Broadstone Net Lease (BNL) 10-Q 7 May 19 2019 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2019	May 07, 2019
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2019
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q1
Trading Symbol	ck0001424182
Entity Registrant Name	BROADSTONE NET LEASE, INC.
Entity Central Index Key	0001424182
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		23,173,407.023

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Assets
Accounted for using the operating method, net of accumulated depreciation	$ 2,682,996	$ 2,641,746
Accounted for using the direct financing method	41,975	42,000
Investment in rental property, net	2,724,971	2,683,746
Cash and cash equivalents	11,726	18,612
Restricted cash	1,434	377
Accrued rental income	73,618	69,247
Tenant and other receivables, net	1,376	1,026
Tenant and capital reserves	1,149	1,136
Prepaid expenses and other assets	4,821	2,803
Interest rate swap, assets	8,737	17,633
Intangible lease assets, net	287,189	286,258
Debt issuance costs – unsecured revolver, net	3,277	2,261
Leasing fees, net	13,645	13,698
Total assets	3,131,943	3,096,797
Liabilities and equity
Unsecured revolver	139,900	141,100
Mortgages and notes payable, net	72,004	78,952
Unsecured term notes, net	1,222,095	1,225,773
Interest rate swap, liabilities	5,549	1,820
Accounts payable and other liabilities	24,149	22,269
Due to related parties	52	114
Tenant improvement allowances	2,697	2,125
Accrued interest payable	8,391	9,777
Intangible lease liabilities, net	85,080	85,947
Total liabilities	1,559,917	1,567,877
Commitments and contingencies (See Note 15)
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, 22,876 and 22,014 shares issued and outstanding at March 31, 2019 and December 31, 2018, respectively	23	22
Additional paid-in capital	1,630,417	1,557,421
Subscriptions receivable	(225)
Cumulative distributions in excess of retained earnings	(170,847)	(155,150)
Accumulated other comprehensive income	3,018	14,806
Total Broadstone Net Lease, Inc. stockholders’ equity	1,462,386	1,417,099
Non-controlling interests	109,640	111,821
Total equity	1,572,026	1,528,920
Total liabilities and equity	$ 3,131,943	$ 3,096,797

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares	Mar. 31, 2019	Dec. 31, 2018
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	22,876,000	22,014,000
Common stock, shares outstanding	22,876,000	22,014,000

Condensed Consolidated Statemen

Condensed Consolidated Statements of Income and Comprehensive Income (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Revenues
Lease revenues	$ 68,430	$ 55,589
Operating expenses
Depreciation and amortization	24,310	19,202
Property and operating expense	4,390	2,619
General and administrative	1,103	1,330
State and franchise tax	443	243
Total operating expenses	38,268	29,054
Provision for impairment of investment in rental properties	1,017
Other income (expenses)
Preferred distribution income		188
Interest income	1	110
Interest expense	(15,828)	(11,177)
Cost of debt extinguishment	(713)
Gain on sale of real estate	1,400	3,339
Net income	15,022	18,995
Net income attributable to non-controlling interests	(1,084)	(1,422)
Net income attributable to Broadstone Net Lease, Inc.	$ 13,938	$ 17,573
Weighted average number of common shares outstanding
Basic	22,335	19,167
Diluted	24,072	20,719
Net earnings per common share
Basic and diluted	$ 0.62	$ 0.92
Comprehensive income
Net income	$ 15,022	$ 18,995
Other comprehensive (loss) income
Change in fair value of interest rate swaps	(12,624)	16,955
Realized gain on interest rate swaps	(81)
Comprehensive income	2,317	35,950
Comprehensive income attributable to non-controlling interests	(167)	(2,692)
Comprehensive income attributable to Broadstone Net Lease, Inc.	2,150	33,258
Asset Management Fees
Operating expenses
Operating expenses	5,120	4,143
Property Management Fees
Operating expenses
Operating expenses	$ 1,885	$ 1,517

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	Non-controlling Interests
Beginning Balance at Dec. 31, 2017	$ 1,284,201	$ 19	$ 1,301,979	$ (15)	$ (120,280)	$ 5,122	$ 97,376
Net income	18,995				17,573		1,422
Issuance of shares of common stock	57,026	1	57,154	(129)
Other offering costs	(224)		(224)
Distributions declared	(26,948)				(24,476)		(2,472)
Change in fair value of interest rate swap agreements	16,955					15,685	1,270
Conversion of eight membership units to eight shares of common stock			684				(684)
Redemption of shares of common stock, value	(3,577)		(3,577)
Cancellation of nine shares of common stock	(748)		(748)
Ending Balance at Mar. 31, 2018	1,345,680	20	1,355,268	(144)	(127,183)	20,807	96,912
Beginning Balance at Dec. 31, 2018	1,528,920	22	1,557,421		(155,150)	14,806	111,821
Net income	15,022				13,938		1,084
Issuance of shares of common stock	74,875	1	75,099	(225)
Other offering costs	(300)		(300)
Distributions declared	(31,983)				(29,635)		(2,348)
Change in fair value of interest rate swap agreements	(12,624)					(11,713)	(911)
Realized gain on interest rate swap agreements	(81)					(75)	(6)
Redemption of shares of common stock, value	(1,803)		(1,803)
Ending Balance at Mar. 31, 2019	$ 1,572,026	$ 23	$ 1,630,417	$ (225)	$ (170,847)	$ 3,018	$ 109,640

Condensed Consolidated Statem_3

Condensed Consolidated Statement of Stockholders' Equity (Unaudited) (Parenthetical) - $ / shares shares in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Number of membership units exchanged		8
Redemption of shares of common stock, shares	21	46
Cancellation shares of common stock, shares		9
Common Stock
Issuance of shares of common stock, shares	883	710
Issuance of shares common stock upon conversion of membership units		8
Redemption of shares of common stock, shares	21	46
Cancellation shares of common stock, shares		9

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Operating activities
Net income	$ 15,022	$ 18,995
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	23,572	19,380
Provision for impairment of investment in rental properties	1,017
Amortization of debt issuance costs charged to interest expense	517	425
Straight-line rent and financing lease adjustments	(5,143)	(5,141)
Cost of debt extinguishment	713
Gain on sale of real estate	(1,400)	(3,339)
Leasing fees paid	(258)	(785)
Other non-cash items	92	185
Changes in assets and liabilities:
Tenant and other receivables	(350)	(272)
Prepaid expenses and other assets	(442)	(588)
Accounts payable and other liabilities	(315)	2,046
Accrued interest payable	(1,386)	1,331
Net cash provided by operating activities	31,639	32,237
Investing activities
Acquisition of rental property accounted for using the operating method	(75,080)	(101,835)
Capital expenditures and improvements	(256)	(1,378)
Proceeds from disposition of rental property, net	10,612	15,738
Increase in tenant and capital reserves	(13)	(49)
Change in deposits on investments in rental property	100
Net cash used in investing activities	(64,637)	(87,524)
Financing activities
Proceeds from issuance of common stock, net	59,869	44,957
Redemptions of common stock	(1,803)	(3,577)
Borrowings on unsecured term notes	300,000
Principal payments on mortgages, notes payable and unsecured term notes	(306,970)	(722)
Borrowings on unsecured revolver	43,800	79,000
Repayments on unsecured revolver	(45,000)	(35,000)
Cash distributions paid to stockholders	(14,495)	(12,256)
Cash distributions paid to non-controlling interests	(2,330)	(2,464)
Debt issuance and extinguishment costs paid	(5,902)
Net cash provided by financing activities	27,169	69,938
Net (decrease) increase in cash and cash equivalents and restricted cash	(5,829)	14,651
Cash and cash equivalents and restricted cash at beginning of period	18,989	10,099
Cash and cash equivalents and restricted cash at end of period	13,160	24,750
Reconciliation of cash and cash equivalents and restricted cash
Cash and cash equivalents at beginning of period	18,612	9,355
Restricted cash at beginning of period	377	744
Cash and cash equivalents and restricted cash at beginning of period	18,989	10,099
Cash and cash equivalents at end of period	11,726	13,499
Restricted cash at end of period	1,434	11,251
Cash and cash equivalents and restricted cash at end of period	$ 13,160	$ 24,750

Business Description

Business Description	3 Months Ended
	Mar. 31, 2019
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 lease agreements. At March 31, 2019, the Corporation owned a diversified portfolio of 644 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 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: Percentage of shares owned by March 31, 2019 December 31, 2018 Corporation 92.9 % 92.7 % Non-controlling interests 7.1 % 7.3 % 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 concerning related parties and related party transactions.

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2019
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 Summary of Significant Accounting Policies 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 92.9% interest in the Operating Company at March 31, 2019, 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 has 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. 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 the Company’s 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 conditions, as derived through the use of published commercial real estate market information. The Company determines the valuation of impaired assets using generally accepted valuation techniques including discounted cash flow analysis, income capitalization, analysis of recent comparable sales transactions, actual sales negotiations, and bona fide purchase offers received from third parties. Management may consider a single valuation technique or multiple valuation techniques, as appropriate, when estimating the fair value of its real estate. During the three months ended March 31, 2019, the Company recorded an impairment charge of $ 1,017 The Company has reduced the carrying values of the impaired real estate assets to their estimated fair values at the measurement date as detailed below: March 31, 2019 (in thousands) Carrying Amount Allocation of Impairment Net Carrying Amount Investment in rental property accounted for using the operating method, net of accumulated depreciation $ 2,536 $ (748 ) $ 1,788 Accrued rental income 180 (180 ) — Intangible lease assets, net 275 (81 ) 194 Leasing fees, net 26 (8 ) 18 $ 3,017 $ (1,017 ) $ 2,000 Revenue Recognition The Company commences revenue recognition on its leases based on a number of factors, including the initial determination that the contract is or contains a lease. Generally, all of the Company’s contracts are, or contain leases, and therefore revenue is recognized when the lessee takes possession of or controls the physical use of the leased assets. In most instances this occurs on the lease commencement date. At the inception of a new lease, including new leases that arise from amendments, the Company assesses the terms and conditions of the lease to determine the proper lease classification. Certain of the Company’s leases require tenants to pay rent based upon a percentage of the property’s net sales (“percentage rent”) or contain rent escalators indexed to future changes in the Consumer Price Index. Lease income associated with such provisions is considered variable lease income and is not included in the initial measurement of the lease receivable, and therefore in the calculation of straight-line rent revenue. Such amounts are recognized as income when the amounts are determinable. As described in Recently Adopted Accounting Standards Leases (Topic 842) Leases Executed on or After Adoption of ASC 842 A lease is classified as an operating lease if none of the following criteria are met: (i) ownership transfers to the lessee at the end of the lease term, (ii) the lessee has a purchase option that is reasonably expected to be exercised, (iii) the lease term is for a major part of the economic life of the leased property, (iv) the present value of the future lease payments and any residual value guaranteed by the lessee that is not already reflected in the lease payments equals or exceeds substantially all of the fair value of the leased property, and (v) the leased property is of such a specialized nature that it is expected to have no future alternative use to the Company at the end of the lease term. If one or more of these criteria are met, the lease will generally be classified as a sales-type lease, unless the lease contains a residual value guarantee from a third party other than the lessee, in which case it would be classified as a direct financing lease under certain circumstances in accordance with ASC 842. ASC 842 requires the Company to account for the right to use land as a separate lease component, unless the accounting effect of doing so would be insignificant. Determination of significance requires management judgment. In determining whether the accounting effect of separately reporting the land component from other components for its real estate leases is significant, the Company assesses: (i) whether separating the land component impacts the classification of any lease component, (ii) the value of the land component in the context of the overall contract, and (iii) whether the right to use the land is coterminous with the rights to use the other assets. Leases Executed Prior to Adoption of ASC 842 A lease arrangement was classified as an operating lease if none of the following criteria were met: (i) ownership transferred to the lessee prior to or shortly after the end of the lease term, (ii) the lessee had a bargain purchase option during or at the end of the lease term, (iii) the lease term was 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) was greater than or equal to 90% of the fair value of the leased property. If one or more of these criteria were met, and the minimum lease payments were determined to be reasonably predictable and collectible, the lease arrangement was generally accounted for as a direct financing lease. Consistent with ASC 840 , Leases, Revenue recognition methods for operating leases, direct financing leases, and sales-type leases are described below: Rental property accounted for under operating leases – Revenue is recognized as rents are earned on a straight-line basis over the non-cancelable terms of the related leases. For leases that have fixed and measurable rent escalations, 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. The net investment in the direct financing lease represents receivables for the sum of future lease payments to be received and the estimated residual value of the leased property, less unamortized unearned income (which represents the difference between undiscounted cash flows and discounted cash flows). Unearned income is deferred and amortized into income over the lease terms so as to produce a constant periodic rate of return on the Company’s net investment in the leases. Rental property accounted for under sales-type leases – For leases accounted for as sales-type leases, the Company records selling profit arising from the lease at inception, along with the net investment in the lease. The Company leases assets through the assumption of existing leases or through sale-leaseback transactions, and records such assets at their fair value at the time of acquisition, which in most cases coincides with lease inception. As a result, the Company does not generally recognize selling profit on sales-type leases. The net investment in the sales-type lease represents receivables for the sum of future lease payments and the estimated unguaranteed residual value of the leased property, each measured at net present value. Interest income is recorded over the lease terms so as to produce a constant periodic rate of return on the Company’s net investment in the leases. Certain of the Company’s contracts contain nonlease components ( e.g. i.e. 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 are as follows: (in thousands) March 31, 2019 December 31, 2018 Rents received in advance $ 7,737 $ 7,832 Allowance for Doubtful Accounts Prior to the adoption of ASC 842, provisions for doubtful accounts were recorded as bad debt expense and included in General and administrative expenses on the accompanying Condensed Consolidated Statements of Income and Comprehensive Income. Subsequent to the adoption of ASC 842, provisions for doubtful accounts are recorded as an offset to Lease revenues on the accompanying Condensed Consolidated Statements of Income and Comprehensive Income. Fair Value Measurements ASC 820, Fair Value Measurements and Disclosures, The balances of financial instruments measured at fair value on a recurring basis are as follows (see Note 10): March 31, 2019 (in thousands) Total Level 1 Level 2 Level 3 Interest rate swap, assets $ 8,737 $ — $ 8,737 $ — Interest rate swap, liabilities (5,549 ) — (5,549 ) — $ 3,188 $ — $ 3,188 $ — December 31, 2018 (in thousands) Total Level 1 Level 2 Level 3 Interest rate swap, assets $ 17,633 $ — $ 17,633 $ — Interest rate swap, liabilities (1,820 ) — (1,820 ) — $ 15,813 $ — $ 15,813 $ — 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, and Accounts payable and other liabilities approximates their fair values due to their short-term nature. 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 London Interbank Offered Rate (“LIBOR”), U.S. 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. 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: (in thousands) March 31, 2019 December 31, 2018 Carrying amount $ 1,442,346 $ 1,450,551 Fair value 1,454,310 1,439,264 As disclosed under the Long-lived Asset Impairment Right-of-Use Assets and Lease Liabilities In accordance with ASC 842, the Company records right-of-use assets and lease liabilities associated with leases of land where it is the lessee under non-cancelable operating leases (“ground leases”). The lease liability is equal to the net present value of the future payments to be made under the lease, discounted using the rate implicit in the lease. The right-of-use asset is generally equal to the lease liability plus initial direct costs associated with the leases. The Company includes in the recognition of the right-of-use asset and lease liability those renewal periods that are reasonably certain to be exercised, based on the facts and circumstances that exist at lease inception. Amounts associated with percentage rent provisions are considered variable lease costs and are not included in the initial measurement of the right-of-use asset or lease liability. As allowed under ASC 842, the Company has made an accounting policy election, applicable to all asset types, to not segregate lease from nonlease components when allocating contract consideration related to ground leases. Right-of-use assets and lease liabilities associated with ground leases were included in the accompanying Condensed Consolidated Balance Sheets as follows: March 31, (in thousands) Financial Statement Presentation 2019 Right-of-use assets Prepaid expenses and other assets $ 1,676 Lease liabilities Accounts payable and other liabilities 1,256 Taxes Collected From Tenants and Remitted to Governmental Authorities A majority of 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. In other situations, the Company may collect property taxes from its tenants and remit those taxes to governmental authorities. Taxes collected from tenants and remitted to governmental authorities are presented on a gross basis, where amounts billed to tenants are included in Lease revenues, and the corresponding expense is included in Property and operating expense, in the accompanying Condensed Consolidated Statements of Income and Comprehensive Income. Rental Expense Rental expense associated with land that the Company leases under non-cancellable operating leases, is recorded on a straight-line basis over the term of each lease, for leases that have fixed and measurable rent escalations. Under the provisions of ASC 842, the difference between rental expense incurred on a straight-line basis and the cash rental payments due under the provisions of the lease is recorded as part of the right-of-use asset in the accompanying March 31, 2019 Condensed Consolidated Balance Sheet. Prior to the adoption of ASC 842, at December 31, 2018, this difference was recorded as a deferred liability and was included as a component of Accounts payable and other liabilities in the accompanying Condensed Consolidated Balance Sheets. Amounts associated with percentage rent provisions based on the achievement sales targets are recognized as variable rental expense when achievement of the sales targets are considered probable. Rental expense is included in Property and operating expenses on the accompanying Condensed Consolidated Statements of Income and Comprehensive Income. Recently Adopted Accounting Standards In February 2016, the FASB issued ASU 2016-02, Leases • The “Package of Three,” which allows an entity to not reassess (i) whether any expired or existing contracts are, or contain, leases, (ii) the lease classification for any expired or existing leases, and (iii) initial direct costs for existing leases. • The optional transition method to initially apply the guidance of ASC 842 at the adoption date and to recognize a cumulative-effect adjustment to the opening balance of retained earnings. As a result of electing this practical expedient, the Company’s reporting for the comparative periods presented will continue to be in accordance with ASC 840, including the required disclosures. • The ability to make an accounting policy election, by class of underlying asset, to not separate nonlease components from the associated lease component and to account for those components as a single component if certain conditions are met. ASC 842 requires all income from leases to be presented as a single line item, rather than the prior presentation where rental income from leases was shown separately from amounts billed and collected as reimbursements from tenants on the Condensed Consolidated Statements of Income and Comprehensive Income. In addition, bad debt expense is required to be presented as an adjustment to Lease revenues, rather than the prior presentation within Operating expenses on the Condensed Consolidated Statements of Income and Comprehensive Income. The Company is primarily a lessor and therefore adoption of ASC 842 did not have a material impact on its Condensed Consolidated Financial Statements. Upon adoption of ASC 842, it was not necessary for the Company to record a cumulative-effect adjustment to the opening balance of retained earnings, however the Company recognized a right-of-use asset and corresponding lease liability as of January 1, 2019, of $1,687 and $1,261, respectively, related to operating leases where it is the lessee (see Note 15). The right-of-use asset was recorded net of a previously recorded straight-line rent liability of $7 and ground lease intangible asset, net of $432 as of the date of adoption. In October 2018, the FASB issued ASU 2018-16, Derivatives and Hedging (Topic 815): Inclusion of the Secured Overnight Financing Rate (SOFR) Overnight Index Swap (OIS) Rate as a Benchmark Interest Rate for Hedge Accounting Purposes Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities . Other Recently Issued Accounting Standards In June 2016, the FASB issued ASU 2016-13, Financial Instruments – Credit Losses Codification Improvements to Topic 326, Financial Instruments – Credit Losses 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 Certain prior-period amounts have been reclassified to conform with the current period’s presentation, including items described below which resulted from the adoption of ASC 842. Components of revenue that were previously reported as Rental income from operating leases, Earned income from direct financing leases, Operating expenses reimbursed from tenants, and Other income from real estate transactions, on the Condensed Consolidated Statements of Income and Comprehensive Income, have been combined and reported as Lease revenues on the Condensed Consolidated Statements of Income and Comprehensive Income as follows: As originally reported For the three months ended (in thousands) March 31, 2018 Revenues Rental income from operating leases $ 51,832 Earned income from direct financing leases 966 Operating expenses reimbursed from tenants 2,749 Other income from real estate transactions 42 Total revenues $ 55,589 As revised For the three months ended (in thousands) March 31, 2018 Revenues Lease revenues $ 55,589 In addition, as discussed above, in connection with recording the transition adjustment for the right-of-use asset related to operating leases where the Company is the lessee, amounts reported as ground lease intangible assets, net and ground lease straight-line rent liabilities on the Condensed Consolidated Balance Sheet at December 31, 2018, were reclassified as of January 1, 2019, and are now included as components of the right-of-use asset.

Related-Party Transactions

Related-Party Transactions	3 Months Ended
	Mar. 31, 2019
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: ( i ) 3% of gross rentals collected each month from the rental property for property management services (other than one property, which calls for 5% of gross rentals under the Property Management Agreement); and (ii) 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. The Property Management Agreement automatically renewed 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 in 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, as defined in the Property Management Agreement, and (vi) by the IDC upon a Key Person Event, as defined in the Property Management Agreement. 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 at March 31, 2019, if the Property Management Agreement had been terminated at March 31, 2019, subject to the conditions noted above, the termination fee would have been $20,691. 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 nominates two individuals to serve on the Board of Directors of the Corporation. Under the terms of the Asset Management Agreement, the Asset Manager is compensated as follows: (i) a quarterly asset management fee equal to 0.25% of the aggregate value of common stock, based on the per share value as determined by the IDC each quarter, on a fully diluted basis as if all interests in the Operating Company had been converted into shares of the Corporation’s common stock; (ii) 0.5% of the proceeds from future equity closings as reimbursement for offering, marketing, and brokerage expenses; (iii) 1% of the gross purchase price paid for each rental property acquired (other than acquisitions described in (iv) below), including any property contributed in exchange for membership interests in the Operating Company; (iv) 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; (v) 1% of the gross sale price received for each rental property disposition; and (vi) 1% of the Aggregate Consideration, as defined in the Asset Management Agreement, received in connection with a Disposition Event. 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. The Asset Management Agreement automatically renewed 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 day 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, as defined in the Asset Management Agreement and (vi) by the IDC upon a Key Person Event, as defined in the Asset Management Agreement. 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 at March 31, 2019, if the Asset Management Agreement had been terminated at March 31, 2019, subject to the conditions noted above, the termination fee would have been $57,449. Total fees incurred under the Property Management Agreement and Asset Management Agreement are as follows: (in thousands) For the three months ended March 31, Type of Fee Financial Statement Presentation 2019 2018 Asset management fee Asset management fees $ 5,120 $ 4,143 Property management fee Property management fees 1,885 1,517 Total management fee expense 7,005 5,660 Marketing fee (offering costs) Additional paid-in capital 300 224 Acquisition fee Capitalized as a component of assets acquired 730 1,006 Leasing fee Leasing fees, net 258 785 Disposition fee Gain on sale of real estate 113 168 Total management fees $ 8,406 $ 7,843 Included in Due to related parties on the Condensed Consolidated Balance Sheets at March 31, 2019 and December 31, 2018, are $26 and $114 of unpaid management fees, 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.

Acquisitions

Acquisitions	3 Months Ended
	Mar. 31, 2019
Business Combinations [Abstract]
Acquisitions	4. Acquisitions The Company closed on the following acquisitions during the three months ended March 31, 2019: (in thousands, except number of properties) Number of Real Estate Date Property Type Properties Acquisition Price January 31, 2019 Healthcare 1 $ 4,747 March 12, 2019 Industrial 1 10,217 March 15, 2019 Retail 10 13,185 March 19, 2019 Retail 14 19,128 March 26, 2019 Industrial 1 25,801 27 $ 73,078 (a) (a) The Company closed on the following acquisitions during the three months ended March 31, 2018: (in thousands, except number of properties) Number of Real Estate Date Property Type Properties Acquisition Price March 27, 2018 Industrial 1 $ 22,000 March 30, 2018 Industrial/Retail 26 78,530 27 $ 100,530 (b) (b) The Company allocated the purchase price of these properties to the fair value of the assets acquired and liabilities assumed. The following table summarizes the purchase price allocation for completed acquisitions: For the three months ended March 31, (in thousands) 2019 2018 Land $ 7,149 $ 15,381 Land improvements 10,506 5,591 Buildings and other improvements 49,677 71,825 Acquired in-place leases (c) 6,618 9,088 Acquired above-market leases (d) 2,169 1,523 Acquired below-market leases (e) (836 ) (740 ) $ 75,283 $ 102,668 (c) (d) (e) The above acquisitions were funded using a combination of available cash on hand, proceeds from the Company’s unsecured revolving line of credit, and proceeds from equity issuances. All acquisitions closed during the three months ended March 31, 2019 and 2018, qualified as asset acquisitions and, as such, acquisition costs were capitalized. Subsequent to March 31, 2019, the Company closed on the following acquisition (see Note 16): (in thousands, except number of properties) Number of Real Estate Date Property Type Properties Acquisition Price April 30, 2019 Industrial 1 $ 76,000 (f) ( f ) The Company has not completed the allocation of the acquisition date fair values for the property acquired subsequent to March 31, 2019; 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	3 Months Ended
	Mar. 31, 2019
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: For the three months ended March 31, (in thousands, except number of properties) 2019 2018 Number of properties disposed 4 5 Aggregate sale price $ 11,291 $ 16,813 Aggregate carrying value (9,212 ) (12,399 ) Additional sales expenses (679 ) (1,075 ) Gain on sale of real estate $ 1,400 $ 3,339

Investment in Rental Property a

Investment in Rental Property and Lease Arrangements	3 Months Ended
	Mar. 31, 2019
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 in the retail, healthcare, manufacturing, office and other industries. At March 31, 2019, the Company had 625 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 The Company’s leases do not include residual value guarantees. To protect the residual value of its assets under lease, the Company requires tenants to maintain certain levels of property insurance, and in some cases will purchase supplemental policies directly. Management physically inspects each property on a regular basis, to ensure the tenant is maintaining the property so that it will be in a condition at the end of the lease term that is suitable for the Company to lease to a new tenant without the need for significant additional investment. For assets other than land, at lease inception the Company estimates the residual value taking into consideration the original fair value of the asset, less anticipated depreciation over the lease term. In general, at lease inception the Company assumes the value ascribed to land will be fully recoverable at the end of the lease term. Investment in Rental Property – Accounted for Using the Operating Method Rental property subject to non-cancelable operating leases with tenants are as follows: (in thousands) March 31, 2019 December 31, 2018 Land $ 416,643 $ 411,043 Land improvements 249,493 239,701 Buildings and improvements 2,229,912 2,186,499 Equipment 11,492 11,492 2,907,540 2,848,735 Less accumulated depreciation (224,544 ) (206,989 ) $ 2,682,996 $ 2,641,746 Depreciation expense on investment in rental property was as follows: For the three months ended March 31, (in thousands) 2019 2018 Depreciation $ 18,753 $ 15,164 Estimated lease payments to be received under non-cancelable operating leases with tenants at March 31, 2019 are as follows: (in thousands) Remainder of 2019 $ 176,619 2020 238,968 2021 241,922 2022 243,994 2023 245,606 Thereafter 2,059,151 $ 3,206,260 Since lease renewal periods are exercisable at the option of the tenant, the above amounts only include future lease payments due during the initial lease terms. In addition, such amounts exclude any potential variable rent increases that are based on changes in the Consumer Price Index or future variable rents which may be received under the leases based on a percentage of the tenant’s gross sales. Investment in Rental Property – Direct Financing Leases The Company’s net investment in direct financing leases is comprised of the following: (in thousands) March 31, 2019 December 31, 2018 Undiscounted estimated lease payments to be received $ 75,813 $ 76,829 Estimated unguaranteed residual values 20,358 20,358 Unearned income (54,196 ) (55,187 ) Net investment in direct financing leases $ 41,975 $ 42,000 Undiscounted estimated lease payments to be received under non-cancelable direct financing leases with tenants at March 31, 2019 are as follows: (in thousands) Remainder of 2019 $ 3,060 2020 4,194 2021 4,283 2022 4,369 2023 4,456 Thereafter 55,451 $ 75,813 The above rental receipts do not include future lease payments for renewal periods, potential variable Consumer Price Index rent increases, or variable percentage rent payments that may become due in future periods. The following table summarizes amounts reported as Lease revenues on the Condensed Consolidated Statements of Income and Comprehensive Income: For the three months ended (in thousands) March 31, 2019 Contractual rental amounts billed for operating leases $ 58,419 Straight-line rent adjustments 5,171 Adjustment to revenue recognized for uncollectible rental amounts billed (440 ) Operating lease rental revenues 63,150 Earned income from direct financing leases 1,005 Operating expenses billed to tenants 4,275 Total lease revenues $ 68,430

Intangible Assets And Liabiliti

Intangible Assets And Liabilities	3 Months Ended
	Mar. 31, 2019
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: (in thousands) March 31, 2019 December 31, 2018 Lease intangibles: Acquired above-market leases $ 64,936 $ 64,164 Less accumulated amortization (15,471 ) (14,740 ) Acquired above-market leases, net 49,465 49,424 Acquired in-place leases 283,691 277,659 Less accumulated amortization (45,967 ) (40,825 ) Acquired in-place leases, net 237,724 236,834 Total intangible lease assets, net $ 287,189 $ 286,258 Acquired below-market leases $ 102,412 $ 101,602 Less accumulated amortization (17,332 ) (15,655 ) Intangible lease liabilities, net $ 85,080 $ 85,947 Leasing fees $ 17,454 $ 17,274 Less accumulated amortization (3,809 ) (3,576 ) Leasing fees, net $ 13,645 $ 13,698 Amortization for intangible lease assets and liabilities is as follows: (in thousands) For the three months ended March 31, Intangible Financial Statement Presentation 2019 2018 Acquired in-place leases and leasing fees Depreciation and amortization $ 5,557 $ 4,038 Above-market and below-market leases Increase (decrease) to lease revenues 740 (178 ) Estimated future amortization of intangible assets and liabilities at March 31, 2019 is as follows: (in thousands) Remainder of 2019 $ 14,678 2020 19,314 2021 18,903 2022 18,288 2023 17,909 Thereafter 126,662 $ 215,754

Unsecured Credit Agreements

Unsecured Credit Agreements	3 Months Ended
	Mar. 31, 2019
Debt Disclosure [Abstract]
Unsecured Credit Agreements	8. Unsecured Credit Agreements The following table summarizes the Company’s unsecured credit agreements: Outstanding Balance (in thousands, except interest rates) March 31, 2019 December 31, 2018 Interest Rate (d) Maturity Date 2015 Unsecured Term Loan (a) $ — $ 300,000 one-month LIBOR + 1.40% Feb. 2020 (f) 2017 Unsecured Revolving Credit and Term Loan Agreement (a) Revolver (b) 139,900 141,100 one-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 190,000 190,000 one-month LIBOR + 1.90% Jun. 2024 594,900 596,100 2019 Unsecured Term Loan (a) 300,000 — one-month LIBOR + 1.85% Feb. 2026 Senior Notes (a) Series A 150,000 150,000 4.84% Apr. 2027 Series B 225,000 225,000 5.09% Jul. 2028 Series C 100,000 100,000 5.19% Jul. 2030 475,000 475,000 Total 1,369,900 1,371,100 Debt issuance costs, net (c) (7,905 ) (4,227 ) $ 1,361,995 $ 1,366,873 (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 February 27, 2019, the Company entered into a $450,000 seven-year unsecured term loan agreement (the “2019 Unsecured Term Loan”) with Capital One, N.A. as administrative agent. The 2019 Unsecured Term Loan provides an accordion feature for up to a total of $550,000 borrowing capacity. The 2019 Unsecured Term Loan has an initial maturity date of February 27, 2026. Borrowings under the 2019 Unsecured Term Loan are subject to interest only payments at variable rates equal to LIBOR plus a margin between 1.45% and 2.40% per annum based on the Operating Company’s investment grade credit rating. Based on the Operating Company’s current credit rating of Baa3, the applicable margin under the 2019 Unsecured Term Loan is 1.85%. The 2019 Unsecured Term Loan is subject to a fee of 0.25% per annum on the amount of the commitment, reduced by the amount of term loans outstanding. At closing, $300,000 of the commitment was funded and used to repay the 2015 Unsecured Term Loan in full. The remaining $150,000 commitment can be drawn in up to three requests through August 27, 2019. On February 28, 2019, the Company amended the 2017 Unsecured Revolving Credit and Term Loan Agreement to increase the amount available under the Revolver from $425,000 to $600,000. This increased the total available borrowings under the 2017 Unsecured Revolving Credit and Term Loan Agreement to $1,055,000. All other terms and conditions of the 2017 Unsecured Revolving Credit and Term Loan Agreement remain the same as those in effect prior to this amendment. At March 31, 2019, the weighted average interest rate on all outstanding borrowings was 4.42%. In addition, the Revolver is subject to a facility fee of 0.25% per annum. For the three months ended March 31, 2019, the Company paid $5,229 in debt issuance costs associated with the 2019 Unsecured Term Loan and the amended 2017 Unsecured Revolving Credit and Term Loan Agreement. For each separate debt instrument, on a lender by lender basis, in accordance with ASC 470-50, Debt Modifications and Extinguishment 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 months ended March 31, (in thousands) 2019 2018 Debt issuance costs amortization $ 553 $ 461

Mortgages and Notes Payable

Mortgages and Notes Payable	3 Months Ended
	Mar. 31, 2019
Debt Disclosure [Abstract]
Mortgages and Notes Payable	9. Mortgages and Notes Payable The Company’s mortgages and notes payable consist of the following: Origination Maturity (in thousands, except interest rates) Date Date Interest March 31, December 31, Lender (Month/Year) (Month/Year) Rate 2019 2018 (1) Wilmington Trust National Association Jun-18 Aug-25 4.36% $ 20,583 $ 20,674 (a) (b) (c) (m) (2) PNC Bank Oct-16 Nov-26 3.62% 18,165 18,260 (b) (c) (3) Sun Life Mar-12 Oct-21 5.13% 11,190 11,288 (b) (g) (4) Aegon Apr-12 Oct-23 6.38% 8,323 8,496 (b) (h) (5) Symetra Financial Nov-17 Oct-26 3.65% 6,411 6,467 (a) (b) (k) (l) (6) M&T Bank Oct-17 Aug-21 one - month LIBOR+3% 5,017 5,051 (b) (d) (i) (j) (7) Columbian Mutual Life Insurance Company Aug-10 Sep-25 7.00% 1,448 1,459 (b) (c) (d) (8) Note holders Dec-08 Dec-23 6.25% 750 750 (d) (9) Standard Insurance Co. Jul-10 Aug-30 6.75% 559 563 (b) (c) (d) (f) (10) Legg Mason Mortgage Capital Corporation Aug-10 Aug-22 7.06% — 4,692 (b) (e) (11) Standard Insurance Co. Apr-09 May-34 6.88% — 1,751 (b) (c) 72,446 79,451 Debt issuance costs, net (442 ) (499 ) $ 72,004 $ 78,952 (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 note. The interest rate will be adjusted at Standard Insurance’s discretion (based on prevailing rates) at 119 months from the first payment date, and the monthly installments will be adjusted accordingly. At the time Standard Insurance may adjust the interest rate for the note 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 assumption. At March 31, 2019, investment in rental property of $127,916 is pledged as collateral against the Company’s mortgages and notes payable. The following table summarizes the mortgages extinguished by the Company: (in thousands, except number of mortgages) For the three months ended March 31, 2019 For the year ended December 31, 2018 Number of mortgages 2 2 Outstanding balance of mortgages $ 6,173 $ 6,666 The following table summarizes the cost of mortgage extinguishment: For the three months ended March 31, (in thousands) 2019 2018 Cost of mortgage extinguishment $ 498 $ — 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 March 31, 2019 are as follows: (in thousands) Remainder of 2019 $ 1,706 2020 2,372 2021 17,137 2022 141,892 2023 272,368 Thereafter 1,006,871 $ 1,442,346 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. These prepayment fees are not reflected as part of the table above.

Interest Rate Swaps

Interest Rate Swaps	3 Months Ended
	Mar. 31, 2019
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: (in thousands, except interest rates) Fair Value Counterparty Maturity Date Fixed Rate Variable Rate Index Notional Amount March 31, 2019 December 31, 2018 Bank of America, N.A. November 2023 2.80 % one-month LIBOR $ 25,000 $ (699 ) $ (411 ) Bank of Montreal July 2024 1.16 % one-month LIBOR 40,000 2,048 2,702 Bank of Montreal January 2025 1.91 % one-month LIBOR 25,000 361 769 Bank of Montreal July 2025 2.32 % one-month LIBOR 25,000 (207 ) 222 Bank of Montreal January 2026 1.92 % one-month LIBOR 25,000 433 915 Bank of Montreal January 2026 2.05 % one-month LIBOR 40,000 366 1,130 Bank of Montreal December 2026 2.33 % one-month LIBOR 10,000 (83 ) 132 Bank of Montreal December 2027 2.37 % one-month LIBOR 25,000 (247 ) 355 Capital One, N.A. December 2021 1.05 % one-month LIBOR 15,000 455 605 Capital One, N.A. December 2024 1.58 % one-month LIBOR 15,000 472 727 Capital One, N.A. January 2026 2.08 % one-month LIBOR 35,000 243 930 Capital One, N.A. July 2026 1.32 % one-month LIBOR 35,000 2,099 2,877 Capital One, N.A. December 2027 2.37 % one-month LIBOR 25,000 (265 ) 345 Capital One, N.A. April 2026 2.68 % one-month LIBOR 15,000 (481 ) (189 ) M&T Bank August 2021 1.02 % one-month LIBOR 5,016 134 177 (a), (b) M&T Bank September 2022 2.83 % one-month LIBOR 25,000 (564 ) (362 ) M&T Bank November 2023 2.65 % one-month LIBOR 25,000 (551 ) (254 ) Regions Bank May 2020 2.12 % one-month LIBOR 50,000 137 271 Regions Bank December 2023 1.18 % one-month LIBOR 25,000 1,108 1,484 SunTrust Bank April 2024 1.99 % one-month LIBOR 25,000 192 554 SunTrust Bank April 2025 2.20 % one-month LIBOR 25,000 (44 ) 382 SunTrust Bank July 2025 1.99 % one-month LIBOR 25,000 276 728 SunTrust Bank December 2025 2.30 % one-month LIBOR 25,000 (176 ) 299 SunTrust Bank January 2026 1.93 % one-month LIBOR 25,000 413 903 Wells Fargo Bank, N.A. February 2021 2.39 % one-month LIBOR 35,000 (85 ) 59 Wells Fargo Bank, N.A. October 2024 2.72 % one-month LIBOR 15,000 (436 ) (222 ) Wells Fargo Bank, N.A. January 2028 2.37 % one-month LIBOR 75,000 (777 ) 1,067 Wells Fargo Bank, N.A. April 2027 2.72 % one-month LIBOR 25,000 (934 ) (382 ) $ 3,188 $ 15,813 (a) (b) 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 are as follows: Total Interest Expense Amount of (Loss) Gain Reclassification from Accumulated Other Presented in the (in thousands) Recognized in Comprehensive Income Consolidated Statements of Accumulated Other Amount of Income and Comprehensive For the three months ended March 31, Comprehensive Income Location Gain (Loss) Income 2019 $ (12,624 ) Interest expense $ 836 $ 15,828 2018 16,955 Interest expense (913 ) 11,177 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 $2,240. The Company is exposed to credit risk in the event of non-performance by the counterparties of the swaps. The Company minimizes the risk exposure by limiting counterparties to major banks who meet established credit and capital guidelines.

Credit Risk Concentrations

Credit Risk Concentrations	3 Months Ended
	Mar. 31, 2019
Risks And Uncertainties [Abstract]
Credit Risk Concentrations	11. Credit Risk Concentrations The Company maintained bank balances that, at times, exceeded the federally insured limit during the three months ended March 31, 2019. The Company has not experienced losses relating to these deposits and management does not believe that the Company is exposed to any significant credit risk with respect to these amounts. 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 19% of total operating expenses for the three months ended March 31, 2019 and 2018. These amounts do not include acquisition fees paid to the Asset Manager that were capitalized (see Note 3). The Company has mortgages and notes payable with four institutions that comprise 28%, 25%, 15%, and 12% of total mortgages and notes payable at March 31, 2019. The Company has mortgages and notes payable with four institutions that comprise 26%, 23%, 14%, and 11% of total mortgages and notes payable at December 31, 2018. For the three months ended March 31, 2019 and 2018, the Company had no individual tenants or common franchises that accounted for more than 10% of total revenues.

Equity

Equity	3 Months Ended
	Mar. 31, 2019
Equity [Abstract]
Equity	12. Equity Share Redemption Program The following table summarizes redemptions under the Share Redemption Program: For the three months ended March 31, (in thousands, except number of redemptions) 2019 2018 Number of redemptions requested 13 8 Number of shares 21 46 Aggregate redemption price $ 1,803 $ 3,577 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 the DRIP at any time upon written notice to each participant at least 10 days prior to the effective date of the amendment. The Corporation may terminate the DRIP upon written notice to each participant at least 30 days prior to the effective date of the termination. At March 31, 2019 and December 31, 2018, a total of 2,411 and 2,233 shares of common stock, respectively, have been issued under the DRIP.

Earnings per Share

Earnings per Share	3 Months Ended
	Mar. 31, 2019
Earnings Per Share [Abstract]
Earnings Per Share	13. 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 March 31, (in thousands, except per share) 2019 2018 Basic earnings: Net earnings attributable to Broadstone Net Lease, Inc. $ 13,938 $ 17,573 Diluted earnings: Net earnings attributable to Broadstone Net Lease, Inc. $ 13,938 $ 17,573 Net earnings attributable to non-controlling interests 1,084 1,422 $ 15,022 $ 18,995 Basic and diluted weighted average shares outstanding: Weighted average number of common shares outstanding used in basic earnings per share 22,335 19,167 Effects of convertible membership units 1,737 1,552 Weighted average number of common shares outstanding used in diluted earnings per share 24,072 20,719 Basic and diluted net earnings per common share $ 0.62 $ 0.92 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	3 Months Ended
	Mar. 31, 2019
Supplemental Cash Flow Elements [Abstract]
Supplemental Cash Flow Disclosures	14. Supplemental Cash Flow Disclosures Cash paid for interest was $16,777 and $9,420 for the three months ended March 31, 2019 and 2018, respectively. Cash paid for state income and franchise taxes was $395 and $419 for the three months ended March 31, 2019 and 2018, respectively. The following are non-cash transactions and have been excluded from the accompanying Condensed Consolidated Statements of Cash Flows: • During the three months ended March 31, 2019 and 2018, the Corporation issued 173 and 147 shares, respectively, of common stock with a value of approximately $14,533 and $11,656, respectively, under the terms of the DRIP (see Note 12). • During the three months ended March 31, 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 March 31, 2019 and 2018, dividend amounts declared and accrued but not yet paid amounted to $10,734 and $9,019, respectively. • During the three months ended March 31, 2019, the Company recorded right-of-use assets of $1,687 and lease liabilities of $1,261 associated with ground leases where it is the lessee, in connection with the adoption of ASC 842 as described in Note 2. The right-of-use asset was recorded net of a straight-line rent liability of $7 and ground lease intangible asset, net of $432 as of the date of adoption.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2019
Commitments And Contingencies Disclosure [Abstract]
Commitments and Contingencies	15. Commitments and Contingencies Litigation From time to time, the Company is a party to various litigation matters incidental to the conduct of the Company’s business. While the resolution of such matters cannot be predicted with certainty, based on currently available information, the Company does not believe that the final outcome of any of these matters will have a material effect on its consolidated financial position, results of operations, or liquidity. Property and Acquisition Related In connection with ownership and operation of real estate, the Company may potentially be liable for cost and damages related to environmental matters. The Company is not aware of any non-compliance, liability, claim, or other environmental condition that would have a material effect on its consolidated financial position, results of operations, or liquidity. Obligations Under Operating Leases The Company leases land at certain properties under non-cancellable operating leases with initial lease terms ranging from 2025 to 2066. These leases contain provisions for fixed monthly payments, subject to rent escalations. One lease requires the Company to make annual rent payments calculated based upon sales generated at the property (“percentage rent”). None of the leases are subject to any sublease agreement. For the three months ended March 31, 2019, total lease costs associated with ground leases, reported as a component of Property and operating expenses in the accompanying Condensed Consolidated Statements of Income and Comprehensive Income, amounted to $47. The total lease costs are comprised of $35 of operating lease cost and $12 of variable lease cost related to percentage rent. For the three months ended March 31, 2018, there were no lease costs associated with ground leases. For the three months ended March 31, 2019, payments associated with operating leases totaled $72 and were reported as Cash flows from operating activities on the accompanying Condensed Consolidated Statements of Cash Flows. For the three months ended March 31, 2018, there were no lease payments. Estimated future lease payments required under non-cancelable operating leases at March 31, 2019, and a reconciliation to the lease liabilities, is as follows: (in thousands) Remainder of 2019 $ 89 2020 120 2021 122 2022 124 2023 125 Thereafter 2,540 Total undiscounted cash flows 3,120 Time value of money (1,864 ) Lease liabilities $ 1,256 The above rental payments include future minimum lease payments due during the initial lease terms. Such amounts exclude any variable lease payments associated with percentage rent or changes in the Consumer Price Index that may become due in future periods.

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2019
Subsequent Events [Abstract]
Subsequent Events	16. Subsequent Events Through May 7, 2019, the Company has raised $25,224 through the sale of 298 shares of the Corporation’s common stock from monthly equity closings, including dividend reinvestments. Through May 7, 2019, the Company has paid $10,734 in distributions, including dividend reinvestments. Subsequent to March 31, 2019, the Company continued to expand its operations through the acquisition of additional rental property and associated intangible assets and liabilities. The Company acquired approximately $76,000 of rental property and associated intangible assets and liabilities and assumed $49,782 of liabilities (see Note 4). On May 7, 2019, the Board of Directors declared a distribution of $0.44 per share on the Corporation’s common stock and approved a distribution of $0.44 per membership unit of the Operating Company for monthly distributions through July 2019. The distributions are payable on or prior to the 15th day of the following month to stockholders and unit holders of record on the record date, which is generally the next-to-the-last business day of the prior month. In addition, the IDC determined the share value for the Corporation’s common stock to be $86.00 per share for the period from May 1, 2019 through July 31, 2019. Subsequent to March 31, 2019, 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 $12,000.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2019
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 Summary of Significant Accounting Policies
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 92.9% interest in the Operating Company at March 31, 2019, 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 has 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.
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 the Company’s 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 conditions, as derived through the use of published commercial real estate market information. The Company determines the valuation of impaired assets using generally accepted valuation techniques including discounted cash flow analysis, income capitalization, analysis of recent comparable sales transactions, actual sales negotiations, and bona fide purchase offers received from third parties. Management may consider a single valuation technique or multiple valuation techniques, as appropriate, when estimating the fair value of its real estate. During the three months ended March 31, 2019, the Company recorded an impairment charge of $ 1,017 The Company has reduced the carrying values of the impaired real estate assets to their estimated fair values at the measurement date as detailed below: March 31, 2019 (in thousands) Carrying Amount Allocation of Impairment Net Carrying Amount Investment in rental property accounted for using the operating method, net of accumulated depreciation $ 2,536 $ (748 ) $ 1,788 Accrued rental income 180 (180 ) — Intangible lease assets, net 275 (81 ) 194 Leasing fees, net 26 (8 ) 18 $ 3,017 $ (1,017 ) $ 2,000
Revenue Recognition	Revenue Recognition The Company commences revenue recognition on its leases based on a number of factors, including the initial determination that the contract is or contains a lease. Generally, all of the Company’s contracts are, or contain leases, and therefore revenue is recognized when the lessee takes possession of or controls the physical use of the leased assets. In most instances this occurs on the lease commencement date. At the inception of a new lease, including new leases that arise from amendments, the Company assesses the terms and conditions of the lease to determine the proper lease classification. Certain of the Company’s leases require tenants to pay rent based upon a percentage of the property’s net sales (“percentage rent”) or contain rent escalators indexed to future changes in the Consumer Price Index. Lease income associated with such provisions is considered variable lease income and is not included in the initial measurement of the lease receivable, and therefore in the calculation of straight-line rent revenue. Such amounts are recognized as income when the amounts are determinable. As described in Recently Adopted Accounting Standards Leases (Topic 842) Leases Executed on or After Adoption of ASC 842 A lease is classified as an operating lease if none of the following criteria are met: (i) ownership transfers to the lessee at the end of the lease term, (ii) the lessee has a purchase option that is reasonably expected to be exercised, (iii) the lease term is for a major part of the economic life of the leased property, (iv) the present value of the future lease payments and any residual value guaranteed by the lessee that is not already reflected in the lease payments equals or exceeds substantially all of the fair value of the leased property, and (v) the leased property is of such a specialized nature that it is expected to have no future alternative use to the Company at the end of the lease term. If one or more of these criteria are met, the lease will generally be classified as a sales-type lease, unless the lease contains a residual value guarantee from a third party other than the lessee, in which case it would be classified as a direct financing lease under certain circumstances in accordance with ASC 842. ASC 842 requires the Company to account for the right to use land as a separate lease component, unless the accounting effect of doing so would be insignificant. Determination of significance requires management judgment. In determining whether the accounting effect of separately reporting the land component from other components for its real estate leases is significant, the Company assesses: (i) whether separating the land component impacts the classification of any lease component, (ii) the value of the land component in the context of the overall contract, and (iii) whether the right to use the land is coterminous with the rights to use the other assets. Leases Executed Prior to Adoption of ASC 842 A lease arrangement was classified as an operating lease if none of the following criteria were met: (i) ownership transferred to the lessee prior to or shortly after the end of the lease term, (ii) the lessee had a bargain purchase option during or at the end of the lease term, (iii) the lease term was 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) was greater than or equal to 90% of the fair value of the leased property. If one or more of these criteria were met, and the minimum lease payments were determined to be reasonably predictable and collectible, the lease arrangement was generally accounted for as a direct financing lease. Consistent with ASC 840 , Leases, Revenue recognition methods for operating leases, direct financing leases, and sales-type leases are described below: Rental property accounted for under operating leases – Revenue is recognized as rents are earned on a straight-line basis over the non-cancelable terms of the related leases. For leases that have fixed and measurable rent escalations, 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. The net investment in the direct financing lease represents receivables for the sum of future lease payments to be received and the estimated residual value of the leased property, less unamortized unearned income (which represents the difference between undiscounted cash flows and discounted cash flows). Unearned income is deferred and amortized into income over the lease terms so as to produce a constant periodic rate of return on the Company’s net investment in the leases. Rental property accounted for under sales-type leases – For leases accounted for as sales-type leases, the Company records selling profit arising from the lease at inception, along with the net investment in the lease. The Company leases assets through the assumption of existing leases or through sale-leaseback transactions, and records such assets at their fair value at the time of acquisition, which in most cases coincides with lease inception. As a result, the Company does not generally recognize selling profit on sales-type leases. The net investment in the sales-type lease represents receivables for the sum of future lease payments and the estimated unguaranteed residual value of the leased property, each measured at net present value. Interest income is recorded over the lease terms so as to produce a constant periodic rate of return on the Company’s net investment in the leases. Certain of the Company’s contracts contain nonlease components ( e.g. i.e.
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 are as follows: (in thousands) March 31, 2019 December 31, 2018 Rents received in advance $ 7,737 $ 7,832
Allowance for Doubtful Accounts	Allowance for Doubtful Accounts Prior to the adoption of ASC 842, provisions for doubtful accounts were recorded as bad debt expense and included in General and administrative expenses on the accompanying Condensed Consolidated Statements of Income and Comprehensive Income. Subsequent to the adoption of ASC 842, provisions for doubtful accounts are recorded as an offset to Lease revenues on the accompanying Condensed Consolidated Statements of Income and Comprehensive Income.
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 are as follows (see Note 10): March 31, 2019 (in thousands) Total Level 1 Level 2 Level 3 Interest rate swap, assets $ 8,737 $ — $ 8,737 $ — Interest rate swap, liabilities (5,549 ) — (5,549 ) — $ 3,188 $ — $ 3,188 $ — December 31, 2018 (in thousands) Total Level 1 Level 2 Level 3 Interest rate swap, assets $ 17,633 $ — $ 17,633 $ — Interest rate swap, liabilities (1,820 ) — (1,820 ) — $ 15,813 $ — $ 15,813 $ — 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, and Accounts payable and other liabilities approximates their fair values due to their short-term nature. 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 London Interbank Offered Rate (“LIBOR”), U.S. 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. 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: (in thousands) March 31, 2019 December 31, 2018 Carrying amount $ 1,442,346 $ 1,450,551 Fair value 1,454,310 1,439,264 As disclosed under the Long-lived Asset Impairment
Right-of-Use Assets and Lease Liabilities	Right-of-Use Assets and Lease Liabilities In accordance with ASC 842, the Company records right-of-use assets and lease liabilities associated with leases of land where it is the lessee under non-cancelable operating leases (“ground leases”). The lease liability is equal to the net present value of the future payments to be made under the lease, discounted using the rate implicit in the lease. The right-of-use asset is generally equal to the lease liability plus initial direct costs associated with the leases. The Company includes in the recognition of the right-of-use asset and lease liability those renewal periods that are reasonably certain to be exercised, based on the facts and circumstances that exist at lease inception. Amounts associated with percentage rent provisions are considered variable lease costs and are not included in the initial measurement of the right-of-use asset or lease liability. As allowed under ASC 842, the Company has made an accounting policy election, applicable to all asset types, to not segregate lease from nonlease components when allocating contract consideration related to ground leases. Right-of-use assets and lease liabilities associated with ground leases were included in the accompanying Condensed Consolidated Balance Sheets as follows: March 31, (in thousands) Financial Statement Presentation 2019 Right-of-use assets Prepaid expenses and other assets $ 1,676 Lease liabilities Accounts payable and other liabilities 1,256
Taxes Collected From Tenants and Remitted to Governmental Authorities	Taxes Collected From Tenants and Remitted to Governmental Authorities A majority of the Company’s properties are leased on a 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. In other situations, the Company may collect property taxes from its tenants and remit those taxes to governmental authorities. Taxes collected from tenants and remitted to governmental authorities are presented on a gross basis, where amounts billed to tenants are included in Lease revenues, and the corresponding expense is included in Property and operating expense, in the accompanying Condensed Consolidated Statements of Income and Comprehensive Income.
Rental Expense	Rental Expense Rental expense associated with land that the Company leases under non-cancellable operating leases, is recorded on a straight-line basis over the term of each lease, for leases that have fixed and measurable rent escalations. Under the provisions of ASC 842, the difference between rental expense incurred on a straight-line basis and the cash rental payments due under the provisions of the lease is recorded as part of the right-of-use asset in the accompanying March 31, 2019 Condensed Consolidated Balance Sheet. Prior to the adoption of ASC 842, at December 31, 2018, this difference was recorded as a deferred liability and was included as a component of Accounts payable and other liabilities in the accompanying Condensed Consolidated Balance Sheets. Amounts associated with percentage rent provisions based on the achievement sales targets are recognized as variable rental expense when achievement of the sales targets are considered probable. Rental expense is included in Property and operating expenses on the accompanying Condensed Consolidated Statements of Income and Comprehensive Income.
Recently Adopted Accounting Standards and Other Recently Issued Accounting Standards	Recently Adopted Accounting Standards In February 2016, the FASB issued ASU 2016-02, Leases • The “Package of Three,” which allows an entity to not reassess (i) whether any expired or existing contracts are, or contain, leases, (ii) the lease classification for any expired or existing leases, and (iii) initial direct costs for existing leases. • The optional transition method to initially apply the guidance of ASC 842 at the adoption date and to recognize a cumulative-effect adjustment to the opening balance of retained earnings. As a result of electing this practical expedient, the Company’s reporting for the comparative periods presented will continue to be in accordance with ASC 840, including the required disclosures. • The ability to make an accounting policy election, by class of underlying asset, to not separate nonlease components from the associated lease component and to account for those components as a single component if certain conditions are met. ASC 842 requires all income from leases to be presented as a single line item, rather than the prior presentation where rental income from leases was shown separately from amounts billed and collected as reimbursements from tenants on the Condensed Consolidated Statements of Income and Comprehensive Income. In addition, bad debt expense is required to be presented as an adjustment to Lease revenues, rather than the prior presentation within Operating expenses on the Condensed Consolidated Statements of Income and Comprehensive Income. The Company is primarily a lessor and therefore adoption of ASC 842 did not have a material impact on its Condensed Consolidated Financial Statements. Upon adoption of ASC 842, it was not necessary for the Company to record a cumulative-effect adjustment to the opening balance of retained earnings, however the Company recognized a right-of-use asset and corresponding lease liability as of January 1, 2019, of $1,687 and $1,261, respectively, related to operating leases where it is the lessee (see Note 15). The right-of-use asset was recorded net of a previously recorded straight-line rent liability of $7 and ground lease intangible asset, net of $432 as of the date of adoption. In October 2018, the FASB issued ASU 2018-16, Derivatives and Hedging (Topic 815): Inclusion of the Secured Overnight Financing Rate (SOFR) Overnight Index Swap (OIS) Rate as a Benchmark Interest Rate for Hedge Accounting Purposes Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities . Other Recently Issued Accounting Standards In June 2016, the FASB issued ASU 2016-13, Financial Instruments – Credit Losses Codification Improvements to Topic 326, Financial Instruments – Credit Losses 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 Certain prior-period amounts have been reclassified to conform with the current period’s presentation, including items described below which resulted from the adoption of ASC 842. Components of revenue that were previously reported as Rental income from operating leases, Earned income from direct financing leases, Operating expenses reimbursed from tenants, and Other income from real estate transactions, on the Condensed Consolidated Statements of Income and Comprehensive Income, have been combined and reported as Lease revenues on the Condensed Consolidated Statements of Income and Comprehensive Income as follows: As originally reported For the three months ended (in thousands) March 31, 2018 Revenues Rental income from operating leases $ 51,832 Earned income from direct financing leases 966 Operating expenses reimbursed from tenants 2,749 Other income from real estate transactions 42 Total revenues $ 55,589 As revised For the three months ended (in thousands) March 31, 2018 Revenues Lease revenues $ 55,589 In addition, as discussed above, in connection with recording the transition adjustment for the right-of-use asset related to operating leases where the Company is the lessee, amounts reported as ground lease intangible assets, net and ground lease straight-line rent liabilities on the Condensed Consolidated Balance Sheet at December 31, 2018, were reclassified as of January 1, 2019, and are now included as components of the right-of-use asset.

Business Description (Tables)

Business Description (Tables)	3 Months Ended
	Mar. 31, 2019
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: Percentage of shares owned by March 31, 2019 December 31, 2018 Corporation 92.9 % 92.7 % Non-controlling interests 7.1 % 7.3 % 100.0 % 100.0 %

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	3 Months Ended
	Mar. 31, 2019
Significant Accounting Policies [Line Items]
Schedule Showing Reduction of Carrying Value of Impaired Real Estate Assets to their Estimated Fair Value at Measurement Dates	The Company has reduced the carrying values of the impaired real estate assets to their estimated fair values at the measurement date as detailed below: March 31, 2019 (in thousands) Carrying Amount Allocation of Impairment Net Carrying Amount Investment in rental property accounted for using the operating method, net of accumulated depreciation $ 2,536 $ (748 ) $ 1,788 Accrued rental income 180 (180 ) — Intangible lease assets, net 275 (81 ) 194 Leasing fees, net 26 (8 ) 18 $ 3,017 $ (1,017 ) $ 2,000
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 are as follows: (in thousands) March 31, 2019 December 31, 2018 Rents received in advance $ 7,737 $ 7,832
Balances of Financial Instruments Measured at Fair Value on Recurring Basis	The balances of financial instruments measured at fair value on a recurring basis are as follows (see Note 10): March 31, 2019 (in thousands) Total Level 1 Level 2 Level 3 Interest rate swap, assets $ 8,737 $ — $ 8,737 $ — Interest rate swap, liabilities (5,549 ) — (5,549 ) — $ 3,188 $ — $ 3,188 $ — December 31, 2018 (in thousands) Total Level 1 Level 2 Level 3 Interest rate swap, assets $ 17,633 $ — $ 17,633 $ — Interest rate swap, liabilities (1,820 ) — (1,820 ) — $ 15,813 $ — $ 15,813 $ —
Summary of Carrying Amount Reported on Condensed Consolidated Balance Sheets	The following table summarizes the carrying amount reported on the Condensed Consolidated Balance Sheets and the Company’s estimate of the fair value of the Mortgage and notes payable, net, Unsecured term notes, net, and Unsecured revolver: (in thousands) March 31, 2019 December 31, 2018 Carrying amount $ 1,442,346 $ 1,450,551 Fair value 1,454,310 1,439,264
Summary of Right-of-Use Assets And Lease Liabilities Associated With Ground Leases Included In Condensed Consolidated Balance Sheets	Right-of-use assets and lease liabilities associated with ground leases were included in the accompanying Condensed Consolidated Balance Sheets as follows: March 31, (in thousands) Financial Statement Presentation 2019 Right-of-use assets Prepaid expenses and other assets $ 1,676 Lease liabilities Accounts payable and other liabilities 1,256
ASC 842
Significant Accounting Policies [Line Items]
Summary of Reclassifications of Components of Revenue	Certain prior-period amounts have been reclassified to conform with the current period’s presentation, including items described below which resulted from the adoption of ASC 842. Components of revenue that were previously reported as Rental income from operating leases, Earned income from direct financing leases, Operating expenses reimbursed from tenants, and Other income from real estate transactions, on the Condensed Consolidated Statements of Income and Comprehensive Income, have been combined and reported as Lease revenues on the Condensed Consolidated Statements of Income and Comprehensive Income as follows: As originally reported For the three months ended (in thousands) March 31, 2018 Revenues Rental income from operating leases $ 51,832 Earned income from direct financing leases 966 Operating expenses reimbursed from tenants 2,749 Other income from real estate transactions 42 Total revenues $ 55,589 As revised For the three months ended (in thousands) March 31, 2018 Revenues Lease revenues $ 55,589

Related-Party Transactions (Tab

Related-Party Transactions (Tables)	3 Months Ended
	Mar. 31, 2019
Property Management Agreement and Asset Management Agreement
Schedule of Related Party Transactions	Total fees incurred under the Property Management Agreement and Asset Management Agreement are as follows: (in thousands) For the three months ended March 31, Type of Fee Financial Statement Presentation 2019 2018 Asset management fee Asset management fees $ 5,120 $ 4,143 Property management fee Property management fees 1,885 1,517 Total management fee expense 7,005 5,660 Marketing fee (offering costs) Additional paid-in capital 300 224 Acquisition fee Capitalized as a component of assets acquired 730 1,006 Leasing fee Leasing fees, net 258 785 Disposition fee Gain on sale of real estate 113 168 Total management fees $ 8,406 $ 7,843

Acquisitions (Tables)

Acquisitions (Tables)	3 Months Ended
	Mar. 31, 2019
Business Combinations [Abstract]
Acquisitions Closed	The Company closed on the following acquisitions during the three months ended March 31, 2019: (in thousands, except number of properties) Number of Real Estate Date Property Type Properties Acquisition Price January 31, 2019 Healthcare 1 $ 4,747 March 12, 2019 Industrial 1 10,217 March 15, 2019 Retail 10 13,185 March 19, 2019 Retail 14 19,128 March 26, 2019 Industrial 1 25,801 27 $ 73,078 (a) (a) The Company closed on the following acquisitions during the three months ended March 31, 2018: (in thousands, except number of properties) Number of Real Estate Date Property Type Properties Acquisition Price March 27, 2018 Industrial 1 $ 22,000 March 30, 2018 Industrial/Retail 26 78,530 27 $ 100,530 (b) (b) Subsequent to March 31, 2019, the Company closed on the following acquisition (see Note 16): (in thousands, except number of properties) Number of Real Estate Date Property Type Properties Acquisition Price April 30, 2019 Industrial 1 $ 76,000 (f) ( f )
Purchase Price Allocation for Acquisitions	The following table summarizes the purchase price allocation for completed acquisitions: For the three months ended March 31, (in thousands) 2019 2018 Land $ 7,149 $ 15,381 Land improvements 10,506 5,591 Buildings and other improvements 49,677 71,825 Acquired in-place leases (c) 6,618 9,088 Acquired above-market leases (d) 2,169 1,523 Acquired below-market leases (e) (836 ) (740 ) $ 75,283 $ 102,668 (c) (d) (e)

Sale of Real Estate (Tables)

Sale of Real Estate (Tables)	3 Months Ended
	Mar. 31, 2019
Real Estate [Abstract]
Schedule of Sale of Real Estate	The Company closed on the following sales of real estate, none of which qualified as discontinued operations: For the three months ended March 31, (in thousands, except number of properties) 2019 2018 Number of properties disposed 4 5 Aggregate sale price $ 11,291 $ 16,813 Aggregate carrying value (9,212 ) (12,399 ) Additional sales expenses (679 ) (1,075 ) Gain on sale of real estate $ 1,400 $ 3,339

Investment in Rental Property_2

Investment in Rental Property and Lease Arrangements (Tables)	3 Months Ended
	Mar. 31, 2019
Leases [Abstract]
Rental Property Subject to Non-cancelable Operating Leases	Rental property subject to non-cancelable operating leases with tenants are as follows: (in thousands) March 31, 2019 December 31, 2018 Land $ 416,643 $ 411,043 Land improvements 249,493 239,701 Buildings and improvements 2,229,912 2,186,499 Equipment 11,492 11,492 2,907,540 2,848,735 Less accumulated depreciation (224,544 ) (206,989 ) $ 2,682,996 $ 2,641,746 Depreciation expense on investment in rental property was as follows: For the three months ended March 31, (in thousands) 2019 2018 Depreciation $ 18,753 $ 15,164
Estimated Lease Payments to be Received under Non-cancelable Operating Leases	Estimated lease payments to be received under non-cancelable operating leases with tenants at March 31, 2019 are as follows: (in thousands) Remainder of 2019 $ 176,619 2020 238,968 2021 241,922 2022 243,994 2023 245,606 Thereafter 2,059,151 $ 3,206,260
Net Investment in Direct Financing Leases	The Company’s net investment in direct financing leases is comprised of the following: (in thousands) March 31, 2019 December 31, 2018 Undiscounted estimated lease payments to be received $ 75,813 $ 76,829 Estimated unguaranteed residual values 20,358 20,358 Unearned income (54,196 ) (55,187 ) Net investment in direct financing leases $ 41,975 $ 42,000
Direct Financing Leases, Lease Receivable Maturity	Undiscounted estimated lease payments to be received under non-cancelable direct financing leases with tenants at March 31, 2019 are as follows: (in thousands) Remainder of 2019 $ 3,060 2020 4,194 2021 4,283 2022 4,369 2023 4,456 Thereafter 55,451 $ 75,813
Summary of Amounts Reported as Lease Revenues on the Condensed Consolidated Statements of Income and Comprehensive Income	The following table summarizes amounts reported as Lease revenues on the Condensed Consolidated Statements of Income and Comprehensive Income: For the three months ended (in thousands) March 31, 2019 Contractual rental amounts billed for operating leases $ 58,419 Straight-line rent adjustments 5,171 Adjustment to revenue recognized for uncollectible rental amounts billed (440 ) Operating lease rental revenues 63,150 Earned income from direct financing leases 1,005 Operating expenses billed to tenants 4,275 Total lease revenues $ 68,430

Intangible Assets and Liabili_2

Intangible Assets and Liabilities (Tables)	3 Months Ended
	Mar. 31, 2019
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: (in thousands) March 31, 2019 December 31, 2018 Lease intangibles: Acquired above-market leases $ 64,936 $ 64,164 Less accumulated amortization (15,471 ) (14,740 ) Acquired above-market leases, net 49,465 49,424 Acquired in-place leases 283,691 277,659 Less accumulated amortization (45,967 ) (40,825 ) Acquired in-place leases, net 237,724 236,834 Total intangible lease assets, net $ 287,189 $ 286,258 Acquired below-market leases $ 102,412 $ 101,602 Less accumulated amortization (17,332 ) (15,655 ) Intangible lease liabilities, net $ 85,080 $ 85,947 Leasing fees $ 17,454 $ 17,274 Less accumulated amortization (3,809 ) (3,576 ) Leasing fees, net $ 13,645 $ 13,698
Schedule of Amortization for Intangible Lease Assets and Liabilities	Amortization for intangible lease assets and liabilities is as follows: (in thousands) For the three months ended March 31, Intangible Financial Statement Presentation 2019 2018 Acquired in-place leases and leasing fees Depreciation and amortization $ 5,557 $ 4,038 Above-market and below-market leases Increase (decrease) to lease revenues 740 (178 )
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense	Estimated future amortization of intangible assets and liabilities at March 31, 2019 is as follows: (in thousands) Remainder of 2019 $ 14,678 2020 19,314 2021 18,903 2022 18,288 2023 17,909 Thereafter 126,662 $ 215,754

Unsecured Credit Agreements (Ta

Unsecured Credit Agreements (Tables)	3 Months Ended
	Mar. 31, 2019
Summary of Debt Issuance Cost Amortization	The following table summarizes debt issuance cost amortization: For the three months ended March 31, (in thousands) 2019 2018 Debt issuance costs amortization $ 553 $ 461
Unsecured Debt
Summary of Unsecured Credit Agreements	The following table summarizes the Company’s unsecured credit agreements: Outstanding Balance (in thousands, except interest rates) March 31, 2019 December 31, 2018 Interest Rate (d) Maturity Date 2015 Unsecured Term Loan (a) $ — $ 300,000 one-month LIBOR + 1.40% Feb. 2020 (f) 2017 Unsecured Revolving Credit and Term Loan Agreement (a) Revolver (b) 139,900 141,100 one-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 190,000 190,000 one-month LIBOR + 1.90% Jun. 2024 594,900 596,100 2019 Unsecured Term Loan (a) 300,000 — one-month LIBOR + 1.85% Feb. 2026 Senior Notes (a) Series A 150,000 150,000 4.84% Apr. 2027 Series B 225,000 225,000 5.09% Jul. 2028 Series C 100,000 100,000 5.19% Jul. 2030 475,000 475,000 Total 1,369,900 1,371,100 Debt issuance costs, net (c) (7,905 ) (4,227 ) $ 1,361,995 $ 1,366,873 (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)	3 Months Ended
	Mar. 31, 2019
Summary of Extinguished Mortgages	The following table summarizes the mortgages extinguished by the Company: (in thousands, except number of mortgages) For the three months ended March 31, 2019 For the year ended December 31, 2018 Number of mortgages 2 2 Outstanding balance of mortgages $ 6,173 $ 6,666
Summary of Cost Extinguished Mortgages	The following table summarizes the cost of mortgage extinguishment: For the three months ended March 31, (in thousands) 2019 2018 Cost of mortgage extinguishment $ 498 $ —
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 March 31, 2019 are as follows: (in thousands) Remainder of 2019 $ 1,706 2020 2,372 2021 17,137 2022 141,892 2023 272,368 Thereafter 1,006,871 $ 1,442,346
Secured Debt
Summary of Unsecured Credit Agreements	The Company’s mortgages and notes payable consist of the following: Origination Maturity (in thousands, except interest rates) Date Date Interest March 31, December 31, Lender (Month/Year) (Month/Year) Rate 2019 2018 (1) Wilmington Trust National Association Jun-18 Aug-25 4.36% $ 20,583 $ 20,674 (a) (b) (c) (m) (2) PNC Bank Oct-16 Nov-26 3.62% 18,165 18,260 (b) (c) (3) Sun Life Mar-12 Oct-21 5.13% 11,190 11,288 (b) (g) (4) Aegon Apr-12 Oct-23 6.38% 8,323 8,496 (b) (h) (5) Symetra Financial Nov-17 Oct-26 3.65% 6,411 6,467 (a) (b) (k) (l) (6) M&T Bank Oct-17 Aug-21 one - month LIBOR+3% 5,017 5,051 (b) (d) (i) (j) (7) Columbian Mutual Life Insurance Company Aug-10 Sep-25 7.00% 1,448 1,459 (b) (c) (d) (8) Note holders Dec-08 Dec-23 6.25% 750 750 (d) (9) Standard Insurance Co. Jul-10 Aug-30 6.75% 559 563 (b) (c) (d) (f) (10) Legg Mason Mortgage Capital Corporation Aug-10 Aug-22 7.06% — 4,692 (b) (e) (11) Standard Insurance Co. Apr-09 May-34 6.88% — 1,751 (b) (c) 72,446 79,451 Debt issuance costs, net (442 ) (499 ) $ 72,004 $ 78,952 (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 note. The interest rate will be adjusted at Standard Insurance’s discretion (based on prevailing rates) at 119 months from the first payment date, and the monthly installments will be adjusted accordingly. At the time Standard Insurance may adjust the interest rate for the note 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 assumption.

Interest Rate Swaps (Tables)

Interest Rate Swaps (Tables)	3 Months Ended
	Mar. 31, 2019
Derivative Instruments And Hedging Activities Disclosure [Abstract]
Summary of Company's Outstanding Interest-rate Swap Agreement	The following is a summary of the Company’s outstanding interest rate swap agreements: (in thousands, except interest rates) Fair Value Counterparty Maturity Date Fixed Rate Variable Rate Index Notional Amount March 31, 2019 December 31, 2018 Bank of America, N.A. November 2023 2.80 % one-month LIBOR $ 25,000 $ (699 ) $ (411 ) Bank of Montreal July 2024 1.16 % one-month LIBOR 40,000 2,048 2,702 Bank of Montreal January 2025 1.91 % one-month LIBOR 25,000 361 769 Bank of Montreal July 2025 2.32 % one-month LIBOR 25,000 (207 ) 222 Bank of Montreal January 2026 1.92 % one-month LIBOR 25,000 433 915 Bank of Montreal January 2026 2.05 % one-month LIBOR 40,000 366 1,130 Bank of Montreal December 2026 2.33 % one-month LIBOR 10,000 (83 ) 132 Bank of Montreal December 2027 2.37 % one-month LIBOR 25,000 (247 ) 355 Capital One, N.A. December 2021 1.05 % one-month LIBOR 15,000 455 605 Capital One, N.A. December 2024 1.58 % one-month LIBOR 15,000 472 727 Capital One, N.A. January 2026 2.08 % one-month LIBOR 35,000 243 930 Capital One, N.A. July 2026 1.32 % one-month LIBOR 35,000 2,099 2,877 Capital One, N.A. December 2027 2.37 % one-month LIBOR 25,000 (265 ) 345 Capital One, N.A. April 2026 2.68 % one-month LIBOR 15,000 (481 ) (189 ) M&T Bank August 2021 1.02 % one-month LIBOR 5,016 134 177 (a), (b) M&T Bank September 2022 2.83 % one-month LIBOR 25,000 (564 ) (362 ) M&T Bank November 2023 2.65 % one-month LIBOR 25,000 (551 ) (254 ) Regions Bank May 2020 2.12 % one-month LIBOR 50,000 137 271 Regions Bank December 2023 1.18 % one-month LIBOR 25,000 1,108 1,484 SunTrust Bank April 2024 1.99 % one-month LIBOR 25,000 192 554 SunTrust Bank April 2025 2.20 % one-month LIBOR 25,000 (44 ) 382 SunTrust Bank July 2025 1.99 % one-month LIBOR 25,000 276 728 SunTrust Bank December 2025 2.30 % one-month LIBOR 25,000 (176 ) 299 SunTrust Bank January 2026 1.93 % one-month LIBOR 25,000 413 903 Wells Fargo Bank, N.A. February 2021 2.39 % one-month LIBOR 35,000 (85 ) 59 Wells Fargo Bank, N.A. October 2024 2.72 % one-month LIBOR 15,000 (436 ) (222 ) Wells Fargo Bank, N.A. January 2028 2.37 % one-month LIBOR 75,000 (777 ) 1,067 Wells Fargo Bank, N.A. April 2027 2.72 % one-month LIBOR 25,000 (934 ) (382 ) $ 3,188 $ 15,813 (a) (b) 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 are as follows: Total Interest Expense Amount of (Loss) Gain Reclassification from Accumulated Other Presented in the (in thousands) Recognized in Comprehensive Income Consolidated Statements of Accumulated Other Amount of Income and Comprehensive For the three months ended March 31, Comprehensive Income Location Gain (Loss) Income 2019 $ (12,624 ) Interest expense $ 836 $ 15,828 2018 16,955 Interest expense (913 ) 11,177

Equity (Tables)

Equity (Tables)	3 Months Ended
	Mar. 31, 2019
Equity [Abstract]
Summary of Redemptions under Company's Share Redemption Program	The following table summarizes redemptions under the Share Redemption Program: For the three months ended March 31, (in thousands, except number of redemptions) 2019 2018 Number of redemptions requested 13 8 Number of shares 21 46 Aggregate redemption price $ 1,803 $ 3,577

Earnings per Share (Tables)

Earnings per Share (Tables)	3 Months Ended
	Mar. 31, 2019
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 March 31, (in thousands, except per share) 2019 2018 Basic earnings: Net earnings attributable to Broadstone Net Lease, Inc. $ 13,938 $ 17,573 Diluted earnings: Net earnings attributable to Broadstone Net Lease, Inc. $ 13,938 $ 17,573 Net earnings attributable to non-controlling interests 1,084 1,422 $ 15,022 $ 18,995 Basic and diluted weighted average shares outstanding: Weighted average number of common shares outstanding used in basic earnings per share 22,335 19,167 Effects of convertible membership units 1,737 1,552 Weighted average number of common shares outstanding used in diluted earnings per share 24,072 20,719 Basic and diluted net earnings per common share $ 0.62 $ 0.92

Commitments and Contingencies (

Commitments and Contingencies (Tables)	3 Months Ended
	Mar. 31, 2019
Commitments And Contingencies Disclosure [Abstract]
Summary of Estimated Future Lease Payments Required Under Non-cancelable Operating Leases as well as Reconciliation to Lease Liabilities	Estimated future lease payments required under non-cancelable operating leases at March 31, 2019, and a reconciliation to the lease liabilities, is as follows: (in thousands) Remainder of 2019 $ 89 2020 120 2021 122 2022 124 2023 125 Thereafter 2,540 Total undiscounted cash flows 3,120 Time value of money (1,864 ) Lease liabilities $ 1,256

Business Description - Addition

Business Description - Additional Information (Detail)	3 Months Ended
	Mar. 31, 2019PropertyState
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Date of incorporation	Oct. 18, 2007
Number of leased commercial properties owned | Property	644
Number of States in which properties located | State	42

Business Description - Summary

Business Description - Summary of Economic Ownership Interest (Detail) - Broadstone Net Lease, LLC	Mar. 31, 2019	Dec. 31, 2018
Business Description [Line Items]
Percentage of shares owned by, Corporation	92.90%	92.70%
Percentage of shares owned by, non-controlling interest	7.10%	7.30%
Equity Method Investment, Ownership Percentage	100.00%	100.00%

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Additional Information (Detail) - USD ($)	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018	Dec. 31, 2018
Significant Accounting Policies [Line Items]
Impairment of real estate assets	$ 1,017,000	$ 0
Lease term as percentage of property's useful life	75.00%
Present value of future minimum lease payments as percentage of fair value of leased property	90.00%
Fair value of land component as percentage of leased property	25.00%
Capitalization Rate
Significant Accounting Policies [Line Items]
Impaired assets at fair value assumptions used to estimate fair value	14.58%
Weighted Average | Discount Rate
Significant Accounting Policies [Line Items]
Impaired assets at fair value assumptions used to estimate fair value	8.00%
Broadstone Net Lease, LLC
Significant Accounting Policies [Line Items]
Percentage of economic interests owned	92.90%		92.70%

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Schedule Showing Reduction of Carrying Value of Impaired Real Estate Assets to their Estimated Fair Value at Measurement Dates (Detail) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Significant Accounting Policies [Line Items]
Investment in rental property accounted for using the operating method, net of accumulated depreciation	$ 2,724,971	$ 2,683,746
Accrued rental income	73,618	69,247
Intangible lease assets, net	287,189	286,258
Leasing fees, net	13,645	$ 13,698
Carrying Amount
Significant Accounting Policies [Line Items]
Investment in rental property accounted for using the operating method, net of accumulated depreciation	2,536
Accrued rental income	180
Intangible lease assets, net	275
Leasing fees, net	26
Impaired real estate assets (liabilities), net	3,017
Allocation of impairment
Significant Accounting Policies [Line Items]
Investment in rental property accounted for using the operating method, net of accumulated depreciation	(748)
Accrued rental income	(180)
Intangible lease assets, net	(81)
Leasing fees, net	(8)
Impaired real estate assets (liabilities), net	(1,017)
Net Carrying Amount
Significant Accounting Policies [Line Items]
Investment in rental property accounted for using the operating method, net of accumulated depreciation	1,788
Intangible lease assets, net	194
Leasing fees, net	18
Impaired real estate assets (liabilities), net	$ 2,000

Summary of Significant Accoun_6

Summary of Significant Accounting Policies - Summary of Rents Received in Advance (Detail) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Revenue From Contract With Customer [Abstract]
Rents received in advance	$ 7,737	$ 7,832

Summary of Significant Accoun_7

Summary of Significant Accounting Policies - Balances of Financial Instruments Measured at Fair Value on Recurring Basis (Detail) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Interest rate swap, assets	$ 8,737	$ 17,633
Interest rate swap, liabilities	(5,549)	(1,820)
Fair Value, Measurements, Recurring
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Interest rate swap, assets	8,737	17,633
Interest rate swap, liabilities	(5,549)	(1,820)
Interest rate derivatives, at fair value, net	3,188	15,813
Fair Value, Measurements, Recurring | Level 2
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Interest rate swap, assets	8,737	17,633
Interest rate swap, liabilities	(5,549)	(1,820)
Interest rate derivatives, at fair value, net	$ 3,188	$ 15,813

Summary of Significant Accoun_8

Summary of Significant Accounting Policies - Summary of Carrying Amount Reported on Condensed Consolidated Balance Sheets (Detail) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Summary Of Significant Accounting Policies [Abstract]
Carrying amount	$ 1,442,346	$ 1,450,551
Fair value	$ 1,454,310	$ 1,439,264

Summary of Significant Accoun_9

Summary of Significant Accounting Policies - Summary of Right-of-Use Assets And Lease Liabilities Associated With Ground Leases Included In Condensed Consolidated Balance Sheets (Detail) $ in Thousands	Mar. 31, 2019USD ($)
Lessor Lease Description [Line Items]
Lease liabilities	$ 1,256
Prepaid Expenses And Other Assets
Lessor Lease Description [Line Items]
Right-of-use assets	1,676
Accounts Payable And Other Liabilities
Lessor Lease Description [Line Items]
Lease liabilities	$ 1,256

Summary of Significant Accou_10

Summary of Significant Accounting Policies - Summary of Reclassifications of Components of Revenue (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Revenues
Rental income from operating leases	$ 63,150
Earned income from direct financing leases	1,005
Total revenues	$ 68,430	$ 55,589
ASC 842 | As Originally Reported
Revenues
Rental income from operating leases		51,832
Earned income from direct financing leases		966
Operating expenses reimbursed from tenants		2,749
Other income from real estate transactions		42
Total revenues		$ 55,589

Related Party Transactions - Ad

Related Party Transactions - Additional Information (Detail) $ in Thousands	3 Months Ended
	Mar. 31, 2019USD ($)Property	Dec. 31, 2018USD ($)
Related Party Transaction [Line Items]
Gross rental percentage	1.00%
Number of leased commercial properties owned | Property	644
Property management agreement, amendment description	The Property Management Agreement automatically renewed 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 in 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, as defined in the Property Management Agreement, and (vi) by the IDC upon a Key Person Event, as defined in the Property Management Agreement.
Asset management agreement amendment description	The Asset Management Agreement automatically renewed 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 day 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, as defined in the Asset Management Agreement and (vi) by the IDC upon a Key Person Event, as defined in the Asset Management Agreement.
Due to related parties	$ 52	$ 114
Manager and Asset Manager
Related Party Transaction [Line Items]
Due to related parties	26	$ 114
Property Management Agreement
Related Party Transaction [Line Items]
Termination fees	$ 20,691
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
Asset Management Agreement
Related Party Transaction [Line Items]
Receivable interest rate	0.25%
Interest rate paid from proceed	0.50%
Asset Management Agreement | Maximum
Related Party Transaction [Line Items]
Termination fees	$ 57,449
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
	Mar. 31, 2019	Mar. 31, 2018
Related Party Transaction [Line Items]
Expenses incurred with related parties	$ 8,406	$ 7,843
Asset Management Agreement
Related Party Transaction [Line Items]
Expenses incurred with related parties	5,120	4,143
Property Management Fee
Related Party Transaction [Line Items]
Expenses incurred with related parties	1,885	1,517
Management Fee Expense
Related Party Transaction [Line Items]
Expenses incurred with related parties	7,005	5,660
Marketing Fee (Offering Costs)
Related Party Transaction [Line Items]
Expenses incurred with related parties	300	224
Acquisition Fee
Related Party Transaction [Line Items]
Expenses incurred with related parties	730	1,006
Leasing Fee
Related Party Transaction [Line Items]
Expenses incurred with related parties	258	785
Disposition Fee
Related Party Transaction [Line Items]
Expenses incurred with related parties	$ 113	$ 168

Acquisitions - Acquisitions Clo

Acquisitions - Acquisitions Closed - (Detail) $ in Thousands	Apr. 30, 2019USD ($)Property	Mar. 26, 2019USD ($)Property	Mar. 19, 2019USD ($)Property	Mar. 15, 2019USD ($)Property	Mar. 12, 2019USD ($)Property	Jan. 31, 2019USD ($)Property	Mar. 30, 2018USD ($)Property	Mar. 27, 2018USD ($)Property	Mar. 31, 2019USD ($)Property	Mar. 31, 2018USD ($)Property
Business Acquisition [Line Items]
Number of Properties | Property									27	27
Real Estate Acquisition Price | $									$ 73,078	$ 100,530
Healthcare
Business Acquisition [Line Items]
Property Type						Healthcare
Number of Properties | Property						1
Real Estate Acquisition Price | $						$ 4,747
Industrial
Business Acquisition [Line Items]
Property Type		Industrial			Industrial			Industrial
Number of Properties | Property		1			1			1
Real Estate Acquisition Price | $		$ 25,801			$ 10,217			$ 22,000
Industrial | Subsequent Event
Business Acquisition [Line Items]
Property Type	Industrial
Number of Properties | Property	1
Real Estate Acquisition Price | $	$ 76,000
Retail
Business Acquisition [Line Items]
Property Type			Retail	Retail
Number of Properties | Property			14	10
Real Estate Acquisition Price | $			$ 19,128	$ 13,185
Industrial/Retail
Business Acquisition [Line Items]
Property Type							Industrial/Retail
Number of Properties | Property							26
Real Estate Acquisition Price | $							$ 78,530

Acquisitions - Acquisitions C_2

Acquisitions - Acquisitions Closed (Parenthetical) - (Detail) - USD ($) $ in Thousands	Apr. 30, 2019	Mar. 31, 2019	Mar. 31, 2018
Business Acquisition [Line Items]
Acquisition costs capitalized		$ 2,205	$ 2,138
Subsequent Event | Related Party Acquisition of Rental Property | Industrial
Business Acquisition [Line Items]
Mortgages assumed	$ 49,782

Acquisitions - Purchase Price A

Acquisitions - Purchase Price Allocation for Acquisitions (Detail) - USD ($) $ in Thousands	Mar. 31, 2019	Mar. 31, 2018
Business Acquisition [Line Items]
Business combination, recognized identifiable assets acquired and liabilities assumed, assets	$ 75,283	$ 102,668
Land
Business Acquisition [Line Items]
Business combination, recognized identifiable assets acquired and liabilities assumed, property, plant, and equipment	7,149	15,381
Land Improvements
Business Acquisition [Line Items]
Business combination, recognized identifiable assets acquired and liabilities assumed, property, plant, and equipment	10,506	5,591
Buildings and Other Improvements
Business Acquisition [Line Items]
Business combination, recognized identifiable assets acquired and liabilities assumed, property, plant, and equipment	49,677	71,825
Acquired In-Place Leases
Business Acquisition [Line Items]
Business combination, recognized identifiable assets acquired and liabilities assumed, Intangible assets	6,618	9,088
Acquired Above-Market Leases
Business Acquisition [Line Items]
Business combination, recognized identifiable assets acquired and liabilities assumed, Intangible assets	2,169	1,523
Acquired Below-Market Leases
Business Acquisition [Line Items]
Business combination, recognized identifiable assets acquired and liabilities assumed, Intangible assets	$ (836)	$ (740)

Acquisitions - Purchase Price_2

Acquisitions - Purchase Price Allocation for Acquisitions (Parenthetical) - (Detail)	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Acquired In-Place Leases
Business Acquisition [Line Items]
Weighted average amortization period	15 years	20 years
Acquired Above-Market Leases
Business Acquisition [Line Items]
Weighted average amortization period	17 years	20 years
Acquired Below-Market Leases
Business Acquisition [Line Items]
Weighted average amortization period	13 years	20 years

Sale of Real Estate - Schedule

Sale of Real Estate - Schedule of Sale of Real Estate (Detail) $ in Thousands	3 Months Ended
	Mar. 31, 2019USD ($)Property	Mar. 31, 2018USD ($)Property
Real Estate [Line Items]
Number of properties disposed | Property	4	5
Aggregate sale price	$ 11,291	$ 16,813
Aggregate carrying value	(9,212)	(12,399)
Gain on sale of real estate	1,400	3,339
Real Estate
Real Estate [Line Items]
Additional sales expenses	(679)	(1,075)
Gain on sale of real estate	$ 1,400	$ 3,339

Investment in Rental Property_3

Investment in Rental Property and Lease Arrangements - Additional Information (Detail)	3 Months Ended
	Mar. 31, 2019Property
Lessor Lease Description [Line Items]
Number of real estate properties under operating leases	625
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	Mar. 31, 2019	Dec. 31, 2018
Property Subject To Or Available For Operating Lease [Line Items]
Rental property subject to non-cancelable operating leases, gross	$ 2,907,540	$ 2,848,735
Less accumulated depreciation	(224,544)	(206,989)
Rental property subject to non-cancelable operating leases, net	2,682,996	2,641,746
Land
Property Subject To Or Available For Operating Lease [Line Items]
Rental property subject to non-cancelable operating leases, gross	416,643	411,043
Land Improvements
Property Subject To Or Available For Operating Lease [Line Items]
Rental property subject to non-cancelable operating leases, gross	249,493	239,701
Buildings and Improvements
Property Subject To Or Available For Operating Lease [Line Items]
Rental property subject to non-cancelable operating leases, gross	2,229,912	2,186,499
Equipment
Property Subject To Or Available For Operating Lease [Line Items]
Rental property subject to non-cancelable operating leases, gross	$ 11,492	$ 11,492

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
	Mar. 31, 2019	Mar. 31, 2018
Leases [Abstract]
Depreciation	$ 18,753	$ 15,164

Investment in Rental Property_6

Investment in Rental Property and Lease Arrangements - Estimated Lease Payments to be Received under Non-cancelable Operating Leases (Detail) $ in Thousands	Mar. 31, 2019USD ($)
Lessor Operating Lease Payments Fiscal Year Maturity [Abstract]
Remainder of 2019	$ 176,619
2020	238,968
2021	241,922
2022	243,994
2023	245,606
Thereafter	2,059,151
Estimated lease payments to be received under non-cancelable operating leases	$ 3,206,260

Investment in Rental Property_7

Investment in Rental Property and Lease Arrangements - Net Investment in Direct Financing Leases (Detail) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Leases [Abstract]
Undiscounted estimated lease payments to be received	$ 75,813	$ 76,829
Estimated unguaranteed residual values	20,358	20,358
Unearned income	(54,196)	(55,187)
Net investment in direct financing leases	$ 41,975	$ 42,000

Investment in Rental Property_8

Investment in Rental Property and Lease Arrangements - Undiscounted Estimated Lease Payments to be Received under Non-cancelable Direct Financing Leases (Detail) $ in Thousands	Mar. 31, 2019USD ($)
Capital Leases Future Minimum Payments Receivable [Abstract]
Remainder of 2019	$ 3,060
2020	4,194
2021	4,283
2022	4,369
2023	4,456
Thereafter	55,451
Undiscounted estimated lease payments to be received under non-cancelable direct financing leases	$ 75,813

Investment in Rental Property_9

Investment in Rental Property and Lease Arrangements - Summary of Amounts Reported as Lease Revenues on the Condensed Consolidated Statements of Income and Comprehensive Income (Detail) $ in Thousands	3 Months Ended
	Mar. 31, 2019USD ($)
Income Statement [Abstract]
Contractual rental amounts billed for operating leases	$ 58,419
Straight-line rent adjustments	5,171
Adjustment to revenue recognized for uncollectible rental amounts billed	(440)
Operating lease rental revenues	63,150
Earned income from direct financing leases	1,005
Operating expenses billed to tenants	4,275
Total lease revenues	$ 68,430

Intangible Assets and Liabili_3

Intangible Assets and Liabilities - Schedule of Intangible Assets and Liabilities (Detail) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Lease intangibles:
Intangible lease assets, net	$ 287,189	$ 286,258
Acquired below-market leases	102,412	101,602
Less accumulated amortization	(17,332)	(15,655)
Intangible lease liabilities, net	85,080	85,947
Leasing fees	17,454	17,274
Less accumulated amortization	(3,809)	(3,576)
Leasing fees, net	13,645	13,698
Acquired Above-Market Leases
Lease intangibles:
Intangible lease assets, gross	64,936	64,164
Less accumulated amortization	(15,471)	(14,740)
Intangible lease assets, net	49,465	49,424
Acquired In-Place Leases
Lease intangibles:
Intangible lease assets, gross	283,691	277,659
Less accumulated amortization	(45,967)	(40,825)
Intangible lease assets, net	$ 237,724	$ 236,834

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
	Mar. 31, 2019	Mar. 31, 2018
Acquired In-Place Leases | Depreciation and Amortization
Finite Lived Intangible Assets [Line Items]
Acquired in-place leases and leasing fees	$ 5,557	$ 4,038
Above and Below Market Leases | Increase (Decrease) to Lease Revenues
Finite Lived Intangible Assets [Line Items]
Acquired in-place leases and leasing fees	$ 740	$ (178)

Intangible Assets and Liabili_5

Intangible Assets and Liabilities - Schedule of Amortizable Intangible Assets (Detail) $ in Thousands	Mar. 31, 2019USD ($)
Goodwill And Intangible Assets Disclosure [Abstract]
Remainder of 2019	$ 14,678
2020	19,314
2021	18,903
2022	18,288
2023	17,909
Thereafter	126,662
Total	$ 215,754

Unsecured Credit Agreements - S

Unsecured Credit Agreements - Summary of Unsecured Credit Agreements (Detail) - USD ($) $ in Thousands	Feb. 27, 2019	Mar. 31, 2019	Dec. 31, 2018
Debt Instrument [Line Items]
Carrying amount of debt		$ 1,442,346	$ 1,450,551
Long-term Debt		1,442,346
2019 Unsecured Term Loan | 7 Year Term Loan
Debt Instrument [Line Items]
Maturity Date	Feb. 27, 2026
Unsecured Debt
Debt Instrument [Line Items]
Carrying amount of debt		1,369,900	1,371,100
Debt issuance costs, net		(7,905)	(4,227)
Long-term Debt		$ 1,361,995	1,366,873
Unsecured Debt | Revolver
Debt Instrument [Line Items]
Maturity Date		Jan. 31, 2022
Unsecured Debt | Senior Guaranteed Notes Series A
Debt Instrument [Line Items]
Debt instrument, 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%
Maturity Date		Jul. 31, 2028
Carrying amount of debt		$ 225,000	225,000
Unsecured Debt | Senior Guaranteed Notes Series C
Debt Instrument [Line Items]
Debt instrument, interest rate		5.19%
Maturity Date		Jul. 31, 2030
Carrying amount of debt		$ 100,000	100,000
Unsecured Debt | Senior Notes
Debt Instrument [Line Items]
Carrying amount of debt		$ 475,000	475,000
Unsecured Debt | 2015 Unsecured Term Loan
Debt Instrument [Line Items]
Interest Rate		one-month LIBOR + 1.40%
Maturity Date		Feb. 29, 2020
Carrying amount of debt			300,000
Unsecured Debt | 2015 Unsecured Term Loan | 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		$ 594,900	596,100
Unsecured Debt | 2017 Unsecured Revolving Credit and Term Loan Agreement | Revolver
Debt Instrument [Line Items]
Interest Rate		one-month LIBOR + 1.20%
Maturity Date		Jan. 31, 2022
Carrying amount of debt		$ 139,900	$ 141,100
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			$ 126,100
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
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 Debt | 2017 Unsecured Revolving Credit and Term Loan Agreement | 7 Year Term Loan
Debt Instrument [Line Items]
Carrying amount of debt		$ 190,000	$ 190,000
Unsecured Debt | 2019 Unsecured Term Loan
Debt Instrument [Line Items]
Interest Rate		one-month LIBOR + 1.85%
Maturity Date		Feb. 28, 2026
Carrying amount of debt		$ 300,000
Unsecured Debt | 2019 Unsecured Term Loan | 1 Month LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate		1.85%

Unsecured Credit Agreements -_2

Unsecured Credit Agreements - Summary of Unsecured Credit Agreements (Parenthetical) (Detail) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2019USD ($)	Dec. 31, 2018USD ($)	Jan. 31, 2019Option
Debt Instrument [Line Items]
Carrying amount	$ 1,442,346	$ 1,450,551
1 Month LIBOR | 2015 Unsecured Term Loan
Debt Instrument [Line Items]
Number of option available to extend maturity period | Option			2
Unsecured Debt
Debt Instrument [Line Items]
Carrying amount	1,369,900	1,371,100
Unsecured Debt | 2017 Unsecured Revolving Credit and Term Loan Agreement
Debt Instrument [Line Items]
Carrying amount	$ 594,900	596,100
Unsecured Debt | 2015 Unsecured Term Loan
Debt Instrument [Line Items]
Carrying amount		$ 300,000
Maturity date	Feb. 29, 2020
Unsecured Debt | 1 Month LIBOR
Debt Instrument [Line Items]
Interest rate	2.49%	2.35%
Unsecured Debt | 1 Month LIBOR | 2015 Unsecured Term Loan
Debt Instrument [Line Items]
Basis spread on variable rate	1.40%
Unsecured Debt | Swingline Revolver
Debt Instrument [Line Items]
Carrying amount		$ 15,000
Unsecured Debt | Swingline Revolver | 2017 Unsecured Revolving Credit and Term Loan Agreement
Debt Instrument [Line Items]
Carrying amount		$ 15,000
Basis spread on variable rate		5.45%
Unsecured Debt | Revolver
Debt Instrument [Line Items]
Maturity date	Jan. 31, 2022
Unsecured Debt | Revolver | 2017 Unsecured Revolving Credit and Term Loan Agreement
Debt Instrument [Line Items]
Carrying amount	$ 139,900	$ 141,100
Maturity date	Jan. 31, 2022
Unsecured Debt | Revolver | 1 Month LIBOR | 2017 Unsecured Revolving Credit and Term Loan Agreement
Debt Instrument [Line Items]
Carrying amount		$ 126,100
Basis spread on variable rate	1.20%	1.20%

Unsecured Credit Agreements - A

Unsecured Credit Agreements - Additional Information (Detail) - USD ($)	Feb. 27, 2019	Mar. 31, 2019	Mar. 31, 2018	Feb. 28, 2019
Debt Instrument [Line Items]
Debt instrument, term		119 months
Weighted average interest rate on all outstanding borrowings		4.42%
Deferred debt issuance costs, charged to interest expense		$ 517,000	$ 425,000
Other Nonoperating Income (Expense)
Debt Instrument [Line Items]
Unamortized debt issuance costs		215,000
2015 Unsecured Term Loan
Debt Instrument [Line Items]
Repayment of borrowing	$ 300,000,000
2017 Unsecured Revolving Credit and Term Loan Agreement
Debt Instrument [Line Items]
Revolving credit facility, available borrowing capacity	425,000,000			$ 600,000,000
Line of credit, maximum borrowing capacity				$ 1,055,000,000
2019 Unsecured Term Loan and Amended 2017 Unsecured Revolving Credit and Term Loan Agreement
Debt Instrument [Line Items]
Debt issuance costs incurred		5,229,000
New Debt Agreements
Debt Instrument [Line Items]
Deferred debt issuance costs, charged to interest expense		$ 5,229,000
7 Year Term Loan | 2019 Unsecured Term Loan Agreement
Debt Instrument [Line Items]
Debt instrument, face amount	$ 450,000,000
Debt instrument, term	7 years
Commitment fee percentage	0.25%
Remaining borrowing capacity	$ 150,000,000
Line of credit, maximum accordion feature	$ 550,000,000
Maturity date	Feb. 27, 2026
7 Year Term Loan | 2019 Unsecured Term Loan Agreement | LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate	1.85%
7 Year Term Loan | 2019 Unsecured Term Loan Agreement | LIBOR | Minimum
Debt Instrument [Line Items]
Basis spread on variable rate	1.45%
7 Year Term Loan | 2019 Unsecured Term Loan Agreement | LIBOR | Maximum
Debt Instrument [Line Items]
Basis spread on variable rate	2.40%
Revolver
Debt Instrument [Line Items]
Commitment fee percentage		0.25%

Unsecured Credit Agreements -_3

Unsecured Credit Agreements - Summary of Debt Issuance Cost Amortization (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Debt Disclosure [Abstract]
Debt issuance costs amortization	$ 553	$ 461

Mortgages and Notes Payable - S

Mortgages and Notes Payable - Summary of Mortgages and Notes Payable (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Dec. 31, 2018
Debt Instrument [Line Items]
Mortgages and notes payable	$ 1,442,346	$ 1,450,551
Mortgages and notes payable, net	72,004	78,952
Secured Debt
Debt Instrument [Line Items]
Mortgages and notes payable	72,446	79,451
Debt issuance costs, net	$ (442)	(499)
Wilmington Trust National Association | Secured Debt
Debt Instrument [Line Items]
Origination Date	2018-06
Maturity Date	2025-08
Debt instrument, interest rate	4.36%
Mortgages and notes payable	$ 20,583	20,674
PNC Bank | Secured Debt
Debt Instrument [Line Items]
Origination Date	2016-10
Maturity Date	2026-11
Debt instrument, interest rate	3.62%
Mortgages and notes payable	$ 18,165	18,260
Sun Life | Secured Debt
Debt Instrument [Line Items]
Origination Date	2012-03
Maturity Date	2021-10
Debt instrument, interest rate	5.13%
Mortgages and notes payable	$ 11,190	11,288
Aegon | Secured Debt
Debt Instrument [Line Items]
Origination Date	2012-04
Maturity Date	2023-10
Debt instrument, interest rate	6.38%
Mortgages and notes payable	$ 8,323	8,496
Symetra Financial | Secured Debt
Debt Instrument [Line Items]
Origination Date	2017-11
Maturity Date	2026-10
Debt instrument, interest rate	3.65%
Mortgages and notes payable	$ 6,411	6,467
M&T Bank | Secured Debt
Debt Instrument [Line Items]
Origination Date	2017-10
Maturity Date	2021-08
Interest Rate	one - monthLIBOR+3%
Mortgages and notes payable	$ 5,017	5,051
M&T Bank | 1 Month LIBOR | Secured Debt
Debt Instrument [Line Items]
Basis spread on variable rate	3.00%
Columbian Mutual Life Insurance Company | Secured Debt
Debt Instrument [Line Items]
Origination Date	2010-08
Maturity Date	2025-09
Debt instrument, interest rate	7.00%
Mortgages and notes payable	$ 1,448	1,459
Notes holders | Secured Debt
Debt Instrument [Line Items]
Origination 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]
Origination Date	2010-07
Maturity Date	2030-08
Debt instrument, interest rate	6.75%
Mortgages and notes payable	$ 559	563
Legg Mason Mortgage Capital | Secured Debt
Debt Instrument [Line Items]
Origination Date	2010-08
Maturity Date	2022-08
Debt instrument, interest rate	7.06%
Mortgages and notes payable		4,692
Standard Insurance Company Due May 2034 | Secured Debt
Debt Instrument [Line Items]
Origination Date	2009-04
Maturity Date	2034-05
Debt instrument, interest rate	6.88%
Mortgages and notes payable		$ 1,751

Mortgages and Notes Payable -_2

Mortgages and Notes Payable - Summary of Mortgages and Notes Payable (Parenthetical) (Detail)	3 Months Ended
	Mar. 31, 2019
Debt Instrument [Line Items]
Term of note	119 months
Commercial Mortgage Rate
Debt Instrument [Line Items]
Term of note	5 years

Mortgages and Notes Payable - A

Mortgages and Notes Payable - Additional Information (Detail) $ in Thousands	Mar. 31, 2019USD ($)
Debt Disclosure [Abstract]
Investment in rental property pledges as collateral	$ 127,916

Mortgages and Notes Payable -_3

Mortgages and Notes Payable - Summary of Extinguished Mortgages (Detail) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2019USD ($)Mortgage	Dec. 31, 2018USD ($)Mortgage
Debt Disclosure [Abstract]
Number of mortgages | Mortgage	2	2
Outstanding balance of mortgages | $	$ 6,173	$ 6,666

Mortgages and Notes Payable -_4

Mortgages and Notes Payable - Summary of Cost Extinguished Mortgages (Detail) $ in Thousands	3 Months Ended
	Mar. 31, 2019USD ($)
Secured Debt
Debt Instrument [Line Items]
Cost of mortgage extinguishment	$ 498

Mortgages and Notes Payable -_5

Mortgages and Notes Payable - Schedule of Estimated Future Principal Payments (Detail) $ in Thousands	Mar. 31, 2019USD ($)
Debt Disclosure [Abstract]
Remainder of 2019	$ 1,706
2020	2,372
2021	17,137
2022	141,892
2023	272,368
Thereafter	1,006,871
Long-term Debt	$ 1,442,346

Interest Rate Swaps - Summary o

Interest Rate Swaps - Summary of Interest-rate Swap Agreements (Detail) - Interest Rate Swap - USD ($)	3 Months Ended
	Mar. 31, 2019	Dec. 31, 2018
Derivative [Line Items]
Fair Value	$ 3,188,000	$ 15,813,000
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	$ (699,000)	(411,000)
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	$ 2,048,000	2,702,000
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	$ 361,000	769,000
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	$ (207,000)	222,000
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	$ 433,000	915,000
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	$ 366,000	1,130,000
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	$ (83,000)	132,000
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	$ (247,000)	355,000
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	$ 455,000	605,000
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	$ 472,000	727,000
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	$ 243,000	930,000
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	$ 2,099,000	2,877,000
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	$ (265,000)	345,000
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	$ (481,000)	(189,000)
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	$ 5,016,000	5,051,000
Fair Value	$ 134,000	177,000
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	$ (564,000)	(362,000)
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	$ (551,000)	(254,000)
Regions Bank
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	$ 137,000	271,000
Regions Bank One
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	$ 1,108,000	1,484,000
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	$ 192,000	554,000
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	$ (44,000)	382,000
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	$ 276,000	728,000
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	$ (176,000)	299,000
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	$ 413,000	903,000
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	$ (85,000)	59,000
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	$ (436,000)	(222,000)
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	$ (777,000)	1,067,000
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	$ (934,000)	$ (382,000)

Interest Rate Swaps - Summary_2

Interest Rate Swaps - Summary of Interest-rate Swap Agreements (Parenthetical) (Detail) - Interest Rate Swap - M&T Bank - USD ($)	3 Months Ended
	Mar. 31, 2019	Dec. 31, 2018
Derivative [Line Items]
Notional Amount	$ 5,016,000	$ 5,051,000
Umbrella Partnership Real Estate Investment Trust Transaction
Derivative [Line Items]
Interest rate swap assumed month and year	2017-10

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
	Mar. 31, 2019	Mar. 31, 2018
Derivative [Line Items]
Total Interest Expense Presented in the Consolidated Statements of Income and Comprehensive Income	$ 15,828	$ 11,177
Interest Rate Swap
Derivative [Line Items]
Amount of (Loss) Gain Recognized in Accumulated Other Comprehensive Income	$ (12,624)	$ 16,955
Reclassification from Accumulated Other Comprehensive Income, Location	Interest expense	Interest expense
Reclassification from Accumulated Other Comprehensive Income, Amount of Gain (Loss)	$ 836	$ (913)
Total Interest Expense Presented in the Consolidated Statements of Income and Comprehensive Income	$ 15,828	$ 11,177

Interest Rate Swaps - Additiona

Interest Rate Swaps - Additional Information (Detail) $ in Thousands	3 Months Ended
	Mar. 31, 2019USD ($)
Derivative Instrument Detail [Abstract]
Interest rate swaps expected to be reclassified - gain	$ 2,240

Credit Risk Concentrations - Ad

Credit Risk Concentrations - Additional Information (Detail) - customer	3 Months Ended		12 Months Ended
	Mar. 31, 2019	Mar. 31, 2018	Dec. 31, 2018
Concentration Risk [Line Items]
Number of tenants or common franchises	0	0
Operating Expenses | Management Contracts Concentration Risk
Concentration Risk [Line Items]
Concentrations risk percentage	19.00%	19.00%
Mortgages and Notes Payable | Credit Availability Concentration Risk | Financial Institution One
Concentration Risk [Line Items]
Concentrations risk percentage	28.00%		26.00%
Mortgages and Notes Payable | Credit Availability Concentration Risk | Financial Institution Two
Concentration Risk [Line Items]
Concentrations risk percentage	25.00%		23.00%
Mortgages and Notes Payable | Credit Availability Concentration Risk | Financial Institution Three
Concentration Risk [Line Items]
Concentrations risk percentage	15.00%		14.00%
Mortgages and Notes Payable | Credit Availability Concentration Risk | Financial Institution Four
Concentration Risk [Line Items]
Concentrations risk percentage	12.00%		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
	Mar. 31, 2019USD ($)Stockholdershares	Mar. 31, 2018USD ($)Stockholdershares
Equity [Abstract]
Number of redemptions requested | Stockholder	13	8
Number of shares | shares	21	46
Aggregate redemption price | $	$ 1,803	$ 3,577

Equity - Additional Information

Equity - Additional Information (Detail) - shares	Mar. 31, 2019	Dec. 31, 2018
Equity [Line Items]
Common stock, shares issued	22,876,000	22,014,000
Distribution Reinvestment Plan
Equity [Line Items]
Percentage of shares in value offered	98.00%
Common stock, shares issued	2,411,000	2,233,000

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
	Mar. 31, 2019	Mar. 31, 2018
Basic earnings:
Net earnings attributable to Broadstone Net Lease, Inc.	$ 13,938	$ 17,573
Diluted earnings:
Net earnings attributable to Broadstone Net Lease, Inc.	13,938	17,573
Net earnings attributable to non-controlling interests	1,084	1,422
Net income (loss) attributable to parent, Diluted	$ 15,022	$ 18,995
Basic and diluted weighted average shares outstanding:
Weighted average number of common shares outstanding used in basic earnings per share	22,335	19,167
Effects of convertible membership units	1,737	1,552
Weighted average number of common shares outstanding used in diluted earnings per share	24,072	20,719
Basic and diluted net earnings per common share	$ 0.62	$ 0.92

Supplemental Cash Flow Disclo_2

Supplemental Cash Flow Disclosures - Additional Information (Detail) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Supplemental Cash Flow Elements [Line Items]
Cash paid for interest	$ 16,777	$ 9,420
State income and franchise taxes paid	395	$ 419
Cancellation shares of common stock, shares		9
Common stock cancelled, values		$ 748
Settlement of outstanding receivable with common stock		748
Dividend declared and accrued but not yet paid	10,734	$ 9,019
Lease liabilities	1,256
ASU 2018-11
Supplemental Cash Flow Elements [Line Items]
Right-of-use assets	1,687
Lease liabilities	1,261
Rent liability	7
Ground lease intangible asset, net	$ 432
Distribution Reinvestment Plan
Supplemental Cash Flow Elements [Line Items]
Issuance of shares of common stock, shares	173	147
Common stock issued	$ 14,533	$ 11,656

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Detail) - USD ($)	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Loss Contingencies [Line Items]
Operating lease cost	$ 35,000
Variable lease cost	12,000
Payments associated with operating leases	72,000	$ 0
Property and Operating Expense
Loss Contingencies [Line Items]
Lease cost	$ 47,000	$ 0
Minimum
Loss Contingencies [Line Items]
Non-cancellable operating leases term	2025
Maximum
Loss Contingencies [Line Items]
Non-cancellable operating leases term	2066

Commitments and Contingencies_2

Commitments and Contingencies - Summary of Estimated Future Lease Payments Required Under Non-cancelable Operating Leases as well as Reconciliation to Lease Liabilities (Detail) $ in Thousands	Mar. 31, 2019USD ($)
Commitments And Contingencies Disclosure [Abstract]
Remainder of 2019	$ 89
2020	120
2021	122
2022	124
2023	125
Thereafter	2,540
Total undiscounted cash flows	3,120
Time value of money	(1,864)
Lease liabilities	$ 1,256

Subsequent Events - Additional

Subsequent Events - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands	May 07, 2019	Apr. 30, 2019	Apr. 01, 2019	May 07, 2019	Jan. 31, 2019	Jan. 31, 2018	Mar. 31, 2019	Mar. 31, 2018	Mar. 31, 2019	Mar. 31, 2018	Jul. 31, 2019
Subsequent Event [Line Items]
Proceeds from issuance of common stock, net									$ 59,869	$ 44,957
Distribution declared per share					$ 0.430	$ 0.415	$ 0.440	$ 0.43
Repayment of borrowing			$ 13,000						45,000	35,000
Receipts from borrowing			$ 12,000						$ 43,800	$ 79,000
Scenario, Forecast
Subsequent Event [Line Items]
Price per share or unit											$ 86
Subsequent Event
Subsequent Event [Line Items]
Proceeds from issuance of common stock, net				$ 25,224
Issuance of shares of common stock, shares				298,000
Cash distributions paid to stockholders				$ 10,734
Distribution declared per share	$ 0.44
Monthly distribution approved per membership unit	$ 0.44
Subsequent Event | Industrial
Subsequent Event [Line Items]
Rental property acquired		$ 76,000
Subsequent Event | Related Party Acquisition of Rental Property | Industrial
Subsequent Event [Line Items]
Liabilities assumed		$ 49,782