Broadstone Net Lease (BNL) 10-K23 Feb 222021 FY Annual reportFinancial data

Company Profile

Cover Page

Cover Page - USD ($) $ in Billions	12 Months Ended
Cover Page - USD ($) $ in Billions	Dec. 31, 2021	Feb. 17, 2022	Jun. 30, 2021
Cover [Abstract]
Document Type	10-K
Amendment Flag	false
Document Period End Date	Dec. 31, 2021
Document Fiscal Year Focus	2021
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			$ 3.7
Title of 12(b) Security	Common Stock, $0.00025 par value
Trading Symbol	BNL
Security Exchange Name	NYSE
Entity Common Stock, Shares Outstanding		163,445,094
Entity File Number	001-39529
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	26-1516177
Entity Address, Address Line One	800 Clinton Square
Entity Address, City or Town	Rochester
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	14604
City Area Code	585
Local Phone Number	287-6500
Document Annual Report	true
Document Transition Report	false
Entity Interactive Data Current	Yes
ICFR Auditor Attestation Flag	true
Documents Incorporated by Reference [Text Block]	Documents Incorporated by Reference 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 2022 Annual Meeting of Stockholders, which will be filed with the Securities and Exchange Commission no later than 120 days after the end of the registrant’s fiscal year. Only those portions of the proxy statement that are specifically incorporated by reference herein shall constitute a part of this Annual Report on Form 10-K.
Auditor Name	Deloitte & Touche LLP
Auditor Firm ID	34
Auditor Location	New York

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Assets
Total accounted for using the operating method	$ 4,205,191	$ 3,704,488
Less accumulated depreciation	(430,141)	(349,977)
Accounted for using the operating method, net	3,775,050	3,354,511
Accounted for using the direct financing method	28,782	29,066
Accounted for using the sales-type method	571	567
Investment in rental property, net	3,804,403	3,384,144
Cash and cash equivalents	21,669	100,486
Accrued rental income	116,874	102,117
Tenant and other receivables, net	1,310	1,604
Prepaid expenses and other assets	17,275	22,277
Goodwill	339,769	339,769
Intangible lease assets, net	303,642	290,913
Debt issuance costs—unsecured revolving credit facility, net	4,065	6,435
Leasing fees, net	9,641	10,738
Total assets	4,618,648	4,258,483
Liabilities and equity
Unsecured revolving credit facility	102,000
Mortgages, net	96,846	107,382
Unsecured term loans, net	646,671	961,330
Senior unsecured notes, net	843,801	472,466
Interest rate swap, liabilities	27,171	72,103
Earnout liability	0	7,509
Accounts payable and other liabilities	38,038	35,684
Dividends payable	45,914	39,252
Accrued interest payable	6,473	4,023
Intangible lease liabilities, net	70,596	79,653
Total liabilities	1,877,510	1,779,402
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
Common stock, value	41	27
Additional paid-in capital	2,924,168	2,624,997
Cumulative distributions in excess of retained earnings	(318,476)	(259,673)
Accumulated other comprehensive loss	(28,441)	(66,255)
Total Broadstone Net Lease, Inc. stockholders' equity	2,577,292	2,299,105
Non-controlling interests	163,846	179,976
Total equity	2,741,138	2,479,081
Total liabilities and equity	4,618,648	4,258,483
Land
Assets
Total accounted for using the operating method	655,374	555,748
Land Improvements
Assets
Total accounted for using the operating method	295,329	279,360
Buildings and Improvements
Assets
Total accounted for using the operating method	3,242,618	2,857,510
Equipment
Assets
Total accounted for using the operating method	11,870	11,870
Class A Common Stock
Broadstone Net Lease, Inc. stockholders' equity:
Common stock, value		$ 9

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Dec. 31, 2021	Dec. 31, 2020
Preferred stock, par value	$ 0.001	$ 0.001
Preferred stock, shares authorized	20,000,000	20,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value	$ 0.00025	$ 0.00025
Common stock, shares authorized	500,000,000	440,000,000
Common stock, shares issued	162,383,000	108,609,000
Common stock, shares outstanding	162,383,000	108,609,000
Class A Common Stock
Common stock, par value	$ 0.00025	$ 0.00025
Common stock, shares authorized	0	60,000,000
Common stock, shares issued	0	37,000,000
Common stock, shares outstanding	0	37,000,000

Consolidated Statements of Inco

Consolidated Statements of Income and Comprehensive Income - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Revenues
Lease revenues, net	$ 382,876	$ 321,637	$ 298,815
Operating expenses
Depreciation and amortization	132,096	132,685	108,818
Property and operating expense	18,459	17,478	15,990
General and administrative	36,366	27,988	5,456
Provision for impairment of investment in rental properties	28,208	19,077	3,452
Total operating expenses	215,129	200,964	163,835
Other income (expenses)
Interest income	17	24	9
Interest expense	(64,146)	(76,138)	(72,534)
Cost of debt extinguishment	(368)	(417)	(1,176)
Gain on sale of real estate	13,523	14,985	29,914
Income taxes	(1,644)	(939)	(2,415)
Internalization expenses		(3,705)	(3,658)
Change in fair value of earnout liability	(5,539)	1,800
Other expenses	(62)	(7)	(6)
Net income	109,528	56,276	85,114
Net income attributable to non-controlling interests	(7,102)	(5,095)	(5,720)
Net income attributable to Broadstone Net Lease, Inc.	$ 102,426	$ 51,181	$ 79,394
Weighted average number of common shares outstanding
Basic	153,057	117,150	95,917
Diluted	163,970	128,799	102,865
Net earnings per share attributable to common stockholders
Basic and diluted	$ 0.67	$ 0.44	$ 0.83
Comprehensive income
Net income	$ 109,528	$ 56,276	$ 85,114
Other comprehensive income
Change in fair value of interest rate swaps	39,353	(50,544)	(37,372)
Realized loss (gain) on interest rate swaps	698	(166)	(205)
Comprehensive income	149,579	5,566	47,537
Comprehensive income attributable to non-controlling interests	(9,831)	(554)	(3,036)
Comprehensive income attributable to Broadstone Net Lease, Inc.	139,748	5,012	44,501
Asset Management Fees
Operating expenses
Operating expenses		2,461	21,863
Property Management Fees
Operating expenses
Operating expenses		$ 1,275	$ 8,256

Consolidated Statements of Stoc

Consolidated Statements of Stockholders' Equity and Mezzanine Equity - USD ($) $ in Thousands	Total	Total Shareholders Equity	Mezzanine Equity Common Stock	Mezzanine Equity Non-controlling Interests	Common Stock	Common StockClass A Common Stock	Additional Paid-in Capital	Additional Paid-in CapitalNon Related Party	Cumulative Distributions in Excess of Retained Earnings	Accumulated Other Comprehensive (Loss)/Income	Non-controlling Interests
Beginning Balance at Dec. 31, 2018	$ 1,528,920				$ 22		$ 1,557,421		$ (155,150)	$ 14,806	$ 111,821
Net income	85,114								79,394		5,720
Issuance of shares of common stock	395,091				5		395,086
Other offering costs	(1,649)						(1,649)
Distributions declared	(136,280)								(127,014)		(9,266)
Change in fair value of interest rate swap agreements	(37,372)									(34,701)	(2,671)
Realized gain on interest rate swap agreements	(205)									(191)	(14)
Conversion of OP Units to shares of common stock							0
Redemption of shares of common stock, value	(34,599)				(1)		(32,005)		(2,593)
Redemption of shares of common stock of a related party	(20,000)						(17,102)		(2,898)
Adjustment of non-controlling interests							(5,816)				5,816
Ending Balance at Dec. 31, 2019	1,779,020				26		1,895,935		(208,261)	(20,086)	111,406
Cumulative effect of accounting change (see Note 2)	(323)								(323)
Net income	56,276								51,181		3,647
Issuance of shares of common stock	6,795						6,795
Stock-based compensation	1,989						1,989
Issuance of shares of Class A common stock	629,000					$ 9	628,991
Issuance of mezzanine equity non-controlling interests	112,159			$ 112,159
Offering costs, discounts, and commissions	(40,750)						(40,750)
Adjustments to carrying value of mezzanine equity non-controlling interests	(2,513)						(2,513)
Reclassification of portion of earnout liability	30,810						11,380				19,430
Repurchase of fractional shares of common stock	(35)						(35)
Repurchase of OP Units	(91)										(91)
Distributions declared	(109,693)								(102,270)		(7,423)
Change in fair value of interest rate swap agreements	(50,544)	$ (48,868)								(46,018)	(2,850)
Realized gain on interest rate swap agreements	(162)									(151)	(11)
Reclassification of shares of mezzanine equity common stock to shares of common stock	66,376				1		66,375
Reclassification of mezzanine equity non-controlling interests to non-controlling interests	112,698										112,698
Conversion of OP Units to shares of common stock	15,600						15,631				(15,631)
Net income	54,828									0
Net income	1,448			1,448
Issuance shares of mezzanine equity common stock	66,376		$ 66,376
Adjustments to carrying value of mezzanine equity non-controlling interests	2,513			2,513
Distributions declared	(1,742)			(1,742)
Change in fair value of interest rate swap agreements	(1,676)			(1,676)
Realized gain (loss) on interest rate swap agreements	(4)			(4)
Reclassification of shares of mezzanine equity common stock to shares of common stock	(66,376)		$ (66,376)
Reclassification of mezzanine equity non-controlling interests to non-controlling interests	(112,698)			$ (112,698)
Adjustment of non-controlling interests							41,199				(41,199)
Ending Balance at Dec. 31, 2020	2,479,081				27	9	2,624,997		(259,673)	(66,255)	179,976
Net income	109,528								102,426		7,102
Issuance of shares of common stock	293,732				4		293,728
Stock-based compensation	4,701						4,701
Offering costs, discounts, and commissions	(12,290)						(12,290)
Stock Repurchased and Retired During Period, Value	(1,215)						(1,215)
Forfeiture of seven shares of common stock	(33)						(33)
Conversion of Class A common stock to shares of common stock					9	$ (9)
Conversion of OP Units to shares of common stock with a related party					1		32,761				(32,762)
Distributions declared	(172,417)								(161,229)		(11,188)
Change in fair value of interest rate swap agreements	39,353									36,664	2,689
Conversion of OP Units to shares of common stock	47,000						46,968	$ 14,206			(14,206)
Realized gain (loss) on interest rate swap agreements	698									658	40
Adjustment of non-controlling interests							(32,687)			492	32,195
Ending Balance at Dec. 31, 2021	$ 2,741,138				$ 41		$ 2,924,168		$ (318,476)	$ (28,441)	$ 163,846

Consolidated Statements of St_2

Consolidated Statements of Stockholders' Equity and Mezzanine Equity (Parenthetical) - $ / shares	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Issuance of shares of common stock, shares	1,088,977
Issuance of mezzanine equity non-controlling interests, shares		5,278,000
Redemption of shares of common stock, shares		0	2,610,000
Issuance of shares common stock upon conversion of OP units	2,934,489	822,745
Reclassification of mezzanine equity non-controlling interests to non-controlling interests shares		5,278,000
Number of OP units exchanged	2,049,000	822,000
Number of Common Stock Issued for Retirement	64,000
Common Stock
Issuance of shares of common stock, shares	13,910	659	18,560
Issuance of shares of mezzanine equity common stock, shares		3,124,000
Redemption of shares of common stock, shares			1,668,000
Redemption of shares of common stock with a related party, shares			941,000
Issuance of shares common stock upon conversion of OP units	2,049,000	822,000
Reclassification of mezzanine equity common stock to common stock		3,124,000
Distribution declared per share	$ 1.025	$ 0.825	$ 1.318
Conversion of Class A Common Stock to Common stock	37,000,000
Conversion of OP Units to Common Stock	886,000
Class A Common Stock
Issuance of shares of common stock, shares		37,000
Conversion of Class A Common Stock to Common stock	37,000,000
OP units [Member]
Partners' Capital Account, Units, Sale of Units	1,859,000
Conversion of OP Units to Common Stock	886,000

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Operating activities
Net income	$ 109,528	$ 56,276	$ 85,114
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	128,888	131,568	105,408
Provision for impairment of investment in rental properties	28,208	19,077	3,452
Amortization of debt issuance costs and original issuance discounts charged to interest expense	3,721	3,303	2,542
Stock-based compensation expense	4,669	1,989
Straight-line rent, direct financing and sales-type lease adjustments	(18,362)	(19,817)	(21,943)
Cost of debt extinguishment	368	417	1,176
Gain on sale of real estate	(13,523)	(14,985)	(29,914)
Change in fair value of earnout liability	5,539	(1,800)
Cash paid for earnout liability	(6,440)
Settlement of interest rate swaps	(5,580)
Leasing fees paid	(319)		(1,002)
Adjustment to provision for credit losses	(38)	(148)
Other non-cash items	1,811	605	466
Changes in assets and liabilities, net of acquisition:
Tenant and other receivables	776	(670)	92
Prepaid expenses and other assets	350	(3,868)	(136)
Accounts payable and other liabilities	2,891	6,652	8,286
Accrued interest payable	2,450	429	(6,183)
Net cash provided by operating activities	244,937	179,028	147,358
Investing activities
Acquisition of rental property accounted for using the operating method, net of mortgages assumed of $0, $0 and $49,782 in 2021, 2020 and 2019, respectively	(665,030)	(94,808)	(997,015)
Acquisition of rental property accounted for using the sales-type method		(574)
Cash paid for Internalization		(30,861)
Capital expenditures and improvements	(1,598)	(10,806)	(5,051)
Proceeds from disposition of rental property, net	83,812	77,513	168,759
Change in deposits on investments in rental property	512	(700)	1,600
Net cash used in investing activities	(582,304)	(60,236)	(831,707)
Financing activities
Proceeds from issuance of common stock and Class A common stock, net of $12,270, $40,674 and $0 of offering costs, discounts, and commissions in 2021, 2020 and 2019, respectively	280,356	588,457	329,750
Redemptions of common stock			(34,599)
Redemptions of common stock with a related party			(20,000)
Repurchase of fractional shares of common stock and OP Units		(126)
Borrowings on mortgages, senior unsecured notes and unsecured term loans, net of mortgages assumed of $0, $0 and $49,782 in 2021, 2020 and 2019, respectively	381,810	60,000	750,000
Principal payments on mortgages and unsecured term loans	(332,874)	(394,666)	(316,940)
Borrowings on unsecured revolving credit facility	356,600	192,000	434,100
Repayments on unsecured revolving credit facility	(254,600)	(389,300)	(377,900)
Cash distributions paid to stockholders	(154,459)	(71,532)	(61,961)
Cash distributions paid to non-controlling interests	(11,302)	(7,079)	(9,248)
Cash paid for earnout liability	(6,608)
Debt issuance and extinguishment costs paid	(4,515)	(6,129)	(7,531)
Net cash provided by (used in) financing activities	254,408	(28,375)	685,671
Net (decrease) increase in cash and cash equivalents and restricted cash	(82,959)	90,417	1,322
Cash and cash equivalents and restricted cash at beginning of period	110,728	20,311	18,989
Cash and cash equivalents and restricted cash at end of period	27,769	110,728	20,311
Reconciliation of cash and cash equivalents and restricted cash
Cash and cash equivalents at beginning of period	100,486	12,455	18,612
Restricted cash at beginning of period	10,242	7,856	377
Cash and cash equivalents at end of period	21,669	100,486	12,455
Restricted cash at end of period	$ 6,100	$ 10,242	$ 7,856

Consolidated Statements of Ca_2

Consolidated Statements of Cash Flows (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Mortgages assumed	$ 0	$ 0	$ 49,782
Offering costs,discounts, and commissions	12,270	40,674	0
Rental Property Acquisition
Mortgages assumed	$ 0	$ 0	$ 49,782

Business Description

Business Description	12 Months Ended
Business Description	Dec. 31, 2021
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 726 725 42 one Broadstone Net Lease, LLC (the Corporation’s operating company, or the “OP”), is the entity through which the Corporation conducts its business and owns (either directly or through subsidiaries) all of the Corporation’s properties. The Corporation is the sole managing member of the OP. The remaining membership units in the OP (“OP Units”), which are referred to as non-controlling Prior to February 7, 2020, the Corporation was externally managed by Broadstone Real Estate, LLC (“BRE”) and Broadstone Asset Management, LLC (the “Asset Manager”) subject to the direction, oversight, and approval of the Company’s board of directors (the “Board of Directors”). The Asset Manager was a wholly owned subsidiary of BRE and all of the Corporation’s officers were employees of BRE. Accordingly, both BRE and the Asset Manager were related parties of the Company. Refer to Note 3 for further discussion concerning related parties and related party transactions. On February 7, 2020, the Corporation, the OP, BRE, and certain of their respective subsidiaries and affiliates, completed through a series of mergers (the “Mergers”) the internalization of the external management functions previously performed for the Corporation and the OP by BRE and the Asset Manager (such transactions, collectively, the “Internalization”). Upon consummation of the Internalization, the Company’s management team and corporate staff, who were previously employed by BRE, became employees of an indirect subsidiary of the OP and the Company became internally managed. Upon Internalization, the prior Property Management Agreement and Asset Management Agreement were terminated. The Internalization was not considered a “Termination Event” under the terms of either agreement and therefore no On September 18, 2020, the Corporation effected a four-for-one 26,943,587 0.001 four-for-one No On September 21, 2020, the Corporation completed its initial public offering (“IPO”) and issued an aggregate of 37,000,000 0.00025 17.00 S-11 No. 333-240381), Stock Exchange (“NYSE”) under the symbol “BNL.” On March 20, 2021, each share of Class A Common Stock automatically converted into one share of Common Stock, and effective March 22, 2021, all shares of Common Stock were listed and freely tradeable on the NYSE under the symbol “BNL.” See Note 14. The following table summarizes the outstanding equity and economic ownership interest of the Corporation and the OP: December 31, 2021 December 31, 2020 December 31, 2019 (in thousands) Shares of OP Total Shares of OP Total Shares of OP Total Ownership interest 162,383 10,323 172,706 145,609 11,399 157,008 104,006 6,948 110,954 Percent Ownership of OP 94.0 % 6.0 % 100.0 % 92.7 % 7.3 % 100.0 % 93.7 % 6.3 % 100.0 % Refer to Note 16 for further discussion regarding the calculation of weighted average shares outstanding.

Summary of Significant Accounti

Summary of Significant Accounting Policies	12 Months Ended
Summary of Significant Accounting Policies	Dec. 31, 2021
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	2. Summary of Significant Accounting Policies Principles of Consolidation The Consolidated Financial Statements include the accounts and operations of the Company. All intercompany balances and transactions have been eliminated in consolidation. To the extent the Corporation has a variable interest in entities that are not evaluated under the variable interest entity (“VIE”) model, the Corporation evaluates its interests using the voting interest entity model. The Corporation has complete responsibility for the day-to-day kick-out The portion of the OP not owned by the Corporation is presented as non-controlling Basis of Accounting The Consolidated Financial Statements have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”). Use of Estimates The preparation of Consolidated Financial Statements in conformity with GAAP requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent liabilities at the date of the Consolidated Financial Statements and the reported amounts of revenues and expenses during the reporting periods. Significant estimates include, but are not limited to, the allocation of purchase price between tangible and intangible assets acquired and liabilities assumed, the value of long-lived assets and goodwill, the provision for impairment, the depreciable lives of rental property, the amortizable lives of intangible assets and liabilities, the provisions for uncollectible rent and credit losses, the fair value of the earnout liability, the fair value of assumed debt, the fair value of the Company’s interest rate swap agreements, and the determination of any uncertain tax positions. Accordingly, actual results may differ from those estimates. Investment in Rental Property Rental property accounted for under operating leases is recorded at cost. Rental property accounted for under direct financing leases and sales-type leases are recorded at its net investment, which generally represents the cost of the property at the inception of the lease. The Company accounts for its acquisitions of real estate as asset acquisitions in accordance with Accounting Standards Codification (“ASC”) 805, Business Combinations 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 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 lease-up The estimated fair value of acquired in-place in-place non-cancellable 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 in-place Should a tenant terminate its lease, the unamortized portion of the in-place 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. Construction and improvement costs incurred in connection with the development of new properties or the redevelopment of existing properties are capitalized. Real estate taxes, interest costs, and leasing and development costs incurred during construction periods are capitalized. Capitalization is based on qualified expenditures and interest rates. Capitalized real estate taxes, interest costs, and leasing and development costs are amortized over lives which are consistent with the related assets. There were no capitalized interest or real estate taxes during the years ended December 31, 2021, 2020, and 2019. 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, 2021, 2020, and 2019, was based on the most current information available to the Company. Certain of the Company’s properties may have fair values less than their carrying amounts. However, based on the Company’s plans with respect to each of those properties, the Company believes that their carrying amounts are recoverable and therefore, no impairment charges were recognized other than those described below. If the operating conditions mentioned above deteriorate or if the Company’s expected holding period for assets changes, subsequent tests for impairments could result in additional impairment charges in the future. Inputs used in establishing fair value for real estate assets generally fall within Level 3 of the fair value hierarchy, which are characterized as requiring significant judgment as little or no current market activity may be available for validation. The main indicator used to establish the classification of the inputs is current market conditions, as derived through the use of published commercial real estate market information. The Company determines the valuation of impaired assets using generally accepted valuation techniques including discounted cash flow analysis, income capitalization, analysis of recent comparable sales transactions, actual sales negotiations, and bona fide purchase offers received from third parties. Management may consider a single valuation technique or multiple valuation techniques, as appropriate, when estimating the fair value of its real estate. The following table summarizes the Company’s impairment charges, resulting primarily from changes in the Company’s long-term hold strategy with respect to the individual properties: For the Year Ended (in thousands, except number of properties) 2021 2020 2019 Number of properties 7 7 4 Impairment charge $ 28,208 $ 19,077 $ 3,452 During the year ended December 31, 2021, an office tenant of the Company executed an early lease termination at two properties in exchange for a fee of $35.0 million, and simultaneously sold the underlying properties to an unrelated third party for aggregate gross proceeds of $16.0 million. As the sale of the underlying properties was to an unrelated third party, the Company accounted for the lease termination income and sale of properties as separate transactions in accordance with GAAP. The Company recognized the termination fee income, net of $1.5 million write-off Lease Termination Fee Income result of the early lease termination, the Company accelerated the amortization of the remaining lease intangibles, recognizing $0.3 million in Lease revenues, net and $4.0 million in Depreciation and amortization in the Consolidated Statements of Income and Comprehensive Income. The Company sold the underlying vacant properties for an aggregate sales price of $16.0 million, and incurred sales expenses of $0.7 million. The properties’ carrying value, net of the fully amortized lease intangibles, was $41.1 million, resulting in a $25.7 million loss on sale of the properties. As the lease termination income was recognized separate from the sale of the underlying properties, the $35.0 million cash receipt was not able to be factored into the properties’ future undiscounted cash flows, and the properties were immediately deemed impaired. As such, the Company recognized the loss as an impairment charge in the Consolidated Statements of Income and Comprehensive Income. The following summarizes the impact of the above transactions, together with the corresponding financial statement line item: (in thousands) Lease revenues, net Lease termination fee $ 35,000 Write-off (1,496 ) Accelerated amortization of above-market and below-market lease intangibles 289 33,793 Depreciation and amortization Accelerated amortization of in-place (4,046 ) Provision for impairment of investment in rental properties Loss on sale (25,746 ) Total impact to net income $ 4,001 The remaining impairments recognized during the year ended December 31, 2021 were immaterial. During the year ended December 31, 2020, impairment indicators primarily included changes in the Company’s long-term hold strategy with respect to the individual properties, which was due in part to unfavorable market trends resulting from the COVID-19 re-lease Lease Termination Fee Income The Company recognizes lease termination fee income as other income from real estate transactions, a component of Lease revenues, net, when all conditions of the termination agreement have been met, and collection of the lease termination fee is probable. If the tenant immediately vacates the property upon satisfying the conditions of the termination agreement, the Company recognizes the lease termination fee income net of accrued rental income associated with the lease immediately, as other income from real estate transactions, a component of Lease revenues, net, in the Consolidated Statement of Income and Comprehensive Income. Investments in Rental Property Held for Sale The Company classifies investments in rental property as held for sale when all of the following criteria are met: (i) management commits to a plan to sell the property, (ii) the property is available for immediate sale in its present condition, subject only to terms that are usual and customary for sales of investment properties, (iii) an active program to locate a buyer and conduct other actions required to complete the sale has been initiated, (iv) the sale of the property is probable in occurrence and is expected to qualify as a completed sale, (v) the property is actively marketed for sale at a sale price that is reasonable in relation to its fair value, and (vi) actions required to complete the sale indicate that it is unlikely that any significant changes will be made or that the plan to sell will be withdrawn. For properties classified as held for sale, the Company suspends depreciation and amortization of the related assets, including the acquired in-place Sales of Real Estate Under ASU 2017-05, Other Income – Gains and Losses from the Derecognition of Nonfinancial Assets non-customers, non-financial non-financial non-financial If the Company determines that it did not transfer control of the non-financial 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, 2021, 2020, and 2019, 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 Equipment 7 years Leasing Fees Leasing fees represent costs incurred to lease properties to tenants and are capitalized as they are incremental costs of a lease that would not have been incurred if the lease had not been obtained. Leasing fees are amortized using the straight-line method over the term of the lease to which they relate, which range from 4 to 25 years. Cash Equivalents Cash equivalents consist of highly liquid investments with an original maturity at date of acquisition of three months or less, including money market funds. The Company estimates that the fair value of cash equivalents approximates the carrying value due to the relatively short maturity of these instruments. Restricted Cash Restricted cash includes escrow funds the Company maintains pursuant to the terms of certain mortgages, lease agreements, and undistributed proceeds from the sale of properties under Section 1031 of the Internal Revenue Code of 1986, as amended (the “Code”), and is reported within Prepaid expenses and other assets on the Consolidated Balance Sheets. Restricted cash consisted of the following: December 31, (in thousands) 2021 2020 Escrow funds and other $ 6,100 $ 7,852 Undistributed 1031 proceeds — 2,390 $ 6,100 $ 10,242 Revenue Recognition The Company accounts for leases in accordance with ASC 842, Leases 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. Prospectively, upon adoption of ASC 842 on January 1, 2019, 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 non-cancelable rental income earned and the cash rent due under the provisions of the lease is recorded as Accrued rental income on the Consolidated Balance Sheets. If the Company determines that collectability of the lease payments is not probable, the Company records an adjustment to Lease revenues, net to reduce cumulative income recognized since lease commencement to the amount of cash collected from the lessee. Future revenue recognition is limited to amounts paid by the lessee. Rental property accounted for under direct financing leases Rental property accounted for under sales-type leases Certain of the Company’s lease contracts contain nonlease components ( e.g. i.e. In April 2020, the FASB staff issued a question and answer document (the “Lease Modification Q&A”) that focused on the application of lease accounting guidance to lease concessions provided as a result of the COVID-19 COVID-19 COVID-19 Rent Received in Advance Rent received in advance represents tenant payments received prior to the contractual due date, and is included in Accounts payable and other liabilities on the Consolidated Balance Sheets. Rent received in advance consisted of the following: December 31, (in thousands) 2021 2020 Rent received in advance $15,162 $13,651 Goodwill Goodwill represents the excess of the amount paid over the fair value of the identifiable tangible and intangible assets acquired and liabilities assumed in a business combination and it assigned to one or more reporting units. The Company evaluates goodwill for impairment when an event occurs or circumstances change that indicate the carrying value may not be recoverable, or at least annually. The Company’s annual testing date is November 30. The goodwill impairment evaluation is completed using either a qualitative or quantitative approach. Under a qualitative approach, the impairment review for goodwill consists of an assessment of whether it is more-likely-than-not likely-than-not When the Company performs a quantitative test of goodwill for impairment, it compares the carrying value of its reporting unit with its fair value. If the fair value of the reporting unit exceeds its carrying amount, the Company does not consider goodwill to be impaired and no further analysis would be required. If the fair value is determined to be less than its carrying value, the amount of goodwill impairment equals the amount by which the reporting unit’s carrying value exceeds its fair value, not to exceed the carrying amount of goodwill. The Company determined that it has one reporting unit, consistent with its segment reporting analysis, which includes the acquisition, leasing, and ownership of net leased properties (i.e., the consolidated entity). When necessary to perform the quantitative test for goodwill impairment, the Company’s estimate of fair value is determined using a market approach, leveraging assumptions such as the fair value of our equity, and consideration of a control premium, if necessary, which includes an analysis of similar market transactions. While the Company believes the assumptions used to estimate the fair value of its reporting unit are reasonable, changes in these assumptions may have a material impact on the Company’s financial results. Based on the results of its annual goodwill impairment test on November 30, 2021 and 2020, the Company concluded that goodwill was not impaired. Provision for Uncollectible Rent In accordance with ASC 842, Leases The following table summarizes the changes in the provision for uncollectible rent: For the Year Ended December 31, (in thousands) 2021 2020 2019 Beginning balance $ 201 $ — $ 2,086 Provision for uncollectible rent, net (101 ) 2,073 441 Write-offs — (1,872 ) (2,527 ) Ending balance $ 100 $ 201 $ — Tenant and Capital Reserves The terms of certain of the Company’s operating leases require the establishment of tenant and capital reserves. Under the tenant reserve requirements, tenant-funded amounts are deposited into an escrow account, to be used to fund certain costs to maintain the rental properties. Under the capital reserve lease requirements, the tenants are required to pay additional amounts into an escrow account to fund capital improvements, replacements, and repairs made to the properties. The Company has no obligation to fund capital improvements beyond these reserve balances. The balances of the tenant and capital reserves are included in Accounts payable and other liabilities on the Consolidated Balance Sheets and are as follows: December 31, (in thousands) 2021 2020 Tenant reserve $ 1,217 $ 1,070 Capital reserve 1,020 1,001 $ 2,237 $ 2,071 The corresponding cash balances are recorded in Prepaid expenses and other assets on the Consolidated Balance Sheets. Debt Issuance Costs In accordance with ASC 835, Interest, 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 Earnout Liability The Company’s earnout liability was payable in four tranches, in a combination of cash, common shares, and OP Units, in the same proportion as the initial consideration paid in the Internalization (see Note 4). The common shares and OP Units payable under the arrangement were originally subject to a redemption rights agreement, whereby holders of the common shares and OP Units had the right to require the Company to repurchase any or all of the common shares or OP Units if an IPO had not occurred on or before December 31, 2020 (see discussion of the redemption rights agreement in Note 4). The common shares and OP Units were deemed to be freestanding financial instruments that, at inception, embodied an obligation to repurchase the Company’s common shares and OP Units, and therefore were initially classified as liabilities together with the cash portion of the earnout, and recorded in Earnout liability on the Consolidated Balance Sheets as part of the purchase price allocation. The fair value of the earnout liability was remeasured each reporting period, with changes recorded as Change in fair value of earnout liability in the Consolidated Statements of Income and Comprehensive Income. Upon completion of the IPO in September 2020, the redemption rights with respect to the common shares and OP Units terminated, and the $18.4 million fair value of the 725,988 shares of common stock and 1,239,506 OP Units associated with the third and fourth earnout tranches as of the date of the IPO, was reclassified to equity as a component of Additional paid-in Non-controlling paid-in Non-controlling Mezzanine Equity The Company issued common shares and OP Units as base consideration for the Internalization, each of which were subject to a redemption rights agreement, where the common shares (“mezzanine equity common stock”) and OP Units (“mezzanine equity non-controlling non-controlling The Company subsequently recorded mezzanine equity common stock at redemption value each reporting period, with changes in carrying value recorded as a component of Additional paid-in The Company subsequently recorded mezzanine equity non-controlling non-controlling non-controlling paid-in The rights under the redemption rights agreement terminated effective with the IPO and the applicable common shares and OP Units were reclassified to permanent equity in 2020 (see discussion of redemption rights agreement in Note 4). 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. ASU 2017-12, Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting and Hedging Activities, 2017-12, 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 loss based on the probability of the hedged forecasted transaction occurring within the period the cash flow hedge was anticipated to affect earnings. If the Company determines that the hedged forecasted transaction is probable of occurring during the original period, the accumulated gain or loss is reclassified into earnings over the remaining life of the cash flow hedge using a straight-line method. If the Company determines that the hedged forecasted transaction is not probable of occurring during the original period, the entire amount of accumulated gain or loss is reclassified into earnings at such time. The Company documents its risk management strategy and hedge effectiveness at the inception of, and during the term of, each hedge. The Company’s interest rate risk management strategy is intended to stabilize cash flow requirements by maintaining interest rate swap agreements to convert certain variable-rate debt to a fixed rate. Property Loss and Insurance Recoveries Property 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, Property, Plant, and Equipment. 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, i.e. i.e. 610-30, 450-30, Gain Contingencies. non-refundable Non-controlling Non-controlling The Company adjusts the carrying value of non-controlling paid-in Non-controlling Segment Reporting The Company currently operates in a single reportable segment, which includes the acquisition, leasing, and ownership of net leased properties. The Company’s chief operating decision maker assesses, measures, and reviews the operating and financial results at the consolidated level for the entire portfolio, and therefore, each property or property type is not considered an individual operating segment. The Company does not evaluate the results of operations based on geography, size, or property type. Fair Value Measurements ASC 820, Fair Value Measurements and Disclosures, The standard describes three levels of inputs that may be used to measure fair value: Level 1 available-for-sale Level 2 Level 3 The Company has estimated that the carrying amount reported on the Consolidated Balance Sheets for Cash and cash equivalents, Prepaid expenses and other assets, Tenant and other receivables, net, Accrued interest payable, and 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— 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, 2021 and 2020, the Company has assessed the significance of the impact of the credit valuation adjustments on the overall valuation of its derivative positions and has determined that the credit valuation adjustments are not significant to the overall valuation. As a result, the Company has determined that its interest rate swap valuations in their entirety are appropriately classified within Level 2 of the fair value hierarchy. Earnout Liability 40-day The Company utilized third-party valuation experts to assist in estimating the fair value of the earnout liability, and developed estimates by considering weighted-average probabilities of likely outcomes, and using a Monte Carlo simulation and discounted cash flow analysis. These estimates required the Company to make various assumptions about share price volatility and, prior to the IPO, about the timing of an IPO and net asset prices, each of which are unobservable and considered Level 3 inputs in the fair value hierarchy. A change in these inputs to a different amount could have resulted in a significantly higher or lower fair value measurement at the reporting date. Specifically, advancements in the estimated IPO date assumption increased the earnout liability’s fair value given the earnout’s fixed time horizon. Peer share price volatilities were used to estimate the Company’s expected share price volatility, and the Company’s corresponding ability to achieve the earnout targets. Increases in the volatility assumption would increase the earnout liability’s fair value. Increases in net asset values would also increase the earnout liability’s fair value. The Company achieved all four VWAP milestones applicable to the earnout thereby triggering the payout of all earnout tranches during the year ended December 31, 2021, and therefore no remaining earnout liability was recorded at December 31, 2021. The table below provides a summary of the significant unobservable inputs used to estimate the fair value of the earnout liability as of December 31, 2020: Significant Unobservable Inputs Weighted Average Range Peer stock price volatility 40.0 % 25.92% - 55.90% The table below provides a summary of the significant unobservable inputs used to estimate the fair value of the earnout liability as of February 7, 2020, which was the date of the Internalization: Significant Unobservable Inputs Weighted Average Range Expected IPO date April 15, 2020 March 2020 through May 2020 Peer stock price volatility 20.0% 16.22% to 23.09% Company’s net asset value per diluted share $21.30 (a) (a) The Company’s net asset value per diluted share was primarily based on the fair value of its real estate investment portfolio, together with the fair value of its other assets and liabilities. The fair value of the Company’s real estate investment portfolio as of the measurement date was determined using market capitalization rates that ranged between 6.05% and 7.09%. The following table presents a reconciliation of the change in the earnout liability: For the Year Ended December 31, (in thousands) 2021 2020 Beginning balance $ 7,509 $ — Allocation of Internalization purchase price at February 7, 2020 — 40,119 Change in fair value subsequent to Internalization 5,539 (1,800 ) Reclassification as a component of additional paid-in

Related-Party Transactions

Related-Party Transactions	12 Months Ended
Related-Party Transactions	Dec. 31, 2021
Related Party Transactions [Abstract]
Related-Party Transactions	3. Related-Party Transactions Prior to the Internalization on February 7, 2020, BRE, a related party in which certain directors of the Corporation had either a direct or indirect ownership interest, and the Asset Manager were considered to be related parties. Property Management Agreement The Corporation and the OP were parties to a property management agreement (as amended, the “Property Management Agreement”) with BRE. Under the terms of the Property Management Agreement, BRE managed and coordinated certain aspects of the leasing of the Corporation’s rental property. In exchange for services provided under the Property Management Agreement, BRE received certain fees and other compensation (i) 3% of gross rentals collected each month from the rental property for property management services (other than one (ii) Re-leasing one month’s two months Upon completion of the Internalization, the Property Management Agreement was terminated and, prospectively, property management fees were no longer payable to BRE. The Internalization was not considered a “Termination Event” under the Property Management Agreement, therefore no fees were payable to BRE as a result of the Internalization. See Note 4 for further discussion regarding the Internalization, including the associated payments related thereto. Asset Management Agreement The Corporation and the OP were parties to an asset management agreement (as amended, the “Asset Management Agreement”) with the Asset Manager, a single member limited liability company of which BRE was the sole member, and therefore a related party in which certain directors of the Corporation had an indirect ownership interest. Under the terms of the Asset Management Agreement, the Asset Manager was responsible for, among other things, the Corporation’s acquisition, initial leasing, and disposition strategies, financing activities, and providing support to the Corporation’s Independent Directors Committee (“IDC”) for its valuation functions and other duties. The Asset Manager also nominated two individuals to serve on the Board of Directors of the Corporation. Under the terms of the Asset Management Agreement, the Asset Manager was compensated as follows: (i) a quarterly asset management fee equal to 0.25% of the aggregate value of common stock, based on the per share value as determined by the IDC each quarter, on a fully diluted basis as if all interests in the OP had been converted into shares of the Corporation’s common stock; (ii) 0.5% of the proceeds from future equity closings as reimbursement for offering, marketing, and brokerage expenses; (iii) 1% of the gross purchase price paid for each rental property acquired (other than acquisitions described in (iv) below), including any property contributed in exchange for membership interests in the OP; (iv) 2% of the gross purchase price paid for each rental property acquired in the event that the acquisition of a rental property required a new lease (as opposed to the assumption of an existing lease), such as a sale-leaseback transaction; (v) 1% of the gross sale price received for each rental property disposition; and (vi) 1% of the Aggregate Consideration, as defined in the Asset Management Agreement, received in connection with a disposition event, as defined in the Asset Management Agreement. Upon completion of the Internalization, the Asset Management Agreement was terminated and, prospectively, asset management fees were no longer payable to the Asset Manager. The Internalization was not considered a “Termination Event” under the Asset Management Agreement, therefore no fees were payable to the Asset Manager as a result of the Internalization. See Note 4 for further discussion regarding the Internalization, including the associated payments related thereto. Total fees incurred under the Property Management Agreement and Asset Management Agreement were as follows: (in thousands) For the Year Ended December 31, Type of Fee Financial Statement Presentation 2021 2020 (a) 2019 Asset management fee Asset management fees $— $2,461 $21,863 Property management fee Property management fees — 1,275 8,256 Total management fee expense — 3,736 30,119 Marketing fee (offering costs) Additional paid-in — — 1,649 Acquisition fee Capitalized as a component of assets acquired — — 10,319 Leasing fee and re-leasing Leasing fees, net — — 843 Disposition fee Gain on sale of real estate — 109 1,765 Total management fees $— $3,845 $44,695 (a) Fees were payable under the Property Management Agreement and Asset Management Agreement from January 1, 2020 through February 6, 2020. The Internalization was effective February 7, 2020. There were no unpaid management fees at December 31, 2021 and 2020. All fees related to the Property Management Agreement and the Asset Management Agreement were paid for in cash within the Company’s normal payment cycle for vendors. Earnout Consideration In connection with the Internalization, the Company incurred a contingent obligation that would be payable to certain members of the Company’s Board of Directors and employees who had previously been owners and/or employees of BRE, upon the occurrence of certain events (see Note 4). As of December 31, 2021, the Company achieved all four VWAP milestones applicable to the earnout. As a result, the Company issued 1,088,977 shares of common stock, 1,859,257 OP Units and made cash payments of $13.0 million to these related parties (see Note 4). The earnout consideration at December 31, 2020, consisted of $7.5 million recorded as Earnout liability, $11.4 million recorded as a component of Additional paid-in Non-controlling Redemption of Shares from Related Party In accordance with the definitive Merger Agreement entered into as part of Internalization, during December 2019, the Company redeemed 941,196 shares of its common stock from BRE, representing BRE’s entire ownership interest in the Company. The shares were redeemed at $21.25 per share, the then current determined share value established by the Board of Directors (“Determined Share Value”), for total consideration of $20.0 million. Conversion of OP Units to Common Stock During the years ended December 31, 2021 and 2020, in non-cash

Internalization

Internalization	12 Months Ended
Internalization	Dec. 31, 2021
Internalization [Abstract]
Internalization	4. Internalization On February 7, 2020, the Company completed the Internalization and the Company’s management team and corporate staff, who were previously employed by BRE, became employees of an indirect subsidiary of the OP. The Company paid base consideration of $209.5 million at closing and additional earnout consideration of up to $75.0 million, as described below. In addition, the Company assumed $90.5 million of debt in addition to other assets acquired and liabilities assumed, as detailed in the Allocation of Purchase Price The consideration paid at closing of the Internalization is summarized in the following table: (in thousands) Issuance of 3,124 shares of common stock $ 66,376 Issuance of 5,278 OP Units 112,159 Cash 30,981 Base consideration 209,516 Initial estimate of fair value of earnout liability 40,119 Total consideration $ 249,635 In accordance with the Internalization, the Company was required to pay additional earnout consideration of up to $75.0 million payable in four tranches of $10.0 million, $15.0 million, $25.0 million, and $25.0 million if certain milestones related to the 40-day As of December 31, 2021, the Company achieved all four VWAP milestones, thereby triggering the payout of all earnout tranches. Below is a summary of the shares of common stock and OP Units issued, and cash paid for each earnout tranche: (in thousands, except per share amounts) Tranche Shares of Issued OP Units Issued Cash Paid 40-Day VWAP of a REIT Share Achievement Date 1 145 248 $1,926 (a) $ 22.50 June 16, 2021 2 218 371 2,888 (a) 23.75 July 14, 2021 3 363 620 4,117 24.375 September 21, 2021 4 363 620 4,117 25.00 September 21, 2021 (a) Cash payments include amounts earned for dividends. Redemption Rights Agreement If an IPO did not occur on or before the satisfaction of certain milestones related to the 40-day Upon occurrence of the IPO in September 2020, the common stock and non-controlling paid-in Non-controlling Allocation of Purchase Price The Internalization was accounted for as a business combination and accordingly, the Company allocated the purchase price utilizing the acquisition method to record assets acquired and liabilities assumed at their estimated fair values. The allocation of the purchase price has been finalized and is based on the actual valuations of the tangible and intangible assets and liabilities that existed as of the date of completion of the acquisition, including the valuation of the earnout liability. The following table summarizes the Company’s allocation of the purchase price associated with the Internalization: (in thousands) Prepaid expenses and other assets $ 1,336 Right-of-use 1,898 Goodwill 339,769 Accounts payable and other liabilities (986 ) Operating lease liabilities (1,898 ) Debt (90,484 ) $ 249,635 In connection with the Internalization, the Company recorded goodwill of $339.8 million as a result of the consideration exceeding the fair value of the net liabilities acquired. Goodwill represents the synergies and costs savings expected from the acquired management functions and the Company’s ability to generate additional portfolio growth on a lower cost structure than when it was externally managed. The goodwill is not deductible for tax purposes. In connection with the Internalization, the Company assumed $90.5 million of debt which was subsequently repaid through a combination of revolving credit facility borrowings and entering into a new $60.0 million term loan agreement (see Note 9). The Company incurred $3.7 million in non-recurring The effect of the Internalization has been reflected in the Company’s operating results beginning on February 7, 2020. No incremental revenues were recorded as a result of the Internalization. Subsequent to the Internalization, during the year ended December 31, 2020, the Company incurred $20.5 million in expenses as a result of being internalized. Such amounts include general and administrative expenses associated with the Company’s performance of functions previously performed by BRE and the Asset Manager (primarily employee related costs), as well as interest expense associated with the borrowings related to the Internalization. These expenses do not include the Internalization expenses discussed above, or amounts recorded to reflect changes in the fair value of the earnout liability. Condensed Pro Forma Financial Information (Unaudited) The following pro forma information summarizes selected financial information from the Company’s combined results of operations, as if the Internalization had occurred on January 1, 2019. These results contain certain adjustments totaling $4.5 million and $14.5 million of income for the year ended December 31, 2020 and 2019, respectively. These pro forma adjustments reflect the elimination of Internalization expenses and asset management, property management, and disposition fees between the Company and BRE and the Asset Manager in historical financial results, and adjustments to reflect compensation and related costs, incremental general and administrative expenses related to the Internalization, and incremental interest expense associated with the borrowing related to the Internalization. This pro forma information is presented for informational purposes only, and may not be indicative of what actual results of operations would have been had the Internalization occurred at the beginning of the period, nor does it purport to represent the results of future operations. The condensed pro forma financial information is as follows: For the Year Ended December 31, (in thousands) 2020 2019 Revenues $ 321,637 $ 298,815 Net income 60,783 99,636

Acquisitions of Rental Property

Acquisitions of Rental Property	12 Months Ended
Acquisitions of Rental Property	Dec. 31, 2021
Business Combinations [Abstract]
Acquisitions of Rental Property	5. Acquisitions of Rental Property The Company closed on the following acquisitions during the year ended December 31, 2021: (in thousands, except number of properties) Number of Real Estate Date Property Type Properties Acquisition Price February 5, 2021 Healthcare 1 $ 4,843 February 26, 2021 Restaurant (a ) 181 March 11, 2021 Retail 13 26,834 March 30, 2021 Retail 11 41,324 March 31, 2021 Healthcare 3 14,140 June 4, 2021 Retail 2 19,420 June 9, 2021 Industrial 1 8,500 June 9, 2021 Industrial 11 106,578 June 25, 2021 Retail 8 12,131 June 28, 2021 Healthcare 4 15,300 June 30, 2021 Retail 1 1,279 June 30, 2021 Healthcare 7 30,750 July 2, 2021 Industrial (b ) 4,500 July 21, 2021 Retail 1 5,565 July 29, 2021 Retail 3 4,586 July 29, 2021 Industrial 1 13,041 July 30, 2021 Industrial 2 11,011 August 23, 2021 Healthcare 1 60,000 September 8, 2021 Retail 2 8,901 September 17, 2021 Retail 1 1,722 September 24, 2021 Retail 1 2,456 September 24, 2021 Industrial 2 48,699 September 29, 2021 Industrial 1 10,600 September 30, 2021 Industrial 3 59,343 October 1, 2021 Healthcare 1 3,306 October 22, 2021 Industrial 1 5,386 October 27, 2021 Retail 3 4,278 December 10, 2021 Retail 16 33,500 December 15, 2021 Industrial 1 16,000 December 15, 2021 Healthcare 1 6,000 December 16, 2021 Restaurant/Office 6 28,546 December 17, 2021 Retail 3 4,260 December 17, 2021 Industrial 1 16,000 December 22, 2021 Industrial 2 22,651 December 22, 2021 Healthcare 1 7,600 116 $ 659,231 (c) (a) Acquisition of additional land adjacent to an existing property. (b) Acquisition of land related to an existing property. (c) Acquisition price does not include capitalized acquisition costs of $5.8 million. The Company closed on the following acquisitions during the year ended December 31, 2020: (in thousands, except number of properties) Number of Real Estate Date Property Type Properties Acquisition Price November 13, 2020 Healthcare 1 $ 4,950 December 7, 2020 Industrial 8 28,000 December 23, 2020 Industrial 1 36,473 (d) December 28, 2020 Retail 1 5,150 December 29, 2020 Restaurant 7 13,189 December 30, 2020 Industrial 1 8,050 19 $ 95,812 (e) (d) Acquisition price excludes $4.5 million deposited in an escrow for the future purchase of the related land. The land purchase closed on July 2, 2021, and is included in the 2021 acquisitions. (e) Acquisition price does not include capitalized acquisition costs of $1.3 million. The Company closed on the following acquisitions during the year ended December 31, 2019: (in thousands, except number of properties) Number of Real Estate Date Property Type Properties Acquisition Price January 31, 2019 Healthcare 1 $ 4,747 March 12, 2019 Industrial 1 10,217 March 15, 2019 Retail 10 13,185 March 19, 2019 Retail 14 19,128 March 26, 2019 Industrial 1 25,801 April 30, 2019 Industrial 1 76,000 (f) May 21, 2019 Retail 2 6,500 May 31, 2019 Retail 1 3,192 June 7, 2019 Office 1 30,589 June 26, 2019 Industrial 2 11,180 July 15, 2019 Restaurant 1 3,214 July 15, 2019 Industrial 1 11,330 July 31, 2019 Healthcare 5 27,277 August 27, 2019 Industrial 1 4,404 August 29, 2019 Industrial/Office 23 735,740 September 17, 2019 Industrial 1 11,185 October 31, 2019 Retail/Healthcare 3 12,922 November 7, 2019 Restaurant 1 3,142 November 20, 2019 Retail 1 7,385 November 22, 2019 Industrial 1 6,500 November 27, 2019 Retail 2 8,243 74 $ 1,031,881 (g) (f) In conjunction with this acquisition, the Company assumed a mortgage with a principal balance of $49.8 million with an interest rate of 4.92% and a maturity date of February 2028 (g) Acquisition price does not include capitalized acquisition costs of $17.6 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) 2021 2020 2019 Land $ 114,296 $ 17,403 $ 161,182 Land improvements 29,298 5,356 47,391 Buildings and improvements 469,113 64,116 772,998 Acquired in-place (h) 51,956 8,346 80,952 Acquired above-market leases (i) 211 1,717 2,800 Acquired below-market leases (j) — (428 ) (15,811 ) Right-of-use 663 — — Lease liability (481 ) — — Sales-type investments — 574 — Mortgage payable — — (49,782 ) $ 665,056 $ 97,084 $ 999,730 (h) The weighted average amortization period for acquired in-place (i) The weighted average amortization period for acquired above-market leases is 10 years, 1 year, and 18 years for acquisitions completed during the years ended December 31, 2021, 2020, and 2019, respectively. (j) The weighted average amortization period for acquired below-market leases is 10 years for acquisitions completed during each of the years ended December 31, 2020, and 2019. There were no The above acquisitions were funded using a combination of available cash on hand, revolving credit facility borrowings, and proceeds from unsecured term loans, equity issuances, and the 2031 Senior Unsecured Public Notes (see Note 9). All real estate acquisitions closed during the years ended December 31, 2021, 2020, and 2019, qualified as asset acquisitions and, as such, acquisition costs have been capitalized. Subsequent to December 31, 2021, the Company closed on the following acquisitions (see Note 20): (in thousands, except number of properties) Date Property Number of Acquisition January 7, 2022 Retail 2 $ 2,573 February 10, 2022 Industrial 1 21,733 February 15,202 Retail 1 1,341 4 $ 25,647

Sale of Real Estate

Sale of Real Estate	12 Months Ended
Sale of Real Estate	Dec. 31, 2021
Real Estate [Abstract]
Sale of Real Estate	6. Sale of Real Estate The Company closed on the following sales of real estate, none of which qualified as discontinued operations: For the Year Ended December 31, (in thousands, except number of properties) 2021 2020 2019 Number of properties disposed 31 24 49 Aggregate sale price $ 87,730 $ 81,039 $ 176,486 Aggregate carrying value (70,289 ) (62,528 ) (138,845 ) Additional sales expenses (3,918 ) (3,526 ) (7,727 ) Gain on sale of real estate $ 13,523 $ 14,985 $ 29,914

Investment in Rental Property a

Investment in Rental Property and Lease Arrangements	12 Months Ended
Investment in Rental Property and Lease Arrangements	Dec. 31, 2021
Leases [Abstract]
Investment in Rental Property and Lease Arrangements	7. Investment in Rental Property and Lease Arrangements The Company generally leases its investment rental property to established tenants in the industrial, healthcare, restaurant, retail, and office property types. At December 31, 2021, the Company had 726 real estate properties, of which were leased under leases that have been classified as operating leases , that have been classified as direct financing leases, that has been classified as a sales-type lease, and two that were vacant. Of the leases classified as direct financing leases , 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 . Substantially all leases have initial terms of to 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) 2021 2020 2019 Depreciation $ 99,143 $ 93,679 $ 83,797 Estimated lease payments to be received under non-cancelable (in thousands) 2022 $ 334,163 2023 338,889 2024 335,624 2025 328,914 2026 319,124 Thereafter 2,281,067 $ 3,937,781 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) 2021 2020 Undiscounted estimated lease payments to be received $ 42,602 $ 45,782 Estimated unguaranteed residual values 15,203 15,203 Unearned revenue (28,893 ) (31,753 ) Reserve for credit losses (130 ) (166 ) Net investment in direct financing leases $ 28,782 $ 29,066 Undiscounted estimated lease payments to be received under non-cancelable (in thousands) 2022 $ 3,241 2023 3,304 2024 3,361 2025 3,475 2026 3,547 Thereafter 25,674 $ 42,602 The above rental receipts do not include future lease payments for renewal periods, potential variable CPI rent increases, or variable percentage rent payments that may become due in future periods. The following table summarizes amounts reported as Lease revenues, net on the Consolidated Statements of Income and Comprehensive Income: For the Year Ended December 31, (in thousands) 2021 2020 2019 Contractual rental amounts billed for operating leases $ 308,624 $ 281,998 $ 257,695 Adjustment to recognize contractual operating lease billings on a straight-line basis 19,847 25,200 22,109 Write-off (442 ) (4,235 ) — Variable rental amounts earned 768 743 152 Earned income from direct financing leases 2,909 3,355 4,018 Interest income from sales-type leases 58 5 — Operating expenses billed to tenants 17,462 15,845 14,614 Other income from real estate transactions (a) 33,549 799 668 Adjustment to revenue recognized for uncollectible rental amounts billed, net 101 (2,073 ) (441 ) Total Lease revenues, net $ 382,876 $ 321,637 $ 298,815 (a) The December 31, 2021 amount includes the write-off Long-lived Asset Impairment

Intangible Assets And Liabiliti

Intangible Assets And Liabilities	12 Months Ended
Intangible Assets And Liabilities	Dec. 31, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
Intangible Assets and Liabilities	8. Intangible Assets and Liabilities The following is a summary of intangible assets and liabilities and related accumulated amortization: December 31, (in thousands) 2021 2020 Lease intangibles: Acquired above-market leases $ 47,147 $ 54,616 Less accumulated amortization (16,807 ) (18,928 ) Acquired above-market leases, net 30,340 35,688 Acquired in-place 380,766 340,958 Less accumulated amortization (107,464 ) (85,733 ) Acquired in-place 273,302 255,225 Total Intangible lease assets, net $ 303,642 $ 290,913 Acquired below-market leases $ 105,310 $ 107,788 Less accumulated amortization (34,714 ) (28,135 ) Intangible lease liabilities, net $ 70,596 $ 79,653 Leasing fees $ 14,786 $ 15,462 Less accumulated amortization (5,145 ) (4,724 ) Leasing fees, net $ 9,641 $ 10,738 Amortization of intangible lease assets and liabilities was as follows: (in thousands) For the Year Ended December 31, Intangible Financial Statement Presentation 2021 2020 2019 Acquired in-place Depreciation and amortization $ 32,857 $ 38,934 $ 25,021 Above-market and below-market leases Lease revenues, net 3,264 1,127 3,419 For the years ended December 31, 2021 and 2020, amortization of all intangible assets and liabilities includes $3.8 million and $14.5 million, respectively, of accelerated amortization resulting from early lease terminations. There was no accelerated amortization for the year ended December 31, 2019. Estimated future amortization of all intangible assets and liabilities at December 31, 2021 is as follows: (in thousands) 2022 $ 25,289 2023 24,982 2024 24,222 2025 22,925 2026 21,576 Thereafter 123,693 $ 242,687

Unsecured Credit Agreements

Unsecured Credit Agreements	12 Months Ended
Unsecured Credit Agreements	Dec. 31, 2021
Debt Disclosure [Abstract]
Unsecured Credit Agreements	9. Unsecured Credit Agreements Unsecured Revolving Credit Agreements Unsecured Revolving Credit Facility On September 4, 2020, the Company entered into an agreement (the “Revolving Credit Agreement”) for a $900.0 million unsecured revolving credit facility (the “Revolving Credit Facility”), with JPMorgan Chase Bank, N.A., as Administrative Agent. The Company closed the Revolving Credit Agreement on September 21, 2020, at which time the Revolving Credit Facility replaced the Company’s then existing $600.0 million senior unsecured revolving credit facility (described below). The Revolving Credit Agreement includes an accordion feature to increase the aggregate facility size from $900.0 million to $2.0 billion, subject to the willingness of existing or new lenders to fund such increase and other customary conditions. The Company has the option to extend the term of the Revolving Credit Agreement twice for six months per extension, subject to certain conditions, including payment of an extension fee equal to 0.0625% of the revolving commitments. Borrowings under the Revolving Credit Agreement are subject to interest only payments at variable rates equal to LIBOR plus a margin based on the Company’s credit rating, ranging from 0.825% to 1.55% per annum. In addition, the Revolving Credit Facility is subject to a facility fee based on the Company’s credit rating, ranging between 0.125% and 0.30% per annum. Unsecured Revolving Credit and Term Loan Agreement On June 23, 2017, the Company entered into an $800.0 million unsecured revolving credit and term loan agreement (“Unsecured Revolving Credit and Term Loan Agreement”) with a group of lenders. The Unsecured Revolving Credit and Term Loan Agreement consisted of a $400.0 million senior unsecured revolving credit facility, a $250.0 million senior unsecured delayed draw term loan (“2023 Unsecured Term Loan”), and a $150.0 million senior unsecured delayed draw term loan (“2024 Unsecured Term Loan”). The Unsecured Revolving Credit and Term Loan Agreement provides an accordion feature for up to a total of $1.0 billion of borrowing capacity. The senior unsecured revolving credit facility included a $35.0 million sublimit for swingline loans and $20.0 million available for issuance of letters of credit. On November 20, 2017, pursuant to the terms of a Consent and Agreement Regarding Commitment Increases and Additional Term Loans (the “Commitment Increase”) the OP obtained an additional $80.0 million in credit commitments from existing and certain new lenders, raising the total available borrowings under the Unsecured Revolving Credit and Term Loan Agreement to $880.0 million. Except as amended by the Commitment Increase, all terms and conditions of the Unsecured Revolving Credit and Term Loan Agreement remained the same as those in effect prior to the Commitment Increase. As amended by the Commitment Increase, the Unsecured Revolving Credit and Term Loan Agreement consisted of the $425.0 million senior unsecured revolving credit facility, the $265.0 million 2023 million Unsecured Term Loan, and the $190.0 million 2024 Unsecured Term Loan. On February 28, 2019, the Company amended the Unsecured Revolving Credit and Term Loan Agreement to increase the amount available under the senior unsecured revolving credit facility from $425.0 million to $600.0 million. This increased the total available borrowings under the Unsecured Revolving Credit and Term Loan Agreement to $1.1 billion. All other terms and conditions of the Unsecured Revolving Credit and Term Loan Agreement remained the same as those in effect prior to this amendment. On September 4, 2020, the senior unsecured revolving credit facility under the Unsecured Revolving Credit and Term Loan Agreement was replaced by the $900.0 million Revolving Credit Facility described above. Unsecured Term Loan Agreements 2022 Unsecured Term Loan On February 7, 2020, the Company entered into a $60.0 million term loan agreement (the “2022 Unsecured Term Loan”) with JP Morgan Chase, N.A. as administrative agent. The 2022 Unsecured Term Loan was fully funded at closing and used to repay a portion of the debt assumed by the Company as part of the Internalization. Borrowings under the 2022 Unsecured Term Loan are subject to interest only payments at variable rates equal to LIBOR plus a margin based upon the Company’s credit rating, ranging between 0.85% and 1.65% per annum. 2023 and 2024 Unsecured Term Loans The terms of the 2023 Unsecured Term Loan and 2024 Unsecured Term Loan are pursuant to the Unsecured Revolving Credit and Term Loan Agreement described above. Borrowings under the 2024 Unsecured Term Loan bear interest at variable rates based on LIBOR plus a margin based on the OP’s credit rating ranging between 0.85% and 1.65% per annum. Borrowings under the 2023 Unsecured Term Loan bore interest at variable rates based on LIBOR plus a margin based on the OP’s credit rating ranging between 0.90% and 1.75% per annum. The borrowings under the 2023 Unsecured Term Loan were repaid in full with proceeds from the 2031 Senior Unsecured Public Notes in September 2021 described below. 2026 Unsecured Term Loan On February 27, 2019, the Company entered into a $450.0 million seven-year unsecured term loan agreement (the “2026 Unsecured Term Loan”) with Capital One, National Association as administrative agent. The 2026 Unsecured Term Loan provides an accordion feature for up to a total of $550.0 million borrowing capacity. The 2026 Unsecured Term Loan has an initial maturity date of February 27, 2026. Borrowings under the 2026 Unsecured Term Loan were subject to interest only payments at variable rates equal to LIBOR plus a margin between 1.45% and 2.40% per annum based on the OP’s credit rating through March 12, 2021. On March 12, 2021, the Company amended the 2026 Unsecured Term Loan and made a $50.0 million paydown on the loan. The amendment reduced the margin on variable interest rate borrowings to a range between 0.85% and 1.65% per annum based on the OP’s credit rating. All other terms and conditions of the 2026 Unsecured Term Loan remained materially the same as those in effect prior to this amendment. The 2026 Unsecured Term Loan is subject to a fee of 0.25% per annum on the amount of the commitment, reduced by the amount of term loans outstanding. Senior Unsecured Notes 2027 Senior Unsecured Notes—Series A On April 18, 2017, the Company issued $150.0 million of unsecured, fixed-rate, interest-only guaranteed senior promissory notes (the “2027 Senior Unsecured Notes—Series A”). The Series A Notes were issued at par, bear interest at a rate of 4.84%. 2028 Senior Unsecured Notes—Series B and 2030 Senior Unsecured Notes—Series C On July 2, 2018, the Company entered into a Note and Guaranty Agreement (the “NGA Agreement”) with each of the purchasers of unsecured, fixed-rate, interest-only, guaranteed senior promissory notes. Under the NGA Agreement, the OP issued and sold senior promissory notes in two series, Series B Guaranteed Senior Notes (the “2028 Senior Unsecured Notes—Series B”) and Series C Guaranteed Senior Notes (the “2030 Unsecured Notes—Series C”), for an aggregate principal amount of $325.0 million. The 2028 Senior Unsecured Notes—Series B provide for an aggregate principal amount of $225.0 million with a fixed-rate of 5.09%. The 2030 Senior Unsecured Notes—Series C provide for an aggregate principal amount of $100.0 million with a fixed-rate of 5.19%. 2031 Senior Unsecured Public Notes On September 15, 2021, the Company completed a public offering of $375.0 million in aggregate principal amount of 2.60% senior unsecured notes due 2031 (“2031 Senior Unsecured Public Notes”), issued at 99.816% of the principal amount. The 2031 Senior Unsecured Public Notes require semi-annual interest payments through the maturity date of September 15, 2031, unless earlier redeemed. The 2031 Senior Unsecured Public Notes were issued by the OP and are fully and unconditionally guaranteed by the Company. The proceeds were used to repay in full borrowings on the Revolving Credit Facility and the 2023 Unsecured Term Loan, and to fund acquisitions. Covenants on Unsecured Credit Agreements The Company is subject to various financial and operational covenants and financial reporting requirements pursuant to its unsecured credit agreements. These covenants require the Company to maintain certain financial ratios, including leverage, fixed charge coverage, debt service coverage, aggregate debt ratio, consolidated income available for debt to annual debt service charge, total unencumbered assets to total unsecured debt, and secured debt ratio, among others. As of December 31, 2021, 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 on The following table summarizes the Company’s unsecured credit agreements: Outstanding Balance December 31, (in thousands, except interest rates) 2021 2020 Interest Rate (a) (b) Maturity Unsecured revolving credit facility $ 102,000 $ — one-month LIBOR (c) Sep. 2023 Unsecured term loans: 2022 Unsecured Term Loan 60,000 60,000 one-month LIBOR (d) Feb. 2022 2023 Unsecured Term Loan — 265,000 one-month LIBOR (e) Jan. 2023 (f) 2024 Unsecured Term Loan 190,000 190,000 one-month LIBOR (d) J un. 2024 2026 Unsecured Term Loan 400,000 450,000 one-month LIBOR (g) Feb. 2026 Total unsecured term loans 650,000 965,000 Unamortized debt issuance costs, net (3,329 ) (3,670 ) Total unsecured term loans, net 646,671 961,330 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 — 2.60% Sep. 2031 Total senior unsecured notes 850,000 475,000 Unamortized debt issuance costs and original issuance discount, net (6,199 ) (2,534 ) Total senior unsecured notes, net 843,801 472,466 Total unsecured debt, net $ 1,592,472 $ 1,433,796 (a) At December 31, 2021 and 2020, one-month (b) In January 2021, the Company received a cr e (c) At December 31, 2020, interest rate was one-month (d) At December 31, 2020, interest rate was one-month (e) At December 31, 2020, interest rate was one-month (f) The 2023 Unsecured Term Loan was paid in full with proceeds from the 2031 Senior Unsecured Public Notes in September 2021. (g) At December 31, 2020, interest rate was one-month At December For the year ended December 31, 2021, the Company incurred $5.0 million in debt issuance costs and original issuance discount associated with the 2031 Senior Unsecured Public Notes and the amended 2026 Unsecured Term Loan. For the year ended December 31, 2020, the Company incurred $5.9 million in debt issuance costs associated with the Revolving Credit Facility. For the year ended December 31, 2019, the Company incurred $6.5 million in debt issuance costs associated with the 2020 Unsecured Term Loan, the 2026 Unsecured Term Loan and its prior unsecured revolving credit agreement. For each separate debt instrument, on a lender by lender basis, in accordance with ASC 470-50, Debt Modifications and Extinguishment Based on the assessments, $5.0 million, $5.9 million and $6.5 million of debt issuance costs and original issuance discounts incurred during the years ended December 31, 2021, 2020, and 2019, respectively, were deemed to be related to new debt, and the modification of existing debt, and therefore have been deferred and are being amortized over the term of the associated debt. Additionally, during the years ended December 31, 2021, 2020, and 2019, $0.3 million, $0.4 million and $0.3 million, respectively, of unamortized debt issuance costs were expensed, and included in Cost of debt extinguishment in the accompanying Consolidated Statements of Income and Comprehensive Income. Debt issuance costs and original issuance discounts are amortized as a component of Interest expense in the accompanying Consolidated Statements of Income and Comprehensive Income. The following table summarizes debt issuance cost and original issuance discount amortization: For the Year Ended December 31, (in thousands) 2021 2020 2019 Debt issuance costs and original issuance discount amortization $ 3,854 $ 3,445 $ 2,685

Mortgages

Mortgages	12 Months Ended
Mortgages	Dec. 31, 2021
Debt Disclosure [Abstract]
Mortgages	10. Mortgages The Company’s mortgages consist of the following: (in thousands, except interest rates) Origination Date (Month/Year) Maturity Date (Month/Year) Interest Rate December 31, Lender 2021 2020 Wilmington Trust National Association Apr Feb-2 4.92% $ 46,760 $ 47,945 (a) (b) (c) (j) Wilmington Trust National Association Jun Aug-2 4.36% 19,557 19,947 (a) (b) (c) (i) PNC Bank Oct Nov-2 3.62% 17,094 17,498 (b) (c) T2 Durham I, LLC Jul Jul-2 Greater of Prime + 7,500 — (b) (k) Aegon Apr Oct-2 6.38% 6,249 7,039 (b) (f) Sun Life Mar Oct-2 5.13% — 10,469 (b) (e) M&T Bank Oct Aug-2 one-month — 4,769 (b) (d) (g) (h) Total mortgages 97,160 107,667 Debt issuance costs, net (314 ) (285 ) Mortgages, net $ 96,846 $ 107,382 (a) Non-recourse (b) Debt secured by related rental property and lease rents. (c) Debt secured by guaranty of the OP. (d) Debt secured by guaranty of the Corporation. (e) Mortgage was assumed in March 2012 as part of an UPREIT transaction. The debt was recorded at fair value at the time of the assumption. (f) Mortgage was assumed in April 2012 as part of the acquisition of the related property. The debt was recorded at fair value at the time of the assumption. (g) The Company entered into an interest rate swap agreement in connection with the mortgage, as further described in Note 11. (h) Mortgage was assumed in October 2017 as part of an UPREIT transaction. The debt was recorded at fair value at the time of the assumption. (i) Mortgage was assumed in June 2018 as part of the acquisition of the related property. The debt was recorded at fair value at the time of assumption. (j) Mortgage was assumed in April 2019 as part of the acquisition of the related property. The debt was recorded at fair value at the time of assumption. (k) Mortgage is subject to interest at a daily floating annual rate equal to the Prime Rate plus 1.25%, but no less than 5.00% per annum. At December 31, 2021, the interest rate was 5.00% At December 31, 2021, investment in rental property of $161.6 million was pledged as collateral against the Company’s mortgages. Estimated future principal payments to be made under the above mortgage and the Company’s unsecured credit agreements (see Note 9) at December 31, 2021, are as follows: (in thousands) 2022 $ 62,906 2023 109,582 2024 199,760 2025 20,195 2026 416,843 Thereafter 889,874 $ 1,699,160 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, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Interest Rate Swaps	11. Interest Rate Swaps Interest rate swaps were entered into with certain financial institutions in order to mitigate the impact of interest rate variability over the term of the related debt agreements. The interest rate swaps are considered cash flow hedges. In order to reduce counterparty concentration risk, the Company has a diversification policy for institutions that serve as swap counterparties. Under these agreements, the Company receives monthly payments from the counterparties on these interest rate swaps equal to the related variable interest rates multiplied by the outstanding notional amounts. Certain interest rate swaps amortize on a monthly basis. In turn, the Company pays the counterparties each month an amount equal to a fixed rate multiplied by the related outstanding notional amounts. The intended net impact of these transactions is that the Company pays a fixed interest rate on its variable-rate borrowings. In connection with the issuance of the 2031 Senior Unsecured Public Notes in September 2021 and repayment of outstanding borrowings of variable rate debt indexed to the one-month The following is a summary of the Company’s outstanding interest rate swap agreements: (in thousands, except interest rates) December 31, 2021 December 31, 2020 Counterparty Maturity Date Fixed Notional Fair Notional Fair Wells Fargo Bank, N.A. February 2021 2.39 % $ — $ — $ 35,000 $ (70 ) M&T Bank August 2021 1.02 % — — 4,768 (25 ) (a) Capital One, National Association December 2021 1.05 % — — (b) 15,000 (141 ) M&T Bank September 2022 2.83 % — — (b) 25,000 (1,139 ) Bank of America, N.A. November 2023 2.80 % — — (b) 25,000 (1,848 ) M&T Bank November 2023 2.65 % — — (b) 25,000 (1,785 ) Regions Bank December 2023 1.18 % — — (b) 25,000 (763 ) Truist Financial Corporation April 2024 1.99 % — — (b) 25,000 (1,487 ) Bank of Montreal July 2024 1.16 % — — (b) 40,000 (1,380 ) Wells Fargo Bank, N.A. October 2024 2.72 % 15,000 (702 ) 15,000 (1,422 ) Capital One, National Association December 2024 1.58 % 15,000 (241 ) 15,000 (799 ) Bank of Montreal January 2025 1.91 % 25,000 (649 ) 25,000 (1,725 ) Truist Financial Corporation April 2025 2.20 % 25,000 (905 ) 25,000 (2,084 ) Bank of Montreal July 2025 2.32 % 25,000 (1,049 ) 25,000 (2,351 ) Truist Financial Corporation July 2025 1.99 % 25,000 (767 ) 25,000 (1,941 ) Truist Financial Corporation December 2025 2.30 % 25,000 (1,125 ) 25,000 (2,481 ) Bank of Montreal January 2026 1.92 % 25,000 (760 ) 25,000 (2,039 ) Bank of Montreal January 2026 2.05 % 40,000 (1,415 ) 40,000 (3,523 ) Capital One, National Association January 2026 2.08 % 35,000 (1,274 ) 35,000 (3,078 ) Truist Financial Corporation January 2026 1.93 % 25,000 (768 ) 25,000 (2,019 ) Capital One, National Association April 2026 2.68 % 15,000 (941 ) 15,000 (1,843 ) Capital One, National Association July 2026 1.32 % 35,000 (205 ) 35,000 (1,806 ) Bank of Montreal December 2026 2.33 % 10,000 (538 ) 10,000 (1,156 ) Bank of Montreal December 2026 1.99 % 25,000 (936 ) 25,000 (2,372 ) Wells Fargo Bank, N.A. April 2027 2.72 % 25,000 (1,887 ) 25,000 (3,555 ) Bank of Montreal December 2027 2.37 % 25,000 (1,570 ) 25,000 (3,234 ) Capital One, National Association December 2027 2.37 % 25,000 (1,575 ) 25,000 (3,199 ) Wells Fargo Bank, N.A. January 2028 2.37 % 75,000 (4,741 ) 75,000 (9,650 ) Bank of Montreal May 2029 2.09 % 25,000 (1,316 ) 25,000 (2,994 ) Regions Bank May 2029 2.11 % 25,000 (1,356 ) 25,000 (3,004 ) Regions Bank June 2029 2.03 % 25,000 (1,222 ) 25,000 (2,843 ) U.S. Bank National Association June 2029 2.03 % 25,000 (1,220 ) 25,000 (2,902 ) U.S. Bank National Association August 2029 1.35 % 25,000 (9 ) 25,000 (1,445 ) $ 640,000 $ (27,171 ) $ 859,768 $ (72,103 ) (a) Interest rate swap was assumed in October 2017 as part of an UPREIT transaction. (b) Interest rate swap was terminated in September 2021. At December 31, 2021, the weighted average fixed rate on all outstanding interest rate swaps was 2.11%. 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: Amount of Gain (Loss) Recognized in Accumulated Other Comprehensive Loss Reclassification from Accumulated Other Comprehensive Loss Total Interest Expense Presented in the Consolidated Statements of Income and Comprehensive Income (in thousands) Amount of (Loss) Gain For the years ended December 31, Location 2021 $ 39,353 Interest expense $ (16,136 ) $ 64,146 2020 (50,544 ) Interest expense (12,656 ) 76,138 2019 (37,372 ) Interest expense 1,492 72,534 Amounts related to the interest rate swaps expected to be reclassified out of Accumulated other comprehensive loss to Interest expense during the next twelve months are estimated to be a loss of $13.1 million. The Company is exposed to credit risk in the event of non-performance

Non-Controlling Interests

Non-Controlling Interests	12 Months Ended
Non-Controlling Interests	Dec. 31, 2021
Noncontrolling Interest [Abstract]
Non-Controlling Interests	12. Non-Controlling Under the Company’s UPREIT structure, entities and individuals can contribute their properties in exchange for OP Units. There were no UPREIT transactions during the years ended December 31, 2021, 2020, and 2019. The cumulative amount of UPREIT properties contributed, less assumed debt, amounted to $128.7 million as of December 31, 2021 and 2020. In exchange for the properties contributed and as part of the Internalization, 6,058,080 and 4,265,126 non-controlling non-controlling non-controlling 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 non-controlling non-controlling paid-in The following table summarizes OP Units exchanged for shares of common stock: For the Year Ended December 31, (in thousands) 2021 2020 2019 OP Units exchanged for shares of common stock 2,935 822 — Value of units exchanged $ 46,968 $ 15,631 $ — As of December 31, 2021, the Company achieved all four VWAP milestones applicable to the earnout. As a result, the Company issued 1,859,257 OP Units during the year ended December 31, 2021 (see Note 4). Holders of the OP Units do not have voting rights at the Corporation level.

Credit Risk Concentrations

Credit Risk Concentrations	12 Months Ended
Credit Risk Concentrations	Dec. 31, 2021
Risks and Uncertainties [Abstract]
Credit Risk Concentrations	13. Credit Risk Concentrations The Company maintained bank balances that, at times, exceeded the federally insured limit during the years ended December 31, 2021, 2020, and 2019. The Company has not experienced losses relating to these deposits and management does not believe that the Company is exposed to any significant credit risk with respect to these amounts. Prior to the Internalization on February 7, 2020, the Company’s rental property was managed by BRE and the Asset Manager as described in Note 3. Management fees paid to BRE and the Asset Manager represented 2%, and 18% of total operating expenses for the years ended December 31, 2020 and 2019, respectively. These amounts do not include acquisition fees paid to the Asset Manager that were capitalized (see Note 3). There were no management fees paid to BRE or the Asset Manager during the year ended December 31, 2021. For the years ended December 31, 2021, 2020, and 2019, the Company had no individual tenants or common franchises that accounted for more than 10

Equity

Equity	12 Months Ended
Equity	Dec. 31, 2021
Equity [Abstract]
Equity	14. Equity General On September 21, 2020, the Corporation completed its IPO and issued 37,000,000 shares of Class A Common Stock inclusive of the underwriters’ partial exercise of their over-allotment option on October 20, 2020. Aside from the conversion discussed below, the terms of the Class A Common Stock were identical to the terms of the Common Stock. Each share of Class A Common Stock automatically converted into one share of Common Stock on March 20, 2021, and effective March 22, 2021, all shares of Common Stock were listed and freely tradeable on the NYSE under the ticker “BNL.” The Common Stock and Class A Common Stock are collectively referred to as the Corporation’s “common stock.” On June 28, 2021, the Corporation completed its first public follow-on On August 23, 2021, the Company established an at-the-market During the year ended December 31, 2021, the Company issued 1,071,500 shares of common stock at a weighted average sale price of $26.26 per share under the ATM Program. The net proceeds, after deducting $0.3 million for commission and $0.5 million for other issuance expenses, were $27.3 million. At December 31, 2021, the Company could issue additional common stock with an aggregate sales price of up to $371.9 million under the ATM Program. As of December 31, 2021, the Company achieved all four VWAP milestones applicable to the earnout. As a result, the Company issued 1,088,977 shares of common stock during the year ended December 31, 2021 (see Note 4). 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, 2021 and 2020, no shares of the Corporation’s preferred stock were issued and outstanding. Share Redemption Program The Board of Directors approved a share redemption program (“Share Redemption Program”) under which the Corporation could repurchase shares of its outstanding common stock after December 31, 2009. The Board of Directors approved and adopted an amended and restated Share Redemption Program effective as of June 28, 2017. Under the Share Redemption Program, stockholders could request that the Corporation redeem shares after one year from the original investment date, subject to certain exceptions as set forth in the Share Redemption Program. Under the Share Redemption Program, the Corporation was not obligated to repurchase shares and, notwithstanding any other term of the Share Redemption Program, the Board of Directors or IDC could reject any share redemption request made by any stockholder at any time. Shares held for more than 12 months, but less than five years, were redeemed at a purchase price equal to 95% of the current Determined Share Value, and shares held for five years or more were redeemed at a purchase price equal to 100% of the current Determined Share Value, subject to certain exemptions as set forth in the Share Redemption Program. Total shares redeemed pursuant to the Share Redemption Program in any quarter could not exceed 1% of the total number of shares outstanding at the beginning of the calendar year plus 50% of the total number of any additional shares issued during the prior calendar quarter under the DRIP (as defined below), provided that the total number of shares redeemed during any calendar year could not exceed 5% of the number of shares outstanding as of the first day of such calendar year. The Board of Directors or the IDC could amend, suspend, or terminate the Share Redemption Program at any time upon 30 days’ notice to the Corporation’s stockholders. On January 10, 2020, the Corporation announced that it would be terminating the Share Redemption Program, effective February 10, 2020. The following table summarizes redemptions under the Company’s Share Redemption Program: For the Year Ended December 31, (in thousands, except number of redemptions) 2020 2019 Number of redemptions requested — 96 Number of shares — 2,610 Aggregate redemption price $ — $ 54,599 The 2019 redemption amounts include the redemption of shares from BRE, as discussed in Note 3. Distribution Reinvestment Plan The Corporation had adopted a Distribution Reinvestment Plan (“DRIP”), pursuant to which the Corporation’s stockholders and holders of OP Units (other than the Corporation), could elect to have cash distributions reinvested in additional shares of the Corporation’s common stock. The DRIP was terminated effective February 10, 2020. At December 31, 2020 and 2019 a total of 12,300,812 and 12,019,170 shares of common stock, respectively, were issued under the DRIP.

Stock-Based Compensation

Stock-Based Compensation	12 Months Ended
Stock-Based Compensation	Dec. 31, 2021
Share-based Payment Arrangement [Abstract]
Stock-Based Compensation	15. Stock-Based Compensation Restricted Stock Awards The Company awarded 199,430 and 340,976 shares of RSAs, during the years ended December 31, 2021 and 2020, respectively, to certain officers and employees under the Equity Incentive Plan. The holder of RSAs is generally entitled at all times on and after the date of issuance of the restricted common shares to exercise the rights of a stockholder of the Company, including the right to vote the shares and the right to receive dividends on the shares. The RSAs vest over a one three The following table presents information about the Company’s RSAs: For the year ended December 31, (in thousands) 2021 2020 Compensation cost $ 3,926 $ 1,989 Dividends declared on unvested RSAs 394 131 Grant date fair value of shares vested during the period 3,296 — (in thousands, except recognition period) December 31, 2021 December 31, 2020 Unamortized value of RSAs $ 4,715 $ 5,001 Weighted average amortization period (in years) 2.4 2.8 The following table presents information about the Company’s restricted stock activity: For the year ended December 31, 2021 2020 (in thousands, except per share amounts) Number of Weighted Number of Weighted Unvested at beginning of period 341 $ 20.50 — $ — Granted 202 18.70 341 20.50 Vested (164 ) 20.15 — — Forfeited (7 ) 19.40 — — Unvested at end of period 372 19.62 341 20.50 Performance-based Restricted Stock Units On March 1, 2021, the Company granted 132,189 target PRSUs under the Equity Incentive Plan to the officers of the Company. The awards are non-vested ex-dividend th The following table presents information about the Company’s PRSUs: For the Year Ended (in thousands, except recognition period) December 31, 2021 Compensation cost $ 743 December 31, 2021 Unamortized value of PRSUs $ 1,931 Weighted average amortization period (in years) 2.2 The were no PRSUs at December 31, 2020 and 2019. The following table presents information about the Company’s PRSU activity: For the Year Ended December 31, 2021 (in thousands, except per share amounts) Number of Shares Weighted Average Unvested at beginning of period — $ — Granted 132 24.40 Vested — — Forfeited (22 ) 24.40 Unvested at end of period 110 24.40

Earnings per Share

Earnings per Share	12 Months Ended
Earnings per Share	Dec. 31, 2021
Earnings Per Share [Abstract]
Earnings Per Share	16. Earnings per Share The following table summarizes the components used in the calculation of basic and diluted earnings per share (“EPS”): For the Year Ended December 31, (in thousands, except per share amounts) 2021 2020 2019 Basic earnings: Net earnings attributable to Broadstone Net Lease, Inc. common shareholders $ 102,426 $ 51,181 $ 79,394 Less: earnings allocated to unvested restricted shares (394 ) (131 ) — Net earnings used to compute basic earnings per common share $ 102,032 $ 51,050 $ 79,394 Diluted earnings: Net earnings used to compute basic earnings per share $ 102,032 $ 51,050 $ 79,394 Net earnings attributable to non-controlling 7,102 5,095 5,720 Net earnings used to compute diluted earnings per common share $ 109,134 $ 56,145 $ 85,114 Weighted average number of common shares outstanding 153,425 117,289 95,917 Less: weighted average unvested restricted shares (a) (368 ) (139 ) — Weighted average number of common shares outstanding used in basic earnings per common share 153,057 117,150 95,917 Effects of restricted stock units (b) 172 — — Effects of convertible membership units (c) 10,741 11,649 6,948 Weighted average number of common shares outstanding used in diluted earnings per common share 163,970 128,799 102,865 Basic earnings per share $ 0.67 $ 0.44 $ 0.83 Diluted earnings per share $ 0.67 $ 0.44 $ 0.83 (a) Represents the weighted average effects of 372,150 and 340,963 unvested restricted shares of common stock as of December 31, 2021 and 2020, respectively, which will be excluded from the computation of earnings per share until they vest. The shares of restricted common stock were not included in the calculation of diluted earnings per share, as the effect of doing so would have been anti-dilutive. (b) Represents the weighted average effects of shares of common stock to be issued as though the end of the period were the end of the performance period (see Note 15). (c) Represents the weighted average effects of 10,323,206, 11,398,438, and 6,948,185 OP Units outstanding at December 31, 2021, 2020, and 2019, respectively. OP Units are included in the diluted earnings per share calculation. However, because such OP Units would also require that the share of the net income attributable to such OP units also be added back to net income, there is no effect to EPS.

Income Taxes

Income Taxes	12 Months Ended
Income Taxes	Dec. 31, 2021
Income Tax Disclosure [Abstract]
Income Taxes	17. Income Taxes For federal income tax purposes, distributions to stockholders are characterized as ordinary dividends, capital gain distributions, or return of capital distributions. Return of capital distributions will reduce stockholders’ basis in their shares, but not below zero. The portion of the distribution that exceeds the adjusted basis of the stock will be treated as gain from the sale or exchange of property. The following table shows the character of the distributions the Company paid on a percentage basis: For the Year Ended December 31, Character of Distributions 2021 2020 2019 Ordinary dividends 61 % 89 % 43 % Capital gain distributions 0 % 7 % 8 % Return of capital distributions 39 % 4 % 49 % 100 % 100 % 100 %

Supplemental Cash Flow Disclosu

Supplemental Cash Flow Disclosures	12 Months Ended
Supplemental Cash Flow Disclosures	Dec. 31, 2021
Supplemental Cash Flow Elements [Abstract]
Supplemental Cash Flow Disclosures	18. Supplemental Cash Flow Disclosures Cash paid for interest was $57.3 million, $72.6 million, and $76.4 million for the years ended December 31, 2021, 2020, and 2019, respectively. Cash paid for income taxes was $0.6 million, $1.5 million, and $2.1 million for the years ended December 31, 2021, 2020, and 2019, respectively. The following are non-cash • During the year ended December 31, 2021, the Company converted 2,934,489 OP Units valued at $47.0 million to 2,934,489 shares of common stock. During the year ended December 31, 2020, the Company converted 822,745 OP Units valued at $15.6 million to 822,745 shares of common stock. (See Note 12). • At December 31, 2021, 2020, and 2019, dividend amounts declared and accrued but not yet paid amounted to $45.9 million, $39.3 million, and $12.2 million, respectively. • At December 31, 2021, 2020, and 2019, the Company adjusted the carrying value of Non-controlling paid-in • During the years ended December 31, 2020, and 2019, the Corporation issued 275,271, and 3,012,052 shares, respectively, of common stock with a value of approximately $5.7 million, and $63.0 million, respectively, under the terms of the DRIP (see Note 14). • During the year ended December 31, 2020, the Company issued shares of Common Stock and OP Units, with a total value of approximately $178.5 million, and earnout consideration with a fair value of $40.1 million as consideration for the Internalization and assumed $90.5 million of debt (see Note 4). • During the year ended December 31, 2020, the Company adjusted the carrying value of mezzanine equity non-controlling paid-in • During the year ended December 31, 2020, the Company reclassified $112.7 million of mezzanine equity non-controlling Non-controlling • During the year ended December 31, 2020, the Company reclassified $66.4 million of mezzanine equity common stock, with an offset of $66.4 million to Additional paid-in • During the year ended December 31, 2020, the Company reclassified $30.8 million of the carrying value of the earnout liability, with an offset of $19.4 million as a component of Non-controlling paid-in • During the year ended December 31, 2020, the Company executed lease modifications that resulted in the lease classification changing from direct financing lease to operating lease for five properties. At the modification date, the net investment in the original lease, and therefore the carrying value of the assets recognized, amounted to $10.8 million. • Upon adoption of ASC 326 on January 1, 2020, the Company recorded a transition adjustment to record a provision for credit losses associated with its net investment in direct financing leases of $0.3 million, with an equal amount recorded as a reduction in retained earnings. The provision for credit losses is included as a component of Accounted for using the direct financing method on the Consolidated Balance Sheets. • Upon adoption of ASC 842 on January 1, 2019, the Company recorded right-of-use • In connection with real estate transactions conducted during the year ended December 31, 2020, the Company accepted credits for rent in advance of $1.7 million in exchange for a reduction to the cash paid to acquire the associated real estate assets. In connection with real estate transactions conducted during the year ended December 31, 2019, the Company assumed tenant improvement allowances of $2.5 million in exchange for a reduction to the cash paid to acquire the associated real estate assets.

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
Commitments and Contingencies	Dec. 31, 2021
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	19. Commitments and Contingencies Litigation From time to time, the Company is a party to various litigation matters incidental to the conduct of the Company’s business. While the resolution of such matters cannot be predicted with certainty, based on currently available information, the Company does not believe that the final outcome of any of these matters will have a material effect on its consolidated financial position, results of operations, or liquidity. Property and Acquisition Related In connection with ownership and operation of real estate, the Company may potentially be liable for cost and damages related to environmental matters. The Company is not aware of any non-compliance, The Company has a commitment to fund a building expansion expected to be completed in 2022, totaling $17.4 million as of December 31, 2021, in exchange for an increase in rent contractually scheduled to commence in August 2022. The Company is a party to three separate tax protection agreements with the contributing members of three distinct UPREIT transactions and to the Founding Owners’ Tax Protection Agreement in connection with the Internalization. The tax protection agreements require the Company to indemnify the beneficiaries in the event of a sale, exchange, transfer, or other disposal of the contributed property, and in the case of the Founding Owners’ Tax Protection Agreement, the entire Company, in a taxable transaction that would cause such beneficiaries to recognize a gain that is protected under the agreements, subject to certain exceptions. The Company is required to allocate an amount of nonrecourse liabilities to each beneficiary that is at least equal to the minimum liability amount, as contained in the agreements. The minimum liability amount and the associated allocation of nonrecourse liabilities are calculated in accordance with applicable tax regulations, are completed at the OP level, and do not represent GAAP accounting. Therefore, there is no impact to the Consolidated Financial Statements. Based on values as of December 31, 2021, taxable sales of the applicable properties would trigger liability under the agreements of approximately $22.3 million. Based on information available, the Company does not believe that the events resulting in damages as detailed above have occurred or are likely to occur in the foreseeable future. In the normal course of business, the Company enters into various types of commitments to purchase real estate properties. These commitments are generally subject to the Company’s customary due diligence process and, accordingly, a number of specific conditions must be met before the Company is obligated to purchase the properties. Obligations Under Operating Leases Subsequent to the Internalization, the Company leases office space for its corporate headquarters and other locations under non-cancellable The Company also leases land at certain properties under non-cancellable The following table summarizes the total lease costs associated with operating leases: For the Year Ended December 31, (in thousands) Financial Statement Presentation 2021 2020 2019 Operating lease costs Office leases General and administrative $ 623 $ 517 $ — Ground leases Property and operating expense 149 133 139 Variable lease costs Ground leases Property and operating expense 62 61 46 Total lease costs $ 834 $ 711 $ 185 The following table summarizes payments associated with obligations under operating leases, reported as Net cash provided by operating activities on the accompanying Consolidated Statements of Cash Flows: For the Year Ended December 31, (in thousands) 2021 2020 2019 Operating lease payments $ 804 $ 666 $ 158 Estimated future lease payments required under non-cancelable (in thousands) 2022 $ 723 2023 539 2024 153 2025 155 2026 157 Thereafter 3,620 Total undiscounted cash flows 5,347 Less imputed interest (2,777 ) Lease liabilities $ 2,570 The above rental payments include future minimum lease payments due during the initial lease terms. Such amounts exclude any contingent amounts associated with percentage rent that may become due in future periods.

Subsequent Events

Subsequent Events	12 Months Ended
Subsequent Events	Dec. 31, 2021
Subsequent Events [Abstract]
Subsequent Events	20. Subsequent Events On January 14, 2022, the Company paid distributions totaling $45.8 million. On February 17, 2022, the Board of Directors declared a quarterly distribution of $0.265 per share on the Company’s common stock and OP Units for the first quarter of 2022, which will be payable on or before April 15, 2022 to stockholders and unit holders of record as of March 31, 2022. Subsequent to December 31, 2021, the Company continued to expand its operations through the acquisition of additional rental property and associated intangible assets and liabilities. The Company acquired approximately $ 25.6 million of rental property and associated intangible assets and liabilities (see Note 5). On January 28, 2022, the Subsequent to December 31, 2021, the Company paid down $17.0 million, and borrowed $37.0 million on the Revolving Credit Facility, the proceeds of which were used to fund acquisitions and for other general corporate purposes. Through February 22, 2022, the Company issued 1,051,000 shares of common stock at a weighted average sale price of $24.10 per share under the ATM Program. The net proceeds, after deducting $0.4 million of commissions and other offering costs, were $25.0 million.

Schedule III - Real Estate Asse

Schedule III - Real Estate Assets and Accumulated Depreciation	12 Months Ended
	Dec. 31, 2021
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 and Accumulated Depreciation As of December 31, 2021 (in thousands) Initial Costs to Costs Capitalized Gross Amount at Which Carried at Accumulated Date of Date Life on is Computed Property Type Encumbrance Land Buildings and Land Improvements Land Buildings and Total(B) Industrial Manufacturing $ — $ 111,511 $ 487,861 $ — $ 9,087 $ 111,511 $ 496,948 $ 608,459 $ 59,597 1932-2021 2011-2021 15-39 Distribution & Warehouse 7,500 95,356 565,182 4,511 1,834 99,867 567,016 666,883 50,798 1929-2021 2012-2021 15-39 Food Processing 6,249 24,668 264,695 — 2,700 24,668 267,395 292,063 27,827 1907-2020 2012-2021 15-39 Flex and R&D 46,760 57,118 155,150 — 4 57,118 155,154 212,272 18,130 1982-2018 2013-2019 15-39 Cold Storage 19,557 11,638 154,542 — 68 11,638 154,610 166,248 17,375 1933-2017 2017-2018 7-39 Services — 51,531 40,327 — 3,680 51,531 44,007 95,538 4,156 1960-2020 2013-2021 15-39 Healthcare Clinical — 31,837 273,566 557 10,182 32,394 283,748 316,142 47,300 1970-2018 2010-2021 15-39 Healthcare Services — 21,160 137,863 (145 ) 508 21,015 138,371 159,386 9,900 1982-2020 2009-2021 15-39 Animal Health Services — 15,943 111,107 — (635 ) 15,943 110,472 126,415 11,404 1954-2017 2015-2021 15-39 Surgical — 9,942 117,006 290 135 10,232 117,141 127,373 16,401 1984-2011 2014-2021 15-39 Life Science — 10,306 78,056 — 1,212 10,306 79,268 89,574 12,550 1965-2016 2011-2018 15-39 Untenanted — 251 3,821 — 1 251 3,822 4,073 343 2006 2018 15-39 Restaurant Quick Service Restaurants — 49,683 239,382 197 3,650 49,880 243,032 292,912 42,108 1965-2020 2009-2020 15-39 Casual Dining — 36,120 222,836 — 12 36,120 222,848 258,968 34,062 1972-2014 2011-2021 15-39 Retail General Merchandise 17,094 61,833 198,862 — 17 61,833 198,879 260,712 11,839 2003-2019 2016-2021 15-39 Automotive — 32,460 121,643 — 18 32,460 121,661 154,121 17,629 1909-2019 2014-2021 7-39 Home Furnishings — 3,625 90,644 — 5 3,625 90,649 94,274 11,548 1974-2014 2017-2018 15-39 Untenanted — 63 2,152 — — 63 2,152 2,215 83 1991 2017 15-39 Office Corporate Headquarters — 13,027 95,721 — 1,810 13,027 97,531 110,558 10,836 1965-2008 2012-2021 15-39 Strategic Operations — 7,723 90,130 — 8,858 7,723 98,988 106,711 14,577 1984-2012 2016-2017 7-39 Call Center — 4,169 45,814 — 10,228 4,169 56,042 60,211 11,678 1979-2001 2010-2019 15-39 Acquisitions in Process (C) — — 83 — — — 83 83 — Total (D) 97,160 649,964 3,496,443 5,410 53,374 655,374 3,549,817 4,205,191 430,141 Notes: (A) The initial cost to the Company represents the original purchase price of the property (see Note 5). (B) The aggregate cost of real estate owned as of December 31, 2021 for U.S. federal income tax purposes was approximately $4.4 billion. (C) Acquisition costs in progress represents costs incurred during the year ended December 31, 2021 related to asset acquisitions expected to close during the year ended December 31, 2022. (D) This schedule excludes properties subject to leases that are classified as direct financing leases, sales-type leases, as well as the value of right-of-use assets recorded on certain of the properties where the Company is lessee under a ground lease. Change in Total Real Estate Assets For the Year Ended December 31, 2021 2020 2019 Balance, beginning of period $ 3,704,488 $ 3,686,444 $ 2,848,735 Acquisitions and building improvements 613,646 108,868 984,760 Dispositions (109,761 ) (69,941 ) (143,688 ) Impairment (3,182 ) (20,883 ) (3,363 ) Balance, end of period $ 4,205,191 $ 3,704,488 $ 3,686,444 Change in Accumulated Depreciation For the Year Ended December 31, 2021 2020 2019 Balance, beginning of period $ 349,977 $ 271,044 $ 206,989 Acquisitions and building improvements 100,878 93,741 83,797 Dispositions (19,543 ) (12,369 ) (19,317 ) Impairment (1,171 ) (2,439 ) (425 ) Balance, end of period $ 430,141 $ 349,977 $ 271,044

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	12 Months Ended
Summary of Significant Accounting Policies (Policies)	Dec. 31, 2021
Accounting Policies [Abstract]
Principles of Consolidation	Principles of Consolidation The Consolidated Financial Statements include the accounts and operations of the Company. All intercompany balances and transactions have been eliminated in consolidation. To the extent the Corporation has a variable interest in entities that are not evaluated under the variable interest entity (“VIE”) model, the Corporation evaluates its interests using the voting interest entity model. The Corporation has complete responsibility for the day-to-day kick-out The portion of the OP not owned by the Corporation is presented as non-controlling
Basis of Accounting	Basis of Accounting The Consolidated Financial Statements have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”).
Use of Estimates	Use of Estimates The preparation of Consolidated Financial Statements in conformity with GAAP requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent liabilities at the date of the Consolidated Financial Statements and the reported amounts of revenues and expenses during the reporting periods. Significant estimates include, but are not limited to, the allocation of purchase price between tangible and intangible assets acquired and liabilities assumed, the value of long-lived assets and goodwill, the provision for impairment, the depreciable lives of rental property, the amortizable lives of intangible assets and liabilities, the provisions for uncollectible rent and credit losses, the fair value of the earnout liability, the fair value of assumed debt, the fair value of the Company’s interest rate swap agreements, and the determination of any uncertain tax positions. Accordingly, actual results may differ from those estimates.
Investment in Rental Property	Investment in Rental Property Rental property accounted for under operating leases is recorded at cost. Rental property accounted for under direct financing leases and sales-type leases are recorded at its net investment, which generally represents the cost of the property at the inception of the lease. The Company accounts for its acquisitions of real estate as asset acquisitions in accordance with Accounting Standards Codification (“ASC”) 805, Business Combinations 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 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 lease-up The estimated fair value of acquired in-place in-place non-cancellable 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 in-place Should a tenant terminate its lease, the unamortized portion of the in-place 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. Construction and improvement costs incurred in connection with the development of new properties or the redevelopment of existing properties are capitalized. Real estate taxes, interest costs, and leasing and development costs incurred during construction periods are capitalized. Capitalization is based on qualified expenditures and interest rates. Capitalized real estate taxes, interest costs, and leasing and development costs are amortized over lives which are consistent with the related assets. There were no capitalized interest or real estate taxes during the years ended December 31, 2021, 2020, and 2019.
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, 2021, 2020, and 2019, was based on the most current information available to the Company. Certain of the Company’s properties may have fair values less than their carrying amounts. However, based on the Company’s plans with respect to each of those properties, the Company believes that their carrying amounts are recoverable and therefore, no impairment charges were recognized other than those described below. If the operating conditions mentioned above deteriorate or if the Company’s expected holding period for assets changes, subsequent tests for impairments could result in additional impairment charges in the future. Inputs used in establishing fair value for real estate assets generally fall within Level 3 of the fair value hierarchy, which are characterized as requiring significant judgment as little or no current market activity may be available for validation. The main indicator used to establish the classification of the inputs is current market conditions, as derived through the use of published commercial real estate market information. The Company determines the valuation of impaired assets using generally accepted valuation techniques including discounted cash flow analysis, income capitalization, analysis of recent comparable sales transactions, actual sales negotiations, and bona fide purchase offers received from third parties. Management may consider a single valuation technique or multiple valuation techniques, as appropriate, when estimating the fair value of its real estate. The following table summarizes the Company’s impairment charges, resulting primarily from changes in the Company’s long-term hold strategy with respect to the individual properties: For the Year Ended (in thousands, except number of properties) 2021 2020 2019 Number of properties 7 7 4 Impairment charge $ 28,208 $ 19,077 $ 3,452 During the year ended December 31, 2021, an office tenant of the Company executed an early lease termination at two properties in exchange for a fee of $35.0 million, and simultaneously sold the underlying properties to an unrelated third party for aggregate gross proceeds of $16.0 million. As the sale of the underlying properties was to an unrelated third party, the Company accounted for the lease termination income and sale of properties as separate transactions in accordance with GAAP. The Company recognized the termination fee income, net of $1.5 million write-off Lease Termination Fee Income result of the early lease termination, the Company accelerated the amortization of the remaining lease intangibles, recognizing $0.3 million in Lease revenues, net and $4.0 million in Depreciation and amortization in the Consolidated Statements of Income and Comprehensive Income. The Company sold the underlying vacant properties for an aggregate sales price of $16.0 million, and incurred sales expenses of $0.7 million. The properties’ carrying value, net of the fully amortized lease intangibles, was $41.1 million, resulting in a $25.7 million loss on sale of the properties. As the lease termination income was recognized separate from the sale of the underlying properties, the $35.0 million cash receipt was not able to be factored into the properties’ future undiscounted cash flows, and the properties were immediately deemed impaired. As such, the Company recognized the loss as an impairment charge in the Consolidated Statements of Income and Comprehensive Income. The following summarizes the impact of the above transactions, together with the corresponding financial statement line item: (in thousands) Lease revenues, net Lease termination fee $ 35,000 Write-off (1,496 ) Accelerated amortization of above-market and below-market lease intangibles 289 33,793 Depreciation and amortization Accelerated amortization of in-place (4,046 ) Provision for impairment of investment in rental properties Loss on sale (25,746 ) Total impact to net income $ 4,001 The remaining impairments recognized during the year ended December 31, 2021 were immaterial. During the year ended December 31, 2020, impairment indicators primarily included changes in the Company’s long-term hold strategy with respect to the individual properties, which was due in part to unfavorable market trends resulting from the COVID-19 re-lease
Lease Termination Fee Income	Lease Termination Fee Income The Company recognizes lease termination fee income as other income from real estate transactions, a component of Lease revenues, net, when all conditions of the termination agreement have been met, and collection of the lease termination fee is probable. If the tenant immediately vacates the property upon satisfying the conditions of the termination agreement, the Company recognizes the lease termination fee income net of accrued rental income associated with the lease immediately, as other income from real estate transactions, a component of Lease revenues, net, in the Consolidated Statement of Income and Comprehensive Income.
Investments in Rental Property Held for Sale	Investments in Rental Property Held for Sale The Company classifies investments in rental property as held for sale when all of the following criteria are met: (i) management commits to a plan to sell the property, (ii) the property is available for immediate sale in its present condition, subject only to terms that are usual and customary for sales of investment properties, (iii) an active program to locate a buyer and conduct other actions required to complete the sale has been initiated, (iv) the sale of the property is probable in occurrence and is expected to qualify as a completed sale, (v) the property is actively marketed for sale at a sale price that is reasonable in relation to its fair value, and (vi) actions required to complete the sale indicate that it is unlikely that any significant changes will be made or that the plan to sell will be withdrawn. For properties classified as held for sale, the Company suspends depreciation and amortization of the related assets, including the acquired in-place
Sales of Real Estate	Sales of Real Estate Under ASU 2017-05, Other Income – Gains and Losses from the Derecognition of Nonfinancial Assets non-customers, non-financial non-financial non-financial If the Company determines that it did not transfer control of the non-financial 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, 2021, 2020, and 2019, 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 Equipment 7 years
Leasing Fees	Leasing Fees Leasing fees represent costs incurred to lease properties to tenants and are capitalized as they are incremental costs of a lease that would not have been incurred if the lease had not been obtained. Leasing fees are amortized using the straight-line method over the term of the lease to which they relate, which range from 4 to 25 years.
Cash Equivalents	Cash Equivalents Cash equivalents consist of highly liquid investments with an original maturity at date of acquisition of three months or less, including money market funds. The Company estimates that the fair value of cash equivalents approximates the carrying value due to the relatively short maturity of these instruments.
Restricted Cash	Restricted Cash Restricted cash includes escrow funds the Company maintains pursuant to the terms of certain mortgages, lease agreements, and undistributed proceeds from the sale of properties under Section 1031 of the Internal Revenue Code of 1986, as amended (the “Code”), and is reported within Prepaid expenses and other assets on the Consolidated Balance Sheets. Restricted cash consisted of the following: December 31, (in thousands) 2021 2020 Escrow funds and other $ 6,100 $ 7,852 Undistributed 1031 proceeds — 2,390 $ 6,100 $ 10,242
Revenue Recognition	Revenue Recognition The Company accounts for leases in accordance with ASC 842, Leases 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. Prospectively, upon adoption of ASC 842 on January 1, 2019, 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 non-cancelable rental income earned and the cash rent due under the provisions of the lease is recorded as Accrued rental income on the Consolidated Balance Sheets. If the Company determines that collectability of the lease payments is not probable, the Company records an adjustment to Lease revenues, net to reduce cumulative income recognized since lease commencement to the amount of cash collected from the lessee. Future revenue recognition is limited to amounts paid by the lessee. Rental property accounted for under direct financing leases Rental property accounted for under sales-type leases Certain of the Company’s lease contracts contain nonlease components ( e.g. i.e. In April 2020, the FASB staff issued a question and answer document (the “Lease Modification Q&A”) that focused on the application of lease accounting guidance to lease concessions provided as a result of the COVID-19 COVID-19 COVID-19
Rent Received in Advance	Rent Received in Advance Rent received in advance represents tenant payments received prior to the contractual due date, and is included in Accounts payable and other liabilities on the Consolidated Balance Sheets. Rent received in advance consisted of the following: December 31, (in thousands) 2021 2020 Rent received in advance $15,162 $13,651
Goodwill	Goodwill Goodwill represents the excess of the amount paid over the fair value of the identifiable tangible and intangible assets acquired and liabilities assumed in a business combination and it assigned to one or more reporting units. The Company evaluates goodwill for impairment when an event occurs or circumstances change that indicate the carrying value may not be recoverable, or at least annually. The Company’s annual testing date is November 30. The goodwill impairment evaluation is completed using either a qualitative or quantitative approach. Under a qualitative approach, the impairment review for goodwill consists of an assessment of whether it is more-likely-than-not likely-than-not When the Company performs a quantitative test of goodwill for impairment, it compares the carrying value of its reporting unit with its fair value. If the fair value of the reporting unit exceeds its carrying amount, the Company does not consider goodwill to be impaired and no further analysis would be required. If the fair value is determined to be less than its carrying value, the amount of goodwill impairment equals the amount by which the reporting unit’s carrying value exceeds its fair value, not to exceed the carrying amount of goodwill. The Company determined that it has one reporting unit, consistent with its segment reporting analysis, which includes the acquisition, leasing, and ownership of net leased properties (i.e., the consolidated entity). When necessary to perform the quantitative test for goodwill impairment, the Company’s estimate of fair value is determined using a market approach, leveraging assumptions such as the fair value of our equity, and consideration of a control premium, if necessary, which includes an analysis of similar market transactions. While the Company believes the assumptions used to estimate the fair value of its reporting unit are reasonable, changes in these assumptions may have a material impact on the Company’s financial results. Based on the results of its annual goodwill impairment test on November 30, 2021 and 2020, the Company concluded that goodwill was not impaired.
Provision for Uncollectible Rent	Provision for Uncollectible Rent In accordance with ASC 842, Leases The following table summarizes the changes in the provision for uncollectible rent: For the Year Ended December 31, (in thousands) 2021 2020 2019 Beginning balance $ 201 $ — $ 2,086 Provision for uncollectible rent, net (101 ) 2,073 441 Write-offs — (1,872 ) (2,527 ) Ending balance $ 100 $ 201 $ —
Tenant and Capital Reserves	Tenant and Capital Reserves The terms of certain of the Company’s operating leases require the establishment of tenant and capital reserves. Under the tenant reserve requirements, tenant-funded amounts are deposited into an escrow account, to be used to fund certain costs to maintain the rental properties. Under the capital reserve lease requirements, the tenants are required to pay additional amounts into an escrow account to fund capital improvements, replacements, and repairs made to the properties. The Company has no obligation to fund capital improvements beyond these reserve balances. The balances of the tenant and capital reserves are included in Accounts payable and other liabilities on the Consolidated Balance Sheets and are as follows: December 31, (in thousands) 2021 2020 Tenant reserve $ 1,217 $ 1,070 Capital reserve 1,020 1,001 $ 2,237 $ 2,071 The corresponding cash balances are recorded in Prepaid expenses and other assets on the Consolidated Balance Sheets.
Debt Issuance Costs	Debt Issuance Costs In accordance with ASC 835, Interest, Debt issuance costs incurred in connection with the Company’s unsecured revolving credit facility, mortgages, unsecured term loans and senior unsecured notes have been deferred and are being amortized over the term of the respective loan commitment using the straight-line method, which approximates the effective interest method.
Earnout Liability	Earnout Liability The Company’s earnout liability was payable in four tranches, in a combination of cash, common shares, and OP Units, in the same proportion as the initial consideration paid in the Internalization (see Note 4). The common shares and OP Units payable under the arrangement were originally subject to a redemption rights agreement, whereby holders of the common shares and OP Units had the right to require the Company to repurchase any or all of the common shares or OP Units if an IPO had not occurred on or before December 31, 2020 (see discussion of the redemption rights agreement in Note 4). The common shares and OP Units were deemed to be freestanding financial instruments that, at inception, embodied an obligation to repurchase the Company’s common shares and OP Units, and therefore were initially classified as liabilities together with the cash portion of the earnout, and recorded in Earnout liability on the Consolidated Balance Sheets as part of the purchase price allocation. The fair value of the earnout liability was remeasured each reporting period, with changes recorded as Change in fair value of earnout liability in the Consolidated Statements of Income and Comprehensive Income. Upon completion of the IPO in September 2020, the redemption rights with respect to the common shares and OP Units terminated, and the $18.4 million fair value of the 725,988 shares of common stock and 1,239,506 OP Units associated with the third and fourth earnout tranches as of the date of the IPO, was reclassified to equity as a component of Additional paid-in Non-controlling paid-in Non-controlling
Mezzanine Equity	Mezzanine Equity The Company issued common shares and OP Units as base consideration for the Internalization, each of which were subject to a redemption rights agreement, where the common shares (“mezzanine equity common stock”) and OP Units (“mezzanine equity non-controlling non-controlling The Company subsequently recorded mezzanine equity common stock at redemption value each reporting period, with changes in carrying value recorded as a component of Additional paid-in The Company subsequently recorded mezzanine equity non-controlling non-controlling non-controlling paid-in The rights under the redemption rights agreement terminated effective with the IPO and the applicable common shares and OP Units were reclassified to permanent equity in 2020 (see discussion of redemption rights agreement in Note 4).
Derivative Instruments	Derivative Instruments The Company uses interest rate swap agreements to manage risks related to interest rate movements. The interest rate swap agreements, designated and qualifying as cash flow hedges, are reported at fair value. ASU 2017-12, Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting and Hedging Activities, 2017-12, 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 loss based on the probability of the hedged forecasted transaction occurring within the period the cash flow hedge was anticipated to affect earnings. If the Company determines that the hedged forecasted transaction is probable of occurring during the original period, the accumulated gain or loss is reclassified into earnings over the remaining life of the cash flow hedge using a straight-line method. If the Company determines that the hedged forecasted transaction is not probable of occurring during the original period, the entire amount of accumulated gain or loss is reclassified into earnings at such time. The Company documents its risk management strategy and hedge effectiveness at the inception of, and during the term of, each hedge. The Company’s interest rate risk management strategy is intended to stabilize cash flow requirements by maintaining interest rate swap agreements to convert certain variable-rate debt to a fixed rate.
Property Loss and Insurance Recoveries	Property Loss and Insurance Recoveries Property losses, whether full or partial, are accounted for using a combination of impairment, insurance, and revenue recognition guidance prescribed by GAAP. Upon incurring a loss event, the Company evaluates for asset impairment under ASC 350, Intangibles—Goodwill and Other, Property, Plant, and Equipment. 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, i.e. i.e. 610-30, 450-30, Gain Contingencies. non-refundable
Non-controlling Interests	Non-controlling Non-controlling The Company adjusts the carrying value of non-controlling paid-in Non-controlling
Segment Reporting	Segment Reporting The Company currently operates in a single reportable segment, which includes the acquisition, leasing, and ownership of net leased properties. The Company’s chief operating decision maker assesses, measures, and reviews the operating and financial results at the consolidated level for the entire portfolio, and therefore, each property or property type is not considered an individual operating segment. The Company does not evaluate the results of operations based on geography, size, or property type.
Fair Value Measurements	Fair Value Measurements ASC 820, Fair Value Measurements and Disclosures, The standard describes three levels of inputs that may be used to measure fair value: Level 1 available-for-sale Level 2 Level 3 The Company has estimated that the carrying amount reported on the Consolidated Balance Sheets for Cash and cash equivalents, Prepaid expenses and other assets, Tenant and other receivables, net, Accrued interest payable, and 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— 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, 2021 and 2020, the Company has assessed the significance of the impact of the credit valuation adjustments on the overall valuation of its derivative positions and has determined that the credit valuation adjustments are not significant to the overall valuation. As a result, the Company has determined that its interest rate swap valuations in their entirety are appropriately classified within Level 2 of the fair value hierarchy. Earnout Liability 40-day The Company utilized third-party valuation experts to assist in estimating the fair value of the earnout liability, and developed estimates by considering weighted-average probabilities of likely outcomes, and using a Monte Carlo simulation and discounted cash flow analysis. These estimates required the Company to make various assumptions about share price volatility and, prior to the IPO, about the timing of an IPO and net asset prices, each of which are unobservable and considered Level 3 inputs in the fair value hierarchy. A change in these inputs to a different amount could have resulted in a significantly higher or lower fair value measurement at the reporting date. Specifically, advancements in the estimated IPO date assumption increased the earnout liability’s fair value given the earnout’s fixed time horizon. Peer share price volatilities were used to estimate the Company’s expected share price volatility, and the Company’s corresponding ability to achieve the earnout targets. Increases in the volatility assumption would increase the earnout liability’s fair value. Increases in net asset values would also increase the earnout liability’s fair value. The Company achieved all four VWAP milestones applicable to the earnout thereby triggering the payout of all earnout tranches during the year ended December 31, 2021, and therefore no remaining earnout liability was recorded at December 31, 2021. The table below provides a summary of the significant unobservable inputs used to estimate the fair value of the earnout liability as of December 31, 2020: Significant Unobservable Inputs Weighted Average Range Peer stock price volatility 40.0 % 25.92% - 55.90% The table below provides a summary of the significant unobservable inputs used to estimate the fair value of the earnout liability as of February 7, 2020, which was the date of the Internalization: Significant Unobservable Inputs Weighted Average Range Expected IPO date April 15, 2020 March 2020 through May 2020 Peer stock price volatility 20.0% 16.22% to 23.09% Company’s net asset value per diluted share $21.30 (a) (a) The Company’s net asset value per diluted share was primarily based on the fair value of its real estate investment portfolio, together with the fair value of its other assets and liabilities. The fair value of the Company’s real estate investment portfolio as of the measurement date was determined using market capitalization rates that ranged between 6.05% and 7.09%. The following table presents a reconciliation of the change in the earnout liability: For the Year Ended December 31, (in thousands) 2021 2020 Beginning balance $ 7,509 $ — Allocation of Internalization purchase price at February 7, 2020 — 40,119 Change in fair value subsequent to Internalization 5,539 (1,800 ) Reclassification as a component of additional paid-in non-controlling — (30,810 ) Payout of tranches earned (13,048 ) — Ending balance $ — $ 7,509 The balances of financial instruments measured at fair value on a recurring basis are as follows (see Note 11): December 31, 2021 (in thousands) Total Level 1 Level 2 Level 3 Interest rate swap, liabilities $ (27,171 ) $ — $ (27,171 ) $ — December 31, 2020 Total Level 1 Level 2 Level 3 Interest rate swap, liabilities $ (72,103 ) $ — $ (72,103 ) $ — Earnout liability (7,509 ) — — (7,509 ) Long-term Debt The following table summarizes the carrying amount reported on the Consolidated Balance Sheets and the Company’s estimate of the fair value of the unsecured revolving credit facility, mortgages, unsecured term loans, and senior unsecured notes which reflects the fair value of interest rate swaps: December 31, (in thousands) 2021 2020 Carrying amount $ 1,699,160 $ 1,547,667 Fair value 1,785,701 1,679,188 Non-recurring The Company’s non-recurring
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, 2021, the Company’s U.S. federal and state income tax returns remain subject to examination by the respective taxing authorities for the 2018 through 2020 tax years. The Company recognizes and measures uncertain tax positions using a two-step more-likely-than-not The Company has determined that it has no uncertain tax positions at December 31, 2021 and 2020, or for the years ended December 31, 2021, 2020, and 2019, which include the tax status of the Company. Interest and penalties related to income taxes are charged to tax expense during the year in which they are incurred.
Taxes Collected From Tenants and Remitted to Governmental Authorities	Taxes Collected From Tenants and Remitted to Governmental Authorities A majority of the Company’s properties are leased on a net basis, which provides that the tenants are responsible for the payment of property operating expenses, including, but not limited to, property taxes, maintenance, insurance, repairs, and capital costs, during the lease term. The Company records such expenses on a net basis. In other situations, the Company may collect property taxes from its tenants and remit those taxes to governmental authorities. Taxes collected from tenants and remitted to governmental authorities are presented on a gross basis, where amounts billed to tenants are included in Lease revenues, net and the corresponding expense is included in Property and operating expense in the accompanying Consolidated Statements of Income and Comprehensive Income.
Right-of-Use Assets and Lease Liabilities/Rental Expense	Right-of-Use The Company is a lessee under non-cancelable right-of-use payments to be made under the lease, discounted using estimates based on observable market factors. The right-of-use right-of-use right-of-use Right-of-use December 31, (in thousands) Financial Statement Presentation 2021 2020 Right use Prepaid expenses and other assets $ 3,099 $ 3,075 Lease liabilitie Accounts payable and other liabilities 2,570 2,659 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
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
Earnings per Share	Earnings per Share Earnings per common share has been computed pursuant to the guidance in ASC Topic 260, Earnings Per Share, non-forfeitable two-class two-class accumulated) and participation rights in undistributed earnings. In accordance with the two-class
Recently Adopted Accounting Standards and Other Recently Issued Accounting Standards	Recently Adopted Accounting Standards In January 2021, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2021-01, Reference Rate Reform (Topic 848): Scope 2021-01 2021-01 2021-01 Other Recently Issued Accounting Standards In August 2020, the FASB issued ASU 2020-06, Debt – Debt with Conversion and Other Options (Subtopic 470-20) 815-40): 2020-06 2020-06 815-40, Derivatives and Hedging: Contracts in Entity’s Own Equity if-converted 2020-06 two-class 2020-06
Reclassifications [Text Block]	Reclassifications The Company reclassified $961.3 million of Unsecured term notes, net at December 31, 2020 to Unsecured term loans, net at December 31, 2021 and $472.5 million of Unsecured term notes, net at December 31, 2020 to Senior unsecured notes, net at December 31, 2021 on the Consolidated Balance Sheets, to conform with the current period presentation. The reclassifications are changes from one acceptable presentation to another acceptable presentation. The Company disaggregated $39.3 million of Accounts payable and other liabilities to a separate financial statement line item Dividends payable on the Consolidated Balance Sheets at December 31, 2020, to conform with the current period presentation. The reclassification is a change from one acceptable presentation to another acceptable presentation. The components of investment in rental property accounted for using the operating method were previously combined and reported as assets accounted for using the operating method, net of accumulated depreciation on the Consolidated Balance Sheets with separate footnote disclosure of the disaggregated balances. The components of investment in rental property accounted for using the operating method were disaggregated to conform with the current period presentation, which is a change from one acceptable presentation to another acceptable presentation, as follows: As originally reported (in thousands) December 31, 2020 Assets Accounted for using the operating method, net of accumulated depreciation $ 3,354,511 As revised (in thousands) December 31, 2020 Assets Accounted for using the operating method: Land $ 555,748 Land improvements 279,360 Buildings and improvements 2,857,510 Equipment 11,870 Total accounted for using the operating method 3,704,488 Less accumulated depreciation (349,977 ) Accounted for using the operating method, net $ 3,354,511

Business Description (Tables)

Business Description (Tables)	12 Months Ended
Business Description (Tables)	Dec. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Summary of Outstanding Equity and Economic Ownership Interest	The following table summarizes the outstanding equity and economic ownership interest of the Corporation and the OP: December 31, 2021 December 31, 2020 December 31, 2019 (in thousands) Shares of OP Total Shares of OP Total Shares of OP Total Ownership interest 162,383 10,323 172,706 145,609 11,399 157,008 104,006 6,948 110,954 Percent Ownership of OP 94.0 % 6.0 % 100.0 % 92.7 % 7.3 % 100.0 % 93.7 % 6.3 % 100.0 %

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	12 Months Ended
Summary of Significant Accounting Policies (Tables)	Dec. 31, 2021
Accounting Policies [Abstract]
Summary of Impairment Charges	The following table summarizes the Company’s impairment charges, resulting primarily from changes in the Company’s long-term hold strategy with respect to the individual properties: For the Year Ended (in thousands, except number of properties) 2021 2020 2019 Number of properties 7 7 4 Impairment charge $ 28,208 $ 19,077 $ 3,452
Summary of Lease Revenue And Depreciation And Amortization	The following summarizes the impact of the above transactions, together with the corresponding financial statement line item: (in thousands) Lease revenues, net Lease termination fee $ 35,000 Write-off (1,496 ) Accelerated amortization of above-market and below-market lease intangibles 289 33,793 Depreciation and amortization Accelerated amortization of in-place (4,046 ) Provision for impairment of investment in rental properties Loss on sale (25,746 ) Total impact to net income $ 4,001
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 Equipment 7 years
Summary of Restricted Cash	Restricted cash consisted of the following: December 31, (in thousands) 2021 2020 Escrow funds and other $ 6,100 $ 7,852 Undistributed 1031 proceeds — 2,390 $ 6,100 $ 10,242
Summary of Rents Received in Advance	Rent received in advance represents tenant payments received prior to the contractual due date, and is included in Accounts payable and other liabilities on the Consolidated Balance Sheets. Rent received in advance consisted of the following: December 31, (in thousands) 2021 2020 Rent received in advance $15,162 $13,651
Summary of Changes in the Provisions for Uncollectible Rent	The following table summarizes the changes in the provision for uncollectible rent: For the Year Ended December 31, (in thousands) 2021 2020 2019 Beginning balance $ 201 $ — $ 2,086 Provision for uncollectible rent, net (101 ) 2,073 441 Write-offs — (1,872 ) (2,527 ) Ending balance $ 100 $ 201 $ —
Summary of Tenant and Capital Reserves	The balances of the tenant and capital reserves are included in Accounts payable and other liabilities on the Consolidated Balance Sheets and are as follows: December 31, (in thousands) 2021 2020 Tenant reserve $ 1,217 $ 1,070 Capital reserve 1,020 1,001 $ 2,237 $ 2,071
Summary of Significant Unobservable Inputs Used to Estimate Fair Value of Earnout Liability	The table below provides a summary of the significant unobservable inputs used to estimate the fair value of the earnout liability as of December 31, 2020: Significant Unobservable Inputs Weighted Average Range Peer stock price volatility 40.0 % 25.92% - 55.90% The table below provides a summary of the significant unobservable inputs used to estimate the fair value of the earnout liability as of February 7, 2020, which was the date of the Internalization: Significant Unobservable Inputs Weighted Average Range Expected IPO date April 15, 2020 March 2020 through May 2020 Peer stock price volatility 20.0% 16.22% to 23.09% Company’s net asset value per diluted share $21.30 (a)
Summary of Reconciliation of Change in Earnout Liability	The following table presents a reconciliation of the change in the earnout liability: For the Year Ended December 31, (in thousands) 2021 2020 Beginning balance $ 7,509 $ — Allocation of Internalization purchase price at February 7, 2020 — 40,119 Change in fair value subsequent to Internalization 5,539 (1,800 ) Reclassification as a component of additional paid-in non-controlling — (30,810 ) Payout of tranches earned (13,048 ) — Ending balance $ — $ 7,509
Balances of Financial Instruments Measured at Fair Value on Recurring Basis	The balances of financial instruments measured at fair value on a recurring basis are as follows (see Note 11): December 31, 2021 (in thousands) Total Level 1 Level 2 Level 3 Interest rate swap, liabilities $ (27,171 ) $ — $ (27,171 ) $ — December 31, 2020 Total Level 1 Level 2 Level 3 Interest rate swap, liabilities $ (72,103 ) $ — $ (72,103 ) $ — Earnout liability (7,509 ) — — (7,509 )
Summary of Carrying Amount Reported on Consolidated Balance Sheets	The following table summarizes the carrying amount reported on the Consolidated Balance Sheets and the Company’s estimate of the fair value of the unsecured revolving credit facility, mortgages, unsecured term loans, and senior unsecured notes which reflects the fair value of interest rate swaps: December 31, (in thousands) 2021 2020 Carrying amount $ 1,699,160 $ 1,547,667 Fair value 1,785,701 1,679,188
Summary of Right-of-Use Assets And Lease Liabilities Associated With Operating Leases Included In Consolidated Balance Sheets	Right-of-use December 31, (in thousands) Financial Statement Presentation 2021 2020 Right use Prepaid expenses and other assets $ 3,099 $ 3,075 Lease liabilitie Accounts payable and other liabilities 2,570 2,659
Schedule of Reclassification	As originally reported (in thousands) December 31, 2020 Assets Accounted for using the operating method, net of accumulated depreciation $ 3,354,511 As revised (in thousands) December 31, 2020 Assets Accounted for using the operating method: Land $ 555,748 Land improvements 279,360 Buildings and improvements 2,857,510 Equipment 11,870 Total accounted for using the operating method 3,704,488 Less accumulated depreciation (349,977 ) Accounted for using the operating method, net $ 3,354,511

Related-Party Transactions (Tab

Related-Party Transactions (Tables)	12 Months Ended
Related-Party Transactions (Tables)	Dec. 31, 2021
Schedule of Related Party Transactions	Total fees incurred under the Property Management Agreement and Asset Management Agreement were as follows: (in thousands) For the Year Ended December 31, Type of Fee Financial Statement Presentation 2021 2020 (a) 2019 Asset management fee Asset management fees $— $2,461 $21,863 Property management fee Property management fees — 1,275 8,256 Total management fee expense — 3,736 30,119 Marketing fee (offering costs) Additional paid-in — — 1,649 Acquisition fee Capitalized as a component of assets acquired — — 10,319 Leasing fee and re-leasing Leasing fees, net — — 843 Disposition fee Gain on sale of real estate — 109 1,765 Total management fees $— $3,845 $44,695 (a) Fees were payable under the Property Management Agreement and Asset Management Agreement from January 1, 2020 through February 6, 2020. The Internalization was effective February 7, 2020.

Internalization (Tables)

Internalization (Tables)	12 Months Ended
Internalization (Tables)	Dec. 31, 2021
Internalization [Abstract]
Schedule of Base Consideration	The consideration paid at closing of the Internalization is summarized in the following table: (in thousands) Issuance of 3,124 shares of common stock $ 66,376 Issuance of 5,278 OP Units 112,159 Cash 30,981 Base consideration 209,516 Initial estimate of fair value of earnout liability 40,119 Total consideration $ 249,635
Summary of Earnout Tranches, Applicable VWAP of REIT Share and Applicable Earnout Periods	As of December 31, 2021, the Company achieved all four VWAP milestones, thereby triggering the payout of all earnout tranches. Below is a summary of the shares of common stock and OP Units issued, and cash paid for each earnout tranche: (in thousands, except per share amounts) Tranche Shares of Issued OP Units Issued Cash Paid 40-Day VWAP of a REIT Share Achievement Date 1 145 248 $1,926 (a) $ 22.50 June 16, 2021 2 218 371 2,888 (a) 23.75 July 14, 2021 3 363 620 4,117 24.375 September 21, 2021 4 363 620 4,117 25.00 September 21, 2021 (a) Cash payments include amounts earned for dividends.
Summary of Allocation of Purchase Price	The following table summarizes the Company’s allocation of the purchase price associated with the Internalization: (in thousands) Prepaid expenses and other assets $ 1,336 Right-of-use 1,898 Goodwill 339,769 Accounts payable and other liabilities (986 ) Operating lease liabilities (1,898 ) Debt (90,484 ) $ 249,635
Schedule of Pro Forma Financial Information	The condensed pro forma financial information is as follows: For the Year Ended December 31, (in thousands) 2020 2019 Revenues $ 321,637 $ 298,815 Net income 60,783 99,636

Acquisitions of Rental Proper_2

Acquisitions of Rental Property (Tables)	12 Months Ended
Acquisitions of Rental Property (Tables)	Dec. 31, 2021
Business Combinations [Abstract]
Acquisitions of Rental Property Closed	The Company closed on the following acquisitions during the year ended December 31, 2021: (in thousands, except number of properties) Number of Real Estate Date Property Type Properties Acquisition Price February 5, 2021 Healthcare 1 $ 4,843 February 26, 2021 Restaurant (a ) 181 March 11, 2021 Retail 13 26,834 March 30, 2021 Retail 11 41,324 March 31, 2021 Healthcare 3 14,140 June 4, 2021 Retail 2 19,420 June 9, 2021 Industrial 1 8,500 June 9, 2021 Industrial 11 106,578 June 25, 2021 Retail 8 12,131 June 28, 2021 Healthcare 4 15,300 June 30, 2021 Retail 1 1,279 June 30, 2021 Healthcare 7 30,750 July 2, 2021 Industrial (b ) 4,500 July 21, 2021 Retail 1 5,565 July 29, 2021 Retail 3 4,586 July 29, 2021 Industrial 1 13,041 July 30, 2021 Industrial 2 11,011 August 23, 2021 Healthcare 1 60,000 September 8, 2021 Retail 2 8,901 September 17, 2021 Retail 1 1,722 September 24, 2021 Retail 1 2,456 September 24, 2021 Industrial 2 48,699 September 29, 2021 Industrial 1 10,600 September 30, 2021 Industrial 3 59,343 October 1, 2021 Healthcare 1 3,306 October 22, 2021 Industrial 1 5,386 October 27, 2021 Retail 3 4,278 December 10, 2021 Retail 16 33,500 December 15, 2021 Industrial 1 16,000 December 15, 2021 Healthcare 1 6,000 December 16, 2021 Restaurant/Office 6 28,546 December 17, 2021 Retail 3 4,260 December 17, 2021 Industrial 1 16,000 December 22, 2021 Industrial 2 22,651 December 22, 2021 Healthcare 1 7,600 116 $ 659,231 (c) (a) Acquisition of additional land adjacent to an existing property. (b) Acquisition of land related to an existing property. (c) Acquisition price does not include capitalized acquisition costs of $5.8 million. The Company closed on the following acquisitions during the year ended December 31, 2020: (in thousands, except number of properties) Number of Real Estate Date Property Type Properties Acquisition Price November 13, 2020 Healthcare 1 $ 4,950 December 7, 2020 Industrial 8 28,000 December 23, 2020 Industrial 1 36,473 (d) December 28, 2020 Retail 1 5,150 December 29, 2020 Restaurant 7 13,189 December 30, 2020 Industrial 1 8,050 19 $ 95,812 (e) (d) Acquisition price excludes $4.5 million deposited in an escrow for the future purchase of the related land. The land purchase closed on July 2, 2021, and is included in the 2021 acquisitions. (e) Acquisition price does not include capitalized acquisition costs of $1.3 million. The Company closed on the following acquisitions during the year ended December 31, 2019: (in thousands, except number of properties) Number of Real Estate Date Property Type Properties Acquisition Price January 31, 2019 Healthcare 1 $ 4,747 March 12, 2019 Industrial 1 10,217 March 15, 2019 Retail 10 13,185 March 19, 2019 Retail 14 19,128 March 26, 2019 Industrial 1 25,801 April 30, 2019 Industrial 1 76,000 (f) May 21, 2019 Retail 2 6,500 May 31, 2019 Retail 1 3,192 June 7, 2019 Office 1 30,589 June 26, 2019 Industrial 2 11,180 July 15, 2019 Restaurant 1 3,214 July 15, 2019 Industrial 1 11,330 July 31, 2019 Healthcare 5 27,277 August 27, 2019 Industrial 1 4,404 August 29, 2019 Industrial/Office 23 735,740 September 17, 2019 Industrial 1 11,185 October 31, 2019 Retail/Healthcare 3 12,922 November 7, 2019 Restaurant 1 3,142 November 20, 2019 Retail 1 7,385 November 22, 2019 Industrial 1 6,500 November 27, 2019 Retail 2 8,243 74 $ 1,031,881 (g) (f) In conjunction with this acquisition, the Company assumed a mortgage with a principal balance of $49.8 million with an interest rate of 4.92% and a maturity date of February 2028 (g) Acquisition price does not include capitalized acquisition costs of $17.6 million. Subsequent to December 31, 2021, the Company closed on the following acquisitions (see Note 20): (in thousands, except number of properties) Date Property Number of Acquisition January 7, 2022 Retail 2 $ 2,573 February 10, 2022 Industrial 1 21,733 February 15,202 Retail 1 1,341 4 $ 25,647
Summary of Allocation of Purchase Price	The following table summarizes the purchase price allocation for completed real estate acquisitions: For the Year Ended December 31, (in thousands) 2021 2020 2019 Land $ 114,296 $ 17,403 $ 161,182 Land improvements 29,298 5,356 47,391 Buildings and improvements 469,113 64,116 772,998 Acquired in-place (h) 51,956 8,346 80,952 Acquired above-market leases (i) 211 1,717 2,800 Acquired below-market leases (j) — (428 ) (15,811 ) Right-of-use 663 — — Lease liability (481 ) — — Sales-type investments — 574 — Mortgage payable — — (49,782 ) $ 665,056 $ 97,084 $ 999,730 (h) The weighted average amortization period for acquired in-place (i) The weighted average amortization period for acquired above-market leases is 10 years, 1 year, and 18 years for acquisitions completed during the years ended December 31, 2021, 2020, and 2019, respectively. (j) The weighted average amortization period for acquired below-market leases is 10 years for acquisitions completed during each of the years ended December 31, 2020, and 2019. There were no

Sale of Real Estate (Tables)

Sale of Real Estate (Tables)	12 Months Ended
Sale of Real Estate (Tables)	Dec. 31, 2021
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) 2021 2020 2019 Number of properties disposed 31 24 49 Aggregate sale price $ 87,730 $ 81,039 $ 176,486 Aggregate carrying value (70,289 ) (62,528 ) (138,845 ) Additional sales expenses (3,918 ) (3,526 ) (7,727 ) Gain on sale of real estate $ 13,523 $ 14,985 $ 29,914

Investment in Rental Property_2

Investment in Rental Property and Lease Arrangements (Tables)	12 Months Ended
	Dec. 31, 2021
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) 2021 2020 2019 Depreciation $ 99,143 $ 93,679 $ 83,797
Estimated Lease Payments to be Received under Non-cancelable Operating Leases	Estimated lease payments to be received under non-cancelable (in thousands) 2022 $ 334,163 2023 338,889 2024 335,624 2025 328,914 2026 319,124 Thereafter 2,281,067 $ 3,937,781
Net Investment in Direct Financing Leases	The Company’s net investment in direct financing leases was comprised of the following: December 31, (in thousands) 2021 2020 Undiscounted estimated lease payments to be received $ 42,602 $ 45,782 Estimated unguaranteed residual values 15,203 15,203 Unearned revenue (28,893 ) (31,753 ) Reserve for credit losses (130 ) (166 ) Net investment in direct financing leases $ 28,782 $ 29,066
Direct Financing Leases, Lease Receivable Maturity	Undiscounted estimated lease payments to be received under non-cancelable (in thousands) 2022 $ 3,241 2023 3,304 2024 3,361 2025 3,475 2026 3,547 Thereafter 25,674 $ 42,602
Summary of Amounts Reported as Lease Revenues, Net on the Consolidated Statements of Income and Comprehensive Income	The following table summarizes amounts reported as Lease revenues, net on the Consolidated Statements of Income and Comprehensive Income: For the Year Ended December 31, (in thousands) 2021 2020 2019 Contractual rental amounts billed for operating leases $ 308,624 $ 281,998 $ 257,695 Adjustment to recognize contractual operating lease billings on a straight-line basis 19,847 25,200 22,109 Write-off (442 ) (4,235 ) — Variable rental amounts earned 768 743 152 Earned income from direct financing leases 2,909 3,355 4,018 Interest income from sales-type leases 58 5 — Operating expenses billed to tenants 17,462 15,845 14,614 Other income from real estate transactions (a) 33,549 799 668 Adjustment to revenue recognized for uncollectible rental amounts billed, net 101 (2,073 ) (441 ) Total Lease revenues, net $ 382,876 $ 321,637 $ 298,815

Intangible Assets and Liabili_2

Intangible Assets and Liabilities (Tables)	12 Months Ended
Intangible Assets and Liabilities (Tables)	Dec. 31, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Intangible Assets and Liabilities Relating to Amortization	The following is a summary of intangible assets and liabilities and related accumulated amortization: December 31, (in thousands) 2021 2020 Lease intangibles: Acquired above-market leases $ 47,147 $ 54,616 Less accumulated amortization (16,807 ) (18,928 ) Acquired above-market leases, net 30,340 35,688 Acquired in-place 380,766 340,958 Less accumulated amortization (107,464 ) (85,733 ) Acquired in-place 273,302 255,225 Total Intangible lease assets, net $ 303,642 $ 290,913 Acquired below-market leases $ 105,310 $ 107,788 Less accumulated amortization (34,714 ) (28,135 ) Intangible lease liabilities, net $ 70,596 $ 79,653 Leasing fees $ 14,786 $ 15,462 Less accumulated amortization (5,145 ) (4,724 ) Leasing fees, net $ 9,641 $ 10,738
Schedule of Amortization of Intangible Lease Assets and Liabilities	Amortization of intangible lease assets and liabilities was as follows: (in thousands) For the Year Ended December 31, Intangible Financial Statement Presentation 2021 2020 2019 Acquired in-place Depreciation and amortization $ 32,857 $ 38,934 $ 25,021 Above-market and below-market leases Lease revenues, net 3,264 1,127 3,419
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense	Estimated future amortization of all intangible assets and liabilities at December 31, 2021 is as follows: (in thousands) 2022 $ 25,289 2023 24,982 2024 24,222 2025 22,925 2026 21,576 Thereafter 123,693 $ 242,687

Unsecured Credit Agreements (Ta

Unsecured Credit Agreements (Tables)	12 Months Ended
Unsecured Credit Agreements (Tables)	Dec. 31, 2021
Summary of Unsecured Credit Agreements	The following table summarizes the Company’s unsecured credit agreements: Outstanding Balance December 31, (in thousands, except interest rates) 2021 2020 Interest Rate (a) (b) Maturity Unsecured revolving credit facility $ 102,000 $ — one-month LIBOR (c) Sep. 2023 Unsecured term loans: 2022 Unsecured Term Loan 60,000 60,000 one-month LIBOR (d) Feb. 2022 2023 Unsecured Term Loan — 265,000 one-month LIBOR (e) Jan. 2023 (f) 2024 Unsecured Term Loan 190,000 190,000 one-month LIBOR (d) J un. 2024 2026 Unsecured Term Loan 400,000 450,000 one-month LIBOR (g) Feb. 2026 Total unsecured term loans 650,000 965,000 Unamortized debt issuance costs, net (3,329 ) (3,670 ) Total unsecured term loans, net 646,671 961,330 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 — 2.60% Sep. 2031 Total senior unsecured notes 850,000 475,000 Unamortized debt issuance costs and original issuance discount, net (6,199 ) (2,534 ) Total senior unsecured notes, net 843,801 472,466 Total unsecured debt, net $ 1,592,472 $ 1,433,796 (a) At December 31, 2021 and 2020, one-month (b) In January 2021, the Company received a cr e (c) At December 31, 2020, interest rate was one-month (d) At December 31, 2020, interest rate was one-month (e) At December 31, 2020, interest rate was one-month (f) The 2023 Unsecured Term Loan was paid in full with proceeds from the 2031 Senior Unsecured Public Notes in September 2021. (g) At December 31, 2020, interest rate was one-month
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) 2021 2020 2019 Debt issuance costs and original issuance discount amortization $ 3,854 $ 3,445 $ 2,685

Mortgages (Tables)

Mortgages (Tables)	12 Months Ended
Mortgages (Tables)	Dec. 31, 2021
Summary of Unsecured Credit Agreements	The following table summarizes the Company’s unsecured credit agreements: Outstanding Balance December 31, (in thousands, except interest rates) 2021 2020 Interest Rate (a) (b) Maturity Unsecured revolving credit facility $ 102,000 $ — one-month LIBOR (c) Sep. 2023 Unsecured term loans: 2022 Unsecured Term Loan 60,000 60,000 one-month LIBOR (d) Feb. 2022 2023 Unsecured Term Loan — 265,000 one-month LIBOR (e) Jan. 2023 (f) 2024 Unsecured Term Loan 190,000 190,000 one-month LIBOR (d) J un. 2024 2026 Unsecured Term Loan 400,000 450,000 one-month LIBOR (g) Feb. 2026 Total unsecured term loans 650,000 965,000 Unamortized debt issuance costs, net (3,329 ) (3,670 ) Total unsecured term loans, net 646,671 961,330 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 — 2.60% Sep. 2031 Total senior unsecured notes 850,000 475,000 Unamortized debt issuance costs and original issuance discount, net (6,199 ) (2,534 ) Total senior unsecured notes, net 843,801 472,466 Total unsecured debt, net $ 1,592,472 $ 1,433,796 (a) At December 31, 2021 and 2020, one-month (b) In January 2021, the Company received a cr e (c) At December 31, 2020, interest rate was one-month (d) At December 31, 2020, interest rate was one-month (e) At December 31, 2020, interest rate was one-month (f) The 2023 Unsecured Term Loan was paid in full with proceeds from the 2031 Senior Unsecured Public Notes in September 2021. (g) At December 31, 2020, interest rate was one-month
Schedule of Estimated Future Principal Payments	Estimated future principal payments to be made under the above mortgage and the Company’s unsecured credit agreements (see Note 9) at December 31, 2021, are as follows: (in thousands) 2022 $ 62,906 2023 109,582 2024 199,760 2025 20,195 2026 416,843 Thereafter 889,874 $ 1,699,160
Secured Debt
Summary of Unsecured Credit Agreements	The Company’s mortgages consist of the following: (in thousands, except interest rates) Origination Date (Month/Year) Maturity Date (Month/Year) Interest Rate December 31, Lender 2021 2020 Wilmington Trust National Association Apr Feb-2 4.92% $ 46,760 $ 47,945 (a) (b) (c) (j) Wilmington Trust National Association Jun Aug-2 4.36% 19,557 19,947 (a) (b) (c) (i) PNC Bank Oct Nov-2 3.62% 17,094 17,498 (b) (c) T2 Durham I, LLC Jul Jul-2 Greater of Prime + 7,500 — (b) (k) Aegon Apr Oct-2 6.38% 6,249 7,039 (b) (f) Sun Life Mar Oct-2 5.13% — 10,469 (b) (e) M&T Bank Oct Aug-2 one-month — 4,769 (b) (d) (g) (h) Total mortgages 97,160 107,667 Debt issuance costs, net (314 ) (285 ) Mortgages, net $ 96,846 $ 107,382 (a) Non-recourse (b) Debt secured by related rental property and lease rents. (c) Debt secured by guaranty of the OP. (d) Debt secured by guaranty of the Corporation. (e) Mortgage was assumed in March 2012 as part of an UPREIT transaction. The debt was recorded at fair value at the time of the assumption. (f) Mortgage was assumed in April 2012 as part of the acquisition of the related property. The debt was recorded at fair value at the time of the assumption. (g) The Company entered into an interest rate swap agreement in connection with the mortgage, as further described in Note 11. (h) Mortgage was assumed in October 2017 as part of an UPREIT transaction. The debt was recorded at fair value at the time of the assumption. (i) Mortgage was assumed in June 2018 as part of the acquisition of the related property. The debt was recorded at fair value at the time of assumption. (j) Mortgage was assumed in April 2019 as part of the acquisition of the related property. The debt was recorded at fair value at the time of assumption. (k) Mortgage is subject to interest at a daily floating annual rate equal to the Prime Rate plus 1.25%, but no less than 5.00% per annum. At December 31, 2021, the interest rate was 5.00%

Interest Rate Swaps (Tables)

Interest Rate Swaps (Tables)	12 Months Ended
Interest Rate Swaps (Tables)	Dec. 31, 2021
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, 2021 December 31, 2020 Counterparty Maturity Date Fixed Notional Fair Notional Fair Wells Fargo Bank, N.A. February 2021 2.39 % $ — $ — $ 35,000 $ (70 ) M&T Bank August 2021 1.02 % — — 4,768 (25 ) (a) Capital One, National Association December 2021 1.05 % — — (b) 15,000 (141 ) M&T Bank September 2022 2.83 % — — (b) 25,000 (1,139 ) Bank of America, N.A. November 2023 2.80 % — — (b) 25,000 (1,848 ) M&T Bank November 2023 2.65 % — — (b) 25,000 (1,785 ) Regions Bank December 2023 1.18 % — — (b) 25,000 (763 ) Truist Financial Corporation April 2024 1.99 % — — (b) 25,000 (1,487 ) Bank of Montreal July 2024 1.16 % — — (b) 40,000 (1,380 ) Wells Fargo Bank, N.A. October 2024 2.72 % 15,000 (702 ) 15,000 (1,422 ) Capital One, National Association December 2024 1.58 % 15,000 (241 ) 15,000 (799 ) Bank of Montreal January 2025 1.91 % 25,000 (649 ) 25,000 (1,725 ) Truist Financial Corporation April 2025 2.20 % 25,000 (905 ) 25,000 (2,084 ) Bank of Montreal July 2025 2.32 % 25,000 (1,049 ) 25,000 (2,351 ) Truist Financial Corporation July 2025 1.99 % 25,000 (767 ) 25,000 (1,941 ) Truist Financial Corporation December 2025 2.30 % 25,000 (1,125 ) 25,000 (2,481 ) Bank of Montreal January 2026 1.92 % 25,000 (760 ) 25,000 (2,039 ) Bank of Montreal January 2026 2.05 % 40,000 (1,415 ) 40,000 (3,523 ) Capital One, National Association January 2026 2.08 % 35,000 (1,274 ) 35,000 (3,078 ) Truist Financial Corporation January 2026 1.93 % 25,000 (768 ) 25,000 (2,019 ) Capital One, National Association April 2026 2.68 % 15,000 (941 ) 15,000 (1,843 ) Capital One, National Association July 2026 1.32 % 35,000 (205 ) 35,000 (1,806 ) Bank of Montreal December 2026 2.33 % 10,000 (538 ) 10,000 (1,156 ) Bank of Montreal December 2026 1.99 % 25,000 (936 ) 25,000 (2,372 ) Wells Fargo Bank, N.A. April 2027 2.72 % 25,000 (1,887 ) 25,000 (3,555 ) Bank of Montreal December 2027 2.37 % 25,000 (1,570 ) 25,000 (3,234 ) Capital One, National Association December 2027 2.37 % 25,000 (1,575 ) 25,000 (3,199 ) Wells Fargo Bank, N.A. January 2028 2.37 % 75,000 (4,741 ) 75,000 (9,650 ) Bank of Montreal May 2029 2.09 % 25,000 (1,316 ) 25,000 (2,994 ) Regions Bank May 2029 2.11 % 25,000 (1,356 ) 25,000 (3,004 ) Regions Bank June 2029 2.03 % 25,000 (1,222 ) 25,000 (2,843 ) U.S. Bank National Association June 2029 2.03 % 25,000 (1,220 ) 25,000 (2,902 ) U.S. Bank National Association August 2029 1.35 % 25,000 (9 ) 25,000 (1,445 ) $ 640,000 $ (27,171 ) $ 859,768 $ (72,103 ) (a) Interest rate swap was assumed in October 2017 as part of an UPREIT transaction. (b) Interest rate swap was terminated in September 2021.
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: Amount of Gain (Loss) Recognized in Accumulated Other Comprehensive Loss Reclassification from Accumulated Other Comprehensive Loss Total Interest Expense Presented in the Consolidated Statements of Income and Comprehensive Income (in thousands) Amount of (Loss) Gain For the years ended December 31, Location 2021 $ 39,353 Interest expense $ (16,136 ) $ 64,146 2020 (50,544 ) Interest expense (12,656 ) 76,138 2019 (37,372 ) Interest expense 1,492 72,534

Non-Controlling Interests (Tabl

Non-Controlling Interests (Tables)	12 Months Ended
Non-Controlling Interests (Tables)	Dec. 31, 2021
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) 2021 2020 2019 OP Units exchanged for shares of common stock 2,935 822 — Value of units exchanged $ 46,968 $ 15,631 $ —

Equity (Tables)

Equity (Tables)	12 Months Ended
Equity (Tables)	Dec. 31, 2021
Equity [Abstract]
Summary of Redemptions under Company's Share Redemption Program	The following table summarizes redemptions under the Company’s Share Redemption Program: For the Year Ended December 31, (in thousands, except number of redemptions) 2020 2019 Number of redemptions requested — 96 Number of shares — 2,610 Aggregate redemption price $ — $ 54,599

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	12 Months Ended
Stock-Based Compensation (Tables)	Dec. 31, 2021
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) 2021 2020 Compensation cost $ 3,926 $ 1,989 Dividends declared on unvested RSAs 394 131 Grant date fair value of shares vested during the period 3,296 — (in thousands, except recognition period) December 31, 2021 December 31, 2020 Unamortized value of RSAs $ 4,715 $ 5,001 Weighted average amortization period (in years) 2.4 2.8
Summary of Restricted Stock Activity	The following table presents information about the Company’s restricted stock activity: For the year ended December 31, 2021 2020 (in thousands, except per share amounts) Number of Weighted Number of Weighted Unvested at beginning of period 341 $ 20.50 — $ — Granted 202 18.70 341 20.50 Vested (164 ) 20.15 — — Forfeited (7 ) 19.40 — — Unvested at end of period 372 19.62 341 20.50
Performance-based Restricted Stock Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Summary of Restricted Stock	The following table presents information about the Company’s PRSUs: For the Year Ended (in thousands, except recognition period) December 31, 2021 Compensation cost $ 743 December 31, 2021 Unamortized value of PRSUs $ 1,931 Weighted average amortization period (in years) 2.2
Summary of Restricted Stock Activity	The following table presents information about the Company’s PRSU activity: For the Year Ended December 31, 2021 (in thousands, except per share amounts) Number of Shares Weighted Average Unvested at beginning of period — $ — Granted 132 24.40 Vested — — Forfeited (22 ) 24.40 Unvested at end of period 110 24.40

Earnings per Share (Tables)

Earnings per Share (Tables)	12 Months Ended
Earnings per Share (Tables)	Dec. 31, 2021
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) 2021 2020 2019 Basic earnings: Net earnings attributable to Broadstone Net Lease, Inc. common shareholders $ 102,426 $ 51,181 $ 79,394 Less: earnings allocated to unvested restricted shares (394 ) (131 ) — Net earnings used to compute basic earnings per common share $ 102,032 $ 51,050 $ 79,394 Diluted earnings: Net earnings used to compute basic earnings per share $ 102,032 $ 51,050 $ 79,394 Net earnings attributable to non-controlling 7,102 5,095 5,720 Net earnings used to compute diluted earnings per common share $ 109,134 $ 56,145 $ 85,114 Weighted average number of common shares outstanding 153,425 117,289 95,917 Less: weighted average unvested restricted shares (a) (368 ) (139 ) — Weighted average number of common shares outstanding used in basic earnings per common share 153,057 117,150 95,917 Effects of restricted stock units (b) 172 — — Effects of convertible membership units (c) 10,741 11,649 6,948 Weighted average number of common shares outstanding used in diluted earnings per common share 163,970 128,799 102,865 Basic earnings per share $ 0.67 $ 0.44 $ 0.83 Diluted earnings per share $ 0.67 $ 0.44 $ 0.83 (a) Represents the weighted average effects of 372,150 and 340,963 unvested restricted shares of common stock as of December 31, 2021 and 2020, respectively, which will be excluded from the computation of earnings per share until they vest. The shares of restricted common stock were not included in the calculation of diluted earnings per share, as the effect of doing so would have been anti-dilutive. (b) Represents the weighted average effects of shares of common stock to be issued as though the end of the period were the end of the performance period (see Note 15). (c) Represents the weighted average effects of 10,323,206, 11,398,438, and 6,948,185 OP Units outstanding at December 31, 2021, 2020, and 2019, respectively. OP Units are included in the diluted earnings per share calculation. However, because such OP Units would also require that the share of the net income attributable to such OP units also be added back to net income, there is no effect to EPS.

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
Income Taxes (Tables)	Dec. 31, 2021
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 2021 2020 2019 Ordinary dividends 61 % 89 % 43 % Capital gain distributions 0 % 7 % 8 % Return of capital distributions 39 % 4 % 49 % 100 % 100 % 100 %

Commitments and Contingencies (

Commitments and Contingencies (Tables)	12 Months Ended
Commitments and Contingencies (Tables)	Dec. 31, 2021
Commitments and Contingencies Disclosure [Abstract]
Summary of Total Lease Costs Associated with Operating Leases	The following table summarizes the total lease costs associated with operating leases: For the Year Ended December 31, (in thousands) Financial Statement Presentation 2021 2020 2019 Operating lease costs Office leases General and administrative $ 623 $ 517 $ — Ground leases Property and operating expense 149 133 139 Variable lease costs Ground leases Property and operating expense 62 61 46 Total lease costs $ 834 $ 711 $ 185
Summary of Payments Associated with Obligations Under Operating Leases	The following table summarizes payments associated with obligations under operating leases, reported as Net cash provided by operating activities on the accompanying Consolidated Statements of Cash Flows: For the Year Ended December 31, (in thousands) 2021 2020 2019 Operating lease payments $ 804 $ 666 $ 158
Summary of Estimated Future Lease Payments Required Under Non-cancelable Operating Leases as well as Reconciliation to Lease Liabilities	Estimated future lease payments required under non-cancelable (in thousands) 2022 $ 723 2023 539 2024 153 2025 155 2026 157 Thereafter 3,620 Total undiscounted cash flows 5,347 Less imputed interest (2,777 ) Lease liabilities $ 2,570

Business Description - Addition

Business Description - Additional Information (Detail) $ / shares in Units, $ in Thousands	Sep. 18, 2020$ / sharesshares	Feb. 07, 2020USD ($)	Dec. 31, 2021USD ($)Property	Dec. 31, 2020USD ($)$ / sharesshares	Dec. 31, 2019USD ($)	Feb. 22, 2022$ / shares	Dec. 31, 2021$ / shares	Dec. 31, 2021shares	Dec. 31, 2021property	Dec. 31, 2021State	Sep. 21, 2020$ / sharesshares
Business Description [Line Items]
Date of incorporation			Oct. 18, 2007
Number of leased commercial properties owned			1						726
Internalization fees \| $				$ 3,705	$ 3,658
Common stock, shares outstanding \| shares	26,943,587			108,609,000				162,383,000
Common stock, par value	$ 0.001			$ 0.00025			$ 0.00025
Offering price						$ 24.10
Class A Common Stock
Business Description [Line Items]
Common stock, shares outstanding \| shares				37,000,000				0
Common stock, par value				$ 0.00025			$ 0.00025
IPO
Business Description [Line Items]
Offering price											$ 17
IPO \| Class A Common Stock
Business Description [Line Items]
Common stock, shares outstanding \| shares	0										37,000,000
Common stock, par value											$ 0.00025
Common Stock
Business Description [Line Items]
Stock split	4
Property Management Agreement and Asset Management Agreement \| Merger Agreement
Business Description [Line Items]
Internalization fees \| $		$ 0
British Columbia, Canada
Business Description [Line Items]
Number of States in which properties located \| State										1
UNITED STATES
Business Description [Line Items]
Number of leased commercial properties owned \| State										725
Number of States in which properties located \| State										42

Business Description - Summary

Business Description - Summary of Outstanding Equity and Economic Ownership Interest (Detail) - shares	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Business Description [Line Items]
OP Units	4,265,126	4,455,308	6,948,185
Broadstone Net Lease, LLC
Business Description [Line Items]
Percent Ownership of OP, Shares of Common Stock	94.00%	92.70%	93.70%
Percent Ownership of OP, OP Units	6.00%	7.30%	6.30%
Percent Ownership of OP, Total Diluted Shares	100.00%	100.00%	100.00%
Ownership Interest
Business Description [Line Items]
Shares of Common Stock	162,383,000	145,609,000	104,006,000
OP Units	10,323,000	11,399,000	6,948,000
Total Diluted Shares	172,706,000	157,008,000	110,954,000

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Additional Information (Detail) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2021USD ($)	Dec. 31, 2021USD ($)CUSTOMER	Dec. 31, 2020USD ($)shares	Dec. 31, 2019USD ($)
Significant Accounting Policies [Line Items]
Number of reporting units \| CUSTOMER		1
Obligation to fund capital improvements		$ 0
Fair value of contingent consideration recorded in stockholders equity			$ 30,810
Fair value of earnout consideration		$ 0	7,509	$ 0
Percentage of income tax benefit likely of being realized upon settlement		more than 50%
Proceeds from Sale of Real Estate		$ 87,730	81,039	176,486
Gain (Loss) on Sale of Properties		13,523	14,985	29,914
Carrying Value Of Real Estate Sold		70,289	62,528	138,845
Lease Termination Income		1,500
Amortization of Intangible Assets		3,800	14,500	0
Depreciation, Depletion and Amortization, Nonproduction		132,096	132,685	108,818
Long-term debt		1,699,160
Accounts payable and other liabilities		38,038	35,684
Unsecured Debt [Member]
Significant Accounting Policies [Line Items]
Long-term debt		1,592,472	1,433,796
Term Loan [Member] \| Unsecured Debt [Member]
Significant Accounting Policies [Line Items]
Long-term debt		646,671	961,330
Senior Notes [Member] \| Unsecured Debt [Member]
Significant Accounting Policies [Line Items]
Long-term debt		843,801	472,466
Lease Revenues Net [Member] \| Above And Below Market Leases [Member]
Significant Accounting Policies [Line Items]
Amortization of Intangible Assets		3,264	$ 1,127	$ 3,419
Lease Termination Impact [Member]
Significant Accounting Policies [Line Items]
Proceeds from Sale of Real Estate		16,000
Selling Expense		700
Gain (Loss) on Sale of Properties	$ (25,746)	25,700
Carrying Value Of Real Estate Sold		41,100
Lease Termination Income		35,000
Rental Income, Nonoperating	1,496	1,500
Depreciation, Depletion and Amortization, Nonproduction		4,000
Gain (Loss) on Termination of Lease	35,000	35,000
Proceeds From Sale Of Property		16,000
Lease Termination Impact [Member] \| Lease Revenues Net [Member] \| Above And Below Market Leases [Member]
Significant Accounting Policies [Line Items]
Amortization of Intangible Assets	$ 289	$ 300
Broadstone Net Lease, LLC
Significant Accounting Policies [Line Items]
Percent Ownership of OP, OP Units		6.00%	7.30%	6.30%
Minimum
Significant Accounting Policies [Line Items]
Lease term		4 years
Maximum
Significant Accounting Policies [Line Items]
Lease term		25 years
Earnout Liability
Significant Accounting Policies [Line Items]
Fair value of contingent consideration recorded in stockholders equity			$ 18,400
Earnout Liability \| Tranche Three and Four
Significant Accounting Policies [Line Items]
Number of shares issuable in future \| shares			725,988
Number of OP units issuable in future \| shares			1,239,506
Earnout Liability \| Tranche First and Second
Significant Accounting Policies [Line Items]
Number of shares issuable in future \| shares			362,989
Number of OP units issuable in future \| shares			619,751
Fair value of earnout consideration			$ 12,400
Dividend Payable
Significant Accounting Policies [Line Items]
Accounts payable and other liabilities			$ 39,300

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Summary of Estimated Useful Life of Asset (Detail)	12 Months Ended
	Dec. 31, 2021
Land Improvements
Property, Plant and Equipment [Line Items]
Assets estimated useful life	15 years
Buildings and Improvements \| Minimum
Property, Plant and Equipment [Line Items]
Assets estimated useful life	15 years
Buildings and Improvements \| Maximum
Property, Plant and Equipment [Line Items]
Assets estimated useful life	39 years
Equipment
Property, Plant and Equipment [Line Items]
Assets estimated useful life	7 years

Summary of Significant Accoun_6

Summary of Significant Accounting Policies - Summary of Components of Restricted Cash (Detail) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Cash and Cash Equivalents [Abstract]
Escrow funds and other	$ 6,100	$ 7,852
Undistributed 1031 proceeds	0	2,390
Restricted cash	$ 6,100	$ 10,242	$ 7,856	$ 377

Summary of Significant Accoun_7

Summary of Significant Accounting Policies - Summary of Rents Received in Advance (Detail) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Revenue from Contract with Customer [Abstract]
Rent received in advance	$ 15,162	$ 13,651

Summary of Significant Accoun_8

Summary of Significant Accounting Policies - Summary of Changes in the Provisions for Uncollectible Rent (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Accounts, Notes, Loans and Financing Receivable, Gross, Allowance, and Net [Abstract]
Balance as of January 1	$ 201	$ 0	$ 2,086
Provision for uncollectible rent	(101)	2,073	441
Write-offs / Recoveries	0	(1,872)	(2,527)
Balance as of December 31	$ 100	$ 201	$ 0

Summary of Significant Accoun_9

Summary of Significant Accounting Policies - Summary of Tenant and Capital Reserves (Detail) - Accounts Payable and Other Liabilities [Member] - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Significant Accounting Policies [Line Items]
Tenant reserve	$ 1,217	$ 1,070
Capital reserve	1,020	1,001
Tenant and capital reserves	$ 2,237	$ 2,071

Summary of Significant Accou_10

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

Summary of Significant Accou_11

Summary of Significant Accounting Policies - Summary of Significant Unobservable Inputs Used to Estimate Fair Value of Earnout Liability (Detail)(Parenthetical) - Measurement Input, Price Volatility [Member] - Fair Value Inputs Level3 [Member]	Feb. 07, 2020
Minimum
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Market capitalization rate	6.05%
Maximum
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Market capitalization rate	7.09%

Summary of Significant Accou_12

Summary of Significant Accounting Policies - Summary of Reconciliation of Change in Earnout Liability (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Fair Value Disclosures [Abstract]
Beginning balance	$ 7,509	$ 0
Allocation of Internalization purchase price at February 7, 2020	0	40,119
Change in fair value subsequent to Internalization	5,539	(1,800)
Reclassification as a component of additional paid-in capital and non-controlling interests	0	(30,810)
Payout of tranches earned	(13,048)	0
Ending balance	$ 0	$ 7,509

Summary of Significant Accou_13

Summary of Significant Accounting Policies - Balances of Financial Instruments Measured at Fair Value on Recurring Basis (Detail) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Interest rate swap, liabilities	$ (27,171)	$ (72,103)
Earnout liability	0	(7,509)	$ 0
Fair Value, Measurements, Recurring
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Interest rate swap, liabilities	(27,171)	(72,103)
Earnout liability		(7,509)
Fair Value, Measurements, Recurring \| Level 1
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Interest rate swap, liabilities	0
Fair Value, Measurements, Recurring \| Level 2
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Interest rate swap, liabilities	$ (27,171)	(72,103)
Fair Value, Measurements, Recurring \| Fair Value Inputs Level3 [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Earnout liability		$ (7,509)

Summary of Significant Accou_14

Summary of Significant Accounting Policies - Summary of Carrying Amount Reported on Consolidated Balance Sheets (Detail) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Summary Of Significant Accounting Policies [Abstract]
Carrying amount	$ 1,699,160	$ 1,547,667
Fair value	$ 1,785,701	$ 1,679,188

Summary of Significant Accou_15

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, 2021	Dec. 31, 2020
Accounting Policies [Abstract]
Right-of-use assets	$ 3,099	$ 3,075
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List]	Right-of-use assets	Right-of-use assets
Lease liabilities	$ 2,570	$ 2,659
Operating Lease, Liability, Statement of Financial Position [Extensible List]	Lease liabilities	Lease liabilities

Summary of Significant Accou_16

Summary of Significant Accounting Policies - Summary of Reclassification (Detail) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Property Subject to or Available for Operating Lease, Gross	$ 4,205,191	$ 3,704,488
Property Subject to or Available for Operating Lease, Accumulated Depreciation	430,141	349,977
Property Subject to or Available for Operating Lease, Net	$ 3,775,050	3,354,511
Revision of Prior Period, Adjustment [Member]
Property Subject to or Available for Operating Lease, Gross		3,704,488
Property Subject to or Available for Operating Lease, Accumulated Depreciation		(349,977)
Property Subject to or Available for Operating Lease, Net		3,354,511
Equipment [Member] \| Revision of Prior Period, Adjustment [Member]
Property Subject to or Available for Operating Lease, Gross		11,870
Land [Member] \| Revision of Prior Period, Adjustment [Member]
Property Subject to or Available for Operating Lease, Gross		555,748
Land Improvements [Member] \| Revision of Prior Period, Adjustment [Member]
Property Subject to or Available for Operating Lease, Gross		279,360
Building and Building Improvements [Member] \| Revision of Prior Period, Adjustment [Member]
Property Subject to or Available for Operating Lease, Gross		$ 2,857,510

Related Party Transactions - Ad

Related Party Transactions - Additional Information (Detail) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2021USD ($)Propertyshares	Dec. 31, 2020USD ($)shares	Dec. 31, 2019USD ($)$ / sharesshares	Dec. 31, 2021USD ($)	Dec. 31, 2021property
Related Party Transaction [Line Items]
Payment of cash at earnout milestone	$ 13,000
Number of leased commercial properties owned	1				726
Number Of OP Units Issued During Period \| shares	1,859,257
Fair value of earnout liability		$ 7,509	$ 0	$ 0
Issuance of shares of common stock, shares \| shares	1,088,977
Redemptions of common stock value			34,599
Issuance of shares common stock upon conversion of OP units \| shares	2,934,489	822,745
Number of OP units exchanged \| shares	2,049,000	822,000
Conversion of OP Units to shares of common stock	$ 47,000	$ 15,600
Additional Paid-in Capital
Related Party Transaction [Line Items]
Fair value of earnout consideration		11,400
Conversion of OP Units to shares of common stock	46,968	15,631	$ 0
Non-controlling Interests
Related Party Transaction [Line Items]
Fair value of earnout consideration		19,400
Conversion of OP Units to shares of common stock	$ (14,206)	(15,631)
Manager and Asset Manager
Related Party Transaction [Line Items]
Unpaid management fees due to related parties		$ 0		$ 0
BRE
Related Party Transaction [Line Items]
Redemption of common stock \| shares			941,196
Redemptions of common stock value			$ 20,000
Redemption price per share \| $ / shares			$ 21.25
Affiliated Third Party
Related Party Transaction [Line Items]
Issuance of shares common stock upon conversion of OP units \| shares	2,049,439	822,745
Number of OP units exchanged \| shares	2,049,439	822,745
Conversion of OP Units to shares of common stock	$ 32,800	$ 15,600
Asset Management Agreement
Related Party Transaction [Line Items]
Gross rental percentage		1.00%
Receivable interest rate		0.25%
Interest rate paid from proceed		0.50%
Asset Management Agreement \| Amendment Details Two
Related Party Transaction [Line Items]
Percentage of gross sale price received		1.00%
Asset Management Agreement \| Amendment Details
Related Party Transaction [Line Items]
Property management fee payable		$ 0
Termination fees		$ 0
Percentage of gross purchase price paid		1.00%
Asset Management Agreement \| Amendment Details One
Related Party Transaction [Line Items]
Percentage of gross purchase price paid		2.00%
Property Management Agreement
Related Party Transaction [Line Items]
Property management fee payable		$ 0
Termination fees		$ 0
Property Management Agreement \| Existing Tenant
Related Party Transaction [Line Items]
Existing rental property re-leasing fees term		1 month
Property Management Agreement \| New Tenant
Related Party Transaction [Line Items]
Existing rental property re-leasing fees term		2 months
Property Management Agreement \| 3% Gross Rentals Property
Related Party Transaction [Line Items]
Gross rental percentage		3.00%
Property Management Agreement \| 5% Gross Rentals Property
Related Party Transaction [Line Items]
Gross rental percentage		5.00%

Related Party Transactions - Ma

Related Party Transactions - Management Fees Incurred With Related Parties (Detail) - Property Management Agreement and Asset Management Agreement - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Related Party Transaction [Line Items]
Expenses incurred with related parties	$ 0	$ 3,845	$ 44,695
Asset Management Agreement
Related Party Transaction [Line Items]
Expenses incurred with related parties	0	2,461	21,863
Property Management Fee
Related Party Transaction [Line Items]
Expenses incurred with related parties	0	1,275	8,256
Management Fee Expense
Related Party Transaction [Line Items]
Expenses incurred with related parties	0	3,736	30,119
Marketing Fee (Offering Costs)
Related Party Transaction [Line Items]
Expenses incurred with related parties	0		1,649
Acquisition Fee
Related Party Transaction [Line Items]
Expenses incurred with related parties	0		10,319
Leasing Fee and Re-leasing Fees
Related Party Transaction [Line Items]
Expenses incurred with related parties	0		843
Disposition Fee
Related Party Transaction [Line Items]
Expenses incurred with related parties	$ 0	$ 109	$ 1,765

Internalization - Additional In

Internalization - Additional Information (Detail)	Feb. 07, 2020USD ($)	Dec. 31, 2021USD ($)Tranche	Dec. 31, 2020USD ($)	Dec. 31, 2019USD ($)	Feb. 28, 2019USD ($)
Internalization [Line Items]
Debt	$ 90,484,000		$ 90,500,000
Goodwill	339,769,000	$ 339,769,000	339,769,000
Repayment of debt	90,500,000
Debt instrument, face amount					$ 600,000,000
Internalization fees			3,705,000	$ 3,658,000
Incremental internalization revenues	0
Incremental expenses			20,500,000
2022 Unsecured Term Loan
Internalization [Line Items]
Debt instrument, face amount	60,000,000
Elimination of Internalization Expenses and Asset Management, Property Management, and Disposition Fees and Adjustments to Reflect Compensation and Related Cost, Incremental General and Administrative and Interest Expense \| Internalization Expenses
Internalization [Line Items]
Business combination pro forma adjustments income			$ 4,500,000	$ 14,500,000
Merger Agreement
Internalization [Line Items]
Number of tranches \| Tranche		4
VWAP per REIT Share Days		40 days
Merger Agreement \| Tranche One
Internalization [Line Items]
Additional consideration payable		$ 10,000,000
Merger Agreement \| Tranche Two
Internalization [Line Items]
Additional consideration payable		15,000,000
Merger Agreement \| Tranche Three
Internalization [Line Items]
Additional consideration payable		25,000,000
Merger Agreement \| Tranche Four
Internalization [Line Items]
Additional consideration payable		25,000,000
Base [Member]
Internalization [Line Items]
Base consideration	209,516,000
Maximum \| Merger Agreement
Internalization [Line Items]
Additional consideration payable	$ 75,000,000	$ 75,000,000

Internalization - Schedule of B

Internalization - Schedule of Base Consideration - (Detail) - USD ($) $ in Thousands	Feb. 07, 2020	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Business Acquisition Contingent Consideration [Line Items]
Cash	$ 30,981
Initial estimate of fair value of earnout liability	40,119	$ 5,539	$ (1,800)
Total consideration	249,635
Base
Business Acquisition Contingent Consideration [Line Items]
Base consideration	209,516
Common Stock
Business Acquisition Contingent Consideration [Line Items]
Amount of equity interest issued or issuable in a business combination	66,376
OP Units
Business Acquisition Contingent Consideration [Line Items]
Amount of equity interest issued or issuable in a business combination	$ 112,159

Internalization - Schedule of_2

Internalization - Schedule of Base Consideration (Parenthetical) - (Detail) - shares	Dec. 31, 2021	Dec. 31, 2020	Feb. 07, 2020
Business Acquisition Contingent Consideration [Line Items]
Common stock, shares issued	162,383,000	108,609,000
Common Stock
Business Acquisition Contingent Consideration [Line Items]
Common stock, shares issued			3,124
OP Units
Business Acquisition Contingent Consideration [Line Items]
Operating partnership units			5,278

Internalization - Summary of Ea

Internalization - Summary of Earnout Tranches, Applicable VWAP of REIT Share and Applicable Earnout Periods (Detail) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Internalization [Line Items]
Shares of Common stock issued	162,383,000	108,609,000
Op Units Issued	1,859,257
Merger Agreement \| Tranche One
Internalization [Line Items]
Shares of Common stock issued	145,000
Op Units Issued	248,000
Cash Paid	$ 1,926
40-Day VWAP of a REIT Share	$ 22.50
Achievement Date	Jun. 16, 2021
Merger Agreement \| Tranche Two
Internalization [Line Items]
Shares of Common stock issued	218,000
Op Units Issued	371,000
Cash Paid	$ 2,888
40-Day VWAP of a REIT Share	$ 23.75
Achievement Date	Jul. 14, 2021
Merger Agreement \| Tranche Three
Internalization [Line Items]
Shares of Common stock issued	363,000
Op Units Issued	620,000
Cash Paid	$ 4,117
40-Day VWAP of a REIT Share	$ 24.375
Achievement Date	Sep. 21, 2021
Merger Agreement \| Tranche Four
Internalization [Line Items]
Shares of Common stock issued	363,000
Op Units Issued	620,000
Cash Paid	$ 4,117
40-Day VWAP of a REIT Share	$ 25
Achievement Date	Sep. 21, 2021

Internalization - Summary of Al

Internalization - Summary of Allocation of Purchase Price (Detail) - USD ($) $ in Thousands	Feb. 07, 2020	Dec. 31, 2021	Dec. 31, 2020
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net [Abstract]
Prepaid expenses and other assets	$ 1,336
Right-of-use assets	1,898
Goodwill	339,769	$ 339,769	$ 339,769
Accounts payable and other liabilities	(986)
Operating lease liabilities	(1,898)
Debt	(90,484)		$ (90,500)
Total consideration	$ 249,635

Internalization - Schedule of P

Internalization - Schedule of Pro Forma Financial Information (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Business Acquisition, Pro Forma Information [Abstract]
Revenues	$ 321,637	$ 298,815
Net income	$ 60,783	$ 99,636

Acquisitions of Rental Proper_3

Acquisitions of Rental Property - Acquisitions of Rental Property Closed - (Detail) $ in Thousands	Feb. 28, 2022USD ($)Bank	Feb. 15, 2022USD ($)Bank	Feb. 10, 2022USD ($)Bank	Jan. 07, 2022USD ($)Bank	Dec. 22, 2021USD ($)CUSTOMER	Dec. 17, 2021USD ($)CUSTOMER	Dec. 16, 2021USD ($)CUSTOMER	Dec. 15, 2021USD ($)CUSTOMER	Dec. 10, 2021USD ($)CUSTOMER	Oct. 27, 2021USD ($)CUSTOMER	Oct. 22, 2021USD ($)CUSTOMER	Oct. 01, 2021USD ($)CUSTOMER	Sep. 30, 2021USD ($)CUSTOMER	Sep. 29, 2021USD ($)CUSTOMER	Sep. 24, 2021USD ($)CUSTOMER	Sep. 17, 2021USD ($)CUSTOMER	Sep. 08, 2021USD ($)CUSTOMER	Aug. 23, 2021USD ($)CUSTOMER	Jul. 30, 2021USD ($)CUSTOMER	Jul. 29, 2021USD ($)CUSTOMER	Jul. 21, 2021USD ($)CUSTOMER	Jul. 02, 2021USD ($)		Jun. 30, 2021USD ($)CUSTOMER	Jun. 28, 2021USD ($)CUSTOMER	Jun. 25, 2021USD ($)CUSTOMER	Jun. 09, 2021USD ($)CUSTOMER	Jun. 04, 2021USD ($)CUSTOMER	Mar. 31, 2021USD ($)CUSTOMER	Mar. 30, 2021USD ($)CUSTOMER	Mar. 11, 2021USD ($)CUSTOMER	Feb. 26, 2021USD ($)		Feb. 05, 2021USD ($)CUSTOMER	Dec. 30, 2020USD ($)CUSTOMER	Dec. 29, 2020USD ($)CUSTOMER	Dec. 28, 2020USD ($)CUSTOMER	Dec. 23, 2020USD ($)CUSTOMER		Dec. 07, 2020USD ($)CUSTOMER	Nov. 13, 2020USD ($)CUSTOMER	Nov. 27, 2019USD ($)CUSTOMER	Nov. 22, 2019USD ($)CUSTOMER	Nov. 20, 2019USD ($)CUSTOMER	Nov. 07, 2019USD ($)CUSTOMER	Oct. 31, 2019USD ($)CUSTOMER	Sep. 17, 2019USD ($)CUSTOMER	Aug. 29, 2019USD ($)CUSTOMER	Aug. 27, 2019USD ($)CUSTOMER	Jul. 31, 2019USD ($)CUSTOMER	Jul. 15, 2019USD ($)CUSTOMER	Jun. 26, 2019USD ($)CUSTOMER	Jun. 07, 2019USD ($)CUSTOMER	May 31, 2019USD ($)CUSTOMER	May 21, 2019USD ($)CUSTOMER	Apr. 30, 2019USD ($)CUSTOMER		Mar. 26, 2019USD ($)CUSTOMER	Mar. 19, 2019USD ($)CUSTOMER	Mar. 15, 2019USD ($)CUSTOMER	Mar. 12, 2019USD ($)CUSTOMER	Jan. 31, 2019USD ($)CUSTOMER	Dec. 31, 2021USD ($)CUSTOMER		Dec. 31, 2020USD ($)CUSTOMER		Dec. 31, 2019USD ($)CUSTOMER
Business Acquisition [Line Items]
Number of Properties \| CUSTOMER																																																															116		19		74
Real Estate Acquisition Price																																																															$ 659,231	[1]	$ 95,812	[2]	$ 1,031,881	[3]
Subsequent Event
Business Acquisition [Line Items]
Number of Properties \| Bank	4
Real Estate Acquisition Price	$ 25,647
Healthcare
Business Acquisition [Line Items]
Property Type					Healthcare			Healthcare				Healthcare						Healthcare						Healthcare	Healthcare				Healthcare					Healthcare							Healthcare									Healthcare												Healthcare
Number of Properties \| CUSTOMER					1			1				1						1						7	4				3					1							1									5												1
Real Estate Acquisition Price					$ 7,600			$ 6,000				$ 3,306						$ 60,000						$ 30,750	$ 15,300				$ 14,140					$ 4,843							$ 4,950									$ 27,277												$ 4,747
Industrial
Business Acquisition [Line Items]
Property Type					Industrial	Industrial		Industrial			Industrial		Industrial	Industrial	Industrial				Industrial	Industrial		Industrial					Industrial								Industrial			Industrial		Industrial			Industrial				Industrial		Industrial		Industrial	Industrial				Industrial		Industrial			Industrial
Number of Properties \| CUSTOMER					2	1		1			1		3	1	2				2	1							11								1			1		8			1				1		1	1		2				1		1			1
Real Estate Acquisition Price					$ 22,651	$ 16,000		$ 16,000			$ 5,386		$ 59,343	$ 10,600	$ 48,699				$ 11,011	$ 13,041		$ 4,500	[4]				$ 106,578								$ 8,050			$ 36,473	[5]	$ 28,000			$ 6,500				$ 11,185		$ 4,404		$ 11,330	$ 11,180				$ 76,000	[6]	$ 25,801			$ 10,217
Industrial \| Subsequent Event
Business Acquisition [Line Items]
Property Type			Industrial
Number of Properties \| Bank			1
Real Estate Acquisition Price			$ 21,733
Retail
Business Acquisition [Line Items]
Property Type						Retail			Retail	Retail					Retail	Retail	Retail			Retail	Retail			Retail		Retail		Retail		Retail	Retail						Retail					Retail		Retail										Retail	Retail				Retail	Retail
Number of Properties \| CUSTOMER						3			16	3					1	1	2			3	1			1		8		2		11	13						1					2		1										1	2				14	10
Real Estate Acquisition Price						$ 4,260			$ 33,500	$ 4,278					$ 2,456	$ 1,722	$ 8,901			$ 4,586	$ 5,565			$ 1,279		$ 12,131		$ 19,420		$ 41,324	$ 26,834						$ 5,150					$ 8,243		$ 7,385										$ 3,192	$ 6,500				$ 19,128	$ 13,185
Retail \| Subsequent Event
Business Acquisition [Line Items]
Property Type		Retail		Retail
Number of Properties \| Bank		1		2
Real Estate Acquisition Price		$ 1,341		$ 2,573
Restaurant
Business Acquisition [Line Items]
Property Type							Restaurant/Office																									Restaurant				Restaurant									Restaurant						Restaurant
Number of Properties \| CUSTOMER							6																													7									1						1
Real Estate Acquisition Price							$ 28,546																									$ 181	[7]			$ 13,189									$ 3,142						$ 3,214
Office
Business Acquisition [Line Items]
Property Type																																																					Office
Number of Properties \| CUSTOMER																																																					1
Real Estate Acquisition Price																																																					$ 30,589
Industrial/Office
Business Acquisition [Line Items]
Property Type																																																Industrial/Office
Number of Properties \| CUSTOMER																																																23
Real Estate Acquisition Price																																																$ 735,740
Retail/Healthcare
Business Acquisition [Line Items]
Property Type																																														Retail/Healthcare
Number of Properties \| CUSTOMER																																														3
Real Estate Acquisition Price																																														$ 12,922
Industrial
Business Acquisition [Line Items]
Number of Properties \| CUSTOMER																											1
Real Estate Acquisition Price																											$ 8,500

[1]	Acquisition price does not include capitalized acquisition costs of $5.8 million.
[2]	Acquisition price does not include capitalized acquisition costs of $1.3 million.
[3]	Acquisition price does not include capitalized acquisition costs of $17.6 million.
[4]	Acquisition of land related to an existing property.
[5]	Acquisition price excludes $4.5 million deposited in an escrow for the future purchase of the related land. The land purchase closed on July 2, 2021, and is included in the 2021 acquisitions.
[6]	In conjunction with this acquisition, the Company assumed a mortgage with a principal balance of $49.8 million with an interest rate of 4.92% and a maturity date of February 2028 (see Note 10).
[7]	Acquisition of additional land adjacent to an existing property.

Acquisitions of Rental Proper_4

Acquisitions of Rental Property - Acquisitions of Rental Property Closed (Parenthetical) - (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2021	Dec. 31, 2020
Business Acquisition [Line Items]
Escrow Deposit		$ 4,500
Acquisition costs capitalized	$ 17,600	5,800	$ 1,300
Mortgages assumed	$ 49,782	$ 0	$ 0
Interest rate	4.92%
Mortgage, Maturity date	Feb. 29, 2028

Acquisitions of Rental Proper_5

Acquisitions of Rental Property - Purchase Price Allocation for Real Estate Acquisitions (Detail) - USD ($) $ in Thousands		Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Business Acquisition [Line Items]
Sales-type investments		$ 0	$ 574	$ 0
Mortgages payable		0	0	(49,782)
Business combination, recognized identifiable assets acquired and liabilities assumed, assets		665,056	97,084	999,730
Land
Business Acquisition [Line Items]
Business combination, recognized identifiable assets acquired and liabilities assumed, property, plant, and equipment		114,296	17,403	161,182
Land Improvements
Business Acquisition [Line Items]
Business combination, recognized identifiable assets acquired and liabilities assumed, property, plant, and equipment		29,298	5,356	47,391
Buildings and Improvements
Business Acquisition [Line Items]
Business combination, recognized identifiable assets acquired and liabilities assumed, property, plant, and equipment		469,113	64,116	772,998
Acquired In-Place Leases
Business Acquisition [Line Items]
Business combination, recognized identifiable assets acquired and liabilities assumed, Intangible assets	[1]	51,956	8,346	80,952
Acquired Above-Market Leases
Business Acquisition [Line Items]
Business combination, recognized identifiable assets acquired and liabilities assumed, Intangible assets	[2]	211	1,717	2,800
Acquired Below-Market Leases
Business Acquisition [Line Items]
Business combination, recognized identifiable assets acquired and liabilities assumed, Intangible assets	[3]	0	$ (428)	$ (15,811)
Right-of-use asset
Business Acquisition [Line Items]
Business combination, recognized identifiable assets acquired and liabilities assumed, Intangible assets		663
Lease liability
Business Acquisition [Line Items]
Business combination, recognized identifiable assets acquired and liabilities assumed, Intangible assets		$ (481)

[1]	The weighted average amortization period for acquired in-place leases is 16 years, 15 years, and 13 years for acquisitions completed during the years ended December 31, 2021, 2020, and 2019, respectively.
[2]	The weighted average amortization period for acquired above-market leases is 10 years, 1 year, and 18 years for acquisitions completed during the years ended December 31, 2021, 2020, and 2019, respectively.
[3]	The weighted average amortization period for acquired below-market leases is 10 years for acquisitions completed during each of the years ended December 31, 2020, and 2019. There were no below-market leases acquired during the year ended December 31, 2021.

Acquisitions of Rental Proper_6

Acquisitions of Rental Property - Purchase Price Allocation for Real Estate Acquisitions (Parenthetical) - (Detail)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Acquired In-Place Leases
Business Acquisition [Line Items]
Weighted average amortization period	16 years	15 years	13 years
Acquired Above-Market Leases
Business Acquisition [Line Items]
Weighted average amortization period	10 years	1 year	18 years
Acquired Below-Market Leases
Business Acquisition [Line Items]
Weighted average amortization period	0 years	10 years	10 years

Sale of Real Estate - Schedule

Sale of Real Estate - Schedule of Sale of Real Estate (Detail) $ in Thousands	12 Months Ended
	Dec. 31, 2021USD ($)Property	Dec. 31, 2020USD ($)Property	Dec. 31, 2019USD ($)Property
Real Estate [Line Items]
Number of properties disposed \| Property	31	24	49
Aggregate sale price	$ 87,730	$ 81,039	$ 176,486
Aggregate carrying value	(70,289)	(62,528)	(138,845)
Gain on sale of real estate	13,523	14,985	29,914
Real Estate
Real Estate [Line Items]
Additional sales expenses	(3,918)	(3,526)	(7,727)
Gain on sale of real estate	$ 13,523	$ 14,985	$ 29,914

Investment in Rental Property_3

Investment in Rental Property and Lease Arrangements - Additional Information (Detail) - 12 months ended Dec. 31, 2021 $ in Millions	USD ($)	Property	property	PROPERTYNUMBER	property1	Property1
Lessor Lease Description [Line Items]
Number of real estate properties		1	726
Number of real estate properties under operating leases \| PROPERTYNUMBER				713
Number of real estate properties under direct financing leases \| property1					10
Number of real estate properties under sales-type leases \| Property		1
Number of real estate properties under direct financing leases that include land option \| Property1						3
Lessee, finance lease, existence of option to extend	true
Lessee, operating lease, existence of option to extend	true
Lease termination income \| $	$ 1.5
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, 2021	Dec. 31, 2020	Dec. 31, 2019
Leases [Abstract]
Depreciation	$ 99,143	$ 93,679	$ 83,797

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, 2021USD ($)
Lessor, Operating Lease, Payments, Fiscal Year Maturity [Abstract]
2022	$ 334,163
2023	338,889
2024	335,624
2025	328,914
2026	319,124
Thereafter	2,281,067
Estimated lease payments to be received under non-cancelable operating leases	$ 3,937,781

Investment in Rental Property_6

Investment in Rental Property and Lease Arrangements - Net Investment in Direct Financing Leases (Detail) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Leases [Abstract]
Undiscounted estimated lease payments to be received	$ 42,602	$ 45,782
Estimated unguaranteed residual values	15,203	15,203
Unearned revenue	(28,893)	(31,753)
Reserve for credit losses	(130)	(166)
Net investment in direct financing leases	$ 28,782	$ 29,066

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, 2021USD ($)
Capital Leases, Future Minimum Payments Receivable, Fiscal Year Maturity [Abstract]
2022	$ 3,241
2023	3,304
2024	3,361
2025	3,475
2026	3,547
Thereafter	25,674
Undiscounted estimated lease payments to be received under non-cancelable direct financing leases	$ 42,602

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, 2021	Dec. 31, 2020	Dec. 31, 2019
Income Statement [Abstract]
Contractual rental amounts billed for operating leases	$ 308,624	$ 281,998	$ 257,695
Adjustment to recognize contractual operating lease billings on a straight-line basis	19,847	25,200	22,109
Writeoff of accrued rental income	(442)	(4,235)
Variable rental amounts earned	768	743	152
Earned income from direct financing leases	2,909	3,355	4,018
Interest income from sales-type leases	58	5
Operating expenses billed to tenants	17,462	15,845	14,614
Other income from real estate transactions	33,549	799	668
Adjustment to revenue recognized for uncollectible rental amounts billed, net	101	(2,073)	(441)
Total Lease revenues, net	$ 382,876	$ 321,637	$ 298,815

Intangible Assets and Liabili_3

Intangible Assets and Liabilities - Schedule of Intangible Assets and Liabilities (Detail) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Lease intangibles:
Intangible lease assets, net	$ 303,642	$ 290,913
Acquired below-market leases	105,310	107,788
Less accumulated amortization	(34,714)	(28,135)
Intangible lease liabilities, net	70,596	79,653
Leasing fees	14,786	15,462
Less accumulated amortization	(5,145)	(4,724)
Leasing fees, net	9,641	10,738
Acquired Above-Market Leases
Lease intangibles:
Intangible lease assets, gross	47,147	54,616
Less accumulated amortization	(16,807)	(18,928)
Intangible lease assets, net	30,340	35,688
Acquired In-Place Leases
Lease intangibles:
Intangible lease assets, gross	380,766	340,958
Less accumulated amortization	(107,464)	(85,733)
Intangible lease assets, net	$ 273,302	$ 255,225

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, 2021	Dec. 31, 2020	Dec. 31, 2019
Finite Lived Intangible Assets [Line Items]
Acquired in-place leases and leasing fees	$ 3,800	$ 14,500	$ 0
Acquired In-Place Leases \| Depreciation and Amortization
Finite Lived Intangible Assets [Line Items]
Acquired in-place leases and leasing fees	32,857	38,934	25,021
Above and Below Market Leases \| Lease Revenues, Net
Finite Lived Intangible Assets [Line Items]
Acquired in-place leases and leasing fees	$ 3,264	$ 1,127	$ 3,419

Intangible Assets and Liabili_5

Intangible Assets and Liabilities - Additional Information (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization expense	$ 3,800	$ 14,500	$ 0

Intangible Assets and Liabili_6

Intangible Assets and Liabilities - Schedule of Amortizable Intangible Assets (Detail) $ in Thousands	Dec. 31, 2021USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
2022	$ 25,289
2023	24,982
2024	24,222
2025	22,925
2026	21,576
Thereafter	123,693
Total	$ 242,687

Unsecured Credit Agreements - A

Unsecured Credit Agreements - Additional Information (Detail) - USD ($)

Jan. 28, 2022

Dec. 31, 2021

Sep. 15, 2021

Mar. 12, 2021

Sep. 04, 2020

Feb. 07, 2020

Feb. 27, 2019

Apr. 18, 2017

Dec. 31, 2021

Dec. 31, 2020

Dec. 31, 2019

Feb. 28, 2022

Feb. 28, 2019

Jul. 02, 2018

Nov. 20, 2017

Jun. 23, 2017

Debt Instrument [Line Items]

Debt instrument, face amount

$ 600,000,000

Additional borrowing capacity

$ 80,000,000

Revolving credit facility, available borrowing capacity

$ 880,000,000

Remaining borrowing capacity

$ 900,000,000

Debt instrument, interest rate

5.00%

Weighted average interest rate on all outstanding borrowings

2.62%

Cost of debt extinguishment

$ (368,000)

$ (417,000)

$ (1,176,000)

Other Nonoperating Income (Expense)

Debt Instrument [Line Items]

Cost of debt extinguishment

300,000

400,000

300,000

Senior Unsecured Revolving Credit Facility

Debt Instrument [Line Items]

Debt instrument, face amount

425,000,000

2023 Unsecured Term Loan

Debt Instrument [Line Items]

Debt instrument, face amount

265,000,000

2023 Unsecured Term Loan | LIBOR | Minimum

Debt Instrument [Line Items]

Basis spread on variable rate

0.90%

2023 Unsecured Term Loan | LIBOR | Maximum

Debt Instrument [Line Items]

Basis spread on variable rate

1.75%

2024 Unsecured Term Loan

Debt Instrument [Line Items]

Debt instrument, face amount

$ 190,000,000

2024 Unsecured Term Loan | LIBOR | Minimum

Debt Instrument [Line Items]

Basis spread on variable rate

0.85%

2024 Unsecured Term Loan | LIBOR | Maximum

Debt Instrument [Line Items]

Basis spread on variable rate

1.65%

Revolving Credit Facility

Debt Instrument [Line Items]

Line of credit, maximum borrowing capacity

$ 1,000,000,000

Maturity date

Mar. 31,
2026

Revolving Credit Facility | Minimum

Debt Instrument [Line Items]

Basis spread on variable rate

0.725%

Revolving Credit Facility | Maximum

Debt Instrument [Line Items]

Basis spread on variable rate

1.40%

Revolving Credit Facility | Unsecured Debt

Debt Instrument [Line Items]

Line of credit, maximum accordion feature

$ 2,000,000,000

Debt instrument extension options, description

twice for six months per extension

Maturity extension fee on outstanding principal balance percentage

0.0625%

Debt issuance costs incurred

5,900,000

Revolving Credit Facility | Unsecured Debt | Minimum

Debt Instrument [Line Items]

Basis spread on variable rate

0.125%

Revolving Credit Facility | Unsecured Debt | Maximum

Debt Instrument [Line Items]

Basis spread on variable rate

0.30%

Revolving Credit Facility | Unsecured Debt | LIBOR | Minimum

Debt Instrument [Line Items]

Basis spread on variable rate

0.825%

Revolving Credit Facility | Unsecured Debt | LIBOR | Maximum

Debt Instrument [Line Items]

Basis spread on variable rate

1.55%

Unsecured Revolving Credit Facility

Debt Instrument [Line Items]

Line of credit, maximum borrowing capacity

$ 900,000,000

2022 Unsecured Term Loan | LIBOR | Minimum

Debt Instrument [Line Items]

Basis spread on variable rate

0.85%

2022 Unsecured Term Loan | LIBOR | Maximum

Debt Instrument [Line Items]

Basis spread on variable rate

1.65%

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

Debt Instrument [Line Items]

Debt instrument, face amount

$ 325,000,000

Senior Guaranteed Notes Series B | Unsecured Debt

Debt Instrument [Line Items]

Debt instrument, face amount

$ 225,000,000

Debt instrument, interest rate

5.09%

Senior Guaranteed Notes Series C | Unsecured Debt

Debt Instrument [Line Items]

Debt instrument, face amount

$ 100,000,000

Debt instrument, interest rate

5.19%

Unsecured Revolving Credit and Term Loan Agreement

Debt Instrument [Line Items]

Line of credit, maximum borrowing capacity

$ 1,100,000

800,000,000

Line of credit, maximum accordion feature

1,000,000,000

Revolving credit facility, available borrowing capacity

$ 425,000,000

Unsecured Revolving Credit and Term Loan Agreement | Senior Unsecured Revolving Credit Facility

Debt Instrument [Line Items]

Line of credit, maximum borrowing capacity

400,000,000

Sublimit for swingline loans

35,000,000

Amount available for issuance of letters of credit

20,000,000

Unsecured Revolving Credit and Term Loan Agreement | 5.5 Year Term Loan

Debt Instrument [Line Items]

Debt instrument, face amount

250,000,000

Unsecured Revolving Credit and Term Loan Agreement | 7 Year Term Loan

Debt Instrument [Line Items]

Debt instrument, face amount

$ 150,000,000

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

Debt Instrument [Line Items]

Line of credit, maximum borrowing capacity

900,000,000

Revolving Credit Facility Maturing January 2022 | Revolving Credit Facility | Unsecured Debt

Debt Instrument [Line Items]

Line of credit, maximum borrowing capacity

$ 600,000,000

2026 Unsecured Term Loan

Debt Instrument [Line Items]

Debt Instrument Paydown Amount

$ 50,000,000

Debt instrument, face amount

450,000,000

Line of credit, maximum accordion feature

$ 550,000,000

Maturity date

Feb. 27,
2026

Commitment fee percentage

0.25%

Debt instrument, term

7 years

2026 Unsecured Term Loan | LIBOR | Minimum

Debt Instrument [Line Items]

Basis spread on variable rate

0.85%

1.45%

2026 Unsecured Term Loan | LIBOR | Maximum

Debt Instrument [Line Items]

Basis spread on variable rate

1.65%

2.40%

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%

2031 Senior Unsecured Public Note and 2026 Unsecured Term Loan | Revolving Credit Facility

Debt Instrument [Line Items]

Debt issuance costs incurred

5,000,000

2022 Unsecured Term Loan

Debt Instrument [Line Items]

Debt instrument, face amount

$ 60,000,000

2027 Senior Notes

Debt Instrument [Line Items]

Proceeds from issuance of debt

$ 150,000,000

Debt instrument, interest rate

4.84%

2020 Unsecured Term Loan, 2026 Unsecured Term Loan and Prior Unsecured Revolving Credit Agreement

Debt Instrument [Line Items]

Debt issuance costs incurred

6,500,000

New Debt Agreement

Debt Instrument [Line Items]

Unamortized debt issuance costs

$ 5,000,000

$ 5,900,000

$ 6,500,000

Unsecured Credit Agreements - S

Unsecured Credit Agreements - Summary of Unsecured Credit Agreements (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Jul. 02, 2018
Debt Instrument [Line Items]
Debt instrument, interest rate	5.00%
Total unsecured debt	$ 1,699,160	$ 1,547,667
Long-term Debt	1,699,160
Unsecured Debt
Debt Instrument [Line Items]
Long-term Debt	1,592,472	1,433,796
Unsecured Debt \| Term Loan [Member]
Debt Instrument [Line Items]
Total unsecured debt	650,000	965,000
Debt issuance costs, net	(3,329)	(3,670)
Long-term Debt	646,671	961,330
Unsecured Debt \| Senior Notes [Member]
Debt Instrument [Line Items]
Total unsecured debt	850,000	475,000
Unamortized debt issuance costs and original issuance discount, net	(6,199)	(2,534)
Long-term Debt	$ 843,801	472,466
Unsecured Debt \| Unsecured Revolving Credit Facility
Debt Instrument [Line Items]
Interest Rate	one-month LIBOR + 1.00%
Maturity Date	2023-09
Total unsecured debt	$ 102,000
Unsecured Debt \| Unsecured Revolving Credit Facility \| 1 Month LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate	1.00%
Unsecured Debt \| Senior Guaranteed Notes Series B
Debt Instrument [Line Items]
Debt instrument, interest rate			5.09%
Unsecured Debt \| Senior Guaranteed Notes Series C
Debt Instrument [Line Items]
Debt instrument, interest rate			5.19%
Unsecured Debt \| 2022 Unsecured Term Loan
Debt Instrument [Line Items]
Interest Rate	one-month LIBOR + 1.00%
Maturity Date	2022-02
Total unsecured debt	$ 60,000	60,000
Unsecured Debt \| 2022 Unsecured Term Loan \| 1 Month LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate	1.00%
Unsecured Debt \| 2023 Unsecured Term Loan
Debt Instrument [Line Items]
Interest Rate	one-month LIBOR + 1.10%
Maturity Date	2023-01
Total unsecured debt		$ 265,000
Unsecured Debt \| 2023 Unsecured Term Loan \| 1 Month LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate	1.10%	1.35%
Unsecured Debt \| 2024 Unsecured Term Loan
Debt Instrument [Line Items]
Interest Rate	one-month LIBOR + 1.00%
Maturity Date	2024-06
Total unsecured debt	$ 190,000	$ 190,000
Unsecured Debt \| 2024 Unsecured Term Loan \| 1 Month LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate	1.00%	1.25%
Unsecured Debt \| 2026 Unsecured Term Loan
Debt Instrument [Line Items]
Interest Rate	one-month LIBOR + 1.00%
Maturity Date	2026-02
Total unsecured debt	$ 400,000	$ 450,000
Unsecured Debt \| 2026 Unsecured Term Loan \| 1 Month LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate	1.00%	1.85%
Unsecured Debt \| 2027 Senior Unsecured Notes \| Senior Guaranteed Notes Series A
Debt Instrument [Line Items]
Debt instrument, interest rate	4.84%
Maturity Date	2027-04
Total unsecured debt	$ 150,000	$ 150,000
Unsecured Debt \| 2028 Senior Unsecured Notes \| Senior Guaranteed Notes Series B
Debt Instrument [Line Items]
Debt instrument, interest rate	5.09%
Maturity Date	2028-07
Total unsecured debt	$ 225,000	225,000
Unsecured Debt \| 2030 Senior Unsecured Notes \| Senior Guaranteed Notes Series C
Debt Instrument [Line Items]
Debt instrument, interest rate	5.19%
Maturity Date	2030-07
Total unsecured debt	$ 100,000	$ 100,000
Unsecured Debt \| 2031 Senior Unsecured Public Notes \| Senior Notes
Debt Instrument [Line Items]
Debt instrument, interest rate	2.60%
Maturity Date	2031-09
Total unsecured debt	$ 375,000

Unsecured Credit Agreements -_2

Unsecured Credit Agreements - Summary of Unsecured Credit Agreements (Parenthetical) (Detail) - Unsecured Debt - 1 Month LIBOR	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Interest rate	0.10%	0.14%
2024 Unsecured Term Loan
Debt Instrument [Line Items]
Debt Instrument, Basis Spread on Variable Rate	1.00%	1.25%
2023 Unsecured Term Loan
Debt Instrument [Line Items]
Debt Instrument, Basis Spread on Variable Rate	1.10%	1.35%
2026 Unsecured Term Loan
Debt Instrument [Line Items]
Debt Instrument, Basis Spread on Variable Rate	1.00%	1.85%
Revolving Credit Facility
Debt Instrument [Line Items]
Debt Instrument, Basis Spread on Variable Rate		1.20%

Unsecured Credit Agreements -_3

Unsecured Credit Agreements - Summary of Debt Issuance Cost Amortization (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Debt Disclosure [Abstract]
Debt issuance costs and original issuance discount amortization	$ 3,854	$ 3,445	$ 2,685

Mortgages - Summary of Mortgage

Mortgages - Summary of Mortgages (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Debt instrument, interest rate	5.00%
Mortgages and notes payable	$ 1,699,160	$ 1,547,667
Mortgages, net	96,846	107,382
Secured Debt
Debt Instrument [Line Items]
Mortgages and notes payable	97,160	107,667
Debt issuance costs, net	$ (314)	(285)
Wilmington Trust National Association, Due February 28 \| Secured Debt
Debt Instrument [Line Items]
Origination Date	2019-04
Maturity Date	2028-02
Debt instrument, interest rate	4.92%
Mortgages and notes payable	$ 46,760	47,945
Wilmington Trust National Association, Due August 25 \| Secured Debt
Debt Instrument [Line Items]
Origination Date	2018-06
Maturity Date	2025-06
Debt instrument, interest rate	4.36%
Mortgages and notes payable	$ 19,557	19,947
PNC Bank \| Secured Debt
Debt Instrument [Line Items]
Origination Date	2016-10
Maturity Date	2026-11
Debt instrument, interest rate	3.62%
Mortgages and notes payable	$ 17,094	17,498
T2 Durham I, LLC \| Secured Debt
Debt Instrument [Line Items]
Origination Date	2021-07
Maturity Date	2024-07
Interest Rate	Greater of Prime + 1.25% or 5.00%
Mortgages and notes payable	$ 7,500	0
T2 Durham I, LLC \| Greater of Prime \| Secured Debt \| Maximum
Debt Instrument [Line Items]
Basis spread on variable rate	5.00%
T2 Durham I, LLC \| Greater of Prime \| Secured Debt \| Minimum
Debt Instrument [Line Items]
Basis spread on variable rate	1.25%
Aegon \| Secured Debt
Debt Instrument [Line Items]
Origination Date	2012-04
Maturity Date	2023-10
Debt instrument, interest rate	6.38%
Mortgages and notes payable	$ 6,249	7,039
Sun Life \| Secured Debt
Debt Instrument [Line Items]
Origination Date	2012-03
Maturity Date	2021-10
Debt instrument, interest rate	5.13%
Mortgages and notes payable	$ 0	10,469
M&T Bank \| Secured Debt
Debt Instrument [Line Items]
Origination Date	2017-10
Maturity Date	2021-06
Interest Rate	one-month LIBOR+3%
Mortgages and notes payable	$ 0	$ 4,769
M&T Bank \| 1 Month LIBOR \| Secured Debt
Debt Instrument [Line Items]
Basis spread on variable rate	3.00%

Mortgages - Summary of Mortga_2

Mortgages - Summary of Mortgages (Parenthetical) (Detail)	12 Months Ended
Mortgages - Summary of Mortgages (Parenthetical) (Detail)	Dec. 31, 2021
Debt Instrument [Line Items]
Debt instrument, interest rate	5.00%
Maximum \| Prime Rate plus 1.25%
Debt Instrument [Line Items]
Basis spread on variable rate	5.00%
Minimum \| Prime Rate plus 1.25%
Debt Instrument [Line Items]
Basis spread on variable rate	1.25%

Mortgages - Additional Informat

Mortgages - Additional Information (Detail) $ in Millions	Dec. 31, 2021USD ($)
Debt Disclosure [Abstract]
Investment in rental property pledges as collateral	$ 161.6

Mortgages - Schedule of Estimat

Mortgages - Schedule of Estimated Future Principal Payments (Detail) $ in Thousands	Dec. 31, 2021USD ($)
Debt Disclosure [Abstract]
2022	$ 62,906
2023	109,582
2024	199,760
2025	20,195
2026	416,843
Thereafter	889,874
Long-term Debt	$ 1,699,160

Interest Rate Swaps - Summary o

Interest Rate Swaps - Summary of Interest-rate Swap Agreements (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Derivative [Line Items]
Weighted Average Fixed Rate	2.62%
Interest Rate Swap
Derivative [Line Items]
Weighted Average Fixed Rate	2.11%
Notional Amount	$ 640,000	$ 859,768
Fair Value	$ (27,171)	(72,103)
Interest Rate Swap \| Wells Fargo Bank One
Derivative [Line Items]
Derivative, Maturity date	2021-02
Derivative, Fixed rate	2.39%
Notional Amount		35,000
Fair Value		(70)
Interest Rate Swap \| M&T Bank
Derivative [Line Items]
Derivative, Maturity date	2021-08
Derivative, Fixed rate	1.02%
Notional Amount		4,768
Fair Value		(25)
Interest Rate Swap \| Capital One, National Association One
Derivative [Line Items]
Derivative, Maturity date	2021-12
Derivative, Fixed rate	1.05%
Notional Amount		15,000
Fair Value		(141)
Interest Rate Swap \| M&T Bank One
Derivative [Line Items]
Derivative, Maturity date	2022-09
Derivative, Fixed rate	2.83%
Notional Amount		25,000
Fair Value		(1,139)
Interest Rate Swap \| Bank of America
Derivative [Line Items]
Derivative, Maturity date	2023-11
Derivative, Fixed rate	2.80%
Notional Amount		25,000
Fair Value		(1,848)
Interest Rate Swap \| M&T Bank Two
Derivative [Line Items]
Derivative, Maturity date	2023-11
Derivative, Fixed rate	2.65%
Notional Amount		25,000
Fair Value		(1,785)
Interest Rate Swap \| Regions Bank
Derivative [Line Items]
Derivative, Maturity date	2023-12
Derivative, Fixed rate	1.18%
Notional Amount		25,000
Fair Value		(763)
Interest Rate Swap \| Truist Financial Corporation One
Derivative [Line Items]
Derivative, Maturity date	2024-04
Derivative, Fixed rate	1.99%
Notional Amount		25,000
Fair Value		(1,487)
Interest Rate Swap \| Bank of Montreal One
Derivative [Line Items]
Derivative, Maturity date	2024-07
Derivative, Fixed rate	1.16%
Notional Amount		40,000
Fair Value		(1,380)
Interest Rate Swap \| Wells Fargo Bank Two
Derivative [Line Items]
Derivative, Maturity date	2024-10
Derivative, Fixed rate	2.72%
Notional Amount	$ 15,000	15,000
Fair Value	$ (702)	(1,422)
Interest Rate Swap \| Capital One, National Association Two
Derivative [Line Items]
Derivative, Maturity date	2024-12
Derivative, Fixed rate	1.58%
Notional Amount	$ 15,000	15,000
Fair Value	$ (241)	(799)
Interest Rate Swap \| Bank of Montreal Two
Derivative [Line Items]
Derivative, Maturity date	2025-01
Derivative, Fixed rate	1.91%
Notional Amount	$ 25,000	25,000
Fair Value	$ (649)	(1,725)
Interest Rate Swap \| Truist Financial Corporation Two
Derivative [Line Items]
Derivative, Maturity date	2025-04
Derivative, Fixed rate	2.20%
Notional Amount	$ 25,000	25,000
Fair Value	$ (905)	(2,084)
Interest Rate Swap \| Bank of Montreal Three
Derivative [Line Items]
Derivative, Maturity date	2025-07
Derivative, Fixed rate	2.32%
Notional Amount	$ 25,000	25,000
Fair Value	$ (1,049)	(2,351)
Interest Rate Swap \| Truist Financial Corporation Three
Derivative [Line Items]
Derivative, Maturity date	2025-07
Derivative, Fixed rate	1.99%
Notional Amount	$ 25,000	25,000
Fair Value	$ (767)	(1,941)
Interest Rate Swap \| Truist Financial Corporation Four
Derivative [Line Items]
Derivative, Maturity date	2025-12
Derivative, Fixed rate	2.30%
Notional Amount	$ 25,000	25,000
Fair Value	$ (1,125)	(2,481)
Interest Rate Swap \| Bank of Montreal Four
Derivative [Line Items]
Derivative, Maturity date	2026-01
Derivative, Fixed rate	1.92%
Notional Amount	$ 25,000	25,000
Fair Value	$ (760)	(2,039)
Interest Rate Swap \| Bank of Montreal Five
Derivative [Line Items]
Derivative, Maturity date	2026-01
Derivative, Fixed rate	2.05%
Notional Amount	$ 40,000	40,000
Fair Value	$ (1,415)	(3,523)
Interest Rate Swap \| Capital One, National Association Three
Derivative [Line Items]
Derivative, Maturity date	2026-01
Derivative, Fixed rate	2.08%
Notional Amount	$ 35,000	35,000
Fair Value	$ (1,274)	(3,078)
Interest Rate Swap \| Truist Financial Corporation Five
Derivative [Line Items]
Derivative, Maturity date	2026-01
Derivative, Fixed rate	1.93%
Notional Amount	$ 25,000	25,000
Fair Value	$ (768)	(2,019)
Interest Rate Swap \| Capital One, National Association Four
Derivative [Line Items]
Derivative, Maturity date	2026-04
Derivative, Fixed rate	2.68%
Notional Amount	$ 15,000	15,000
Fair Value	$ (941)	(1,843)
Interest Rate Swap \| Capital One, National Association Five
Derivative [Line Items]
Derivative, Maturity date	2026-07
Derivative, Fixed rate	1.32%
Notional Amount	$ 35,000	35,000
Fair Value	$ (205)	(1,806)
Interest Rate Swap \| Bank of Montreal Six
Derivative [Line Items]
Derivative, Maturity date	2026-12
Derivative, Fixed rate	2.33%
Notional Amount	$ 10,000	10,000
Fair Value	$ (538)	(1,156)
Interest Rate Swap \| Bank of Montreal Seven
Derivative [Line Items]
Derivative, Maturity date	2026-12
Derivative, Fixed rate	1.99%
Notional Amount	$ 25,000	25,000
Fair Value	$ (936)	(2,372)
Interest Rate Swap \| Wells Fargo Bank Three
Derivative [Line Items]
Derivative, Maturity date	2027-04
Derivative, Fixed rate	2.72%
Notional Amount	$ 25,000	25,000
Fair Value	$ (1,887)	(3,555)
Interest Rate Swap \| Bank of Montreal Eight
Derivative [Line Items]
Derivative, Maturity date	2027-12
Derivative, Fixed rate	2.37%
Notional Amount	$ 25,000	25,000
Fair Value	$ (1,570)	(3,234)
Interest Rate Swap \| Capital One, National Association Six
Derivative [Line Items]
Derivative, Maturity date	2027-12
Derivative, Fixed rate	2.37%
Notional Amount	$ 25,000	25,000
Fair Value	$ (1,575)	(3,199)
Interest Rate Swap \| Wells Fargo Bank Four
Derivative [Line Items]
Derivative, Maturity date	2028-01
Derivative, Fixed rate	2.37%
Notional Amount	$ 75,000	75,000
Fair Value	$ (4,741)	(9,650)
Interest Rate Swap \| Bank of Montreal Nine
Derivative [Line Items]
Derivative, Maturity date	2029-05
Derivative, Fixed rate	2.09%
Notional Amount	$ 25,000	25,000
Fair Value	$ (1,316)	(2,994)
Interest Rate Swap \| Regions Bank One
Derivative [Line Items]
Derivative, Maturity date	2029-05
Derivative, Fixed rate	2.11%
Notional Amount	$ 25,000	25,000
Fair Value	$ (1,356)	(3,004)
Interest Rate Swap \| Regions Bank Two
Derivative [Line Items]
Derivative, Maturity date	2029-06
Derivative, Fixed rate	2.03%
Notional Amount	$ 25,000	25,000
Fair Value	$ (1,222)	(2,843)
Interest Rate Swap \| U.S. Bank National Association
Derivative [Line Items]
Derivative, Maturity date	2029-06
Derivative, Fixed rate	2.03%
Notional Amount	$ 25,000	25,000
Fair Value	$ (1,220)	(2,902)
Interest Rate Swap \| U S Bank National Association One
Derivative [Line Items]
Derivative, Maturity date	2029-08
Derivative, Fixed rate	1.35%
Notional Amount	$ 25,000	25,000
Fair Value	$ (9)	$ (1,445)

Interest Rate Swaps - Summary_2

Interest Rate Swaps - Summary of Interest-rate Swap Agreements (Parenthetical) (Detail) - Interest Rate Swap	12 Months Ended
	Dec. 31, 2021
Derivative [Line Items]
Interest rate swap terminated month and year	2021-09
M&T Bank \| Umbrella Partnership Real Estate Investment Trust Transaction
Derivative [Line Items]
Interest rate swap assumed month and year	2017-10

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, 2021	Dec. 31, 2020	Dec. 31, 2019
Derivative [Line Items]
Total Interest Expense Presented in the Consolidated Statements of Income and Comprehensive Income	$ 64,146	$ 76,138	$ 72,534
Interest Rate Swap
Derivative [Line Items]
Amount of (Loss) Gain Recognized in Accumulated Other Comprehensive Loss	$ 39,353	$ (50,544)	$ (37,372)
Reclassification from Accumulated Other Comprehensive Loss, Location	Interest expense	Interest expense	Interest expense
Reclassification from Accumulated Other Comprehensive Loss, Amount of (Loss) Gain	$ (16,136)	$ (12,656)	$ 1,492
Total Interest Expense Presented in the Consolidated Statements of Income and Comprehensive Income	$ 64,146	$ 76,138	$ 72,534

Interest Rate Swaps - Additiona

Interest Rate Swaps - Additional Information (Detail) $ in Millions	12 Months Ended
	Dec. 31, 2021USD ($)
Derivative Instrument Detail [Abstract]
Interest rate swaps expected to be reclassified - (loss)	$ 13.1

Non-Controlling Interests - Add

Non-Controlling Interests - Additional Information (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Minority Interest [Line Items]
Properties contributed as part of UPREIT transactions, value	$ 0	$ 0	$ 0
Properties contributed as part of UPREIT transactions, value, net of debt assumed	$ 128,700	$ 128,700
OP units, issued	6,058,080	6,943,130	6,948,185
OP Units	4,265,126	4,455,308	6,948,185
Number of OP units issued during period	1,859,257
Broadstone Net Lease, LLC
Minority Interest [Line Items]
Percentage of economic interests owned by non-controlling interests	6.00%	7.30%	6.30%

Non-Controlling Interests - Sch

Non-Controlling Interests - Schedule of OP Units Exchanged for Shares of Common Stock (Detail) - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Minority Interest [Line Items]
Value of units exchanged	$ 47,000	$ 15,600
Common Stock
Minority Interest [Line Items]
OP Units exchanged for shares of common stock	2,935	822	0
Additional Paid-in Capital
Minority Interest [Line Items]
Value of units exchanged	$ 46,968	$ 15,631	$ 0

Credit Risk Concentrations - Ad

Credit Risk Concentrations - Additional Information (Detail) - Customer	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Concentration Risk [Line Items]
Number of tenants or common franchises	0	0	0
Management fees \| Credit Availability Concentration Risk \| Financial Institution Two
Concentration Risk [Line Items]
Concentrations risk percentage		2.00%	18.00%

Equity - Additional Information

Equity - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands	Feb. 22, 2022	Aug. 23, 2021	Jun. 28, 2021	Sep. 21, 2020	Jan. 10, 2020	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Equity [Line Items]
Issuance of shares of common stock, shares						1,088,977
Offering price	$ 24.10
Net proceeds from issuance of common stock	$ 25,000					$ 280,356	$ 588,457	$ 329,750
Common stock, voting rights						one vote per share
Preferred stock, shares issued						0	0
Preferred stock, shares outstanding						0	0
Description of total shares quarterly redeemed						Total shares redeemed pursuant to the Share Redemption Program in any quarter could not exceed 1% of the total number of shares outstanding at the beginning of the calendar year plus 50% of the total number of any additional shares issued during the prior calendar quarter under the DRIP (as defined below), provided that the total number of shares redeemed during any calendar year could not exceed 5% of the number of shares outstanding as of the first day of such calendar year.
Share redemption program termination effective date					Feb. 10, 2020
Common stock, shares issued						162,383,000	108,609,000
Common Stock
Equity [Line Items]
Issuance of shares of common stock, shares						13,910	659	18,560
Maximum \| Common Stock
Equity [Line Items]
Gross Sale Price		$ 400,000
Distribution Reinvestment Plan
Equity [Line Items]
Issuance of shares of common stock, shares							275,271	3,012,052
Common stock, shares issued							12,300,812	12,019,170
Stock Redeemable After 12 Months but Less than Five Years
Equity [Line Items]
Share value redeemable percentage						95.00%
Stock Redeemable after Five Years
Equity [Line Items]
Share value redeemable percentage						100.00%
IPO
Equity [Line Items]
Issuance of shares of common stock, shares				37,000,000
Offering price				$ 17
ATM
Equity [Line Items]
Issuance of shares of common stock, shares						1,071,500
Net proceeds from issuance of common stock						$ 27,300
ATM \| Common Stock
Equity [Line Items]
Shares Issued, Price Per Share						$ 26.26
Payments for Commissions						$ 300
Payments of Stock Issuance Costs						500
Common stock with an aggregate sales price						$ 371,900
VWAP Earnout \| Common Stock
Equity [Line Items]
Issuance of shares of common stock, shares						1,088,977
Follow-on equity offering
Equity [Line Items]
Issuance of shares of common stock, shares			11,500,000
Offering price			$ 23
Underwriting discounts and commissions			$ 10,600
Other equity offering expenses			400
Net proceeds from issuance of common stock			253,500
Follow-on equity offering \| Revolving Credit Facility
Equity [Line Items]
Repayments of lines of credit			$ 160,600

Equity - Summary of Redemptions

Equity - Summary of Redemptions under Company's Share Redemption Program (Detail) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2020USD ($)Stockholdershares	Dec. 31, 2019USD ($)Stockholdershares
Equity [Abstract]
Number of redemptions requested \| Stockholder	0	96
Number of shares \| shares	0	2,610
Aggregate redemption price \| $	$ 0	$ 54,599

Stock-Based Compensation - Addi

Stock-Based Compensation - Additional Information (Detail) - $ / shares	Mar. 01, 2021	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Restricted Stock Awards
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of shares of restricted stock		202,000	341,000
Weighted average grant date fair value per share		$ 18.70	$ 20.50
Performance-based Restricted Stock Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of shares of restricted stock		132,000
Weighted average grant date fair value per share		$ 24.40
Number of restricted stock			0	0
2020 Equity Incentive Plan \| Restricted Stock Awards
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of shares of restricted stock		199,430	340,976
2020 Equity Incentive Plan \| Determined Share Value
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Weighted average grant date fair value per share		$ 18.66	$ 20.50
2020 Equity Incentive Plan \| Performance-based Restricted Stock Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of shares of restricted stock	132,189
Non-vested share awards percentage	50.00%
Vesting percentage payout schedule can produce	100.00%
Performance period	3 years
Percentage as rTSR of peer group	55.00%
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	200.00%
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	0.00%
2020 Equity Incentive Plan \| Tranche One \| Restricted Stock Awards
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Award vesting period		1 year
2020 Equity Incentive Plan \| Tranche Two \| Restricted Stock Awards
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Award vesting period		3 years
2020 Equity Incentive Plan \| Tranche Three \| Restricted Stock Awards
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Award vesting period		4 years

Stock-Based Compensation - Summ

Stock-Based Compensation - Summary of RSAs (Detail) - Restricted Stock Awards - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Compensation cost	$ 3,926	$ 1,989
Dividends declared on unvested RSAs	394	131
Grand date fair value of shares vested during the period	3,296	0
Unamortized value of RSAs	$ 4,715	$ 5,001
Weighted average amortization period (in years)	2 years 4 months 24 days	2 years 9 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, 2021	Dec. 31, 2020
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of Shares, Unvested at beginning of period	341	0
Number of Shares, Granted	202	341
Number of shares of restricted stock vested	(164)	0
Number of Shares, Forfeited	(7)	0
Number of Shares, Unvested at end of period	372	341
Weighted Average Grant Date Fair Value per Share, Unvested at beginning of period	$ 20.50	$ 0
Weighted Average Grant Date Fair Value per Share, Granted	18.70	20.50
Weighted Average Grant Date Fair Value per Share, Vested	20.15	0
Weighted Average Grant Date Fair Value per Share, Forfeited	19.40	0
Weighted Average Grant Date Fair Value per Share, Unvested at end of period	$ 19.62	$ 20.50

Stock-Based Compensation - Su_3

Stock-Based Compensation - Summary of PRSUs (Detail) - Performance-based Restricted Stock Units $ in Thousands	12 Months Ended
	Dec. 31, 2021USD ($)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation cost	$ 743
Unamortized value of PRSUs	$ 1,931
Weighted average amortization period (in years)	2 years 2 months 12 days

Stock-Based Compensation - Su_4

Stock-Based Compensation - Summary of PRSU Activity (Detail) - Performance-based Restricted Stock Units shares in Thousands	12 Months Ended
	Dec. 31, 2021$ / sharesshares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of Shares, Unvested at beginning of period \| shares	0
Number of Shares, Granted \| shares	132
Number of Shares, Vested \| shares	0
Number of Shares, Forfeited \| shares	(22)
Number of Shares, Unvested at end of period \| shares	110
Weighted Average Grant Date Fair Value per Share, Unvested at beginning of period \| $ / shares	$ 0
Weighted Average Grant Date Fair Value per Share, Granted \| $ / shares	24.40
Weighted Average Grant Date Fair Value per Share, Vested \| $ / shares	0
Weighted Average Grant Date Fair Value per Share, Forfeited \| $ / shares	24.40
Weighted Average Grant Date Fair Value per Share, Unvested at end of period \| $ / shares	$ 24.40

Earnings per Share - Summary of

Earnings per Share - Summary of Components used in Calculation of Basic and Diluted Earnings per Share (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Basic earnings:
Net earnings attributable to Broadstone Net Lease, Inc. common shareholders	$ 102,426	$ 51,181	$ 79,394
Less: earnings allocated to unvested restricted shares	(394)	(131)	0
Net earnings used to compute basic earnings per common share	102,032	51,050	79,394
Diluted earnings:
Net earnings used to compute basic earnings per share	102,032	51,050	79,394
Net earnings attributable to non-controlling interests	7,102	5,095	5,720
Net earnings used to compute diluted earnings per common share	$ 109,134	$ 56,145	$ 85,114
Weighted average number of common shares outstanding:	153,425	117,289	95,917
Less: weighted average unvested restricted shares	(368)	(139)	0
Weighted average number of common shares outstanding used in basic earnings per common share	153,057	117,150	95,917
Effects of restricted stock units	172	0	0
Effects of convertible membership units	10,741	11,649	6,948
Weighted average number of common shares outstanding used in diluted earnings per common share	163,970	128,799	102,865
Basic earnings per share	$ 0.67	$ 0.44	$ 0.83
Diluted earnings per share	$ 0.67	$ 0.44	$ 0.83

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, 2021	Dec. 31, 2020	Dec. 31, 2019
Earnings Per Share [Abstract]
Unvested restricted shares of common stock	372,150	340,963
Weighted average effects of OP Units outstanding	10,323,206	11,398,438	6,948,185

Income Taxes - Schedule of Dist

Income Taxes - Schedule of Distributions Characterized as Ordinary Dividends Capital Gain and Nontaxable (Detail)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Income Tax Disclosure [Abstract]
Ordinary dividends	61.00%	89.00%	43.00%
Capital gain distributions	0.00%	7.00%	8.00%
Return of capital distributions	39.00%	4.00%	49.00%
Percentage of distributions paid to stockholders	100.00%	100.00%	100.00%

Supplemental Cash Flow Disclo_2

Supplemental Cash Flow Disclosures - Additional Information (Detail) $ in Thousands	12 Months Ended
	Dec. 31, 2021USD ($)shares	Dec. 31, 2020USD ($)propertyshares	Dec. 31, 2019USD ($)shares	Feb. 07, 2020USD ($)	Jan. 01, 2020USD ($)	Jan. 01, 2019USD ($)
Supplemental Cash Flow Elements [Line Items]
Cash paid for interest	$ 57,300	$ 72,600	$ 76,400
Cash paid for state income, franchise, and foreign taxes	$ 600	1,500	2,100
Issuance of shares of common stock, shares \| shares	1,088,977
Fair value of earnout consideration	$ 0	7,509	0
Debt		90,500		$ 90,484
Adjustments to additional paid in capital mezzanine equity non-controlling interests		(2,513)
Reclassification of mezzanine equity non-controlling interests		112,700
Reclassification of mezzanine equity common stock		66,400
Reclassification of carrying value of earnout liability		$ 30,800
Issuance of shares common stock upon conversion of OP units \| shares	2,934,489	822,745
Conversion of OP Units to shares of common stock	$ 47,000	$ 15,600
Issuance of OP units, number of units \| shares	2,934,489	822,745
Dividend declared and accrued but not yet paid	$ 45,900	$ 39,300	12,200
Carrying amount of asset recognized		$ 10,800
Number of properties placed under lease modifications \| property		5
Provision for credit losses					$ 300
Right-of-use assets	3,099	$ 3,075
Lease liabilities	2,570	2,659
Credit for rent in advance		1,700
Notes receivables settled			2,500
ASC 842
Supplemental Cash Flow Elements [Line Items]
Right-of-use assets						$ 1,700
Lease liabilities						$ 1,300
Additional Paid-in Capital
Supplemental Cash Flow Elements [Line Items]
Adjustments to additional paid in capital mezzanine equity non-controlling interests		(2,513)
Reclassification of mezzanine equity common stock		66,400
Reclassification of carrying value of earnout liability		11,400
Conversion of OP Units to shares of common stock	46,968	15,631	0
Adjusted carrying value of non-controlling interests			(5,816)
Additional Paid-in Capital \| OP
Supplemental Cash Flow Elements [Line Items]
Adjusted carrying value of non-controlling interests	32,200	(41,200)	5,800
Non-controlling Interests
Supplemental Cash Flow Elements [Line Items]
Reclassification of carrying value of earnout liability		19,400
Conversion of OP Units to shares of common stock	$ (14,206)	(15,631)
Adjusted carrying value of non-controlling interests			$ 5,816
Common Stock and OP Units
Supplemental Cash Flow Elements [Line Items]
Amount of equity interest issued or issuable in a business combination		178,500
Fair value of earnout consideration		$ 40,100
Distribution Reinvestment Plan
Supplemental Cash Flow Elements [Line Items]
Issuance of shares of common stock, shares \| shares		275,271	3,012,052
Common stock issued		$ 5,700	$ 63,000

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Detail) $ in Millions	12 Months Ended
	Dec. 31, 2021USD ($)
Loss Contingencies [Line Items]
Potential liability due to taxable sales of applicable properties	$ 22.3
Tenant Building Expansion	$ 17.4
Minimum \| Office Lease
Loss Contingencies [Line Items]
Non-cancellable operating leases, expiration year	2022
Minimum \| Ground Lease
Loss Contingencies [Line Items]
Non-cancellable operating leases term	2034
Maximum \| Office Lease
Loss Contingencies [Line Items]
Non-cancellable operating leases, expiration year	2023
Maximum \| Ground Lease
Loss Contingencies [Line Items]
Non-cancellable operating leases term	2069

Commitments and Contingencies_2

Commitments and Contingencies - Summary of Total Lease Costs Associated with Operating Leases (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Variable lease costs
Total lease costs	$ 834	$ 711	$ 185
General and Administrative \| Office Lease
Operating lease costs
Operating lease costs	623	517	0
Property and Operating Expense \| Ground Lease
Operating lease costs
Operating lease costs	149	133	139
Variable lease costs
Variable lease costs	$ 62	$ 61	$ 46

Commitments and Contingencies_3

Commitments and Contingencies - Summary of Payments Associated with Obligations Under Operating Leases (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Cash Flow, Operating Activities, Lessee [Abstract]
Operating lease payments	$ 804	$ 666	$ 158

Commitments and Contingencies_4

Commitments and Contingencies - Summary of Estimated Future Lease Payments Required Under Non-cancelable Operating Leases as well as Reconciliation to Lease Liabilities (Detail) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Commitments and Contingencies Disclosure [Abstract]
2022	$ 723
2023	539
2024	153
2025	155
2026	157
Thereafter	3,620
Total undiscounted cash flows	5,347
Less imputed interest	(2,777)
Lease liabilities	$ 2,570	$ 2,659

Subsequent Events - Additional

Subsequent Events - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands	Feb. 22, 2022	Feb. 17, 2022	Jan. 28, 2022	Jan. 14, 2022	Dec. 31, 2021	Feb. 07, 2020	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Subsequent Event [Line Items]
Acquisition of rental property and associated intangible assets and liabilities					$ 25,600		$ 25,600
Long-term Debt, Gross					1,699,160		1,699,160	$ 1,547,667
Applicable Margin of Credit Note			0.85%
Repayments of Debt						$ 90,500
Number of shares issued in transaction	1,051,000
Sale of Stock, Price Per Share	$ 24.10
Payment of Underwriting Commission	$ 400
Proceeds from Issuance of Common Stock	$ 25,000						$ 280,356	$ 588,457	$ 329,750
Revolving Credit Facility
Subsequent Event [Line Items]
Line of Credit Resolving, Maximum Borrowing Capacity			$ 1,000,000
Debt Instrument, Maturity Date			Mar. 31, 2026
Applicable Margin of Facility Fee			0.20%
Repayments of Debt					17,000
Proceeds from Issuance of Debt					$ 37,000
Revolving Credit Facility \| Foreign currency
Subsequent Event [Line Items]
Long-term Debt, Gross			$ 500,000
Revolving Credit Facility \| Maximum [Member]
Subsequent Event [Line Items]
Debt Instrument, Basis Spread on Variable Rate			1.40%
Revolving Credit Facility \| Minimum [Member]
Subsequent Event [Line Items]
Debt Instrument, Basis Spread on Variable Rate			0.725%
Subsequent Event
Subsequent Event [Line Items]
Distribution paid				$ 45,800
Quarterly distribution per share		$ 0.265
Quarterly distribution payable date		Apr. 15, 2022
Quarterly distribution date of record		Mar. 31, 2022

Significant Accounting Policies

Significant Accounting Policies - Summary of Impairment Charges (Detail) $ in Thousands	12 Months Ended
	Dec. 31, 2021USD ($)CUSTOMER	Dec. 31, 2020USD ($)CUSTOMER	Dec. 31, 2019USD ($)CUSTOMER
Impaired Long-Lived Assets Held and Used [Line Items]
NumberOfIndividualProperties \| CUSTOMER	7	7	4
Impairment of Real Estate \| $	$ 28,208	$ 19,077	$ 3,452

Summary of Significant Accou_17

Summary of Significant Accounting Policies - Summary of Impact of Simultaneous Transactions (Detail) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2021	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Finite-Lived Intangible Assets [Line Items]
Total Lease revenues, net		$ 382,876	$ 321,637	$ 298,815
Amortization expense		3,800	14,500	0
Loss on sale of properties		13,523	14,985	29,914
Lease Termination Impact
Finite-Lived Intangible Assets [Line Items]
Lease termination fee	$ 35,000	35,000
Write-off of accrued rental income	(1,496)	(1,500)
Total Lease revenues, net	33,793
Loss on sale of properties	(25,746)	25,700
Increase to net income	4,001
Above and Below Market Leases \| Lease Revenues, Net
Finite-Lived Intangible Assets [Line Items]
Amortization expense		3,264	1,127	3,419
Above and Below Market Leases \| Lease Termination Impact \| Lease Revenues, Net
Finite-Lived Intangible Assets [Line Items]
Amortization expense	289	300
Acquired In-Place Leases \| Depreciation and Amortization
Finite-Lived Intangible Assets [Line Items]
Amortization expense		$ 32,857	$ 38,934	$ 25,021
Acquired In-Place Leases \| Lease Termination Impact \| Depreciation and Amortization
Finite-Lived Intangible Assets [Line Items]
Amortization expense	$ (4,046)

Schedule III - Real Estate As_2

Schedule III - Real Estate Assets and Accumulated Depreciation (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Real Estate And Accumulated Depreciation [Line Items]
Initial Costs to Company, Encumbrance	$ 97,160
Initial Costs to Company, Land	649,964
Initial Costs to Company, Buildings and Improvements	3,496,443
Costs Capitalized Subsequent to Acquisition, Land	5,410
Costs Capitalized Subsequent to Acquisition, Improvements	53,374
Gross Amount at Which Carried at Close of Period, Land	655,374
Gross Amount at Which Carried at Close of Period, Buildings and Improvements	3,549,817
Total	4,205,191	$ 3,704,488	$ 3,686,444	$ 2,848,735
Accumulated Depreciation	430,141	$ 349,977	$ 271,044	$ 206,989
Industrial Property \| Manufacturing
Real Estate And Accumulated Depreciation [Line Items]
Initial Costs to Company, Land	111,511
Initial Costs to Company, Buildings and Improvements	487,861
Costs Capitalized Subsequent to Acquisition, Improvements	9,087
Gross Amount at Which Carried at Close of Period, Land	111,511
Gross Amount at Which Carried at Close of Period, Buildings and Improvements	496,948
Total	608,459
Accumulated Depreciation	$ 59,597
Date of Construction	1932-2021
Date Acquired	2011-2021
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, Encumbrance	$ 7,500
Initial Costs to Company, Land	95,356
Initial Costs to Company, Buildings and Improvements	565,182
Costs Capitalized Subsequent to Acquisition, Land	4,511
Costs Capitalized Subsequent to Acquisition, Improvements	1,834
Gross Amount at Which Carried at Close of Period, Land	99,867
Gross Amount at Which Carried at Close of Period, Buildings and Improvements	567,016
Total	666,883
Accumulated Depreciation	$ 50,798
Date of Construction	1929-2021
Date Acquired	2012-2021
Industrial Property \| Distribution & Warehouse \| Minimum
Real Estate And Accumulated Depreciation [Line Items]
Life on Which Depreciation is Computed (Years)	15 years
Industrial Property \| Distribution & Warehouse \| Maximum
Real Estate And Accumulated Depreciation [Line Items]
Life on Which Depreciation is Computed (Years)	39 years
Industrial Property \| Food Processing
Real Estate And Accumulated Depreciation [Line Items]
Initial Costs to Company, Encumbrance	$ 6,249
Initial Costs to Company, Land	24,668
Initial Costs to Company, Buildings and Improvements	264,695
Costs Capitalized Subsequent to Acquisition, Improvements	2,700
Gross Amount at Which Carried at Close of Period, Land	24,668
Gross Amount at Which Carried at Close of Period, Buildings and Improvements	267,395
Total	292,063
Accumulated Depreciation	$ 27,827
Date of Construction	1907-2020
Date Acquired	2012-2021
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	$ 46,760
Initial Costs to Company, Land	57,118
Initial Costs to Company, Buildings and Improvements	155,150
Costs Capitalized Subsequent to Acquisition, Improvements	4
Gross Amount at Which Carried at Close of Period, Land	57,118
Gross Amount at Which Carried at Close of Period, Buildings and Improvements	155,154
Total	212,272
Accumulated Depreciation	$ 18,130
Date of Construction	1982-2018
Date Acquired	2013-2019
Industrial Property \| Flex and R&D \| Minimum
Real Estate And Accumulated Depreciation [Line Items]
Life on Which Depreciation is Computed (Years)	15 years
Industrial Property \| Flex and R&D \| Maximum
Real Estate And Accumulated Depreciation [Line Items]
Life on Which Depreciation is Computed (Years)	39 years
Industrial Property \| Cold Storage
Real Estate And Accumulated Depreciation [Line Items]
Initial Costs to Company, Encumbrance	$ 19,557
Initial Costs to Company, Land	11,638
Initial Costs to Company, Buildings and Improvements	154,542
Costs Capitalized Subsequent to Acquisition, Improvements	68
Gross Amount at Which Carried at Close of Period, Land	11,638
Gross Amount at Which Carried at Close of Period, Buildings and Improvements	154,610
Total	166,248
Accumulated Depreciation	$ 17,375
Date of Construction	1933-2017
Date Acquired	2017-2018
Industrial Property \| Cold Storage \| Minimum
Real Estate And Accumulated Depreciation [Line Items]
Life on Which Depreciation is Computed (Years)	7 years
Industrial Property \| Cold Storage \| Maximum
Real Estate And Accumulated Depreciation [Line Items]
Life on Which Depreciation is Computed (Years)	39 years
Industrial Property \| Services
Real Estate And Accumulated Depreciation [Line Items]
Initial Costs to Company, Land	$ 51,531
Initial Costs to Company, Buildings and Improvements	40,327
Costs Capitalized Subsequent to Acquisition, Improvements	3,680
Gross Amount at Which Carried at Close of Period, Land	51,531
Gross Amount at Which Carried at Close of Period, Buildings and Improvements	44,007
Total	95,538
Accumulated Depreciation	$ 4,156
Date of Construction	1960-2020
Date Acquired	2013-2021
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
Healthcare Properties \| Clinical
Real Estate And Accumulated Depreciation [Line Items]
Initial Costs to Company, Land	$ 31,837
Initial Costs to Company, Buildings and Improvements	273,566
Costs Capitalized Subsequent to Acquisition, Land	557
Costs Capitalized Subsequent to Acquisition, Improvements	10,182
Gross Amount at Which Carried at Close of Period, Land	32,394
Gross Amount at Which Carried at Close of Period, Buildings and Improvements	283,748
Total	316,142
Accumulated Depreciation	$ 47,300
Date of Construction	1970-2018
Date Acquired	2010-2021
Healthcare Properties \| Clinical \| Minimum
Real Estate And Accumulated Depreciation [Line Items]
Life on Which Depreciation is Computed (Years)	15 years
Healthcare Properties \| Clinical \| Maximum
Real Estate And Accumulated Depreciation [Line Items]
Life on Which Depreciation is Computed (Years)	39 years
Healthcare Properties \| Healthcare Services
Real Estate And Accumulated Depreciation [Line Items]
Initial Costs to Company, Land	$ 21,160
Initial Costs to Company, Buildings and Improvements	137,863
Costs Capitalized Subsequent to Acquisition, Land	(145)
Costs Capitalized Subsequent to Acquisition, Improvements	508
Gross Amount at Which Carried at Close of Period, Land	21,015
Gross Amount at Which Carried at Close of Period, Buildings and Improvements	138,371
Total	159,386
Accumulated Depreciation	$ 9,900
Date of Construction	1982-2020
Date Acquired	2009-2021
Healthcare Properties \| Healthcare Services \| Minimum
Real Estate And Accumulated Depreciation [Line Items]
Life on Which Depreciation is Computed (Years)	15 years
Healthcare Properties \| Healthcare Services \| Maximum
Real Estate And Accumulated Depreciation [Line Items]
Life on Which Depreciation is Computed (Years)	39 years
Healthcare Properties \| Animal Health Services
Real Estate And Accumulated Depreciation [Line Items]
Initial Costs to Company, Land	$ 15,943
Initial Costs to Company, Buildings and Improvements	111,107
Costs Capitalized Subsequent to Acquisition, Improvements	(635)
Gross Amount at Which Carried at Close of Period, Land	15,943
Gross Amount at Which Carried at Close of Period, Buildings and Improvements	110,472
Total	126,415
Accumulated Depreciation	$ 11,404
Date of Construction	1954-2017
Date Acquired	2015-2021
Healthcare Properties \| Animal Health Services \| Minimum
Real Estate And Accumulated Depreciation [Line Items]
Life on Which Depreciation is Computed (Years)	15 years
Healthcare Properties \| Animal Health Services \| Maximum
Real Estate And Accumulated Depreciation [Line Items]
Life on Which Depreciation is Computed (Years)	39 years
Healthcare Properties \| Surgical
Real Estate And Accumulated Depreciation [Line Items]
Initial Costs to Company, Land	$ 9,942
Initial Costs to Company, Buildings and Improvements	117,006
Costs Capitalized Subsequent to Acquisition, Land	290
Costs Capitalized Subsequent to Acquisition, Improvements	135
Gross Amount at Which Carried at Close of Period, Land	10,232
Gross Amount at Which Carried at Close of Period, Buildings and Improvements	117,141
Total	127,373
Accumulated Depreciation	$ 16,401
Date of Construction	1984-2011
Date Acquired	2014-2021
Healthcare Properties \| Surgical \| Minimum
Real Estate And Accumulated Depreciation [Line Items]
Life on Which Depreciation is Computed (Years)	15 years
Healthcare Properties \| Surgical \| Maximum
Real Estate And Accumulated Depreciation [Line Items]
Life on Which Depreciation is Computed (Years)	39 years
Healthcare Properties \| Life Science
Real Estate And Accumulated Depreciation [Line Items]
Initial Costs to Company, Land	$ 10,306
Initial Costs to Company, Buildings and Improvements	78,056
Costs Capitalized Subsequent to Acquisition, Improvements	1,212
Gross Amount at Which Carried at Close of Period, Land	10,306
Gross Amount at Which Carried at Close of Period, Buildings and Improvements	79,268
Total	89,574
Accumulated Depreciation	$ 12,550
Date of Construction	1965-2016
Date Acquired	2011-2018
Healthcare Properties \| Life Science \| Minimum
Real Estate And Accumulated Depreciation [Line Items]
Life on Which Depreciation is Computed (Years)	15 years
Healthcare Properties \| Life Science \| Maximum
Real Estate And Accumulated Depreciation [Line Items]
Life on Which Depreciation is Computed (Years)	39 years
Healthcare Properties \| Untenanted
Real Estate And Accumulated Depreciation [Line Items]
Initial Costs to Company, Land	$ 251
Initial Costs to Company, Buildings and Improvements	3,821
Costs Capitalized Subsequent to Acquisition, Improvements	1
Gross Amount at Which Carried at Close of Period, Land	251
Gross Amount at Which Carried at Close of Period, Buildings and Improvements	3,822
Total	4,073
Accumulated Depreciation	$ 343
Date of Construction	2006
Date Acquired	2018
Healthcare Properties \| Untenanted \| Minimum
Real Estate And Accumulated Depreciation [Line Items]
Life on Which Depreciation is Computed (Years)	15 years
Healthcare Properties \| Untenanted \| Maximum
Real Estate And Accumulated Depreciation [Line Items]
Life on Which Depreciation is Computed (Years)	39 years
Restaurant Properties \| Quick Service Restaurants
Real Estate And Accumulated Depreciation [Line Items]
Initial Costs to Company, Land	$ 49,683
Initial Costs to Company, Buildings and Improvements	239,382
Costs Capitalized Subsequent to Acquisition, Land	197
Costs Capitalized Subsequent to Acquisition, Improvements	3,650
Gross Amount at Which Carried at Close of Period, Land	49,880
Gross Amount at Which Carried at Close of Period, Buildings and Improvements	243,032
Total	292,912
Accumulated Depreciation	$ 42,108
Date of Construction	1965-2020
Date Acquired	2009-2020
Restaurant Properties \| Quick Service Restaurants \| Minimum
Real Estate And Accumulated Depreciation [Line Items]
Life on Which Depreciation is Computed (Years)	15 years
Restaurant Properties \| Quick Service Restaurants \| Maximum
Real Estate And Accumulated Depreciation [Line Items]
Life on Which Depreciation is Computed (Years)	39 years
Restaurant Properties \| Casual Dining
Real Estate And Accumulated Depreciation [Line Items]
Initial Costs to Company, Land	$ 36,120
Initial Costs to Company, Buildings and Improvements	222,836
Costs Capitalized Subsequent to Acquisition, Improvements	12
Gross Amount at Which Carried at Close of Period, Land	36,120
Gross Amount at Which Carried at Close of Period, Buildings and Improvements	222,848
Total	258,968
Accumulated Depreciation	$ 34,062
Date of Construction	1972-2014
Date Acquired	2011-2021
Restaurant Properties \| Casual Dining \| Minimum
Real Estate And Accumulated Depreciation [Line Items]
Life on Which Depreciation is Computed (Years)	15 years
Restaurant Properties \| Casual Dining \| Maximum
Real Estate And Accumulated Depreciation [Line Items]
Life on Which Depreciation is Computed (Years)	39 years
Retail \| Untenanted
Real Estate And Accumulated Depreciation [Line Items]
Initial Costs to Company, Land	$ 63
Initial Costs to Company, Buildings and Improvements	2,152
Gross Amount at Which Carried at Close of Period, Land	63
Gross Amount at Which Carried at Close of Period, Buildings and Improvements	2,152
Total	2,215
Accumulated Depreciation	$ 83
Date of Construction	1991
Date Acquired	2017
Retail \| Untenanted \| Minimum
Real Estate And Accumulated Depreciation [Line Items]
Life on Which Depreciation is Computed (Years)	15 years
Retail \| Untenanted \| Maximum
Real Estate And Accumulated Depreciation [Line Items]
Life on Which Depreciation is Computed (Years)	39 years
Retail \| General Merchandise
Real Estate And Accumulated Depreciation [Line Items]
Initial Costs to Company, Encumbrance	$ 17,094
Initial Costs to Company, Land	61,833
Initial Costs to Company, Buildings and Improvements	198,862
Costs Capitalized Subsequent to Acquisition, Improvements	17
Gross Amount at Which Carried at Close of Period, Land	61,833
Gross Amount at Which Carried at Close of Period, Buildings and Improvements	198,879
Total	260,712
Accumulated Depreciation	$ 11,839
Date of Construction	2003-2019
Date Acquired	2016-2021
Retail \| General Merchandise \| Minimum
Real Estate And Accumulated Depreciation [Line Items]
Life on Which Depreciation is Computed (Years)	15 years
Retail \| General Merchandise \| Maximum
Real Estate And Accumulated Depreciation [Line Items]
Life on Which Depreciation is Computed (Years)	39 years
Retail \| Automotive
Real Estate And Accumulated Depreciation [Line Items]
Initial Costs to Company, Land	$ 32,460
Initial Costs to Company, Buildings and Improvements	121,643
Costs Capitalized Subsequent to Acquisition, Improvements	18
Gross Amount at Which Carried at Close of Period, Land	32,460
Gross Amount at Which Carried at Close of Period, Buildings and Improvements	121,661
Total	154,121
Accumulated Depreciation	$ 17,629
Date of Construction	1909-2019
Date Acquired	2014-2021
Retail \| Automotive \| Minimum
Real Estate And Accumulated Depreciation [Line Items]
Life on Which Depreciation is Computed (Years)	7 years
Retail \| Automotive \| Maximum
Real Estate And Accumulated Depreciation [Line Items]
Life on Which Depreciation is Computed (Years)	39 years
Retail \| Home Furnishings
Real Estate And Accumulated Depreciation [Line Items]
Initial Costs to Company, Land	$ 3,625
Initial Costs to Company, Buildings and Improvements	90,644
Costs Capitalized Subsequent to Acquisition, Improvements	5
Gross Amount at Which Carried at Close of Period, Land	3,625
Gross Amount at Which Carried at Close of Period, Buildings and Improvements	90,649
Total	94,274
Accumulated Depreciation	$ 11,548
Date of Construction	1974-2014
Date Acquired	2017-2018
Retail \| Home Furnishings \| Minimum
Real Estate And Accumulated Depreciation [Line Items]
Life on Which Depreciation is Computed (Years)	15 years
Retail \| Home Furnishings \| Maximum
Real Estate And Accumulated Depreciation [Line Items]
Life on Which Depreciation is Computed (Years)	39 years
Office Properties \| Corporate Headquarters
Real Estate And Accumulated Depreciation [Line Items]
Initial Costs to Company, Land	$ 13,027
Initial Costs to Company, Buildings and Improvements	95,721
Costs Capitalized Subsequent to Acquisition, Improvements	1,810
Gross Amount at Which Carried at Close of Period, Land	13,027
Gross Amount at Which Carried at Close of Period, Buildings and Improvements	97,531
Total	110,558
Accumulated Depreciation	$ 10,836
Date of Construction	1965-2008
Date Acquired	2012-2021
Office Properties \| Corporate Headquarters \| Minimum
Real Estate And Accumulated Depreciation [Line Items]
Life on Which Depreciation is Computed (Years)	15 years
Office Properties \| Corporate Headquarters \| Maximum
Real Estate And Accumulated Depreciation [Line Items]
Life on Which Depreciation is Computed (Years)	39 years
Office Properties \| Strategic Operations
Real Estate And Accumulated Depreciation [Line Items]
Initial Costs to Company, Land	$ 7,723
Initial Costs to Company, Buildings and Improvements	90,130
Costs Capitalized Subsequent to Acquisition, Improvements	8,858
Gross Amount at Which Carried at Close of Period, Land	7,723
Gross Amount at Which Carried at Close of Period, Buildings and Improvements	98,988
Total	106,711
Accumulated Depreciation	$ 14,577
Date of Construction	1984-2012
Date Acquired	2016-2017
Office Properties \| Strategic Operations \| Minimum
Real Estate And Accumulated Depreciation [Line Items]
Life on Which Depreciation is Computed (Years)	7 years
Office Properties \| Strategic Operations \| Maximum
Real Estate And Accumulated Depreciation [Line Items]
Life on Which Depreciation is Computed (Years)	39 years
Office Properties \| Call Center
Real Estate And Accumulated Depreciation [Line Items]
Initial Costs to Company, Land	$ 4,169
Initial Costs to Company, Buildings and Improvements	45,814
Costs Capitalized Subsequent to Acquisition, Improvements	10,228
Gross Amount at Which Carried at Close of Period, Land	4,169
Gross Amount at Which Carried at Close of Period, Buildings and Improvements	56,042
Total	60,211
Accumulated Depreciation	$ 11,678
Date of Construction	1979-2001
Date Acquired	2010-2019
Office Properties \| Call Center \| Minimum
Real Estate And Accumulated Depreciation [Line Items]
Life on Which Depreciation is Computed (Years)	15 years
Office Properties \| Call Center \| Maximum
Real Estate And Accumulated Depreciation [Line Items]
Life on Which Depreciation is Computed (Years)	39 years
Office Properties \| Acquisitions in Process
Real Estate And Accumulated Depreciation [Line Items]
Initial Costs to Company, Buildings and Improvements	$ 83
Gross Amount at Which Carried at Close of Period, Buildings and Improvements	83
Total	$ 83

Schedule III - Real Estate As_3

Schedule III - Real Estate Assets and Accumulated Depreciation (Parenthetical) (Detail) $ in Billions	Dec. 31, 2021USD ($)
Real Estate And Accumulated Depreciation Disclosure [Abstract]
Aggregate cost of real estate owned	$ 4.4

Schedule III - Change in Real E

Schedule III - Change in Real Estate Assets (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Real Estate And Accumulated Depreciation Disclosure [Abstract]
Balance, beginning of period	$ 3,704,488	$ 3,686,444	$ 2,848,735
Acquisitions and building improvements	613,646	108,868	984,760
Dispositions	(109,761)	(69,941)	(143,688)
Impairment	(3,182)	(20,883)	(3,363)
Balance, end of period	$ 4,205,191	$ 3,704,488	$ 3,686,444

Schedule III - Change in Accumu

Schedule III - Change in Accumulated Depreciation (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Real Estate And Accumulated Depreciation Disclosure [Abstract]
Balance, beginning of period	$ 349,977	$ 271,044	$ 206,989
Acquisitions and building improvements	100,878	93,741	83,797
Dispositions	(19,543)	(12,369)	(19,317)
Impairment	(1,171)	(2,439)	(425)
Balance, end of period	$ 430,141	$ 349,977	$ 271,044