Broadstone Net Lease (BNL) 10-Q 5 Nov 18 2018 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2018	Nov. 05, 2018
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2018
Document Fiscal Year Focus	2,018
Document Fiscal Period Focus	Q3
Trading Symbol	ck0001424182
Entity Registrant Name	BROADSTONE NET LEASE, INC.
Entity Central Index Key	1,424,182
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	true
Entity Ex Transition Period	true
Entity Common Stock, Shares Outstanding		21,367,936.807

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Sep. 30, 2018	Dec. 31, 2017
Assets
Accounted for using the operating method, net of accumulated depreciation	$ 2,449,438	$ 2,186,141
Accounted for using the direct financing method	42,012	41,617
Investment in rental property, net	2,491,450	2,227,758
Cash and cash equivalents	17,301	9,355
Restricted cash	10,727	744
Accrued rental income	65,689	52,018
Tenant and other receivables, net	214	897
Tenant and capital reserves	1,087	943
Prepaid expenses and other assets	2,932	267
Notes receivable		6,527
Investment in related party		10,000
Interest rate swap, assets	35,525	11,008
Intangible lease assets, net	264,038	242,659
Debt issuance costs – unsecured revolver, net	2,453	3,026
Leasing fees, net	13,929	13,554
Total assets	2,905,345	2,578,756
Liabilities and equity
Unsecured revolver		273,000
Mortgages and notes payable, net	79,762	67,832
Unsecured term notes, net	1,225,473	836,912
Interest rate swap, liabilities		5,020
Accounts payable and other liabilities	21,453	20,345
Due to related parties	47	722
Tenant improvement allowances	2,920	5,669
Accrued interest payable	7,018	3,311
Intangible lease liabilities, net	86,301	81,744
Total liabilities	1,422,974	1,294,555
Commitments and contingencies (See Note 16)
Broadstone Net Lease, Inc. stockholders' equity:
Preferred stock, $0.001 par value; 20,000 shares authorized, no shares issued or outstanding
Common stock, $0.001 par value; 80,000 shares authorized, 21,077 and 18,909 shares issued and outstanding at September 30, 2018 and December 31, 2017, respectively	21	19
Additional paid-in capital	1,479,339	1,301,979
Subscriptions receivable	(1,690)	(15)
Cumulative distributions in excess of retained earnings	(141,117)	(120,280)
Accumulated other comprehensive income	33,114	5,122
Total Broadstone Net Lease, Inc. stockholders’ equity	1,369,667	1,186,825
Non-controlling interests	112,704	97,376
Total equity	1,482,371	1,284,201
Total liabilities and equity	$ 2,905,345	$ 2,578,756

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares	Sep. 30, 2018	Dec. 31, 2017
Statement Of Financial Position [Abstract]
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	$ 0.001	$ 0.001
Common stock, shares authorized	80,000,000	80,000,000
Common stock, shares issued	21,077,000	18,909,000
Common stock, shares outstanding	21,077,000	18,909,000

Condensed Consolidated Statemen

Condensed Consolidated Statements of Income and Comprehensive Income (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Revenues
Rental income from operating leases	$ 58,189	$ 43,233	$ 163,611	$ 123,890
Earned income from direct financing leases	1,017	968	2,936	3,175
Total revenues	61,764	46,235	174,385	132,090
Operating expenses
Depreciation and amortization	21,869	15,643	61,303	44,969
Property and operating expense	2,777	2,009	7,926	4,710
General and administrative	1,664	1,173	4,451	3,297
State and franchise tax	58	301	811	511
Provision for impairment of investment in rental properties	2,061	2,608	2,061	2,608
Total operating expenses	34,772	26,827	94,463	70,396
Operating income	26,992	19,408	79,922	61,694
Other income (expenses)
Preferred distribution income	65	187	440	550
Interest income	16	127	178	354
Interest expense	(14,484)	(9,380)	(38,115)	(25,182)
Cost of debt extinguishment	(50)	(1,404)	(101)	(5,019)
Gain on sale of real estate	2,025	4,052	9,620	10,332
Gain on sale of investment in related party	8,500		8,500
Net income	23,064	12,990	60,444	42,729
Net income attributable to non-controlling interests	(1,797)	(1,042)	(4,631)	(3,460)
Net income attributable to Broadstone Net Lease, Inc.	$ 21,267	$ 11,948	$ 55,813	$ 39,269
Weighted average number of common shares outstanding
Basic	20,554	17,617	19,850	16,607
Diluted	22,291	19,147	21,496	18,069
Net earnings per common share
Basic and diluted	$ 1.03	$ 0.68	$ 2.81	$ 2.36
Comprehensive income
Net income	$ 23,064	$ 12,990	$ 60,444	$ 42,729
Other comprehensive income
Change in fair value of interest rate swaps	6,299	283	30,296	(1,448)
Realized (gain) loss on interest rate swaps	(4)		(4)	(873)
Comprehensive income	29,359	13,273	90,736	40,408
Comprehensive income attributable to non-controlling interests	(2,288)	(1,046)	(6,931)	(3,271)
Comprehensive income attributable to Broadstone Net Lease, Inc.	27,071	12,227	83,805	37,137
Operating Expenses Reimbursed from Tenants
Revenues
Revenues	2,529	1,995	7,764	4,908
Other Income from Real Estate Transactions
Revenues
Revenues	29	39	74	117
Asset Management Fees
Operating expenses
Operating expenses	4,663	3,844	13,119	10,666
Property Management Fees
Operating expenses
Operating expenses	$ 1,680	$ 1,249	$ 4,792	$ 3,635

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Subscriptions Receivable	Cumulative Distributions in Excess of Retained Earnings	Accumulated Other Comprehensive Income (Loss)	Non-controlling Interests
Beginning Balance at Dec. 31, 2016	$ 998,537	$ 15	$ 1,009,431	$ (9,790)	$ (89,960)	$ 2,092	$ 86,749
Net income	42,729				39,269		3,460
Issuance of shares of common stock, net	259,265	3	249,942	9,320
Other offering costs	(1,144)		(1,144)
Issuance of membership units	8,278						8,278
Distributions declared	(67,753)				(62,034)		(5,719)
Change in fair value of interest rate swap agreements	(1,448)					(1,328)	(120)
Realized gain (loss) on interest rate swap agreements	(873)					(804)	(69)
Conversion of membership units to shares of common stock			27				(27)
Redemption of shares of common stock, value	(4,825)		(4,825)
Ending Balance at Sep. 30, 2017	1,232,766	18	1,253,431	(470)	(112,725)	(40)	92,552
Beginning Balance at Dec. 31, 2017	1,284,201	19	1,301,979	(15)	(120,280)	5,122	97,376
Net income	60,444				55,813		4,631
Issuance of shares of common stock, net	185,137	2	186,810	(1,675)
Other offering costs	(822)		(822)
Issuance of membership units	15,797						15,797
Distributions declared	(83,366)				(76,650)		(6,716)
Change in fair value of interest rate swap agreements	30,296					27,995	2,301
Realized gain (loss) on interest rate swap agreements	(4)					(3)	(1)
Conversion of membership units to shares of common stock			684				(684)
Redemption of shares of common stock, value	(8,564)		(8,564)
Cancellation of shares of common stock	(748)		(748)
Ending Balance at Sep. 30, 2018	$ 1,482,371	$ 21	$ 1,479,339	$ (1,690)	$ (141,117)	$ 33,114	$ 112,704

Consolidated Statement of Stock

Consolidated Statement of Stockholders' Equity (Unaudited) (Parenthetical) - $ / shares shares in Thousands	9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017
Issuance of membership units, number of units	194	103
Number of membership units exchanged	8	1
Redemption of shares of common stock, shares	106	62
Cancellation shares of common stock, shares	9
Common Stock
Issuance of shares of common stock, shares	2,275	3,163
Issuance of shares common stock upon conversion of membership units	8	1
Redemption of shares of common stock, shares	106	62
Cancellation shares of common stock, shares	9

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017
Operating activities
Net income	$ 60,444	$ 42,729
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	61,515	45,456
Provision for impairment of investment in rental properties	2,061	2,608
Amortization of debt issuance costs charged to interest expense	1,303	1,478
Straight-line rent and financing lease adjustments	(15,640)	(12,505)
Cost of debt extinguishment	101	5,019
Gain on sale of real estate	(9,620)	(10,332)
Settlement of interest rate swap	760	(1,965)
Gain on sale of investment in related party	(8,500)
Leasing fees paid	(1,325)	(2,597)
Non-cash interest	(4)	(1,349)
Other non-cash items	472	325
Changes in assets and liabilities:
Tenant and other receivables	(65)	(237)
Prepaid expenses and other assets	(799)	(440)
Accounts payable and other liabilities	(893)	897
Accrued interest payable	3,707	3,278
Net cash provided by operating activities	93,517	72,365
Investing activities
Acquisition of rental property accounted for using the operating method, net of mortgage assumed of $20,845 and $0 in 2018 and 2017, respectively	(329,664)	(345,789)
Acquisition of rental property accounted for using the direct financing method	(430)	(3,546)
Capital expenditures and improvements	(4,182)	(3,871)
Proceeds from sale of investment in related party	18,500
Proceeds from disposition of rental property, net	41,330	55,296
Increase in tenant and capital reserves	(144)	(130)
Net cash used in investing activities	(274,590)	(298,040)
Financing activities
Proceeds from issuance of common stock, net	146,791	229,698
Redemptions of common stock	(8,564)	(4,825)
Borrowings on mortgages, notes payable and unsecured term notes, net of mortgages assumed of $20,845 and $0 in 2018 and 2017, respectively	415,000	400,000
Principal payments on mortgages and notes payable	(33,930)	(384,087)
Borrowings on unsecured revolver	189,500	220,000
Repayments on unsecured revolver	(462,500)	(195,500)
Cash distributions paid to stockholders	(38,410)	(32,533)
Cash distributions paid to non-controlling interests	(6,630)	(5,669)
Debt issuance costs paid	(2,255)	(9,889)
Net cash provided by financing activities	199,002	217,195
Net increase (decrease) in cash and cash equivalents and restricted cash	17,929	(8,480)
Cash and cash equivalents and restricted cash at beginning of period	10,099	23,103
Cash and cash equivalents and restricted cash at end of period	28,028	14,623
Reconciliation of cash and cash equivalents and restricted cash
Cash and cash equivalents at beginning of period	9,355	21,635
Restricted cash at beginning of period	744	1,468
Cash and cash equivalents and restricted cash at beginning of period	10,099	23,103
Cash and cash equivalents at end of period	17,301	13,698
Restricted cash at end of period	10,727	925
Cash and cash equivalents and restricted cash at end of period	$ 28,028	$ 14,623

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Cash Flows (Unaudited) (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2018	Sep. 30, 2017
Mortgages assumed	$ 20,845	$ 0
Rental Property Acquisition
Mortgages assumed	$ 20,845	$ 0

Business Description

Business Description	9 Months Ended
	Sep. 30, 2018
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Business Description	1. Business Description Broadstone Net Lease, Inc. (the “Corporation”) is a Maryland corporation formed on October 18, 2007, that elected to be taxed as a real estate investment trust (“REIT”) commencing with the taxable year ended December 31, 2008. The Corporation focuses on investing in income-producing, net leased commercial properties. The Corporation leases properties to retail, healthcare, industrial, office, and other commercial businesses under long-term net lease agreements. As of September 30, 2018, the Corporation owned a diversified portfolio of 583 individual net leased commercial properties located in 42 states throughout the continental United States. Broadstone Net Lease, LLC (the “Operating Company”), 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 and primary owner of the economic interest of the Operating Company. The remaining interests in the Operating Company, which are referred to as non-controlling interests, are held by members who acquired their interest by contributing property to the Operating Company in exchange for membership units of the Operating Company. As the Corporation conducts substantially all of its operations through the Operating Company, it is structured as what is referred to as an Umbrella Partnership Real Estate Investment Trust (“UPREIT”). The following table summarizes the economic ownership interest in the Operating Company as of September 30, 2018 and December 31, 2017: Percentage of shares owned by September 30, 2018 December 31, 2017 Corporation 92.4 % 92.4 % Non-controlling interests 7.6 % 7.6 % 100.0 % 100.0 % The Corporation operates under the direction of its board of directors (the “Board of Directors”), which is responsible for the management and control of the Company’s (as defined below) affairs. The Corporation is externally managed and its board of directors has retained the Corporation’s sponsor, Broadstone Real Estate, LLC (the “Manager”) and Broadstone Asset Management, LLC (the “Asset Manager”) to manage the Corporation’s day-to-day affairs, to implement the Corporation’s investment strategy, and to provide certain property management services for the Corporation’s properties, subject to the Board of Directors’ direction, oversight, and approval. The Asset Manager is a wholly-owned subsidiary of the Manager and all of the Corporation’s officers are employees of the Manager. Accordingly, both the Manager and the Asset Manager are related parties of the Company. Refer to Note 3 for further discussion over related parties and related party transactions.

Summary of Significant Accounti

Summary of Significant Accounting Policies	9 Months Ended
	Sep. 30, 2018
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	2. Summary of Significant Accounting Policies Interim Information The accompanying Condensed Consolidated Financial Statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information (Accounting Standards Codification (“ASC”) 270, Interim Reporting Principles of Consolidation The Condensed Consolidated Financial Statements include the accounts and operations of the Corporation, the Operating Company and its consolidated subsidiaries, all of which are wholly owned by the Operating Company (collectively, 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 holds a 92.4% interest in the Operating Company at September 30, 2018, and is the sole managing member of the Operating Company, which gives the Corporation exclusive and complete responsibility for the day-to-day management, authority to make decisions, and control of the Operating Company. Based on consolidation guidance, the Corporation concluded that the Operating Company is a VIE as the members in the Operating Company do not possess kick-out rights or substantive participating rights. Accordingly, the Corporation consolidates its interest in the Operating Company. However, as the Corporation holds the majority voting interest in the Operating Company, it qualifies for the exemption from providing certain disclosure requirements associated with investments in VIEs. The portion of the Operating Company not owned by the Corporation is presented as non-controlling interests as of and during the periods presented. Basis of Accounting The Condensed Consolidated Financial Statements have been prepared in accordance with GAAP. Use of Estimates The preparation of Condensed Consolidated Financial Statements in conformity with GAAP requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the Condensed Consolidated Financial Statements and the reported amounts of revenues and expenses during the reporting periods. Significant estimates include, but are not limited to, the allocation of purchase price between investment in rental property and intangible assets acquired and liabilities assumed, the value of long-lived assets, the provision for impairment, the depreciable lives of rental property, the amortizable lives of intangible assets and liabilities, the allowance for doubtful accounts, the fair value of assumed debt and notes payable, 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. Restricted Cash Restricted cash includes escrow funds the Company maintains pursuant to the terms of certain mortgage and notes payable and lease agreements, and undistributed proceeds from the sale of properties under Section 1031 of the Internal Revenue Code. 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 asset or asset group exceeds the sum of the undiscounted cash flows expected to result from the use of the 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 asset or asset group exceeds the fair value of the asset or asset group. A significant judgment is made as to if and when impairment should be taken. If our strategy, or one or more of the assumptions described above were to change in the future, an impairment may need to be recognized. 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 condition, as derived through our 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. During the three months ended September 30, 2018 and 2017 we recorded impairment of $ 2,061 The Company has reduced the carrying value of the impaired real estate assets to the estimated fair value as detailed below: September 30, 2018 September 30, 2017 (in thousands) Carrying Amount Allocation of Impairment Net Carrying Amount Carrying Amount Allocation of Impairment Net Carrying Amount Investment in rental property accounted for using the operating method, net of accumulated depreciation $ 12,834 $ (1,702 ) $ 11,132 $ 16,159 $ (2,401 ) $ 13,758 Intangible lease assets, net 2,305 (384 ) 1,921 1,263 (204 ) 1,059 Leasing fees, net 131 (19 ) 112 123 (16 ) 107 Intangible lease liabilities, net (989 ) 44 (945 ) (101 ) 13 (88 ) $ 14,281 $ (2,061 ) $ 12,220 $ 17,444 $ (2,608 ) $ 14,836 Revenue Recognition At the inception of a new lease arrangement, including new leases that arise from amendments, the Company assesses the terms and conditions to determine the proper lease classification. A lease arrangement is classified as an operating lease if none of the following criteria are met: (i) ownership transfers to the lessee prior to or shortly after the end of the lease term, (ii) lessee has a bargain purchase option during or at the end of the lease term, (iii) the lease term is greater than or equal to 75% of the underlying property’s estimated useful life, or (iv) the present value of the future minimum lease payments (excluding executory costs) is greater than or equal to 90% of the fair value of the leased property. If one or more of these criteria are met, and the minimum lease payments are determined to be reasonably predictable and collectible, the lease arrangement is generally accounted for as a direct financing lease. Consistent with Financial Accounting Standards Board (“FASB”) ASC 840 , Leases, Revenue recognition methods for operating leases and direct financing leases are described below: Rental property accounted for under operating leases – Revenue is recognized as rents are earned on a straight-line basis over the non-cancelable terms of the related leases. In most cases, revenue recognition under operating leases begins when the lessee takes possession of, or controls, the physical use of the leased asset. Generally, this occurs on the lease commencement date. For leases that have fixed and measurable rent escalations, the difference between such rental income earned and the cash rent due under the provisions of the lease is recorded as Accrued rental income on the Condensed Consolidated Balance Sheets. Rental property accounted for under direct financing leases – The Company utilizes the direct finance method of accounting to record direct financing lease income. For a lease accounted for as a direct financing lease, the net investment in the direct financing lease represents receivables for the sum of future minimum lease payments and the estimated residual value of the leased property, less the unamortized unearned income. Unearned income is deferred and amortized into income over the lease terms so as to produce a constant periodic rate of return on the Company’s net investment in the leases. Adoption of ASU 2014-09, described further in Recently Adopted Accounting Standards Sales of Real Estate As described further in Recently Adopted Accounting Standards If the Company determines that it did not transfer control of the non-financial assets to the buyer, the Company will analyze the contract for separate performance obligations and allocate a portion of the sales price to each performance obligation. As performance obligations are satisfied, the Company will recognize the respective income in the Condensed Consolidated Statements of Income and Comprehensive Income. The Company accounts for 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. Rent Received in Advance Rent received in advance represents tenant payments received prior to the contractual due date and are included in Accounts payable and other liabilities on the Condensed Consolidated Balance Sheets. Rents received in advance at September 30, 2018 and December 31, 2017 are as follows: (in thousands) September 30, 2018 December 31, 2017 Rents received in advance $ 6,396 $ 8,585 Allowance for Doubtful Accounts Management periodically reviews the sufficiency of the allowance for doubtful accounts, taking into consideration its historical losses and existing economic conditions, and adjusts the allowance as it considers necessary. Uncollected tenant receivables are written off against the allowance when all possible means of collection have been exhausted. The following table summarizes the changes in the allowance for doubtful accounts for the nine months ended September 30, 2018 and the year ended December 31, 2017: (in thousands) September 30, 2018 December 31, 2017 Beginning balance $ 742 $ 323 Provision for doubtful accounts 1,053 419 Write-offs (177 ) — Ending balance $ 1,618 $ 742 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. The gain or loss on the qualifying hedges is initially included as a component of other comprehensive income or loss and is subsequently reclassified into earnings when interest payments (the forecasted transactions) on the related debt are incurred and as the swap net settlements occur. When an existing cash flow hedge is terminated, the Company determines the accounting treatment for the accumulated gain or loss recognized in Accumulated other comprehensive income based on the probability of the hedged forecasted transaction occurring within the period the cash flow hedge was anticipated to affect earnings. If the Company determines that the hedged forecasted transaction is probable of occurring during the original period, the accumulated gain or loss is reclassified into earnings over the remaining life of the cash flow hedge using a straight-line method, which approximates an effective interest 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 in the period the cash flow hedge is terminated. 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. Non-controlling Interests Non-controlling interests represents the membership interests held in the Operating Company of 7.6% at September 30, 2018 and December 31, 2017, by third parties which are accounted for as a separate component of equity. The Company periodically adjusts the carrying value of non-controlling interests to reflect their share of the book value of the Operating Company. Such adjustments are recorded to Additional paid-in capital as a reallocation of Non-controlling interests in the Condensed Consolidated Statements of Stockholders’ Equity. Fair Value Measurements ASC 820, Fair Value Measurements and Disclosures, The balances of financial instruments measured at fair value on a recurring basis at September 30, 2018 and December 31, 2017 are as follows (see Note 10): September 30, 2018 (in thousands) Total Level 1 Level 2 Level 3 Interest rate swap, assets $ 35,525 $ — $ 35,525 $ — Interest rate swap, liabilities — — — — $ 35,525 $ — $ 35,525 $ — December 31, 2017 (in thousands) Total Level 1 Level 2 Level 3 Interest rate swap, assets $ 11,008 $ — $ 11,008 $ — Interest rate swap, liabilities (5,020 ) — (5,020 ) — $ 5,988 $ — $ 5,988 $ — The Company has estimated that the carrying amount reported on the Condensed Consolidated Balance Sheets for Cash and cash equivalents, Restricted cash, Tenant and other receivables, net, Notes receivable, and Accounts payable and other liabilities approximates their fair values due to their short-term nature. The following table summarizes the carrying amount reported on the Condensed Consolidated Balance Sheets and the Company’s estimate of the fair value of the Mortgage and notes payable, net, Unsecured term notes, net, and Unsecured revolver at September 30, 2018 and December 31, 2017: (in thousands) September 30, 2018 December 31, 2017 Carrying amount $ 1,310,278 $ 1,181,470 Fair value 1,264,797 1,177,197 The fair value of the Company’s debt was estimated using Level 2 and Level 3 inputs based on recent financing transactions, estimates of the fair value of the property that serves as collateral for such debt, historical risk premiums for loans of comparable quality, current LIBOR, US treasury obligation interest rates, and on the discounted estimated future cash payments to be made on such debt. The discount rates estimated reflect the Company’s judgment as to the approximate current lending rates for loans or groups of loans with similar maturities and assumes that the debt is outstanding through maturity. Market information, as available, or present value techniques were utilized to estimate the amounts required to be disclosed. Since such amounts are estimates that are based on limited available market information for similar transactions and do not acknowledge transfer or other repayment restrictions that may exist on specific loans, it is unlikely that the estimated fair value of any such debt could be realized by immediate settlement of the obligation. As disclosed under the Long-lived Asset Impairment Taxes Collected From Tenants and Remitted to Governmental Authorities In most situations, the Company’s properties are leased on a triple-net basis, which provides that the tenants are responsible for the payment of all 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. The following table summarizes the approximate property tax payments made directly to the taxing authorities by the Company’s tenants, pursuant to their lease obligations, for the three and nine months ended September 30, 2018 and 2017: For the three months ended September 30, For the nine months ended September 30, (in thousands) 2018 2017 2018 2017 Property taxes paid by tenants directly to taxing authority $ 3,777 $ 2,448 $ 15,745 $ 13,405 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 revenue is included in Operating expenses reimbursed from tenants and expense is included in Property and operating expense in the accompanying Condensed Consolidated Statements of Income and Comprehensive Income. The following table summarizes taxes collected from tenants and remitted to governmental authorities for the three and nine months ended September 30, 2018 and 2017: For the three months ended September 30, For the nine months ended September 30, (in thousands) 2018 2017 2018 2017 Property taxes collected from tenants $ 1,238 $ 608 $ 3,648 $ 1,787 Property taxes remitted on behalf of tenants 1,451 885 3,924 2,084 Recently Adopted Accounting Standards In August 2017, the FASB issued Accounting Standards Update (“ASU”) 2017-12, Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities In November 2016, the FASB issued ASU 2016-18, Statement of Cash Flows—Restricted Cash. Reclassifications In August 2016, the FASB issued ASU 2016-15, Classification of Certain Cash Receipts and Cash Payments. In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers (Topic 606) In February 2017, the FASB issued ASU 2017-05, Other Income Gains and Losses from the Derecognition of Nonfinancial Assets. Other Recently Issued Accounting Standards In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842) Leases (Topic 840) Taxes Collected From Tenants and Remitted to Governmental Authorities As originally published, when adopting ASC 842, companies were required to recognize and measure leases at the beginning of the earliest period presented using a modified retrospective approach. In July 2018, the FASB issued ASU 2018-11, Leases (Topic 842) Targeted Improvements. Leases The amendments are effective January 1, 2019, with early adoption permitted. The Company has completed its initial inventory of leases and has identified changes needed to its processes and systems impacted by the new standard. The Company is continuing to evaluate the impact that adoption of this guidance will have on its Condensed Consolidated Financial Statements and footnote disclosures. In August 2018, the FASB issued ASU 2018-13, Fair Value Measurement (Topic 820) Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement. Reclassifications As described below, certain prior period amounts have been reclassified to conform with the current period’s presentation. In connection with the adoption of ASU 2016-18, discussed in Recently Adopted Accounting Standards

Related-Party Transactions

Related-Party Transactions	9 Months Ended
	Sep. 30, 2018
Related Party Transactions [Abstract]
Related-Party Transactions	3. Related-Party Transactions Property Management Agreement The Corporation and the Operating Company are a party to a property management agreement (as amended, the “Property Management Agreement”) with the Manager, a related party in which certain directors of the Corporation have either a direct or indirect ownership interest. Under the terms of the Property Management Agreement, the Manager manages and coordinates certain aspects of the leasing of the Corporation’s rental property. In exchange for services provided under the Property Management Agreement, the Manager receives certain fees and other compensation as follows: (a) 3% of gross rentals collected each month from the rental property for property management services (other than one property, which has a separate agreement for 5% of gross rentals); and (b) Re-leasing fees for existing rental property equal to one month’s rent for a new lease with an existing tenant and two months’ rent for a new lease with a new tenant. Effective January 1, 2018, the Property Management Agreement was amended to, among other things, extend the recurring term of the agreement from one year to three years, clarify termination provisions, include a Termination Event concept and a Key Person Event concept, each as defined in the Property Management Agreement, and remove fee provisions relating to short-term financing or guarantees provided by the Manager to the Operating Company. The Property Management Agreement will automatically renew on January 1, 2019 for three years ending December 31, 2021, subject to earlier termination pursuant to the terms of the Property Management Agreement. The Property Management Agreement provides for termination (i) immediately by the Corporation’s Independent Directors Committee (“IDC”) for Cause, as defined in the Property Management Agreement, (ii) by the IDC, upon 30 days’ written notice to the Manager, in connection with a change of control of the Manager, as defined in the Property Management Agreement, (iii) by the IDC, by providing the Manager with written notice of termination not less than one year prior to the last calendar day of any renewal term, (iv) by the Manager upon written notice to the Company not less than one year prior to the last calendar day of any renewal period, (v) automatically in the event of a Termination Event, and (vi) by the IDC upon a Key Person Event. If the Corporation terminates the agreement prior to any renewal term or in any manner described above, other than termination by the Corporation for Cause, the Corporation will be subject to a termination fee equal to three times the Management Fees, as defined in the Property Management Agreement, to which the Manager was entitled during the 12-month period immediately preceding the date of such termination. Although not terminable as of September 30, 2018, if the Property Management Agreement had been terminated at September 30, 2018, subject to the conditions noted above, the termination fee would have been $18,435. Asset Management Agreement The Corporation and the Operating Company are party to an asset management agreement (as amended, the “Asset Management Agreement”) with the Asset Manager, a single member limited liability company with the Manager as the single member, and therefore a related party in which certain directors of the Corporation have an indirect ownership interest. Under the terms of the Asset Management Agreement, the Asset Manager is responsible for, among other things, the Corporation’s acquisition, initial leasing, and disposition strategies, financing activities, and providing support to the Corporation’s IDC for its valuation functions and other duties. The Asset Manager also designates two individuals to serve on the Board of Directors of the Corporation. Effective January 1, 2018, the Asset Management Agreement was amended to, among other things, extend the recurring term of the agreement from one year to three years, provide for additional disposition fee provisions, and include a Disposition Event concept and Key Person Event concept, each as defined in the amended Asset Management Agreement. The Asset Management Agreement defines a Disposition Event in the same manner as a Termination Event is defined in the Property Management Agreement discussed above. Under the terms of the Asset Management Agreement, the Asset Manager is compensated as follows: (a) 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 Operating Company had been converted into shares of the Corporation’s common stock; (b) 0.5% of the proceeds from future equity closings as reimbursement for offering, marketing, and brokerage expenses; (c) 1% of the gross purchase price paid for each rental property acquired (other than acquisitions described in (d) below), including any property contributed in exchange for membership interests in the Operating Company; (d) 2% of the gross purchase price paid for each rental property acquired in the event that the acquisition of a rental property requires a new lease (as opposed to the assumption of an existing lease), such as a sale-leaseback transaction; (e) 1% of the gross sale price received for each rental property disposition; and (f) 1% of the Aggregate Consideration, as defined in the Asset Management Agreement, received in connection with a Disposition Event. The Asset Management Agreement will automatically renew on January 1, 2019 for three years ending December 31, 2021, subject to earlier termination pursuant to the terms of the Asset Management Agreement. The Asset Management Agreement provides for termination (i) immediately by the IDC for Cause, as defined in the Asset Management Agreement, (ii) by the IDC, upon 30 days’ written notice to the Asset Manager, in connection with a change in control of the Asset Manager, as defined in the Asset Management Agreement, (iii) by the IDC, by providing the Asset Manager with written notice of termination not less than one year prior to the last calendar of any renewal term, (iv) by the Asset Manager upon written notice to the Company not less than one year prior to the last calendar day of any renewal period, (v) automatically in the event of a Disposition Event, and (vi) by the IDC upon a Key Person Event. If the Corporation terminates the agreement prior to any renewal term or in any manner described above, other than termination by the Corporation for Cause, the Corporation will be required to pay to the Asset Manager a termination fee equal to three times the Asset Management Fee to which the Asset Manager was entitled during the 12-month period immediately preceding the date of such termination. Although not terminable as of September 30, 2018, if the Asset Management Agreement had been terminated at September 30, 2018, subject to the conditions noted above, the termination fee would have been $51,621. Total fees incurred under the Property Management Agreement and Asset Management Agreement for the three and nine months ended September 30, 2018 and 2017, are as follows: (in thousands) For the three months ended September 30, For the nine months ended September 30, Type of Fee Financial Statement Presentation 2018 2017 2018 2017 Asset management fee Asset management fees $ 4,663 $ 3,844 $ 13,119 $ 10,666 Property management fee Property management fees 1,680 1,249 4,792 3,635 Total management fee expense 6,343 5,093 17,911 14,301 Marketing fee (offering costs) Additional paid-in capital 297 342 822 1,144 Acquisition fee Capitalized as a component of assets acquired 1,105 1,591 3,491 3,520 Leasing fee Leasing fees, net 148 801 1,325 2,597 Disposition fee Gain on sale of real estate 116 219 439 522 Total management fees $ 8,009 $ 8,046 $ 23,988 $ 22,084 Included in management fees are $47 and $722 of unpaid fees recorded in Due to related parties on the Condensed Consolidated Balance Sheets at September 30, 2018 and December 31, 2017, respectively. All fees related to the Property Management Agreement and the Asset Management Agreement are paid for in cash within the Company’s normal payment cycle for vendors. Investment in Related Party On June 30, 2015, the Company issued 139 shares with a value of $10,000 to the Manager in exchange for 100 non-voting convertible preferred units of the Manager, which represented a 6.4% ownership interest in the Manager at the time of the transaction on a fully-diluted basis. The Company had the right to convert the preferred units to non-voting common units of the Manager between January 1, 2018 and December 31, 2019. Subsequent to the conversion period, the Manager had the option to redeem the convertible preferred units at their original value of $10,000, plus any accrued and unpaid preferred return. On July 31, 2018, the Company sold their investment to an existing owner of the Manager. The preferred units were sold for an aggregate sales price of $18,500 and had a carrying value of $10,000 at the time of sale. The transaction was approved by the Board of Directors and IDC. At December 31, 2017, the carrying amount of the investment was $10,000. The preferred units provided a stated preferred return at inception of 7.0% with 0.25% increases every June 30 th

Acquisitions

Acquisitions	9 Months Ended
	Sep. 30, 2018
Business Combinations [Abstract]
Acquisitions	4. Acquisitions The Company closed on the following acquisitions during the nine months ended September 30, 2018: (in thousands, except number of properties) Date Property Type Number of Properties Real Estate Acquisition Price March 27, 2018 Industrial 1 $ 22,000 March 30, 2018 Industrial/Retail 26 78,530 April 30, 2018 Other 1 16,170 June 6, 2018 Industrial 1 8,500 June 14, 2018 Industrial 1 39,700 June 14, 2018 Retail 6 14,479 June 21, 2018 Retail 1 20,231 June 21, 2018 Industrial 1 38,340 (a) June 29, 2018 Industrial 1 10,400 June 29, 2018 Retail 2 6,433 July 12, 2018 Industrial 1 11,212 July 17, 2018 Retail 5 14,845 July 17, 2018 Office 1 34,670 August 6, 2018 Industrial 2 4,802 August 10, 2018 Retail 6 26,545 August 10, 2018 Retail 2 2,192 August 10, 2018 Retail 1 3,650 August 10, 2018 Retail 1 1,539 August 10, 2018 Retail 10 11,051 70 $ 365,289 (b) (a) (b) The Company closed on the following acquisitions during the nine months ended September 30, 2017: (in thousands, except number of properties) Date Property Type Number of Properties Real Estate Acquisition Price January 18, 2017 Retail 1 $ 2,520 March 1, 2017 Retail 9 87,196 April 28, 2017 Retail 25 48,898 June 2, 2017 Healthcare 2 13,300 June 15, 2017 Retail 2 2,700 June 30, 2017 Industrial 2 12,250 June 30, 2017 Healthcare 7 25,989 July 7, 2017 Office 1 32,210 August 4, 2017 Healthcare 3 11,732 August 31, 2017 Healthcare 3 16,700 August 31, 2017 Industrial 2 6,148 September 13, 2017 Retail 5 4,994 September 29, 2017 Industrial/Retail 7 30,012 September 29, 2017 Industrial 1 57,372 70 $ 352,021 (c) (c) 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 acquisitions completed during the nine months ended September 30, 2018 and 2017, discussed above: For the nine months ended September 30, (in thousands) 2018 2017 Land $ 47,930 $ 18,499 Land improvements 20,815 28,463 Buildings and other improvements 271,696 279,110 Equipment 2,891 508 Acquired in-place leases (d) 36,342 37,110 Acquired above-market leases (e) 3,347 13,229 Acquired below-market leases (f) (10,143 ) (21,861 ) Direct financing investments 430 3,546 Mortgage payable (20,845 ) — $ 352,463 $ 358,604 (d) (e) (f) The above acquisitions were funded using a combination of available cash on hand and proceeds from the Company’s unsecured revolving line of credit. All of the acquisitions closed during the nine months ended September 30, 2018 and 2017, qualified as asset acquisitions and, as such, acquisition costs were capitalized in accordance with ASU 2017-01, Business Combinations (Topic 805): Clarifying the Definition of a Business Subsequent to September 30, 2018, the Company closed on the following acquisitions (see Note 17): (in thousands, except number of properties) Date Property Type Number of Properties Acquisition Price October 11, 2018 Healthcare 4 $ 17,448 October 26, 2018 Industrial 1 8,817 October 31, 2018 Retail 1 2,016 6 $ 28,281 The Company has not completed the allocation of the acquisition date fair values for the properties acquired subsequent to September 30, 2018; however, it expects the acquisitions to qualify as asset acquisitions and that the purchase price of these properties will primarily be allocated to land, land improvements, building and acquired lease intangibles.

Sale of Real Estate

Sale of Real Estate	9 Months Ended
	Sep. 30, 2018
Real Estate [Abstract]
Sale of Real Estate	5. Sale of Real Estate The Company closed on the following sales of real estate, none of which qualified as discontinued operations, during the three and nine months ended September 30, 2018 and 2017: For the three months ended September 30, For the nine months ended September 30, (in thousands, except number of properties) 2018 2017 2018 2017 Number of properties disposed 4 4 15 10 Aggregate sale price $ 11,609 $ 27,725 $ 43,951 $ 58,170 Aggregate carrying value (9,016 ) (22,335 ) (31,710 ) (44,984 ) Additional sales expenses (568 ) (1,338 ) (2,621 ) (2,854 ) Gain on sale of real estate $ 2,025 $ 4,052 $ 9,620 $ 10,332

Investment in Rental Property a

Investment in Rental Property and Lease Arrangements	9 Months Ended
	Sep. 30, 2018
Leases [Abstract]
Investment in Rental Property and Lease Arrangements	6. Investment in Rental Property and Lease Arrangements The Company generally leases its investment rental property to established tenants. At September 30, 2018, the Company had 567 real estate properties which were leased under leases that have been classified as operating leases and 16 that have been classified as direct financing leases. Of the 16 leases classified as direct financing leases, four include land portions which are accounted for as operating leases (see Revenue Recognition Leases Investment in Rental Property – Accounted for Using the Operating Method Rental property subject to non-cancelable operating leases with tenants are as follows at September 30, 2018 and December 31, 2017: (in thousands) September 30, 2018 December 31, 2017 Land $ 389,127 $ 348,940 Land improvements 228,806 211,674 Buildings 2,009,417 1,754,796 Tenant improvements 1,729 11,425 Equipment 11,492 7,689 2,640,571 2,334,524 Less accumulated depreciation (191,133 ) (148,383 ) $ 2,449,438 $ 2,186,141 Depreciation expense on investment in rental property was as follows for the three and nine months ended September 30, 2018 and 2017: For the three months ended September 30, For the nine months ended September 30, (in thousands) 2018 2017 2018 2017 Depreciation $ 17,196 $ 12,600 $ 48,345 $ 36,455 Estimated minimum future rental receipts required under non-cancelable operating leases with tenants at September 30, 2018 are as follows: (in thousands) Remainder of 2018 $ 53,323 2019 216,102 2020 219,327 2021 222,074 2022 224,399 Thereafter 2,120,958 $ 3,056,183 Since lease renewal periods are exercisable at the option of the tenant, the above amounts only include future minimum lease payments due during the initial lease terms. In addition, such amounts exclude any potential variable rent increases that are based on the Consumer Price Index, or future contingent rents which may be received under the leases based on a percentage of the tenant’s gross sales. Investment in Rental Property – Accounted for Using the Direct Financing Method The Company’s net investment in direct financing leases is as follows at September 30, 2018 and December 31, 2017: (in thousands) September 30, 2018 December 31, 2017 Minimum lease payments to be received $ 77,833 $ 77,889 Estimated unguaranteed residual values 20,358 19,758 Less unearned revenue (56,179 ) (56,030 ) Net investment in direct financing leases $ 42,012 $ 41,617 Minimum future rental receipts required under non-cancelable direct financing leases with tenants at September 30, 2018 are as follows: (in thousands) Remainder of 2018 $ 1,003 2019 4,076 2020 4,194 2021 4,283 2022 4,369 Thereafter 59,908 $ 77,833 The above rental receipts do not include future minimum lease payments for renewal periods, potential variable Consumer Price Index rent increases, or contingent rental payments that may become due in future periods.

Intangible Assets And Liabiliti

Intangible Assets And Liabilities	9 Months Ended
	Sep. 30, 2018
Goodwill And Intangible Assets Disclosure [Abstract]
Intangible Assets and Liabilities	7. Intangible Assets and Liabilities The following is a summary of intangible assets and liabilities and related accumulated amortization at September 30, 2018 and December 31, 2017: (in thousands) September 30, 2018 December 31, 2017 Lease intangibles: Acquired above-market leases $ 62,149 $ 59,502 Less accumulated amortization (13,668 ) (9,183 ) Acquired above-market leases, net 48,481 50,319 Acquired in-place leases 251,926 216,858 Less accumulated amortization (36,369 ) (24,518 ) Acquired in-place leases, net 215,557 192,340 Total intangible lease assets, net $ 264,038 $ 242,659 Acquired below-market leases $ 100,308 $ 91,667 Less accumulated amortization (14,007 ) (9,923 ) Intangible lease liabilities, net $ 86,301 $ 81,744 Leasing fees $ 17,269 $ 16,286 Less accumulated amortization (3,340 ) (2,732 ) Leasing fees, net $ 13,929 $ 13,554 Amortization for intangible lease assets and liabilities for the three and nine months ended September 30, 2018 and 2017 is as follows: (in thousands) For the three months ended September 30, For the nine months ended September 30, Intangible Financial Statement Presentation 2018 2017 2018 2017 Acquired in-place leases and leasing fees Depreciation and amortization $ 4,673 $ 3,043 $ 12,958 $ 8,514 Above-market and below-market leases Increase (decrease) to rental income from operating leases 255 (99 ) (212 ) (487 ) Estimated future amortization of intangible assets and liabilities at September 30, 2018 is as follows: (in thousands) Remainder of 2018 $ 4,275 2019 16,041 2020 15,764 2021 15,575 2022 15,360 Thereafter 124,651 $ 191,666

Unsecured Credit Agreements

Unsecured Credit Agreements	9 Months Ended
	Sep. 30, 2018
Debt Disclosure [Abstract]
Unsecured Credit Agreements	8. Unsecured Credit Agreements The following table summarizes the Company’s unsecured credit agreements at September 30, 2018 and December 31, 2017: Outstanding Balance (in thousands) September 30, 2018 December 31, 2017 Interest Rate (d) Maturity Date 2015 Unsecured Term Loan Agreement (a), (b) $ 300,000 $ 325,000 one-month LIBOR + 1.40% Feb. 2019 (f) 2017 Unsecured Revolving Credit and Term Loan Agreement (a) Revolver — 273,000 one- and three- month LIBOR + 1.20% (e) Jan. 2022 5.5-Year term loan 265,000 265,000 one- month LIBOR + 1.35% Jan. 2023 7-Year term loan 190,000 100,000 one- month LIBOR + 1.90% Jun. 2024 455,000 638,000 Senior Notes (a) Series A 150,000 150,000 4.84% Apr. 2027 Series B 225,000 — 5.09% Jul. 2028 Series C 100,000 — 5.19% Jul. 2030 475,000 150,000 Total 1,230,000 1,113,000 Debt issuance costs, net (c) (4,527 ) (3,088 ) $ 1,225,473 $ 1,109,912 (a) The Company believes it was in compliance with all financial covenants for all periods presented. (b) (c) Amounts presented include debt issuance costs, net, related to the unsecured term notes and senior notes only. (d) (e) (f) 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 Operating Company issued and sold senior promissory notes in two series, Series B Guaranteed Senior Notes (the “Series B Notes”) and Series C Guaranteed Senior Notes (the “Series C Notes”), for an aggregate principal amount of $325,000. The Series B Notes provide for an aggregate principal amount of $225,000 with a fixed-rate of 5.09% through the maturity date of July 2, 2028. The Series C Notes provide for an aggregate principal amount of $100,000 with a fixed-rate of 5.19% through the maturity date of July 2, 2030. On July 2, 2018, the Operating Company issued $100,000 of the Series B Notes and $50,000 of the Series C Notes. The remaining $125,000 principal of the Series B Notes and $50,000 principal of the Series C Notes were funded on September 13, 2018. The proceeds of both issuances were used to pay off borrowings on the Revolver, along with $25,000 of the outstanding principal on the 2015 Unsecured Term Loan. At September 30, 2018 and December 31, 2017, the weighted average interest rate on all outstanding borrowings was 4.17% and 3.03%, respectively. The Revolver is subject to a facility fee of 0.25% per annum. In addition, the 5.5-Year Term Loan and 7-Year Term Loan are subject to a fee of 0.25% per annum on the amount of the commitments, reduced by the amount of term loans outstanding under the applicable loan. The 5.5-Year and 7-Year term loans were fully drawn as of September 30, 2018. Debt issuance costs are amortized as a component of interest expense in the accompanying Condensed Consolidated Statements of Income and Comprehensive Income. The following table summarizes debt issuance cost amortization for the three and nine months ended September 30, 2018 and 2017: For the three months ended September 30, For the nine months ended September 30, (in thousands) 2018 2017 2018 2017 Debt issuance costs amortization $ 477 $ 486 $ 1,410 $ 1,343 For the three and nine months ended September 30, 2018, the Company paid $2,209 in debt issuance costs related to the Series B Notes and Series C Notes. For the nine months ended September 30, 2017, the Company paid $8,344 in debt issuance costs associated with the Series A Notes, the Credit Agreement, and the 2015 Unsecured Term Loan Agreement. For each separate debt instrument, on a lender by lender basis, in accordance with ASC 470-50, Debt Modifications and Extinguishment

Mortgages and Notes Payable

Mortgages and Notes Payable	9 Months Ended
	Sep. 30, 2018
Debt Disclosure [Abstract]
Mortgages and Notes Payable	9. Mortgages and Notes Payable The Company’s mortgages and notes payable consist of the following at September 30, 2018 and December 31, 2017: (in thousands, except interest rates) Lender Original/ Assumption Date (Month/Year) Maturity Date (Month/Year) Interest Rate September 30, 2018 December 31, 2017 (1) Wilmington Trust National Association Jun-18 Aug-25 4.36% $ 20,761 $ — (a) (b) (c) (m) (2) PNC Bank Oct-16 Nov-26 3.62% 18,352 18,622 (b) (c) (3) Sun Life Mar-12 Oct-21 5.13% 11,385 11,670 (b) (g) (4) Aegon Apr-12 Oct-23 6.38% 8,668 9,168 (b) (h) (5) Symetra Financial Nov-17 Oct-26 3.65% 6,522 6,685 (a) (b) (k) (l) (6) M&T Bank Oct-17 Aug-21 one - month LIBOR+3% 5,085 5,183 (b) (d) (i) (j) (7) Legg Mason Mortgage Capital Corporation Aug-10 Aug-22 7.06% 4,950 5,670 (b) (e) (8) Standard Insurance Co. Apr-09 May-34 6.88% 1,767 1,813 (b) (c) (f) (9) Columbian Mutual Life Insurance Company Aug-10 Sep-25 7.00% 1,470 1,500 (b) (c) (d) (10) Note holders Dec-08 Dec-23 6.25% 750 750 (d) (11) Standard Insurance Co. Jul-10 Aug-30 6.75% 568 581 (b) (c) (d) (f) (12) Siemens Financial Services, Inc. Sep-10 Sep-20 5.47% — 5,820 (a) (b) (13) Symetra Financial Mar-11 Apr-31 6.34% — 1,008 (a) (b) 80,278 68,470 Debt issuance costs, net (516 ) (638 ) $ 79,762 $ 67,832 (a) Non-recourse debt includes the indemnification/guaranty of the Corporation and/or Operating Company pertaining to fraud, environmental claims, insolvency and other matters. (b) Debt secured by related rental property and lease rents. (c) Debt secured by guaranty of the Operating Company. (d) Debt secured by guaranty of the Corporation. (e) Debt is guaranteed by a third party. (f) The interest rate represents the initial interest rate on the respective notes. The interest rate will be adjusted at Standard Insurance’s discretion at certain times throughout the term of the note, ranging from 59 to 239 months, and the monthly installments will be adjusted accordingly. At the time Standard Insurance may adjust the interest rate for notes payable, the Company has the right to prepay the note without penalty. (g) 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. (h) 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. (i) The Company entered into an interest rate swap agreement in connection with the mortgage note, as further described in Note 10. (j) 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. (k) Mortgage was assumed in November 2017 as part of the acquisition of the related property. The debt was recorded at fair value at the time of the assumption. (l) The interest rate will be adjusted to the holder’s quoted five-year commercial mortgage rate for similar size and quality. (m) Mortgage was assumed in June 2018 as part of the acquisition of the related property. The debt was recorded at fair value at the time of the assumption. At September 30, 2018, investment in rental property of $140,639 is pledged as collateral against the Company’s mortgages and notes payable. The following table summarizes the mortgages extinguished by the Company during the nine months ended September 30, 2018 and the year ended December 31, 2017: (in thousands) For the nine months ended September 30, 2018 For the year ended December 31, 2017 Number 2 7 Outstanding balance of Mortgages $ 6,666 $ 48,108 The following table summarizes the cost of mortgage extinguishment for the three and nine months ended September 30, 2018 and 2017: For the three months ended September 30, For the nine months ended September 30, (in thousands, except number of mortgages extinguished) 2018 2017 2018 2017 Cost of mortgage extinguishment $ 50 $ 1,404 $ 101 $ 1,464 Estimated future principal payments to be made under the above mortgage and note payable agreements and the Company’s unsecured credit agreements (see Note 8) at September 30, 2018 are as follows: (in thousands) Remainder of 2018 $ 827 2019 303,433 2020 3,672 2021 18,584 2022 3,066 Thereafter 980,696 $ 1,310,278 Certain of the Company’s mortgage and note payable agreements provide for prepayment fees and can be terminated under certain events of default as defined under the related agreements which are not reflected as part of the table above.

Interest Rate Swaps

Interest Rate Swaps	9 Months Ended
	Sep. 30, 2018
Derivative Instruments And Hedging Activities Disclosure [Abstract]
Interest Rate Swaps	10. 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. The following is a summary of the Company’s outstanding interest rate swap agreements at September 30, 2018 and December 31, 2017: (in thousands, except interest rates) Fair Value Counterparty Maturity Date Fixed Rate Variable Rate Index Notional Amount September 30, 2018 December 31, 2017 Bank of America, N.A. November 2023 2.80 % one-month LIBOR $ 25,000 $ 129 $ (863 ) Bank of Montreal July 2024 1.16 % one-month LIBOR 40,000 3,775 2,503 Bank of Montreal January 2025 1.91 % one-month LIBOR 25,000 1,451 464 Bank of Montreal July 2025 2.32 % one-month LIBOR 25,000 921 (194 ) Bank of Montreal January 2026 1.92 % one-month LIBOR 25,000 1,655 561 Bank of Montreal January 2026 2.05 % one-month LIBOR 40,000 2,309 520 Bank of Montreal December 2026 2.33 % one-month LIBOR 10,000 445 (63 ) Bank of Montreal December 2027 2.37 % one-month LIBOR 25,000 1,180 (192 ) Capital One, N.A. December 2021 1.05 % one-month LIBOR 15,000 867 607 Capital One, N.A. December 2024 1.58 % one-month LIBOR 15,000 1,157 603 Capital One, N.A. January 2026 2.08 % one-month LIBOR 35,000 1,996 399 Capital One, N.A. July 2026 1.32 % one-month LIBOR 35,000 4,007 2,565 Capital One, N.A. December 2027 2.37 % one-month LIBOR 25,000 1,215 (189 ) Capital One, N.A. April 2026 2.68 % one-month LIBOR 15,000 267 — (a) M&T Bank August 2021 1.02 % one-month LIBOR 5,085 306 182 (b), (c) M&T Bank September 2022 2.83 % one-month LIBOR 25,000 59 (810 ) M&T Bank November 2023 2.65 % one-month LIBOR 25,000 250 (686 ) Regions Bank March 2018 1.77 % one-month LIBOR — — (9 ) (a) Regions Bank March 2019 1.91 % three-month LIBOR — — 2 (a) Regions Bank May 2020 2.12 % one-month LIBOR 50,000 501 (153 ) Regions Bank March 2022 2.43 % three-month LIBOR — — (254 ) (a) Regions Bank December 2023 1.18 % one-month LIBOR 25,000 2,130 1,402 SunTrust Bank April 2024 1.99 % one-month LIBOR 25,000 1,181 261 SunTrust Bank April 2025 2.20 % one-month LIBOR 25,000 1,074 — SunTrust Bank July 2025 1.99 % one-month LIBOR 25,000 1,444 386 SunTrust Bank December 2025 2.30 % one-month LIBOR 25,000 1,035 (138 ) SunTrust Bank January 2026 1.93 % one-month LIBOR 25,000 1,651 553 Wells Fargo Bank, N.A. February 2021 2.39 % one-month LIBOR 35,000 363 (369 ) Wells Fargo Bank, N.A. October 2024 2.72 % one-month LIBOR 15,000 162 (510 ) Wells Fargo Bank, N.A. January 2028 2.37 % one-month LIBOR 75,000 3,580 (590 ) Wells Fargo Bank, N.A. April 2027 2.72 % one-month LIBOR 25,000 415 — $ 35,525 $ 5,988 (a) (b) (c) Interest rate swap was assumed in October 2017 as part of an UPREIT transaction. The total amounts recognized and the location in the accompanying Condensed Consolidated Statements of Income and Comprehensive Income, from converting from variable rates to fixed rates under these agreements is as follows for the three and nine months ended September 30, 2018 and 2017: Total Interest Expense Amount of Gain Presented in the Recognized in Reclassification from Accumulated Other Consolidated Statements of (in thousands) Accumulated Other Comprehensive Income Income and Comprehensive Three Months Ended September 30, Comprehensive Income Location Amount of Loss Income 2018 $ 6,299 Interest expense $ 20 $ 14,484 2017 283 Interest expense 448 9,380 Total Interest Expense Amount of Gain (Loss) Presented in the Recognized in Reclassification from Accumulated Other Consolidated Statements of (in thousands) Accumulated Other Comprehensive Income Income and Comprehensive Nine Months Ended September 30, Comprehensive Income Location Amount of Loss Income 2018 $ 30,296 Interest expense $ 1,287 $ 38,115 2017 (1,448 ) Interest expense 3,152 25,182 Amounts related to the interest rate swaps expected to be reclassified out of Accumulated other comprehensive income to Interest expense during the next twelve months are estimated to be a gain of $4,054.

Noncontrolling Interest

Noncontrolling Interest	9 Months Ended
	Sep. 30, 2018
Noncontrolling Interest [Abstract]
Non-Controlling Interests	11. Non-Controlling Interests Under the Company’s UPREIT structure, entities and individuals can contribute their properties in exchange for membership interests in the Operating Company. Properties contributed as part of UPREIT transactions during the nine months ended September 30, 2018 and 2017 were valued at $15,797 and $8,278, respectively, which represents the estimated fair value of the properties contributed, less any assumed debt. The Company recognized rental income related to UPREIT transactions for the three and nine months ended September 30, 2018 and 2017 as follows: For the three months ended September 30, For the nine months ended September 30, (in thousands) 2018 2017 2018 2017 UPREIT rental income $ 3,990 $ 3,539 $ 11,421 $ 9,503

Credit Risk Concentrations

Credit Risk Concentrations	9 Months Ended
	Sep. 30, 2018
Risks And Uncertainties [Abstract]
Credit Risk Concentrations	12. Credit Risk Concentrations The Company maintained bank balances that, at times, exceeded the federally insured limit during the nine months ended September 30, 2018. 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. The Company’s rental property is managed by the Manager and the Asset Manager as described in Note 3. Management fees paid to the Manager and Asset Manager represent 20% and 21% of the Company’s total operating expenses for the three months ended September 30, 2018 and 2017, respectively, and 19% and 21% of the Company’s total operating expenses for the nine months ended September 30, 2018 and 2017, respectively.

Equity

Equity	9 Months Ended
	Sep. 30, 2018
Equity [Abstract]
Equity	13. Equity Share Redemption Program The following table summarizes redemptions under the Share Redemption Program for the three and nine months ended September 30, 2018 and 2017: For the three months ended September 30, For the nine months ended September 30, (in thousands, except number of stockholders) 2018 2017 2018 2017 Number of stockholders 11 6 33 20 Number of shares 32 23 106 62 Aggregate redemption price $ 2,675 $ 1,808 $ 8,564 $ 4,825 Distribution Reinvestment Plan The Corporation has adopted the Distribution Reinvestment Plan (“DRIP”), pursuant to which the Corporation’s stockholders and holders of membership units in the Operating Company (other than the Corporation), may elect to have cash distributions reinvested in additional shares of the Corporation’s common stock. Cash distributions will be reinvested in additional shares of common stock pursuant to the DRIP at a per share price equal to 98% of the Determined Share Value as of the applicable distribution date. The Corporation may amend, suspend, or terminate the DRIP at any time upon 30 days’ prior written notice to each stockholder. At September 30, 2018 and December 31, 2017, a total of 2,064 and 1,592 shares of common stock, respectively, have been issued under the DRIP.

Earnings per Share

Earnings per Share	9 Months Ended
	Sep. 30, 2018
Earnings Per Share [Abstract]
Earnings Per Share	14. Earnings per Share The following table summarizes the components used in the calculation of basic and diluted earnings per share (“EPS”): For the three months ended September 30, For the nine months ended September 30, (in thousands, except per share) 2018 2017 2018 2017 Basic earnings: Net earnings attributable to Broadstone Net Lease, Inc. $ 21,267 $ 11,948 $ 55,813 $ 39,269 Diluted earnings: Net earnings attributable to Broadstone Net Lease, Inc. $ 21,267 $ 11,948 $ 55,813 $ 39,269 Net earnings attributable to non-controlling interests 1,797 1,042 4,631 3,460 $ 23,064 $ 12,990 $ 60,444 $ 42,729 Basic and diluted weighted average shares outstanding: Weighted average number of common shares outstanding used in basic earnings per share 20,554 17,617 19,850 16,607 Effects of convertible membership units 1,737 1,530 1,646 1,462 Weighted average number of common shares outstanding used in diluted earnings per share 22,291 19,147 21,496 18,069 Basic and diluted net earnings per common share $ 1.03 $ 0.68 $ 2.81 $ 2.36 In the table above, outstanding membership units are included in the diluted earnings per share calculation. However, because such membership units would also require that the share of the Operating Company income attributable to such membership units also be added back to net income, there is no effect on EPS.

Supplemental Cash Flow Disclosu

Supplemental Cash Flow Disclosures	9 Months Ended
	Sep. 30, 2018
Supplemental Cash Flow Elements [Abstract]
Supplemental Cash Flow Disclosures	15. Supplemental Cash Flow Disclosures Cash paid for interest was $33,108 and $20,364 for the nine months ended September 30, 2018 and 2017, respectively. Cash paid for state income and franchise tax was $307 and $751 for the nine months ended September 30, 2018 and 2017, respectively. The following are non-cash transactions and have been excluded from the accompanying Condensed Consolidated Statements of Cash Flows: • During the nine months ended September 30, 2018 and 2017, the Corporation issued 458 and 375 shares, respectively, of common stock with a value of approximately $37,055 and $29,031, respectively, under the terms of the DRIP (see Note 13). • During the nine months ended September 30, 2018 and 2017, the Company issued 194 and 103 membership units of the Operating Company in exchange for property contributed in UPREIT transactions valued at $15,797 and $8,278, respectively (see Note 11). • During the nine months ended September 30, 2018, the Corporation cancelled nine thousand shares of common stock with a value of $748 that were pledged as collateral by a tenant. The cancellation of the shares was used to settle $748 in outstanding receivables associated with the tenant. • At September 30, 2018 and 2017, dividend amounts declared and accrued but not yet paid amounted to $9,722 and $8,099, respectively. • In connection with real estate transactions conducted during the nine months ended September 30, 2018, the Company settled notes receivable in the amount of $6,527 in exchange for a reduction to the cash paid for the associated real estate assets. • In connection with fire damage incurred at three properties during the nine months ended September 30, 2017, the Company recognized $2,857 in insurance recovery receivables which were a reduction to depreciation expense for the associated real estate assets.

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2018
Commitments And Contingencies Disclosure [Abstract]
Commitments and Contingencies	16. Commitments and Contingencies 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. In connection with ownership and operation of real estate, the Company may potentially be liable for cost and damages related to environmental matters. The Company is not aware of any non-compliance, liability, claim, or other environmental condition that would have a material effect on its consolidated financial position, results of operations, or liquidity. Tenant improvement allowances at September 30, 2018 and December 31, 2017 were as follows: (in thousands) September 30, 2018 December 31, 2017 Tenant improvement allowances $ 2,920 $ 5,669 Payments made for work completed under the tenant improvement allowances were as follows: (in thousands) For the nine months ended September 30, 2018 For the year ended December 31, 2017 Payments for tenant improvement allowances $ 3,174 $ 6,598

Subsequent Events

Subsequent Events	9 Months Ended
	Sep. 30, 2018
Subsequent Events [Abstract]
Subsequent Events	17. Subsequent Events Through November 5, 2018, the Company has raised $24,671 through the sale of 291 shares of the Corporation’s common stock from monthly equity closings, including dividend reinvestments. Through November 5, 2018, the Company has paid $9,722 in distributions, including dividend reinvestments. Subsequent to September 30, 2018, the Company continued to expand its operations through the acquisition of additional rental property and associated intangible assets and liabilities. The Company acquired approximately $28,281 of rental property and associated intangible assets and liabilities (see Note 4). Through November 5, 2018, the Company sold four properties for total proceeds of $10,995 with an aggregate carrying value of approximately $9,100. The Company incurred additional expenses related to the sales of approximately $640 resulting in a gain on sale of real estate of approximately $1,255. On November 2, 2018, the Board of Directors declared a distribution of $0.43 per share on the Corporation’s common stock and approved a distribution of $0.43 per membership unit of the Operating Company for monthly distributions through January 2019. The distributions are payable on or prior to the 15th of the following month to stockholders and unit holders of record on the last day of the month. In addition, the IDC determined the share value for the Corporation’s common stock and the Operating Company’s membership units to be $86.00 per share or unit for subscription agreements received from November 1, 2018 through January 31, 2019. Subsequent to September 30, 2018, the Operating Company paid off borrowings on the Revolver in the aggregate amount of $13,000 and drew additional borrowings on the Revolver in the aggregate amount of $13,000.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2018
Accounting Policies [Abstract]
Interim Information	Interim Information The accompanying Condensed Consolidated Financial Statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information (Accounting Standards Codification (“ASC”) 270, Interim Reporting
Principles of Consolidation	Principles of Consolidation The Condensed Consolidated Financial Statements include the accounts and operations of the Corporation, the Operating Company and its consolidated subsidiaries, all of which are wholly owned by the Operating Company (collectively, 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 holds a 92.4% interest in the Operating Company at September 30, 2018, and is the sole managing member of the Operating Company, which gives the Corporation exclusive and complete responsibility for the day-to-day management, authority to make decisions, and control of the Operating Company. Based on consolidation guidance, the Corporation concluded that the Operating Company is a VIE as the members in the Operating Company do not possess kick-out rights or substantive participating rights. Accordingly, the Corporation consolidates its interest in the Operating Company. However, as the Corporation holds the majority voting interest in the Operating Company, it qualifies for the exemption from providing certain disclosure requirements associated with investments in VIEs. The portion of the Operating Company not owned by the Corporation is presented as non-controlling interests as of and during the periods presented.
Basis of Accounting	Basis of Accounting The Condensed Consolidated Financial Statements have been prepared in accordance with GAAP.
Use of Estimates	Use of Estimates The preparation of Condensed Consolidated Financial Statements in conformity with GAAP requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the Condensed Consolidated Financial Statements and the reported amounts of revenues and expenses during the reporting periods. Significant estimates include, but are not limited to, the allocation of purchase price between investment in rental property and intangible assets acquired and liabilities assumed, the value of long-lived assets, the provision for impairment, the depreciable lives of rental property, the amortizable lives of intangible assets and liabilities, the allowance for doubtful accounts, the fair value of assumed debt and notes payable, 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.
Restricted Cash	Restricted Cash Restricted cash includes escrow funds the Company maintains pursuant to the terms of certain mortgage and notes payable and lease agreements, and undistributed proceeds from the sale of properties under Section 1031 of the Internal Revenue Code.
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 asset or asset group exceeds the sum of the undiscounted cash flows expected to result from the use of the 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 asset or asset group exceeds the fair value of the asset or asset group. A significant judgment is made as to if and when impairment should be taken. If our strategy, or one or more of the assumptions described above were to change in the future, an impairment may need to be recognized. 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 condition, as derived through our 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. During the three months ended September 30, 2018 and 2017 we recorded impairment of $ 2,061 The Company has reduced the carrying value of the impaired real estate assets to the estimated fair value as detailed below: September 30, 2018 September 30, 2017 (in thousands) Carrying Amount Allocation of Impairment Net Carrying Amount Carrying Amount Allocation of Impairment Net Carrying Amount Investment in rental property accounted for using the operating method, net of accumulated depreciation $ 12,834 $ (1,702 ) $ 11,132 $ 16,159 $ (2,401 ) $ 13,758 Intangible lease assets, net 2,305 (384 ) 1,921 1,263 (204 ) 1,059 Leasing fees, net 131 (19 ) 112 123 (16 ) 107 Intangible lease liabilities, net (989 ) 44 (945 ) (101 ) 13 (88 ) $ 14,281 $ (2,061 ) $ 12,220 $ 17,444 $ (2,608 ) $ 14,836
Revenue Recognition	Revenue Recognition At the inception of a new lease arrangement, including new leases that arise from amendments, the Company assesses the terms and conditions to determine the proper lease classification. A lease arrangement is classified as an operating lease if none of the following criteria are met: (i) ownership transfers to the lessee prior to or shortly after the end of the lease term, (ii) lessee has a bargain purchase option during or at the end of the lease term, (iii) the lease term is greater than or equal to 75% of the underlying property’s estimated useful life, or (iv) the present value of the future minimum lease payments (excluding executory costs) is greater than or equal to 90% of the fair value of the leased property. If one or more of these criteria are met, and the minimum lease payments are determined to be reasonably predictable and collectible, the lease arrangement is generally accounted for as a direct financing lease. Consistent with Financial Accounting Standards Board (“FASB”) ASC 840 , Leases, Revenue recognition methods for operating leases and direct financing leases are described below: Rental property accounted for under operating leases – Revenue is recognized as rents are earned on a straight-line basis over the non-cancelable terms of the related leases. In most cases, revenue recognition under operating leases begins when the lessee takes possession of, or controls, the physical use of the leased asset. Generally, this occurs on the lease commencement date. For leases that have fixed and measurable rent escalations, the difference between such rental income earned and the cash rent due under the provisions of the lease is recorded as Accrued rental income on the Condensed Consolidated Balance Sheets. Rental property accounted for under direct financing leases – The Company utilizes the direct finance method of accounting to record direct financing lease income. For a lease accounted for as a direct financing lease, the net investment in the direct financing lease represents receivables for the sum of future minimum lease payments and the estimated residual value of the leased property, less the unamortized unearned income. Unearned income is deferred and amortized into income over the lease terms so as to produce a constant periodic rate of return on the Company’s net investment in the leases. Adoption of ASU 2014-09, described further in Recently Adopted Accounting Standards
Sales of Real Estate	Sales of Real Estate As described further in Recently Adopted Accounting Standards If the Company determines that it did not transfer control of the non-financial assets to the buyer, the Company will analyze the contract for separate performance obligations and allocate a portion of the sales price to each performance obligation. As performance obligations are satisfied, the Company will recognize the respective income in the Condensed Consolidated Statements of Income and Comprehensive Income. The Company accounts for 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.
Rent Received in Advance	Rent Received in Advance Rent received in advance represents tenant payments received prior to the contractual due date and are included in Accounts payable and other liabilities on the Condensed Consolidated Balance Sheets. Rents received in advance at September 30, 2018 and December 31, 2017 are as follows: (in thousands) September 30, 2018 December 31, 2017 Rents received in advance $ 6,396 $ 8,585
Allowance for Doubtful Accounts	Allowance for Doubtful Accounts Management periodically reviews the sufficiency of the allowance for doubtful accounts, taking into consideration its historical losses and existing economic conditions, and adjusts the allowance as it considers necessary. Uncollected tenant receivables are written off against the allowance when all possible means of collection have been exhausted. The following table summarizes the changes in the allowance for doubtful accounts for the nine months ended September 30, 2018 and the year ended December 31, 2017: (in thousands) September 30, 2018 December 31, 2017 Beginning balance $ 742 $ 323 Provision for doubtful accounts 1,053 419 Write-offs (177 ) — Ending balance $ 1,618 $ 742
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. The gain or loss on the qualifying hedges is initially included as a component of other comprehensive income or loss and is subsequently reclassified into earnings when interest payments (the forecasted transactions) on the related debt are incurred and as the swap net settlements occur. When an existing cash flow hedge is terminated, the Company determines the accounting treatment for the accumulated gain or loss recognized in Accumulated other comprehensive income based on the probability of the hedged forecasted transaction occurring within the period the cash flow hedge was anticipated to affect earnings. If the Company determines that the hedged forecasted transaction is probable of occurring during the original period, the accumulated gain or loss is reclassified into earnings over the remaining life of the cash flow hedge using a straight-line method, which approximates an effective interest 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 in the period the cash flow hedge is terminated. 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.
Non-controlling Interests	Non-controlling Interests Non-controlling interests represents the membership interests held in the Operating Company of 7.6% at September 30, 2018 and December 31, 2017, by third parties which are accounted for as a separate component of equity. The Company periodically adjusts the carrying value of non-controlling interests to reflect their share of the book value of the Operating Company. Such adjustments are recorded to Additional paid-in capital as a reallocation of Non-controlling interests in the Condensed Consolidated Statements of Stockholders’ Equity.
Fair Value Measurements	Fair Value Measurements ASC 820, Fair Value Measurements and Disclosures, The balances of financial instruments measured at fair value on a recurring basis at September 30, 2018 and December 31, 2017 are as follows (see Note 10): September 30, 2018 (in thousands) Total Level 1 Level 2 Level 3 Interest rate swap, assets $ 35,525 $ — $ 35,525 $ — Interest rate swap, liabilities — — — — $ 35,525 $ — $ 35,525 $ — December 31, 2017 (in thousands) Total Level 1 Level 2 Level 3 Interest rate swap, assets $ 11,008 $ — $ 11,008 $ — Interest rate swap, liabilities (5,020 ) — (5,020 ) — $ 5,988 $ — $ 5,988 $ — The Company has estimated that the carrying amount reported on the Condensed Consolidated Balance Sheets for Cash and cash equivalents, Restricted cash, Tenant and other receivables, net, Notes receivable, and Accounts payable and other liabilities approximates their fair values due to their short-term nature. The following table summarizes the carrying amount reported on the Condensed Consolidated Balance Sheets and the Company’s estimate of the fair value of the Mortgage and notes payable, net, Unsecured term notes, net, and Unsecured revolver at September 30, 2018 and December 31, 2017: (in thousands) September 30, 2018 December 31, 2017 Carrying amount $ 1,310,278 $ 1,181,470 Fair value 1,264,797 1,177,197 The fair value of the Company’s debt was estimated using Level 2 and Level 3 inputs based on recent financing transactions, estimates of the fair value of the property that serves as collateral for such debt, historical risk premiums for loans of comparable quality, current LIBOR, US treasury obligation interest rates, and on the discounted estimated future cash payments to be made on such debt. The discount rates estimated reflect the Company’s judgment as to the approximate current lending rates for loans or groups of loans with similar maturities and assumes that the debt is outstanding through maturity. Market information, as available, or present value techniques were utilized to estimate the amounts required to be disclosed. Since such amounts are estimates that are based on limited available market information for similar transactions and do not acknowledge transfer or other repayment restrictions that may exist on specific loans, it is unlikely that the estimated fair value of any such debt could be realized by immediate settlement of the obligation. As disclosed under the Long-lived Asset Impairment
Taxes Collected From Tenants and Remitted to Governmental Authorities	Taxes Collected From Tenants and Remitted to Governmental Authorities In most situations, the Company’s properties are leased on a triple-net basis, which provides that the tenants are responsible for the payment of all 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. The following table summarizes the approximate property tax payments made directly to the taxing authorities by the Company’s tenants, pursuant to their lease obligations, for the three and nine months ended September 30, 2018 and 2017: For the three months ended September 30, For the nine months ended September 30, (in thousands) 2018 2017 2018 2017 Property taxes paid by tenants directly to taxing authority $ 3,777 $ 2,448 $ 15,745 $ 13,405 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 revenue is included in Operating expenses reimbursed from tenants and expense is included in Property and operating expense in the accompanying Condensed Consolidated Statements of Income and Comprehensive Income. The following table summarizes taxes collected from tenants and remitted to governmental authorities for the three and nine months ended September 30, 2018 and 2017: For the three months ended September 30, For the nine months ended September 30, (in thousands) 2018 2017 2018 2017 Property taxes collected from tenants $ 1,238 $ 608 $ 3,648 $ 1,787 Property taxes remitted on behalf of tenants 1,451 885 3,924 2,084
Recently Adopted Accounting Standards and Other Recently Issued Accounting Standards	Recently Adopted Accounting Standards In August 2017, the FASB issued Accounting Standards Update (“ASU”) 2017-12, Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities In November 2016, the FASB issued ASU 2016-18, Statement of Cash Flows—Restricted Cash. Reclassifications In August 2016, the FASB issued ASU 2016-15, Classification of Certain Cash Receipts and Cash Payments. In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers (Topic 606) In February 2017, the FASB issued ASU 2017-05, Other Income Gains and Losses from the Derecognition of Nonfinancial Assets. Other Recently Issued Accounting Standards In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842) Leases (Topic 840) Taxes Collected From Tenants and Remitted to Governmental Authorities As originally published, when adopting ASC 842, companies were required to recognize and measure leases at the beginning of the earliest period presented using a modified retrospective approach. In July 2018, the FASB issued ASU 2018-11, Leases (Topic 842) Targeted Improvements. Leases The amendments are effective January 1, 2019, with early adoption permitted. The Company has completed its initial inventory of leases and has identified changes needed to its processes and systems impacted by the new standard. The Company is continuing to evaluate the impact that adoption of this guidance will have on its Condensed Consolidated Financial Statements and footnote disclosures. In August 2018, the FASB issued ASU 2018-13, Fair Value Measurement (Topic 820) Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement.
Reclassifications	Reclassifications As described below, certain prior period amounts have been reclassified to conform with the current period’s presentation. In connection with the adoption of ASU 2016-18, discussed in Recently Adopted Accounting Standards

Business Description (Tables)

Business Description (Tables)	9 Months Ended
	Sep. 30, 2018
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Summary of Economic Ownership Interest	The following table summarizes the economic ownership interest in the Operating Company as of September 30, 2018 and December 31, 2017: Percentage of shares owned by September 30, 2018 December 31, 2017 Corporation 92.4 % 92.4 % Non-controlling interests 7.6 % 7.6 % 100.0 % 100.0 %

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	9 Months Ended
	Sep. 30, 2018
Accounting Policies [Abstract]
Schedule Showing Reduction of Carrying Value of Impaired Real Estate Assets to Estimated Fair Value	The Company has reduced the carrying value of the impaired real estate assets to the estimated fair value as detailed below: September 30, 2018 September 30, 2017 (in thousands) Carrying Amount Allocation of Impairment Net Carrying Amount Carrying Amount Allocation of Impairment Net Carrying Amount Investment in rental property accounted for using the operating method, net of accumulated depreciation $ 12,834 $ (1,702 ) $ 11,132 $ 16,159 $ (2,401 ) $ 13,758 Intangible lease assets, net 2,305 (384 ) 1,921 1,263 (204 ) 1,059 Leasing fees, net 131 (19 ) 112 123 (16 ) 107 Intangible lease liabilities, net (989 ) 44 (945 ) (101 ) 13 (88 ) $ 14,281 $ (2,061 ) $ 12,220 $ 17,444 $ (2,608 ) $ 14,836
Summary of Rents Received in Advance	Rent received in advance represents tenant payments received prior to the contractual due date and are included in Accounts payable and other liabilities on the Condensed Consolidated Balance Sheets. Rents received in advance at September 30, 2018 and December 31, 2017 are as follows: (in thousands) September 30, 2018 December 31, 2017 Rents received in advance $ 6,396 $ 8,585
Summary of Changes in the Allowance for Doubtful Accounts	The following table summarizes the changes in the allowance for doubtful accounts for the nine months ended September 30, 2018 and the year ended December 31, 2017: (in thousands) September 30, 2018 December 31, 2017 Beginning balance $ 742 $ 323 Provision for doubtful accounts 1,053 419 Write-offs (177 ) — Ending balance $ 1,618 $ 742
Balances of Financial Instruments Measured at Fair Value on Recurring Basis	The balances of financial instruments measured at fair value on a recurring basis at September 30, 2018 and December 31, 2017 are as follows (see Note 10): September 30, 2018 (in thousands) Total Level 1 Level 2 Level 3 Interest rate swap, assets $ 35,525 $ — $ 35,525 $ — Interest rate swap, liabilities — — — — $ 35,525 $ — $ 35,525 $ — December 31, 2017 (in thousands) Total Level 1 Level 2 Level 3 Interest rate swap, assets $ 11,008 $ — $ 11,008 $ — Interest rate swap, liabilities (5,020 ) — (5,020 ) — $ 5,988 $ — $ 5,988 $ —
Summary of Estimate of fair value of Mortgage and Notes Payable Net Unsecured Term Notes Net and Unsecured Revolver	The following table summarizes the carrying amount reported on the Condensed Consolidated Balance Sheets and the Company’s estimate of the fair value of the Mortgage and notes payable, net, Unsecured term notes, net, and Unsecured revolver at September 30, 2018 and December 31, 2017: (in thousands) September 30, 2018 December 31, 2017 Carrying amount $ 1,310,278 $ 1,181,470 Fair value 1,264,797 1,177,197
Schedule of the Approximate Property Tax Payments Made Directly to the Taxing Authorities By the Company's Tenants	The following table summarizes the approximate property tax payments made directly to the taxing authorities by the Company’s tenants, pursuant to their lease obligations, for the three and nine months ended September 30, 2018 and 2017: For the three months ended September 30, For the nine months ended September 30, (in thousands) 2018 2017 2018 2017 Property taxes paid by tenants directly to taxing authority $ 3,777 $ 2,448 $ 15,745 $ 13,405
Schedule Of Property Taxes Collected And Remitted From Tenants Table Text Block	The following table summarizes taxes collected from tenants and remitted to governmental authorities for the three and nine months ended September 30, 2018 and 2017: For the three months ended September 30, For the nine months ended September 30, (in thousands) 2018 2017 2018 2017 Property taxes collected from tenants $ 1,238 $ 608 $ 3,648 $ 1,787 Property taxes remitted on behalf of tenants 1,451 885 3,924 2,084

Related-Party Transactions (Tab

Related-Party Transactions (Tables)	9 Months Ended
	Sep. 30, 2018
Property Management Agreement and Asset Management Agreement
Schedule of Related Party Transactions	Total fees incurred under the Property Management Agreement and Asset Management Agreement for the three and nine months ended September 30, 2018 and 2017, are as follows: (in thousands) For the three months ended September 30, For the nine months ended September 30, Type of Fee Financial Statement Presentation 2018 2017 2018 2017 Asset management fee Asset management fees $ 4,663 $ 3,844 $ 13,119 $ 10,666 Property management fee Property management fees 1,680 1,249 4,792 3,635 Total management fee expense 6,343 5,093 17,911 14,301 Marketing fee (offering costs) Additional paid-in capital 297 342 822 1,144 Acquisition fee Capitalized as a component of assets acquired 1,105 1,591 3,491 3,520 Leasing fee Leasing fees, net 148 801 1,325 2,597 Disposition fee Gain on sale of real estate 116 219 439 522 Total management fees $ 8,009 $ 8,046 $ 23,988 $ 22,084

Acquisitions (Tables)

Acquisitions (Tables)	9 Months Ended
	Sep. 30, 2018
Business Combinations [Abstract]
Acquisitions Closed	The Company closed on the following acquisitions during the nine months ended September 30, 2018: (in thousands, except number of properties) Date Property Type Number of Properties Real Estate Acquisition Price March 27, 2018 Industrial 1 $ 22,000 March 30, 2018 Industrial/Retail 26 78,530 April 30, 2018 Other 1 16,170 June 6, 2018 Industrial 1 8,500 June 14, 2018 Industrial 1 39,700 June 14, 2018 Retail 6 14,479 June 21, 2018 Retail 1 20,231 June 21, 2018 Industrial 1 38,340 (a) June 29, 2018 Industrial 1 10,400 June 29, 2018 Retail 2 6,433 July 12, 2018 Industrial 1 11,212 July 17, 2018 Retail 5 14,845 July 17, 2018 Office 1 34,670 August 6, 2018 Industrial 2 4,802 August 10, 2018 Retail 6 26,545 August 10, 2018 Retail 2 2,192 August 10, 2018 Retail 1 3,650 August 10, 2018 Retail 1 1,539 August 10, 2018 Retail 10 11,051 70 $ 365,289 (b) (a) (b) The Company closed on the following acquisitions during the nine months ended September 30, 2017: (in thousands, except number of properties) Date Property Type Number of Properties Real Estate Acquisition Price January 18, 2017 Retail 1 $ 2,520 March 1, 2017 Retail 9 87,196 April 28, 2017 Retail 25 48,898 June 2, 2017 Healthcare 2 13,300 June 15, 2017 Retail 2 2,700 June 30, 2017 Industrial 2 12,250 June 30, 2017 Healthcare 7 25,989 July 7, 2017 Office 1 32,210 August 4, 2017 Healthcare 3 11,732 August 31, 2017 Healthcare 3 16,700 August 31, 2017 Industrial 2 6,148 September 13, 2017 Retail 5 4,994 September 29, 2017 Industrial/Retail 7 30,012 September 29, 2017 Industrial 1 57,372 70 $ 352,021 (c) (c) Subsequent to September 30, 2018, the Company closed on the following acquisitions (see Note 17): (in thousands, except number of properties) Date Property Type Number of Properties Acquisition Price October 11, 2018 Healthcare 4 $ 17,448 October 26, 2018 Industrial 1 8,817 October 31, 2018 Retail 1 2,016 6 $ 28,281
Purchase Price Allocation for Acquisitions	The following table summarizes the purchase price allocation for acquisitions completed during the nine months ended September 30, 2018 and 2017, discussed above: For the nine months ended September 30, (in thousands) 2018 2017 Land $ 47,930 $ 18,499 Land improvements 20,815 28,463 Buildings and other improvements 271,696 279,110 Equipment 2,891 508 Acquired in-place leases (d) 36,342 37,110 Acquired above-market leases (e) 3,347 13,229 Acquired below-market leases (f) (10,143 ) (21,861 ) Direct financing investments 430 3,546 Mortgage payable (20,845 ) — $ 352,463 $ 358,604 (d) (e) (f)

Sale of Real Estate (Tables)

Sale of Real Estate (Tables)	9 Months Ended
	Sep. 30, 2018
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, during the three and nine months ended September 30, 2018 and 2017: For the three months ended September 30, For the nine months ended September 30, (in thousands, except number of properties) 2018 2017 2018 2017 Number of properties disposed 4 4 15 10 Aggregate sale price $ 11,609 $ 27,725 $ 43,951 $ 58,170 Aggregate carrying value (9,016 ) (22,335 ) (31,710 ) (44,984 ) Additional sales expenses (568 ) (1,338 ) (2,621 ) (2,854 ) Gain on sale of real estate $ 2,025 $ 4,052 $ 9,620 $ 10,332

Investment in Rental Property_2

Investment in Rental Property and Lease Arrangements (Tables)	9 Months Ended
	Sep. 30, 2018
Leases [Abstract]
Rental Property Subject to Non-cancelable Operating Leases	Rental property subject to non-cancelable operating leases with tenants are as follows at September 30, 2018 and December 31, 2017: (in thousands) September 30, 2018 December 31, 2017 Land $ 389,127 $ 348,940 Land improvements 228,806 211,674 Buildings 2,009,417 1,754,796 Tenant improvements 1,729 11,425 Equipment 11,492 7,689 2,640,571 2,334,524 Less accumulated depreciation (191,133 ) (148,383 ) $ 2,449,438 $ 2,186,141 Depreciation expense on investment in rental property was as follows for the three and nine months ended September 30, 2018 and 2017: For the three months ended September 30, For the nine months ended September 30, (in thousands) 2018 2017 2018 2017 Depreciation $ 17,196 $ 12,600 $ 48,345 $ 36,455
Minimum Future Rental Receipts Required under Non-cancelable Operating Leases	Estimated minimum future rental receipts required under non-cancelable operating leases with tenants at September 30, 2018 are as follows: (in thousands) Remainder of 2018 $ 53,323 2019 216,102 2020 219,327 2021 222,074 2022 224,399 Thereafter 2,120,958 $ 3,056,183
Net Investment in Direct Financing Leases	The Company’s net investment in direct financing leases is as follows at September 30, 2018 and December 31, 2017: (in thousands) September 30, 2018 December 31, 2017 Minimum lease payments to be received $ 77,833 $ 77,889 Estimated unguaranteed residual values 20,358 19,758 Less unearned revenue (56,179 ) (56,030 ) Net investment in direct financing leases $ 42,012 $ 41,617
Direct Financing Leases, Lease Receivable Maturity	Minimum future rental receipts required under non-cancelable direct financing leases with tenants at September 30, 2018 are as follows: (in thousands) Remainder of 2018 $ 1,003 2019 4,076 2020 4,194 2021 4,283 2022 4,369 Thereafter 59,908 $ 77,833

Intangible Assets and Liabili_2

Intangible Assets and Liabilities (Tables)	9 Months Ended
	Sep. 30, 2018
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 at September 30, 2018 and December 31, 2017: (in thousands) September 30, 2018 December 31, 2017 Lease intangibles: Acquired above-market leases $ 62,149 $ 59,502 Less accumulated amortization (13,668 ) (9,183 ) Acquired above-market leases, net 48,481 50,319 Acquired in-place leases 251,926 216,858 Less accumulated amortization (36,369 ) (24,518 ) Acquired in-place leases, net 215,557 192,340 Total intangible lease assets, net $ 264,038 $ 242,659 Acquired below-market leases $ 100,308 $ 91,667 Less accumulated amortization (14,007 ) (9,923 ) Intangible lease liabilities, net $ 86,301 $ 81,744 Leasing fees $ 17,269 $ 16,286 Less accumulated amortization (3,340 ) (2,732 ) Leasing fees, net $ 13,929 $ 13,554
Schedule of Amortization for Intangible Lease Assets and Liabilities	Amortization for intangible lease assets and liabilities for the three and nine months ended September 30, 2018 and 2017 is as follows: (in thousands) For the three months ended September 30, For the nine months ended September 30, Intangible Financial Statement Presentation 2018 2017 2018 2017 Acquired in-place leases and leasing fees Depreciation and amortization $ 4,673 $ 3,043 $ 12,958 $ 8,514 Above-market and below-market leases Increase (decrease) to rental income from operating leases 255 (99 ) (212 ) (487 )
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense	Estimated future amortization of intangible assets and liabilities at September 30, 2018 is as follows: (in thousands) Remainder of 2018 $ 4,275 2019 16,041 2020 15,764 2021 15,575 2022 15,360 Thereafter 124,651 $ 191,666

Unsecured Credit Agreements (Ta

Unsecured Credit Agreements (Tables)	9 Months Ended
	Sep. 30, 2018
Summary of Debt Issuance Cost Amortization	The following table summarizes debt issuance cost amortization for the three and nine months ended September 30, 2018 and 2017: For the three months ended September 30, For the nine months ended September 30, (in thousands) 2018 2017 2018 2017 Debt issuance costs amortization $ 477 $ 486 $ 1,410 $ 1,343
Unsecured Debt
Summary of Unsecured Credit Agreements	The following table summarizes the Company’s unsecured credit agreements at September 30, 2018 and December 31, 2017: Outstanding Balance (in thousands) September 30, 2018 December 31, 2017 Interest Rate (d) Maturity Date 2015 Unsecured Term Loan Agreement (a), (b) $ 300,000 $ 325,000 one-month LIBOR + 1.40% Feb. 2019 (f) 2017 Unsecured Revolving Credit and Term Loan Agreement (a) Revolver — 273,000 one- and three- month LIBOR + 1.20% (e) Jan. 2022 5.5-Year term loan 265,000 265,000 one- month LIBOR + 1.35% Jan. 2023 7-Year term loan 190,000 100,000 one- month LIBOR + 1.90% Jun. 2024 455,000 638,000 Senior Notes (a) Series A 150,000 150,000 4.84% Apr. 2027 Series B 225,000 — 5.09% Jul. 2028 Series C 100,000 — 5.19% Jul. 2030 475,000 150,000 Total 1,230,000 1,113,000 Debt issuance costs, net (c) (4,527 ) (3,088 ) $ 1,225,473 $ 1,109,912 (a) The Company believes it was in compliance with all financial covenants for all periods presented. (b) (c) Amounts presented include debt issuance costs, net, related to the unsecured term notes and senior notes only. (d) (e) (f)

Mortgages and Notes Payable (Ta

Mortgages and Notes Payable (Tables)	9 Months Ended
	Sep. 30, 2018
Summary of Extinguished Mortgages	The following table summarizes the mortgages extinguished by the Company during the nine months ended September 30, 2018 and the year ended December 31, 2017: (in thousands) For the nine months ended September 30, 2018 For the year ended December 31, 2017 Number 2 7 Outstanding balance of Mortgages $ 6,666 $ 48,108
Summary of Cost Extinguished Mortgages	The following table summarizes the cost of mortgage extinguishment for the three and nine months ended September 30, 2018 and 2017: For the three months ended September 30, For the nine months ended September 30, (in thousands, except number of mortgages extinguished) 2018 2017 2018 2017 Cost of mortgage extinguishment $ 50 $ 1,404 $ 101 $ 1,464
Schedule of Estimated Future Principal Payments	Estimated future principal payments to be made under the above mortgage and note payable agreements and the Company’s unsecured credit agreements (see Note 8) at September 30, 2018 are as follows: (in thousands) Remainder of 2018 $ 827 2019 303,433 2020 3,672 2021 18,584 2022 3,066 Thereafter 980,696 $ 1,310,278
Secured Debt
Summary of Unsecured Credit Agreements	The Company’s mortgages and notes payable consist of the following at September 30, 2018 and December 31, 2017: (in thousands, except interest rates) Lender Original/ Assumption Date (Month/Year) Maturity Date (Month/Year) Interest Rate September 30, 2018 December 31, 2017 (1) Wilmington Trust National Association Jun-18 Aug-25 4.36% $ 20,761 $ — (a) (b) (c) (m) (2) PNC Bank Oct-16 Nov-26 3.62% 18,352 18,622 (b) (c) (3) Sun Life Mar-12 Oct-21 5.13% 11,385 11,670 (b) (g) (4) Aegon Apr-12 Oct-23 6.38% 8,668 9,168 (b) (h) (5) Symetra Financial Nov-17 Oct-26 3.65% 6,522 6,685 (a) (b) (k) (l) (6) M&T Bank Oct-17 Aug-21 one - month LIBOR+3% 5,085 5,183 (b) (d) (i) (j) (7) Legg Mason Mortgage Capital Corporation Aug-10 Aug-22 7.06% 4,950 5,670 (b) (e) (8) Standard Insurance Co. Apr-09 May-34 6.88% 1,767 1,813 (b) (c) (f) (9) Columbian Mutual Life Insurance Company Aug-10 Sep-25 7.00% 1,470 1,500 (b) (c) (d) (10) Note holders Dec-08 Dec-23 6.25% 750 750 (d) (11) Standard Insurance Co. Jul-10 Aug-30 6.75% 568 581 (b) (c) (d) (f) (12) Siemens Financial Services, Inc. Sep-10 Sep-20 5.47% — 5,820 (a) (b) (13) Symetra Financial Mar-11 Apr-31 6.34% — 1,008 (a) (b) 80,278 68,470 Debt issuance costs, net (516 ) (638 ) $ 79,762 $ 67,832 (a) Non-recourse debt includes the indemnification/guaranty of the Corporation and/or Operating Company pertaining to fraud, environmental claims, insolvency and other matters. (b) Debt secured by related rental property and lease rents. (c) Debt secured by guaranty of the Operating Company. (d) Debt secured by guaranty of the Corporation. (e) Debt is guaranteed by a third party. (f) The interest rate represents the initial interest rate on the respective notes. The interest rate will be adjusted at Standard Insurance’s discretion at certain times throughout the term of the note, ranging from 59 to 239 months, and the monthly installments will be adjusted accordingly. At the time Standard Insurance may adjust the interest rate for notes payable, the Company has the right to prepay the note without penalty. (g) 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. (h) 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. (i) The Company entered into an interest rate swap agreement in connection with the mortgage note, as further described in Note 10. (j) 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. (k) Mortgage was assumed in November 2017 as part of the acquisition of the related property. The debt was recorded at fair value at the time of the assumption. (l) The interest rate will be adjusted to the holder’s quoted five-year commercial mortgage rate for similar size and quality. (m) Mortgage was assumed in June 2018 as part of the acquisition of the related property. The debt was recorded at fair value at the time of the assumption.

Interest Rate Swaps (Tables)

Interest Rate Swaps (Tables)	9 Months Ended
	Sep. 30, 2018
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 at September 30, 2018 and December 31, 2017: (in thousands, except interest rates) Fair Value Counterparty Maturity Date Fixed Rate Variable Rate Index Notional Amount September 30, 2018 December 31, 2017 Bank of America, N.A. November 2023 2.80 % one-month LIBOR $ 25,000 $ 129 $ (863 ) Bank of Montreal July 2024 1.16 % one-month LIBOR 40,000 3,775 2,503 Bank of Montreal January 2025 1.91 % one-month LIBOR 25,000 1,451 464 Bank of Montreal July 2025 2.32 % one-month LIBOR 25,000 921 (194 ) Bank of Montreal January 2026 1.92 % one-month LIBOR 25,000 1,655 561 Bank of Montreal January 2026 2.05 % one-month LIBOR 40,000 2,309 520 Bank of Montreal December 2026 2.33 % one-month LIBOR 10,000 445 (63 ) Bank of Montreal December 2027 2.37 % one-month LIBOR 25,000 1,180 (192 ) Capital One, N.A. December 2021 1.05 % one-month LIBOR 15,000 867 607 Capital One, N.A. December 2024 1.58 % one-month LIBOR 15,000 1,157 603 Capital One, N.A. January 2026 2.08 % one-month LIBOR 35,000 1,996 399 Capital One, N.A. July 2026 1.32 % one-month LIBOR 35,000 4,007 2,565 Capital One, N.A. December 2027 2.37 % one-month LIBOR 25,000 1,215 (189 ) Capital One, N.A. April 2026 2.68 % one-month LIBOR 15,000 267 — (a) M&T Bank August 2021 1.02 % one-month LIBOR 5,085 306 182 (b), (c) M&T Bank September 2022 2.83 % one-month LIBOR 25,000 59 (810 ) M&T Bank November 2023 2.65 % one-month LIBOR 25,000 250 (686 ) Regions Bank March 2018 1.77 % one-month LIBOR — — (9 ) (a) Regions Bank March 2019 1.91 % three-month LIBOR — — 2 (a) Regions Bank May 2020 2.12 % one-month LIBOR 50,000 501 (153 ) Regions Bank March 2022 2.43 % three-month LIBOR — — (254 ) (a) Regions Bank December 2023 1.18 % one-month LIBOR 25,000 2,130 1,402 SunTrust Bank April 2024 1.99 % one-month LIBOR 25,000 1,181 261 SunTrust Bank April 2025 2.20 % one-month LIBOR 25,000 1,074 — SunTrust Bank July 2025 1.99 % one-month LIBOR 25,000 1,444 386 SunTrust Bank December 2025 2.30 % one-month LIBOR 25,000 1,035 (138 ) SunTrust Bank January 2026 1.93 % one-month LIBOR 25,000 1,651 553 Wells Fargo Bank, N.A. February 2021 2.39 % one-month LIBOR 35,000 363 (369 ) Wells Fargo Bank, N.A. October 2024 2.72 % one-month LIBOR 15,000 162 (510 ) Wells Fargo Bank, N.A. January 2028 2.37 % one-month LIBOR 75,000 3,580 (590 ) Wells Fargo Bank, N.A. April 2027 2.72 % one-month LIBOR 25,000 415 — $ 35,525 $ 5,988 (a) (b) (c) Interest rate swap was assumed in October 2017 as part of an UPREIT transaction.
Total Loss Recognized and Location of Loss in Condensed Consolidated Statement of Income and Comprehensive Income (Loss) from Converting from Variable Rates to Fixed Rates	The total amounts recognized and the location in the accompanying Condensed Consolidated Statements of Income and Comprehensive Income, from converting from variable rates to fixed rates under these agreements is as follows for the three and nine months ended September 30, 2018 and 2017: Total Interest Expense Amount of Gain Presented in the Recognized in Reclassification from Accumulated Other Consolidated Statements of (in thousands) Accumulated Other Comprehensive Income Income and Comprehensive Three Months Ended September 30, Comprehensive Income Location Amount of Loss Income 2018 $ 6,299 Interest expense $ 20 $ 14,484 2017 283 Interest expense 448 9,380 Total Interest Expense Amount of Gain (Loss) Presented in the Recognized in Reclassification from Accumulated Other Consolidated Statements of (in thousands) Accumulated Other Comprehensive Income Income and Comprehensive Nine Months Ended September 30, Comprehensive Income Location Amount of Loss Income 2018 $ 30,296 Interest expense $ 1,287 $ 38,115 2017 (1,448 ) Interest expense 3,152 25,182

Noncontrolling Interest (Tables

Noncontrolling Interest (Tables)	9 Months Ended
	Sep. 30, 2018
Noncontrolling Interest [Abstract]
Schedule of Rental Income Recognized	The Company recognized rental income related to UPREIT transactions for the three and nine months ended September 30, 2018 and 2017 as follows: For the three months ended September 30, For the nine months ended September 30, (in thousands) 2018 2017 2018 2017 UPREIT rental income $ 3,990 $ 3,539 $ 11,421 $ 9,503

Equity (Tables)

Equity (Tables)	9 Months Ended
	Sep. 30, 2018
Equity [Abstract]
Summary of Redemptions under Company's Share Redemption Program	The following table summarizes redemptions under the Share Redemption Program for the three and nine months ended September 30, 2018 and 2017: For the three months ended September 30, For the nine months ended September 30, (in thousands, except number of stockholders) 2018 2017 2018 2017 Number of stockholders 11 6 33 20 Number of shares 32 23 106 62 Aggregate redemption price $ 2,675 $ 1,808 $ 8,564 $ 4,825

Earnings per Share (Tables)

Earnings per Share (Tables)	9 Months Ended
	Sep. 30, 2018
Earnings Per Share [Abstract]
Summary of Components used in Calculation of Basic and Diluted Earnings per Share	The following table summarizes the components used in the calculation of basic and diluted earnings per share (“EPS”): For the three months ended September 30, For the nine months ended September 30, (in thousands, except per share) 2018 2017 2018 2017 Basic earnings: Net earnings attributable to Broadstone Net Lease, Inc. $ 21,267 $ 11,948 $ 55,813 $ 39,269 Diluted earnings: Net earnings attributable to Broadstone Net Lease, Inc. $ 21,267 $ 11,948 $ 55,813 $ 39,269 Net earnings attributable to non-controlling interests 1,797 1,042 4,631 3,460 $ 23,064 $ 12,990 $ 60,444 $ 42,729 Basic and diluted weighted average shares outstanding: Weighted average number of common shares outstanding used in basic earnings per share 20,554 17,617 19,850 16,607 Effects of convertible membership units 1,737 1,530 1,646 1,462 Weighted average number of common shares outstanding used in diluted earnings per share 22,291 19,147 21,496 18,069 Basic and diluted net earnings per common share $ 1.03 $ 0.68 $ 2.81 $ 2.36

Commitments and Contingencies (

Commitments and Contingencies (Tables)	9 Months Ended
	Sep. 30, 2018
Commitments And Contingencies Disclosure [Abstract]
Summary of Tenant Improvement Allowances	Tenant improvement allowances at September 30, 2018 and December 31, 2017 were as follows: (in thousands) September 30, 2018 December 31, 2017 Tenant improvement allowances $ 2,920 $ 5,669
Summary of Payment for Work Completed Under Tenant Improvement Allowances	Payments made for work completed under the tenant improvement allowances were as follows: (in thousands) For the nine months ended September 30, 2018 For the year ended December 31, 2017 Payments for tenant improvement allowances $ 3,174 $ 6,598

Business Description - Addition

Business Description - Additional Information (Detail)	9 Months Ended
	Sep. 30, 2018PropertyState
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Date of incorporation	Oct. 18, 2007
Number of leased commercial properties owned | Property	583
Number of States in which properties located | State	42

Business Description - Summary

Business Description - Summary of Economic Ownership Interest (Detail)	Sep. 30, 2018	Dec. 31, 2017
Business Description [Line Items]
Percentage of shares owned by, non-controlling interest	7.60%	7.60%
Equity Method Investment, Ownership Percentage	100.00%	100.00%
Broadstone Net Lease, LLC
Business Description [Line Items]
Percentage of shares owned by, Corporation	92.40%	92.40%

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017	Dec. 31, 2017
Significant Accounting Policies [Line Items]
Impairment of real estate assets	$ 2,061	$ 2,608
Lessor operating lease description			A lease arrangement is classified as an operating lease if none of the following criteria are met: (i) ownership transfers to the lessee prior to or shortly after the end of the lease term, (ii) lessee has a bargain purchase option during or at the end of the lease term, (iii) the lease term is greater than or equal to 75% of the underlying property’s estimated useful life, or (iv) the present value of the future minimum lease payments (excluding executory costs) is greater than or equal to 90% of the fair value of the leased property. If one or more of these criteria are met, and the minimum lease payments are determined to be reasonably predictable and collectible, the lease arrangement is generally accounted for as a direct financing lease. Consistent with Financial Accounting Standards Board (“FASB”) ASC 840, Leases, if the fair value of the land component is 25% or more of the total fair value of the leased property, the land is considered separately from the building for purposes of applying the lease term and minimum lease payments criterion in (iii) and (iv) above.
Lease term as percentage of property's useful life	75.00%		75.00%
Present value of future minimum lease payments as percentage of fair value of leased property	90.00%		90.00%
Fair value of land component as percentage of leased property	25.00%		25.00%
Percentage of economic interests owned by non-controlling interests	7.60%		7.60%		7.60%
ASU 2016-18
Significant Accounting Policies [Line Items]
Change in restricted cash removed from investing activities				$ 543
Capitalization Rate | Minimum
Significant Accounting Policies [Line Items]
Impaired assets at fair value assumptions used to estimate fair value	7.50%	7.25%	7.50%	7.25%
Capitalization Rate | Maximum
Significant Accounting Policies [Line Items]
Impaired assets at fair value assumptions used to estimate fair value	10.00%	12.00%	10.00%	12.00%
Discount Rate | Weighted Average
Significant Accounting Policies [Line Items]
Impaired assets at fair value assumptions used to estimate fair value	8.00%	8.00%	8.00%	8.00%
Broadstone Net Lease, LLC
Significant Accounting Policies [Line Items]
Percentage of economic interests owned	92.40%		92.40%		92.40%

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Schedule Showing Reduction of Carrying Value of Impaired Real Estate Assets to Estimated Fair Value (Detail) - USD ($) $ in Thousands	Sep. 30, 2018	Dec. 31, 2017	Sep. 30, 2017
Significant Accounting Policies [Line Items]
Investment in rental property accounted for using the operating method, net of accumulated depreciation	$ 2,491,450	$ 2,227,758
Intangible lease assets, net	264,038	242,659
Leasing fees, net	13,929	13,554
Intangible lease liabilities, net	(86,301)	$ (81,744)
Carrying Amount
Significant Accounting Policies [Line Items]
Investment in rental property accounted for using the operating method, net of accumulated depreciation	12,834		$ 16,159
Intangible lease assets, net	2,305		1,263
Leasing fees, net	131		123
Intangible lease liabilities, net	(989)		(101)
Impaired real estate assets (liabilities), net	14,281		17,444
Allocation of impairment
Significant Accounting Policies [Line Items]
Investment in rental property accounted for using the operating method, net of accumulated depreciation	(1,702)		(2,401)
Intangible lease assets, net	(384)		(204)
Leasing fees, net	(19)		(16)
Intangible lease liabilities, net	44		13
Impaired real estate assets (liabilities), net	(2,061)		(2,608)
Net Carrying Amount
Significant Accounting Policies [Line Items]
Investment in rental property accounted for using the operating method, net of accumulated depreciation	11,132		13,758
Intangible lease assets, net	1,921		1,059
Leasing fees, net	112		107
Intangible lease liabilities, net	(945)		(88)
Impaired real estate assets (liabilities), net	$ 12,220		$ 14,836

Summary of Significant Accoun_6

Summary of Significant Accounting Policies - Summary of Rents Received in Advance (Detail) - USD ($) $ in Thousands	Sep. 30, 2018	Dec. 31, 2017
Revenue From Contract With Customer [Abstract]
Rents received in advance	$ 6,396	$ 8,585

Summary of Significant Accoun_7

Summary of Significant Accounting Policies - Summary of Changes in the Allowance for Doubtful Accounts (Detail) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2018	Dec. 31, 2017
Accounts Notes Loans And Financing Receivable Gross Allowance And Net [Abstract]
Beginning balance	$ 742	$ 323
Provision for doubtful accounts	1,053	419
Write-offs	(177)
Ending balance	$ 1,618	$ 742

Summary of Significant Accoun_8

Summary of Significant Accounting Policies - Balances of Financial Instruments Measured at Fair Value on Recurring Basis (Detail) - USD ($) $ in Thousands	Sep. 30, 2018	Dec. 31, 2017
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Interest rate swap, assets	$ 35,525	$ 11,008
Interest rate swap, liabilities		(5,020)
Fair Value, Measurements, Recurring
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Interest rate swap, assets	35,525	11,008
Interest rate swap, liabilities		(5,020)
Interest rate derivatives, at fair value, net	35,525	5,988
Fair Value, Measurements, Recurring | Level 2
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Interest rate swap, assets	35,525	11,008
Interest rate swap, liabilities		(5,020)
Interest rate derivatives, at fair value, net	$ 35,525	$ 5,988

Summary of Significant Accoun_9

Summary of Significant Accounting Policies - Summary of Estimate of fair value of Mortgage and Notes Payable Net Unsecured Term Notes Net and Unsecured Revolver (Detail) - USD ($) $ in Thousands	Sep. 30, 2018	Dec. 31, 2017
Summary Of Significant Accounting Policies [Abstract]
Carrying amount	$ 1,310,278	$ 1,181,470
Fair value	$ 1,264,797	$ 1,177,197

Summary of Significant Accou_10

Summary of Significant Accounting Policies - Schedule of the Approximate Property Tax Payments Made Directly to the Taxing Authorities By the Company's Tenants (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Tenants
Summary Of Significant Accounting Policies [Line Items]
Property taxes paid by tenants directly to taxing authority	$ 3,777	$ 2,448	$ 15,745	$ 13,405

Summary of Significant Accou_11

Summary of Significant Accounting Policies - Summary Of Taxes Collected from Tenants and Taxes Remitted to Governmental Authorities (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Summary Of Significant Accounting Policies [Abstract]
Property taxes collected from tenants	$ 1,238	$ 608	$ 3,648	$ 1,787
Property taxes remitted on behalf of tenants	$ 1,451	$ 885	$ 3,924	$ 2,084

Related Party Transactions - Ad

Related Party Transactions - Additional Information (Detail) shares in Thousands, $ in Thousands	Jul. 31, 2018USD ($)	Jun. 30, 2015USD ($)shares	Sep. 30, 2018USD ($)Property	Sep. 30, 2017USD ($)	Sep. 30, 2018USD ($)Property	Sep. 30, 2017USD ($)	Dec. 31, 2017USD ($)
Related Party Transaction [Line Items]
Gross rental percentage					1.00%
Number of leased commercial properties owned | Property			583		583
Property management agreement, amendment description					The Property Management Agreement will automatically renew on January 1, 2019 for three years ending December 31, 2021, subject to earlier termination pursuant to the terms of the Property Management Agreement. The Property Management Agreement provides for termination (i) immediately by the Corporation’s Independent Directors Committee (“IDC”) for Cause, as defined in the Property Management Agreement, (ii) by the IDC, upon 30 days’ written notice to the Manager, in connection with a change of control of the Manager, as defined in the Property Management Agreement, (iii) by the IDC, by providing the Manager with written notice of termination not less than one year prior to the last calendar day of any renewal term, (iv) by the Manager upon written notice to the Company not less than one year prior to the last calendar day of any renewal period, (v) automatically in the event of a Termination Event, and (vi) by the IDC upon a Key Person Event.
Asset management agreement amendment description					The Asset Management Agreement will automatically renew on January 1, 2019 for three years ending December 31, 2021, subject to earlier termination pursuant to the terms of the Asset Management Agreement. The Asset Management Agreement provides for termination (i) immediately by the IDC for Cause, as defined in the Asset Management Agreement, (ii) by the IDC, upon 30 days’ written notice to the Asset Manager, in connection with a change in control of the Asset Manager, as defined in the Asset Management Agreement, (iii) by the IDC, by providing the Asset Manager with written notice of termination not less than one year prior to the last calendar of any renewal term, (iv) by the Asset Manager upon written notice to the Company not less than one year prior to the last calendar day of any renewal period, (v) automatically in the event of a Disposition Event, and (vi) by the IDC upon a Key Person Event.
Due to related parties			$ 47		$ 47		$ 722
Issuance of shares of common stock, net					185,137	$ 259,265
Investment in related party							10,000
Preferred distribution income			65	$ 187	440	550
Manager and Asset Manager
Related Party Transaction [Line Items]
Due to related parties			47		47		722
BRE
Related Party Transaction [Line Items]
Issuance of shares of common stock, shares | shares		139
Issuance of shares of common stock, net		$ 10,000
Percentage of ownership in related party at the time of transaction		6.40%
Investment in related party	$ 10,000						$ 10,000
Preferred distribution income			$ 65	$ 187	440	$ 550
BRE | Non-Voting Convertible Preferred Units
Related Party Transaction [Line Items]
Shares received in exchange of share issued | shares		100
Conversion period of preferred unit, Start date		Jan. 1, 2018
Conversion period of preferred unit, End date		Dec. 31, 2019
Preferred units aggregate sales price	$ 18,500
Percentage of annual preferred return of units		7.00%
Percentage of Increase in annual preferred return of units		0.25%
Property Management Agreement
Related Party Transaction [Line Items]
Termination fees					$ 18,435
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%
Number of leased commercial properties owned | Property			1		1
Asset Management Agreement
Related Party Transaction [Line Items]
Receivable interest rate					0.25%
Interest rate paid from proceed			0.50%		0.50%
Asset Management Agreement | Maximum
Related Party Transaction [Line Items]
Termination fees					$ 51,621
Asset Management Agreement | Amendment Details
Related Party Transaction [Line Items]
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%
Asset Management Agreement | Amendment Details Two
Related Party Transaction [Line Items]
Percentage of gross sale price received					1.00%

Related Party Transactions - Ma

Related Party Transactions - Management Fees Incurred With Related Parties (Detail) - Property Management Agreement and Asset Management Agreement - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Related Party Transaction [Line Items]
Expenses incurred with related parties	$ 8,009	$ 8,046	$ 23,988	$ 22,084
Asset Management Agreement
Related Party Transaction [Line Items]
Expenses incurred with related parties	4,663	3,844	13,119	10,666
Property Management Fee
Related Party Transaction [Line Items]
Expenses incurred with related parties	1,680	1,249	4,792	3,635
Management Fee Expense
Related Party Transaction [Line Items]
Expenses incurred with related parties	6,343	5,093	17,911	14,301
Marketing Fee (Offering Costs)
Related Party Transaction [Line Items]
Expenses incurred with related parties	297	342	822	1,144
Acquisition Fee
Related Party Transaction [Line Items]
Expenses incurred with related parties	1,105	1,591	3,491	3,520
Leasing Fee
Related Party Transaction [Line Items]
Expenses incurred with related parties	148	801	1,325	2,597
Disposition Fee
Related Party Transaction [Line Items]
Expenses incurred with related parties	$ 116	$ 219	$ 439	$ 522

Acquisitions - Acquisitions Clo

Acquisitions - Acquisitions Closed - (Detail) $ in Thousands

Oct. 31, 2018Property

Oct. 26, 2018Property

Oct. 11, 2018Property

Aug. 10, 2018USD ($)Property

Aug. 06, 2018USD ($)Property

Jul. 17, 2018USD ($)Property

Jul. 12, 2018USD ($)Property

Jun. 29, 2018USD ($)Property

Jun. 21, 2018USD ($)Property

Jun. 14, 2018USD ($)Property

Jun. 06, 2018

Apr. 30, 2018USD ($)Property

Mar. 30, 2018USD ($)Property

Mar. 27, 2018USD ($)Property

Sep. 29, 2017USD ($)Property

Sep. 13, 2017USD ($)Property

Aug. 31, 2017USD ($)Property

Aug. 04, 2017USD ($)Property

Jul. 07, 2017USD ($)Property

Jun. 30, 2017USD ($)Property

Jun. 15, 2017USD ($)Property

Jun. 02, 2017USD ($)Property

Apr. 28, 2017USD ($)Property

Mar. 01, 2017USD ($)Property

Jan. 18, 2017USD ($)Property

Nov. 05, 2018USD ($)Property

Jun. 30, 2018USD ($)Property

Sep. 30, 2018USD ($)Property

Sep. 30, 2017USD ($)Property

Business Acquisition [Line Items]

Number of Properties | Property

70

70

Real Estate Acquisition Price | $

$ 365,289

$ 352,021

Subsequent Event

Business Acquisition [Line Items]

Number of Properties | Property

6

Real Estate Acquisition Price | $

$ 28,281

Industrial

Business Acquisition [Line Items]

Property Type

Industrial

Industrial

Industrial

Industrial

Industrial

Industrial

Industrial

Industrial

Industrial

Industrial

Number of Properties | Property

2

1

1

1

1

1

1

2

2

1

Real Estate Acquisition Price | $

$ 4,802

$ 11,212

$ 10,400

$ 38,340

$ 39,700

$ 22,000

$ 57,372

$ 6,148

$ 12,250

$ 8,500

Industrial | Subsequent Event

Business Acquisition [Line Items]

Property Type

Industrial

Number of Properties | Property

1

Real Estate Acquisition Price | $

8,817

Industrial/Retail

Business Acquisition [Line Items]

Property Type

Industrial/Retail

Industrial/Retail

Number of Properties | Property

7

Real Estate Acquisition Price | $

$ 30,012

Other

Business Acquisition [Line Items]

Property Type

Other

Number of Properties | Property

1

Real Estate Acquisition Price | $

$ 16,170

Retail

Business Acquisition [Line Items]

Property Type

Retail

Retail

Retail

Retail

Retail

Retail

Retail

Retail

Retail

Retail

Number of Properties | Property

6

5

2

1

6

5

2

25

9

1

Real Estate Acquisition Price | $

$ 26,545

$ 14,845

$ 6,433

$ 20,231

$ 14,479

$ 4,994

$ 2,700

$ 48,898

$ 87,196

$ 2,520

Retail | Subsequent Event

Business Acquisition [Line Items]

Property Type

Retail

Number of Properties | Property

1

Real Estate Acquisition Price | $

2,016

Office

Business Acquisition [Line Items]

Property Type

Office

Office

Number of Properties | Property

1

1

Real Estate Acquisition Price | $

$ 34,670

$ 32,210

Retail

Business Acquisition [Line Items]

Property Type

Retail

Number of Properties | Property

2

Real Estate Acquisition Price | $

$ 2,192

Retail

Business Acquisition [Line Items]

Property Type

Retail

Number of Properties | Property

1

Real Estate Acquisition Price | $

$ 3,650

Retail

Business Acquisition [Line Items]

Property Type

Retail

Number of Properties | Property

1

Real Estate Acquisition Price | $

$ 1,539

Retail

Business Acquisition [Line Items]

Property Type

Retail

Number of Properties | Property

10

Real Estate Acquisition Price | $

$ 11,051

Retail And Industrial

Business Acquisition [Line Items]

Number of Properties | Property

26

Real Estate Acquisition Price | $

$ 78,530

Healthcare

Business Acquisition [Line Items]

Property Type

Healthcare

Healthcare

Healthcare

Healthcare

Number of Properties | Property

3

3

7

2

Real Estate Acquisition Price | $

$ 16,700

$ 11,732

$ 25,989

$ 13,300

Healthcare | Subsequent Event

Business Acquisition [Line Items]

Property Type

Healthcare

Number of Properties | Property

4

Real Estate Acquisition Price | $

$ 17,448

Acquisitions - Acquisitions C_2

Acquisitions - Acquisitions Closed (Parenthetical) - (Detail) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017
Business Combinations [Abstract]
Mortgages assumed	$ 20,845	$ 0
Interest rate	4.36%
Mortgage, Maturity date	Aug. 31, 2025
Acquisition costs capitalized	$ 8,019	$ 6,583

Acquisitions - Purchase Price A

Acquisitions - Purchase Price Allocation for Acquisitions (Detail) - USD ($) $ in Thousands	Sep. 30, 2018	Sep. 30, 2017
Business Acquisition [Line Items]
Business combination, recognized identifiable assets acquired and liabilities assumed, Intangible assets	$ (10,143)	$ (21,861)
Direct financing investments	430	3,546
Mortgage payable	20,845
Business combination, recognized identifiable assets acquired and liabilities assumed, assets	352,463	358,604
Land
Business Acquisition [Line Items]
Business combination, recognized identifiable assets acquired and liabilities assumed, property, plant, and equipment	47,930	18,499
Land Improvements
Business Acquisition [Line Items]
Business combination, recognized identifiable assets acquired and liabilities assumed, property, plant, and equipment	20,815	28,463
Buildings and Other Improvements
Business Acquisition [Line Items]
Business combination, recognized identifiable assets acquired and liabilities assumed, property, plant, and equipment	271,696	279,110
Equipment
Business Acquisition [Line Items]
Business combination, recognized identifiable assets acquired and liabilities assumed, property, plant, and equipment	2,891	508
Acquired In-Place Leases
Business Acquisition [Line Items]
Business combination, recognized identifiable assets acquired and liabilities assumed, Intangible assets	36,342	37,110
Acquired Above-Market Leases
Business Acquisition [Line Items]
Business combination, recognized identifiable assets acquired and liabilities assumed, Intangible assets	$ 3,347	$ 13,229

Acquisitions - Purchase Price_2

Acquisitions - Purchase Price Allocation for Acquisitions (Parenthetical) - (Detail)	9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017
Acquired In-Place Leases
Business Acquisition [Line Items]
Weighted average amortization period	14 years	17 years
Acquired Above-Market Leases
Business Acquisition [Line Items]
Weighted average amortization period	15 years	17 years
Acquired Below-Market Leases
Business Acquisition [Line Items]
Weighted average amortization period	13 years	17 years

Sale of Real Estate - Schedule

Sale of Real Estate - Schedule of Sale of Real Estate (Detail) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2018USD ($)Property	Sep. 30, 2017USD ($)Property	Sep. 30, 2018USD ($)Property	Sep. 30, 2017USD ($)Property
Real Estate [Line Items]
Number of properties disposed | Property	4	4	15	10
Aggregate sale price	$ 11,609	$ 27,725	$ 43,951	$ 58,170
Aggregate carrying value	(9,016)	(22,335)	(31,710)	(44,984)
Gain on sale of real estate	2,025	4,052	9,620	10,332
Real Estate
Real Estate [Line Items]
Additional sales expenses	(568)	(1,338)	(2,621)	(2,854)
Gain on sale of real estate	$ 2,025	$ 4,052	$ 9,620	$ 10,332

Investment in Rental Property_3

Investment in Rental Property and Lease Arrangements - Additional Information (Detail)	9 Months Ended
	Sep. 30, 2018Property
Lessor Lease Description [Line Items]
Number of real estate properties under operating leases	567
Number of real estate properties under direct financing leases	16
Number of real estate properties under direct financing leases that include land option	4
Lessor, operating lease, existence of option to extend	true
Lessor, direct financing lease, existence of option to extend	true
Minimum
Lessor Lease Description [Line Items]
Lessor operating lease, initial terms	10 years
Lessor direct financing leases, initial terms	10 years
Maximum
Lessor Lease Description [Line Items]
Lessor operating lease, initial terms	20 years
Lessor direct financing leases, initial terms	20 years

Investment in Rental Property_4

Investment in Rental Property and Lease Arrangements - Rental Property Subject to Non-cancelable Operating Leases (Detail) - USD ($) $ in Thousands	Sep. 30, 2018	Dec. 31, 2017
Property Subject To Or Available For Operating Lease [Line Items]
Rental property subject to non-cancelable operating leases, gross	$ 2,640,571	$ 2,334,524
Less accumulated depreciation	(191,133)	(148,383)
Rental property subject to non-cancelable operating leases, net	2,449,438	2,186,141
Land
Property Subject To Or Available For Operating Lease [Line Items]
Rental property subject to non-cancelable operating leases, gross	389,127	348,940
Land Improvements
Property Subject To Or Available For Operating Lease [Line Items]
Rental property subject to non-cancelable operating leases, gross	228,806	211,674
Building
Property Subject To Or Available For Operating Lease [Line Items]
Rental property subject to non-cancelable operating leases, gross	2,009,417	1,754,796
Tenant improvements
Property Subject To Or Available For Operating Lease [Line Items]
Rental property subject to non-cancelable operating leases, gross	1,729	11,425
Equipment
Property Subject To Or Available For Operating Lease [Line Items]
Rental property subject to non-cancelable operating leases, gross	$ 11,492	$ 7,689

Investment in Rental Property_5

Investment in Rental Property and Lease Arrangements - Summary of Depreciation Expense on Investment in Rental Property (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Leases [Abstract]
Depreciation	$ 17,196	$ 12,600	$ 48,345	$ 36,455

Investment in Rental Property_6

Investment in Rental Property and Lease Arrangements - Minimum Future Rental Receipts Required under Non-cancelable Operating Leases (Detail) $ in Thousands	Sep. 30, 2018USD ($)
Lessor Operating Lease Payments Fiscal Year Maturity [Abstract]
Remainder of 2018	$ 53,323
2,019	216,102
2,020	219,327
2,021	222,074
2,022	224,399
Thereafter	2,120,958
Estimated minimum future rental receipts required under non-cancelable operating leases	$ 3,056,183

Investment in Rental Property_7

Investment in Rental Property and Lease Arrangements - Net Investment in Direct Financing Leases (Detail) - USD ($) $ in Thousands	Sep. 30, 2018	Dec. 31, 2017
Leases [Abstract]
Minimum lease payments to be received	$ 77,833	$ 77,889
Estimated unguaranteed residual values	20,358	19,758
Less unearned revenue	(56,179)	(56,030)
Net investment in direct financing leases	$ 42,012	$ 41,617

Investment in Rental Property_8

Investment in Rental Property and Lease Arrangements - Minimum Future Rental Receipts Required under Non-cancelable Direct Financing Leases (Detail) $ in Thousands	Sep. 30, 2018USD ($)
Capital Leases Future Minimum Payments Receivable [Abstract]
Remainder of 2018	$ 1,003
2,019	4,076
2,020	4,194
2,021	4,283
2,022	4,369
Thereafter	59,908
Minimum future rental receipts required under non-cancelable direct financing leases	$ 77,833

Intangible Assets and Liabili_3

Intangible Assets and Liabilities - Schedule of Intangible Assets and Liabilities (Detail) - USD ($) $ in Thousands	Sep. 30, 2018	Dec. 31, 2017
Lease intangibles:
Intangible lease assets, net	$ 264,038	$ 242,659
Acquired below-market leases	100,308	91,667
Less accumulated amortization	(14,007)	(9,923)
Intangible lease liabilities, net	86,301	81,744
Leasing fees	17,269	16,286
Less accumulated amortization	(3,340)	(2,732)
Leasing fees, net	13,929	13,554
Acquired Above-Market Leases
Lease intangibles:
Intangible lease assets, gross	62,149	59,502
Less accumulated amortization	(13,668)	(9,183)
Intangible lease assets, net	48,481	50,319
Acquired In-Place Leases
Lease intangibles:
Intangible lease assets, gross	251,926	216,858
Less accumulated amortization	(36,369)	(24,518)
Intangible lease assets, net	$ 215,557	$ 192,340

Intangible Assets and Liabili_4

Intangible Assets and Liabilities - Schedule of Amortization for Intangible Lease Assets and Liabilities (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Acquired In-Place Leases | Depreciation and Amortization
Finite Lived Intangible Assets [Line Items]
Acquired in-place leases and leasing fees	$ 4,673	$ 3,043	$ 12,958	$ 8,514
Above and Below Market Leases | Increase (Decrease) to Rental Income from Operating Leases
Finite Lived Intangible Assets [Line Items]
Acquired in-place leases and leasing fees	$ 255	$ (99)	$ (212)	$ (487)

Intangible Assets and Liabili_5

Intangible Assets and Liabilities - Schedule of Amortizable Intangible Assets (Detail) $ in Thousands	Sep. 30, 2018USD ($)
Goodwill And Intangible Assets Disclosure [Abstract]
Remainder of 2018	$ 4,275
2,019	16,041
2,020	15,764
2,021	15,575
2,022	15,360
Thereafter	124,651
Total	$ 191,666

Unsecured Credit Agreements - S

Unsecured Credit Agreements - Summary of Unsecured Credit Agreements (Detail) - USD ($) $ in Thousands	Jul. 02, 2018	Sep. 30, 2018	Dec. 31, 2017
Debt Instrument [Line Items]
Carrying amount of debt		$ 1,310,278	$ 1,181,470
Long-term Debt		1,310,278
Unsecured Debt
Debt Instrument [Line Items]
Carrying amount of debt		1,230,000	1,113,000
Debt issuance costs, net		(4,527)	(3,088)
Long-term Debt		$ 1,225,473	1,109,912
Unsecured Debt | Senior Guaranteed Notes Series A
Debt Instrument [Line Items]
Interest Rate		4.84%
Maturity Date		Apr. 30, 2027
Carrying amount of debt		$ 150,000	150,000
Unsecured Debt | Senior Guaranteed Notes Series B
Debt Instrument [Line Items]
Debt instrument, interest rate	5.09%	5.09%
Maturity Date	Jul. 2, 2028	Jul. 31, 2028
Carrying amount of debt		$ 225,000
Unsecured Debt | Senior Guaranteed Notes Series C
Debt Instrument [Line Items]
Debt instrument, interest rate	5.19%	5.19%
Maturity Date	Jul. 2, 2030	Jul. 31, 2030
Carrying amount of debt		$ 100,000
Unsecured Debt | Senior Notes
Debt Instrument [Line Items]
Carrying amount of debt		$ 475,000	150,000
Unsecured Debt | 2015 Unsecured Term Loan Agreement
Debt Instrument [Line Items]
Interest Rate		one-month LIBOR + 1.40%
Maturity Date		Feb. 28, 2019
Carrying amount of debt		$ 300,000	325,000
Unsecured Debt | 2015 Unsecured Term Loan Agreement | 1 Month LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate		1.40%
Unsecured Debt | 2017 Unsecured Revolving Credit and Term Loan Agreement
Debt Instrument [Line Items]
Carrying amount of debt		$ 455,000	638,000
Unsecured Debt | 2017 Unsecured Revolving Credit and Term Loan Agreement | Revolver
Debt Instrument [Line Items]
Interest Rate		one- and three- month LIBOR + 1.20% (e)
Maturity Date		Jan. 31, 2022
Carrying amount of debt			$ 273,000
Unsecured Debt | 2017 Unsecured Revolving Credit and Term Loan Agreement | Revolver | 1 Month LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate		1.20%	1.20%
Carrying amount of debt			$ 223,000
Unsecured Debt | 2017 Unsecured Revolving Credit and Term Loan Agreement | Revolver | 3 Month LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate		1.20%	1.20%
Carrying amount of debt			$ 50,000
Unsecured Debt | 2017 Unsecured Revolving Credit and Term Loan Agreement | 5.5 Year Term Loan
Debt Instrument [Line Items]
Interest Rate		one- month LIBOR + 1.35%
Maturity Date		Jan. 31, 2023
Carrying amount of debt		$ 265,000	265,000
Unsecured Debt | 2017 Unsecured Revolving Credit and Term Loan Agreement | 5.5 Year Term Loan | 1 Month LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate		1.35%
Unsecured Debt | 2017 Unsecured Revolving Credit and Term Loan Agreement | 7 Year Term Loan
Debt Instrument [Line Items]
Interest Rate		one- month LIBOR + 1.90%
Maturity Date		Jun. 30, 2024
Carrying amount of debt		$ 190,000	$ 100,000
Unsecured Debt | 2017 Unsecured Revolving Credit and Term Loan Agreement | 7 Year Term Loan | 1 Month LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate		1.90%

Unsecured Credit Agreements -_2

Unsecured Credit Agreements - Summary of Unsecured Credit Agreements (Parenthetical) (Detail) $ in Thousands	Jul. 02, 2018USD ($)	Sep. 30, 2018USD ($)Option	Sep. 30, 2018USD ($)Option	Dec. 31, 2017USD ($)
Debt Instrument [Line Items]
Carrying amount of debt		$ 1,310,278	$ 1,310,278	$ 1,181,470
Unsecured Debt
Debt Instrument [Line Items]
Carrying amount of debt		$ 1,230,000	$ 1,230,000	$ 1,113,000
Unsecured Debt | 1 Month LIBOR
Debt Instrument [Line Items]
Interest rate		2.11%	2.11%	1.37%
Unsecured Debt | 3 Month LIBOR
Debt Instrument [Line Items]
Interest rate		2.32%	2.32%	1.49%
Unsecured Debt | 2015 Unsecured Term Loan Agreement
Debt Instrument [Line Items]
Repayments on unsecured term loan	$ 25,000
Carrying amount of debt		$ 300,000	$ 300,000	$ 325,000
Unsecured Debt | 2015 Unsecured Term Loan Agreement | 1 Month LIBOR
Debt Instrument [Line Items]
Repayments on unsecured term loan		$ 25,000
Basis spread on variable rate			1.40%
Maturity extension fee percentage		0.10%	0.10%
Number of option available to extend maturity period | Option		2	2
Maturity extension period			1 year
Unsecured Debt | 2017 Unsecured Revolving Credit and Term Loan Agreement
Debt Instrument [Line Items]
Carrying amount of debt		$ 455,000	$ 455,000	638,000
Unsecured Debt | 2017 Unsecured Revolving Credit and Term Loan Agreement | Revolver
Debt Instrument [Line Items]
Carrying amount of debt				273,000
Unsecured Debt | 2017 Unsecured Revolving Credit and Term Loan Agreement | 1 Month LIBOR | Revolver
Debt Instrument [Line Items]
Carrying amount of debt				$ 223,000
Basis spread on variable rate			1.20%	1.20%
Unsecured Debt | 2017 Unsecured Revolving Credit and Term Loan Agreement | 3 Month LIBOR | Revolver
Debt Instrument [Line Items]
Carrying amount of debt				$ 50,000
Basis spread on variable rate			1.20%	1.20%

Unsecured Credit Agreements - A

Unsecured Credit Agreements - Additional Information (Detail) - USD ($) $ in Thousands	Jul. 02, 2018	Sep. 30, 2018	Sep. 30, 2018	Sep. 30, 2017	Sep. 13, 2018	Dec. 31, 2017
Debt Instrument [Line Items]
Weighted average interest rate on all outstanding borrowings		4.17%	4.17%			3.03%
Deferred debt issuance costs, charged to interest expense			$ 1,303	$ 1,478
Other Nonoperating Income (Expense)
Debt Instrument [Line Items]
Unamortized debt issuance costs				654
Senior Guaranteed Notes Series B and Senior Guaranteed Notes Series C
Debt Instrument [Line Items]
Debt issuance costs incurred		$ 2,209	$ 2,209
Senior Guaranteed Notes Series A
Debt Instrument [Line Items]
Debt issuance costs incurred				8,344
New Debt Agreements [Member]
Debt Instrument [Line Items]
Deferred debt issuance costs, charged to interest expense				5,443
Restated Term Loan Agreement
Debt Instrument [Line Items]
Cost of debt extinguishment				$ 2,901
Revolver
Debt Instrument [Line Items]
Commitment fee percentage		0.25%
5.5 Year Term Loan
Debt Instrument [Line Items]
Commitment fee percentage		0.25%
7 Year Term Loan
Debt Instrument [Line Items]
Commitment fee percentage		0.25%
Unsecured Debt | 2015 Unsecured Term Loan Agreement
Debt Instrument [Line Items]
Maturity Date			Feb. 28, 2019
Repayments on unsecured term loan	$ 25,000
Unsecured Debt | Senior Guaranteed Notes Series B and Senior Guaranteed Notes Series C
Debt Instrument [Line Items]
Debt instrument, face amount	325,000
Unsecured Debt | Senior Guaranteed Notes Series B
Debt Instrument [Line Items]
Debt instrument, face amount	$ 225,000				$ 125,000
Debt instrument, interest rate	5.09%	5.09%	5.09%
Maturity Date	Jul. 2, 2028		Jul. 31, 2028
Proceeds from issuance of debt	$ 100,000
Unsecured Debt | Senior Guaranteed Notes Series C
Debt Instrument [Line Items]
Debt instrument, face amount	$ 100,000				$ 50,000
Debt instrument, interest rate	5.19%	5.19%	5.19%
Maturity Date	Jul. 2, 2030		Jul. 31, 2030
Proceeds from issuance of debt	$ 50,000

Unsecured Credit Agreements -_3

Unsecured Credit Agreements - Summary of Debt Issuance Cost Amortization (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Debt Disclosure [Abstract]
Debt issuance costs amortization	$ 477	$ 486	$ 1,410	$ 1,343

Mortgages and Notes Payable - S

Mortgages and Notes Payable - Summary of Mortgages and Notes Payable (Detail) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2018	Dec. 31, 2017
Debt Instrument [Line Items]
Mortgages and notes payable	$ 1,310,278	$ 1,181,470
Mortgages and notes payable, net	79,762	67,832
Secured Debt
Debt Instrument [Line Items]
Mortgages and notes payable	80,278	68,470
Debt issuance costs, net	$ (516)	(638)
Wilmington Trust National Association | Secured Debt
Debt Instrument [Line Items]
Original/Assumption Date	2018-06
Maturity Date	2025-08
Debt instrument, interest rate	4.36%
Mortgages and notes payable	$ 20,761
PNC Bank | Secured Debt
Debt Instrument [Line Items]
Original/Assumption Date	2016-10
Maturity Date	2026-11
Debt instrument, interest rate	3.62%
Mortgages and notes payable	$ 18,352	18,622
Sun Life | Secured Debt
Debt Instrument [Line Items]
Original/Assumption Date	2012-03
Maturity Date	2021-10
Debt instrument, interest rate	5.13%
Mortgages and notes payable	$ 11,385	11,670
Aegon | Secured Debt
Debt Instrument [Line Items]
Original/Assumption Date	2012-04
Maturity Date	2023-10
Debt instrument, interest rate	6.38%
Mortgages and notes payable	$ 8,668	9,168
Symetra Financial | Secured Debt
Debt Instrument [Line Items]
Original/Assumption Date	2017-11
Maturity Date	2026-10
Debt instrument, interest rate	3.65%
Mortgages and notes payable	$ 6,522	6,685
M&T Bank | Secured Debt
Debt Instrument [Line Items]
Original/Assumption Date	2017-10
Maturity Date	2021-08
Interest Rate	one - monthLIBOR+3%
Mortgages and notes payable	$ 5,085	5,183
M&T Bank | 1 Month LIBOR | Secured Debt
Debt Instrument [Line Items]
Basis spread on variable rate	3.00%
Legg Mason Mortgage Capital | Secured Debt
Debt Instrument [Line Items]
Original/Assumption Date	2010-08
Maturity Date	2022-08
Debt instrument, interest rate	7.06%
Mortgages and notes payable	$ 4,950	5,670
Standard Insurance Company Due May 2034 | Secured Debt
Debt Instrument [Line Items]
Original/Assumption Date	2009-04
Maturity Date	2034-05
Debt instrument, interest rate	6.88%
Mortgages and notes payable	$ 1,767	1,813
Columbian Mutual Life Insurance Company | Secured Debt
Debt Instrument [Line Items]
Original/Assumption Date	2010-08
Maturity Date	2025-09
Debt instrument, interest rate	7.00%
Mortgages and notes payable	$ 1,470	1,500
Notes holders | Secured Debt
Debt Instrument [Line Items]
Original/Assumption Date	2008-12
Maturity Date	2023-12
Debt instrument, interest rate	6.25%
Mortgages and notes payable	$ 750	750
Standard Insurance Company Due August 2030 | Secured Debt
Debt Instrument [Line Items]
Original/Assumption Date	2010-07
Maturity Date	2030-08
Debt instrument, interest rate	6.75%
Mortgages and notes payable	$ 568	581
Siemens Financial Services, Inc. | Secured Debt
Debt Instrument [Line Items]
Original/Assumption Date	2010-09
Maturity Date	2020-09
Debt instrument, interest rate	5.47%
Mortgages and notes payable		5,820
Symetra Financial Due April 2031 | Secured Debt
Debt Instrument [Line Items]
Original/Assumption Date	2011-03
Maturity Date	2031-04
Debt instrument, interest rate	6.34%
Mortgages and notes payable		$ 1,008

Mortgages and Notes Payable -_2

Mortgages and Notes Payable - Summary of Mortgages and Notes Payable (Parenthetical) (Detail)	9 Months Ended
	Sep. 30, 2018
Commercial Mortgage Rate
Debt Instrument [Line Items]
Term of note	5 years
Minimum
Debt Instrument [Line Items]
Term of note	59 months
Maximum
Debt Instrument [Line Items]
Term of note	239 months

Mortgages and Notes Payable - A

Mortgages and Notes Payable - Additional Information (Detail) $ in Thousands	Sep. 30, 2018USD ($)
Debt Disclosure [Abstract]
Investment in rental property pledges as collateral	$ 140,639

Mortgages and Notes Payable -_3

Mortgages and Notes Payable - Summary of Extinguished Mortgages (Detail) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2018USD ($)Mortgage	Dec. 31, 2017USD ($)Mortgage
Debt Disclosure [Abstract]
Number | Mortgage	2	7
Outstanding balance of Mortgages | $	$ 6,666	$ 48,108

Mortgages and Notes Payable -_4

Mortgages and Notes Payable - Summary of Cost Extinguished Mortgages (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Secured Debt
Debt Instrument [Line Items]
Cost of mortgage extinguishment	$ 50	$ 1,404	$ 101	$ 1,464

Mortgages and Notes Payable -_5

Mortgages and Notes Payable - Schedule of Estimated Future Principal Payments (Detail) $ in Thousands	Sep. 30, 2018USD ($)
Debt Disclosure [Abstract]
Remainder of 2018	$ 827
2,019	303,433
2,020	3,672
2,021	18,584
2,022	3,066
Thereafter	980,696
Long-term Debt	$ 1,310,278

Interest Rate Swaps - Summary o

Interest Rate Swaps - Summary of Interest-rate Swap Agreements (Detail) - Interest Rate Swap - USD ($)	9 Months Ended
	Sep. 30, 2018	Dec. 31, 2017
Derivative [Line Items]
Fair Value	$ 35,525,000	$ 5,988,000
Bank of America
Derivative [Line Items]
Derivative, Maturity date	Nov. 30, 2023
Derivative, Fixed rate	2.80%
Variable Rate Index	one-month LIBOR
Notional Amount	$ 25,000,000
Fair Value	$ 129,000	(863,000)
Bank of Montreal One
Derivative [Line Items]
Derivative, Maturity date	Jul. 31, 2024
Derivative, Fixed rate	1.16%
Variable Rate Index	one-month LIBOR
Notional Amount	$ 40,000,000
Fair Value	$ 3,775,000	2,503,000
Bank of Montreal Two
Derivative [Line Items]
Derivative, Maturity date	Jan. 31, 2025
Derivative, Fixed rate	1.91%
Variable Rate Index	one-month LIBOR
Notional Amount	$ 25,000,000
Fair Value	$ 1,451,000	464,000
Bank of Montreal Three
Derivative [Line Items]
Derivative, Maturity date	Jul. 31, 2025
Derivative, Fixed rate	2.32%
Variable Rate Index	one-month LIBOR
Notional Amount	$ 25,000,000
Fair Value	$ 921,000	(194,000)
Bank of Montreal Four
Derivative [Line Items]
Derivative, Maturity date	Jan. 31, 2026
Derivative, Fixed rate	1.92%
Variable Rate Index	one-month LIBOR
Notional Amount	$ 25,000,000
Fair Value	$ 1,655,000	561,000
Bank of Montreal Five
Derivative [Line Items]
Derivative, Maturity date	Jan. 31, 2026
Derivative, Fixed rate	2.05%
Variable Rate Index	one-month LIBOR
Notional Amount	$ 40,000,000
Fair Value	$ 2,309,000	520,000
Bank of Montreal Six
Derivative [Line Items]
Derivative, Maturity date	Dec. 31, 2026
Derivative, Fixed rate	2.33%
Variable Rate Index	one-month LIBOR
Notional Amount	$ 10,000,000
Fair Value	$ 445,000	(63,000)
Bank of Montreal Seven
Derivative [Line Items]
Derivative, Maturity date	Dec. 31, 2027
Derivative, Fixed rate	2.37%
Variable Rate Index	one-month LIBOR
Notional Amount	$ 25,000,000
Fair Value	$ 1,180,000	(192,000)
Capital One One
Derivative [Line Items]
Derivative, Maturity date	Dec. 31, 2021
Derivative, Fixed rate	1.05%
Variable Rate Index	one-month LIBOR
Notional Amount	$ 15,000,000
Fair Value	$ 867,000	607,000
Capital One Two
Derivative [Line Items]
Derivative, Maturity date	Dec. 31, 2024
Derivative, Fixed rate	1.58%
Variable Rate Index	one-month LIBOR
Notional Amount	$ 15,000,000
Fair Value	$ 1,157,000	603,000
Capital One Three
Derivative [Line Items]
Derivative, Maturity date	Jan. 31, 2026
Derivative, Fixed rate	2.08%
Variable Rate Index	one-month LIBOR
Notional Amount	$ 35,000,000
Fair Value	$ 1,996,000	399,000
Capital One Four
Derivative [Line Items]
Derivative, Maturity date	Jul. 31, 2026
Derivative, Fixed rate	1.32%
Variable Rate Index	one-month LIBOR
Notional Amount	$ 35,000,000
Fair Value	$ 4,007,000	2,565,000
Capital One Five
Derivative [Line Items]
Derivative, Maturity date	Dec. 31, 2027
Derivative, Fixed rate	2.37%
Variable Rate Index	one-month LIBOR
Notional Amount	$ 25,000,000
Fair Value	$ 1,215,000	(189,000)
Capital One Six
Derivative [Line Items]
Derivative, Maturity date	Apr. 30, 2026
Derivative, Fixed rate	2.68%
Variable Rate Index	one-month LIBOR
Notional Amount	$ 15,000,000
Fair Value	$ 267,000
M&T Bank
Derivative [Line Items]
Derivative, Maturity date	Aug. 31, 2021
Derivative, Fixed rate	1.02%
Variable Rate Index	one-month LIBOR
Notional Amount	$ 5,085,000	5,183,000
Fair Value	$ 306,000	182,000
M&T Bank One
Derivative [Line Items]
Derivative, Maturity date	Sep. 30, 2022
Derivative, Fixed rate	2.83%
Variable Rate Index	one-month LIBOR
Notional Amount	$ 25,000,000
Fair Value	$ 59,000	(810,000)
M&T Bank Two
Derivative [Line Items]
Derivative, Maturity date	Nov. 30, 2023
Derivative, Fixed rate	2.65%
Variable Rate Index	one-month LIBOR
Notional Amount	$ 25,000,000
Fair Value	$ 250,000	(686,000)
Regions Bank
Derivative [Line Items]
Derivative, Maturity date	Mar. 31, 2018
Derivative, Fixed rate	1.77%
Variable Rate Index	one-month LIBOR
Notional Amount		25,000,000
Fair Value		(9,000)
Regions Bank One
Derivative [Line Items]
Derivative, Maturity date	Mar. 31, 2019
Derivative, Fixed rate	1.91%
Variable Rate Index	three-month LIBOR
Fair Value		2,000
Regions Bank Two
Derivative [Line Items]
Derivative, Maturity date	May 31, 2020
Derivative, Fixed rate	2.12%
Variable Rate Index	one-month LIBOR
Notional Amount	$ 50,000,000
Fair Value	$ 501,000	(153,000)
Regions Bank Three
Derivative [Line Items]
Derivative, Maturity date	Mar. 31, 2022
Derivative, Fixed rate	2.43%
Variable Rate Index	three-month LIBOR
Fair Value		(254,000)
Regions Bank Four
Derivative [Line Items]
Derivative, Maturity date	Dec. 31, 2023
Derivative, Fixed rate	1.18%
Variable Rate Index	one-month LIBOR
Notional Amount	$ 25,000,000
Fair Value	$ 2,130,000	1,402,000
Sun Trust Bank One
Derivative [Line Items]
Derivative, Maturity date	Apr. 30, 2024
Derivative, Fixed rate	1.99%
Variable Rate Index	one-month LIBOR
Notional Amount	$ 25,000,000
Fair Value	$ 1,181,000	261,000
Sun Trust Bank Two
Derivative [Line Items]
Derivative, Maturity date	Apr. 30, 2025
Derivative, Fixed rate	2.20%
Variable Rate Index	one-month LIBOR
Notional Amount	$ 25,000,000
Fair Value	$ 1,074,000
Sun Trust Bank Three
Derivative [Line Items]
Derivative, Maturity date	Jul. 31, 2025
Derivative, Fixed rate	1.99%
Variable Rate Index	one-month LIBOR
Notional Amount	$ 25,000,000
Fair Value	$ 1,444,000	386,000
Sun Trust Bank Four
Derivative [Line Items]
Derivative, Maturity date	Dec. 31, 2025
Derivative, Fixed rate	2.30%
Variable Rate Index	one-month LIBOR
Notional Amount	$ 25,000,000
Fair Value	$ 1,035,000	(138,000)
Sun Trust Bank Five
Derivative [Line Items]
Derivative, Maturity date	Jan. 31, 2026
Derivative, Fixed rate	1.93%
Variable Rate Index	one-month LIBOR
Notional Amount	$ 25,000,000
Fair Value	$ 1,651,000	553,000
Wells Fargo Bank One
Derivative [Line Items]
Derivative, Maturity date	Feb. 28, 2021
Derivative, Fixed rate	2.39%
Variable Rate Index	one-month LIBOR
Notional Amount	$ 35,000,000
Fair Value	$ 363,000	(369,000)
Wells Fargo Bank Two
Derivative [Line Items]
Derivative, Maturity date	Oct. 31, 2024
Derivative, Fixed rate	2.72%
Variable Rate Index	one-month LIBOR
Notional Amount	$ 15,000,000
Fair Value	$ 162,000	(510,000)
Wells Fargo Bank Three
Derivative [Line Items]
Derivative, Maturity date	Jan. 31, 2028
Derivative, Fixed rate	2.37%
Variable Rate Index	one-month LIBOR
Notional Amount	$ 75,000,000
Fair Value	$ 3,580,000	$ (590,000)
Wells Fargo Bank Four
Derivative [Line Items]
Derivative, Maturity date	Apr. 30, 2027
Derivative, Fixed rate	2.72%
Variable Rate Index	one-month LIBOR
Notional Amount	$ 25,000,000
Fair Value	$ 415,000

Interest Rate Swaps - Summary_2

Interest Rate Swaps - Summary of Interest-rate Swap Agreements (Parenthetical) (Detail) - Interest Rate Swap - USD ($)	9 Months Ended
	Sep. 30, 2018	Dec. 31, 2017
M&T Bank
Derivative [Line Items]
Notional Amount	$ 5,085,000	$ 5,183,000
M&T Bank | Umbrella Partnership Real Estate Investment Trust Transaction
Derivative [Line Items]
Interest rate swap assumed month and year	2017-10
Regions Bank
Derivative [Line Items]
Notional Amount		$ 25,000,000

Interest Rate Swaps - Total Los

Interest Rate Swaps - Total Loss Recognized Converting Variable Rates to Fixed Rates and Location of the Loss (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Derivative [Line Items]
Total Interest Expense Presented in the Consolidated Statements of Income and Comprehensive Income	$ 14,484	$ 9,380	$ 38,115	$ 25,182
Interest Rate Swap
Derivative [Line Items]
Amount of Gain (Loss) Recognized in Accumulated Other Comprehensive Income	$ 6,299	$ 283	$ 30,296	$ (1,448)
Reclassification from Accumulated Other Comprehensive Income, Location	Interest expense	Interest expense	Interest expense	Interest expense
Reclassification from Accumulated Other Comprehensive Income, Amount of Loss	$ 20	$ 448	$ 1,287	$ 3,152
Total Interest Expense Presented in the Consolidated Statements of Income and Comprehensive Income	$ 14,484	$ 9,380	$ 38,115	$ 25,182

Interest Rate Swaps - Additiona

Interest Rate Swaps - Additional Information (Detail) $ in Thousands	9 Months Ended
	Sep. 30, 2018USD ($)
Derivative Instrument Detail [Abstract]
Interest rate swaps expected to be reclassified - gain	$ 4,054

Non-Controlling Interests - Add

Non-Controlling Interests - Additional Information (Detail) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017
Noncontrolling Interest [Abstract]
Properties contributed as part of UPREIT transactions, value	$ 15,797	$ 8,278

Non-Controlling Interests - Sch

Non-Controlling Interests - Schedule of Rental Income Recognized (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Umbrella Partnership Real Estate Investment Trust Transaction
Minority Interest [Line Items]
UPREIT rental income	$ 3,990	$ 3,539	$ 11,421	$ 9,503

Credit Risk Concentrations - Ad

Credit Risk Concentrations - Additional Information (Detail) - customer	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017	Dec. 31, 2017
Concentration Risk [Line Items]
Number of tenants or common franchises	0	0	0	0
Operating Expenses | Management Contracts Concentration Risk
Concentration Risk [Line Items]
Concentrations risk percentage	20.00%	21.00%	19.00%	21.00%
Mortgages and Notes Payable | Credit Availability Concentration Risk | Financial Institution One
Concentration Risk [Line Items]
Concentrations risk percentage			26.00%		27.00%
Mortgages and Notes Payable | Credit Availability Concentration Risk | Financial Institution Two
Concentration Risk [Line Items]
Concentrations risk percentage			23.00%		17.00%
Mortgages and Notes Payable | Credit Availability Concentration Risk | Financial Institution Three
Concentration Risk [Line Items]
Concentrations risk percentage			14.00%		13.00%
Mortgages and Notes Payable | Credit Availability Concentration Risk | Financial Institution Four
Concentration Risk [Line Items]
Concentrations risk percentage			11.00%		11.00%

Equity - Summary of Redemptions

Equity - Summary of Redemptions under Company's Share Redemption Program (Detail) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2018USD ($)Stockholdershares	Sep. 30, 2017USD ($)Stockholdershares	Sep. 30, 2018USD ($)Stockholdershares	Sep. 30, 2017USD ($)Stockholdershares
Equity [Abstract]
Number of stockholders | Stockholder	11	6	33	20
Number of shares | shares	32	23	106	62
Aggregate redemption price | $	$ 2,675	$ 1,808	$ 8,564	$ 4,825

Equity - Additional Information

Equity - Additional Information (Detail) - shares	Sep. 30, 2018	Dec. 31, 2017
Equity [Line Items]
Common stock, shares issued	21,077,000	18,909,000
Distribution Reinvestment Plan
Equity [Line Items]
Percentage of shares in value offered	98.00%
Common stock, shares issued	2,064,000	1,592,000

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	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Basic earnings:
Net earnings attributable to Broadstone Net Lease, Inc.	$ 21,267	$ 11,948	$ 55,813	$ 39,269
Diluted earnings:
Net earnings attributable to Broadstone Net Lease, Inc.	21,267	11,948	55,813	39,269
Net earnings attributable to non-controlling interests	1,797	1,042	4,631	3,460
Net income (loss) attributable to parent, Diluted	$ 23,064	$ 12,990	$ 60,444	$ 42,729
Basic and diluted weighted average shares outstanding:
Basic	20,554	17,617	19,850	16,607
Effects of convertible membership units	1,737	1,530	1,646	1,462
Weighted average number of common shares outstanding used in diluted earnings per share	22,291	19,147	21,496	18,069
Basic and diluted	$ 1.03	$ 0.68	$ 2.81	$ 2.36

Supplemental Cash Flow Disclo_2

Supplemental Cash Flow Disclosures - Additional Information (Detail) shares in Thousands, $ in Thousands	9 Months Ended
	Sep. 30, 2018USD ($)shares	Sep. 30, 2017USD ($)Propertyshares
Supplemental Cash Flow Elements [Line Items]
Cash paid for interest	$ 33,108	$ 20,364
State income and franchise taxes paid	$ 307	$ 751
Membership units, issued | shares	194	103
Membership units issued in exchange of property contributed in UPREIT transactions	$ 15,797	$ 8,278
Cancellation shares of common stock, shares | shares	9
Common stock cancelled, values	$ 748
Settlement of outstanding receivable with common stock	748
Dividend declared and accrued but not yet paid	9,722	$ 8,099
Notes receivable settled	$ 6,527
Number of properties damaged by fire | Property		3
Insurance recovery receivables		$ 2,857
Distribution Reinvestment Plan
Supplemental Cash Flow Elements [Line Items]
Issuance of shares of common stock, shares | shares	458	375
Common stock issued	$ 37,055	$ 29,031

Commitments and Contingencies -

Commitments and Contingencies - Summary of Tenant Improvement Allowances (Detail) - USD ($) $ in Thousands	Sep. 30, 2018	Dec. 31, 2017
Commitments And Contingencies Disclosure [Abstract]
Tenant improvement allowances	$ 2,920	$ 5,669

Commitments and Contingencies_2

Commitments and Contingencies - Summary of Payment for Work Completed Under Tenant Improvement Allowances (Detail) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2018	Dec. 31, 2017
Commitments And Contingencies Disclosure [Abstract]
Payments for tenant improvement allowances	$ 3,174	$ 6,598

Subsequent Events - Additional

Subsequent Events - Additional Information (Detail) $ / shares in Units, $ in Thousands	1 Months Ended				3 Months Ended		8 Months Ended		9 Months Ended
	Nov. 05, 2018USD ($)Propertyshares	Nov. 02, 2018USD ($)$ / shares	Jan. 31, 2018$ / shares	Jan. 31, 2017$ / shares	Sep. 30, 2018USD ($)Property	Sep. 30, 2017USD ($)	Sep. 30, 2018USD ($)Property$ / shares	Sep. 30, 2017$ / shares	Sep. 30, 2018USD ($)Property	Sep. 30, 2017USD ($)	Jan. 31, 2019$ / shares	Dec. 31, 2017USD ($)
Subsequent Event [Line Items]
Proceeds from issuance of common stock, net									$ 146,791	$ 229,698
Number of leased commercial properties owned | Property					583		583		583
Aggregate sale price					$ 11,609	$ 27,725			$ 43,951	58,170
Investment in rental property accounted for using the operating method, net of accumulated depreciation					2,491,450		$ 2,491,450		2,491,450			$ 2,227,758
Gain on sale of real estate					$ 2,025	$ 4,052			9,620	10,332
Distribution declared per share | $ / shares			$ 0.415	$ 0.410			$ 0.43	$ 0.415
Repayment of borrowing									462,500	195,500
Receipts from borrowing									$ 189,500	$ 220,000
Subsequent Event
Subsequent Event [Line Items]
Proceeds from issuance of common stock, net	$ 24,671
Issuance of shares of common stock, shares | shares	291,000
Cash distributions paid to stockholders	$ 9,722
Rental property acquired	$ 28,281
Number of leased commercial properties owned | Property	4
Aggregate sale price	$ 10,995
Investment in rental property accounted for using the operating method, net of accumulated depreciation	9,100
Additional expenses incurred related to sales of real estate properties	640
Gain on sale of real estate	$ 1,255
Distribution declared per share | $ / shares		$ 0.43
Monthly distribution approved per membership unit | $ / shares		$ 0.43
Repayment of borrowing		$ 13,000
Receipts from borrowing		$ 13,000
Subsequent Event | Scenario, Forecast
Subsequent Event [Line Items]
Price per share or unit | $ / shares											$ 86