over the term of the respective loan commitment using the straight-line method, which approximates the effective interest method. Offering Costs In connection with equity offerings, the Company incurs and capitalizes certain direct, incremental legal, professional, accounting and other third-party costs. Such costs are offset against the gross proceeds of each equity offering, and recorded as a component of Additional paid-in capital in the Consolidated Balance Sheets upon the consummation of the offering. See Note 12 for further discussion of net proceeds associated with equity offerings. Forward Sale Agreements The Company occasionally sells shares of common stock through forward sale agreements to enable locking in the gross price of such shares upon pricing the offering (subject to certain adjustments) while delaying the issuance of such shares and the receipt of the net proceeds. To account for the forward sale agreements, the Company considers the accounting guidance governing financial instruments and derivatives. To date, the Company has concluded that its forward sale agreements are not liabilities as they do not embody obligations to repurchase its shares nor do they embody obligations to issue a variable number of shares for which the monetary value is predominantly fixed, varying with something other than the fair value of the shares, or varying inversely in relation to its shares. The Company then evaluates whether the agreements meet the derivatives and hedging guidance scope exception to be accounted for as equity instruments. The Company has concluded that the agreements are classifiable as equity contracts based on the following assessments: (i) none of the agreements’ exercise contingencies are based on observable markets or indices besides those related to the market for the Company’s own stock price and operations; and (ii) none of the settlement provisions preclude the agreements from being indexed to its own stock. The Company also considers the potential dilution resulting from the forward sale agreements on the earnings per share calculations. The Company uses the treasury stock method to determine the dilution resulting from the forward sale agreements during the period of time prior to settlement. Non-controlling Interests Non-controlling interests represent the portions of equity in consolidated subsidiaries that are held by third parties, which are accounted for as a separate

Acquisitions of Rental Property

Acquisitions of Rental Property	12 Months Ended
Acquisitions of Rental Property	Dec. 31, 2024
Business Combinations [Abstract]
Acquisitions of Rental Property	3. Acquisitions of Rental Property The Company closed on the following acquisitions during the year ended December 31, 2024: (in thousands, except number of properties) Number of Real Estate Date Property Type Properties Acquisition Price April 4, 2024 Retail 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 September 3, 2024 Retail 1 10,180 September 5, 2024 Industrial 1 59,000 December 12, 2024 Retail 1 1,050 (b) December 24, 2024 Industrial 1 2,750 (c) 26 $ 290,033 (d) (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 of land to be developed in connection with a $ 2.0 million build-to-suit transaction expected to fund in multiple draws through March 2025. (c) Acquisition of land to be developed in connection with a $ 115.4 million build-to-suit transaction expected to fund in multiple draws through July 2026. (d) Acquisition price excludes capitalized acquisition costs of $ 8.3 million. The Company closed on the following acquisitions during the year ended December 31, 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 (e) May 25, 2023 Industrial 1 9,952 July 11, 2023 Retail 1 460 (f) November 14, 2023 Retail 1 1,963 7 $ 45,328 (g) (e) Acquisition of land developed in connection with a $ 204.8 million build-to-suit transaction substantially completed in September 2024. (f) Acquisition of land developed in connection with a $ 1.7 million build-to-suit transaction completed in October 2023. (g) Acquisition price excludes capitalized acquisition costs of $ 3.1 million. The Company allocated the purchase price of these properties to the fair value of the assets acquired and liabilities assumed. The following table summarizes the purchase price allocation for completed real estate acquisitions: For the Year Ended December 31, (in thousands) 2024 2023 Land $ 56,397 $ 2,975 Land improvements 13,972 2,817 Buildings and improvements 198,173 19,913 Property under development 9,950 20,315 Acquired in-place leases (h) 23,336 2,561 Acquired above-market leases (i) 1,029 — Acquired below-market leases (j) ( 4,504 ) ( 166 ) $ 298,353 $ 48,415 (h) The weighted average amortization period for acquired in-place leases is 10 years and 16 years for acquisitions completed during the years ended December 31, 2024 and 2023, respectively. (i) The weighted average amortization period for acquired above-market leases is six years for acquisitions completed during the year ended December 31, 2024. There were no above-market leases acquired during the year ended December 31, 2023. (j) The weighted average amortization period for acquired below-market leases is nine years and 20 years for acquisitions completed during the years ended December 31, 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 years ended December 31, 2024 and 2023, qualified as asset acquisitions and as such, acquisition costs were capitalized. Subsequent to December 31, 2024, the Company closed on the following acquisitions (see Note 18): (in thousands, except number of properties) Date Property Number of Acquisition January 28, 2025 Retail 1 $ 9,871 February 13, 2025 Retail 1 495 (k) 2 $ 10,366 (k) Acquisition of land to be developed in connection with a $ 1.7 million build-to-suit transaction expected to fund in multiple draws through April 2025.

Sale of Real Estate

Sale of Real Estate	12 Months Ended
Sale of Real Estate	Dec. 31, 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 Year Ended December 31, (in thousands, except number of properties) 2024 2023 2022 Number of properties disposed 58 14 8 Aggregate sale price $ 364,059 $ 200,072 $ 58,024 Aggregate carrying value ( 285,736 ) ( 140,649 ) ( 40,485 ) Additional sales expenses ( 5,170 ) ( 5,113 ) ( 1,586 ) Gain on sale of real estate $ 73,153 $ 54,310 $ 15,953

Investment in Rental Property a

Investment in Rental Property and Lease Arrangements	12 Months Ended
Investment in Rental Property and Lease Arrangements	Dec. 31, 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 and retail property types. At December 31, 2024, the Company had 765 real estate properties, 753 of which were leased under leases that have been classified as operating leases , nine that have been classified as direct financing leases, one that has been classified as a sales-type lease, and two that were vacant. Of the nine leases classified as direct financing leases , three include land portions which are accounted for as operating leases. The sales-type lease includes a land portion which is accounted for as an operating lease (see Revenue Recognition within Note 2). 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 CPI, or increases in the tenant’s sales volume. Generally, tenants are also required to pay all property taxes and assessments, substantially maintain the interior and exterior of the building, and maintain property and liability insurance coverage. The leases also typically provide for one or more multiple year renewal options, at the election of the tenant, and are subject to generally the same terms and conditions as the initial lease. Investment in Rental Property – Accounted for Using the Operating Method Depreciation expense on investment in rental property was as follows: For the Year Ended December 31, (in thousands) 2024 2023 2022 Depreciation $ 123,684 $ 123,859 $ 114,583 Estimated lease payments to be received under non-cancelable operating leases with tenants at December 31, 2024 are as follows: (in thousands) 2025 $ 398,476 2026 409,901 2027 402,803 2028 386,879 2029 375,699 Thereafter 2,888,790 $ 4,862,548 Since lease renewal periods are exercisable at the option of the tenant, the above amounts only include future lease payments due during the initial lease terms. Such amounts exclude any potential variable rent increases that are based on changes in the CPI or future variable rents which may be received under the leases based on a percentage of the tenant’s gross sales. Additionally, certain of our leases provide tenants with the option to terminate their leases in exchange for termination penalties, or that are contingent upon the occurrence of a future event. Future lease payments within the table above have not been adjusted for these termination rights. Investment in Rental Property – Direct Financing Leases The Company’s net investment in direct financing leases was comprised of the following: December 31, (in thousands) 2024 2023 Undiscounted estimated lease payments to be received $ 31,983 $ 35,155 Estimated unguaranteed residual values 14,547 14,547 Unearned revenue ( 20,277 ) ( 22,944 ) Reserve for credit losses ( 99 ) ( 115 ) Net investment in direct financing leases $ 26,154 $ 26,643 Undiscounted estimated lease payments to be received under non-cancelable direct financing leases with tenants at December 31, 2024 are as follows: (in thousands) 2025 $ 3,285 2026 3,357 2027 3,426 2028 3,496 2029 3,561 Thereafter 14,858 $ 31,983 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 Consolidated Statements of Income and Comprehensive Income: For the Year Ended December 31, (in thousands) 2024 2023 2022 Contractual rental amounts billed for operating leases $ 388,074 $ 388,073 $ 359,317 Adjustment to recognize contractual operating lease billings on a 22,163 27,154 22,353 Net write-offs of accrued rental income ( 2,556 ) ( 4,266 ) ( 1,326 ) Variable rental amounts earned 2,999 2,277 1,507 Earned income from direct financing leases 2,748 2,752 2,856 Interest income from sales-type leases 58 58 58 Operating expenses billed to tenants 20,693 20,363 19,779 Other income from real estate transactions (a) 2,039 7,414 3,069 Adjustment to revenue recognized for uncollectible rental amounts billed, net ( 4,418 ) ( 937 ) ( 100 ) Total lease revenues, net $ 431,800 $ 442,888 $ 407,513 (a) I ncludes $ 1.2 million, $ 7.5 million and $ 2.5 million of lease termination fee income for the years ended December 31, 2024, 2023, and 2022 , respectively.

Intangible Assets And Liabiliti

Intangible Assets And Liabilities	12 Months Ended
Intangible Assets And Liabilities	Dec. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Intangible Assets and Liabilities	. Intangible Assets and Liabilities, and Leasing Fees The following is a summary of intangible assets and liabilities, and leasing fees, and related accumulated amortization: December 31, (in thousands) 2024 2023 Lease intangibles: Acquired above-market leases $ 39,786 $ 44,711 Less accumulated amortization ( 18,599 ) ( 20,312 ) Acquired above-market leases, net 21,187 24,399 Acquired in-place leases 406,146 416,206 Less accumulated amortization ( 159,695 ) ( 152,379 ) Acquired in-place leases, net 246,451 263,827 Total intangible lease assets, net $ 267,638 $ 288,226 Acquired below-market leases $ 94,513 $ 98,535 Less accumulated amortization ( 45,782 ) ( 45,004 ) Intangible lease liabilities, net $ 48,731 $ 53,531 Leasing fees $ 21,781 $ 18,117 Less accumulated amortization ( 6,495 ) ( 6,426 ) Leasing fees, net $ 15,286 $ 11,691 Amortization of intangible lease assets and liabilities, and leasing fees was as follows: (in thousands) For the Year Ended December 31, Intangible Financial Statement Presentation 2024 2023 2022 Acquired in-place leases and leasing fees Depreciation and amortization $ 32,161 $ 34,487 $ 40,090 Above-market and below-market leases Lease revenues, net 4,419 5,859 4,822 For the years ended December 31, 2024, 2023 and 2022 , amortization of all intangible assets and liabilities includes $ 1.6 million, $ 0.9 million, and $ 8.5 million, respectively, of accelerated amortization resulting from early lease terminations. Estimated future amortization of intangible assets and liabilities, and leasing fees at December 31, 2024 is as follows: (in thousands) 2025 $ 26,497 2026 25,481 2027 23,618 2028 21,348 2029 19,744 Thereafter 117,505 $ 234,193

Unsecured Credit Agreements

Unsecured Credit Agreements	12 Months Ended
Unsecured Credit Agreements	Dec. 31, 2024
Debt Disclosure [Abstract]
Unsecured Credit Agreements	7. Unsecured Credit Agreements Unsecured Revolving Credit Agreements Unsecured Revolving Credit Facility On September 4, 2020, the Company entered into a $ 900.0 million unsecured revolving credit facility (the “Revolving Credit Facility”), with JPMorgan Chase Bank, N.A., as administrative agent. The Company closed the Revolving Credit Facility on September 21, 2020. The Revolving Credit Facility includes an accordion feature to increase the aggregate facility size from $ 900.0 million to $ 2.0 billion, subject to the willingness of existing or new lenders to fund such increase and other customary conditions. The Company has the option to extend the term of the Revolving Credit Facility twice for six months per extension , subject to certain conditions, including payment of an extension fee equal to 0.0625 % of the revolving commitments. On January 28, 2022, the Company amended and restated the Revolving Credit Facility to increase the available borrowings to $ 1.0 billion and extend the maturity date to March 31, 2026 . In addition to United States Dollars (“USD”), borrowings under the Revolving Credit Facility can be made in Pound Sterling, Euros or Canadian Dollars (“CAD”) up to an aggregate amount of $ 500.0 million. Borr owings under the amended Revolving Credit Facility are subject to interest only payments at variable rates equal to the applicable reference rate plus a margin based on the Company’s credit rating, ranging between 0.725 % and 1.400 %. The amended Revolving Credit Facility is subject to a facility fee on the amount of the revolving commitments, based on the Company’s credit rating, ranging between 0.125 % and 0.300 %. The applicable facility fee is 0.200 % per annum. Unsecured Term Loan Agreements 2026 Unsecured Term Loan On February 27, 2019, the Company entered into a $ 450.0 million seven-year unsecured term loan agreement (the “2026 Unsecured Term Loan”) with Capital One, National Association as administrative agent. The 2026 Unsecured Term Loan provides an accordion feature for up to a total of $ 550.0 million borrowing capacity. The 2026 Unsecured Term Loan has an initial maturity date of February 27, 2026 . Following the amendment, borrowings under the 2026 Unsecured Term Loan were subject to interest only payments at variable rates equal to LIBOR plus a margin between 1.45 % and 2.40 % per annum based on the Company’s credit rating through March 12, 2021. On March 12, 2021, the Company amended the 2026 Unsecured Term Loan to reduce the margin on variable interest rate borrowings, and made a $ 50.0 million paydown on the loan. Borrowings under the amended 2026 Unsecured Term Loan are subject to interest only payments at variable rates equal to LIBOR plus a margin between 0.85 % and 1.65 % per annum based on the Company’s credit rating. Effective July 1, 2023, the Company further amended the 2026 Unsecured Term Loan to transition to SOFR upon the cessation of LIBOR. Interest on borrowings bear interest at one-month adjusted SOFR plus a margin between 0.85 % and 1.65 % per annum based on the Company’s credit rating. The 2026 Unsecured Term Loan is subject to a fee of 0.25 % per annum on the amount of the commitment, reduced by the amount of term loans outstanding. 2027 and 2029 Unsecured Term Loans On August 1, 2022, the Company entered into two unsecured term loans, including a $ 200.0 million, five-year unsecured term loan (the “2027 Unsecured Term Loan”), and a $ 300.0 million, seven-year unsecured term loan (the “2029 Unsecured Term Loan”) both with Regions Bank as administrative agent. Borrowings on the term loans bear interest at variable rates based on adjusted SOFR, plus a margin based on the Company’s credit rating, ranging between 0.80 % and 1.60 % per annum for the 2027 Unsecured Term Loan, and 1.15 % and 2.20 % per annum for the 2029 Unsecured Term Loan. Senior Unsecured Notes 2027 Senior Unsecured Notes - Series A On April 18, 2017, the Company issued $ 150.0 million of unsecured, fixed-rate, interest-only guaranteed senior promissory notes (the “2027 Senior Unsecured Notes - Series A”). The 2027 Senior Unsecured Notes - Series A were issued at par, and bear interest at a rate of 4.84 %. 2028 Senior Unsecured Notes - Series B and 2030 Senior Unsecured Notes - Series C On July 2, 2018, the Company entered into a Note and Guaranty Agreement (the “NGA Agreement”) with each of the purchasers of unsecured, fixed-rate, interest-only, guaranteed senior promissory notes. Under the NGA Agreement, the OP issued and sold senior promissory notes in two series, series B guaranteed senior notes (the “2028 Senior Unsecured Notes - Series B”) and series C guaranteed senior notes (the “2030 Unsecured Notes - Series C”), for an aggregate principal amount of $ 325.0 million. The 2028 Senior Unsecured Notes - Series B provide for an aggregate principal amount of $ 225.0 million with a fixed-rate of 5.09 %. The 2030 Senior Unsecured Notes - Series C provide for an aggregate principal amount of $ 100.0 million with a fixed-rate of 5.19 %. 2031 Senior Unsecured Public Notes On September 15, 2021, the Company completed a public offering of $ 375.0 million in aggregate principal amount of 2.60 % senior unsecured notes due in 2031 (the “2031 Senior Unsecured Public Notes”), issued at 99.816 % of the principal amount. The 2031 Senior Unsecured Public Notes require semi-annual interest payments through the maturity date of September 15, 2031 , unless earlier redeemed. The 2031 Senior Unsecured Public Notes were issued by the OP and are fully and unconditionally guaranteed by the Company. Covenants on Unsecured Credit Agreements The Company is subject to various financial and operational covenants and financial reporting requirements pursuant to its unsecured credit agreements. These covenants require the Company to maintain certain financial ratios. As of December 31, 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. The following table summarizes the Company’s unsecured credit agreements: Outstanding Balance December 31, (in thousands, except interest rates) 2024 2023 Interest Rate Maturity Date Unsecured revolving credit facility $ 93,014 $ 90,434 Applicable reference rate + 0.85 % (a) Mar. 2026 (d) Unsecured term loans: 2026 Unsecured Term Loan 400,000 400,000 o ne-month adjusted SOFR + 1.00 % (b) Feb. 2026 2027 Unsecured Term Loan 200,000 200,000 daily simple adjusted SOFR + 0.95 % (c) Aug. 2027 2029 Unsecured Term Loan 300,000 300,000 daily simple adjusted SOFR + 1.25 % (c) Aug. 2029 Total unsecured term loans 900,000 900,000 Unamortized debt issuance costs, net ( 2,799 ) ( 4,053 ) Total unsecured term loans, net 897,201 895,947 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 ( 3,936 ) ( 4,691 ) Total senior unsecured notes, net 846,064 845,309 Total unsecured debt, net $ 1,836,279 $ 1,831,690 (a) At December 31, 2024 , a balance of $ 23.5 million was subject to daily simple SOFR, and at December 31, 2023 a balance of $ 15.0 million was subject to one-month SOFR. The remaining balance of $ 100.0 million CAD borrowings remeasured to $ 69.5 million USD and $ 75.4 million USD, at December 31, 2024 and 2023 , respectively, and was subject to daily simple CORRA of 3.32 % at December 31, 2024 and one-month CDOR, of 5.46 % at December 31, 2023 . (b) At December 31, 2024 and 2023 , one-month SOFR was 4.33 % and 5.35 %, respectively. (c) At December 31, 2024 , overnight SOFR was 4.49 %. The applicable reference rate at December 31, 2023 was one-month SOFR, which was 5.35 %. (d) 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 December 31, 2024 , the weighted average interest rate on all outstanding borrowings was 4.79 % exclusive of interest rate swap agreements, and 3.84 % inclusive of interest rate swap agreements. For the year ended December 31, 2022, the Company incurred debt issuance costs of $ 7.0 million associated with financing activities. The Company did no t incur any debt issuance costs for the years ended December 31, 2024 and 2023. Debt issuance costs and original issuance discounts are amortized as a component of Interest expense in the accompanying Consolidated Statements of Income and Comprehensive Income. The following table summarizes debt issuance cost and original issuance discount amortization: For the Year Ended December 31, (in thousands) 2024 2023 2022 Debt issuance costs and original issuance discount amortization $ 3,932 $ 3,938 $ 3,692

Mortgages

Mortgages	12 Months Ended
Mortgages	Dec. 31, 2024
Debt Disclosure [Abstract]
Mortgages	8. Mortgages The Company’s mortgages consist of the following: (in thousands, except interest rates) Origination Maturity Interest December 31, Lender Date Date Rate 2024 2023 Wilmington Trust National Association Apr. 2019 Feb. 2028 4.92 % $ 42,838 $ 44,207 (a) (b) (c) (d) Wilmington Trust National Association Jun. 2018 Aug. 2025 4.36 % 18,283 18,725 (a) (b) (c) (d) PNC Bank Oct. 2016 Nov. 2026 3.62 % 15,792 16,241 (b) (c) Total mortgages 76,913 79,173 Debt issuance costs, net ( 67 ) ( 105 ) Mortgages, net $ 76,846 $ 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 December 31, 2024 , investment in rental property with a book value of $ 117.8 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 December 31, 2024, are as follows: (in thousands) 2025 $ 20,195 2026 509,857 2027 351,596 2028 263,279 2029 300,000 Thereafter 475,000 $ 1,919,927 Certain of the Company’s mortgages provide for prepayment fees and can be terminated under certain events of default as defined under the related agreements. These prepayment fees are not reflected as part of the table above.

Interest Rate Swaps

Interest Rate Swaps	12 Months Ended
Interest Rate Swaps	Dec. 31, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Interest Rate Swaps	9. Interest Rate Swaps Interest rate swaps were entered into with certain financial institutions in order to mitigate the impact of interest rate variability over the term of the related debt agreements. The interest rate swaps are considered cash flow hedges. Under these agreements, the Company receives monthly payments from the counterparties equal to the related variable interest rates multiplied by the outstanding notional amounts. In turn, the Company pays the counterparties each month an amount equal to a fixed rate multiplied by the related outstanding notional amounts. The intended net impact of these transactions is that the Company pays a fixed interest rate on its variable-rate borrowings. In order to reduce counterparty concentration risk, the Company diversifies the institutions that serve as swap counterparties. The Company is exposed to credit risk in the event of non-performance by the counterparties of the swaps. The Company minimizes the risk exposure by limiting counterparties to only major banks who meet established credit and capital guidelines. In June 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) December 31, 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 $ 255 Capital One, National Association December 2024 1.58 % daily compounded SOFR — — 15,000 445 Bank of Montreal January 2025 1.91 % daily compounded SOFR 25,000 2 25,000 713 Truist Financial Corporation April 2025 2.20 % daily compounded SOFR 25,000 137 25,000 734 Bank of Montreal July 2025 2.32 % daily compounded SOFR 25,000 250 25,000 768 Truist Financial Corporation July 2025 1.99 % daily compounded SOFR 25,000 290 25,000 888 Truist Financial Corporation December 2025 2.30 % daily compounded SOFR 25,000 471 25,000 887 Bank of Montreal January 2026 1.92 % daily compounded SOFR 25,000 569 25,000 1,071 Bank of Montreal January 2026 2.05 % daily compounded SOFR 40,000 860 40,000 1,615 Capital One, National Association January 2026 2.08 % daily compounded SOFR 35,000 743 35,000 1,389 Truist Financial Corporation January 2026 1.93 % daily compounded SOFR 25,000 567 25,000 1,067 Capital One, National Association April 2026 2.68 % daily compounded SOFR 15,000 280 15,000 439 Capital One, National Association July 2026 1.32 % daily compounded SOFR 35,000 1,454 35,000 2,186 Bank of Montreal December 2026 2.33 % daily compounded SOFR 10,000 346 10,000 423 Bank of Montreal December 2026 1.99 % daily compounded SOFR 25,000 1,030 25,000 1,299 Toronto-Dominion Bank March 2027 2.46 % daily compounded CORRA 13,903 (b) 166 15,087 (b) 572 Wells Fargo Bank, N.A. April 2027 2.72 % daily compounded SOFR 25,000 757 25,000 806 Bank of Montreal December 2027 2.37 % daily compounded SOFR 25,000 1,230 25,000 1,215 Capital One, National Association December 2027 2.37 % daily compounded SOFR 25,000 1,227 25,000 1,197 Wells Fargo Bank, N.A. January 2028 2.37 % daily compounded SOFR 75,000 3,693 75,000 3,632 Bank of Montreal May 2029 2.09 % daily compounded SOFR 25,000 2,024 25,000 1,835 Regions Bank May 2029 2.11 % daily compounded SOFR 25,000 1,999 25,000 1,801 Regions Bank June 2029 2.03 % daily compounded SOFR 25,000 2,085 25,000 1,900 U.S. Bank National Association June 2029 2.03 % daily compounded SOFR 25,000 2,087 25,000 1,908 Regions Bank August 2029 2.58 % one-month SOFR 100,000 5,799 100,000 4,392 Toronto-Dominion Bank August 2029 2.58 % one-month SOFR 45,000 2,642 45,000 2,021 U.S. Bank National Association August 2029 2.65 % one-month SOFR 15,000 835 15,000 618 U.S. Bank National Association August 2029 2.58 % one-month SOFR 100,000 5,820 100,000 4,427 U.S. Bank National Association August 2029 1.35 % daily compounded SOFR 25,000 2,894 25,000 2,828 Regions Bank March 2032 2.69 % daily compounded CORRA 13,903 (b) 358 15,087 (b) 677 U.S. Bank National Association March 2032 2.70 % daily compounded CORRA 13,903 (b) 354 15,087 (b) 678 Bank of Montreal March 2034 2.81 % daily compounded CORRA 27,805 (c) 846 30,174 (c) 1,410 939,514 41,815 975,435 46,096 Forward Starting Swaps: (d) Bank of Montreal March 2030 3.80 % daily simple SOFR 80,000 541 — — JPMorgan Chase Bank, N.A. March 2030 3.79 % daily simple SOFR 50,000 371 — — U.S. Bank National Association June 2030 3.73 % daily simple SOFR 70,000 666 — — Truist Financial Corporation June 2030 3.73 % daily simple SOFR 55,000 508 — — Manufacturers & Traders Trust Company September 2030 3.71 % daily simple SOFR 50,000 512 — — Regions Bank September 2030 3.69 % daily simple SOFR 15,000 159 — — Truist Financial Corporation September 2030 3.70 % daily simple SOFR 15,000 159 — — Toronto-Dominion Bank December 2030 3.66 % daily simple SOFR 70,000 846 — — Regions Bank December 2030 3.66 % daily simple SOFR 55,000 643 — — 460,000 4,405 — — Total Swaps $ 1,399,514 $ 46,220 $ 975,435 $ 46,096 (a) Prior to the cessation of CDOR on July 1, 2024, the variable rate index for daily compounded CORRA based swaps was one-month CDOR. (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 December 31, 2024 , the weighted average interest rate on all outstanding borrowings was 3.84 %, 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 Consolidated Statements of Income and Comprehensive Income, from converting from variable rates to fixed rates under these agreements were as follows: Total Interest Expense Amount of Gain (Loss) Presented in the Recognized in Reclassification from Accumulated Consolidated Statements Accumulated Other Other Comprehensive Income of Income and (in thousands) Comprehensive Amount of Comprehensive For the year ended December 31, Income Location Gain (Loss) Income 2024 $ 124 Interest expense $ 28,797 $ 74,077 2023 ( 17,293 ) Interest expense 25,679 80,053 2022 90,560 Interest expense ( 4,453 ) 78,652 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 $ 16.1 million.

Non-Controlling Interests

Non-Controlling Interests	12 Months Ended
Non-Controlling Interests	Dec. 31, 2024
Noncontrolling Interest [Abstract]
Non-Controlling Interests	. Non-Controlling Interests The Company has two entities with noncontrolling interests that are consolidated: the “OP,” and interests in a consolidated VIE not wholly-owned by the Company (See Note 2). Under the Company’s UPREIT structure, entities and individuals can contribute assets in exchange for OP Units. There were no UPREIT transactions during the years ended December 31, 2024, 2023, and 2022. The cumulative amount of UPREIT properties contributed, less assumed debt, amounted to $ 128.7 million as of December 31, 2024 and 2023. The OP Units are economically equivalent to the Corporation’s common stock and, subject to certain restrictions, are convertible into the Company’s common stock at the option of the respective unit holders on a one-to-one basis. The OP Units are redeemable for cash at the option of the holder, however, the Company may issue shares in lieu of cash. Therefore, the OP Units are considered to be permanent equity. Exchanges of OP Units held by non-controlling interest holders are recorded by reducing non-controlling interest on a historical cost basis with a corresponding increase in common stock and additional paid-in capital. The following table summarizes OP Units exchanged for shares of common stock: For the Year Ended December 31, (in thousands) 2024 2023 2022 OP Units exchanged for shares of common stock 282 1,277 118 Value of units exchanged $ 4,544 $ 21,235 $ 1,926 Holders of the OP Units do not have voting rights at the Corporation level.

Credit Risk Concentrations

Credit Risk Concentrations	12 Months Ended
Credit Risk Concentrations	Dec. 31, 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 years ended December 31, 2024, 2023, and 2022. The Company has not experienced losses relating to these deposits and management does not believe that the Company is exposed to any significant credit risk with respect to these amounts based on the financial position and capitalization of the applicable banks. For the years ended December 31, 2024, 2023, and 2022 , the Company had no individual tenants or common franchises that accounted for more than 10 % of Lease revenues, net, excluding lease termination fees.

Equity

Equity	12 Months Ended
Equity	Dec. 31, 2024
Equity [Abstract]
Equity	12. Equity Common Stock The shares of the Corporation’s common stock entitle the holders to one vote per share on all matters upon which stockholders are entitled to vote, to receive dividends and other distributions as authorized by the Board of Directors in accordance with the Maryland General Corporation Law, and to all rights of a stockholder pursuant to the Maryland General Corporation Law. The common stock has no preferences or preemptive conversion or exchange rights. Pursuant to the limited liability company agreement between the Corporation and the OP, each outstanding OP Unit is convertible into one share of the Corporation’s common stock, subject to the terms and conditions set forth in the OP’s operating agreement. Preferred Stock The Charter also provides the Board of Directors with the authority to issue one or more classes or series of preferred stock, and prior to the issuance of such shares of preferred stock, the Board of Directors shall have the power from time to time to classify or reclassify, in one or more series, any unissued shares and designate the preferences, rights and privileges of such shares of preferred stock. At December 31, 2024 and 2023 , no shares of the Corporation’s preferred stock were issued and outstanding. At-the-Market Program (“ATM Program”) The Company enters into ATM Programs through which it may, from time to time, publicly offer and sell shares of common stock. The Company’s ATM Programs also provide 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. In May 2024, the Company replaced its prior $ 400.0 million ATM Program (“2021 ATM Program”) with a new $ 400.0 million ATM Program (“2024 ATM Program”), and the 2021 ATM Program was simultaneously terminated. The following table presents information about the Company’s ATM Programs: (in thousands) Program Year Program Size Aggregate Gross Sales Shares Issued 2021 (a) $ 400,000 $ 254,620 11,542 2024 400,000 40,003 2,188 (a) ATM Program has been terminated and no future issuance will occur. During the year ended December 31, 2024 , the Company entered into forward sale agreements to sell an aggregate of 2,187,700 shares of common stock under the 2024 ATM Program at a weighted-average share price of $ 18.29 , subject to certain adjustments. The Company has the option to settle the outstanding shares of common stock anytime between August and September 2025 for net proceeds of approximately $ 38.5 million. During the year ended December 31, 2024, the Company has not settled any of the outstanding shares of these forward sales agreements. There was no ATM Program activity during the year ended December 31, 2023. The following table presents information about the Company’s ATM Program issuances: For the Year Ended December 31, (in thousands, except per share amounts) 2022 Number of common shares issued 10,471 Weighted average sale price per share $ 21.66 Net proceeds $ 222,893 Gross proceeds 226,483 There were no ATM Program issuances during the years ended December 31, 2024 and 2023. Stock 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 years ended December 31, 2024 and 2023, no shares of the Company’s common stock were repurchased under the Repurchase Program.

Stock-Based Compensation

Stock-Based Compensation	12 Months Ended
Stock-Based Compensation	Dec. 31, 2024
Share-Based Payment Arrangement [Abstract]
Stock-Based Compensation	13. Stock-Based Compensation Restricted Stock Awards The Company awarded 849,365 , 311,583 , and 181,244 shares of RSAs, during the years ended December 31, 2024, 2023, and 2022 , 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 years ended December 31, 2024, 2023, and 2022 were $ 14.79 , $ 17.50 , and $ 21.43 , respectively, which were based on the market price per share of the Company’s common stock on the grant dates. The following table presents information about the Company’s RSAs: For the Year Ended December 31, (in thousands) 2024 2023 2022 Compensation cost $ 4,880 $ 4,437 $ 3,469 Dividends declared on unvested RSAs 1,166 560 419 Fair value of shares vested during the period 3,969 3,384 3,209 As of December 31, 2024 , there was $ 11.2 million of unrecognized compensation costs related to the unvested restricted shares, which is expected to be recognized over a weighted average period of 3.3 years. The following table presents information about the Company’s restricted stock activity: For the Year Ended December 31, 2024 2023 2022 (in thousands, except per share amounts) Number of Shares Weighted Average Grant Date Fair Value per Share Number of Shares Weighted Average Grant Date Fair Value per Share Number of Shares Weighted Average Grant Date Fair Value per Share Unvested at beginning of period 492 $ 18.63 396 $ 20.36 372 $ 19.62 Granted 849 14.79 312 17.50 181 21.43 Vested ( 259 ) 18.70 ( 193 ) 20.33 ( 147 ) 19.80 Forfeited ( 93 ) 16.63 ( 23 ) 18.79 ( 10 ) 20.24 Unvested at end of period 989 15.51 492 18.63 396 20.36 Performance-based Restricted Stock Units During the years ended December 31, 2024, 2023 and 2022 , the Company issued target grants of 202,308 , 186,481 , and 124,024 performance-based restricted stock units (“PRSUs”) under the Company’s Equity Incentive Plan to the officers of the Company, respectively. The awards are non-vested restricted stock units where the vesting percentages and the ultimate number of units vesting will be measured 50 % based on the relative total shareholder return (“rTSR”) of the Company’s common stock as compared to the rTSR of peer companies, as identified in the grant agreements, over a three-year period, and 50% based on the rTSR of the Company’s common stock as compared to the rTSR of the MSCI US REIT Index over a three year measurement period. Vesting percentages range from 0 % to 200 %, with a target of 100 %. rTSR means the percentage appreciation in the fair market value of one share over the three year measurement period beginning on the date of grant, assuming the reinvestment of dividen ds 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 year ended December 31, 2024 that achieve a percentile rank of at least the 55th 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. T he 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 Year Ended December 31, (in thousands) 2024 2023 2022 Compensation cost $ 2,475 $ 1,922 $ 1,847 As of December 31, 2024 , there was $ 3.8 million of unrecognized compensation costs related to the unvested PRSUs, which is expected to be recognized over a weighted average period of 1.7 years. The following table presents information about the Company’s performance-based restricted stock unit activity: For the Year Ended December 31, 2024 2023 2022 (in thousands, except per share amounts) Number of Shares Weighted Average Number of Shares Weighted Average Number of Shares Weighted Average Unvested at beginning of period 351 $ 24.90 233 $ 26.27 110 $ 24.40 Granted 202 15.84 186 23.78 124 27.93 Vested ( 88 ) 24.40 — — — — Forfeited ( 32 ) 23.18 ( 68 ) 26.48 ( 1 ) 27.93 Unvested at end of period 433 20.90 351 24.90 233 26.27

Earnings per Share

Earnings per Share	12 Months Ended
Earnings per Share	Dec. 31, 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 Year Ended December 31, (in thousands, except per share amounts) 2024 2023 2022 Basic earnings: Net earnings attributable to Broadstone Net Lease, Inc. common $ 162,441 $ 155,478 $ 122,115 Less: earnings allocated to unvested restricted shares ( 1,166 ) ( 560 ) ( 419 ) Net earnings used to compute basic earnings per common share $ 161,275 $ 154,918 $ 121,696 Diluted earnings: Net earnings used to compute basic earnings per common share $ 161,275 $ 154,918 $ 121,696 Add: net earnings attributable to OP Unit holders 7,548 7,834 7,360 Net earnings used to compute diluted earnings per common share $ 168,823 $ 162,752 $ 129,056 Weighted average number of common shares outstanding 188,378 187,101 170,225 Less: weighted average unvested restricted shares (a) ( 924 ) ( 484 ) ( 385 ) Weighted average number of common shares outstanding used in 187,454 186,617 169,840 Add: effects of restricted stock units (b) 378 291 96 Add: effects of convertible OP Units (c) 8,787 9,407 10,265 Weighted average number of common shares outstanding used in 196,619 196,315 180,201 Basic and Diluted earnings per share $ 0.86 $ 0.83 $ 0.72 (a) Represents the weighted average effects of 988,555 , 492,046 , and 396,383 unvested restricted shares of common stock as of December 31, 2024, 2023, and 2022 , respectively, which will be excluded from the computation of earnings per share until they vest . (b) R epresents 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 8,645,793 , 8,927,736 , and 10,204,806 OP Units outstanding at December 31, 2024, 2023, and 2022 , respectively.

Income Taxes

Income Taxes	12 Months Ended
Income Taxes	Dec. 31, 2024
Income Tax Disclosure [Abstract]
Income Taxes	. Income Taxes For federal income tax purposes, distributions to stockholders are characterized as ordinary dividends, capital gain distributions, or return of capital distributions. Return of capital distributions will reduce stockholders’ basis in their shares, but not below zero. The portion of the distribution that exceeds the adjusted basis of the stock will be treated as gain from the sale or exchange of property. The following table shows the character of the distributions the Company paid on a percentage basis: For the Year Ended December 31, Character of Distributions 2024 2023 2022 Ordinary dividends 62 % 70 % 68 % Capital gain distributions 0 % 21 % 2 % Return of capital distributions 38 % 9 % 30 % 100 % 100 % 100 %

Supplemental Cash Flow Disclosu

Supplemental Cash Flow Disclosures	12 Months Ended
Supplemental Cash Flow Disclosures	Dec. 31, 2024
Supplemental Cash Flow Elements [Abstract]
Supplemental Cash Flow Disclosures	. Supplemental Cash Flow Disclosures Cash paid for interest was $ 73.7 million, $ 77.1 million, and $ 72.0 million for the years ended December 31, 2024, 2023, and 2022 , respectively. Cash (refunded) paid for income taxes was $( 0.5 ) million, $ 0.3 million, and $ 0.4 million for the years ended December 31, 2024, 2023, and 2022, respectively. The following are non-cash transactions and have been excluded from the accompanying Consolidated Statements of Cash Flows: • During the year ended December 31, 2024 , the Company converted 281,943 OP Units valued at $ 4.5 million to 281,943 shares of common stock. During the year ended December 31, 2023 , the Company converted 1,277,070 OP Units valued at $ 21.2 million to 1,277,070 shares of common stock. During the year ended December 31, 2022 , the Company converted 118,400 OP Units valued at $ 1.9 million to 118,400 shares of common stock. • At December 31, 2024, 2023, and 2022 , dividend amounts declared and accrued but not yet paid amounted to $ 58.3 million, $ 56.9 million, and $ 54.5 million, respectively. • During the year ended December 31, 2024 , the Company reclassified $ 184.7 million from Property under development to Buildings and improvements upon the substantial completion of a development property. • At December 31, 2024, 2023, and 2022 , the Company adjusted the carrying value of Non-controlling interests to reflect their share of the book value of the OP by $ 0.2 million, $ 0.5 million, and $ 6.3 million, respectively, with the reallocation recorded as an offset to Additional paid-in capital (see Note 2).

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
Commitments and Contingencies	Dec. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	17. 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 December 31, 2024 , the Company has commitments to fund five build-to-suit transactions with remaining obligations of $ 227.4 million expected to fund in multiple draws through July 2026, using a combination of available cash on hand and Revolving Credit Facility borrowings. Rent is contractually scheduled to commence when the properties reach substantial completion and are made available for use by the tenant. 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 Consolidated Financial Statements. Based on values as of December 31, 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	12 Months Ended
Subsequent Events	Dec. 31, 2024
Subsequent Events [Abstract]
Subsequent Events	18. Subsequent Events On January 15, 2025, the Company paid distributions totaling $ 57.2 million. On February 14, 2025, the Board of Directors declared a quarterly distribution of $ 0.29 per share on the Company’s common stock and OP Units for the first quarter of 2025, which will be payable on or before April 15, 2025 to stockholders and unit holders of record as of March 31, 2025 . Subsequent to December 31, 2024 , the Company paid down $ 38.0 million, and borrowed $ 71.0 million on the Revolving Credit Facility, the proceeds of which were used to fund investments and for other general corporate purposes. Subsequent to December 31, 2024, the Company acquired approximately $ 10.4 million of rental property, inclusive of approximately $ 0.5 million of land to be developed in connection with a $ 1.7 million build-to-suit transaction expected to fund in multiple draws through April 2025. (see Note 3).

Schedule III - Real Estate Asse

Schedule III - Real Estate Assets and Accumulated Depreciation	12 Months Ended
	Dec. 31, 2024
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract]
Schedule III - Real Estate Assets and Accumulated Depreciation	Broadstone Net Lease, Inc. and Subsidiaries Schedule III – Real Estate Assets an d Accumulated Depreciation As of December 31, 2024 (in thousands) Costs Capitalized Life on Initial Costs to Subsequent Gross Amount at Which Carried at Which Company(a) to Acquisition Close of Period Depreciation Buildings and Buildings and Accumulated Date of Date is Computed Property Type Encumbrance Land Improvements Land Improvements Land Improvements Total(b) Depreciation Construction Acquired (Years) Industrial Manufacturing $ — $ 133,842 $ 694,209 $ — $ 13,877 $ 133,842 $ 708,086 $ 841,928 $ 110,374 1932-2024 2011-2024 15 - 39 Distribution & Warehouse — 97,035 591,582 4,511 21,579 101,546 613,161 714,707 92,716 1929-2021 2012-2024 15 - 39 Food Processing — 52,983 553,324 — 51,925 52,983 605,249 658,232 68,329 1907-2022 2012-2024 15 - 39 Flex and R&D 42,837 59,441 189,032 — 1,331 59,441 190,363 249,804 40,147 1973-2018 2013-2019 15 - 39 Cold Storage 18,283 28,325 295,511 — 68 28,325 295,579 323,904 25,993 1933-2024 2017-2023 7 - 39 Services — 71,034 95,089 — 3,680 71,034 98,769 169,803 13,980 1960-2022 2011-2024 15 - 39 Untenanted — 1,888 15,940 — 1 1,888 15,941 17,829 3,336 1972-2008 2017-2018 15 - 39 Retail General Merchandise 15,793 101,614 380,797 — 1,473 101,614 382,270 483,884 38,232 1984-2022 2016-2024 15 - 39 Casual Dining — 78,973 269,079 — 12 78,973 269,091 348,064 54,392 1972-2014 2011-2024 15 - 39 Quick Service Restaurants — 54,701 235,388 197 2,705 54,898 238,093 292,991 61,042 1965-2023 2009-2024 15 - 39 Automotive — 32,676 118,451 — 73 32,676 118,524 151,200 27,279 1909-2021 2014-2024 7 - 39 Animal Services — 15,943 111,107 — 2,912 15,943 114,019 129,962 20,767 1954-2017 2015-2021 15 - 39 Home Furnishings — 3,625 90,644 — 981 3,625 91,625 95,250 19,457 1974-2014 2017-2018 15 - 39 Healthcare Services — 11,162 62,332 — 250 11,162 62,582 73,744 12,126 1965-2020 2009-2021 15 - 39 Education — 4,622 35,168 — 69 4,622 35,237 39,859 4,515 1996-2022 2017-2023 15 - 39 Other Office — 18,147 191,380 — 21,481 18,147 212,861 231,008 51,589 1975-2012 2012-2022 7 - 39 Clinical/Surgical — 8,107 136,728 — 215 8,107 136,943 145,050 28,204 1970-2018 2012-2022 15 - 39 Acquisitions in Process (c) — — 113 — — — 113 113 — Property Under Development — — 18,784 — — — 18,784 18,784 — Total (d) $ 76,913 $ 774,118 $ 4,084,658 $ 4,708 $ 122,632 $ 778,826 $ 4,207,290 $ 4,986,116 $ 672,478 (a) The initial cost to the Company represents the original purchase price of the property (see Note 3). (b) The aggregate cost of real estate owned as of December 31, 2024 for U.S. federal income tax purposes was approximately $ 5.1 billion. (c) Acquisition costs in progress represents costs incurred during the year ended December 31, 2024 related to asset acquisitions expected to close during the year ending December 31, 2025. (d) This schedule excludes properties subject to leases that are classified as direct financing leases, sales-type leases, as well as the value of right-of-use assets recorded on certain of the properties where the Company is lessee under a ground lease. For the Year Ended December 31, Change in Total Real Estate Assets 2024 2023 2022 Balance, beginning of period $ 4,983,660 $ 5,008,230 $ 4,205,191 Acquisitions, developments, and improvements 392,793 167,089 929,972 Dispositions ( 358,944 ) ( 154,907 ) ( 118,028 ) Impairment ( 31,393 ) ( 36,752 ) ( 8,905 ) Balance, end of period $ 4,986,116 $ 4,983,660 $ 5,008,230 For the Year Ended December 31, Change in Accumulated Depreciation 2024 2023 2022 Balance, beginning of period $ 626,597 $ 533,965 $ 430,141 Acquisitions and building improvements 122,949 122,778 115,892 Dispositions ( 70,114 ) ( 24,547 ) ( 8,165 ) Impairment ( 6,954 ) ( 5,599 ) ( 3,903 ) Balance, end of period $ 672,478 $ 626,597 $ 533,965

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	12 Months Ended
Summary of Significant Accounting Policies (Policies)	Dec. 31, 2024
Accounting Policies [Abstract]
Principles of Consolidation	Principles of Consolidation The Consolidated Financial Statements include the accounts and operations of the Company. All intercompany balances and transactions have been eliminated in consolidation. When the Company obtains an economic interest in an entity, the entity is evaluated 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 Consolidated Balance Sheets: (in thousands) December 31, Assets Accounted for using the operating method: Land $ 7,644 Land improvements 2,578 Buildings and improvements 39,899 Total accounted for using the operating method 50,121 Less accumulated depreciation ( 821 ) Accounted for using the operating method, net 49,300 Intangible lease assets, net 3,243 Other assets 3,248 Total assets $ 55,791 Liabilities Intangible lease liabilities, net 512 Other liabilities 467 Total liabilities $ 979 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 reverse 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.
Use of Estimates	Use of Estimates The preparation of Consolidated Financial Statements in conformity with GAAP requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent liabilities at the date of the Consolidated Financial Statements and the reported amounts of revenues and expenses during the reporting periods. Accordingly, actual results may differ from those estimates.
Investment in Rental Property	Investment in Rental Property Rental property accounted for under operating leases is recorded at cost. Rental property accounted for under direct financing leases and sales-type leases are recorded at its net investment, which generally represents the cost of the property at the inception of the lease. The Company accounts for its acquisitions of real estate as asset acquisitions in accordance with Accounting Standards Codification (“ASC”) 805, Business Combinations , as substantially all of the fair value of the assets acquired are concentrated in a single identifiable asset or group of similar identifiable assets. The Company allocates the purchase price of investments in rental property accounted for as asset acquisitions based on the relative fair value of the assets acquired and liabilities assumed. These generally include tangible assets, consisting of land and land improvements, buildings and other improvements, and equipment, and identifiable intangible assets and liabilities, including the value of in-place leases and acquired above-market and below-market leases. Acquisition costs incurred in connection with investments in real estate accounted for as asset acquisitions are capitalized and included with the allocated purchase price. The results of operations of acquired properties are included in the Consolidated Statements of Income and Comprehensive Income from the respective date of acquisition. Estimated fair value determinations are based on management’s judgment, which considers various factors including real estate market conditions, industry conditions that the tenant operates in, and characteristics of the real estate and/or real estate appraisals. The estimated fair value of the tangible assets of an acquired property is determined by valuing the property as if it were vacant. The as-if-vacant value is then allocated to land and land improvements, buildings, and equipment based on comparable sales and other relevant information with respect to the property as estimated by management. Specifically, the “if vacant” value of buildings and equipment is calculated using an income approach. Assumptions used in the income approach to value the buildings include: capitalization and discount rates, lease-up time, market rents, make ready costs, land value, and land improvement value. The estimated fair value of acquired in-place leases are the costs that the Company would have had to incur to lease the properties to the occupancy level of the properties at the date of acquisition. Such costs include the fair value of leasing commissions and other operating costs that would have been incurred to lease the properties, had they been vacant, to their acquired occupancy level. Acquired in-place leases as of the date of acquisition are amortized over the remaining non-cancellable lease terms of the respective leases to amortization expense. Acquired above-market and below-market lease values are recorded based on the present value (using an interest rate that reflects the risks associated with the lease acquired) of the differences between the contractual amounts to be paid pursuant to the in-place leases and management’s estimate of fair market value lease rates at the time of acquisition. The capitalized above-market and below-market lease values are amortized as adjustments to lease revenue over the remaining term of the respective leases. Should a tenant terminate the lease, the unamortized portion of the in-place lease value is charged to amortization expense and the unamortized portion of above-market or below-market lease value is charged to lease revenue. Management estimates the fair value of assumed mortgages payable based upon indications of then-current market pricing for similar types of debt with similar maturities. Assumed mortgages are initially recorded at their estimated fair value as of the assumption date, and the difference between such estimated fair value and the notes’ outstanding principal balance is amortized to interest expense over the remaining term of the debt. Expenditures for significant betterments and improvements are capitalized. Maintenance and repairs are charged to expense when incurred. 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 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 substantially complete, the property under development is placed in service and depreciation commences. The following tables summarize the Company’s investments in property under development: December 31, (in thousands) 2024 2023 Development, construction and improvement costs $ 18,725 $ 93,501 Capitalized interest 59 1,463 Property under development $ 18,784 $ 94,964 For the Year Ended (in thousands) 2024 2023 Investment in properties under development, $ 104,624 $ 95,287 During the year ended December 31, 2024 , and subsequent to reaching substantial completion, the Company funded an additional $ 10.8 million of capital expenditures in connection with a development property.
Long-lived Asset Impairment	Long-lived Asset Impairment The Company reviews long-lived assets to be held and used for possible impairment when events or changes in circumstances indicate that their carrying amounts may not be recoverable. If, and when, such events or changes in circumstances are present, an impairment exists to the extent the carrying value of the long-lived asset or asset group exceeds the sum of the undiscounted cash flows expected to result from the use of the long-lived asset or asset group and its eventual disposition. Such cash flows include expected future operating income, as adjusted for trends and prospects, as well as the effects of demand, competition, and other factors. An impairment loss is measured as the amount by which the carrying amount of the long-lived asset or asset group exceeds its fair value. Significant judgment is made to determine if and when impairment should be taken. The Company’s assessment of impairment as of December 31, 2024, 2023, and 2022 , was based on the most current information available to the Company. Certain of the Company’s properties may have fair values less than their carrying amounts. However, based on the Company’s plans with respect to each of those properties, the Company believes that their carrying amounts are recoverable and therefore, no impairment charges were recognized other than those described below. If the operating conditions mentioned above deteriorate or if the Company’s expected holding period for assets changes, subsequent tests for impairments could result in additional impairment charges in the future. Inputs used in establishing fair value for impaired real estate assets generally fall within Level 3 of the fair value hierarchy, which are characterized as requiring significant judgment as little or no current market activity may be available for validation. The main indicator used to establish the classification of the inputs is current market conditions, as derived through the use of published commercial real estate market information 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, resulting primarily from changes in the Company's long-term hold strategy with respect to the individual properties: For the Year Ended December 31, (in thousands, except number of properties) 2024 2023 2022 Number of properties 18 4 3 Impairment charge $ 49,001 $ 31,274 $ 5,535 During the year ended December 31, 2024 , the Company recognized impairment of $ 49.0 million, resulting from changes in the Company’s long-term hold strategy with respect to the individual properties. The 2024 impairments primarily relate to the Company’s decision to sell clinically-oriented healthcare properties and include $ 41.7 million on 16 clinical healthcare properties, which were based on actual or estimated sales prices of the individual properties. Of these properties, 11 were sold as part of a portfolio with a gain of $ 59.1 million, excluding any impairment. The remaining impairments recognized during the year ended December 31, 2024 were immaterial. During the year ended December 31, 2023, the Company recognized an impairment charge of $ 26.4 million on a healthcare property due to changes in the tenant’s ability to perform under the lease agreement, leading to a change in management’s long-term hold strategy and desire to sell in the near term. The fair value measurement was determined using a range of significant unobservable inputs, including a third-party appraisal, broker market information, and recent comparable vacant sales transactions. The remaining impairments recognized during the year ended December 31, 2023 were immaterial. Impairments recognized during the year ended December 31, 2022 were immaterial.
Investment In Rental Property Held For Sale	Investments in Rental Property Held for Sale The Company classifies investments in rental property as held for sale when all of the following criteria are met: (i) management commits to a plan to sell the property, (ii) the property is available for immediate sale in its present condition, subject only to terms that are usual and customary for sales of investment properties, (iii) an active program to locate a buyer and conduct other actions required to complete the sale has been initiated, (iv) the sale of the property is probable in occurrence and is expected to qualify as a completed sale, (v) the property is actively marketed for sale at a sale price that is reasonable in relation to its fair value, and (vi) actions required to complete the sale indicate that it is unlikely that any significant changes will be made or that the plan to sell will be withdrawn. For properties classified as held for sale, the Company suspends depreciation and amortization of the related assets and liabilities, including the acquired in-place lease and above- or below-market lease intangibles, as well as straight-line revenue recognition of the associated lease, and records the investment in rental property at the lower of cost or net realizable value. The assets and liabilities associated with the properties classified as held for sale are presented separately in the Consolidated Balance Sheets for the most recent reporting period. At December 31, 2024 and 2023 , the Company did not have any properties that met the held for sale criteria.
Sales of Real Estate	Sales of Real Estate Under ASC 610-20, Other Income – Gains and Losses from the Derecognition of Nonfinancial Assets, the Company’s sales of real estate are generally considered to be sales to non-customers, requiring the Company to identify each distinct non-financial asset promised to the buyer. The Company determines whether the buyer obtains control of the non-financial assets, achieved through the transfer of the risks and rewards of ownership of the non-financial assets. If control is transferred to the buyer, the Company derecognizes the asset. If the Company determines that it did not transfer control of the non-financial assets to the buyer, the Company analyzes the contract for separate performance obligations and allocates a portion of the sales price to each performance obligation. As performance obligations are satisfied, the Company recognizes the respective income in the Consolidated Statements of Income and Comprehensive Income. The Company presents discontinued operations if disposals of properties represent a strategic shift in operations. Those strategic shifts would need to have a major effect on the Company’s operations and financial results in order to meet the definition. For the years ended December 31, 2024, 2023, and 2022 , the Company did not have property dispositions that qualified as discontinued operations.
Depreciation	Depreciation Depreciation is computed using the straight-line method over the estimated useful lives of the related assets, which are as follows: Land improvements 15 years Buildings and improvements 15 to 39 years Equipment 7 years
Leasing Fees	Leasing Fees Leasing fees represent costs incurred to lease properties to tenants and are capitalized as they are incremental costs of a lease that would not have been incurred if the lease had not been obtained. Leasing fees are amortized using the straight-line method over the term of the lease to which they relate, which range from 3 to 25 years.
Cash Equivalents	Cash Equivalents Cash equivalents consist of highly liquid investments with an original maturity at date of acquisition of three months or less, including money market funds. The Company estimates that the fair value of cash equivalents approximates the carrying value due to the relatively short maturity of these instruments.
Restricted Cash	Restricted Cash Restricted cash 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 Consolidated Balance Sheets. Restricted cash consisted of the following: December 31, (in thousands) 2024 2023 Escrow funds and other $ 1,148 $ 1,138
Revenue Recognition	Revenue Recognition The Company accounts for leases in accordance with ASC 842, Leases (“ASC 842”). The Company commences revenue recognition on its leases based on a number of factors, including the initial determination that the contract is or contains a lease. Generally, all of the Company’s property related contracts are or contain leases, and therefore revenue is recognized when the lessee takes possession of or controls the physical use of the leased assets. In most instances this occurs on the lease commencement date. At the time of lease assumption or at the inception of a new lease, including new leases that arise from amendments, the Company assesses the terms and conditions of the lease to determine the proper lease classification. Certain of the Company’s leases require tenants to pay rent based upon a percentage of the property’s net sales (“percentage rent”) or contain rent escalators indexed to future changes in the Consumer Price Index (“CPI”). Lease income associated with such provisions, absent the existence of a floor, are considered variable lease income and are not included in the initial measurement of the lease receivable, or in the calculation of straight-line rent revenue. Such amounts are recognized as income when the amounts are determinable. A lease is classified as an operating lease if none of the following criteria are met: (i) ownership transfers to the lessee at the end of the lease term, (ii) the lessee has a purchase option that is reasonably expected to be exercised, (iii) the lease term is for a major part of the economic life of the leased property, (iv) the present value of the future lease payments and any residual value guaranteed by the lessee that is not already reflected in the lease payments equals or exceeds substantially all of the fair value of the leased property, and (v) the leased property is of such a specialized nature that it is expected to have no future alternative use to the Company at the end of the lease term. If one or more of these criteria are met, the lease will generally be classified as a sales-type lease, unless the lease contains a residual value guarantee from a third party other than the lessee, in which case it would be classified as a direct financing lease under certain circumstances. Prior to the adoption of ASC 842, a lease that was not an operating lease would be accounted for as a direct financing lease. The Company accounts for the right to use land as a separate lease component, unless the accounting effect of doing so would be insignificant. Determination of significance requires management judgment. In determining whether the accounting effect of separately reporting the land component from other components for its real estate leases is significant, the Company assesses: (i) whether separating the land component impacts the classification of any lease component, (ii) the value of the land component in the context of the overall contract, and (iii) whether the right to use the land is coterminous with the rights to use the other assets. Revenue recognition methods for operating leases, direct financing leases, and sales-type leases are described below: Rental property accounted for under operating leases – Revenue is recognized as rents are earned on a straight-line basis over the non-cancelable terms of the related leases. For leases that have fixed and measurable rent escalations and collectability of the lease payments is probable, the difference between such rental income earned and the cash rent due under the provisions of the lease is recorded as Accrued rental income in the Consolidated Balance Sheets. If the Company determines that collectability of the lease payments is not probable, the Company records an adjustment to Lease revenues, net to reduce cumulative income recognized since lease commencement to the amount of cash collected from the lessee (i.e., write off of accrued rental income). Future revenue recognition is limited to amounts paid by the lessee. Rental property accounted for under direct financing leases – The Company utilizes the direct finance method of accounting to record direct financing lease income. The net investment in the direct financing lease represents receivables for the sum of future lease payments to be received and the estimated residual value of the leased property, less unamortized unearned income (which represents the difference between undiscounted cash flows and discounted cash flows). Unearned income is deferred and amortized into income over the lease terms so as to produce a constant periodic rate of return on the Company’s net investment in the leases. Rental property accounted for under sales-type leases – For leases accounted for as sales-type leases, the Company records selling profit arising from the lease at inception, along with the net investment in the lease. The Company leases assets through the assumption of existing leases or through sale-leaseback transactions, and records such assets at their fair value at the time of acquisition, which in most cases coincides with lease inception. As a result, the Company does not generally recognize selling profit on sales-type leases. The net investment in the sales-type lease represents receivables for the sum of future lease payments and the estimated unguaranteed residual value of the leased property, each measured at net present value. Interest income is recorded over the lease terms so as to produce a constant periodic rate of return on the Company’s net investment in the leases. Certain of the Company’s lease contracts contain nonlease components ( e.g. , charges for management fees, common area maintenance, and reimbursement of third-party maintenance expenses) in addition to lease components (e .g. , monthly rental charges). Services related to nonlease components are provided over the same period of time as, and billed in the same manner as, monthly rental charges. The Company elected to apply the practical expedient available under ASC 842, for all classes of assets, not to separate the lease components from the nonlease components when accounting for operating leases. Since the lease component is the predominant component under each of these leases, combined revenues from both the lease and nonlease components are reported as Lease revenues, net in the accompanying Consolidated Statements of Income and Comprehensive Income. In accordance with ASC 842, provisions for uncollectible rent are recorded as an offset to Lease revenues, net in the accompanying Consolidated Statements of Income and Comprehensive Income.
Lease Termination Fee Income	Lease Termination Fee Income The Company recognizes lease termination fee income as other income from real estate transactions, a component of Lease revenues, net, when all conditions of the termination agreement have been met, and collection of the lease termination fee is probable. If the tenant immediately vacates the property upon satisfying the conditions of the termination agreement, the Company recognizes the lease termination fee income net of the write off of accrued rental income associated with the lease immediately. If the tenant continues to occupy the property, the Company treats the termination as a lease modification, and recognizes the lease termination fee income on a straight-line basis over the new lease term. Lease termination fee income is recorded as other income from real estate transactions, a component of Lease revenues, net, in the Consolidated Statements of Income and Comprehensive Income.
Goodwill	Goodwill Goodwill represents the excess of the amount paid over the fair value of the identifiable tangible and intangible assets acquired and liabilities assumed in a business combination and is assigned to one or more reporting units. The Company evaluates goodwill for impairment when an event occurs or circumstances change that indicate the carrying value may not be recoverable, or at least annually. The Company’s annual testing date is November 30. The goodwill impairment evaluation is completed using either a qualitative or quantitative approach. Under a qualitative approach, the impairment review for goodwill consists of an assessment of whether it is more-likely-than-not that the reporting unit’s fair value is less than its carrying value, including goodwill. If a qualitative approach indicates it is more likely-than-not that the estimated carrying value of a reporting unit (including goodwill) exceeds its fair value, or if we choose to bypass the qualitative approach, we perform the quantitative approach described below. When the Company performs a quantitative test of goodwill for impairment, it compares the carrying value of its reporting unit with its fair value. If the fair value of the reporting unit exceeds its carrying amount, the Company does not consider goodwill to be impaired and no further analysis would be required. If the fair value is determined to be less than its carrying value, the amount of goodwill impairment equals the amount by which the reporting unit’s carrying value exceeds its fair value, not to exceed the carrying amount of goodwill. The Company determined that it has one reporting unit, consistent with its segment reporting analysis, which includes the acquisition, leasing, and ownership of net leased properties (i.e., the consolidated entity). When necessary to perform the quantitative test for goodwill impairment, the Company’s estimate of fair value is determined using a market approach, leveraging assumptions such as the fair value of our equity inclusive of our consideration of a control premium, if necessary, which includes an analysis of similar market transactions and other quantitative and qualitative factors. While the Company believes the assumptions used to estimate the fair value of its reporting unit are reasonable, changes in these assumptions may have a material impact on the Company’s financial results. Based on the results of its annual goodwill impairment test on November 30, 2024 and 2023, the Company concluded that goodwill was not impaired, and that the fair value of its reporting unit was substantially in excess of carrying value.
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 Consolidated Balance Sheets. Rent received in advance consisted of the following: December 31, (in thousands) 2024 2023 Rent received in advance $ 16,616 $ 14,776
Debt Issuance Costs	Debt Issuance Costs In accordance with ASC 835, Interest, debt issuance costs related to mortgages, unsecured term loans and senior unsecured notes are reported as a direct deduction from the carrying amount of the related liability, consistent with debt discounts, in the Consolidated Balance Sheets. Debt issuance costs associated with the unsecured revolving credit facility are reported as an asset in the Consolidated Balance Sheets. Debt issuance costs incurred in connection with the Company’s unsecured revolving credit facility, mortgages, unsecured term loans and senior unsecured notes have been deferred and are being amortized over the term of the respective loan commitment using the straight-line method, which approximates the effective interest method.
Offering Costs	Offering Costs In connection with equity offerings, the Company incurs and capitalizes certain direct, incremental legal, professional, accounting and other third-party costs. Such costs are offset against the gross proceeds of each equity offering, and recorded as a component of Additional paid-in capital in the Consolidated Balance Sheets upon the consummation of the offering. See Note 12 for further discussion of net proceeds associated with equity offerings.
Forward Sale Agreements	Forward Sale Agreements The Company occasionally sells shares of common stock through forward sale agreements to enable locking in the gross price of such shares upon pricing the offering (subject to certain adjustments) while delaying the issuance of such shares and the receipt of the net proceeds. To account for the forward sale agreements, the Company considers the accounting guidance governing financial instruments and derivatives. To date, the Company has concluded that its forward sale agreements are not liabilities as they do not embody obligations to repurchase its shares nor do they embody obligations to issue a variable number of shares for which the monetary value is predominantly fixed, varying with something other than the fair value of the shares, or varying inversely in relation to its shares. The Company then evaluates whether the agreements meet the derivatives and hedging guidance scope exception to be accounted for as equity instruments. The Company has concluded that the agreements are classifiable as equity contracts based on the following assessments: (i) none of the agreements’ exercise contingencies are based on observable markets or indices besides those related to the market for the Company’s own stock price and operations; and (ii) none of the settlement provisions preclude the agreements from being indexed to its own stock. The Company also considers the potential dilution resulting from the forward sale agreements on the earnings per share calculations. The Company uses the treasury stock method to determine the dilution resulting from the forward sale agreements during the period of time prior to settlement.
Non-controlling Interests	Non-controlling Interests Non-controlling interests represent the portions of equity in consolidated subsidiaries that are held by third parties, which are accounted for as a separate component of equity. The Company adjusts the carrying value of non-controlling interests to reflect their share of the book value of each not wholly-owned subsidiary. Such adjustments are recorded to Additional paid-in capital as a reallocation of Non-controlling interests in the Consolidated Statements of Equity.
Derivative Instruments	Derivative Instruments The Company uses interest rate swap agreements to manage risks related to interest rate movements. The interest rate swap agreements, designated and qualifying as cash flow hedges, are reported at fair value. ASC 815, Derivatives and Hedging (“ASC 815”) , requires a company to present the earnings effect of the hedging instrument in the same income statement line item in which the earnings effect of the hedged item is reported. In accordance with ASC 815, the gain or loss on the qualifying hedges is initially included as a component of other comprehensive income or loss and is subsequently reclassified into earnings when interest payments (the forecasted transactions) on the related debt are incurred and as the swap net settlements occur. When an existing cash flow hedge is terminated, the Company determines the accounting treatment for the accumulated gain or loss recognized in Accumulated other comprehensive income based on the probability of the hedged forecasted transaction occurring within the period the cash flow hedge was anticipated to affect earnings. If the Company determines that the hedged forecasted transaction is probable of occurring during the original period, the accumulated gain or loss is reclassified into earnings over the remaining life of the cash flow hedge using a straight-line method. If the Company determines that the hedged forecasted transaction is not probable of occurring during the original period, the entire amount of accumulated gain or loss is reclassified into earnings at such time. The Company documents its risk management strategy and hedge effectiveness at the inception of, and during the term of, each hedge. The Company’s interest rate risk management strategy is intended to stabilize cash flow requirements by maintaining interest rate swap agreements to convert certain variable-rate debt to a fixed rate.
Property Loss and Insurance Recoveries	Property Loss and Insurance Recoveries Property losses, whether full or partial, are accounted for using a combination of impairment, insurance, and revenue recognition guidance prescribed by GAAP. Upon incurring a loss event, the Company evaluates for asset impairment under ASC 350, Intangibles – Goodwill and Other, and ASC 360, Property, Plant, and Equipment. Under the terms of the Company’s lease agreements with tenants, a majority of which are net leases (whereby the tenants are responsible for insurance, taxes, and maintenance, among other property costs), the tenants are responsible for repairs and maintenance to the properties. The terms of the leases generally also require the tenants to continue making their monthly rental payments despite the property loss. To the extent that the assets are recoverable, determined utilizing undiscounted cash flows expected to result from the use of the asset or asset group and its eventual disposition, the Company accounts for a full or partial property loss as an acceleration of depreciation and evaluates whether all or a portion of the property loss can be offset by the recognition of insurance recoveries. Under the terms of the lease agreements with tenants, in the case of full or partial loss to a property, the tenant has an obligation to restore/rebuild the premises as nearly as possible to its value, condition and character immediately prior to such event. To mitigate the risk of loss, the Company requires tenants to maintain general liability insurance policies on the replacement value of the properties. Based on these considerations, the Company follows the guidance in ASC 610-30, Other Income – Gains and Losses on Involuntary Conversions (“ASC 610-30”) , for the conversion of nonmonetary assets ( i.e. , the properties) to monetary assets ( i.e. , insurance recoveries or tenant recoveries). Under ASC 610-30, once probable of receipt, the Company recognizes an insurance/tenant recovery receivable in Tenant and other receivables, net, in the Consolidated Balance Sheets, with a corresponding offset to the accelerated depreciation recognized in the Consolidated Statements of Income and Comprehensive Income. If the insurance/tenant recovery is less than the amount of accelerated depreciation recognized, the Company will recognize a net loss in the Consolidated Statements of Income and Comprehensive Income. If the insurance/tenant recovery is greater than the amount of accelerated depreciation recognized, the Company will only recognize a recovery up to the amount of the accelerated depreciation, and will account for the excess as a gain contingency in accordance with ASC 450-30, Gain Contingencies. Gain contingencies are recognized when earned and realized, which typically will occur at the time of final settlement or when non-refundable cash advances are received.
Segment Reporting	Segment Reporting The Company currently operates in a single reportable segment, which includes the acquisition, leasing, and ownership of net leased properties. The Company’s chief operating decision maker (“CODM”) is the Company’s senior leadership team, which includes, the Chief Executive Officer, President and Chief Operating Officer, Chief Financial Officer and Treasurer, and the Company’s Senior Vice Presidents. The CODM assesses, measures, and reviews the operating and financial results at the consolidated level for the entire portfolio based on consolidated revenues, expenses, and net income as reported on the Consolidated Statements of Income and Comprehensive Income. The Company does not evaluate the results of operations based on geography, size, or property type.
Fair Value Measurements	Fair Value Measurements ASC 820, Fair Value Measurement (“ASC 820”) , defines fair value as the price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. ASC 820 also establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value. The standard describes three levels of inputs that may be used to measure fair value: Level 1 – Quoted prices that are available in active markets for identical assets or liabilities. The types of financial instruments included in Level 1 are marketable, available-for-sale equity securities that are traded in an active exchange market. Level 2 – Pricing inputs other than quoted prices in active markets, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. Instruments included in this category are derivative contracts whose value is determined using a pricing model with inputs (such as yield curves and credit spreads) that are observable in the market or can be derived principally from or corroborated by observable market data. Level 3 – Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. Level 3 includes assets and liabilities whose values are determined using pricing models, discounted cash flow methodologies, or similar techniques, as well as instruments for which the determination of fair value requires significant management judgment or estimation. The Company has estimated that the carrying amount reported in the Consolidated Balance Sheets for Cash and cash equivalents, Prepaid expenses and other assets, Tenant and other receivables, net, Accrued interest payable, Accounts payable and other liabilities, and Dividends payable approximates their fair values due to their short-term nature. Recurring Fair Value Measurements Interest Rate Swap Assets and Liabilities – The Company measures and records its interest rate swap instruments (see Note 9) at fair value, and discloses the fair value of its long-term debt, on a recurring basis. Interest rate swaps are derivative instruments that have no quoted readily available Level 1 inputs, and therefore are measured at fair value using inputs that are directly observable in active markets and are classified within Level 2 of the valuation hierarchy, using an income approach. Specifically, the fair value of the interest rate swaps is determined using a discounted cash flow analysis on the expected future cash flows of each instrument. This analysis utilizes observable market data including yield curves and implied volatilities to determine the market’s expectation of the future cash flows of the variable component. The fixed and variable components of the interest rate swaps are then discounted using calculated discount factors developed based on the overnight indexed swap (“OIS”) curve and are aggregated to arrive at a single valuation for the period. The Company also incorporates credit valuation adjustments to appropriately reflect both its own nonperformance risk and the respective counterparty’s nonperformance risk in the fair value measurements. Although the Company has determined that the majority of the inputs used to value its interest rate swaps fall within Level 2 of the fair value hierarchy, the credit valuation adjustments associated with its interest rate swaps utilize Level 3 inputs, such as estimates of current credit spreads to evaluate the likelihood of default by itself and its counterparties. At December 31, 2024 and 2023, the Company has assessed the significance of the impact of the credit valuation adjustments on the overall valuation of its derivative positions and has determined that the credit valuation adjustments are not significant to the overall valuation. As a result, the Company has determined that its interest rate swap valuations in their entirety are appropriately classified within Level 2 of the fair value hierarchy. The balances of financial instruments measured at fair value on a recurring basis are as follo ws (see Note 9): December 31, 2024 (in thousands) Total Level 1 Level 2 Level 3 Interest rate swap, assets $ 46,220 $ — $ 46,220 $ — 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, 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 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 includes the fair value of interest rate swaps: December 31, (in thousands) 2024 2023 Carrying amount $ 1,919,927 $ 1,919,607 Fair value 1,794,821 1,761,177 Non-recurring Fair Value Measurements The Company’s non-recurring fair value measurements at December 31, 2024 and 2023 , consisted of the fair value of impaired real estate assets that were determined using Level 3 inputs.
Income Taxes	Income Taxes The Company has made an election to be taxed as a REIT under Sections 856 through 860 of the Code, commencing with its taxable year ended December 31, 2008. The Company believes it is organized and operates in such a manner as to qualify for treatment as a REIT, and intends to operate in the foreseeable future in such a manner so that it will remain qualified as a REIT for U.S. federal income tax purposes. Accordingly, the Company is not subject to U.S. federal corporate income tax to the extent its dividends paid deduction exceeds its taxable income, as defined in the Code. Accordingly, no provision has been made for U.S. federal income taxes in the accompanying Consolidated Financial Statements. The Company has a wholly-owned subsidiary that elected to be treated as a taxable REIT subsidiary (“TRS”) and is subject to U.S. federal, state and local income taxes at regular corporate tax rates when due. The Company is subject to state and local income or franchise taxes and foreign taxes in certain jurisdictions in which some of its properties are located and records these within Income taxes in the accompanying Consolidated Statements of Income and Comprehensive Income when due. The Company is required to file income tax returns with federal, state, and Canadian taxing authorities. At December 31, 2024, the Company’s U.S. federal and state income tax returns remain subject to examination by the respective taxing authorities for the 2021 through 2023 tax years. The Company recognizes and measures uncertain tax positions using a two-step approach. The first step is to evaluate the tax position for recognition by determining if the weight of available evidence indicates it is more-likely-than-not that the position will be sustained upon examination, including resolution of related appeals or litigation processes, if any. In making this assessment, the Company must assume that the taxing authority will examine the income tax position and have full knowledge of all relevant information. The second step is to measure the tax benefit as the largest amount that is more than 50% likely of being realized upon ultimate settlement. The Company considers many factors when evaluating and estimating tax positions and tax benefits, which may require periodic adjustments and which may or may not accurately forecast actual outcomes. The Company has determined that it has no uncertain tax positions as of December 31, 2024 and 2023. Interest and penalties related to income taxes are charged to tax expense during the year in which they are incurred.
Taxes Collected From Tenants and Remitted to Governmental Authorities	Taxes Collected From Tenants and Remitted to Governmental Authorities A majority of the Company’s properties are leased on a net basis, which provides that the tenants are responsible for the payment of property operating expenses, including, but not limited to, property taxes, maintenance, insurance, repairs, and capital costs, during the lease term. The Company records such expenses on a net basis. In other situations, the Company may collect property taxes from its tenants and remit those taxes to governmental authorities. Taxes collected from tenants and remitted to governmental authorities are presented on a gross basis, where amounts billed to tenants are included in Lease revenues, net and the corresponding expense is included in Property and operating expense in the accompanying Consolidated Statements of Income and Comprehensive Income.
Right-of-Use Assets and Lease Liabilities	Right-of-Use Assets and Lease Liabilities The Company is a lessee under non-cancelable operating leases associated with its corporate headquarters and other office spaces as well as with leases of land (“ground leases”). The Company records right-of-use assets and lease liabilities associated with these leases. The lease liability is equal to the net present value of the future payments to be made under the lease, discounted using estimates based on observable market factors. The right-of-use asset is generally equal to the lease liability plus initial direct costs associated with the leases. The Company includes in the recognition of the right-of-use asset and lease liability those renewal periods that are reasonably certain to be exercised, based on the facts and circumstances that exist at lease inception. Amounts associated with percentage rent provisions are considered variable lease costs and are not included in the initial measurement of the right-of-use asset or lease liability. The Company has made an accounting policy election, applicable to all asset types, not to separate lease from nonlease components when allocating contract consideration related to operating leases. Right-of-use assets and lease liabilities associated with operating leases were included in the accompanying Consolidated Balance Sheets as follows: December 31, (in thousands) Financial Statement Presentation 2024 2023 Right-of-use assets Prepaid expenses and other assets $ 10,239 $ 8,476 Lease liabilities Accounts payable and other liabilities 10,186 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.
Rental Expense	Rental Expense Rental expense associated with operating leases is recorded on a straight-line basis over the term of each lease, for leases that have fixed and measurable rent escalations. The difference between rental expense incurred on a straight-line basis and the cash rental payments due under the provisions of the lease is recorded as part of the right-of-use asset in the accompanying December 31, 2024 and 2023 Consolidated Balance Sheets. Amounts associated with percentage rent provisions based on the achievement of sales targets are recognized as variable rental expense when achievement of the sales targets are considered probable. Rental expense, which primarily consists of office space, is included in both General and administrative and Property and operating expense line items in the accompanying Consolidated Statements of Income and Comprehensive Income as follows: For the Year Ended December 31, (in thousands) 2024 2023 2022 Rental expense $ 1,211 $ 1,189 $ 964
Stock-Based Compensation	Stock-Based Compensation The Company has issued restricted stock awards (“RSAs”) and performance-based restricted stock units (“PRSUs”) under its 2020 Omnibus Equity and Incentive Plan (the “Equity Incentive Plan”). The Company accounts for stock-based incentives in accordance with ASC 718, Compensation – Stock Compensation , which requires that such compensation be recognized in the financial statements based on the award’s estimated grant date fair value. The value of such awards is recognized as compensation expense in General and administrative expenses in the Consolidated Statements of Income and Comprehensive Income over the appropriate vesting period on a straight-line basis or at the cumulative amount vested at each balance sheet date, if greater. The Company records forfeitures during the period in which they occur by reversing all previously recorded stock compensation expense associated with the forfeited shares. Dividends declared on RSAs issued under the Equity Incentive Plan are recorded as Cumulative distributions in excess of retained earnings in the Consolidated Balance Sheets. Accumulated dividends related to forfeited RSAs are reversed through compensation expense in the period the forfeiture occurs. Dividends accrued on the PRSUs are recorded as Cumulative distributions in excess of retained earnings in the Consolidated Balance Sheets. Accumulated dividends accrued related to forfeited PRSUs are reversed in the period the forfeiture occurs.
Earnings per Share	Earnings per Share Earnings per common share has been computed pursuant to the guidance in ASC 260, Earnings Per Share, which requires the classification of the Company’s unvested shares of restricted common stock, which contain rights to receive non-forfeitable dividends, as participating securities requiring the two-class method of computing earnings per share. The two-class method is an earnings allocation formula that determines earnings per share for each class of common stock and participating securities according to dividends declared (or accumulated) and participation rights in undistributed earnings. In accordance with the two-class method, the Company’s calculation of earnings per share excludes the income attributable to the unvested shares of restricted common stock from the numerator of the calculation and the weighted average number of such unvested shares from the denominator. Diluted earnings per share is computed by dividing net income by the weighted average shares of common stock and potentially dilutive securities in accordance with the treasury stock method and/or if converted method. See Note 14 .
Recently Adopted Accounting Standards	Recently Adopted Accounting Standards In November 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures (“ASU 2023-07”). ASU 2023-07 is intended to improve reportable segment disclosure by requiring disclosure of incremental segment information, such as, annual and interim disclosure of significant segment expenses that are regularly reviewed by the CODM, interim disclosure of a reportable segment’s profit or loss and assets, and require that a public entity with a single reportable segment provide all the disclosures required by ASU 2023-07 and all existing required segment disclosures. The amendments in ASU 2023-07 were effective for the Company beginning January 1, 2024, and disclosures were retrospectively applied to all periods presented. The impact to the Company was primarily including disclosure around identifying the title and position of the Company’s CODM. The Company has one reportable segment and the required disclosure updates have been reflected in the Segment Reporting section elsewhere in Note 2. Recently Issued Accounting Standards In November 2024, the FASB issued ASU 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40) (“ASU 2024-03”). ASU 2024-03 requires a public entity to disclose additional information about specific expense categories in the notes to financial statements on an annual and interim basis. The amendments are effective for annual periods beginning after December 15, 2026, and interim periods beginning after December 15, 2027, with early adoption permitted. The Company will have the election to apply the amendments either prospectively to financial statements issued for reporting periods after the effective date of this ASU or retrospectively to any or all prior periods presented in the financial statements. While this update will result in enhanced disclosures, the Company does not expect it will have a material impact on the Company’s financial statements.

Business Description (Tables)

Business Description (Tables)	12 Months Ended
Business Description (Tables)	Dec. 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: December 31, 2024 December 31, 2023 December 31, 2022 (in thousands) Shares of OP Total Diluted Shares Shares of OP Total Diluted Shares Shares of OP Total Diluted Shares Ownership interest 188,626 8,646 197,272 187,614 8,928 196,542 186,114 10,205 196,319 Percent ownership of OP 95.6 % 4.4 % 100.0 % 95.5 % 4.5 % 100.0 % 94.8 % 5.2 % 100.0 %

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	12 Months Ended
Summary of Significant Accounting Policies (Tables)	Dec. 31, 2024
Accounting Policies [Abstract]
Summary of Impairment Charges	The following table summarizes the Company’s impairment charges, resulting primarily from changes in the Company's long-term hold strategy with respect to the individual properties: For the Year Ended December 31, (in thousands, except number of properties) 2024 2023 2022 Number of properties 18 4 3 Impairment charge $ 49,001 $ 31,274 $ 5,535 During the year ended December 31, 2024 , the Company recognized impairment of $ 49.0 million, resulting from changes in the Company’s long-term hold strategy with respect to the individual properties. The 2024 impairments primarily relate to the Company’s decision to sell clinically-oriented healthcare properties and include $ 41.7 million on 16 clinical healthcare properties, which were based on actual or estimated sales prices of the individual properties. Of these properties, 11 were sold as part of a portfolio with a gain of $ 59.1 million, excluding any impairment. The remaining impairments recognized during the year ended December 31, 2024 were immaterial.
Summary of Estimated Useful Life of Asset	Depreciation is computed using the straight-line method over the estimated useful lives of the related assets, which are as follows: Land improvements 15 years Buildings and improvements 15 to 39 years Equipment 7 years
Summary of Restricted Cash	Restricted cash consisted of the following: December 31, (in thousands) 2024 2023 Escrow funds and other $ 1,148 $ 1,138
Summary of Rents 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 Consolidated Balance Sheets. Rent received in advance consisted of the following: December 31, (in thousands) 2024 2023 Rent received in advance $ 16,616 $ 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 follo ws (see Note 9): December 31, 2024 (in thousands) Total Level 1 Level 2 Level 3 Interest rate swap, assets $ 46,220 $ — $ 46,220 $ — 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 Consolidated Balance Sheets	The following table summarizes the carrying amount reported in the Consolidated Balance Sheets and the Company’s estimate of the fair value of the unsecured revolving credit facility, mortgages, unsecured term loans, and senior unsecured notes which includes the fair value of interest rate swaps: December 31, (in thousands) 2024 2023 Carrying amount $ 1,919,927 $ 1,919,607 Fair value 1,794,821 1,761,177
Summary of Right-of-Use Assets And Lease Liabilities Associated With Operating Leases Included In Consolidated Balance Sheets	Right-of-use assets and lease liabilities associated with operating leases were included in the accompanying Consolidated Balance Sheets as follows: December 31, (in thousands) Financial Statement Presentation 2024 2023 Right-of-use assets Prepaid expenses and other assets $ 10,239 $ 8,476 Lease liabilities Accounts payable and other liabilities 10,186 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.
Schedule of Rental Expense	Rental expense, which primarily consists of office space, is included in both General and administrative and Property and operating expense line items in the accompanying Consolidated Statements of Income and Comprehensive Income as follows: For the Year Ended December 31, (in thousands) 2024 2023 2022 Rental expense $ 1,211 $ 1,189 $ 964

Acquisitions of Rental Proper_2

Acquisitions of Rental Property (Tables)	12 Months Ended
Acquisitions of Rental Property (Tables)	Dec. 31, 2024
Business Combinations [Abstract]
Acquisitions of Rental Property Closed	The Company closed on the following acquisitions during the year ended December 31, 2024: (in thousands, except number of properties) Number of Real Estate Date Property Type Properties Acquisition Price April 4, 2024 Retail 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 September 3, 2024 Retail 1 10,180 September 5, 2024 Industrial 1 59,000 December 12, 2024 Retail 1 1,050 (b) December 24, 2024 Industrial 1 2,750 (c) 26 $ 290,033 (d) (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 of land to be developed in connection with a $ 2.0 million build-to-suit transaction expected to fund in multiple draws through March 2025. (c) Acquisition of land to be developed in connection with a $ 115.4 million build-to-suit transaction expected to fund in multiple draws through July 2026. (d) Acquisition price excludes capitalized acquisition costs of $ 8.3 million. The Company closed on the following acquisitions during the year ended December 31, 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 (e) May 25, 2023 Industrial 1 9,952 July 11, 2023 Retail 1 460 (f) November 14, 2023 Retail 1 1,963 7 $ 45,328 (g) (e) Acquisition of land developed in connection with a $ 204.8 million build-to-suit transaction substantially completed in September 2024. (f) Acquisition of land developed in connection with a $ 1.7 million build-to-suit transaction completed in October 2023. (g) Acquisition price excludes capitalized acquisition costs of $ 3.1 million. Subsequent to December 31, 2024, the Company closed on the following acquisitions (see Note 18): (in thousands, except number of properties) Date Property Number of Acquisition January 28, 2025 Retail 1 $ 9,871 February 13, 2025 Retail 1 495 (k) 2 $ 10,366 (k) Acquisition of land to be developed in connection with a $ 1.7 million build-to-suit transaction expected to fund in multiple draws through April 2025.
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 Year Ended December 31, (in thousands) 2024 2023 Land $ 56,397 $ 2,975 Land improvements 13,972 2,817 Buildings and improvements 198,173 19,913 Property under development 9,950 20,315 Acquired in-place leases (h) 23,336 2,561 Acquired above-market leases (i) 1,029 — Acquired below-market leases (j) ( 4,504 ) ( 166 ) $ 298,353 $ 48,415 (h) The weighted average amortization period for acquired in-place leases is 10 years and 16 years for acquisitions completed during the years ended December 31, 2024 and 2023, respectively. (i) The weighted average amortization period for acquired above-market leases is six years for acquisitions completed during the year ended December 31, 2024. There were no above-market leases acquired during the year ended December 31, 2023. The weighted average amortization period for acquired below-market leases is nine years and 20 years for acquisitions completed during the years ended December 31, 2024 and 2023 , respectively.

Sale of Real Estate (Tables)

Sale of Real Estate (Tables)	12 Months Ended
Sale of Real Estate (Tables)	Dec. 31, 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 Year Ended December 31, (in thousands, except number of properties) 2024 2023 2022 Number of properties disposed 58 14 8 Aggregate sale price $ 364,059 $ 200,072 $ 58,024 Aggregate carrying value ( 285,736 ) ( 140,649 ) ( 40,485 ) Additional sales expenses ( 5,170 ) ( 5,113 ) ( 1,586 ) Gain on sale of real estate $ 73,153 $ 54,310 $ 15,953

Investment in Rental Property_2

Investment in Rental Property and Lease Arrangements (Tables)	12 Months Ended
	Dec. 31, 2024
Leases [Abstract]
Rental Property Subject to Non-cancelable Operating Leases	Depreciation expense on investment in rental property was as follows: For the Year Ended December 31, (in thousands) 2024 2023 2022 Depreciation $ 123,684 $ 123,859 $ 114,583
Estimated Lease Payments to be Received under Non-cancelable Operating Leases	Estimated lease payments to be received under non-cancelable operating leases with tenants at December 31, 2024 are as follows: (in thousands) 2025 $ 398,476 2026 409,901 2027 402,803 2028 386,879 2029 375,699 Thereafter 2,888,790 $ 4,862,548
Net Investment in Direct Financing Leases	The Company’s net investment in direct financing leases was comprised of the following: December 31, (in thousands) 2024 2023 Undiscounted estimated lease payments to be received $ 31,983 $ 35,155 Estimated unguaranteed residual values 14,547 14,547 Unearned revenue ( 20,277 ) ( 22,944 ) Reserve for credit losses ( 99 ) ( 115 ) Net investment in direct financing leases $ 26,154 $ 26,643
Direct Financing Leases, Lease Receivable Maturity	Undiscounted estimated lease payments to be received under non-cancelable direct financing leases with tenants at December 31, 2024 are as follows: (in thousands) 2025 $ 3,285 2026 3,357 2027 3,426 2028 3,496 2029 3,561 Thereafter 14,858 $ 31,983
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 Consolidated Statements of Income and Comprehensive Income: For the Year Ended December 31, (in thousands) 2024 2023 2022 Contractual rental amounts billed for operating leases $ 388,074 $ 388,073 $ 359,317 Adjustment to recognize contractual operating lease billings on a 22,163 27,154 22,353 Net write-offs of accrued rental income ( 2,556 ) ( 4,266 ) ( 1,326 ) Variable rental amounts earned 2,999 2,277 1,507 Earned income from direct financing leases 2,748 2,752 2,856 Interest income from sales-type leases 58 58 58 Operating expenses billed to tenants 20,693 20,363 19,779 Other income from real estate transactions (a) 2,039 7,414 3,069 Adjustment to revenue recognized for uncollectible rental amounts billed, net ( 4,418 ) ( 937 ) ( 100 ) Total lease revenues, net $ 431,800 $ 442,888 $ 407,513 (a) I ncludes $ 1.2 million, $ 7.5 million and $ 2.5 million of lease termination fee income for the years ended December 31, 2024, 2023, and 2022 , respectively.

Intangible Assets and Liabili_2

Intangible Assets and Liabilities (Tables)	12 Months Ended
Intangible Assets and Liabilities (Tables)	Dec. 31, 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: December 31, (in thousands) 2024 2023 Lease intangibles: Acquired above-market leases $ 39,786 $ 44,711 Less accumulated amortization ( 18,599 ) ( 20,312 ) Acquired above-market leases, net 21,187 24,399 Acquired in-place leases 406,146 416,206 Less accumulated amortization ( 159,695 ) ( 152,379 ) Acquired in-place leases, net 246,451 263,827 Total intangible lease assets, net $ 267,638 $ 288,226 Acquired below-market leases $ 94,513 $ 98,535 Less accumulated amortization ( 45,782 ) ( 45,004 ) Intangible lease liabilities, net $ 48,731 $ 53,531 Leasing fees $ 21,781 $ 18,117 Less accumulated amortization ( 6,495 ) ( 6,426 ) Leasing fees, net $ 15,286 $ 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 Year Ended December 31, Intangible Financial Statement Presentation 2024 2023 2022 Acquired in-place leases and leasing fees Depreciation and amortization $ 32,161 $ 34,487 $ 40,090 Above-market and below-market leases Lease revenues, net 4,419 5,859 4,822
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense	Estimated future amortization of intangible assets and liabilities, and leasing fees at December 31, 2024 is as follows: (in thousands) 2025 $ 26,497 2026 25,481 2027 23,618 2028 21,348 2029 19,744 Thereafter 117,505 $ 234,193

Unsecured Credit Agreements (Ta

Unsecured Credit Agreements (Tables)	12 Months Ended
Unsecured Credit Agreements (Tables)	Dec. 31, 2024
Summary of Debt Issuance Cost Amortization	The following table summarizes debt issuance cost and original issuance discount amortization: For the Year Ended December 31, (in thousands) 2024 2023 2022 Debt issuance costs and original issuance discount amortization $ 3,932 $ 3,938 $ 3,692
Unsecured Debt [Member]
Summary of Unsecured Credit Agreements	The following table summarizes the Company’s unsecured credit agreements: Outstanding Balance December 31, (in thousands, except interest rates) 2024 2023 Interest Rate Maturity Date Unsecured revolving credit facility $ 93,014 $ 90,434 Applicable reference rate + 0.85 % (a) Mar. 2026 (d) Unsecured term loans: 2026 Unsecured Term Loan 400,000 400,000 o ne-month adjusted SOFR + 1.00 % (b) Feb. 2026 2027 Unsecured Term Loan 200,000 200,000 daily simple adjusted SOFR + 0.95 % (c) Aug. 2027 2029 Unsecured Term Loan 300,000 300,000 daily simple adjusted SOFR + 1.25 % (c) Aug. 2029 Total unsecured term loans 900,000 900,000 Unamortized debt issuance costs, net ( 2,799 ) ( 4,053 ) Total unsecured term loans, net 897,201 895,947 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 ( 3,936 ) ( 4,691 ) Total senior unsecured notes, net 846,064 845,309 Total unsecured debt, net $ 1,836,279 $ 1,831,690 (a) At December 31, 2024 , a balance of $ 23.5 million was subject to daily simple SOFR, and at December 31, 2023 a balance of $ 15.0 million was subject to one-month SOFR. The remaining balance of $ 100.0 million CAD borrowings remeasured to $ 69.5 million USD and $ 75.4 million USD, at December 31, 2024 and 2023 , respectively, and was subject to daily simple CORRA of 3.32 % at December 31, 2024 and one-month CDOR, of 5.46 % at December 31, 2023 . (b) At December 31, 2024 and 2023 , one-month SOFR was 4.33 % and 5.35 %, respectively. (c) At December 31, 2024 , overnight SOFR was 4.49 %. The applicable reference rate at December 31, 2023 was one-month SOFR, which was 5.35 %. (d) 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)	12 Months Ended
Mortgages (Tables)	Dec. 31, 2024
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 December 31, 2024, are as follows: (in thousands) 2025 $ 20,195 2026 509,857 2027 351,596 2028 263,279 2029 300,000 Thereafter 475,000 $ 1,919,927
Secured Debt
Summary of Unsecured Credit Agreements	The Company’s mortgages consist of the following: (in thousands, except interest rates) Origination Maturity Interest December 31, Lender Date Date Rate 2024 2023 Wilmington Trust National Association Apr. 2019 Feb. 2028 4.92 % $ 42,838 $ 44,207 (a) (b) (c) (d) Wilmington Trust National Association Jun. 2018 Aug. 2025 4.36 % 18,283 18,725 (a) (b) (c) (d) PNC Bank Oct. 2016 Nov. 2026 3.62 % 15,792 16,241 (b) (c) Total mortgages 76,913 79,173 Debt issuance costs, net ( 67 ) ( 105 ) Mortgages, net $ 76,846 $ 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)	12 Months Ended
Interest Rate Swaps (Tables)	Dec. 31, 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) December 31, 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 $ 255 Capital One, National Association December 2024 1.58 % daily compounded SOFR — — 15,000 445 Bank of Montreal January 2025 1.91 % daily compounded SOFR 25,000 2 25,000 713 Truist Financial Corporation April 2025 2.20 % daily compounded SOFR 25,000 137 25,000 734 Bank of Montreal July 2025 2.32 % daily compounded SOFR 25,000 250 25,000 768 Truist Financial Corporation July 2025 1.99 % daily compounded SOFR 25,000 290 25,000 888 Truist Financial Corporation December 2025 2.30 % daily compounded SOFR 25,000 471 25,000 887 Bank of Montreal January 2026 1.92 % daily compounded SOFR 25,000 569 25,000 1,071 Bank of Montreal January 2026 2.05 % daily compounded SOFR 40,000 860 40,000 1,615 Capital One, National Association January 2026 2.08 % daily compounded SOFR 35,000 743 35,000 1,389 Truist Financial Corporation January 2026 1.93 % daily compounded SOFR 25,000 567 25,000 1,067 Capital One, National Association April 2026 2.68 % daily compounded SOFR 15,000 280 15,000 439 Capital One, National Association July 2026 1.32 % daily compounded SOFR 35,000 1,454 35,000 2,186 Bank of Montreal December 2026 2.33 % daily compounded SOFR 10,000 346 10,000 423 Bank of Montreal December 2026 1.99 % daily compounded SOFR 25,000 1,030 25,000 1,299 Toronto-Dominion Bank March 2027 2.46 % daily compounded CORRA 13,903 (b) 166 15,087 (b) 572 Wells Fargo Bank, N.A. April 2027 2.72 % daily compounded SOFR 25,000 757 25,000 806 Bank of Montreal December 2027 2.37 % daily compounded SOFR 25,000 1,230 25,000 1,215 Capital One, National Association December 2027 2.37 % daily compounded SOFR 25,000 1,227 25,000 1,197 Wells Fargo Bank, N.A. January 2028 2.37 % daily compounded SOFR 75,000 3,693 75,000 3,632 Bank of Montreal May 2029 2.09 % daily compounded SOFR 25,000 2,024 25,000 1,835 Regions Bank May 2029 2.11 % daily compounded SOFR 25,000 1,999 25,000 1,801 Regions Bank June 2029 2.03 % daily compounded SOFR 25,000 2,085 25,000 1,900 U.S. Bank National Association June 2029 2.03 % daily compounded SOFR 25,000 2,087 25,000 1,908 Regions Bank August 2029 2.58 % one-month SOFR 100,000 5,799 100,000 4,392 Toronto-Dominion Bank August 2029 2.58 % one-month SOFR 45,000 2,642 45,000 2,021 U.S. Bank National Association August 2029 2.65 % one-month SOFR 15,000 835 15,000 618 U.S. Bank National Association August 2029 2.58 % one-month SOFR 100,000 5,820 100,000 4,427 U.S. Bank National Association August 2029 1.35 % daily compounded SOFR 25,000 2,894 25,000 2,828 Regions Bank March 2032 2.69 % daily compounded CORRA 13,903 (b) 358 15,087 (b) 677 U.S. Bank National Association March 2032 2.70 % daily compounded CORRA 13,903 (b) 354 15,087 (b) 678 Bank of Montreal March 2034 2.81 % daily compounded CORRA 27,805 (c) 846 30,174 (c) 1,410 939,514 41,815 975,435 46,096 Forward Starting Swaps: (d) Bank of Montreal March 2030 3.80 % daily simple SOFR 80,000 541 — — JPMorgan Chase Bank, N.A. March 2030 3.79 % daily simple SOFR 50,000 371 — — U.S. Bank National Association June 2030 3.73 % daily simple SOFR 70,000 666 — — Truist Financial Corporation June 2030 3.73 % daily simple SOFR 55,000 508 — — Manufacturers & Traders Trust Company September 2030 3.71 % daily simple SOFR 50,000 512 — — Regions Bank September 2030 3.69 % daily simple SOFR 15,000 159 — — Truist Financial Corporation September 2030 3.70 % daily simple SOFR 15,000 159 — — Toronto-Dominion Bank December 2030 3.66 % daily simple SOFR 70,000 846 — — Regions Bank December 2030 3.66 % daily simple SOFR 55,000 643 — — 460,000 4,405 — — Total Swaps $ 1,399,514 $ 46,220 $ 975,435 $ 46,096 (a) Prior to the cessation of CDOR on July 1, 2024, the variable rate index for daily compounded CORRA based swaps was one-month CDOR. (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 Consolidated Statement of Income and Comprehensive Income (Loss), from Converting from Variable Rates to Fixed Rates	The total amounts recognized, and the location in the accompanying Consolidated Statements of Income and Comprehensive Income, from converting from variable rates to fixed rates under these agreements were as follows: Total Interest Expense Amount of Gain (Loss) Presented in the Recognized in Reclassification from Accumulated Consolidated Statements Accumulated Other Other Comprehensive Income of Income and (in thousands) Comprehensive Amount of Comprehensive For the year ended December 31, Income Location Gain (Loss) Income 2024 $ 124 Interest expense $ 28,797 $ 74,077 2023 ( 17,293 ) Interest expense 25,679 80,053 2022 90,560 Interest expense ( 4,453 ) 78,652

Non-Controlling Interests (Tabl

Non-Controlling Interests (Tables)	12 Months Ended
Non-Controlling Interests (Tables)	Dec. 31, 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 Year Ended December 31, (in thousands) 2024 2023 2022 OP Units exchanged for shares of common stock 282 1,277 118 Value of units exchanged $ 4,544 $ 21,235 $ 1,926

Equity (Tables)

Equity (Tables)	12 Months Ended
Equity (Tables)	Dec. 31, 2024
Equity [Abstract]
Summary of Common Shares under Company's ATM Program	Company replaced its prior $ 400.0 million ATM Program (“2021 ATM Program”) with a new $ 400.0 million ATM Program (“2024 ATM Program”), and the 2021 ATM Program was simultaneously terminated. The following table presents information about the Company’s ATM Programs: (in thousands) Program Year Program Size Aggregate Gross Sales Shares Issued 2021 (a) $ 400,000 $ 254,620 11,542 2024 400,000 40,003 2,188 (a) ATM Program has been terminated and no future issuance will occur.
Summary of common share issuance under Company's ATM Program	The following table presents information about the Company’s ATM Program issuances: For the Year Ended December 31, (in thousands, except per share amounts) 2022 Number of common shares issued 10,471 Weighted average sale price per share $ 21.66 Net proceeds $ 222,893 Gross proceeds 226,483

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	12 Months Ended
Stock-Based Compensation (Tables)	Dec. 31, 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 Year Ended December 31, (in thousands) 2024 2023 2022 Compensation cost $ 4,880 $ 4,437 $ 3,469 Dividends declared on unvested RSAs 1,166 560 419 Fair value of shares vested during the period 3,969 3,384 3,209
Summary of Restricted Stock Activity	The following table presents information about the Company’s restricted stock activity: For the Year Ended December 31, 2024 2023 2022 (in thousands, except per share amounts) Number of Shares Weighted Average Grant Date Fair Value per Share Number of Shares Weighted Average Grant Date Fair Value per Share Number of Shares Weighted Average Grant Date Fair Value per Share Unvested at beginning of period 492 $ 18.63 396 $ 20.36 372 $ 19.62 Granted 849 14.79 312 17.50 181 21.43 Vested ( 259 ) 18.70 ( 193 ) 20.33 ( 147 ) 19.80 Forfeited ( 93 ) 16.63 ( 23 ) 18.79 ( 10 ) 20.24 Unvested at end of period 989 15.51 492 18.63 396 20.36
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 Year Ended December 31, (in thousands) 2024 2023 2022 Compensation cost $ 2,475 $ 1,922 $ 1,847
Summary of Restricted Stock Activity	The following table presents information about the Company’s performance-based restricted stock unit activity: For the Year Ended December 31, 2024 2023 2022 (in thousands, except per share amounts) Number of Shares Weighted Average Number of Shares Weighted Average Number of Shares Weighted Average Unvested at beginning of period 351 $ 24.90 233 $ 26.27 110 $ 24.40 Granted 202 15.84 186 23.78 124 27.93 Vested ( 88 ) 24.40 — — — — Forfeited ( 32 ) 23.18 ( 68 ) 26.48 ( 1 ) 27.93 Unvested at end of period 433 20.90 351 24.90 233 26.27

Earnings per Share (Tables)

Earnings per Share (Tables)	12 Months Ended
Earnings per Share (Tables)	Dec. 31, 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 Year Ended December 31, (in thousands, except per share amounts) 2024 2023 2022 Basic earnings: Net earnings attributable to Broadstone Net Lease, Inc. common $ 162,441 $ 155,478 $ 122,115 Less: earnings allocated to unvested restricted shares ( 1,166 ) ( 560 ) ( 419 ) Net earnings used to compute basic earnings per common share $ 161,275 $ 154,918 $ 121,696 Diluted earnings: Net earnings used to compute basic earnings per common share $ 161,275 $ 154,918 $ 121,696 Add: net earnings attributable to OP Unit holders 7,548 7,834 7,360 Net earnings used to compute diluted earnings per common share $ 168,823 $ 162,752 $ 129,056 Weighted average number of common shares outstanding 188,378 187,101 170,225 Less: weighted average unvested restricted shares (a) ( 924 ) ( 484 ) ( 385 ) Weighted average number of common shares outstanding used in 187,454 186,617 169,840 Add: effects of restricted stock units (b) 378 291 96 Add: effects of convertible OP Units (c) 8,787 9,407 10,265 Weighted average number of common shares outstanding used in 196,619 196,315 180,201 Basic and Diluted earnings per share $ 0.86 $ 0.83 $ 0.72 (a) Represents the weighted average effects of 988,555 , 492,046 , and 396,383 unvested restricted shares of common stock as of December 31, 2024, 2023, and 2022 , respectively, which will be excluded from the computation of earnings per share until they vest . (b) R epresents 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 8,645,793 , 8,927,736 , and 10,204,806 OP Units outstanding at December 31, 2024, 2023, and 2022 , respectively.

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
Income Taxes (Tables)	Dec. 31, 2024
Income Tax Disclosure [Abstract]
Schedule of Distributions Characterized as Ordinary Dividends Capital Gain and Nontaxable	The following table shows the character of the distributions the Company paid on a percentage basis: For the Year Ended December 31, Character of Distributions 2024 2023 2022 Ordinary dividends 62 % 70 % 68 % Capital gain distributions 0 % 21 % 2 % Return of capital distributions 38 % 9 % 30 % 100 % 100 % 100 %

Business Description - Addition

Business Description - Additional Information (Detail) shares in Thousands	Dec. 31, 2024 Property $ / shares shares	Dec. 31, 2023 $ / shares shares
Business Description [Line Items]
Number of leased commercial properties owned	765
Number Of Provinces	765
Common stock, shares outstanding \| shares	188,626	187,614
Common stock, par value \| $ / shares	$ 0.00025	$ 0.00025
British Columbia, Canada
Business Description [Line Items]
Number of leased commercial properties owned	7
Number Of Provinces	4
UNITED STATES
Business Description [Line Items]
Number of leased commercial properties owned	758
Number of States in which properties located	44

Business Description - Summary

Business Description - Summary of Outstanding Equity and Economic Ownership Interest (Detail) - shares shares in Thousands	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Broadstone Net Lease, LLC
Business Description [Line Items]
Percent Ownership of OP, Shares of Common Stock	95.60%	95.50%	94.80%
Percent Ownership of OP, OP Units	4.40%	4.50%	5.20%
Percent Ownership of OP, Total Diluted Shares	100%	100%	100%
Ownership Interest
Business Description [Line Items]
Shares of Common Stock	188,626	187,614	186,114
OP Units outstanding	8,646	8,928	10,205
Total Diluted Shares	197,272	196,542	196,319

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Additional Information (Detail) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2024 USD ($)	Dec. 31, 2024 USD ($) Customer	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
Significant Accounting Policies [Line Items]
Number of reporting units \| Customer		1
Company Fund in Property Under Development		$ 104,624	$ 95,287
Capitalized interest		59	1,463
Deferred Gain on Sale of Property		59,100
Impairment charge		49,000	$ 26,400
Percentage of income tax benefit likely of being realized upon settlement			more than 50%
Gain (Loss) on Sale of Properties		73,153	$ 54,310	$ 15,953
Gain (Loss) on Termination of Lease		1,200	7,500	$ 2,500
Long-term debt		1,919,927
Accounts payable and other liabilities		48,983	47,534
Capital Expenditures for Development Property		10,800
Additional Impairment Charges		0
Unsecured Debt [Member]
Significant Accounting Policies [Line Items]
Long-term debt		1,836,279	1,831,690
16 Healthcare Properties [Member]
Significant Accounting Policies [Line Items]
Impairment charge		41,700
Term Loan [Member] \| Unsecured Debt [Member]
Significant Accounting Policies [Line Items]
Long-term debt		897,201	895,947
Senior Notes [Member] \| Unsecured Debt [Member]
Significant Accounting Policies [Line Items]
Long-term debt		$ 846,064	$ 845,309
Consolidated Entity, Including Consolidated VIE [Member]
Significant Accounting Policies [Line Items]
Investments	$ 52,200
Variable Interest Entity, Qualitative or Quantitative Information, Ownership Percentage	98.10%
Broadstone Net Lease, LLC
Significant Accounting Policies [Line Items]
Percent Ownership of OP, OP Units		4.40%	4.50%	5.20%
Minimum
Significant Accounting Policies [Line Items]
Lease term		3 years
Maximum
Significant Accounting Policies [Line Items]
Lease term		25 years

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Schedule of Condensed Consolidated Balance Sheets (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Assets [Abstract]
Total accounted for using the operating method	$ 4,967,332	$ 4,888,696
Less accumulated depreciation	(672,478)	(626,597)
Accounted for using the operating method, net	4,294,854	4,262,099
Intangible lease assets, net	267,638	288,226
Total assets	5,216,417	5,268,735
Liabilities [Abstract]
Intangible lease liabilities, net	48,731	53,531
Total liabilities	2,074,993	2,074,394
Land
Assets [Abstract]
Total accounted for using the operating method	778,826	748,529
Land Improvements
Assets [Abstract]
Total accounted for using the operating method	357,142	328,746
Buildings and Improvements
Assets [Abstract]
Total accounted for using the operating method	3,815,521	$ 3,803,156
Consolidated Entity, Including Consolidated VIE [Member]
Assets [Abstract]
Total accounted for using the operating method	50,121
Less accumulated depreciation	(821)
Accounted for using the operating method, net	49,300
Intangible lease assets, net	3,243
Other assets	3,248
Total assets	55,791
Liabilities [Abstract]
Intangible lease liabilities, net	512
Other liabilities	467
Total liabilities	979
Consolidated Entity, Including Consolidated VIE [Member] \| Land
Assets [Abstract]
Total accounted for using the operating method	7,644
Consolidated Entity, Including Consolidated VIE [Member] \| Land Improvements
Assets [Abstract]
Total accounted for using the operating method	2,578
Consolidated Entity, Including Consolidated VIE [Member] \| Buildings and Improvements
Assets [Abstract]
Total accounted for using the operating method	$ 39,899

Summary of Significant Accoun_6

Summary of Significant Accounting Policies - Summary of Impairment Charges (Detail) $ in Thousands	12 Months Ended
	Dec. 31, 2024 USD ($) Property	Dec. 31, 2023 USD ($) Property	Dec. 31, 2022 USD ($) Property
Impaired Long-Lived Assets Held and Used [Line Items]
Number of properties \| Property	18	4	3
Impairment of Real Estate \| $	$ 49,001	$ 31,274	$ 5,535

Summary of Significant Accoun_7

Summary of Significant Accounting Policies - Schedule of Investments in Property Under Development (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Accounting Policies [Abstract]
Investment in properties under development excluding capitalized costs	$ 104,624	$ 95,287
Development, construction and improvement costs	18,725	93,501
Capitalized interest	59	1,463
Property under development	$ 18,784	$ 94,964

Summary of Significant Accoun_8

Summary of Significant Accounting Policies - Summary of Estimated Useful Life of Asset (Detail)	12 Months Ended
	Dec. 31, 2024
Land Improvements
Property, Plant and Equipment [Line Items]
PropertyPlantAndEquipmentEstimatedUsefulLiveS	15 years
Buildings and Improvements \| Minimum
Property, Plant and Equipment [Line Items]
PropertyPlantAndEquipmentEstimatedUsefulLiveS	15
Buildings and Improvements \| Maximum
Property, Plant and Equipment [Line Items]
PropertyPlantAndEquipmentEstimatedUsefulLiveS	39 years
Equipment
Property, Plant and Equipment [Line Items]
PropertyPlantAndEquipmentEstimatedUsefulLiveS	7 years

Summary of Significant Accoun_9

Summary of Significant Accounting Policies - Summary of Components of Restricted Cash (Detail) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Cash and Cash Equivalents [Abstract]
Escrow funds and other	$ 1,148	$ 1,138
Restricted cash	$ 1,148	$ 1,138	$ 38,251	$ 6,100

Summary of Significant Accou_10

Summary of Significant Accounting Policies - Summary of Rents Received in Advance (Detail) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Revenue from Contract with Customer [Abstract]
Rent received in advance	$ 16,616	$ 14,776

Summary of Significant Accou_11

Summary of Significant Accounting Policies - Balances of Financial Instruments Measured at Fair Value on Recurring Basis (Detail) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Interest rate swap, assets	$ 46,220	$ 46,096
Fair Value, Measurements, Recurring
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Interest rate swap, assets	46,220	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	46,220	46,096
Fair Value, Measurements, Recurring \| Level 3
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Interest rate swap, assets	$ 0	$ 0

Summary of Significant Accou_12

Summary of Significant Accounting Policies - Summary of Carrying Amount Reported on Consolidated Balance Sheets (Detail) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Summary Of Significant Accounting Policies [Abstract]
Carrying amount	$ 1,919,927	$ 1,919,607
Fair value	$ 1,794,821	$ 1,761,177

Summary of Significant Accou_13

Summary of Significant Accounting Policies - Summary of Right-of-Use Assets And Lease Liabilities Associated With Operating Leases Included In Consolidated Balance Sheets (Detail) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Accounting Policies [Abstract]
Right-of-use assets	$ 10,239	$ 8,476
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Prepaid Expense and Other Assets	Prepaid Expense and Other Assets
Lease liabilities	$ 10,186	$ 8,256
Operating Lease, Liability, Statement of Financial Position [Extensible Enumeration]	Accounts Payable and Other Accrued Liabilities	Accounts Payable and Other Accrued Liabilities

Summary of Rental Expense - Ren

Summary of Rental Expense - Rental Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Operating Leases, Rent Expense, Net [Abstract]
Rental expense	$ 1,211	$ 1,189	$ 964

Related Party Transactions - Ad

Related Party Transactions - Additional Information (Detail) $ in Thousands	12 Months Ended
	Dec. 31, 2024 USD ($) Property shares	Dec. 31, 2023 USD ($) shares	Dec. 31, 2022 USD ($) shares
Related Party Transaction [Line Items]
Number of leased commercial properties owned \| Property	765
Number Of Operating Units Exchanged \| shares	281,943	1,277,070	118,400,000
Additional Paid-in Capital
Related Party Transaction [Line Items]
Stock Issued During Period, Value, Conversion of Units	$ 4,544	$ 21,235	$ 1,926
Non-controlling Interests
Related Party Transaction [Line Items]
Stock Issued During Period, Value, Conversion of Units	$ (4,544)	$ (21,235)	$ (1,926)

Internalization - Schedule of B

Internalization - Schedule of Base Consideration (Parenthetical) - (Detail) - shares shares in Thousands	Dec. 31, 2024	Dec. 31, 2023
Business Acquisition Contingent Consideration [Line Items]
Common stock, shares issued	188,626	187,614

Internalization - Summary of Ea

Internalization - Summary of Earnout Tranches, Applicable VWAP of REIT Share and Applicable Earnout Periods (Detail) - shares shares in Thousands	Dec. 31, 2024	Dec. 31, 2023
Internalization [Line Items]
Shares of Common stock issued	188,626	187,614

Internalization - Summary of Al

Internalization - Summary of Allocation of Purchase Price (Detail) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net [Abstract]
Goodwill	$ 339,769	$ 339,769

Acquisitions of Rental Proper_3

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

12 Months Ended

Feb. 13, 2025 USD ($) Customer

Jan. 28, 2025 USD ($) Customer

Dec. 24, 2024 USD ($) Customer

[7]

Dec. 12, 2024 USD ($) Customer

[3]

Sep. 05, 2024 USD ($) Customer

Sep. 03, 2024 USD ($) Customer

Jun. 24, 2024 USD ($) Customer

Jun. 06, 2024 USD ($) Customer

May 30, 2024 USD ($) Customer

May 21, 2024 USD ($) Customer

Apr. 18, 2024 USD ($) Customer

Apr. 04, 2024 USD ($) Customer

[4]

Nov. 14, 2023 USD ($) Customer

Jul. 11, 2023 USD ($) Customer

[5]

May 25, 2023 USD ($) Customer

May 22, 2023 USD ($) Customer

[8]

May 16, 2023 USD ($) Customer

Mar. 14, 2023 USD ($) Customer

Dec. 31, 2024 USD ($) Customer

[1]

Dec. 31, 2023 USD ($) Customer

[2]

Business Acquisition [Line Items]

Number of Properties | Customer

Real Estate Acquisition Price | $

$ 290,033

$ 45,328

Subsequent Event

Business Acquisition [Line Items]

Number of Properties | Customer

Real Estate Acquisition Price | $

$ 10,366

Retail

Business Acquisition [Line Items]

Property Type

Retail

Number of Properties | Customer

Real Estate Acquisition Price | $

$ 1,050

$ 10,180

$ 14,000

$ 12,590

$ 84,500

$ 1,963

$ 460

$ 5,221

Retail | Subsequent Event

Business Acquisition [Line Items]

Property Type

Retail

[6]

Retail

Number of Properties | Customer

[6]

Real Estate Acquisition Price | $

$ 495

[6]

$ 9,871

Industrial

Business Acquisition [Line Items]

Property Type

Industrial

Number of Properties | Customer

Real Estate Acquisition Price | $

$ 2,750

$ 59,000

$ 9,470

$ 31,493

$ 9,952

$ 17,300

$ 10,432

Industrial & Retail

Business Acquisition [Line Items]

Property Type

Industrial & Retail

Number of Properties | Customer

Real Estate Acquisition Price | $

$ 65,000

[1] Acquisition price excludes capitalized acquisition costs of $ 8.3 million. Acquisition price excludes capitalized acquisition costs of $ 3.1 million. Acquisition of land to be developed in connection with a $ 2.0 million build-to-suit transaction expected to fund in multiple draws through March 2025. 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 developed in connection with a $ 1.7 million build-to-suit transaction completed in October 2023. Acquisition of land to be developed in connection with a $ 1.7 million build-to-suit transaction expected to fund in multiple draws through April 2025. Acquisition of land to be developed in connection with a $ 115.4 million build-to-suit transaction expected to fund in multiple draws through July 2026. Acquisition of land developed in connection with a $ 204.8 million build-to-suit transaction substantially completed in September 2024.

Acquisitions of Rental Proper_4

Acquisitions of Rental Property - Acquisitions of Rental Property Closed (Parenthetical) - (Detail) - USD ($) $ in Thousands			12 Months Ended
	Feb. 13, 2025	Apr. 30, 2024	Dec. 31, 2024		Dec. 31, 2023
Business Acquisition [Line Items]
Acquisition costs capitalized			$ 8,300		$ 3,100
Payments to acquire real estate			290,033	[1]	45,328	[2]
March 2025
Business Acquisition [Line Items]
Acquisition Of land			2,000
Payments to acquire real estate		$ 52,000
July 2026
Business Acquisition [Line Items]
Acquisition Of land			$ 115,400
September 2024
Business Acquisition [Line Items]
Acquisition Of land					204,800
October 2023
Business Acquisition [Line Items]
Acquisition Of land					$ 1,700
Subsequent Event
Business Acquisition [Line Items]
Payments to acquire real estate	$ 10,366
Subsequent Event \| April 2025
Business Acquisition [Line Items]
Acquisition Of land	$ 1,700

[1] Acquisition price excludes capitalized acquisition costs of $ 8.3 million. Acquisition price excludes capitalized acquisition costs of $ 3.1 million.

Acquisitions of Rental Proper_5

Acquisitions of Rental Property - Purchase Price Allocation for Real Estate Acquisitions (Detail) - USD ($) $ in Thousands		Dec. 31, 2024	Dec. 31, 2023
Business Acquisition [Line Items]
Business combination, recognized identifiable assets acquired and liabilities assumed, assets		$ 298,353	$ 48,415
Land
Business Acquisition [Line Items]
Business combination, recognized identifiable assets acquired and liabilities assumed, property, plant, and equipment		56,397	2,975
Land Improvements
Business Acquisition [Line Items]
Business combination, recognized identifiable assets acquired and liabilities assumed, property, plant, and equipment		13,972	2,817
Buildings and Improvements
Business Acquisition [Line Items]
Business combination, recognized identifiable assets acquired and liabilities assumed, property, plant, and equipment		198,173	19,913
Property under Development
Business Acquisition [Line Items]
Business combination, recognized identifiable assets acquired and liabilities assumed, property, plant, and equipment		9,950	20,315
Acquired In-Place Leases
Business Acquisition [Line Items]
Business combination, recognized identifiable assets acquired and liabilities assumed, Intangible assets	[1]	23,336	2,561
Acquired Above-Market Leases
Business Acquisition [Line Items]
Business combination, recognized identifiable assets acquired and liabilities assumed, Intangible assets	[2]	1,029	0
Acquired Below-Market Leases
Business Acquisition [Line Items]
Business combination, recognized identifiable assets acquired and liabilities assumed, Intangible assets	[3]	$ (4,504)	$ (166)

[1] The weighted average amortization period for acquired in-place leases is 10 years and 16 years for acquisitions completed during the years ended December 31, 2024 and 2023, respectively. The weighted average amortization period for acquired above-market leases is six years for acquisitions completed during the year ended December 31, 2024. There were no above-market leases acquired during the year ended December 31, 2023. The weighted average amortization period for acquired below-market leases is nine years and 20 years for acquisitions completed during the years ended December 31, 2024 and 2023 , respectively.

Acquisitions of Rental Proper_6

Acquisitions of Rental Property - Purchase Price Allocation for Real Estate Acquisitions (Parenthetical) - (Detail)	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Acquired In-Place Leases
Business Acquisition [Line Items]
Weighted average amortization period	10 years	16 years
Acquired Above-Market Leases
Business Acquisition [Line Items]
Weighted average amortization period	6 years	0 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	12 Months Ended
	Dec. 31, 2024 USD ($) Property	Dec. 31, 2023 USD ($) Property	Dec. 31, 2022 USD ($) Property
Real Estate [Line Items]
Number of properties disposed \| Property	58	14	8
Aggregate sale price	$ 364,059	$ 200,072	$ 58,024
Aggregate carrying value	(285,736)	(140,649)	(40,485)
Gain on sale of real estate	73,153	54,310	15,953
Real Estate
Real Estate [Line Items]
Additional sales expenses	$ (5,170)	$ (5,113)	$ (1,586)

Investment in Rental Property_3

Investment in Rental Property and Lease Arrangements - Additional Information (Detail)	12 Months Ended
	Dec. 31, 2024 PropertyNumber Property
Lessor Lease Description [Line Items]
Number of leased commercial properties owned \| Property	765
Number of real estate properties under operating leases	753
Number of real estate properties under direct financing leases	9
Number of real estate properties under sales-type leases \| Property	1
Number of real estate properties under direct financing leases that include land option	3
Lessee, finance lease, existence of option to extend	true
Lessee, operating lease, existence of option to extend	true
Minimum
Lessor Lease Description [Line Items]
Lessor operating lease, initial terms	10 years
Lessor direct financing leases, initial terms	10 years
Maximum
Lessor Lease Description [Line Items]
Lessor operating lease, initial terms	20 years
Lessor direct financing leases, initial terms	20 years

Investment in Rental Property_4

Investment in Rental Property and Lease Arrangements - Summary of Depreciation Expense on Investment in Rental Property (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Leases [Abstract]
Depreciation	$ 123,684	$ 123,859	$ 114,583

Investment in Rental Property_5

Investment in Rental Property and Lease Arrangements - Estimated Lease Payments to be Received under Non-cancelable Operating Leases (Detail) $ in Thousands	Dec. 31, 2024 USD ($)
Lessor, Operating Lease, Payment to be Received, Fiscal Year Maturity [Abstract]
2025	$ 398,476
2026	409,901
2027	402,803
2028	386,879
2029	375,699
Thereafter	2,888,790
Estimated lease payments to be received under non-cancelable operating leases	$ 4,862,548

Investment in Rental Property_6

Investment in Rental Property and Lease Arrangements - Net Investment in Direct Financing Leases (Detail) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Leases [Abstract]
Undiscounted estimated lease payments to be received	$ 31,983	$ 35,155
Estimated unguaranteed residual values	14,547	14,547
Unearned revenue	(20,277)	(22,944)
Reserve for credit losses	(99)	(115)
Net investment in direct financing leases	$ 26,154	$ 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	Dec. 31, 2024 USD ($)
Capital Leases, Future Minimum Payments Receivable, Fiscal Year Maturity [Abstract]
2025	$ 3,285
2026	3,357
2027	3,426
2028	3,496
2029	3,561
Thereafter	14,858
Undiscounted estimated lease payments to be received under non-cancelable direct financing leases	$ 31,983

Investment in Rental Property_8

Investment in Rental Property and Lease Arrangements - Summary of Amounts Reported as Lease Revenues Net on the Condensed Consolidated Statements of Income and Comprehensive Income (Loss) (Detail) - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Income Statement [Abstract]
Contractual rental amounts billed for operating leases		$ 388,074	$ 388,073	$ 359,317
Adjustment to recognize contractual operating lease billings on a straight-line basis		22,163	27,154	22,353
Net write-offs of accrued rental income		(2,556)	(4,266)	(1,326)
Variable rental amounts earned		2,999	2,277	1,507
Earned income from direct financing leases		2,748	2,752	2,856
Interest income from sales-type leases		58	58	58
Operating expenses billed to tenants		20,693	20,363	19,779
Other income from real estate transactions	[1]	2,039	7,414	3,069
Adjustment to revenue recognized for uncollectible rental amounts billed, net		(4,418)	(937)	(100)
Total lease revenues, net		$ 431,800	$ 442,888	$ 407,513

[1] ncludes $ 1.2 million, $ 7.5 million and $ 2.5 million of lease termination fee income for the years ended December 31, 2024, 2023, and 2022 , respectively.

Investment in Rental Property_9

Investment in Rental Property and Lease Arrangements - Summary of Amounts Reported as Lease Revenues Net on the Condensed Consolidated Statements of Income and Comprehensive Income (Loss) (Parenthetical) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Leases [Abstract]
Lease termination fee income	$ 1.2	$ 7.5	$ 2.5

Intangible Assets and Liabili_3

Intangible Assets and Liabilities - Schedule of Intangible Assets and Liabilities (Detail) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Lease intangibles:
Intangible lease assets, net	$ 267,638	$ 288,226
Acquired below-market leases	94,513	98,535
Less accumulated amortization	(45,782)	(45,004)
Intangible lease liabilities, net	48,731	53,531
Leasing fees	21,781	18,117
Less accumulated amortization	(6,495)	(6,426)
Leasing fees, net	15,286	11,691
Acquired Above-Market Leases
Lease intangibles:
Intangible lease assets, gross	39,786	44,711
Less accumulated amortization	(18,599)	(20,312)
Intangible lease assets, net	21,187	24,399
Acquired In-Place Leases
Lease intangibles:
Intangible lease assets, gross	406,146	416,206
Less accumulated amortization	(159,695)	(152,379)
Intangible lease assets, net	$ 246,451	$ 263,827

Intangible Assets and Liabili_4

Intangible Assets and Liabilities - Schedule of Amortization of Intangible Lease Assets and Liabilities (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Finite Lived Intangible Assets [Line Items]
Acquired in-place leases and leasing fees	$ 1,600	$ 900	$ 8,500
Acquired In-Place Leases \| Depreciation and Amortization
Finite Lived Intangible Assets [Line Items]
Acquired in-place leases and leasing fees	32,161	34,487	40,090
Above Market and Below Market Leases \| Lease Revenues, Net
Finite Lived Intangible Assets [Line Items]
Acquired in-place leases and leasing fees	$ 4,419	$ 5,859	$ 4,822

Intangible Assets and Liabili_5

Intangible Assets and Liabilities - Additional Information (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization expense	$ 1.6	$ 0.9	$ 8.5

Intangible Assets and Liabili_6

Intangible Assets and Liabilities - Schedule of Amortizable Intangible Assets (Detail) $ in Thousands	Dec. 31, 2024 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
2025	$ 26,497
2026	25,481
2027	23,618
2028	21,348
2029	19,744
Thereafter	117,505
Total	$ 234,193

Unsecured Credit Agreements - A

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

1 Months Ended

12 Months Ended

Aug. 01, 2022 USD ($) Reporting_unit

Jan. 28, 2022 USD ($)

Sep. 15, 2021 USD ($)

Mar. 12, 2021 USD ($)

Sep. 04, 2020 USD ($)

Feb. 27, 2019 USD ($)

Apr. 18, 2017 USD ($)

Jul. 31, 2023

Dec. 31, 2024 USD ($)

Dec. 31, 2023 USD ($)

Dec. 31, 2022 USD ($)

Jul. 02, 2018 USD ($)

Debt Instrument [Line Items]

Unsecured debt

$ 300,000

Maturity date

Mar. 31, 2026

Remaining borrowing capacity

$ 900,000

Weighted Average Fixed Rate

4.79%

Debt issuance costs incurred

$ 0

Debt issuance costs incurred

$ 7,000

Interest Rate Swap [Member]

Debt Instrument [Line Items]

Weighted Average Fixed Rate

3.84%

Weighted Average Inclusive Fixed Rate

3.84%

London Inter Bank Swap Rate [Member] | Minimum

Debt Instrument [Line Items]

Basis spread on variable rate

1.45%

London Inter Bank Swap Rate [Member] | Maximum

Debt Instrument [Line Items]

Basis spread on variable rate

2.40%

SOFR | Minimum

Debt Instrument [Line Items]

Basis spread on variable rate

0.85%

SOFR | Maximum

Debt Instrument [Line Items]

Basis spread on variable rate

1.65%

Unsecured Debt

Debt Instrument [Line Items]

Number of term loan | Reporting_unit

Two Thousand Twenty Seven Unsecured Term Loan

Debt Instrument [Line Items]

Unsecured debt

$ 200,000

Debt instrument, term

5 years

Two Thousand Twenty Seven Unsecured Term Loan | SOFR | Minimum

Debt Instrument [Line Items]

Basis spread on variable rate

0.80%

Two Thousand Twenty Seven Unsecured Term Loan | SOFR | Maximum

Debt Instrument [Line Items]

Basis spread on variable rate

1.60%

Two Thousand Twenty Nine Unsecured Term Loan

Debt Instrument [Line Items]

Debt instrument, term

7 years

Two Thousand Twenty Nine Unsecured Term Loan | SOFR | Minimum

Debt Instrument [Line Items]

Basis spread on variable rate

1.15%

Two Thousand Twenty Nine Unsecured Term Loan | SOFR | Maximum

Debt Instrument [Line Items]

Basis spread on variable rate

2.20%

Revolving Credit Facility | Unsecured Debt

Debt Instrument [Line Items]

Basis spread on variable rate

0.0625%

Line of credit, maximum accordion feature

$ 2,000,000

Debt instrument extension options, description

twice for six months per extension

Maturity extension fee on outstanding principal balance percentage

0.0625%

Unsecured Revolving Credit Facility

Debt Instrument [Line Items]

Applicable Margin Of Facility Fee Percentage

0.20%

Line of credit, maximum borrowing capacity

$ 1,000,000

Unsecured Revolving Credit Facility | Minimum

Debt Instrument [Line Items]

Basis spread on variable rate

0.725%

0.125%

Unsecured Revolving Credit Facility | Maximum

Debt Instrument [Line Items]

Basis spread on variable rate

1.40%

0.30%

Unsecured Revolving Credit Facility | Canada, Dollars

Debt Instrument [Line Items]

Line of credit, maximum borrowing capacity

$ 500,000

Unsecured Revolving Credit Facility | Unsecured Debt

Debt Instrument [Line Items]

Basis spread on variable rate

[1]

0.85%

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

Debt Instrument [Line Items]

Debt instrument, face amount

$ 325,000

Senior Guaranteed Notes Series B | Unsecured Debt

Debt Instrument [Line Items]

Debt instrument, face amount

$ 225,000

Debt instrument, interest rate

5.09%

Senior Guaranteed Notes Series C | Unsecured Debt

Debt Instrument [Line Items]

Debt instrument, face amount

$ 100,000

Debt instrument, interest rate

5.19%

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

Debt Instrument [Line Items]

Line of credit, maximum borrowing capacity

$ 900,000

2026 Unsecured Term Loan

Debt Instrument [Line Items]

Debt Instrument Paydown Amount

$ 50,000

Debt instrument, face amount

$ 450,000

Line of credit, maximum accordion feature

$ 550,000

Maturity date

Feb. 27, 2026

Commitment fee percentage

0.25%

Debt instrument, term

7 years

2026 Unsecured Term Loan | London Inter Bank Swap Rate [Member] | Minimum

Debt Instrument [Line Items]

Basis spread on variable rate

0.85%

2026 Unsecured Term Loan | London Inter Bank Swap Rate [Member] | Maximum

Debt Instrument [Line Items]

Basis spread on variable rate

1.65%

2027 Senior Notes

Debt Instrument [Line Items]

Proceeds from issuance of debt

$ 150,000

Debt instrument, interest rate

4.84%

2031 Senior Unsecured Public Notes

Debt Instrument [Line Items]

Percentage of senior unsecured public notes issued

99.816%

Debt instrument, face amount

$ 375,000

Maturity date

Sep. 15, 2031

Debt instrument, interest rate

2.60%

[1] At December 31, 2024 , a balance of $ 23.5 million was subject to daily simple SOFR, and at December 31, 2023 a balance of $ 15.0 million was subject to one-month SOFR. The remaining balance of $ 100.0 million CAD borrowings remeasured to $ 69.5 million USD and $ 75.4 million USD, at December 31, 2024 and 2023 , respectively, and was subject to daily simple CORRA of 3.32 % at December 31, 2024 and one-month CDOR, of 5.46 % at December 31, 2023 .

Unsecured Credit Agreements - S

Unsecured Credit Agreements - Summary of Unsecured Credit Agreements (Detail) $ in Thousands, $ in Millions		12 Months Ended
		Dec. 31, 2024 USD ($)	Dec. 31, 2024 CAD ($)	Dec. 31, 2023 USD ($)	Jul. 02, 2018
Debt Instrument [Line Items]
Long-Term Debt, Gross		$ 1,919,927		$ 1,919,607
Long-term Debt		1,919,927
Unsecured Debt
Debt Instrument [Line Items]
Long-term Debt		1,836,279		1,831,690
Unsecured Debt \| Term Loan [Member]
Debt Instrument [Line Items]
Long-Term Debt, Gross		900,000		900,000
Debt issuance costs, net		(2,799)		(4,053)
Long-term Debt		897,201		895,947
Unsecured Debt \| Senior Notes [Member]
Debt Instrument [Line Items]
Long-Term Debt, Gross		850,000		850,000
Unamortized debt issuance costs and original issuance discount, net		(3,936)		(4,691)
Long-term Debt		$ 846,064		845,309
Unsecured Debt \| SOFR
Debt Instrument [Line Items]
Long-term Debt			$ 23.5
Unsecured Debt \| Unsecured Revolving Credit Facility
Debt Instrument [Line Items]
Interest Rate	[1]	Applicable reference rate + 0.85
Maturity Date	[2]	2026-03
Basis spread on variable rate	[1]	0.85%
Long-Term Debt, Gross		$ 93,014		90,434
Unsecured Debt \| Senior Guaranteed Notes Series B
Debt Instrument [Line Items]
Debt instrument, interest rate					5.09%
Unsecured Debt \| Senior Guaranteed Notes Series C
Debt Instrument [Line Items]
Debt instrument, interest rate					5.19%
Unsecured Debt \| 2026 Unsecured Term Loan
Debt Instrument [Line Items]
Interest Rate	[3]	ne-month adjusted SOFR + 1.00%
Maturity Date		2026-02
Long-Term Debt, Gross		$ 400,000		400,000
Unsecured Debt \| 2026 Unsecured Term Loan \| 1 Month LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate	[3]	1%
Unsecured Debt \| 2027 Senior Unsecured Notes
Debt Instrument [Line Items]
Interest Rate	[4]	daily simple adjusted SOFR + 0.95
Maturity Date		2027-08
Long-Term Debt, Gross		$ 200,000		200,000
Unsecured Debt \| 2027 Senior Unsecured Notes \| SOFR
Debt Instrument [Line Items]
Basis spread on variable rate	[4]	0.95%
Unsecured Debt \| 2027 Senior Unsecured Notes \| Senior Guaranteed Notes Series A
Debt Instrument [Line Items]
Debt instrument, interest rate		4.84%	4.84%
Maturity Date		2027-04
Long-Term Debt, Gross		$ 150,000		150,000
Unsecured Debt \| 2028 Senior Unsecured Notes \| Senior Guaranteed Notes Series B
Debt Instrument [Line Items]
Debt instrument, interest rate		5.09%	5.09%
Maturity Date		2028-07
Long-Term Debt, Gross		$ 225,000		225,000
Unsecured Debt \| 2029 Unsecured Term Loan
Debt Instrument [Line Items]
Interest Rate	[4]	daily simple adjusted SOFR + 1.25
Maturity Date		2029-08
Long-Term Debt, Gross		$ 300,000		300,000
Unsecured Debt \| 2029 Unsecured Term Loan \| SOFR
Debt Instrument [Line Items]
Basis spread on variable rate	[4]	1.25%
Unsecured Debt \| 2030 Senior Unsecured Notes \| Senior Guaranteed Notes Series C
Debt Instrument [Line Items]
Debt instrument, interest rate		5.19%	5.19%
Maturity Date		2030-07
Long-Term Debt, Gross		$ 100,000		100,000
Unsecured Debt \| 2031 Senior Unsecured Public Notes \| Senior Notes
Debt Instrument [Line Items]
Debt instrument, interest rate		2.60%	2.60%
Maturity Date		2031-09
Long-Term Debt, Gross		$ 375,000		$ 375,000

[1] At December 31, 2024 , a balance of $ 23.5 million was subject to daily simple SOFR, and at December 31, 2023 a balance of $ 15.0 million was subject to one-month SOFR. The remaining balance of $ 100.0 million CAD borrowings remeasured to $ 69.5 million USD and $ 75.4 million USD, at December 31, 2024 and 2023 , respectively, and was subject to daily simple CORRA of 3.32 % at December 31, 2024 and one-month CDOR, of 5.46 % at December 31, 2023 . 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 December 31, 2024 and 2023 , one-month SOFR was 4.33 % and 5.35 %, respectively. At December 31, 2024 , overnight SOFR was 4.49 %. The applicable reference rate at December 31, 2023 was one-month SOFR, which was 5.35 %.

Unsecured Credit Agreements -_2

Unsecured Credit Agreements - Summary of Unsecured Credit Agreements (Parenthetical) (Detail) $ in Thousands, $ in Millions		12 Months Ended
		Dec. 31, 2024 USD ($)	Dec. 31, 2024 CAD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2023 CAD ($)
Debt Instrument [Line Items]
Long-term debt		$ 1,919,927
Unsecured Debt
Debt Instrument [Line Items]
Long-term debt		$ 1,836,279		$ 1,831,690
Unsecured Debt \| Revolving Credit Facility
Debt Instrument [Line Items]
Basis spread on variable rate		0.0625%
Unsecured Debt \| 1 Month LIBOR \| 2026 Unsecured Term Loan
Debt Instrument [Line Items]
Basis spread on variable rate	[1]	1%
Unsecured Debt \| 1 Month Secured Overnight
Debt Instrument [Line Items]
Interest rate		4.33%	4.33%	5.35%	5.35%
Unsecured Debt \| 1 Month Canadian Dollar
Debt Instrument [Line Items]
Interest rate				5.35%	5.35%
Long-term debt		$ 69,500	$ 100	$ 75,400	$ 15
Unsecured Debt \| SOFR
Debt Instrument [Line Items]
Interest rate		4.49%	4.49%
Long-term debt			$ 23.5
Unsecured Debt \| Daily Simple CORRA
Debt Instrument [Line Items]
Interest rate		3.32%	3.32%
Unsecured Debt \| 1 Month CDOR
Debt Instrument [Line Items]
Interest rate				5.46%	5.46%

[1] At December 31, 2024 and 2023 , one-month SOFR was 4.33 % and 5.35 %, respectively.

Unsecured Credit Agreements -_3

Unsecured Credit Agreements - Summary of Debt Issuance Cost Amortization (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Debt Disclosure [Abstract]
Debt issuance costs and original issuance discount amortization	$ 3,932	$ 3,938	$ 3,692

Mortgages - Summary of Mortgage

Mortgages - Summary of Mortgages (Detail) - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Long-Term Debt, Gross		$ 1,919,927	$ 1,919,607
Mortgages, net		76,846	79,068
Secured Debt
Debt Instrument [Line Items]
Long-Term Debt, Gross		76,913	79,173
Debt issuance costs, net		$ (67)	(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%
Long-Term Debt, Gross	[1],[2],[3],[4]	$ 42,838	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%
Long-Term Debt, Gross	[1],[2],[3],[4]	$ 18,283	18,725
PNC Bank, Due November 26 \| Secured Debt
Debt Instrument [Line Items]
Origination Date	[1],[2]	2016-10
Maturity Date	[1],[2]	2026-11
Debt instrument, interest rate	[1],[2]	3.62%
Long-Term Debt, Gross	[1],[2]	$ 15,792	$ 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	Dec. 31, 2024 USD ($)
Debt Disclosure [Abstract]
Investment in rental property pledges as collateral	$ 117.8

Mortgages - Schedule of Estimat

Mortgages - Schedule of Estimated Future Principal Payments (Detail) $ in Thousands	Dec. 31, 2024 USD ($)
Debt Disclosure [Abstract]
2025	$ 20,195
2026	509,857
2027	351,596
2028	263,279
2029	300,000
Thereafter	475,000
Long-term Debt	$ 1,919,927

Interest Rate Swaps - Summary o

Interest Rate Swaps - Summary of Interest-rate Swap Agreements (Detail) $ in Thousands, $ in Millions		12 Months Ended
		Dec. 31, 2024 USD ($)		Dec. 31, 2024 CAD ($)	Jun. 24, 2024 USD ($)	Dec. 31, 2023 USD ($)		Dec. 31, 2023 CAD ($)
Derivative [Line Items]
Weighted Average Fixed Rate		4.79%		4.79%
Notional Amount				$ 20				$ 40
Effective Interest Rate Swaps
Derivative [Line Items]
Notional Amount		$ 939,514				$ 975,435
Fair Value		$ 41,815				46,096
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		$ 2				713
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		$ 250				768
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		$ 569				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		$ 860				1,615
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		$ 346				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		$ 1,030				1,299
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		$ 1,230				1,215
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		$ 2,024				1,835
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]	daily compounded CORRA
Notional Amount	[2]	$ 27,805				30,174
Fair Value		$ 846				1,410
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		$ 137				734
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		$ 290				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		$ 471				887
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		$ 567				1,067
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		$ 0				15,000
Fair Value		$ 0				445
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		$ 743				1,389
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		$ 280				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		$ 1,454				2,186
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		$ 1,227				1,197
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		$ 0				15,000
Fair Value		$ 0				255
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		$ 757				806
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		$ 3,693				3,632
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]	daily compounded CORRA
Notional Amount	[3]	$ 13,903				15,087
Fair Value		$ 358				677
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		$ 1,999				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		$ 2,085				1,900
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		$ 5,799				4,392
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		$ 2,087				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		$ 835				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		$ 5,820				4,427
Effective Interest Rate Swaps \| US 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		$ 2,894				2,828
Effective Interest Rate Swaps \| Us Bank National Association Four Member
Derivative [Line Items]
Derivative, Maturity date		2032-03
Derivative, Fixed rate		2.70%		2.70%
Variable Rate Index	[1]	daily compounded CORRA
Notional Amount	[3]	$ 13,903				15,087
Fair Value		$ 354				678
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]	daily compounded CORRA
Notional Amount	[3]	$ 13,903				15,087
Fair Value		$ 166				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		2,642				2,021
Forward Starting Interest Rate Swaps
Derivative [Line Items]
Notional Amount		460,000	[4]		$ 460,000	0	[4]
Fair Value	[4]	$ 4,405				0
Forward Starting Interest Rate Swaps \| JPMorgan Chase Bank
Derivative [Line Items]
Derivative, Maturity date	[4]	2030-03
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]	$ 371				0
Forward Starting Interest Rate Swaps \| Manufacturers & Traders Trust Company
Derivative [Line Items]
Derivative, Maturity date	[4]	2030-09
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]	$ 512				0
Forward Starting Interest Rate Swaps \| Bank of Montreal One
Derivative [Line Items]
Derivative, Maturity date	[4]	2030-03
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]	$ 541				0
Forward Starting Interest Rate Swaps \| Truist Financial Corporation One
Derivative [Line Items]
Derivative, Maturity date	[4]	2030-06
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]	$ 508				0
Forward Starting Interest Rate Swaps \| Truist Financial Corporation Two
Derivative [Line Items]
Derivative, Maturity date	[4]	2030-09
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]	$ 159				0
Forward Starting Interest Rate Swaps \| Regions Bank One
Derivative [Line Items]
Derivative, Maturity date	[4]	2030-09
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]	$ 159				0
Forward Starting Interest Rate Swaps \| Regions Bank Two
Derivative [Line Items]
Derivative, Maturity date	[4]	2030-12
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]	$ 643				0
Forward Starting Interest Rate Swaps \| U S Bank National Association One
Derivative [Line Items]
Derivative, Maturity date	[4]	2030-06
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]	$ 666				0
Forward Starting Interest Rate Swaps \| Toronto Dominion Bank One Member
Derivative [Line Items]
Derivative, Maturity date	[4]	2030-12
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]	$ 846				0
Interest Rate Swap
Derivative [Line Items]
Derivative, Fixed rate		2.28%		2.28%
Weighted Average Fixed Rate		3.84%		3.84%
Notional Amount		$ 1,399,514				975,435
Fair Value		$ 46,220				$ 46,096

[1] Prior to the cessation of CDOR on July 1, 2024, the variable rate index for daily compounded CORRA based swaps was one-month CDOR. The contractual notional amount is $ 40.0 million CAD. The contractual notional amount is $ 20.0 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	Dec. 31, 2024 USD ($)	Dec. 31, 2024 CAD ($)	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	$ 1,399,514		$ 975,435

Interest Rate Swaps - Total Amo

Interest Rate Swaps - Total Amounts Recognized and Location of Gain (Loss) in Consolidated Statement of Income and Comprehensive Income (Loss), from Converting from Variable Rates to Fixed Rates (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Derivative [Line Items]
Total Interest Expense Presented in the Consolidated Statements of Income and Comprehensive Income	$ 74,077	$ 80,053	$ 78,652
Interest Rate Swap
Derivative [Line Items]
Amount of Gain (Loss) Recognized in Accumulated Other Comprehensive Income	$ 124	$ (17,293)	$ 90,560
Reclassification from Accumulated Other Comprehensive Income, Location	Interest expense	Interest expense	Interest expense
Reclassification from Accumulated Other Comprehensive Loss, Amount of Gain (Loss)	$ 28,797	$ 25,679	$ (4,453)
Total Interest Expense Presented in the Consolidated Statements of Income and Comprehensive Income	$ 74,077	$ 80,053	$ 78,652

Interest Rate Swaps - Additiona

Interest Rate Swaps - Additional Information (Detail) $ in Thousands, $ in Millions	12 Months Ended
	Dec. 31, 2024 USD ($)		Dec. 31, 2024 CAD ($)	Jun. 24, 2024 USD ($)	Dec. 31, 2023 USD ($)		Dec. 31, 2023 CAD ($)
Derivative [Line Items]
Notional Amount			$ 20				$ 40
Weighted Average Fixed Rate	4.79%		4.79%
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), after Reclassification and Tax, Total	$ 16,100
Forward Starting Interest Rate Swaps
Derivative [Line Items]
Notional Amount	460,000	[1]		$ 460,000	$ 0	[1]
Interest Rate Swap
Derivative [Line Items]
Notional Amount	$ 1,399,514				$ 975,435
Weighted Average Fixed Rate	3.84%		3.84%
Derivative, Fixed rate	2.28%		2.28%

[1] Forward starting swaps have effective dates that are five years prior to each respective maturity date.

Non-Controlling Interests - Add

Non-Controlling Interests - Additional Information (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Noncontrolling Interest [Line Items]
Properties contributed as part of UPREIT transactions, value	$ 0	$ 0	$ 0
Properties contributed as part of UPREIT transactions, value, net of debt assumed	$ 128,700	$ 128,700

Non-Controlling Interests - Sch

Non-Controlling Interests - Schedule of OP Units Exchanged for Shares of Common Stock (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Common Stock
Noncontrolling Interest [Line Items]
OP Units exchanged for shares of common stock	282,000	1,277,000	118,000
Additional Paid-in Capital
Noncontrolling Interest [Line Items]
Value of units exchanged	$ 4,544	$ 21,235	$ 1,926

Credit Risk Concentrations - Ad

Credit Risk Concentrations - Additional Information (Detail) - Customer	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Concentration Risk [Line Items]
Lease revenue, net, percentage	10%	10%	10%
Number of tenants or common franchises	0	0	0

Equity - Additional Information

Equity - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands		12 Months Ended
		Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Equity [Line Items]
Preferred stock, shares issued		0	0
Preferred stock, shares outstanding		0	0
Net proceeds from issuance of common stock		$ (996)	$ (180)	$ 495,566
Common Stock
Equity [Line Items]
Issuance of shares of common stock, shares		893,000	312,000	23,682,000
Weighted average sale price per share		$ 18.29
Preferred Stock
Equity [Line Items]
Preferred stock, shares issued		0	0
Preferred stock, shares outstanding		0	0
Stock Repurchase Program
Equity [Line Items]
Common stock shares repurchased		0	0
Stock Repurchase Program \| Maximum
Equity [Line Items]
Redemptions of common stock value		$ 150,000
ATM Program
Equity [Line Items]
Weighted average sale price per share				$ 21.66
Net proceeds from issuance of common stock		$ 38,500
2021 ATM Program
Equity [Line Items]
Issuance of shares of common stock, shares	[1]	11,542,000
Common stock with an aggregate sales price	[1]	$ 400,000
2021 ATM Program \| Common Stock
Equity [Line Items]
Common stock with an aggregate sales price		$ 400,000
2024 ATM Program
Equity [Line Items]
Issuance of shares of common stock, shares		2,188,000
Common stock with an aggregate sales price		$ 400,000
2024 ATM Program \| Common Stock
Equity [Line Items]
Issuance of shares of common stock, shares		2,187,700
Common stock with an aggregate sales price		$ 400,000

[1] ATM Program has been terminated and no future issuance will occur.

Equity - Company Share ATM Prog

Equity - Company Share ATM Program (Details) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2024 USD ($) shares
2021 ATM Program
Equity [Line Items]
Program Size	$ 400,000	[1]
Aggregate Gross Sales	$ 254,620	[1]
Shares Issued \| shares	11,542	[1]
2024 ATM Program
Equity [Line Items]
Program Size	$ 400,000
Aggregate Gross Sales	$ 40,003
Shares Issued \| shares	2,188

[1] ATM Program has been terminated and no future issuance will occur.

Equity - Company Share ATM Pr_2

Equity - Company Share ATM Program Issuance (Details) - ATM Program $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2022 USD ($) $ / shares shares
Equity [Line Items]
Number of common shares issued \| shares	10,471
Weighted average sale price per share \| $ / shares	$ 21.66
Net proceeds	$ 222,893
Gross proceeds	$ 226,483

Equity - Summary of Redemptions

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

Stock-Based Compensation - Addi

Stock-Based Compensation - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Restricted Stock Awards
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period	849,000	312,000	181,000
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value	$ 14.79	$ 17.5	$ 21.43
Unrecognized compensation costs	$ 11.2
Weighted average amortization period (in years)	3 years 3 months 18 days
Performance-based Restricted Stock Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period	202,000	186,000	124,000
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value	$ 15.84	$ 23.78	$ 27.93
Unrecognized compensation costs	$ 3.8
Weighted average amortization period (in years)	1 year 8 months 12 days
2020 Equity Incentive Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value	$ 14.79	$ 17.5	$ 21.43
2020 Equity Incentive Plan \| Restricted Stock Awards
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period	849,365	311,583	181,244
2020 Equity Incentive Plan \| Performance-based Restricted Stock Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period	202,308	186,481	124,024
Non-vested share awards percentage	50%
Vesting percentage payout schedule can produce	100%
Performance period	3 years
Percentage as rTSR of peer group	55%
Reduction in awards percentage	25%
2020 Equity Incentive Plan \| Performance-based Restricted Stock Units \| Maximum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting percentage payout schedule can produce	200%
2020 Equity Incentive Plan \| Performance-based Restricted Stock Units \| Minimum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting percentage payout schedule can produce	0%
2020 Equity Incentive Plan \| Tranche One \| Restricted Stock Awards
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Award vesting period	1 year
2020 Equity Incentive Plan \| Tranche Two \| Restricted Stock Awards
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Award vesting period	3 years
2020 Equity Incentive Plan \| Tranche Three \| Restricted Stock Awards
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Award vesting period	4 years
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	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Compensation cost	$ 4,880	$ 4,437	$ 3,469
Dividends declared on unvested RSAs	1,166	560	419
Fair value of shares vested during the period	3,969	$ 3,384	$ 3,209
Unrecognized compensation costs	$ 11,200
Weighted average amortization period (in years)	3 years 3 months 18 days

Stock-Based Compensation - Su_2

Stock-Based Compensation - Summary of RSA Activity (Detail) - Restricted Stock Awards - $ / shares shares in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of Shares, Unvested at beginning of period	492	396	372
Number of Shares, Granted	849	312	181
Number of Shares, Vested	(259)	(193)	(147)
Number of Shares, Forfeited	(93)	(23)	(10)
Number of Shares, Unvested at end of period	989	492	396
Weighted Average Grant Date Fair Value per Share, Unvested at beginning of period	$ 18.63	$ 20.36	$ 19.62
Weighted Average Grant Date Fair Value per Share, Granted	14.79	17.5	21.43
Weighted Average Grant Date Fair Value per Share, Vested	18.7	20.33	19.8
Weighted Average Grant Date Fair Value per Share, Forfeited	16.63	18.79	20.24
Weighted Average Grant Date Fair Value per Share, Unvested at end of period	$ 15.51	$ 18.63	$ 20.36

Stock-Based Compensation - Su_3

Stock-Based Compensation - Summary of PRSUs (Detail) - Performance-based Restricted Stock Units - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Compensation cost	$ 2,475	$ 1,922	$ 1,847
Unamortized value of PRSUs	$ 3,800
Weighted average amortization period (in years)	1 year 8 months 12 days

Stock-Based Compensation - Su_4

Stock-Based Compensation - Summary of PRSU Activity (Detail) - Performance-based Restricted Stock Units - $ / shares shares in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of Shares, Unvested at beginning of period	351	233	110
Number of Shares, Granted	202	186	124
Number of Shares, Vested	(88)	0	0
Number of Shares, Forfeited	(32)	(68)	(1)
Number of Shares, Unvested at end of period	433	351	233
Weighted Average Grant Date Fair Value per Share, Unvested at beginning of period	$ 24.9	$ 26.27	$ 24.4
Weighted Average Grant Date Fair Value per Share, Granted	15.84	23.78	27.93
Weighted Average Grant Date Fair Value per Share, Vested	24.4	0	0
Weighted Average Grant Date Fair Value per Share, Forfeited	23.18	26.48	27.93
Weighted Average Grant Date Fair Value per Share, Unvested at end of period	$ 20.9	$ 24.9	$ 26.27

Earnings per Share - Summary of

Earnings per Share - Summary of Components used in Calculation of Basic and Diluted Earnings per Share (Detail) - USD ($) $ / shares in Units, $ in Thousands		12 Months Ended
		Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Basic earnings:
Net Income (Loss)		$ 162,441	$ 155,478	$ 122,115
Less: earnings allocated to unvested restricted shares		(1,166)	(560)	(419)
Net earnings used to compute basic earnings per common share		161,275	154,918	121,696
Diluted earnings:
Net earnings used to compute basic earnings per common share		161,275	154,918	121,696
Add: net earnings attributable to OP Unit holders		6,548	7,834	7,360
Net earnings used to compute diluted earnings per common share		$ 168,823	$ 162,752	$ 129,056
Weighted average number of common shares outstanding		188,378,000	187,101,000	170,225,000
Less: weighted average unvested restricted shares	[1]	(924,000)	(484,000)	(385,000)
Weighted average number of common shares outstanding used in basic earnings per common share		187,454,000	186,617,000	169,840,000
Add: effects of restricted stock units	[2]	378,000	291,000	96,000
Add: effects of convertible OP Units	[3]	8,787,000	9,407,000	10,265,000
Weighted average number of common shares outstanding used in diluted earnings per common share		196,619,000	196,315,000	180,201,000
Basic		$ 0.86	$ 0.83	$ 0.72
Diluted		$ 0.86	$ 0.83	$ 0.72
Common Stock And O P Units [Member]
Diluted earnings:
Add: net earnings attributable to OP Unit holders		$ 7,548	$ 7,834	$ 7,360

[1] Represents the weighted average effects of 988,555 , 492,046 , and 396,383 unvested restricted shares of common stock as of December 31, 2024, 2023, and 2022 , respectively, which will be excluded from the computation of earnings per share until they vest R epresents 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 8,645,793 , 8,927,736 , and 10,204,806 OP Units outstanding at December 31, 2024, 2023, and 2022 , 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	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Earnings Per Share [Abstract]
Unvested restricted shares of common stock	988,555	492,046	396,383
Weighted average effects of OP Units outstanding	8,645,793	8,927,736	10,204,806

Income Taxes - Schedule of Dist

Income Taxes - Schedule of Distributions Characterized as Ordinary Dividends Capital Gain and Nontaxable (Detail)	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Income Tax Disclosure [Abstract]
Ordinary dividends	62%	70%	68%
Capital gain distributions	0%	21%	2%
Return of capital distributions	38%	9%	30%
Percentage of distributions paid to stockholders	100%	100%	100%

Supplemental Cash Flow Disclo_2

Supplemental Cash Flow Disclosures - Additional Information (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Supplemental Cash Flow Elements [Line Items]
Cash paid for interest	$ 73,700	$ 77,100	$ 72,000
Cash refund	$ (500)	$ 300	$ 400
Number of OP units exchanged	281,943	1,277,070	118,400,000
Dividend declared and accrued but not yet paid	$ 58,300	$ 56,900	$ 54,500
Adjustment of non-controlling interests	200	500	6,300
Development Property Reclassified	184,700
Additional Paid-in Capital
Supplemental Cash Flow Elements [Line Items]
Conversion of OP Units to shares of common stock	4,544	21,235	1,926
Non-controlling Interests
Supplemental Cash Flow Elements [Line Items]
Conversion of OP Units to shares of common stock	$ (4,544)	$ (21,235)	$ (1,926)
Common Stock and OP Units
Supplemental Cash Flow Elements [Line Items]
Stock Issued During Period, Shares, Conversion of Units	281,943	1,277,070	118,400
Conversion of OP Units to shares of common stock	$ 4,500	$ 21,200	$ 1,900

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Detail) $ in Millions	Dec. 31, 2024 USD ($)
Loss Contingencies [Line Items]
Potential liability due to taxable sales of applicable properties	$ 20.4
Property and Acquisition Commitment fund	$ 227.4

Subsequent Events - Additional

Subsequent Events - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands				12 Months Ended
	Feb. 28, 2025	Jan. 15, 2025	Jan. 14, 2025	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Feb. 14, 2025
Subsequent Event [Line Items]
Borrowings on unsecured revolving credit facility				$ 256,500	$ 215,500	$ 900,283
Gain on sale of real estate				73,153	54,310	15,953
Gain (Loss) on Termination of Lease				1,200	7,500	2,500
Real Estate [Member]
Subsequent Event [Line Items]
Additional selling expense				$ 5,170	$ 5,113	$ 1,586
Subsequent Event \| O 2025 A Total Payment Dividends [Member]
Subsequent Event [Line Items]
Quarterly distribution payable date	Apr. 15, 2025
Quarterly distribution date of record	Mar. 31, 2025
Repayments of Debt			$ 38,000
Borrowings on unsecured revolving credit facility			71,000
Property Plant and Equipment Fair Value			10,400
Cost of Other Property Operating Expense			500
Gain on sale of real estate			$ 1,700
Subsequent Event \| O2025 Q1 Total Payment Dividends [Member]
Subsequent Event [Line Items]
Distribution paid		$ 57,200
Quarterly distribution per share							$ 0.29

Summary of Significant Accou_14

Summary of Significant Accounting Policies - Summary of Impact of Simultaneous Transactions (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Finite-Lived Intangible Assets [Line Items]
Lease termination fee income	$ 1,200	$ 7,500	$ 2,500
Total Lease revenues, net	431,800	442,888	407,513
Amortization expense	1,600	900	8,500
Loss on sale of properties	73,153	54,310	15,953
Above Market and Below Market Leases \| Lease Revenues, Net
Finite-Lived Intangible Assets [Line Items]
Amortization expense	4,419	5,859	4,822
Acquired In-Place Leases \| Depreciation and Amortization
Finite-Lived Intangible Assets [Line Items]
Amortization expense	$ 32,161	$ 34,487	$ 40,090

Schedule III - Real Estate As_2

Schedule III - Real Estate Assets and Accumulated Depreciation (Detail) - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2024		Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Real Estate And Accumulated Depreciation [Line Items]
Initial Costs to Company, Encumbrance	[1]	$ 76,913
Initial Costs to Company, Land	[1],[2]	774,118
Initial Costs to Company, Buildings and Improvements	[1],[2]	4,084,658
Costs Capitalized Subsequent to Acquisition, Land	[1]			$ 4,708
Costs Capitalized Subsequent to Acquisition, Improvements	[1]	122,632
Gross Amount at Which Carried at Close of Period, Land	[1]	778,826
Gross Amount at Which Carried at Close of Period, Buildings and Improvements	[1]	4,207,290
Total		4,986,116	[1],[3]	4,983,660	$ 5,008,230	$ 4,205,191
Accumulated Depreciation		672,478	[1]	626,597	$ 533,965	$ 430,141
Industrial Property \| Manufacturing
Real Estate And Accumulated Depreciation [Line Items]
Initial Costs to Company, Land	[2]	133,842
Initial Costs to Company, Buildings and Improvements	[2]	694,209
Costs Capitalized Subsequent to Acquisition, Improvements		13,877
Gross Amount at Which Carried at Close of Period, Land		133,842
Gross Amount at Which Carried at Close of Period, Buildings and Improvements		708,086
Total	[3]	841,928
Accumulated Depreciation		$ 110,374
Date Acquired		2011-2024
Industrial Property \| Manufacturing \| Minimum
Real Estate And Accumulated Depreciation [Line Items]
Life on Which Depreciation is Computed (Years)		15 years
Industrial Property \| Manufacturing \| Maximum
Real Estate And Accumulated Depreciation [Line Items]
Life on Which Depreciation is Computed (Years)		39 years
Industrial Property \| Distribution & Warehouse
Real Estate And Accumulated Depreciation [Line Items]
Initial Costs to Company, Land	[2]	$ 97,035
Initial Costs to Company, Buildings and Improvements	[2]	591,582
Costs Capitalized Subsequent to Acquisition, Land		4,511
Costs Capitalized Subsequent to Acquisition, Improvements		21,579
Gross Amount at Which Carried at Close of Period, Land		101,546
Gross Amount at Which Carried at Close of Period, Buildings and Improvements		613,161
Total	[3]	714,707
Accumulated Depreciation		$ 92,716
Date Acquired		2012-2024
Industrial Property \| Distribution & Warehouse \| Minimum
Real Estate And Accumulated Depreciation [Line Items]
Life on Which Depreciation is Computed (Years)		15 years
Industrial Property \| Distribution & Warehouse \| Maximum
Real Estate And Accumulated Depreciation [Line Items]
Life on Which Depreciation is Computed (Years)		39 years
Industrial Property \| Food Processing
Real Estate And Accumulated Depreciation [Line Items]
Initial Costs to Company, Land	[2]	$ 52,983
Initial Costs to Company, Buildings and Improvements	[2]	553,324
Costs Capitalized Subsequent to Acquisition, Improvements		51,925
Gross Amount at Which Carried at Close of Period, Land		52,983
Gross Amount at Which Carried at Close of Period, Buildings and Improvements		605,249
Total	[3]	658,232
Accumulated Depreciation		$ 68,329
Date Acquired		2012-2024
Industrial Property \| Food Processing \| Minimum
Real Estate And Accumulated Depreciation [Line Items]
Life on Which Depreciation is Computed (Years)		15 years
Industrial Property \| Food Processing \| Maximum
Real Estate And Accumulated Depreciation [Line Items]
Life on Which Depreciation is Computed (Years)		39 years
Industrial Property \| Flex and R&D
Real Estate And Accumulated Depreciation [Line Items]
Initial Costs to Company, Encumbrance				42,837
Initial Costs to Company, Land	[2]	$ 59,441
Initial Costs to Company, Buildings and Improvements	[2]	189,032
Costs Capitalized Subsequent to Acquisition, Improvements		1,331
Gross Amount at Which Carried at Close of Period, Land		59,441
Gross Amount at Which Carried at Close of Period, Buildings and Improvements		190,363
Total	[3]	249,804
Accumulated Depreciation		$ 40,147
Date Acquired		2013-2019
Industrial Property \| Flex and R&D \| Minimum
Real Estate And Accumulated Depreciation [Line Items]
Life on Which Depreciation is Computed (Years)		15 years
Industrial Property \| Flex and R&D \| Maximum
Real Estate And Accumulated Depreciation [Line Items]
Life on Which Depreciation is Computed (Years)		39 years
Industrial Property \| Cold Storage
Real Estate And Accumulated Depreciation [Line Items]
Initial Costs to Company, Encumbrance				18,283
Initial Costs to Company, Land	[2]	$ 28,325
Initial Costs to Company, Buildings and Improvements	[2]	295,511
Costs Capitalized Subsequent to Acquisition, Improvements		68
Gross Amount at Which Carried at Close of Period, Land		28,325
Gross Amount at Which Carried at Close of Period, Buildings and Improvements		295,579
Total	[3]	323,904
Accumulated Depreciation		$ 25,993
Date Acquired		2017-2023
Industrial Property \| Cold Storage \| Minimum
Real Estate And Accumulated Depreciation [Line Items]
Life on Which Depreciation is Computed (Years)		7 years
Industrial Property \| Cold Storage \| Maximum
Real Estate And Accumulated Depreciation [Line Items]
Life on Which Depreciation is Computed (Years)		39 years
Industrial Property \| Services
Real Estate And Accumulated Depreciation [Line Items]
Initial Costs to Company, Land	[2]	$ 71,034
Initial Costs to Company, Buildings and Improvements	[2]	95,089
Costs Capitalized Subsequent to Acquisition, Improvements		3,680
Gross Amount at Which Carried at Close of Period, Land		71,034
Gross Amount at Which Carried at Close of Period, Buildings and Improvements		98,769
Total	[3]	169,803
Accumulated Depreciation		$ 13,980
Date Acquired		2011-2024
Industrial Property \| Services \| Minimum
Real Estate And Accumulated Depreciation [Line Items]
Life on Which Depreciation is Computed (Years)		15 years
Industrial Property \| Services \| Maximum
Real Estate And Accumulated Depreciation [Line Items]
Life on Which Depreciation is Computed (Years)		39 years
Industrial Property \| Untenanted
Real Estate And Accumulated Depreciation [Line Items]
Initial Costs to Company, Land	[2]	$ 1,888
Initial Costs to Company, Buildings and Improvements	[2]	15,940
Costs Capitalized Subsequent to Acquisition, Improvements		1
Gross Amount at Which Carried at Close of Period, Land		1,888
Gross Amount at Which Carried at Close of Period, Buildings and Improvements		15,941
Total	[3]	17,829
Accumulated Depreciation		$ 3,336
Date Acquired		2017-2018
Industrial Property \| Untenanted \| Minimum
Real Estate And Accumulated Depreciation [Line Items]
Life on Which Depreciation is Computed (Years)		15 years
Industrial Property \| Untenanted \| Maximum
Real Estate And Accumulated Depreciation [Line Items]
Life on Which Depreciation is Computed (Years)		39 years
Industrial Property \| Quick Service Restaurants
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition, Land		$ 197
Retail \| General Merchandise
Real Estate And Accumulated Depreciation [Line Items]
Initial Costs to Company, Encumbrance				$ 15,793
Initial Costs to Company, Land	[2]	101,614
Initial Costs to Company, Buildings and Improvements	[2]	380,797
Costs Capitalized Subsequent to Acquisition, Improvements		1,473
Gross Amount at Which Carried at Close of Period, Land		101,614
Gross Amount at Which Carried at Close of Period, Buildings and Improvements		382,270
Total	[3]	483,884
Accumulated Depreciation		$ 38,232
Date Acquired		2016-2024
Retail \| General Merchandise \| Minimum
Real Estate And Accumulated Depreciation [Line Items]
Life on Which Depreciation is Computed (Years)		15 years
Retail \| General Merchandise \| Maximum
Real Estate And Accumulated Depreciation [Line Items]
Life on Which Depreciation is Computed (Years)		39 years
Retail \| Casual Dining
Real Estate And Accumulated Depreciation [Line Items]
Initial Costs to Company, Land	[2]	$ 78,973
Initial Costs to Company, Buildings and Improvements	[2]	269,079
Costs Capitalized Subsequent to Acquisition, Improvements		12
Gross Amount at Which Carried at Close of Period, Land		78,973
Gross Amount at Which Carried at Close of Period, Buildings and Improvements		269,091
Total	[3]	348,064
Accumulated Depreciation		$ 54,392
Date Acquired		2011-2024
Retail \| Casual Dining \| Minimum
Real Estate And Accumulated Depreciation [Line Items]
Life on Which Depreciation is Computed (Years)		15 years
Retail \| Casual Dining \| Maximum
Real Estate And Accumulated Depreciation [Line Items]
Life on Which Depreciation is Computed (Years)		39 years
Retail \| Quick Service Restaurants
Real Estate And Accumulated Depreciation [Line Items]
Initial Costs to Company, Land	[2]	$ 54,701
Initial Costs to Company, Buildings and Improvements	[2]	235,388
Costs Capitalized Subsequent to Acquisition, Improvements		2,705
Gross Amount at Which Carried at Close of Period, Land		54,898
Gross Amount at Which Carried at Close of Period, Buildings and Improvements		238,093
Total	[3]	292,991
Accumulated Depreciation		$ 61,042
Date Acquired		2009-2024
Retail \| Quick Service Restaurants \| Minimum
Real Estate And Accumulated Depreciation [Line Items]
Life on Which Depreciation is Computed (Years)		15 years
Retail \| Quick Service Restaurants \| Maximum
Real Estate And Accumulated Depreciation [Line Items]
Life on Which Depreciation is Computed (Years)		39 years
Retail \| Automotive
Real Estate And Accumulated Depreciation [Line Items]
Initial Costs to Company, Land	[2]	$ 32,676
Initial Costs to Company, Buildings and Improvements	[2]	118,451
Costs Capitalized Subsequent to Acquisition, Improvements		73
Gross Amount at Which Carried at Close of Period, Land		32,676
Gross Amount at Which Carried at Close of Period, Buildings and Improvements		118,524
Total	[3]	151,200
Accumulated Depreciation		$ 27,279
Date Acquired		2014-2024
Retail \| Automotive \| Minimum
Real Estate And Accumulated Depreciation [Line Items]
Life on Which Depreciation is Computed (Years)		7 years
Retail \| Automotive \| Maximum
Real Estate And Accumulated Depreciation [Line Items]
Life on Which Depreciation is Computed (Years)		39 years
Retail \| Animal Services
Real Estate And Accumulated Depreciation [Line Items]
Initial Costs to Company, Land	[2]	$ 15,943
Initial Costs to Company, Buildings and Improvements	[2]	111,107
Costs Capitalized Subsequent to Acquisition, Improvements		2,912
Gross Amount at Which Carried at Close of Period, Land		15,943
Gross Amount at Which Carried at Close of Period, Buildings and Improvements		114,019
Total	[3]	129,962
Accumulated Depreciation		$ 20,767
Date Acquired		2015-2021
Retail \| Animal Services \| Minimum
Real Estate And Accumulated Depreciation [Line Items]
Life on Which Depreciation is Computed (Years)		15 years
Retail \| Animal Services \| Maximum
Real Estate And Accumulated Depreciation [Line Items]
Life on Which Depreciation is Computed (Years)		39 years
Retail \| Home Furnishings
Real Estate And Accumulated Depreciation [Line Items]
Initial Costs to Company, Land	[2]	$ 3,625
Initial Costs to Company, Buildings and Improvements	[2]	90,644
Costs Capitalized Subsequent to Acquisition, Improvements		981
Gross Amount at Which Carried at Close of Period, Land		3,625
Gross Amount at Which Carried at Close of Period, Buildings and Improvements		91,625
Total	[3]	95,250
Accumulated Depreciation		$ 19,457
Date Acquired		2017-2018
Retail \| Home Furnishings \| Minimum
Real Estate And Accumulated Depreciation [Line Items]
Life on Which Depreciation is Computed (Years)		15 years
Retail \| Home Furnishings \| Maximum
Real Estate And Accumulated Depreciation [Line Items]
Life on Which Depreciation is Computed (Years)		39 years
Retail \| Healthcare Services
Real Estate And Accumulated Depreciation [Line Items]
Initial Costs to Company, Land	[2]	$ 11,162
Initial Costs to Company, Buildings and Improvements	[2]	62,332
Costs Capitalized Subsequent to Acquisition, Improvements		250
Gross Amount at Which Carried at Close of Period, Land		11,162
Gross Amount at Which Carried at Close of Period, Buildings and Improvements		62,582
Total	[3]	73,744
Accumulated Depreciation		$ 12,126
Date Acquired		2009-2021
Retail \| Healthcare Services \| Minimum
Real Estate And Accumulated Depreciation [Line Items]
Life on Which Depreciation is Computed (Years)		15 years
Retail \| Healthcare Services \| Maximum
Real Estate And Accumulated Depreciation [Line Items]
Life on Which Depreciation is Computed (Years)		39 years
Retail \| Education
Real Estate And Accumulated Depreciation [Line Items]
Initial Costs to Company, Land	[2]	$ 4,622
Initial Costs to Company, Buildings and Improvements	[2]	35,168
Costs Capitalized Subsequent to Acquisition, Improvements		69
Gross Amount at Which Carried at Close of Period, Land		4,622
Gross Amount at Which Carried at Close of Period, Buildings and Improvements		35,237
Total	[3]	39,859
Accumulated Depreciation		$ 4,515
Date Acquired		2017-2023
Retail \| Education \| Minimum
Real Estate And Accumulated Depreciation [Line Items]
Life on Which Depreciation is Computed (Years)		15 years
Retail \| Education \| Maximum
Real Estate And Accumulated Depreciation [Line Items]
Life on Which Depreciation is Computed (Years)		39 years
Other \| Office
Real Estate And Accumulated Depreciation [Line Items]
Initial Costs to Company, Land	[2]	$ 18,147
Initial Costs to Company, Buildings and Improvements	[2]	191,380
Costs Capitalized Subsequent to Acquisition, Improvements		21,481
Gross Amount at Which Carried at Close of Period, Land		18,147
Gross Amount at Which Carried at Close of Period, Buildings and Improvements		212,861
Total	[3]	231,008
Accumulated Depreciation		$ 51,589
Date Acquired		2012-2022
Other \| Office \| Minimum
Real Estate And Accumulated Depreciation [Line Items]
Life on Which Depreciation is Computed (Years)		7 years
Other \| Office \| Maximum
Real Estate And Accumulated Depreciation [Line Items]
Life on Which Depreciation is Computed (Years)		39 years
Other \| Clinical/Surgical
Real Estate And Accumulated Depreciation [Line Items]
Initial Costs to Company, Land	[2]	$ 8,107
Initial Costs to Company, Buildings and Improvements	[2]	136,728
Costs Capitalized Subsequent to Acquisition, Improvements		215
Gross Amount at Which Carried at Close of Period, Land		8,107
Gross Amount at Which Carried at Close of Period, Buildings and Improvements		136,943
Total	[3]	145,050
Accumulated Depreciation		$ 28,204
Date Acquired		2012-2022
Other \| Clinical/Surgical \| Minimum
Real Estate And Accumulated Depreciation [Line Items]
Life on Which Depreciation is Computed (Years)		15 years
Other \| Clinical/Surgical \| Maximum
Real Estate And Accumulated Depreciation [Line Items]
Life on Which Depreciation is Computed (Years)		39 years
Other \| Acquisitions in Process
Real Estate And Accumulated Depreciation [Line Items]
Initial Costs to Company, Buildings and Improvements	[2],[4]	$ 113
Gross Amount at Which Carried at Close of Period, Buildings and Improvements	[4]	113
Total	[3],[4]	113
Other \| Property under Development
Real Estate And Accumulated Depreciation [Line Items]
Initial Costs to Company, Buildings and Improvements	[2]	18,784
Gross Amount at Which Carried at Close of Period, Buildings and Improvements		18,784
Total	[3]	$ 18,784

[1] This schedule excludes properties subject to leases that are classified as direct financing leases, sales-type leases, as well as the value of right-of-use assets recorded on certain of the properties where the Company is lessee under a ground lease. The initial cost to the Company represents the original purchase price of the property (see Note 3). The aggregate cost of real estate owned as of December 31, 2024 for U.S. federal income tax purposes was approximately $ 5.1 billion. Acquisition costs in progress represents costs incurred during the year ended December 31, 2024 related to asset acquisitions expected to close during the year ending December 31, 2025.

Schedule III - Real Estate As_3

Schedule III - Real Estate Assets and Accumulated Depreciation (Parenthetical) (Detail) $ in Billions	Dec. 31, 2024 USD ($)
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract]
Aggregate cost of real estate owned	$ 5.1

Schedule III - Change in Real E

Schedule III - Change in Real Estate Assets (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024		Dec. 31, 2023	Dec. 31, 2022
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract]
Balance, beginning of period	$ 4,983,660		$ 5,008,230	$ 4,205,191
Acquisitions, developments, and improvements	392,793		167,089	929,972
Dispositions	(358,944)		(154,907)	(118,028)
Impairment	(31,393)		(36,752)	(8,905)
Balance, end of period	$ 4,986,116	[1],[2]	$ 4,983,660	$ 5,008,230

[1] The aggregate cost of real estate owned as of December 31, 2024 for U.S. federal income tax purposes was approximately $ 5.1 billion. This schedule excludes properties subject to leases that are classified as direct financing leases, sales-type leases, as well as the value of right-of-use assets recorded on certain of the properties where the Company is lessee under a ground lease.

Schedule III - Change in Accumu

Schedule III - Change in Accumulated Depreciation (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024		Dec. 31, 2023	Dec. 31, 2022
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract]
Balance, beginning of period	$ 626,597		$ 533,965	$ 430,141
Acquisitions and building improvements	122,949		122,778	115,892
Dispositions	(70,114)		(24,547)	(8,165)
Impairment	(6,954)		(5,599)	(3,903)
Balance, end of period	$ 672,478	[1]	$ 626,597	$ 533,965

[1] This schedule excludes properties subject to leases that are classified as direct financing leases, sales-type leases, as well as the value of right-of-use assets recorded on certain of the properties where the Company is lessee under a ground lease.