Broadstone Net Lease (BNL) 10-Q 7 May 20 2020 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2020	May 07, 2020
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2020
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q1
Entity Registrant Name	BROADSTONE NET LEASE, INC.
Entity Central Index Key	0001424182
Current Fiscal Year End Date	--12-31
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	true
Entity Ex Transition Period	true
Entity Common Stock, Shares Outstanding		26,855,508.755
Entity Shell Company	false
Entity File Number	000-55774
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	26-1516177
Entity Address, Address Line One	800 Clinton Square
Entity Address, City or Town	Rochester
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	14604
City Area Code	585
Local Phone Number	287-6500
Document Quarterly Report	true
Document Transition Report	false

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Assets
Accounted for using the operating method, net of accumulated depreciation	$ 3,367,566	$ 3,415,400
Accounted for using the direct financing method	39,961	41,890
Investment in rental property, net	3,407,527	3,457,290
Cash and cash equivalents	93,151	12,455
Accrued rental income	84,932	84,534
Tenant and other receivables, net	1,287	934
Prepaid expenses and other assets	12,397	12,613
Interest rate swap, assets		2,911
Goodwill	339,769
Intangible lease assets, net	320,418	331,894
Debt issuance costs – unsecured revolving credit facility, net	2,081	2,380
Leasing fees, net	12,492	12,847
Total assets	4,274,054	3,917,858
Liabilities, mezzanine equity and equity
Unsecured revolving credit facility	353,300	197,300
Mortgages and notes payable, net	110,464	111,793
Unsecured term notes, net	1,672,587	1,672,081
Interest rate swap, liabilities	79,622	24,471
Earnout liability	44,296
Accounts payable and other liabilities	35,835	37,377
Accrued interest payable	9,764	3,594
Intangible lease liabilities, net	89,673	92,222
Total liabilities	2,395,541	2,138,838
Commitments and contingencies (See Note 16)
Mezzanine equity
Common stock, 781 shares issued and outstanding at March 31, 2020	66,376
Non-controlling interests	112,158
Total mezzanine equity	178,534
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, 26,074 and 26,001 shares issued and outstanding at March 31, 2020 and December 31, 2019, respectively	26	26
Additional paid-in capital	1,899,616	1,895,935
Cumulative distributions in excess of retained earnings	(233,067)	(208,261)
Accumulated other comprehensive loss	(73,138)	(20,086)
Total Broadstone Net Lease, Inc. stockholders’ equity	1,593,437	1,667,614
Non-controlling interests	106,542	111,406
Total equity	1,699,979	1,779,020
Total liabilities, mezzanine equity and equity	$ 4,274,054	$ 3,917,858

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares	Mar. 31, 2020	Dec. 31, 2019
Statement Of Financial Position [Abstract]
Redeemable shares of common stock, issued	781,000
Redeemable shares of common stock, outstanding	781,000
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	26,074,000	26,001,000
Common stock, shares outstanding	26,074,000	26,001,000

Condensed Consolidated Statemen

Condensed Consolidated Statements of Income and Comprehensive (Loss) Income (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Revenues
Lease revenues, net	$ 78,231	$ 68,430
Operating expenses
Depreciation and amortization	31,219	24,310
Property and operating expense	4,115	4,390
General and administrative	5,842	1,103
Provision for impairment of investment in rental properties	2,133	1,017
Total operating expenses	47,045	37,825
Other income (expenses)
Interest income	9	1
Interest expense	(20,991)	(15,828)
Cost of debt extinguishment	(22)	(713)
Gain on sale of real estate	7,619	1,400
Income taxes	(549)	(443)
Internalization expenses	(1,205)
Change in fair value of earnout liability	(4,177)
Other losses	(22)
Net income	11,848	15,022
Net income attributable to non-controlling interests	(1,032)	(1,084)
Net income attributable to Broadstone Net Lease, Inc.	$ 10,816	$ 13,938
Weighted average number of common shares outstanding
Basic	26,527	22,335
Diluted	29,053	24,072
Net earnings per common share
Basic and diluted	$ 0.41	$ 0.62
Comprehensive (loss) income
Net income	$ 11,848	$ 15,022
Other comprehensive income (loss)
Change in fair value of interest rate swaps	(58,062)	(12,624)
Realized gain on interest rate swaps	(42)	(81)
Comprehensive (loss) income	(46,256)	2,317
Comprehensive loss (income) attributable to non-controlling interests	4,020	(167)
Comprehensive (loss) income attributable to Broadstone Net Lease, Inc.	(42,236)	2,150
Asset Management Fees
Operating expenses
Operating expenses	2,461	5,120
Property Management Fees
Operating expenses
Operating expenses	$ 1,275	$ 1,885

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Stockholders' Equity and Mezzanine Equity (Unaudited) - USD ($) $ in Thousands	Total	Mezzanine Equity Common Stock	Mezzanine Equity Non-controlling Interests	Common Stock	Additional Paid-in Capital	Subscriptions Receivable	Cumulative Distributions in Excess of Retained Earnings	Accumulated Other Comprehensive (Loss) Income	Non-controlling Interests
Beginning Balance at Dec. 31, 2018	$ 1,528,920			$ 22	$ 1,557,421		$ (155,150)	$ 14,806	$ 111,821
Net income	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
Beginning Balance at Dec. 31, 2019	1,779,020			26	1,895,935		(208,261)	(20,086)	111,406
Cumulative effect of accounting change (see Note 2)	(323)						(323)
Net income	11,526						10,816		710
Net income	11,848
Issuance of shares of common stock	6,097				6,097
Adjustment to carrying value of mezzanine equity non-controlling interest	(2,416)				(2,416)
Distributions declared	(37,399)						(35,299)		(2,100)
Change in fair value of interest rate swap agreements	(56,486)							(53,014)	(3,472)
Realized gain on interest rate swap agreements	(40)							(38)	(2)
Realized gain on interest rate swap agreements	(42)
Ending Balance at Mar. 31, 2020	1,699,979			$ 26	$ 1,899,616		$ (233,067)	$ (73,138)	$ 106,542
Net income	322		$ 322
Issuance shares of mezzanine equity common stock	66,376	$ 66,376
Issuance of mezzanine non-controlling interests	112,159		112,159
Adjustment to carrying value of mezzanine equity non-controlling interest	2,416		2,416
Distributions declared	(1,161)		(1,161)
Change in fair value of interest rate swap agreements	(1,576)		(1,576)
Realized gain on interest rate swap agreements	(2)		(2)
Ending Balance at Mar. 31, 2020	$ 178,534	$ 66,376	$ 112,158

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Stockholders' Equity and Mezzanine Equity (Unaudited) (Parenthetical) - $ / shares	1 Months Ended	2 Months Ended	3 Months Ended
	Jan. 31, 2019	Mar. 31, 2019	Mar. 31, 2020	Mar. 31, 2019
Redemption of shares of common stock, shares			0	21,000
Redeemable shares of common stock, outstanding			781,000
Issuance of shares of common stock, shares			73,000	883,000
Issuance of mezzanine non-controlling interests, shares			1,320,000
Common Stock
Distribution declared per share	$ 0.43	$ 0.44	$ 0.44
Redemption of shares of common stock, shares				21,000

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Operating activities
Net income	$ 11,848	$ 15,022
Adjustments to reconcile net income including non-controlling interests to net cash provided by operating activities:
Depreciation and amortization including intangibles associated with investment in rental property	30,081	23,572
Provision for impairment of investment in rental properties	2,133	1,017
Amortization of debt issuance costs charged to interest expense	853	517
Straight-line rent and financing lease adjustments	(1,610)	(5,143)
Cost of debt extinguishment	22	713
Gain on sale of real estate	(7,619)	(1,400)
Change in fair value of earnout liability	4,177
Leasing fees paid		(258)
Adjustment to provision for credit losses	(17)
Other non-cash items	194	92
Changes in assets and liabilities, net of acquisition:
Tenant and other receivables	(353)	(350)
Prepaid expenses and other assets	291	(442)
Accounts payable and other liabilities	(5,851)	(315)
Accrued interest payable	6,170	(1,386)
Net cash provided by operating activities	40,319	31,639
Investing activities
Acquisition of rental property accounted for using the operating method		(75,080)
Cash paid for Internalization	(30,861)
Capital expenditures and improvements	(48)	(256)
Proceeds from disposition of rental property, net	35,383	10,612
Increase in tenant and capital reserves		(13)
Change in deposits on investments in rental property		100
Net cash provided by (used in) investing activities	4,474	(64,637)
Financing activities
Proceeds from issuance of common stock, net	131	59,869
Redemptions of common stock		(1,803)
Cash paid for deferred offering costs	(811)
Borrowings on unsecured term notes	60,000	300,000
Principal payments on mortgages, notes payable and unsecured term notes	(151,781)	(306,970)
Borrowings on unsecured revolving credit facility	167,000	43,800
Repayments on unsecured revolving credit facility	(11,000)	(45,000)
Cash distributions paid to stockholders	(29,148)	(14,495)
Cash distributions paid to non-controlling interests	(2,681)	(2,330)
Debt issuance and extinguishment costs paid	(102)	(5,902)
Net cash provided by financing activities	31,608	27,169
Net increase (decrease) in cash and cash equivalents and restricted cash	76,401	(5,829)
Cash and cash equivalents and restricted cash at beginning of period	20,311	18,989
Cash and cash equivalents and restricted cash at end of period	96,712	13,160
Reconciliation of cash and cash equivalents and restricted cash
Cash and cash equivalents at beginning of period	12,455	18,612
Restricted cash at beginning of period	7,856	377
Cash and cash equivalents and restricted cash at beginning of period	20,311	18,989
Cash and cash equivalents at end of period	93,151	11,726
Restricted cash at end of period	3,561	1,434
Cash and cash equivalents and restricted cash at end of period	$ 96,712	$ 13,160

Business Description

Business Description	3 Months Ended
	Mar. 31, 2020
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, primarily in the United States. The Corporation leases industrial, healthcare, restaurant, office, retail, and other commercial properties under long-term lease agreements. At March 31, 2020, the Corporation owned a diversified portfolio of 635 individual commercial properties located in 41 states throughout the continental United States and one property in British Columbia, Canada. Broadstone Net Lease, LLC (the Corporation’s operating company, or the “OP”), is the entity through which the Corporation conducts its business and owns (either directly or through subsidiaries) all of the Corporation’s properties. The Corporation is the sole managing member of the OP. The remaining membership units in the OP (“OP Units”), which are referred to as non-controlling interests, are held by members who acquired their interest by contributing real estate properties or other assets to the OP in exchange for OP Units. As the Corporation conducts substantially all of its operations through the OP, it is structured as what is referred to as an umbrella partnership real estate investment trust (“UPREIT”). The Corporation, the OP, and its consolidated subsidiaries are collectively referred to as the “Company”. The following table summarizes the outstanding equity and economic ownership interest of the Corporation and the OP: March 31, 2020 December 31, 2019 (in thousands) Shares of Common Stock OP Units Total Diluted Shares Shares of Common Stock OP Units Total Diluted Shares Permanent equity 26,074 1,737 27,811 26,001 1,737 27,738 Mezzanine equity 781 1,320 2,101 — — — Total 26,855 3,057 29,912 26,001 1,737 27,738 Percent Ownership of OP 89.9 % 10.1 % 100.0 % 93.7 % 6.3 % 100.0 % Refer to Note 14 for further discussion regarding the weighted average shares outstanding. 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 affairs. Prior to February 7, 2020, the Corporation was externally managed by Broadstone Real Estate, LLC (“BRE”) and Broadstone Asset Management, LLC (the “Asset Manager”) subject to the Board of Directors’ direction, oversight, and approval. The Asset Manager was a wholly owned subsidiary of BRE and all of the Corporation’s officers were employees of BRE. Accordingly, both BRE and the Asset Manager were related parties of the Company. Refer to Note 3 for further discussion concerning related parties and related party transactions. On February 7, 2020, the Corporation, the OP, BRE, and certain of their respective subsidiaries and affiliates, completed through a series of mergers (the “Mergers”) the internalization of the external management functions previously performed for the Corporation and the OP by BRE and the Asset Manager (such transactions, collectively, the “Internalization”). Upon consummation of the Internalization, the Company’s management team and corporate staff, who were previously employed by BRE, became employees of an indirect subsidiary of the OP and the Company became internally managed. Upon Internalization, the prior Property Management Agreement and Asset Management Agreement were terminated. The Internalization was not considered a “Termination Event” under the terms of the agreements and therefore no fees were paid under them as a result of the Internalization. The Internalization consisted of the acquisition of BRE in accordance with the definitive merger agreement (the “Merger Agreement”). Refer to Note 4 for further discussion regarding the Internalization, including the associated payments related thereto.

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2020
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 Company. All intercompany balances and transactions have been eliminated in consolidation. To the extent the Corporation has a variable interest in entities that are not evaluated under the variable interest entity (“VIE”) model, the Corporation evaluates its interests using the voting interest entity model. The Corporation has complete responsibility for the day-to-day management of, authority to make decisions for, and control of the OP. Based on consolidation guidance, the Corporation has concluded that the OP is a VIE as the members in the OP do not possess kick-out rights or substantive participating rights. Accordingly, the Corporation consolidates its interest in the OP. However, because the Corporation holds the majority voting interest in the OP, it qualifies for the exemption from providing certain disclosure requirements associated with investments in VIEs. The portion of the OP 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 tangible and intangible assets acquired and liabilities assumed, the value of long-lived assets and goodwill, the provision for impairment, the depreciable lives of rental property, the amortizable lives of intangible assets and liabilities, the provisions for uncollectible rent and credit losses, the fair value of earnout liabilities, 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, other than goodwill, 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. The Company’s assessment of impairment as of March 31, 2020 was based on the most current information available to the Company. Based upon current market conditions resulting from the COVID-19 pandemic (see Note 17), certain of the Company’s properties may have fair values less than their carrying amounts. However, based on the Company’s plans with respect to those properties, the Company believes that their carrying amounts are recoverable and therefore, under applicable GAAP guidance, no impairment charges were recognized other than those described below. If the operating conditions mentioned above deteriorate or if the Company’s expected holding period for assets changes, subsequent tests for impairments could result in additional impairment charges in the future. Inputs used in establishing fair value for real estate assets generally fall within Level 3 of the fair value hierarchy, which are characterized as requiring significant judgment as little or no current market activity may be available for validation. The main indicator used to establish the classification of the inputs is current market conditions, as derived through the use of published commercial real estate market information. The Company determines the valuation of impaired assets using generally accepted valuation techniques including discounted cash flow analysis, income capitalization, analysis of recent comparable sales transactions, actual sales negotiations, and bona fide purchase offers received from third parties. Management may consider a single valuation technique or multiple valuation techniques, as appropriate, when estimating the fair value of its real estate. During the three months ended March 31, 2020 and 2019, the Company recorded impairment charges of $ 2,133 Restricted Cash Restricted cash includes escrow funds the Company maintains pursuant to the terms of certain mortgages, notes payable, and lease agreements, and undistributed proceeds from the sale of properties under Section 1031 of the Internal Revenue Code of 1986, as amended (the “Code”), and is reported within Prepaid expenses and other assets in the Condensed Consolidated Balance Sheets. Restricted cash consisted of the following: March 31, December 31, (in thousands) 2020 2019 Escrow funds and other $ 1,504 $ 2,311 Undistributed 1031 proceeds 2,057 5,545 $ 3,561 $ 7,856 Revenue Recognition The Company accounts for leases in accordance with ASC 842, Leases Certain of the Company’s leases require tenants to pay rent based upon a percentage of the property’s net sales (“percentage rent”) or contain rent escalators indexed to future changes in the Consumer Price Index (“CPI”). Lease income associated with such provisions is considered variable lease income and is not included in the initial measurement of the lease receivable, or in the calculation of straight-line rent revenue. Such amounts are recognized as income when the amounts are determinable. A lease is classified as an operating lease if none of the following criteria are met: (i) ownership transfers to the lessee at the end of the lease term, (ii) the lessee has a purchase option that is reasonably expected to be exercised, (iii) the lease term is for a major part of the economic life of the leased property, (iv) the present value of the future lease payments and any residual value guaranteed by the lessee that is not already reflected in the lease payments equals or exceeds substantially all of the fair value of the leased property, and (v) the leased property is of such a specialized nature that it is expected to have no future alternative use to the Company at the end of the lease term. If one or more of these criteria are met, the lease will generally be classified as a sales-type lease, unless the lease contains a residual value guarantee from a third party other than the lessee, in which case it would be classified as a direct financing lease under certain circumstances. The Company accounts for the right to use land as a separate lease component, unless the accounting effect of doing so would be insignificant. Determination of significance requires management judgment. In determining whether the accounting effect of separately reporting the land component from other components for its real estate leases is significant, the Company assesses: (i) whether separating the land component impacts the classification of any lease component, (ii) the value of the land component in the context of the overall contract, and (iii) whether the right to use the land is coterminous with the rights to use the other assets. Revenue recognition methods for operating leases, direct financing leases, and sales-type leases are described below: Rental property accounted for under operating leases – Revenue is recognized as rents are earned on a straight-line basis over the non-cancelable terms of the related leases. For leases that have fixed and measurable rent escalations, 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 lease 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 is included in Accounts payable and other liabilities on the Condensed Consolidated Balance Sheets. Rent received in advance is as follows: (in thousands) March 31, 2020 December 31, 2019 Rent received in advance $ 9,918 $ 13,368 Provision for Uncollectible Rent In accordance with ASC 842, provision for uncollectible rent are recorded as an offset to Lease revenues, net on the accompanying Condensed Consolidated Statements of Income and Comprehensive (Loss) Income. The following table summarizes the changes in the provision for uncollectible rent: The following table summarizes the changes in the provision for uncollectible rent: For the three months ended March 31, (in thousands) 2020 2019 Beginning balance $ — $ 2,086 Provision for uncollectible rent 1,033 441 Write-offs — (2,527 ) Ending balance $ 1,033 $ — Goodwill Goodwill represents the excess of the amount paid over the fair value of the identifiable tangible and intangible assets acquired and liabilities assumed in a business combination and is assigned to one or more reporting units. The Company’s reporting unit is the same as its reportable segment. Goodwill has an indefinite life and is therefore not amortized. The Company evaluates goodwill for impairment when an event occurs or circumstances change that indicate the carrying value may not be recoverable, or at least annually. The Company will adopt an annual goodwill testing date during the fourth quarter. Deferred Initial Public Offering Costs The Company has incurred certain costs in connection with its anticipated initial public offering (“IPO”). The Company capitalizes such deferred IPO costs, which primarily consist of direct, incremental legal, professional, accounting and other third-party fees. The deferred IPO costs will be offset against IPO proceeds upon the consummation of an offering. Should the planned IPO be abandoned, the deferred IPO costs will be expensed immediately as a charge to operating expenses in the Condensed Consolidated Statement of Income and Comprehensive (Loss) Income. At March 31, 2020 and December 31, 2019, deferred IPO costs were $1,282 and $668, respectively, and were included within Prepaid expenses and other assets on the Condensed Consolidated Balance Sheets. Fair Value Measurements ASC 820, Fair Value Measurements and Disclosures, The Company has estimated that the carrying amount reported on the Condensed Consolidated Balance Sheets for Cash and cash equivalents, Prepaid expenses and other assets, Tenant and other receivables, net, and Accounts payable and other liabilities, approximates their fair values due to their short-term nature. Earnout Liability – In connection with the Internalization, the Company recognized an earnout liability that will be due and payable to the former owners of BRE if certain milestones are achieved during specified periods of time following the closing of the Internalization (the “Earnout Periods”) related to either (a) the 40-day dollar volume-weighted average price of a share of the Company’s common stock (“VWAP per REIT Share”), following the completion of an IPO of the Company’s common stock, or (b) the Company’s adjusted funds from operations (“AFFO”) per share, prior to the completion of an IPO (see Note 4). The Company utilizes third-party valuation experts to assist in estimating the fair value of the earnout liability, and develops estimates by considering weighted-average probabilities of likely outcomes, and using a Monte Carlo simulation and discounted cash flow analysis. These estimates require the Company to make various assumptions about future share prices, timing of an IPO, and other items that are unobservable and are considered Level 3 inputs in the fair value hierarchy. A change in these inputs to a different amount might result in a significantly higher or lower fair value measurement at the reporting date. As shown in the tables below, the Company’s weighted average expected IPO date upon close of the Internalization was April 15, 2020. Due to the market dislocation and uncertainty presented by the COVID-19 pandemic, management revised its weighted average expected IPO date as of quarter end to March 15, 2021. The Company anticipates commencing its IPO when market conditions allow, which may be before March 15, 2021. To the extent the expected IPO date advances, there would be a corresponding increase in the earnout liability’s fair value given the earnout’s fixed time horizon. Peer share price volatilities are used to estimate the Company’s expected share price volatility, and the Company’s corresponding ability to achieve the earnout targets. An increase in peer share price volatility would result in an increase in the earnout liability’s fair value. The table below provides a summary of the significant unobservable inputs used to estimate the fair value of the earnout liability as of February 7, 2020, the transaction date. Significant Unobservable Inputs Weighted Average Assumption Used Range Expected IPO date April 15, 2020 March 2020 through May 2020 Peer stock price volatility 20.0% 16.22% to 23.09% The table below provides a summary of the significant unobservable inputs used to estimate the fair value of the earnout liability as of March 31, 2020. Significant Unobservable Inputs Weighted Average Assumption Used Range Expected IPO date March 15, 2021 November 2020 through May 2021 Peer stock price volatility 30.0% 22.96% to 43.91% The following table presents a reconciliation of the change in the earnout liability: For the three months ended (in thousands) March 31, 2020 Allocation of Internalization purchase price at February 7, 2020 $ 40,119 Change in fair value subsequent to Internalization 4,177 Balance at March 31, 2020 $ 44,296 The increase in the earnout liability fair value between February 7, 2020 and March 31, 2020 is primarily a result of an increase in the peer stock price volatility assumption used, as detailed above, a direct result of changes in economic circumstances impacting global equity markets. Interest Rate Swaps – The balances of interest rate swap assets and liabilities (see Note 11) and earnout liability measured at fair value on a recurring basis are as follows: March 31, 2020 (in thousands) Total Level 1 Level 2 Level 3 Interest rate swap, liabilities $ (79,622 ) $ — $ (79,622 ) $ — Earnout liability (44,296 ) — — (44,296 ) December 31, 2019 (in thousands) Total Level 1 Level 2 Level 3 Interest rate swap, assets $ 2,911 $ — $ 2,911 $ — Interest rate swap, liabilities (24,471 ) — (24,471 ) — Long-term Debt – 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 Mortgages and notes payable, net, Unsecured term notes, net, and Unsecured revolving credit facility: (in thousands) March 31, 2020 December 31, 2019 Carrying amount $ 2,144,118 $ 1,989,451 Fair value 2,233,159 2,047,860 As disclosed under the Long-lived Asset Impairment Right-of-Use Assets and Lease Liabilities The Company is a lessee under non-cancelable operating leases associated with its corporate headquarters and other office spaces as well as with leases of land (“ground leases”). The Company records right-of-use assets and lease liabilities associated with these leases. The lease liability is equal to the net present value of the future payments to be made under the lease, discounted using estimates based on observable market factors. The right-of-use asset is generally equal to the lease liability plus initial direct costs associated with the leases. The Company includes in the recognition of the right-of-use asset and lease liability those renewal periods that are reasonably certain to be exercised, based on the facts and circumstances that exist at lease inception. Amounts associated with percentage rent provisions are considered variable lease costs and are not included in the initial measurement of the right-of-use asset or lease liability. The Company has made an accounting policy election, applicable to all asset types, to not separate lease from nonlease components when allocating contract consideration related to operating leases. Right-of-use assets and lease liabilities associated with operating leases were included in the accompanying Condensed Consolidated Balance Sheets as follows: March 31, December 31, (in thousands) Financial Statement Presentation 2020 2019 Right-of-use assets Prepaid expenses and other assets $ 3,457 $ 1,614 Lease liabilities Accounts payable and other liabilities 3,059 1,209 Earnout Liability The Company’s earnout liability is payable in a combination of cash, common shares, and OP Units, in the same proportion as the initial consideration paid in the Internalization (see Note 4). The common shares and OP Units payable under the arrangement will be subject to a redemption rights agreement, whereby holders of the common shares and OP Units will have the right to require the Company to repurchase any or all of the common shares or OP Units if an IPO has not occurred (see discussion of the redemption rights agreement in Note 4). The common shares and OP Units are deemed to be freestanding financial instruments that, at inception, embody an obligation to repurchase the Company’s common shares and OP Units, and therefore have been classified as liabilities together with the cash portion of the earnout. The fair value of the earnout liability at the time of the Internalization was recorded in Earnout liability on the Condensed Consolidated Balance Sheets as part of the purchase price allocation. The fair value of the earnout liability is remeasured each reporting period, with changes recorded as Change in fair value of earnout liability in the Condensed Consolidated Statements of Income and Comprehensive (Loss) Income. Mezzanine Equity The Company issued common shares and OP Units as base consideration for the Internalization, each of which were subject to a redemption rights agreement, where the common shares (“mezzanine equity common stock”) and OP Units (“mezzanine equity non-controlling interests”) are economically equivalent to the permanent equity classified common shares and OP Units with the exception of certain contingent redemption rights that are not yet exercisable as of March 31, 2020 (see discussion of redemption rights agreement in Note 4). The Company presents the mezzanine equity common stock and mezzanine equity non-controlling interests as mezzanine equity in the Condensed Consolidated Balance Sheets as they are redeemable outside the Company’s control. The Company subsequently records mezzanine equity common stock at redemption value each reporting period, with changes in carrying value recorded as a component of Additional paid-in capital on the Condensed Consolidated Balance Sheets. The Company subsequently records mezzanine equity non-controlling interests at the greater of (i) carrying amount, increased or decreased for the non-controlling interest’s share of net income or loss, dividends and comprehensive income or loss or (ii) redemption value. Changes in carrying value of mezzanine equity non-controlling interests are recorded as a component of Additional paid-in capital on the Condensed Consolidated Balance Sheets. Recently Adopted 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. In April 2019, the FASB issued ASU 2019-04, Codification Improvements to Topic 326, Financial Instruments – Credit Losses, Topic 815, Derivatives and Hedging, and Topic 825, Financial Instruments In March 2020, the FASB issued ASU No. 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting Other Recently Issued Accounting Standards As more fully described in Note 17, during 2020 there have been business disruptions and challenges severely affecting the global economy caused by the COVID-19 pandemic. In response, lessors may be required to provide rent deferrals and other lease concessions to lessees. While the lease modification guidance in ASC 842, Leases Reclassifications The Company reclassified $443 of Income taxes from a component of Operating expenses to a component of Other income (expenses), on the Condensed Consolidated Statements of Income and Comprehensive (Loss) Income for the three months ended March 31, 2019, to conform with the current period presentation. The reclassification is a change from one acceptable presentation to another acceptable presentation.

Related-Party Transactions

Related-Party Transactions	3 Months Ended
	Mar. 31, 2020
Related Party Transactions [Abstract]
Related-Party Transactions	3. Related-Party Transactions Prior to the Internalization on February 7, 2020, BRE, a related party in which certain directors of the Corporation had either a direct or indirect ownership interest, and the Asset Manager were considered to be related parties. Property Management Agreement The Corporation and the OP were parties to a property management agreement (as amended, the “Property Management Agreement”) with BRE. Under the terms of the Property Management Agreement, BRE managed and coordinated certain aspects of the leasing of the Corporation’s rental property. In exchange for services provided under the Property Management Agreement, BRE received certain fees and other compensation as follows: ( i ) 3% of gross rentals collected each month from the rental property for property management services (other than one property, which called 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. Upon completion of the Internalization, the Property Management Agreement was terminated and there will be no future property management fees payable to BRE. The Internalization was not considered a “termination event” under the Property Management Agreement, so no fees were payable to BRE as a result of the Internalization. See Note 4 for further discussion regarding the Internalization, including the associated payments related thereto. Asset Management Agreement The Corporation and the OP were parties to an asset management agreement (as amended, the “Asset Management Agreement”) with the Asset Manager, a single member limited liability company of which BRE was the sole member, and therefore a related party in which certain directors of the Corporation had an indirect ownership interest. Under the terms of the Asset Management Agreement, the Asset Manager was responsible for, among other things, the Corporation’s acquisition, initial leasing, and disposition strategies, financing activities, and providing support to the Corporation’s Independent Directors Committee (“IDC”) for its valuation functions and other duties. The Asset Manager also nominated two individuals to serve on the Board of Directors of the Corporation. Under the terms of the Asset Management Agreement, the Asset Manager was compensated as follows: (i) a quarterly asset management fee equal to 0.25% of the aggregate value of common stock, based on the per share value as determined by the IDC each quarter, on a fully diluted basis as if all interests in the OP had been converted into shares of the Corporation’s common stock; (ii) 0.5% of the proceeds from future equity closings as reimbursement for offering, marketing, and brokerage expenses; (iii) 1% of the gross purchase price paid for each rental property acquired (other than acquisitions described in (iv) below), including any property contributed in exchange for membership interests in the OP; (iv) 2% of the gross purchase price paid for each rental property acquired in the event that the acquisition of a rental property required a new lease (as opposed to the assumption of an existing lease), such as a sale-leaseback transaction; (v) 1% of the gross sale price received for each rental property disposition; and (vi) 1% of the Aggregate Consideration, as defined in the Asset Management Agreement, received in connection with a disposition event, as defined in the Asset Management Agreement. Upon completion of the Internalization, the Asset Management Agreement was terminated and there will be no future asset management fees payable to the Asset Manager. The Internalization was not considered a “termination event” under the Asset Management Agreement, so no fees were payable to the Asset Manager as a result of the Internalization. See Note 4 for further discussion regarding the Internalization, including the associated payments related thereto. Total fees incurred under the Property Management Agreement and Asset Management Agreement were as follows: (in thousands) For the three months ended March 31, Type of Fee Financial Statement Presentation 2020 (a) 2019 Asset management fee Asset management fees $ 2,461 $ 5,120 Property management fee Property management fees 1,275 1,885 Total management fee expense 3,736 7,005 Marketing fee (offering costs) Additional paid-in capital — 300 Acquisition fee Capitalized as a component of assets acquired — 730 Leasing fee and re-leasing fees Leasing fees, net — 258 Disposition fee Gain on sale of real estate 109 113 Total management fees $ 3,845 $ 8,406 (a) Fees were payable under the Property Management Agreement and Asset Management Agreement from January 1, 2020 through February 6, 2020. The Internalization was effective February 7, 2020. There were no unpaid management fees at March 31, 2020 and December 31, 2019. All fees related to the Property Management Agreement and the Asset Management Agreement were paid for in cash within the Company’s normal payment cycle for vendors. Tax Protection Agreement Upon closing of the Internalization, the Company entered into an agreement with Amy L. Tait, the Company’s founder, and certain members of her family (“Founding Owners”), pursuant to which the OP agreed to indemnify the Founding Owners against the applicable income tax liabilities resulting from the sale, exchange, transfer or other disposal of the assets of BRE that the Company acquired in the Internalization, through February 7, 2030, or the Company’s failure to allocate specific types of the OP’s indebtedness to the Founding Owners (the “Founding Owners’ Tax Protection Agreement”). The maximum amount the Company may be liable for under the Founding Owners’ Tax Protection Agreement is $10,000. Earnout Consideration In connection with the Internalization, the Company incurred a contingent liability that would be payable to certain members of the Company’s Board of Directors and employees who had previously been owners and/or employees of BRE, upon the occurrence of certain events (see Note 4). The fair value of the earnout liability was $44,296 as of March 31, 2020. Related Party Lease In connection with the Internalization, the Company assumed the lease agreement relating to the Company’s principal executive office with Clinton Asset Holdings Associates, L.P., an affiliated third party, approximately 1.6% of which is indirectly owned by the Company’s Chairman and member of the Board of Directors. The lease of 24,072 square feet of office space is scheduled to expire on August 31, 2023, with two five-year renewal options. The annual rent for 2020 is approximately $547, with 2% annual increases thereafter. See further discussion in Note 16.

Internalization

Internalization	3 Months Ended
	Mar. 31, 2020
Internalization [Abstract]
Internalization	4. Internalization On February 7, 2020, the Company completed the Internalization and the Company’s management team and corporate staff, who were previously employed by BRE, became employees of an indirect subsidiary of the OP. The consideration paid at closing of the Internalization is summarized in the following table: (in thousands) Issuance of 781 shares of common stock $ 66,376 Issuance of 1,320 OP Units 112,159 Cash 30,981 Base consideration 209,516 Initial estimate of fair value of earnout liability 40,119 Total consideration $ 249,635 The Company may be required to pay additional earnout consideration of up to $75,000 payable in four tranches of $10,000, $15,000, $25,000, and $25,000 if certain milestones related to either (a) the 40-day VWAP per REIT Share, following the completion of an IPO, or (b) the Company’s AFFO per share, prior to the completion of an IPO, (each, an “Earnout Trigger”) are achieved during the Earnout Periods. The consideration will consist of a combination of cash, shares of the Company’s common stock, and OP Units, based on the same proportions paid in the base consideration. The earnout tranches, applicable 40-day VWAP of a REIT Share and AFFO per share, and the applicable Earnout Periods are as follows: (in thousands, except per share amounts) If the Company has completed an IPO If the Company has not completed an IPO Earnout Tranche (a) 40-Day VWAP of a REIT Share Applicable Earnout Period AFFO per Share Applicable Earnout Period $10,000 $90.00 The two-year period beginning on the earlier of (i) the IPO closing date or (ii) December 31, 2020. $5.85 The two-year period consisting of the calendar years ended December 31, 2020 and December 31, 2021. $15,000 $95.00 The two-year period beginning on the earlier of (i) the IPO closing date or (ii) December 31, 2020. $5.95 The two-year period consisting of the calendar years ended December 31, 2020 and December 31, 2021. $25,000 $97.50 The four-year period beginning on the date that is exactly one year after the earnout period begins for the first and second tranches above. $6.30 The four-year period consisting of the calendar years ended December 31, 2021, December 31, 2022, December 31, 2023 and December 31, 2024. $25,000 $100.00 The four-year period beginning on the date that is exactly one year after the earnout period begins for the first and second tranches above. $6.70 The four-year period consisting of the calendar years ended December 31, 2021, December 31, 2022, December 31, 2023 and December 31, 2024. (a) Initial contractual value of applicable earnout tranche based on an $85.00 price per share/unit of common stock and OP Units. Does not take into account the actual per share price of common stock and OP Units at the time an applicable earnout tranche may be earned and paid. Should all earnout milestones be met, an additional 272 shares of common stock and an additional 465 OP Units would be issued, in addition to amounts payable in cash. As of the Internalization date, the Company estimated that the earnout liability had a fair value of $40,119, of which approximately $33,511 relates to the potential issuance of common shares and OP Units and approximately $6,608 relates to the potential payment of cash. The Company will estimate the fair value of the earnout liability at each reporting date during the contingency period and record any changes in estimated fair value in its Condensed Consolidated Statement of Income and Comprehensive (Loss) Income. Redemption Rights Agreement The mezzanine equity common shares and OP Units are economically equivalent to permanent equity common shares and OP Units with the exception of certain contingent redemption rights that are not yet exercisable as of March 31, 2020. If an IPO does not occur on or before December 31, 2020, then each holder of mezzanine equity common shares and OP Units shall have the right to require the Company to repurchase any or all of such holder’s shares and OP Units at a price equal to the greater of (i) the initial fair value of $85 of the common shares or OP Units at the date of the Internalization or (ii) the current fair value of such common shares or OP Units, as adjusted for interest and distributions. If an IPO does not occur on or before the satisfaction of any Earnout Trigger, then each holder of common shares or OP Units issued under the earnout shall have the right to require the Company to repurchase any or all of such holder’s shares or OP Units at a price equal to the greater of (i) the initial fair value of $85 of the common shares at the date of the Internalization or (ii) the current fair value of such common shares, as adjusted for interest and distributions. The Internalization was accounted for as a business combination and accordingly, the Company allocated the purchase price utilizing the acquisition method to record assets acquired and liabilities assumed at their estimated fair values. The allocation of the purchase price has not been finalized and is based upon preliminary estimates of these fair values, which is the best available information at the current time. The final determination of the fair values of the assets and liabilities will be based on the actual valuations of the tangible and intangible assets and liabilities that existed as of the date of completion of the acquisition, including the valuation of the earnout liability. The Company expects to finalize the valuations during the measurement period, not to exceed one year from the date of the Internalization. Consequently, amounts preliminarily allocated to identifiable tangible and intangible assets and liabilities could change. The following table summarizes the Company’s preliminary allocation of the purchase price associated with the Internalization: (in thousands) Prepaid expenses and other assets $ 1,336 Right-of-use assets 1,898 Goodwill 339,769 Accounts payable and other liabilities (986 ) Operating lease liabilities (1,898 ) Debt (90,484 ) $ 249,635 In connection with the Internalization, the Company recorded goodwill of $339,769 as a result of the consideration exceeding the fair value of the net liabilities acquired. Goodwill represents the synergies and costs savings expected from the acquired management functions and the Company’s ability to generate additional portfolio growth on a lower cost structure than when it was externally managed. The Company does not expect that the goodwill will be deductible for tax purposes. In connection with the Internalization, the Company assumed $90,484 of debt which was subsequently repaid through a combination of borrowings under its Revolving Credit Facility (as defined below) and entering into a new $60,000 term loan agreement (see Note 9). The Company incurred $1,205 in non-recurring costs associated with the Internalization during the three months ended March 31, 2020, which were classified as Internalization expenses in the Condensed Consolidated Statements of Income and Comprehensive (Loss) Income. The effect of the Internalization has been reflected in the Company’s operating results beginning on February 7, 2020. No incremental revenues were recorded as a result of the Internalization. From February 7, 2020 to March 31, 2020, the Company incurred $3,662 in expenses as a result of being internalized, which include general and administrative expenses associated with the Company’s performance of functions previously performed by BRE and the Asset Manager (primarily employee related costs), as well as interest expense associated with the borrowings related to the Internalization. These expenses do not include the $1,205 non-recurring costs discussed above. Condensed Pro Forma Financial Information The following pro forma information summarizes selected financial information from the Company’s combined results of operations, as if the Internalization had occurred on January 1, 2019. These results contain certain adjustments totaling $5,646 and $6,377 of income, respectively, for the three months ended March 31, 2020 and 2019. These pro forma adjustments reflect the elimination of Internalization expenses and asset management, property management, and disposition fees between the Company and BRE and the Asset Manager in historic financial results, and adjustments to reflect incremental interest expense associated with the borrowing related to the Internalization. This pro forma information is presented for informational purposes only, and may not be indicative of what actual results of operations would have been had the Internalization occurred at the beginning of the period, nor does it purport to represent the results of future operations. The condensed pro forma financial information is as follows for the three months ended March 31, 2020 and 2019: For the three months ended March 31, (in thousands) 2020 2019 Revenues $ 78,231 $ 68,430 Net income 13,751 17,685

Acquisitions of Rental Property

Acquisitions of Rental Property	3 Months Ended
	Mar. 31, 2020
Business Combinations [Abstract]
Acquisitions of Rental Property	5. Acquisitions of Rental Property The Company did not complete any acquisitions of rental property during the three months ended March 31, 2020. The Company closed on the following acquisitions of rental property 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 allocated the purchase price of these properties to the fair value of the assets acquired and liabilities assumed. The following table summarizes the purchase price allocation for completed real estate acquisitions: (in thousands) For the three months ended March 31, 2019 Land $ 7,149 Land improvements 10,506 Buildings and improvements 49,677 Acquired in-place leases (b) 6,618 Acquired above-market leases (c) 2,169 Acquired below-market leases (d) (836 ) $ 75,283 (b) (c) (d) The above acquisitions were funded using a combination of available cash on hand, borrowings under the Company’s Revolving Credit Facility, and proceeds from equity issuances. All real estate acquisitions closed during the three months ended March 31, 2019, qualified as asset acquisitions and, as such, acquisition costs have been capitalized.

Sale of Real Estate

Sale of Real Estate	3 Months Ended
	Mar. 31, 2020
Real Estate [Abstract]
Sale of Real Estate	6. Sale of Real Estate The Company closed on the following sales of real estate, none of which qualified as discontinued operations: For the three months ended March 31, (in thousands, except number of properties) 2020 2019 Number of properties disposed 10 4 Aggregate sale price $ 37,185 $ 11,291 Aggregate carrying value (27,764 ) (9,212 ) Additional sales expenses (1,802 ) (679 ) Gain on sale of real estate $ 7,619 $ 1,400

Investment in Rental Property a

Investment in Rental Property and Lease Arrangements	3 Months Ended
	Mar. 31, 2020
Leases [Abstract]
Investment in Rental Property and Lease Arrangements	7. Investment in Rental Property and Lease Arrangements The Company generally leases its investment rental property to established tenants in the industrial, healthcare, restaurant, office, retail, and other industries. At March 31, 2020, the Company had 616 real estate properties which were leased under leases that have been classified as operating leases and 15 that have been classified as direct financing leases. Of the 15 leases classified as direct financing leases, four include land portions which are accounted for as operating leases (see Revenue Recognition Investment in Rental Property – Accounted for Using the Operating Method Rental property subject to non-cancelable operating leases with tenants was as follows: (in thousands) March 31, 2020 December 31, 2019 Land $ 545,846 $ 548,911 Land improvements 274,135 275,470 Buildings and improvements 2,827,111 2,850,571 Equipment 11,492 11,492 3,658,584 3,686,444 Less accumulated depreciation (291,018 ) (271,044 ) $ 3,367,566 $ 3,415,400 Depreciation expense on investment in rental property was as follows: For the three months ended March 31, (in thousands) 2020 2019 Depreciation $ 23,515 $ 18,753 Estimated lease payments to be received under non-cancelable operating leases with tenants at March 31, 2020 are as follows: (in thousands) Remainder of 2020 $ 210,383 2021 284,505 2022 287,511 2023 290,357 2024 285,396 Thereafter 2,130,183 $ 3,488,335 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 CPI 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 was comprised of the following: (in thousands) March 31, 2020 December 31, 2019 Undiscounted estimated lease payments to be received $ 68,898 $ 72,753 Estimated unguaranteed residual values 19,827 20,358 Unearned income (48,459 ) (51,221 ) Reserve for credit losses (305 ) — Net investment in direct financing leases $ 39,961 $ 41,890 Undiscounted estimated lease payments to be received under non-cancelable direct financing leases with tenants at March 31, 2020 are as follows: (in thousands) Remainder of 2020 $ 3,047 2021 4,138 2022 4,220 2023 4,305 2024 4,385 Thereafter 48,803 $ 68,898 The above rental receipts do not include future lease payments for renewal periods, potential variable CPI rent increases, or variable percentage rent payments that may become due in future periods. The following table summarizes amounts reported as Lease revenues, net on the Condensed Consolidated Statements of Income and Comprehensive (Loss) Income: For the three months ended March 31, (in thousands) 2020 2019 Contractual rental amounts billed for operating leases $ 72,828 $ 58,419 Adjustment to recognize contractual operating lease billings on a straight-line basis 1,665 5,171 Percentage rent income 3 — Adjustment to revenue recognized for uncollectible rental amounts billed (1,033 ) (440 ) Total operating lease rental revenues 73,463 63,150 Earned income from direct financing leases 987 1,005 Operating expenses billed to tenants 3,732 4,275 Other income from real estate transactions 49 — Total Lease revenues, net $ 78,231 $ 68,430

Intangible Assets And Liabiliti

Intangible Assets And Liabilities	3 Months Ended
	Mar. 31, 2020
Goodwill And Intangible Assets Disclosure [Abstract]
Intangible Assets and Liabilities	8. Intangible Assets and Liabilities The following is a summary of intangible assets and liabilities and related accumulated amortization: (in thousands) March 31, 2020 December 31, 2019 Lease intangibles: Acquired above-market leases $ 60,394 $ 62,136 Less accumulated amortization (17,989 ) (17,433 ) Acquired above-market leases, net 42,405 44,703 Acquired in-place leases 346,165 349,645 Less accumulated amortization (68,152 ) (62,454 ) Acquired in-place leases, net 278,013 287,191 Total intangible lease assets, net $ 320,418 $ 331,894 Acquired below-market leases $ 113,091 $ 113,862 Less accumulated amortization (23,418 ) (21,640 ) Intangible lease liabilities, net $ 89,673 $ 92,222 Leasing fees $ 16,841 $ 17,013 Less accumulated amortization (4,349 ) (4,166 ) Leasing fees, net $ 12,492 $ 12,847 Amortization for intangible lease assets and liabilities was as follows: (in thousands) For the three months ended March 31, Intangible Financial Statement Presentation 2020 2019 Acquired in-place leases and leasing fees Depreciation and amortization $ 7,695 $ 5,557 Above-market and below-market leases Lease revenues, net 1,140 740 Estimated future amortization of intangible assets and liabilities at March 31, 2020 is as follows: (in thousands) Remainder of 2020 $ 17,706 2021 23,286 2022 22,738 2023 22,411 2024 21,644 Thereafter 135,452 $ 243,237

Unsecured Credit Agreements

Unsecured Credit Agreements	3 Months Ended
	Mar. 31, 2020
Debt Disclosure [Abstract]
Unsecured Credit Agreements	9. Unsecured Credit Agreements The following table summarizes the Company’s unsecured credit agreements: Outstanding Balance (in thousands, except interest rates) March 31, 2020 December 31, 2019 Interest Rate (c) Maturity Date 2020 Unsecured Term Loan (a) $ 240,000 $ 300,000 one-month LIBOR + 1.25% Aug. 2020 (d) Unsecured Revolving Credit and Term Loan Agreement (a) Revolving Credit Facility 353,300 197,300 one-month LIBOR + 1.20% Jan. 2022 2023 Unsecured Term Loan 265,000 265,000 one-month LIBOR + 1.35% Jan. 2023 2024 Unsecured Term Loan 190,000 190,000 one-month LIBOR + 1.25% Jun. 2024 808,300 652,300 2022 Unsecured Term Loan (a) 60,000 — one-month LIBOR + 1.25% Feb. 2022 2026 Unsecured Term Loan (a) 450,000 450,000 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 2,033,300 1,877,300 Debt issuance costs, net (b) (7,413 ) (7,919 ) $ 2,025,887 $ 1,869,381 (a) The Company believes it was in compliance with all financial covenants for all periods presented. (b) Amounts presented include debt issuance costs, net, related to the unsecured term notes and senior notes only. ( c ) ( d ) The 2020 Unsecured Term Loan allow s two six-month extensions , at the Company’s option, subject to the Company’s being in compliance with the debt covenants and customary representations and warranties, and payment of a fee equal to 0.05% of the outstanding principal balance at the time of extension. On May 5, 2020, the Company gave notice that it was exercising the first of these options, effective as of August 2, 2020. On February 7, 2020, the Company entered into a $60,000 term loan agreement maturing on February 28, 2022 (the “2022 Unsecured Term Loan”) with JP Morgan Chase, N.A. as administrative agent. The 2022 Unsecured Term Loan was fully funded at closing and used to repay a portion of the debt assumed by the Company as part of the Internalization. Borrowings under the 2022 Unsecured Term Loan are subject to interest only payments at variable rates equal to LIBOR plus a margin based upon the Company’s credit rating, ranging between 0.85% and 1.65% per annum. Based on the Company’s current credit rating the applicable margin was 1.25% as of March 31, 2020. At March 31, 2020, the weighted average interest rate on all outstanding borrowings was 3.03%. In addition, the Revolving Credit Facility 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 2026 Unsecured Term Loan and the 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 (Loss) Income. The following table summarizes debt issuance cost amortization: For the three months ended March 31, (in thousands) 2020 2019 Debt issuance costs amortization $ 888 $ 553 The Company is subject to various financial and operational covenants and financial reporting requirements pursuant to its unsecured credit agreements. These covenants require the Company, to maintain certain financial ratios, including leverage, fixed charge coverage, and debt service coverage, among others. As of March 31, 2020, the Company believes it was in compliance with all of its loan covenants. The Company’s continued compliance with these covenants depends on many factors and could be impacted by current or future economic conditions associated with the COVID-19 pandemic (see Note 17), and thus there are no assurances that the Company will continue to be in compliance with its covenants. Failure to comply with the covenants would result in a default which, if the Company were unable to cure or obtain a waiver from the lenders, could accelerate the repayment of the obligations. Further, in the event of default, the Company may be restricted from paying dividends to its stockholders in excess of dividends required to maintain its REIT qualification. Accordingly, an event of default could have a material and adverse impact on the Company.

Mortgages and Notes Payable

Mortgages and Notes Payable	3 Months Ended
	Mar. 31, 2020
Debt Disclosure [Abstract]
Mortgages and Notes Payable	10. 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 2020 2019 (1) Wilmington Trust National Association Apr-19 Feb-28 4.92% $ 48,787 $ 49,065 (a) (b) (c) (k) (2) Wilmington Trust National Association Jun-18 Aug-25 4.36% 20,225 20,318 (a) (b) (c) (j) (3) PNC Bank Oct-16 Nov-26 3.62% 17,789 17,885 (b) (c) (4) Sun Life Mar-12 Oct-21 5.13% 10,785 10,888 (b) (f) (5) Aegon Apr-12 Oct-23 6.38% 7,604 7,788 (b) (g) (6) M&T Bank Oct-17 Aug-21 one - month LIBOR+3% 4,878 4,913 (b) (d) (h) ( i ) (7) Note holders Dec-08 Dec-23 6.25% 750 750 (d) (8) Standard Insurance Co. Jul-10 Aug-30 6.75% — 544 (b) (c) (d) (e) 110,818 112,151 Debt issuance costs, net (354 ) (358 ) $ 110,464 $ 111,793 (a) Non-recourse debt includes the indemnification/guaranty of the Corporation and/or OP pertaining to fraud, environmental claims, insolvency and other matters. (b) Debt secured by related rental property and lease rents. (c) Debt secured by guaranty of the OP. (d) Debt secured by guaranty of the Corporation. ( e ) The interest rate represents the initial interest rate. The interest rate could have been adjusted at Standard Insurance’s discretion (based on prevailing rates) at 119 months from the first payment date. ( f ) 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. ( g ) 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. ( h ) The Company entered into an interest rate swap agreement in connection with the mortgage note, as further described in Note 11. ( i ) 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. ( j ) 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. ( k ) Mortgage was assumed in April 2019 as part of the acquisition of the related property. The debt was recorded at fair value at the time of assumption. At March 31, 2020, investment in rental property of $176,805 was 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, 2020 For the year ended December 31, 2019 Number of mortgages 1 4 Outstanding balance of mortgages $ 541 $ 13,905 The following table summarizes the cost of mortgage extinguishment: For the three months ended March 31, (in thousands) 2020 2019 Cost of mortgage extinguishment $ 22 $ 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 9) at March 31, 2020 are as follows: (in thousands) Remainder of 2020 $ 2,401 2021 258,006 2022 416,207 2023 273,332 2024 192,260 Thereafter 1,001,912 $ 2,144,118 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, 2020
Derivative Instruments And Hedging Activities Disclosure [Abstract]
Interest Rate Swaps	11. Interest Rate Swaps Interest rate swaps were entered into with certain financial institutions in order to mitigate the impact of interest rate variability over the term of the related debt agreements. The interest rate swaps are considered cash flow hedges. In order to reduce counterparty concentration risk, the Company has a diversification policy for institutions that serve as swap counterparties. Under these agreements, the Company receives monthly payments from the counterparties on these interest rate swaps equal to the related variable interest rates multiplied by the outstanding notional amounts. Certain interest rate swaps amortize on a monthly basis. In turn, the Company pays the counterparties each month an amount equal to a fixed rate multiplied by the related outstanding notional amounts. The intended net impact of these transactions is that the Company pays a fixed interest rate on its variable-rate borrowings. 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, 2020 December 31, 2019 Bank of America, N.A. November 2023 2.80 % one-month LIBOR $ 25,000 $ (2,178 ) $ (1,136 ) Bank of Montreal July 2024 1.16 % one-month LIBOR 40,000 (1,324 ) 740 Bank of Montreal January 2025 1.91 % one-month LIBOR 25,000 (1,806 ) (402 ) Bank of Montreal July 2025 2.32 % one-month LIBOR 25,000 (2,500 ) (970 ) Bank of Montreal January 2026 1.92 % one-month LIBOR 25,000 (2,118 ) (448 ) Bank of Montreal January 2026 2.05 % one-month LIBOR 40,000 (3,685 ) (1,014 ) Bank of Montreal December 2026 2.33 % one-month LIBOR 10,000 (1,231 ) (460 ) Bank of Montreal December 2026 1.99 % one-month LIBOR 25,000 (2,500 ) (577 ) Bank of Montreal December 2027 2.37 % one-month LIBOR 25,000 (3,497 ) (1,306 ) Bank of Montreal May 2029 2.09 % one-month LIBOR 25,000 (3,342 ) (799 ) Capital One, National Association December 2021 1.05 % one-month LIBOR 15,000 (213 ) 143 Capital One, National Association December 2024 1.58 % one-month LIBOR 15,000 (836 ) 10 Capital One, National Association January 2026 2.08 % one-month LIBOR 35,000 (3,291 ) (911 ) Capital One, National Association April 2026 2.68 % one-month LIBOR 15,000 (2,007 ) (944 ) Capital One, National Association July 2026 1.32 % one-month LIBOR 35,000 (1,844 ) 720 Capital One, National Association December 2027 2.37 % one-month LIBOR 25,000 (3,533 ) (1,278 ) M&T Bank August 2021 1.02 % one-month LIBOR 4,877 (45 ) 41 (a), (b) M&T Bank September 2022 2.83 % one-month LIBOR 25,000 (1,553 ) (862 ) M&T Bank November 2023 2.65 % one-month LIBOR 25,000 (2,097 ) (1,038 ) Regions Bank May 2020 2.12 % one-month LIBOR 50,000 (92 ) (104 ) Regions Bank December 2023 1.18 % one-month LIBOR 25,000 (793 ) 376 Regions Bank May 2029 2.11 % one-month LIBOR 25,000 (3,438 ) (827 ) Regions Bank June 2029 2.03 % one-month LIBOR 25,000 (3,260 ) (651 ) Truist Financial Corporation April 2024 1.99 % one-month LIBOR 25,000 (1,655 ) (451 ) Truist Financial Corporation April 2025 2.20 % one-month LIBOR 25,000 (2,260 ) (781 ) Truist Financial Corporation July 2025 1.99 % one-month LIBOR 25,000 (2,075 ) (524 ) Truist Financial Corporation December 2025 2.30 % one-month LIBOR 25,000 (2,676 ) (993 ) Truist Financial Corporation January 2026 1.93 % one-month LIBOR 25,000 (2,146 ) (458 ) U.S. Bank National Association June 2029 2.03 % one-month LIBOR 25,000 (3,263 ) (681 ) U.S. Bank National Association August 2029 1.35 % one-month LIBOR 25,000 (1,699 ) 881 Wells Fargo Bank, N.A. February 2021 2.39 % one-month LIBOR 35,000 (599 ) (302 ) Wells Fargo Bank, N.A. October 2024 2.72 % one-month LIBOR 15,000 (1,591 ) (795 ) Wells Fargo Bank, N.A. April 2027 2.72 % one-month LIBOR 25,000 (3,878 ) (1,845 ) Wells Fargo Bank, N.A. January 2028 2.37 % one-month LIBOR 75,000 (10,597 ) (3,914 ) $ (79,622 ) $ (21,560 ) (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 (Loss) Income, from converting from variable rates to fixed rates under these agreements were as follows: Reclassification from Total Interest Expense Amount of Loss Accumulated Other Presented in the Recognized in Comprehensive Loss Consolidated Statements of (in thousands) Accumulated Other Amount of Income and Comprehensive For the three months ended March 31, Comprehensive Loss Location (Loss) Gain (Loss) Income 2020 $ (58,062 ) Interest expense $ (885 ) $ 20,991 2019 (12,624 ) Interest expense 836 15,828 Amounts related to the interest rate swaps expected to be reclassified out of Accumulated other comprehensive loss to Interest expense during the next twelve months are estimated to be a loss of $14,802. 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, 2020
Risks And Uncertainties [Abstract]
Credit Risk Concentrations	12. Credit Risk Concentrations The Company maintained bank balances that, at times, exceeded the federally insured limit during the three months ended March 31, 2020. The Company has not experienced losses relating to these deposits and management does not believe that the Company is exposed to any significant credit risk with respect to these amounts. Prior to the Internalization on February 7, 2020, the Company’s rental property was managed by BRE and the Asset Manager as described in Note 3. Management fees paid to BRE and Asset Manager represented 8% and 19% of total operating expenses for the three months ended March 31, 2020 and 2019, respectively. 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 three institutions that comprised 62%, 16%, and 10% of total mortgages and notes payable at March 31, 2020 and December 31, 2019. For the three months ended March 31, 2020 and 2019, 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, 2020
Equity [Abstract]
Equity	13. Equity Share Redemption Program The Share Redemption Program was terminated effective February 10, 2020, and as a result there were no redemptions during the three months ended March 31, 2020. The following table summarizes redemptions under the Company’s Share Redemption Program during the three months ended March 31, 2019: (in thousands, except number of redemptions) Number of redemptions requested 13 Number of shares 21 Aggregate redemption price $ 1,803 Distribution Reinvestment Plan The Corporation had adopted a Distribution Reinvestment Plan (“DRIP”), pursuant to which the Corporation’s stockholders and holders of OP Units (other than the Corporation), could elect to have cash distributions reinvested in additional shares of the Corporation’s common stock. The DRIP was terminated effective February 10, 2020. At March 31, 2020 and December 31, 2019, a total of 3,075 and 3,005 shares of common stock, respectively, have been issued under the DRIP.

Earnings per Share

Earnings per Share	3 Months Ended
	Mar. 31, 2020
Earnings Per Share [Abstract]
Earnings Per Share	14. Earnings per Share The following table summarizes the components used in the calculation of basic and diluted earnings per share (“EPS”): For the three months ended March 31, (in thousands, except per share) 2020 2019 Basic earnings: Net earnings attributable to Broadstone Net Lease, Inc. $ 10,816 $ 13,938 Diluted earnings: Net earnings attributable to Broadstone Net Lease, Inc. $ 10,816 $ 13,938 Net earnings attributable to non-controlling interests 1,032 1,084 $ 11,848 $ 15,022 Basic and diluted weighted average shares outstanding: Weighted average number of common shares outstanding used in basic earnings per share 26,527 22,335 Effects of convertible membership units 2,526 1,737 Weighted average number of common shares outstanding used in diluted earnings per share 29,053 24,072 Basic and diluted net earnings per common share $ 0.41 $ 0.62 In the table above, outstanding OP Units are included in the diluted earnings per share calculation. However, because such OP Units would also require that the share of the OP income attributable to such OP 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, 2020
Supplemental Cash Flow Elements [Abstract]
Supplemental Cash Flow Disclosures	15. Supplemental Cash Flow Disclosures Cash paid for interest was $14,010 and $16,777 for the three months ended March 31, 2020 and 2019, respectively. Cash paid for income taxes was $195 and $395 for the three months ended March 31, 2020 and 2019, 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, 2020 and 2019, the Corporation issued 69 and 173 shares, respectively, of common stock with a value of approximately $5,733 and $14,533, respectively, under the terms of the DRIP (see Note 13). • During the three months ended March 31, 2020, the Company issued shares of common stock and OP Units, with a total value of approximately $178,535, and earnout consideration with a fair value of $40,119 as consideration for the Internalization and assumed $90,484 of debt (see Note 4). • During the three months ended March 31, 2020, the Company adjusted the carrying value of mezzanine equity non-controlling interests by $2,416 with an offset to additional paid-in capital (see Note 2). • At March 31, 2020 and 2019, dividend amounts declared and accrued but not yet paid amounted to $13,160 and $10,734, respectively. • Upon adoption of ASC 326 on January 1, 2020, described in Note 2, the Company recorded a transition adjustment to record a provision for credit losses associated with its net investment in direct financing leases of $323, with an equal amount recorded as a reduction in retained earnings. The provision for credit losses is included as a component of Investment in rental property, net accounted for using the direct financing method on the Condensed Consolidated Balance Sheets. • Upon adoption of ASC 842 on January 1, 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. 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, 2020
Commitments And Contingencies Disclosure [Abstract]
Commitments and Contingencies	16. Commitments and Contingencies Litigation From time to time, the Company is a party to various litigation matters incidental to the conduct of the Company’s business. While the resolution of such matters cannot be predicted with certainty, based on currently available information, the Company does not believe that the final outcome of any of these matters will have a material effect on its consolidated financial position, results of operations, or liquidity. Property and Acquisition Related In connection with ownership and operation of real estate, the Company may potentially be liable for 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. Balances associated with tenant improvement allowances are included in Accounts payable and other liabilities on the Condensed Consolidated Balance Sheets as follows: (in thousands) March 31, 2020 December 31, 2019 Tenant improvement allowances $ 2,219 $ 2,706 The Company is a party to three separate tax protection agreements with the contributing members of three distinct UPREIT transactions and to the Founding Owners’ Tax Protection Agreement in connection with the Internalization (see Note 3). The tax protection agreements require the Company to indemnify the beneficiaries in the event of a sale, exchange, transfer, or other disposal of the contributed property, or in the case of the Founding Owners’ Tax Protection Agreement, the entire Company, in a taxable transaction that would cause such beneficiaries to recognize a gain that is protected under the agreements, subject to certain exceptions. Based on values as of March 31, 2020, taxable sales of the applicable properties would trigger liability under the Agreements of approximately $22,300. Based on information available, the Company does not believe that the events resulting in damages as detailed above have occurred or are likely to occur in the foreseeable future. Obligations Under Operating Leases Subsequent to the Internalization (see Note 4), the Company leases office space for its corporate headquarters and other locations under non-cancellable operating leases with remaining lease terms ranging from 2020 to 2023. These leases contain provisions for fixed monthly payments, subject to rent escalations. None of the leases are subject to any sublease agreement. The lease for the corporate headquarters is with a related party (see Note 3). The Company also leases land at certain properties under non-cancellable operating leases (“ground leases”) with initial lease terms ranging from 2034 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. The following table summarizes the total lease costs associated with operating leases: For the three months ended March 31, (in thousands) Financial Statement Presentation 2020 2019 Operating lease costs Office leases General and administrative $ 52 $ — Ground leases Property and operating expense 33 35 Variable lease costs Ground leases Property and operating expense 18 12 Total lease costs $ 103 $ 47 The following table summarizes payments associated with obligations under operating leases, reported as Cash flows from operating activities on the accompanying Condensed Consolidated Statements of Cash Flows: For the three months ended March 31, (in thousands) 2020 2019 Operating lease payments $ 128 $ 72 Estimated future lease payments required under non-cancelable operating leases at March 31, 2020, and a reconciliation to the lease liabilities, is as follows: (in thousands) Remainder of 2020 $ 534 2021 711 2022 686 2023 505 2024 120 Thereafter 2,411 Total undiscounted cash flows 4,967 Less imputed interest (1,908 ) Lease liabilities $ 3,059 The above rental payments include future minimum lease payments due during the initial lease terms. Such amounts exclude any contingent amounts associated with percentage rent that may become due in future periods.

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2020
Subsequent Events [Abstract]
Subsequent Events	17. Subsequent Events Subsequent to March 31, 2020, the OP drew additional borrowings on the Revolving Credit Facility in the aggregate amount of $25,000. On May 5, 2020, the Company gave notice that it was exercising the first of two six-month extension options available under the terms of the 2020 Unsecured Term Loan Agreement (see Note 9), effective as of August 2, 2020, and extending the maturity date of the loan to February 2, 2021, subject to certain customary conditions and in exchange for the payment of a 0.05% fee payable on August 2, 2020. Subsequent to March 31, 2020, the Company paid $13,160 in distributions. At its May 7, 2020 meeting, the Board of Directors undertook a full review of the Company’s rent collection results for April, preliminary collection results for May, the outlook for collections in future months, and the Company’s overall liquidity position. Given the economic uncertainty and rapidly evolving circumstances related to the COVID-19 pandemic (discussed below) and current tenant rent relief requests, to preserve cash and strengthen the Company’s liquidity position, the Board of Directors determined that it would temporarily suspend the Company’s monthly distribution. The previously announced distribution of $0.44 per common share and OP Unit for the month of April 2020 will be paid on May 15, 2020. The Board of Directors will re-evaluate whether or not to reinstate a distribution at its August 2020 meeting. On May 7, 2020, the Board of Directors determined the share value for the Corporation’s common stock to be $82.00 per share for the period May 1, 2020 through July 31, 2020. However, as previously disclosed, on January 10, 2020, the Company suspended its private offering of shares of its common stock until further notice. Through May 7, 2020, the Company sold three properties with an aggregate carrying value of approximately $8,994 for total proceeds of $10,538. The Company incurred additional expenses related to the sales of approximately $489, resulting in a gain on sale of real estate of approximately $1,055. COVID-19 Pandemic Since its discovery in December 2019, a novel strain of coronavirus, which causes the viral disease known as COVID-19, has spread throughout most countries of the world, including the United States. The outbreak has been declared a pandemic by the World Health Organization, and the United States Secretary of Health and Human Services has declared a public health emergency in the United States. In response to the COVID-19 pandemic, many local, state and federal governments have instituted “stay at home” or “shelter in place” rules and restrictions on the types of businesses that may continue to operate, which resulted in closure of many businesses deemed to be non-essential. Many of the Company’s tenants, in particular those who operate in the retail and restaurant industries, depend on in-person interactions with customers to generate unit-level profitability, and have been negatively impacted by the pandemic, as have businesses who supply products and services to these industries. As a result, in March and subsequent to the end of the quarter, the Company received rent relief requests from 68 tenants representing approximately 36.3% of annualized contractual revenues. The Company is in various stages of discussion with these tenants and currently expects to grant relief to some of its tenants to defer rent payments as a result of their estimated lost revenues from the current COVID-19 pandemic; however, there can be no assurance the Company will reach an agreement with any tenant or if an agreement is reached, that any such tenant will be able to repay any such deferred rent in the future. The full extent of the impact of the COVID-19 pandemic on the Company’s financial condition, results of operations, income, expenses, and ability to pay distributions cannot be determined at this time and will depend on certain developments, including the duration and spread of the outbreak and its impact on the Company’s tenants, all of which are uncertain and cannot be predicted. For further discussion of the COVID-19 outbreak, refer to Part II, Item 1A. of this Quarterly Report on Form 10-Q.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2020
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 Company. All intercompany balances and transactions have been eliminated in consolidation. To the extent the Corporation has a variable interest in entities that are not evaluated under the variable interest entity (“VIE”) model, the Corporation evaluates its interests using the voting interest entity model. The Corporation has complete responsibility for the day-to-day management of, authority to make decisions for, and control of the OP. Based on consolidation guidance, the Corporation has concluded that the OP is a VIE as the members in the OP do not possess kick-out rights or substantive participating rights. Accordingly, the Corporation consolidates its interest in the OP. However, because the Corporation holds the majority voting interest in the OP, it qualifies for the exemption from providing certain disclosure requirements associated with investments in VIEs. The portion of the OP 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 tangible and intangible assets acquired and liabilities assumed, the value of long-lived assets and goodwill, the provision for impairment, the depreciable lives of rental property, the amortizable lives of intangible assets and liabilities, the provisions for uncollectible rent and credit losses, the fair value of earnout liabilities, 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, other than goodwill, 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. The Company’s assessment of impairment as of March 31, 2020 was based on the most current information available to the Company. Based upon current market conditions resulting from the COVID-19 pandemic (see Note 17), certain of the Company’s properties may have fair values less than their carrying amounts. However, based on the Company’s plans with respect to those properties, the Company believes that their carrying amounts are recoverable and therefore, under applicable GAAP guidance, no impairment charges were recognized other than those described below. If the operating conditions mentioned above deteriorate or if the Company’s expected holding period for assets changes, subsequent tests for impairments could result in additional impairment charges in the future. Inputs used in establishing fair value for real estate assets generally fall within Level 3 of the fair value hierarchy, which are characterized as requiring significant judgment as little or no current market activity may be available for validation. The main indicator used to establish the classification of the inputs is current market conditions, as derived through the use of published commercial real estate market information. The Company determines the valuation of impaired assets using generally accepted valuation techniques including discounted cash flow analysis, income capitalization, analysis of recent comparable sales transactions, actual sales negotiations, and bona fide purchase offers received from third parties. Management may consider a single valuation technique or multiple valuation techniques, as appropriate, when estimating the fair value of its real estate. During the three months ended March 31, 2020 and 2019, the Company recorded impairment charges of $ 2,133
Restricted Cash	Restricted Cash Restricted cash includes escrow funds the Company maintains pursuant to the terms of certain mortgages, notes payable, and lease agreements, and undistributed proceeds from the sale of properties under Section 1031 of the Internal Revenue Code of 1986, as amended (the “Code”), and is reported within Prepaid expenses and other assets in the Condensed Consolidated Balance Sheets. Restricted cash consisted of the following: March 31, December 31, (in thousands) 2020 2019 Escrow funds and other $ 1,504 $ 2,311 Undistributed 1031 proceeds 2,057 5,545 $ 3,561 $ 7,856
Revenue Recognition	Revenue Recognition The Company accounts for leases in accordance with ASC 842, Leases Certain of the Company’s leases require tenants to pay rent based upon a percentage of the property’s net sales (“percentage rent”) or contain rent escalators indexed to future changes in the Consumer Price Index (“CPI”). Lease income associated with such provisions is considered variable lease income and is not included in the initial measurement of the lease receivable, or in the calculation of straight-line rent revenue. Such amounts are recognized as income when the amounts are determinable. A lease is classified as an operating lease if none of the following criteria are met: (i) ownership transfers to the lessee at the end of the lease term, (ii) the lessee has a purchase option that is reasonably expected to be exercised, (iii) the lease term is for a major part of the economic life of the leased property, (iv) the present value of the future lease payments and any residual value guaranteed by the lessee that is not already reflected in the lease payments equals or exceeds substantially all of the fair value of the leased property, and (v) the leased property is of such a specialized nature that it is expected to have no future alternative use to the Company at the end of the lease term. If one or more of these criteria are met, the lease will generally be classified as a sales-type lease, unless the lease contains a residual value guarantee from a third party other than the lessee, in which case it would be classified as a direct financing lease under certain circumstances. The Company accounts for the right to use land as a separate lease component, unless the accounting effect of doing so would be insignificant. Determination of significance requires management judgment. In determining whether the accounting effect of separately reporting the land component from other components for its real estate leases is significant, the Company assesses: (i) whether separating the land component impacts the classification of any lease component, (ii) the value of the land component in the context of the overall contract, and (iii) whether the right to use the land is coterminous with the rights to use the other assets. Revenue recognition methods for operating leases, direct financing leases, and sales-type leases are described below: Rental property accounted for under operating leases – Revenue is recognized as rents are earned on a straight-line basis over the non-cancelable terms of the related leases. For leases that have fixed and measurable rent escalations, 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 lease 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 is included in Accounts payable and other liabilities on the Condensed Consolidated Balance Sheets. Rent received in advance is as follows: (in thousands) March 31, 2020 December 31, 2019 Rent received in advance $ 9,918 $ 13,368
Provision for Uncollectible Rent	Provision for Uncollectible Rent In accordance with ASC 842, provision for uncollectible rent are recorded as an offset to Lease revenues, net on the accompanying Condensed Consolidated Statements of Income and Comprehensive (Loss) Income. The following table summarizes the changes in the provision for uncollectible rent: The following table summarizes the changes in the provision for uncollectible rent: For the three months ended March 31, (in thousands) 2020 2019 Beginning balance $ — $ 2,086 Provision for uncollectible rent 1,033 441 Write-offs — (2,527 ) Ending balance $ 1,033 $ —
Goodwill	Goodwill Goodwill represents the excess of the amount paid over the fair value of the identifiable tangible and intangible assets acquired and liabilities assumed in a business combination and is assigned to one or more reporting units. The Company’s reporting unit is the same as its reportable segment. Goodwill has an indefinite life and is therefore not amortized. The Company evaluates goodwill for impairment when an event occurs or circumstances change that indicate the carrying value may not be recoverable, or at least annually. The Company will adopt an annual goodwill testing date during the fourth quarter.
Deferred Initial Public Offering Costs	Deferred Initial Public Offering Costs The Company has incurred certain costs in connection with its anticipated initial public offering (“IPO”). The Company capitalizes such deferred IPO costs, which primarily consist of direct, incremental legal, professional, accounting and other third-party fees. The deferred IPO costs will be offset against IPO proceeds upon the consummation of an offering. Should the planned IPO be abandoned, the deferred IPO costs will be expensed immediately as a charge to operating expenses in the Condensed Consolidated Statement of Income and Comprehensive (Loss) Income. At March 31, 2020 and December 31, 2019, deferred IPO costs were $1,282 and $668, respectively, and were included within Prepaid expenses and other assets on the Condensed Consolidated Balance Sheets.
Fair Value Measurements	Fair Value Measurements ASC 820, Fair Value Measurements and Disclosures, The Company has estimated that the carrying amount reported on the Condensed Consolidated Balance Sheets for Cash and cash equivalents, Prepaid expenses and other assets, Tenant and other receivables, net, and Accounts payable and other liabilities, approximates their fair values due to their short-term nature. Earnout Liability – In connection with the Internalization, the Company recognized an earnout liability that will be due and payable to the former owners of BRE if certain milestones are achieved during specified periods of time following the closing of the Internalization (the “Earnout Periods”) related to either (a) the 40-day dollar volume-weighted average price of a share of the Company’s common stock (“VWAP per REIT Share”), following the completion of an IPO of the Company’s common stock, or (b) the Company’s adjusted funds from operations (“AFFO”) per share, prior to the completion of an IPO (see Note 4). The Company utilizes third-party valuation experts to assist in estimating the fair value of the earnout liability, and develops estimates by considering weighted-average probabilities of likely outcomes, and using a Monte Carlo simulation and discounted cash flow analysis. These estimates require the Company to make various assumptions about future share prices, timing of an IPO, and other items that are unobservable and are considered Level 3 inputs in the fair value hierarchy. A change in these inputs to a different amount might result in a significantly higher or lower fair value measurement at the reporting date. As shown in the tables below, the Company’s weighted average expected IPO date upon close of the Internalization was April 15, 2020. Due to the market dislocation and uncertainty presented by the COVID-19 pandemic, management revised its weighted average expected IPO date as of quarter end to March 15, 2021. The Company anticipates commencing its IPO when market conditions allow, which may be before March 15, 2021. To the extent the expected IPO date advances, there would be a corresponding increase in the earnout liability’s fair value given the earnout’s fixed time horizon. Peer share price volatilities are used to estimate the Company’s expected share price volatility, and the Company’s corresponding ability to achieve the earnout targets. An increase in peer share price volatility would result in an increase in the earnout liability’s fair value. The table below provides a summary of the significant unobservable inputs used to estimate the fair value of the earnout liability as of February 7, 2020, the transaction date. Significant Unobservable Inputs Weighted Average Assumption Used Range Expected IPO date April 15, 2020 March 2020 through May 2020 Peer stock price volatility 20.0% 16.22% to 23.09% The table below provides a summary of the significant unobservable inputs used to estimate the fair value of the earnout liability as of March 31, 2020. Significant Unobservable Inputs Weighted Average Assumption Used Range Expected IPO date March 15, 2021 November 2020 through May 2021 Peer stock price volatility 30.0% 22.96% to 43.91% The following table presents a reconciliation of the change in the earnout liability: For the three months ended (in thousands) March 31, 2020 Allocation of Internalization purchase price at February 7, 2020 $ 40,119 Change in fair value subsequent to Internalization 4,177 Balance at March 31, 2020 $ 44,296 The increase in the earnout liability fair value between February 7, 2020 and March 31, 2020 is primarily a result of an increase in the peer stock price volatility assumption used, as detailed above, a direct result of changes in economic circumstances impacting global equity markets. Interest Rate Swaps – The balances of interest rate swap assets and liabilities (see Note 11) and earnout liability measured at fair value on a recurring basis are as follows: March 31, 2020 (in thousands) Total Level 1 Level 2 Level 3 Interest rate swap, liabilities $ (79,622 ) $ — $ (79,622 ) $ — Earnout liability (44,296 ) — — (44,296 ) December 31, 2019 (in thousands) Total Level 1 Level 2 Level 3 Interest rate swap, assets $ 2,911 $ — $ 2,911 $ — Interest rate swap, liabilities (24,471 ) — (24,471 ) — Long-term Debt – 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 Mortgages and notes payable, net, Unsecured term notes, net, and Unsecured revolving credit facility: (in thousands) March 31, 2020 December 31, 2019 Carrying amount $ 2,144,118 $ 1,989,451 Fair value 2,233,159 2,047,860 As disclosed under the Long-lived Asset Impairment
Right-of-Use Assets and Lease Liabilities/Rental Expense	Right-of-Use Assets and Lease Liabilities The Company is a lessee under non-cancelable operating leases associated with its corporate headquarters and other office spaces as well as with leases of land (“ground leases”). The Company records right-of-use assets and lease liabilities associated with these leases. The lease liability is equal to the net present value of the future payments to be made under the lease, discounted using estimates based on observable market factors. The right-of-use asset is generally equal to the lease liability plus initial direct costs associated with the leases. The Company includes in the recognition of the right-of-use asset and lease liability those renewal periods that are reasonably certain to be exercised, based on the facts and circumstances that exist at lease inception. Amounts associated with percentage rent provisions are considered variable lease costs and are not included in the initial measurement of the right-of-use asset or lease liability. The Company has made an accounting policy election, applicable to all asset types, to not separate lease from nonlease components when allocating contract consideration related to operating leases. Right-of-use assets and lease liabilities associated with operating leases were included in the accompanying Condensed Consolidated Balance Sheets as follows: March 31, December 31, (in thousands) Financial Statement Presentation 2020 2019 Right-of-use assets Prepaid expenses and other assets $ 3,457 $ 1,614 Lease liabilities Accounts payable and other liabilities 3,059 1,209
Earnout Liability	Earnout Liability The Company’s earnout liability is payable in a combination of cash, common shares, and OP Units, in the same proportion as the initial consideration paid in the Internalization (see Note 4). The common shares and OP Units payable under the arrangement will be subject to a redemption rights agreement, whereby holders of the common shares and OP Units will have the right to require the Company to repurchase any or all of the common shares or OP Units if an IPO has not occurred (see discussion of the redemption rights agreement in Note 4). The common shares and OP Units are deemed to be freestanding financial instruments that, at inception, embody an obligation to repurchase the Company’s common shares and OP Units, and therefore have been classified as liabilities together with the cash portion of the earnout. The fair value of the earnout liability at the time of the Internalization was recorded in Earnout liability on the Condensed Consolidated Balance Sheets as part of the purchase price allocation. The fair value of the earnout liability is remeasured each reporting period, with changes recorded as Change in fair value of earnout liability in the Condensed Consolidated Statements of Income and Comprehensive (Loss) Income.
Mezzanine Equity	Mezzanine Equity The Company issued common shares and OP Units as base consideration for the Internalization, each of which were subject to a redemption rights agreement, where the common shares (“mezzanine equity common stock”) and OP Units (“mezzanine equity non-controlling interests”) are economically equivalent to the permanent equity classified common shares and OP Units with the exception of certain contingent redemption rights that are not yet exercisable as of March 31, 2020 (see discussion of redemption rights agreement in Note 4). The Company presents the mezzanine equity common stock and mezzanine equity non-controlling interests as mezzanine equity in the Condensed Consolidated Balance Sheets as they are redeemable outside the Company’s control. The Company subsequently records mezzanine equity common stock at redemption value each reporting period, with changes in carrying value recorded as a component of Additional paid-in capital on the Condensed Consolidated Balance Sheets. The Company subsequently records mezzanine equity non-controlling interests at the greater of (i) carrying amount, increased or decreased for the non-controlling interest’s share of net income or loss, dividends and comprehensive income or loss or (ii) redemption value. Changes in carrying value of mezzanine equity non-controlling interests are recorded as a component of Additional paid-in capital on the Condensed Consolidated Balance Sheets.
Recently Adopted Accounting Standards and Other Recently Issued Accounting Standards	Recently Adopted 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. In April 2019, the FASB issued ASU 2019-04, Codification Improvements to Topic 326, Financial Instruments – Credit Losses, Topic 815, Derivatives and Hedging, and Topic 825, Financial Instruments In March 2020, the FASB issued ASU No. 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting Other Recently Issued Accounting Standards As more fully described in Note 17, during 2020 there have been business disruptions and challenges severely affecting the global economy caused by the COVID-19 pandemic. In response, lessors may be required to provide rent deferrals and other lease concessions to lessees. While the lease modification guidance in ASC 842, Leases
Reclassifications	Reclassifications The Company reclassified $443 of Income taxes from a component of Operating expenses to a component of Other income (expenses), on the Condensed Consolidated Statements of Income and Comprehensive (Loss) Income for the three months ended March 31, 2019, to conform with the current period presentation. The reclassification is a change from one acceptable presentation to another acceptable presentation.

Business Description (Tables)

Business Description (Tables)	3 Months Ended
	Mar. 31, 2020
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Summary of Outstanding Equity and Economic Ownership Interest	The following table summarizes the outstanding equity and economic ownership interest of the Corporation and the OP: March 31, 2020 December 31, 2019 (in thousands) Shares of Common Stock OP Units Total Diluted Shares Shares of Common Stock OP Units Total Diluted Shares Permanent equity 26,074 1,737 27,811 26,001 1,737 27,738 Mezzanine equity 781 1,320 2,101 — — — Total 26,855 3,057 29,912 26,001 1,737 27,738 Percent Ownership of OP 89.9 % 10.1 % 100.0 % 93.7 % 6.3 % 100.0 %

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	3 Months Ended
	Mar. 31, 2020
Accounting Policies [Abstract]
Summary of Restricted Cash	Restricted cash consisted of the following: March 31, December 31, (in thousands) 2020 2019 Escrow funds and other $ 1,504 $ 2,311 Undistributed 1031 proceeds 2,057 5,545 $ 3,561 $ 7,856
Summary of Rents Received in Advance	Rent received in advance represents tenant payments received prior to the contractual due date, and is included in Accounts payable and other liabilities on the Condensed Consolidated Balance Sheets. Rent received in advance is as follows: (in thousands) March 31, 2020 December 31, 2019 Rent received in advance $ 9,918 $ 13,368
Summary of Changes in the Provision for Uncollectible Rent	The following table summarizes the changes in the provision for uncollectible rent: For the three months ended March 31, (in thousands) 2020 2019 Beginning balance $ — $ 2,086 Provision for uncollectible rent 1,033 441 Write-offs — (2,527 ) Ending balance $ 1,033 $ —
Summary of Significant Unobservable Inputs Used to Estimate Fair Value of Earnout Liability	The table below provides a summary of the significant unobservable inputs used to estimate the fair value of the earnout liability as of February 7, 2020, the transaction date. Significant Unobservable Inputs Weighted Average Assumption Used Range Expected IPO date April 15, 2020 March 2020 through May 2020 Peer stock price volatility 20.0% 16.22% to 23.09% The table below provides a summary of the significant unobservable inputs used to estimate the fair value of the earnout liability as of March 31, 2020. Significant Unobservable Inputs Weighted Average Assumption Used Range Expected IPO date March 15, 2021 November 2020 through May 2021 Peer stock price volatility 30.0% 22.96% to 43.91%
Summary of Reconciliation of Change in Earnout Liability	The following table presents a reconciliation of the change in the earnout liability: For the three months ended (in thousands) March 31, 2020 Allocation of Internalization purchase price at February 7, 2020 $ 40,119 Change in fair value subsequent to Internalization 4,177 Balance at March 31, 2020 $ 44,296
Balances of Interest Rate Swap Assets and Liabilities and Earnout Liability Measured at Fair Value on Recurring Basis	Interest Rate Swaps – The balances of interest rate swap assets and liabilities (see Note 11) and earnout liability measured at fair value on a recurring basis are as follows: March 31, 2020 (in thousands) Total Level 1 Level 2 Level 3 Interest rate swap, liabilities $ (79,622 ) $ — $ (79,622 ) $ — Earnout liability (44,296 ) — — (44,296 ) December 31, 2019 (in thousands) Total Level 1 Level 2 Level 3 Interest rate swap, assets $ 2,911 $ — $ 2,911 $ — Interest rate swap, liabilities (24,471 ) — (24,471 ) —
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 Mortgages and notes payable, net, Unsecured term notes, net, and Unsecured revolving credit facility: (in thousands) March 31, 2020 December 31, 2019 Carrying amount $ 2,144,118 $ 1,989,451 Fair value 2,233,159 2,047,860
Summary of Right-of-Use Assets And Lease Liabilities Associated With Operating Leases Included In Condensed Consolidated Balance Sheets	Right-of-use assets and lease liabilities associated with operating leases were included in the accompanying Condensed Consolidated Balance Sheets as follows: March 31, December 31, (in thousands) Financial Statement Presentation 2020 2019 Right-of-use assets Prepaid expenses and other assets $ 3,457 $ 1,614 Lease liabilities Accounts payable and other liabilities 3,059 1,209

Related-Party Transactions (Tab

Related-Party Transactions (Tables)	3 Months Ended
	Mar. 31, 2020
Property Management Agreement and Asset Management Agreement
Schedule of Related Party Transactions	Total fees incurred under the Property Management Agreement and Asset Management Agreement were as follows: (in thousands) For the three months ended March 31, Type of Fee Financial Statement Presentation 2020 (a) 2019 Asset management fee Asset management fees $ 2,461 $ 5,120 Property management fee Property management fees 1,275 1,885 Total management fee expense 3,736 7,005 Marketing fee (offering costs) Additional paid-in capital — 300 Acquisition fee Capitalized as a component of assets acquired — 730 Leasing fee and re-leasing fees Leasing fees, net — 258 Disposition fee Gain on sale of real estate 109 113 Total management fees $ 3,845 $ 8,406 (a) Fees were payable under the Property Management Agreement and Asset Management Agreement from January 1, 2020 through February 6, 2020. The Internalization was effective February 7, 2020.

Internalization (Tables)

Internalization (Tables)	3 Months Ended
	Mar. 31, 2020
Internalization [Abstract]
Schedule of Base Consideration	The consideration paid at closing of the Internalization is summarized in the following table: (in thousands) Issuance of 781 shares of common stock $ 66,376 Issuance of 1,320 OP Units 112,159 Cash 30,981 Base consideration 209,516 Initial estimate of fair value of earnout liability 40,119 Total consideration $ 249,635
Summary of Earnout Tranches, Applicable VWAP of REIT Share and AFFO Per Share, and Applicable Earnout Periods	The earnout tranches, applicable 40-day VWAP of a REIT Share and AFFO per share, and the applicable Earnout Periods are as follows: (in thousands, except per share amounts) If the Company has completed an IPO If the Company has not completed an IPO Earnout Tranche (a) 40-Day VWAP of a REIT Share Applicable Earnout Period AFFO per Share Applicable Earnout Period $10,000 $90.00 The two-year period beginning on the earlier of (i) the IPO closing date or (ii) December 31, 2020. $5.85 The two-year period consisting of the calendar years ended December 31, 2020 and December 31, 2021. $15,000 $95.00 The two-year period beginning on the earlier of (i) the IPO closing date or (ii) December 31, 2020. $5.95 The two-year period consisting of the calendar years ended December 31, 2020 and December 31, 2021. $25,000 $97.50 The four-year period beginning on the date that is exactly one year after the earnout period begins for the first and second tranches above. $6.30 The four-year period consisting of the calendar years ended December 31, 2021, December 31, 2022, December 31, 2023 and December 31, 2024. $25,000 $100.00 The four-year period beginning on the date that is exactly one year after the earnout period begins for the first and second tranches above. $6.70 The four-year period consisting of the calendar years ended December 31, 2021, December 31, 2022, December 31, 2023 and December 31, 2024. (a) Initial contractual value of applicable earnout tranche based on an $85.00 price per share/unit of common stock and OP Units. Does not take into account the actual per share price of common stock and OP Units at the time an applicable earnout tranche may be earned and paid.
Summary of Preliminary Allocation of Purchase Price	The following table summarizes the Company’s preliminary allocation of the purchase price associated with the Internalization: (in thousands) Prepaid expenses and other assets $ 1,336 Right-of-use assets 1,898 Goodwill 339,769 Accounts payable and other liabilities (986 ) Operating lease liabilities (1,898 ) Debt (90,484 ) $ 249,635 (in thousands) For the three months ended March 31, 2019 Land $ 7,149 Land improvements 10,506 Buildings and improvements 49,677 Acquired in-place leases (b) 6,618 Acquired above-market leases (c) 2,169 Acquired below-market leases (d) (836 ) $ 75,283 (b) (c) (d)
Schedule of Pro Forma Financial Information	The condensed pro forma financial information is as follows for the three months ended March 31, 2020 and 2019: For the three months ended March 31, (in thousands) 2020 2019 Revenues $ 78,231 $ 68,430 Net income 13,751 17,685

Acquisitions of Rental Proper_2

Acquisitions of Rental Property (Tables)	3 Months Ended
	Mar. 31, 2020
Business Combinations [Abstract]
Acquisitions of Rental Property Closed	The Company did not complete any acquisitions of rental property during the three months ended March 31, 2020. The Company closed on the following acquisitions of rental property 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 )
Summary of Preliminary Allocation of Purchase Price	The following table summarizes the Company’s preliminary allocation of the purchase price associated with the Internalization: (in thousands) Prepaid expenses and other assets $ 1,336 Right-of-use assets 1,898 Goodwill 339,769 Accounts payable and other liabilities (986 ) Operating lease liabilities (1,898 ) Debt (90,484 ) $ 249,635 (in thousands) For the three months ended March 31, 2019 Land $ 7,149 Land improvements 10,506 Buildings and improvements 49,677 Acquired in-place leases (b) 6,618 Acquired above-market leases (c) 2,169 Acquired below-market leases (d) (836 ) $ 75,283 (b) (c) (d)

Sale of Real Estate (Tables)

Sale of Real Estate (Tables)	3 Months Ended
	Mar. 31, 2020
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) 2020 2019 Number of properties disposed 10 4 Aggregate sale price $ 37,185 $ 11,291 Aggregate carrying value (27,764 ) (9,212 ) Additional sales expenses (1,802 ) (679 ) Gain on sale of real estate $ 7,619 $ 1,400

Investment in Rental Property_2

Investment in Rental Property and Lease Arrangements (Tables)	3 Months Ended
	Mar. 31, 2020
Leases [Abstract]
Rental Property Subject to Non-cancelable Operating Leases	Rental property subject to non-cancelable operating leases with tenants was as follows: (in thousands) March 31, 2020 December 31, 2019 Land $ 545,846 $ 548,911 Land improvements 274,135 275,470 Buildings and improvements 2,827,111 2,850,571 Equipment 11,492 11,492 3,658,584 3,686,444 Less accumulated depreciation (291,018 ) (271,044 ) $ 3,367,566 $ 3,415,400 Depreciation expense on investment in rental property was as follows: For the three months ended March 31, (in thousands) 2020 2019 Depreciation $ 23,515 $ 18,753
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, 2020 are as follows: (in thousands) Remainder of 2020 $ 210,383 2021 284,505 2022 287,511 2023 290,357 2024 285,396 Thereafter 2,130,183 $ 3,488,335
Net Investment in Direct Financing Leases	The Company’s net investment in direct financing leases was comprised of the following: (in thousands) March 31, 2020 December 31, 2019 Undiscounted estimated lease payments to be received $ 68,898 $ 72,753 Estimated unguaranteed residual values 19,827 20,358 Unearned income (48,459 ) (51,221 ) Reserve for credit losses (305 ) — Net investment in direct financing leases $ 39,961 $ 41,890
Direct Financing Leases, Lease Receivable Maturity	Undiscounted estimated lease payments to be received under non-cancelable direct financing leases with tenants at March 31, 2020 are as follows: (in thousands) Remainder of 2020 $ 3,047 2021 4,138 2022 4,220 2023 4,305 2024 4,385 Thereafter 48,803 $ 68,898
Summary of Amounts Reported as Lease Revenues Net on the Condensed Consolidated Statements of Income and Comprehensive (Loss) Income	The following table summarizes amounts reported as Lease revenues, net on the Condensed Consolidated Statements of Income and Comprehensive (Loss) Income: For the three months ended March 31, (in thousands) 2020 2019 Contractual rental amounts billed for operating leases $ 72,828 $ 58,419 Adjustment to recognize contractual operating lease billings on a straight-line basis 1,665 5,171 Percentage rent income 3 — Adjustment to revenue recognized for uncollectible rental amounts billed (1,033 ) (440 ) Total operating lease rental revenues 73,463 63,150 Earned income from direct financing leases 987 1,005 Operating expenses billed to tenants 3,732 4,275 Other income from real estate transactions 49 — Total Lease revenues, net $ 78,231 $ 68,430

Intangible Assets and Liabili_2

Intangible Assets and Liabilities (Tables)	3 Months Ended
	Mar. 31, 2020
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, 2020 December 31, 2019 Lease intangibles: Acquired above-market leases $ 60,394 $ 62,136 Less accumulated amortization (17,989 ) (17,433 ) Acquired above-market leases, net 42,405 44,703 Acquired in-place leases 346,165 349,645 Less accumulated amortization (68,152 ) (62,454 ) Acquired in-place leases, net 278,013 287,191 Total intangible lease assets, net $ 320,418 $ 331,894 Acquired below-market leases $ 113,091 $ 113,862 Less accumulated amortization (23,418 ) (21,640 ) Intangible lease liabilities, net $ 89,673 $ 92,222 Leasing fees $ 16,841 $ 17,013 Less accumulated amortization (4,349 ) (4,166 ) Leasing fees, net $ 12,492 $ 12,847
Schedule of Amortization for Intangible Lease Assets and Liabilities	Amortization for intangible lease assets and liabilities was as follows: (in thousands) For the three months ended March 31, Intangible Financial Statement Presentation 2020 2019 Acquired in-place leases and leasing fees Depreciation and amortization $ 7,695 $ 5,557 Above-market and below-market leases Lease revenues, net 1,140 740
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense	Estimated future amortization of intangible assets and liabilities at March 31, 2020 is as follows: (in thousands) Remainder of 2020 $ 17,706 2021 23,286 2022 22,738 2023 22,411 2024 21,644 Thereafter 135,452 $ 243,237

Unsecured Credit Agreements (Ta

Unsecured Credit Agreements (Tables)	3 Months Ended
	Mar. 31, 2020
Summary of Debt Issuance Cost Amortization	The following table summarizes debt issuance cost amortization: For the three months ended March 31, (in thousands) 2020 2019 Debt issuance costs amortization $ 888 $ 553
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, 2020 December 31, 2019 Interest Rate (c) Maturity Date 2020 Unsecured Term Loan (a) $ 240,000 $ 300,000 one-month LIBOR + 1.25% Aug. 2020 (d) Unsecured Revolving Credit and Term Loan Agreement (a) Revolving Credit Facility 353,300 197,300 one-month LIBOR + 1.20% Jan. 2022 2023 Unsecured Term Loan 265,000 265,000 one-month LIBOR + 1.35% Jan. 2023 2024 Unsecured Term Loan 190,000 190,000 one-month LIBOR + 1.25% Jun. 2024 808,300 652,300 2022 Unsecured Term Loan (a) 60,000 — one-month LIBOR + 1.25% Feb. 2022 2026 Unsecured Term Loan (a) 450,000 450,000 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 2,033,300 1,877,300 Debt issuance costs, net (b) (7,413 ) (7,919 ) $ 2,025,887 $ 1,869,381 (a) The Company believes it was in compliance with all financial covenants for all periods presented. (b) Amounts presented include debt issuance costs, net, related to the unsecured term notes and senior notes only. ( c ) ( d ) The 2020 Unsecured Term Loan allow s two six-month extensions , at the Company’s option, subject to the Company’s being in compliance with the debt covenants and customary representations and warranties, and payment of a fee equal to 0.05% of the outstanding principal balance at the time of extension. On May 5, 2020, the Company gave notice that it was exercising the first of these options, effective as of August 2, 2020.

Mortgages and Notes Payable (Ta

Mortgages and Notes Payable (Tables)	3 Months Ended
	Mar. 31, 2020
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, 2020 For the year ended December 31, 2019 Number of mortgages 1 4 Outstanding balance of mortgages $ 541 $ 13,905
Summary of Cost Extinguished Mortgages	The following table summarizes the cost of mortgage extinguishment: For the three months ended March 31, (in thousands) 2020 2019 Cost of mortgage extinguishment $ 22 $ 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 9) at March 31, 2020 are as follows: (in thousands) Remainder of 2020 $ 2,401 2021 258,006 2022 416,207 2023 273,332 2024 192,260 Thereafter 1,001,912 $ 2,144,118
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 2020 2019 (1) Wilmington Trust National Association Apr-19 Feb-28 4.92% $ 48,787 $ 49,065 (a) (b) (c) (k) (2) Wilmington Trust National Association Jun-18 Aug-25 4.36% 20,225 20,318 (a) (b) (c) (j) (3) PNC Bank Oct-16 Nov-26 3.62% 17,789 17,885 (b) (c) (4) Sun Life Mar-12 Oct-21 5.13% 10,785 10,888 (b) (f) (5) Aegon Apr-12 Oct-23 6.38% 7,604 7,788 (b) (g) (6) M&T Bank Oct-17 Aug-21 one - month LIBOR+3% 4,878 4,913 (b) (d) (h) ( i ) (7) Note holders Dec-08 Dec-23 6.25% 750 750 (d) (8) Standard Insurance Co. Jul-10 Aug-30 6.75% — 544 (b) (c) (d) (e) 110,818 112,151 Debt issuance costs, net (354 ) (358 ) $ 110,464 $ 111,793 (a) Non-recourse debt includes the indemnification/guaranty of the Corporation and/or OP pertaining to fraud, environmental claims, insolvency and other matters. (b) Debt secured by related rental property and lease rents. (c) Debt secured by guaranty of the OP. (d) Debt secured by guaranty of the Corporation. ( e ) The interest rate represents the initial interest rate. The interest rate could have been adjusted at Standard Insurance’s discretion (based on prevailing rates) at 119 months from the first payment date. ( f ) 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. ( g ) 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. ( h ) The Company entered into an interest rate swap agreement in connection with the mortgage note, as further described in Note 11. ( i ) 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. ( j ) 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. ( k ) Mortgage was assumed in April 2019 as part of the acquisition of the related property. The debt was recorded at fair value at the time of assumption.

Interest Rate Swaps (Tables)

Interest Rate Swaps (Tables)	3 Months Ended
	Mar. 31, 2020
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, 2020 December 31, 2019 Bank of America, N.A. November 2023 2.80 % one-month LIBOR $ 25,000 $ (2,178 ) $ (1,136 ) Bank of Montreal July 2024 1.16 % one-month LIBOR 40,000 (1,324 ) 740 Bank of Montreal January 2025 1.91 % one-month LIBOR 25,000 (1,806 ) (402 ) Bank of Montreal July 2025 2.32 % one-month LIBOR 25,000 (2,500 ) (970 ) Bank of Montreal January 2026 1.92 % one-month LIBOR 25,000 (2,118 ) (448 ) Bank of Montreal January 2026 2.05 % one-month LIBOR 40,000 (3,685 ) (1,014 ) Bank of Montreal December 2026 2.33 % one-month LIBOR 10,000 (1,231 ) (460 ) Bank of Montreal December 2026 1.99 % one-month LIBOR 25,000 (2,500 ) (577 ) Bank of Montreal December 2027 2.37 % one-month LIBOR 25,000 (3,497 ) (1,306 ) Bank of Montreal May 2029 2.09 % one-month LIBOR 25,000 (3,342 ) (799 ) Capital One, National Association December 2021 1.05 % one-month LIBOR 15,000 (213 ) 143 Capital One, National Association December 2024 1.58 % one-month LIBOR 15,000 (836 ) 10 Capital One, National Association January 2026 2.08 % one-month LIBOR 35,000 (3,291 ) (911 ) Capital One, National Association April 2026 2.68 % one-month LIBOR 15,000 (2,007 ) (944 ) Capital One, National Association July 2026 1.32 % one-month LIBOR 35,000 (1,844 ) 720 Capital One, National Association December 2027 2.37 % one-month LIBOR 25,000 (3,533 ) (1,278 ) M&T Bank August 2021 1.02 % one-month LIBOR 4,877 (45 ) 41 (a), (b) M&T Bank September 2022 2.83 % one-month LIBOR 25,000 (1,553 ) (862 ) M&T Bank November 2023 2.65 % one-month LIBOR 25,000 (2,097 ) (1,038 ) Regions Bank May 2020 2.12 % one-month LIBOR 50,000 (92 ) (104 ) Regions Bank December 2023 1.18 % one-month LIBOR 25,000 (793 ) 376 Regions Bank May 2029 2.11 % one-month LIBOR 25,000 (3,438 ) (827 ) Regions Bank June 2029 2.03 % one-month LIBOR 25,000 (3,260 ) (651 ) Truist Financial Corporation April 2024 1.99 % one-month LIBOR 25,000 (1,655 ) (451 ) Truist Financial Corporation April 2025 2.20 % one-month LIBOR 25,000 (2,260 ) (781 ) Truist Financial Corporation July 2025 1.99 % one-month LIBOR 25,000 (2,075 ) (524 ) Truist Financial Corporation December 2025 2.30 % one-month LIBOR 25,000 (2,676 ) (993 ) Truist Financial Corporation January 2026 1.93 % one-month LIBOR 25,000 (2,146 ) (458 ) U.S. Bank National Association June 2029 2.03 % one-month LIBOR 25,000 (3,263 ) (681 ) U.S. Bank National Association August 2029 1.35 % one-month LIBOR 25,000 (1,699 ) 881 Wells Fargo Bank, N.A. February 2021 2.39 % one-month LIBOR 35,000 (599 ) (302 ) Wells Fargo Bank, N.A. October 2024 2.72 % one-month LIBOR 15,000 (1,591 ) (795 ) Wells Fargo Bank, N.A. April 2027 2.72 % one-month LIBOR 25,000 (3,878 ) (1,845 ) Wells Fargo Bank, N.A. January 2028 2.37 % one-month LIBOR 75,000 (10,597 ) (3,914 ) $ (79,622 ) $ (21,560 ) (a) (b) Interest rate swap was assumed in October 2017 as part of an UPREIT transaction.
Total Amounts Recognized and Location of Gain (Loss) in Condensed Consolidated Statement of Income and Comprehensive Income, 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 (Loss) Income, from converting from variable rates to fixed rates under these agreements were as follows: Reclassification from Total Interest Expense Amount of Loss Accumulated Other Presented in the Recognized in Comprehensive Loss Consolidated Statements of (in thousands) Accumulated Other Amount of Income and Comprehensive For the three months ended March 31, Comprehensive Loss Location (Loss) Gain (Loss) Income 2020 $ (58,062 ) Interest expense $ (885 ) $ 20,991 2019 (12,624 ) Interest expense 836 15,828

Equity (Tables)

Equity (Tables)	3 Months Ended
	Mar. 31, 2020
Equity [Abstract]
Summary of Redemptions under Company's Share Redemption Program	The Share Redemption Program was terminated effective February 10, 2020, and as a result there were no redemptions during the three months ended March 31, 2020. The following table summarizes redemptions under the Company’s Share Redemption Program during the three months ended March 31, 2019: (in thousands, except number of redemptions) Number of redemptions requested 13 Number of shares 21 Aggregate redemption price $ 1,803

Earnings per Share (Tables)

Earnings per Share (Tables)	3 Months Ended
	Mar. 31, 2020
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) 2020 2019 Basic earnings: Net earnings attributable to Broadstone Net Lease, Inc. $ 10,816 $ 13,938 Diluted earnings: Net earnings attributable to Broadstone Net Lease, Inc. $ 10,816 $ 13,938 Net earnings attributable to non-controlling interests 1,032 1,084 $ 11,848 $ 15,022 Basic and diluted weighted average shares outstanding: Weighted average number of common shares outstanding used in basic earnings per share 26,527 22,335 Effects of convertible membership units 2,526 1,737 Weighted average number of common shares outstanding used in diluted earnings per share 29,053 24,072 Basic and diluted net earnings per common share $ 0.41 $ 0.62

Commitments and Contingencies (

Commitments and Contingencies (Tables)	3 Months Ended
	Mar. 31, 2020
Commitments And Contingencies Disclosure [Abstract]
Summary of Tenant Improvement Allowances Included in Accounts Payable and Other Liabilities	Balances associated with tenant improvement allowances are included in Accounts payable and other liabilities on the Condensed Consolidated Balance Sheets as follows: (in thousands) March 31, 2020 December 31, 2019 Tenant improvement allowances $ 2,219 $ 2,706
Summary of Total Lease Costs Associated with Operating Leases	The following table summarizes the total lease costs associated with operating leases: For the three months ended March 31, (in thousands) Financial Statement Presentation 2020 2019 Operating lease costs Office leases General and administrative $ 52 $ — Ground leases Property and operating expense 33 35 Variable lease costs Ground leases Property and operating expense 18 12 Total lease costs $ 103 $ 47
Summary of Payments Associated with Obligations Under Operating Leases	The following table summarizes payments associated with obligations under operating leases, reported as Cash flows from operating activities on the accompanying Condensed Consolidated Statements of Cash Flows: For the three months ended March 31, (in thousands) 2020 2019 Operating lease payments $ 128 $ 72
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, 2020, and a reconciliation to the lease liabilities, is as follows: (in thousands) Remainder of 2020 $ 534 2021 711 2022 686 2023 505 2024 120 Thereafter 2,411 Total undiscounted cash flows 4,967 Less imputed interest (1,908 ) Lease liabilities $ 3,059

Business Description - Addition

Business Description - Additional Information (Detail)	Feb. 07, 2020USD ($)	Mar. 31, 2020USD ($)PropertyState
Business Description [Line Items]
Date of incorporation		Oct. 18, 2007
Number of leased commercial properties owned | Property		635
Number of States in which properties located | State		41
Internalization fees | $	$ 1,205,000	$ 1,205,000
Property Management Agreement and Asset Management Agreement | Merger Agreement
Business Description [Line Items]
Internalization fees | $	$ 0
British Columbia, Canada
Business Description [Line Items]
Number of leased commercial properties owned | Property		1

Business Description - Summary

Business Description - Summary of Outstanding Equity and Economic Ownership Interest (Detail) - shares shares in Thousands	Mar. 31, 2020	Dec. 31, 2019
Business Description [Line Items]
Shares of Common Stock	26,855	26,001
OP Units	3,057	1,737
Total Diluted Shares	29,912	27,738
Broadstone Net Lease, LLC
Business Description [Line Items]
Percent Ownership of OP, Shares of Common Stock	89.90%	93.70%
Percent Ownership of OP, OP Units	10.10%	6.30%
Percent Ownership of OP, Total Diluted Shares	100.00%	100.00%
Permanent Equity
Business Description [Line Items]
Shares of Common Stock	26,074	26,001
OP Units	1,737	1,737
Total Diluted Shares	27,811	27,738
Mezzanine Equity
Business Description [Line Items]
Shares of Common Stock	781
OP Units	1,320
Total Diluted Shares	2,101

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Additional Information (Detail) - USD ($)	Mar. 31, 2020	Feb. 07, 2020	Mar. 31, 2020	Mar. 31, 2019	Jan. 01, 2020	Dec. 31, 2019
Significant Accounting Policies [Line Items]
Additional impairment charges			$ 0
Impairment of real estate assets			2,133,000	$ 1,017,000
Provision for credit loss					$ 323,000
Income taxes			549,000	443,000
Other Nonoperating Income (Expenses)
Significant Accounting Policies [Line Items]
Income taxes				$ 443,000
Fair Value Inputs Level3 [Member]
Significant Accounting Policies [Line Items]
Weighted average expected IPO date	Mar. 15, 2021	Apr. 15, 2020
IPO
Significant Accounting Policies [Line Items]
Deferred offering costs	$ 1,282,000		$ 1,282,000			$ 668,000

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Summary of Components of Restricted Cash (Detail) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019	Mar. 31, 2019	Dec. 31, 2018
Cash And Cash Equivalents [Abstract]
Escrow funds and other	$ 1,504	$ 2,311
Undistributed 1031 proceeds	2,057	5,545
Restricted cash	$ 3,561	$ 7,856	$ 1,434	$ 377

Summary of Significant Accoun_6

Summary of Significant Accounting Policies - Summary of Rents Received in Advance (Detail) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Revenue From Contract With Customer [Abstract]
Rent received in advance	$ 9,918	$ 13,368

Summary of Significant Accoun_7

Summary of Significant Accounting Policies - Summary of Changes in the Provision for Uncollectible Rent (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Accounts Notes Loans And Financing Receivable Gross Allowance And Net [Abstract]
Beginning balance		$ 2,086
Provision for uncollectible rent	$ 1,033	441
Write-offs		$ (2,527)
Ending balance	$ 1,033

Summary of Significant Accoun_8

Summary of Significant Accounting Policies - Summary of Significant Unobservable Inputs Used to Estimate Fair Value of Earnout Liability (Detail) - Fair Value Inputs Level3 [Member]	Mar. 31, 2020	Feb. 07, 2020
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Weighted Average Assumption Used, Expected IPO date	Mar. 15, 2021	Apr. 15, 2020
Range, Expected IPO date	November 2020 through May 2021	March 2020 through May 2020
Weighted Average [Member] | Measurement Input, Price Volatility [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Weighted Average Assumption Used, Peer stock price volatility	0.300	0.200
Minimum | Measurement Input, Price Volatility [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Weighted Average Assumption Used, Peer stock price volatility	0.2296	0.1622
Maximum | Measurement Input, Price Volatility [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Weighted Average Assumption Used, Peer stock price volatility	0.4391	0.2309

Summary of Significant Accoun_9

Summary of Significant Accounting Policies - Summary of Reconciliation of Change in Earnout Liability (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Feb. 07, 2020
Fair Value Disclosures [Abstract]
Allocation of Internalization purchase price at February 7, 2020	$ 40,119
Change in fair value subsequent to Internalization	4,177
Earnout liability	$ 44,296	$ 40,119

Summary of Significant Accou_10

Summary of Significant Accounting Policies - Balances of Interest Rate Swap Assets and Liabilities and Earnout Liability Measured at Fair Value on Recurring Basis (Detail) - USD ($) $ in Thousands	Mar. 31, 2020	Feb. 07, 2020	Dec. 31, 2019
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Interest rate swap, liabilities	$ (79,622)		$ (24,471)
Earnout liability	(44,296)	$ (40,119)
Interest rate swap, assets			2,911
Fair Value, Measurements, Recurring
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Interest rate swap, liabilities	(79,622)		(24,471)
Earnout liability	(44,296)
Interest rate swap, assets			2,911
Fair Value, Measurements, Recurring | Level 2
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Interest rate swap, liabilities	(79,622)		(24,471)
Interest rate swap, assets			$ 2,911
Fair Value, Measurements, Recurring | Fair Value Inputs Level3 [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Earnout liability	$ (44,296)

Summary of Significant Accou_11

Summary of Significant Accounting Policies - Summary of Carrying Amount Reported on Condensed Consolidated Balance Sheets (Detail) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Summary Of Significant Accounting Policies [Abstract]
Carrying amount	$ 2,144,118	$ 1,989,451
Fair value	$ 2,233,159	$ 2,047,860

Summary of Significant Accou_12

Summary of Significant Accounting Policies - Summary of Right-of-Use Assets And Lease Liabilities Associated With Operating Leases Included In Condensed Consolidated Balance Sheets (Detail) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Lessor Lease Description [Line Items]
Lease liabilities	$ 3,059
Prepaid Expenses And Other Assets
Lessor Lease Description [Line Items]
Right-of-use assets	3,457	$ 1,614
Accounts Payable And Other Liabilities
Lessor Lease Description [Line Items]
Lease liabilities	$ 3,059	$ 1,209

Related Party Transactions - Ad

Related Party Transactions - Additional Information (Detail)	Feb. 28, 2020USD ($)ft²RenewalOption	Mar. 31, 2020USD ($)Property	Feb. 07, 2020USD ($)	Dec. 31, 2019USD ($)
Related Party Transaction [Line Items]
Gross rental percentage		1.00%
Number of leased commercial properties owned | Property		635
Maximum tax liability			$ 10,000,000
Fair value of earnout liability		$ 44,296,000	$ 40,119,000
Manager and Asset Manager
Related Party Transaction [Line Items]
Unpaid management fees due to related parties		0		$ 0
Clinton Asset Holdings Associates, L.P. | Chairman and Member of Board of Directors
Related Party Transaction [Line Items]
Ownership percentage	1.60%
Office space leases in square feet | ft²	24,072
Lease expiry date	Aug. 31, 2023
Number of renewal options | RenewalOption	2
Lease renewal term	5 years
Annual rent	$ 547,000
Percentage increase in annual rent	2.00%
Property Management Agreement
Related Party Transaction [Line Items]
Property management fee payable		0
Termination fees		$ 0
Property Management Agreement | Existing Tenant
Related Party Transaction [Line Items]
Existing rental property re-leasing fees term		1 month
Property Management Agreement | New Tenant
Related Party Transaction [Line Items]
Existing rental property re-leasing fees term		2 months
Property Management Agreement | 3% Gross Rentals Property
Related Party Transaction [Line Items]
Gross rental percentage		3.00%
Property Management Agreement | 5% Gross Rentals Property
Related Party Transaction [Line Items]
Gross rental percentage		5.00%
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 | Amendment Details
Related Party Transaction [Line Items]
Property management fee payable		$ 0
Termination fees		$ 0
Percentage of gross purchase price paid		1.00%
Asset Management Agreement | Amendment Details One
Related Party Transaction [Line Items]
Percentage of gross purchase price paid		2.00%
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, 2020	Mar. 31, 2019
Related Party Transaction [Line Items]
Expenses incurred with related parties	$ 3,845	$ 8,406
Asset Management Agreement
Related Party Transaction [Line Items]
Expenses incurred with related parties	2,461	5,120
Property Management Fee
Related Party Transaction [Line Items]
Expenses incurred with related parties	1,275	1,885
Management Fee Expense
Related Party Transaction [Line Items]
Expenses incurred with related parties	3,736	7,005
Marketing Fee (Offering Costs)
Related Party Transaction [Line Items]
Expenses incurred with related parties		300
Acquisition Fee
Related Party Transaction [Line Items]
Expenses incurred with related parties		730
Leasing Fee and Re-leasing Fees
Related Party Transaction [Line Items]
Expenses incurred with related parties		258
Disposition Fee
Related Party Transaction [Line Items]
Expenses incurred with related parties	$ 109	$ 113

Internalization - Schedule of B

Internalization - Schedule of Base Consideration - (Detail) - USD ($) $ in Thousands	Feb. 07, 2020	Mar. 31, 2020
Business Acquisition Contingent Consideration [Line Items]
Cash	$ 30,981
Base consideration	209,516
Initial estimate of fair value of earnout liability	40,119	$ 4,177
Total consideration	249,635
Common Stock
Business Acquisition Contingent Consideration [Line Items]
Amount of equity interest issued or issuable in a business combination	66,376
OP Units
Business Acquisition Contingent Consideration [Line Items]
Amount of equity interest issued or issuable in a business combination	$ 112,159

Internalization - Schedule of_2

Internalization - Schedule of Base Consideration (Parenthetical) - (Detail) - shares	Mar. 31, 2020	Feb. 07, 2020	Dec. 31, 2019
Business Acquisition Contingent Consideration [Line Items]
Common stock, shares issued	26,074,000		26,001,000
Common Stock
Business Acquisition Contingent Consideration [Line Items]
Common stock, shares issued		781,000
OP Units
Business Acquisition Contingent Consideration [Line Items]
Operating partnership units		1,320,000

Internalization - Additional In

Internalization - Additional Information (Detail) $ / shares in Units, shares in Thousands	Feb. 07, 2020USD ($)Tranche$ / sharesshares	Mar. 31, 2020USD ($)	Mar. 31, 2020USD ($)	Mar. 31, 2019USD ($)
Internalization [Line Items]
Earnout liability	$ 40,119,000	$ 44,296,000	$ 44,296,000
Price per share or unit | $ / shares	$ 85
Goodwill	$ 339,769,000	339,769,000	339,769,000
Internalization fees	1,205,000		1,205,000
Incremental internalization revenues	0
Incremental expenses		$ 3,662,000
Property Management Agreement and Asset Management Agreement
Internalization [Line Items]
Expenses incurred with related parties			3,845,000	$ 8,406,000
Property Management Agreement and Asset Management Agreement | Internalization Expenses
Internalization [Line Items]
Expenses incurred with related parties			$ 5,646,000	$ 6,377,000
2022 Unsecured Term Loan
Internalization [Line Items]
Repayment of debt	90,484,000
Debt instrument, face amount	$ 60,000,000
Common Stock
Internalization [Line Items]
Additional common stock to be issued at earnout milestones | shares	272
Estimated fair value of potential earnout consideration	$ 33,511,000
OP Units
Internalization [Line Items]
Additional OP units to be issued at earnout milestones | shares	465
Estimated fair value of potential earnout consideration	$ 6,608,000
Merger Agreement
Internalization [Line Items]
Number of tranches | Tranche	4
VWAP per REIT Share Days	40 days
Price per share or unit | $ / shares	$ 85
Merger Agreement | Maximum
Internalization [Line Items]
Additional consideration payable	$ 75,000,000
Merger Agreement | Tranche One
Internalization [Line Items]
Additional consideration payable	10,000,000
Merger Agreement | Tranche Two
Internalization [Line Items]
Additional consideration payable	15,000,000
Merger Agreement | Tranche Three
Internalization [Line Items]
Additional consideration payable	25,000,000
Merger Agreement | Tranche Four
Internalization [Line Items]
Additional consideration payable	$ 25,000,000

Internalization - Summary of Ea

Internalization - Summary of Earnout Tranches, Applicable VWAP of REIT Share and AFFO Per Share, and Applicable Earnout Periods (Detail) - Merger Agreement - USD ($) $ / shares in Units, $ in Thousands	Feb. 07, 2020	Mar. 31, 2020
Tranche One
Internalization [Line Items]
Additional consideration payable	$ 10,000
Tranche One | If the Company has completed an IPO
Internalization [Line Items]
40-Day VWAP of a REIT Share	$ 90
Applicable Earnout Period		The two-year period beginning on the earlier of (i) the IPO closing date or (ii) December 31, 2020.
Tranche One | If the Company has not completed an IPO
Internalization [Line Items]
Applicable Earnout Period		The two-year period consisting of the calendar years ended December 31, 2020 and December 31, 2021.
AFFO per Share	$ 5.85
Tranche Two
Internalization [Line Items]
Additional consideration payable	$ 15,000
Tranche Two | If the Company has completed an IPO
Internalization [Line Items]
40-Day VWAP of a REIT Share	$ 95
Applicable Earnout Period		The two-year period beginning on the earlier of (i) the IPO closing date or (ii) December 31, 2020.
Tranche Two | If the Company has not completed an IPO
Internalization [Line Items]
Applicable Earnout Period		The two-year period consisting of the calendar years ended December 31, 2020 and December 31, 2021.
AFFO per Share	$ 5.95
Tranche Three
Internalization [Line Items]
Additional consideration payable	$ 25,000
Tranche Three | If the Company has completed an IPO
Internalization [Line Items]
40-Day VWAP of a REIT Share	$ 97.50
Applicable Earnout Period		The four-year period beginning on the date that is exactly one year after the earnout period begins for the first and second tranches above.
Tranche Three | If the Company has not completed an IPO
Internalization [Line Items]
Applicable Earnout Period		The four-year period consisting of the calendar years ended December 31, 2021, December 31, 2022, December 31, 2023 and December 31, 2024.
AFFO per Share	$ 6.30
Tranche Four
Internalization [Line Items]
Additional consideration payable	$ 25,000
Tranche Four | If the Company has completed an IPO
Internalization [Line Items]
40-Day VWAP of a REIT Share	$ 100
Applicable Earnout Period		The four-year period beginning on the date that is exactly one year after the earnout period begins for the first and second tranches above.
Tranche Four | If the Company has not completed an IPO
Internalization [Line Items]
Applicable Earnout Period		The four-year period consisting of the calendar years ended December 31, 2021, December 31, 2022, December 31, 2023 and December 31, 2024.
AFFO per Share	$ 6.70

Internalization - Summary of _2

Internalization - Summary of Earnout Tranches, Applicable VWAP of REIT Share and AFFO Per Share, and Applicable Earnout Periods (Parenthetical) (Detail)	Feb. 07, 2020$ / shares
Internalization [Line Items]
Price per share or unit	$ 85
Merger Agreement
Internalization [Line Items]
Price per share or unit	$ 85

Internalization - Summary of Pr

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

Internalization - Schedule of P

Internalization - Schedule of Pro Forma Financial Information (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Business Acquisition Pro Forma Information [Abstract]
Revenues	$ 78,231	$ 68,430
Net income	$ 13,751	$ 17,685

Acquisitions of Rental Proper_3

Acquisitions of Rental Property - Additional Information - (Detail) - Property	Mar. 31, 2020	Mar. 31, 2019
Business Combinations [Abstract]
Number of rental properties acquired	0	27

Acquisitions of Rental Proper_4

Acquisitions of Rental Property - Acquisitions of Rental Property Closed - (Detail) $ in Thousands	Mar. 26, 2019USD ($)Property	Mar. 19, 2019USD ($)Property	Mar. 15, 2019USD ($)Property	Mar. 12, 2019USD ($)Property	Jan. 31, 2019USD ($)Property	Mar. 31, 2019USD ($)Property	Mar. 31, 2020Property
Business Acquisition [Line Items]
Number of Properties | Property						27	0
Real Estate Acquisition Price | $						$ 73,078
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
Number of Properties | Property	1			1
Real Estate Acquisition Price | $	$ 25,801			$ 10,217
Retail
Business Acquisition [Line Items]
Property Type		Retail	Retail
Number of Properties | Property		14	10
Real Estate Acquisition Price | $		$ 19,128	$ 13,185

Acquisitions of Rental Proper_5

Acquisitions of Rental Property - Acquisitions of Rental Property Closed (Parenthetical) - (Detail) $ in Thousands	Mar. 31, 2019USD ($)
Business Combinations [Abstract]
Acquisition costs capitalized	$ 2,205

Acquisitions of Rental Proper_6

Acquisitions of Rental Property - Purchase Price Allocation for Real Estate Acquisitions (Detail) $ in Thousands	Mar. 31, 2019USD ($)
Business Acquisition [Line Items]
Business combination, recognized identifiable assets acquired and liabilities assumed, assets	$ 75,283
Land
Business Acquisition [Line Items]
Business combination, recognized identifiable assets acquired and liabilities assumed, property, plant, and equipment	7,149
Land Improvements
Business Acquisition [Line Items]
Business combination, recognized identifiable assets acquired and liabilities assumed, property, plant, and equipment	10,506
Buildings and Improvements
Business Acquisition [Line Items]
Business combination, recognized identifiable assets acquired and liabilities assumed, property, plant, and equipment	49,677
Acquired In-Place Leases
Business Acquisition [Line Items]
Business combination, recognized identifiable assets acquired and liabilities assumed, Intangible assets	6,618
Acquired Above-Market Leases
Business Acquisition [Line Items]
Business combination, recognized identifiable assets acquired and liabilities assumed, Intangible assets	2,169
Acquired Below-Market Leases
Business Acquisition [Line Items]
Business combination, recognized identifiable assets acquired and liabilities assumed, Intangible assets	$ (836)

Acquisitions of Rental Proper_7

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

Sale of Real Estate - Schedule

Sale of Real Estate - Schedule of Sale of Real Estate (Detail) $ in Thousands	3 Months Ended
	Mar. 31, 2020USD ($)Property	Mar. 31, 2019USD ($)Property
Real Estate [Line Items]
Number of properties disposed | Property	10	4
Aggregate sale price	$ 37,185	$ 11,291
Aggregate carrying value	(27,764)	(9,212)
Gain on sale of real estate	7,619	1,400
Real Estate
Real Estate [Line Items]
Additional sales expenses	(1,802)	(679)
Gain on sale of real estate	$ 7,619	$ 1,400

Investment in Rental Property_3

Investment in Rental Property and Lease Arrangements - Additional Information (Detail)	3 Months Ended
	Mar. 31, 2020Property
Lessor Lease Description [Line Items]
Number of real estate properties under operating leases	616
Number of real estate properties under direct financing leases	15
Number of real estate properties under direct financing leases that include land option	4
Lessee, operating lease, existence of option to extend	true
Lessee, finance lease, existence of option to extend	true
Minimum
Lessor Lease Description [Line Items]
Lessor operating lease, initial terms	10 years
Lessor direct financing leases, initial terms	10 years
Maximum
Lessor Lease Description [Line Items]
Lessor operating lease, initial terms	20 years
Lessor direct financing leases, initial terms	20 years

Investment in Rental Property_4

Investment in Rental Property and Lease Arrangements - Rental Property Subject to Non-cancelable Operating Leases (Detail) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Property Subject To Or Available For Operating Lease [Line Items]
Rental property subject to non-cancelable operating leases, gross	$ 3,658,584	$ 3,686,444
Less accumulated depreciation	(291,018)	(271,044)
Rental property subject to non-cancelable operating leases, net	3,367,566	3,415,400
Land
Property Subject To Or Available For Operating Lease [Line Items]
Rental property subject to non-cancelable operating leases, gross	545,846	548,911
Land Improvements
Property Subject To Or Available For Operating Lease [Line Items]
Rental property subject to non-cancelable operating leases, gross	274,135	275,470
Buildings and Improvements
Property Subject To Or Available For Operating Lease [Line Items]
Rental property subject to non-cancelable operating leases, gross	2,827,111	2,850,571
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, 2020	Mar. 31, 2019
Leases [Abstract]
Depreciation	$ 23,515	$ 18,753

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, 2020USD ($)
Lessor Operating Lease Payments Fiscal Year Maturity [Abstract]
Remainder of 2020	$ 210,383
2021	284,505
2022	287,511
2023	290,357
2024	285,396
Thereafter	2,130,183
Estimated lease payments to be received under non-cancelable operating leases	$ 3,488,335

Investment in Rental Property_7

Investment in Rental Property and Lease Arrangements - Net Investment in Direct Financing Leases (Detail) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Leases [Abstract]
Undiscounted estimated lease payments to be received	$ 68,898	$ 72,753
Estimated unguaranteed residual values	19,827	20,358
Unearned income	(48,459)	(51,221)
Reserve for credit losses	(305)
Net investment in direct financing leases	$ 39,961	$ 41,890

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, 2020USD ($)
Capital Leases Future Minimum Payments Receivable [Abstract]
Remainder of 2020	$ 3,047
2021	4,138
2022	4,220
2023	4,305
2024	4,385
Thereafter	48,803
Undiscounted estimated lease payments to be received under non-cancelable direct financing leases	$ 68,898

Investment in Rental Property_9

Investment in Rental Property and Lease Arrangements - Summary of Amounts Reported as Lease Revenues Net on the Condensed Consolidated Statements of Income and Comprehensive (Loss) Income (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Income Statement [Abstract]
Contractual rental amounts billed for operating leases	$ 72,828	$ 58,419
Adjustment to recognize contractual operating lease billings on a straight-line basis	1,665	5,171
Percentage rent income	3
Adjustment to revenue recognized for uncollectible rental amounts billed	(1,033)	(440)
Total operating lease rental revenues	73,463	63,150
Earned income from direct financing leases	987	1,005
Operating expenses billed to tenants	3,732	4,275
Other income from real estate transactions	49
Total Lease revenues, net	$ 78,231	$ 68,430

Intangible Assets and Liabili_3

Intangible Assets and Liabilities - Schedule of Intangible Assets and Liabilities (Detail) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Lease intangibles:
Intangible lease assets, net	$ 320,418	$ 331,894
Acquired below-market leases	113,091	113,862
Less accumulated amortization	(23,418)	(21,640)
Intangible lease liabilities, net	89,673	92,222
Leasing fees	16,841	17,013
Less accumulated amortization	(4,349)	(4,166)
Leasing fees, net	12,492	12,847
Acquired Above-Market Leases
Lease intangibles:
Intangible lease assets, gross	60,394	62,136
Less accumulated amortization	(17,989)	(17,433)
Intangible lease assets, net	42,405	44,703
Acquired In-Place Leases
Lease intangibles:
Intangible lease assets, gross	346,165	349,645
Less accumulated amortization	(68,152)	(62,454)
Intangible lease assets, net	$ 278,013	$ 287,191

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, 2020	Mar. 31, 2019
Acquired In-Place Leases | Depreciation and Amortization
Finite Lived Intangible Assets [Line Items]
Acquired in-place leases and leasing fees	$ 7,695	$ 5,557
Above and Below Market Leases | Lease Revenues, Net
Finite Lived Intangible Assets [Line Items]
Acquired in-place leases and leasing fees	$ 1,140	$ 740

Intangible Assets and Liabili_5

Intangible Assets and Liabilities - Schedule of Amortizable Intangible Assets (Detail) $ in Thousands	Mar. 31, 2020USD ($)
Goodwill And Intangible Assets Disclosure [Abstract]
Remainder of 2020	$ 17,706
2021	23,286
2022	22,738
2023	22,411
2024	21,644
Thereafter	135,452
Total	$ 243,237

Unsecured Credit Agreements - S

Unsecured Credit Agreements - Summary of Unsecured Credit Agreements (Detail) - USD ($) $ in Thousands	Feb. 07, 2020	Mar. 31, 2020	Dec. 31, 2019
Debt Instrument [Line Items]
Carrying amount of debt		$ 2,144,118	$ 1,989,451
Long-term Debt		2,144,118
2022 Unsecured Term Loan
Debt Instrument [Line Items]
Maturity Date	Feb. 28, 2022
Unsecured Debt
Debt Instrument [Line Items]
Carrying amount of debt		2,033,300	1,877,300
Debt issuance costs, net		(7,413)	(7,919)
Long-term Debt		$ 2,025,887	1,869,381
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 | 2020 Unsecured Term Loan
Debt Instrument [Line Items]
Interest Rate		one-month LIBOR + 1.25%
Maturity Date		Aug. 31, 2020
Carrying amount of debt		$ 240,000	300,000
Unsecured Debt | 2020 Unsecured Term Loan | 1 Month LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate		1.25%
Unsecured Debt | Unsecured Revolving Credit and Term Loan Agreement
Debt Instrument [Line Items]
Carrying amount of debt		$ 808,300	652,300
Unsecured Debt | Unsecured Revolving Credit and Term Loan Agreement | Revolving Credit Facility
Debt Instrument [Line Items]
Interest Rate		one-month LIBOR + 1.20%
Maturity Date		Jan. 31, 2022
Carrying amount of debt		$ 353,300	197,300
Unsecured Debt | Unsecured Revolving Credit and Term Loan Agreement | Revolving Credit Facility | 1 Month LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate		1.20%
Unsecured Debt | Unsecured Revolving Credit and Term Loan Agreement | 2023 Unsecured 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 | Unsecured Revolving Credit and Term Loan Agreement | 2023 Unsecured Term Loan | 1 Month LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate		1.35%
Unsecured Debt | Unsecured Revolving Credit and Term Loan Agreement | 2024 Unsecured Term Loan
Debt Instrument [Line Items]
Interest Rate		one-month LIBOR + 1.25%
Maturity Date		Jun. 30, 2024
Carrying amount of debt		$ 190,000	190,000
Unsecured Debt | Unsecured Revolving Credit and Term Loan Agreement | 2024 Unsecured Term Loan | 1 Month LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate		1.25%
Unsecured Debt | 2022 Unsecured Term Loan
Debt Instrument [Line Items]
Interest Rate		one-month LIBOR + 1.25%
Maturity Date		Feb. 28, 2022
Carrying amount of debt		$ 60,000
Unsecured Debt | 2022 Unsecured Term Loan | 1 Month LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate		1.25%
Unsecured Debt | 2026 Unsecured Term Loan
Debt Instrument [Line Items]
Interest Rate		one-month LIBOR + 1.85%
Maturity Date		Feb. 28, 2026
Carrying amount of debt		$ 450,000	$ 450,000
Unsecured Debt | 2026 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)	3 Months Ended
	Mar. 31, 2020	Dec. 31, 2019
Debt Instrument [Line Items]
Debt instrument extension options, description	two six-month extensions
Maturity extension fee on outstanding principal balance percentage	0.05%
Unsecured Debt | 1 Month LIBOR
Debt Instrument [Line Items]
Interest rate	0.99%	1.76%

Unsecured Credit Agreements - A

Unsecured Credit Agreements - Additional Information (Detail) - USD ($) $ in Thousands	Mar. 31, 2020	Feb. 07, 2020	Mar. 31, 2020	Mar. 31, 2019
Debt Instrument [Line Items]
Weighted average interest rate on all outstanding borrowings	3.03%		3.03%
Cost of debt extinguishment			$ (22)	$ (713)
Other Nonoperating Income (Expense)
Debt Instrument [Line Items]
Cost of debt extinguishment				215
Revolving Credit Facility
Debt Instrument [Line Items]
Commitment fee percentage	0.25%
2022 Unsecured Term Loan
Debt Instrument [Line Items]
Debt instrument, face amount		$ 60,000
Maturity date		Feb. 28, 2022
2022 Unsecured Term Loan | LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate	1.25%
2022 Unsecured Term Loan | LIBOR | Minimum
Debt Instrument [Line Items]
Basis spread on variable rate		0.85%
2022 Unsecured Term Loan | LIBOR | Maximum
Debt Instrument [Line Items]
Basis spread on variable rate		1.65%
2026 Unsecured Term Loan and Unsecured Revolving Credit and Term Loan Agreement
Debt Instrument [Line Items]
Debt issuance costs incurred				5,229
New Debt Agreements
Debt Instrument [Line Items]
Unamortized debt issuance costs				$ 5,229

Unsecured Credit Agreements -_3

Unsecured Credit Agreements - Summary of Debt Issuance Cost Amortization (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Debt Disclosure [Abstract]
Debt issuance costs amortization	$ 888	$ 553

Mortgages and Notes Payable - S

Mortgages and Notes Payable - Summary of Mortgages and Notes Payable (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Dec. 31, 2019
Debt Instrument [Line Items]
Mortgages and notes payable	$ 2,144,118	$ 1,989,451
Mortgages and notes payable, net	110,464	111,793
Secured Debt
Debt Instrument [Line Items]
Mortgages and notes payable	110,818	112,151
Debt issuance costs, net	$ (354)	(358)
Wilmington Trust National Association, Due February 28 | Secured Debt
Debt Instrument [Line Items]
Origination Date	2019-04
Maturity Date	2028-02
Debt instrument, interest rate	4.92%
Mortgages and notes payable	$ 48,787	49,065
Wilmington Trust National Association, Due August 25 | Secured Debt
Debt Instrument [Line Items]
Origination Date	2018-06
Maturity Date	2025-08
Debt instrument, interest rate	4.36%
Mortgages and notes payable	$ 20,225	20,318
PNC Bank | Secured Debt
Debt Instrument [Line Items]
Origination Date	2016-10
Maturity Date	2026-11
Debt instrument, interest rate	3.62%
Mortgages and notes payable	$ 17,789	17,885
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	$ 10,785	10,888
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	$ 7,604	7,788
M&T Bank | Secured Debt
Debt Instrument [Line Items]
Origination Date	2017-10
Maturity Date	2021-08
Interest Rate	one - month LIBOR+3%
Mortgages and notes payable	$ 4,878	4,913
M&T Bank | 1 Month LIBOR | Secured Debt
Debt Instrument [Line Items]
Basis spread on variable rate	3.00%
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		$ 544

Mortgages and Notes Payable -_2

Mortgages and Notes Payable - Summary of Mortgages and Notes Payable (Parenthetical) (Detail)	3 Months Ended
	Mar. 31, 2020
Debt Instrument [Line Items]
Term of note	119 months

Mortgages and Notes Payable - A

Mortgages and Notes Payable - Additional Information (Detail) $ in Thousands	Mar. 31, 2020USD ($)
Debt Disclosure [Abstract]
Investment in rental property pledges as collateral	$ 176,805

Mortgages and Notes Payable -_3

Mortgages and Notes Payable - Summary of Extinguished Mortgages (Detail) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2020USD ($)Mortgage	Dec. 31, 2019USD ($)Mortgage
Debt Disclosure [Abstract]
Number of mortgages | Mortgage	1	4
Outstanding balance of mortgages | $	$ 541	$ 13,905

Mortgages and Notes Payable -_4

Mortgages and Notes Payable - Summary of Cost Extinguished Mortgages (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Secured Debt
Debt Instrument [Line Items]
Cost of mortgage extinguishment	$ 22	$ 498

Mortgages and Notes Payable -_5

Mortgages and Notes Payable - Schedule of Estimated Future Principal Payments (Detail) $ in Thousands	Mar. 31, 2020USD ($)
Debt Disclosure [Abstract]
Remainder of 2020	$ 2,401
2021	258,006
2022	416,207
2023	273,332
2024	192,260
Thereafter	1,001,912
Long-term Debt	$ 2,144,118

Interest Rate Swaps - Summary o

Interest Rate Swaps - Summary of Interest-rate Swap Agreements (Detail) - Interest Rate Swap - USD ($)	3 Months Ended
	Mar. 31, 2020	Dec. 31, 2019
Derivative [Line Items]
Fair Value	$ (79,622,000)	$ (21,560,000)
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	$ (2,178,000)	(1,136,000)
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	$ (1,324,000)	740,000
Bank of Montreal Two
Derivative [Line Items]
Derivative, Maturity date	Jan. 31, 2025
Derivative, Fixed rate	1.91%
Variable Rate Index	one-month LIBOR
Notional Amount	$ 25,000,000
Fair Value	$ (1,806,000)	(402,000)
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	$ (2,500,000)	(970,000)
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	$ (2,118,000)	(448,000)
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	$ (3,685,000)	(1,014,000)
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	$ (1,231,000)	(460,000)
Bank of Montreal Seven
Derivative [Line Items]
Derivative, Maturity date	Dec. 31, 2026
Derivative, Fixed rate	1.99%
Variable Rate Index	one-month LIBOR
Notional Amount	$ 25,000,000
Fair Value	$ (2,500,000)	(577,000)
Bank of Montreal Eight
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	$ (3,497,000)	(1,306,000)
Bank of Montreal Nine
Derivative [Line Items]
Derivative, Maturity date	May 31, 2029
Derivative, Fixed rate	2.09%
Variable Rate Index	one-month LIBOR
Notional Amount	$ 25,000,000
Fair Value	$ (3,342,000)	(799,000)
Capital One, National Association 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	$ (213,000)	143,000
Capital One, National Association 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	$ (836,000)	10,000
Capital One, National Association 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	$ (3,291,000)	(911,000)
Capital One, National Association Four
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	$ (2,007,000)	(944,000)
Capital One, National Association Five
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	$ (1,844,000)	720,000
Capital One, National Association Six
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	$ (3,533,000)	(1,278,000)
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	$ 4,877,000	4,912,000
Fair Value	$ (45,000)	41,000
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	$ (1,553,000)	(862,000)
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	$ (2,097,000)	(1,038,000)
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	$ (92,000)	(104,000)
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	$ (793,000)	376,000
Regions Bank Two
Derivative [Line Items]
Derivative, Maturity date	May 31, 2029
Derivative, Fixed rate	2.11%
Variable Rate Index	one-month LIBOR
Notional Amount	$ 25,000,000
Fair Value	$ (3,438,000)	(827,000)
Regions Bank Three
Derivative [Line Items]
Derivative, Maturity date	Jun. 30, 2029
Derivative, Fixed rate	2.03%
Variable Rate Index	one-month LIBOR
Notional Amount	$ 25,000,000
Fair Value	$ (3,260,000)	(651,000)
Truist Financial Corporation One
Derivative [Line Items]
Derivative, Maturity date	Apr. 30, 2024
Derivative, Fixed rate	1.99%
Variable Rate Index	one-month LIBOR
Notional Amount	$ 25,000,000
Fair Value	$ (1,655,000)	(451,000)
Truist Financial Corporation 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	$ (2,260,000)	(781,000)
Truist Financial Corporation 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	$ (2,075,000)	(524,000)
Truist Financial Corporation 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	$ (2,676,000)	(993,000)
Truist Financial Corporation 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	$ (2,146,000)	(458,000)
U.S. Bank National Association
Derivative [Line Items]
Derivative, Maturity date	Jun. 30, 2029
Derivative, Fixed rate	2.03%
Variable Rate Index	one-month LIBOR
Notional Amount	$ 25,000,000
Fair Value	$ (3,263,000)	(681,000)
U S Bank National Association One
Derivative [Line Items]
Derivative, Maturity date	Aug. 31, 2029
Derivative, Fixed rate	1.35%
Variable Rate Index	one-month LIBOR
Notional Amount	$ 25,000,000
Fair Value	$ (1,699,000)	881,000
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	$ (599,000)	(302,000)
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	$ (1,591,000)	(795,000)
Wells Fargo Bank Three
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	$ (3,878,000)	(1,845,000)
Wells Fargo Bank Four
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	$ (10,597,000)	$ (3,914,000)

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, 2020	Dec. 31, 2019
Derivative [Line Items]
Notional Amount	$ 4,877,000	$ 4,912,000
Umbrella Partnership Real Estate Investment Trust Transaction
Derivative [Line Items]
Interest rate swap assumed month and year	2017-10

Interest Rate Swaps - Total Amo

Interest Rate Swaps - Total Amounts Recognized From Converting Variable Rates to Fixed Rates and Location of Gain (Loss) (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Derivative [Line Items]
Total Interest Expense Presented in the Consolidated Statements of Income and Comprehensive (Loss) Income	$ 20,991	$ 15,828
Interest Rate Swap
Derivative [Line Items]
Amount of Loss Recognized in Accumulated Other Comprehensive Loss	$ (58,062)	$ (12,624)
Reclassification from Accumulated Other Comprehensive Loss, Location	Interest expense	Interest expense
Reclassification from Accumulated Other Comprehensive Loss, Amount of (Loss) Gain	$ (885)	$ 836
Total Interest Expense Presented in the Consolidated Statements of Income and Comprehensive (Loss) Income	$ 20,991	$ 15,828

Interest Rate Swaps - Additiona

Interest Rate Swaps - Additional Information (Detail) $ in Thousands	3 Months Ended
	Mar. 31, 2020USD ($)
Derivative Instrument Detail [Abstract]
Interest rate swaps expected to be reclassified - (loss)	$ (14,802)

Credit Risk Concentrations - Ad

Credit Risk Concentrations - Additional Information (Detail) - customer	3 Months Ended		12 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019
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	8.00%	19.00%
Mortgages and Notes Payable | Credit Availability Concentration Risk | Financial Institution One
Concentration Risk [Line Items]
Concentrations risk percentage	62.00%		62.00%
Mortgages and Notes Payable | Credit Availability Concentration Risk | Financial Institution Two
Concentration Risk [Line Items]
Concentrations risk percentage	16.00%		16.00%
Mortgages and Notes Payable | Credit Availability Concentration Risk | Financial Institution Three
Concentration Risk [Line Items]
Concentrations risk percentage	10.00%		10.00%

Equity - Additional Information

Equity - Additional Information (Detail) - shares	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019
Equity [Line Items]
Redemption of shares of common stock, shares	0	21,000
Common stock, shares issued	26,074,000		26,001,000
Distribution Reinvestment Plan
Equity [Line Items]
Common stock, shares issued	3,075,000		3,005,000

Equity - Summary of Redemptions

Equity - Summary of Redemptions under Company's Share Redemption Program (Detail) $ in Thousands	3 Months Ended
	Mar. 31, 2020shares	Mar. 31, 2019USD ($)Stockholdershares
Equity [Abstract]
Number of redemptions requested | Stockholder		13
Number of shares | shares	0	21,000
Aggregate redemption price | $		$ 1,803

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, 2020	Mar. 31, 2019
Basic earnings:
Net earnings attributable to Broadstone Net Lease, Inc.	$ 10,816	$ 13,938
Diluted earnings:
Net earnings attributable to Broadstone Net Lease, Inc.	10,816	13,938
Net earnings attributable to non-controlling interests	1,032	1,084
Net income (loss) attributable to parent, Diluted	$ 11,848	$ 15,022
Basic and diluted weighted average shares outstanding:
Weighted average number of common shares outstanding used in basic earnings per share	26,527	22,335
Effects of convertible membership units	2,526	1,737
Weighted average number of common shares outstanding used in diluted earnings per share	29,053	24,072
Basic and diluted net earnings per common share	$ 0.41	$ 0.62

Supplemental Cash Flow Disclo_2

Supplemental Cash Flow Disclosures - Additional Information (Detail) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Feb. 07, 2020	Jan. 01, 2020	Jan. 01, 2019
Supplemental Cash Flow Elements [Line Items]
Cash paid for interest	$ 14,010	$ 16,777
Cash paid for income taxes	$ 195	$ 395
Issuance of shares of common stock, shares	73	883
Fair value of earnout consideration	$ 44,296		$ 40,119
Debt	90,484		$ 90,484
Adjustments to additional paid in capital mezzanine equity non-controlling interests	2,416
Dividend declared and accrued but not yet paid	13,160	$ 10,734
Provision for credit losses				$ 323
Lease liabilities	3,059
ASC 842
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
Common Stock and OP Units
Supplemental Cash Flow Elements [Line Items]
Amount of equity interest issued or issuable in a business combination	178,535
Fair value of earnout consideration	$ 40,119
Distribution Reinvestment Plan
Supplemental Cash Flow Elements [Line Items]
Issuance of shares of common stock, shares	69	173
Common stock issued	$ 5,733	$ 14,533

Commitments and Contingencies -

Commitments and Contingencies - Summary of Tenant Improvement Allowances Included in Accounts Payable and Other Liabilities (Detail) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Accounts Payable And Other Liabilities
Loss Contingencies [Line Items]
Tenant improvement allowances	$ 2,219	$ 2,706

Commitments and Contingencies_2

Commitments and Contingencies - Additional Information (Detail) $ in Thousands	3 Months Ended
	Mar. 31, 2020USD ($)
Loss Contingencies [Line Items]
Potential liability due to taxable sales of applicable properties	$ 22,300
Minimum | Office Lease
Loss Contingencies [Line Items]
Non-cancellable operating leases, remaining lease term	2020
Minimum | Ground Lease
Loss Contingencies [Line Items]
Non-cancellable operating leases term	2034
Maximum | Office Lease
Loss Contingencies [Line Items]
Non-cancellable operating leases, remaining lease term	2023
Maximum | Ground Lease
Loss Contingencies [Line Items]
Non-cancellable operating leases term	2066

Commitments and Contingencies_3

Commitments and Contingencies - Summary of Total Lease Costs Associated with Operating Leases (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Variable lease costs
Total lease costs	$ 103	$ 47
General and Administrative | Office Lease
Operating lease costs
Operating lease costs	52
Property and Operating Expense | Ground Lease
Operating lease costs
Operating lease costs	33	35
Variable lease costs
Variable lease costs	$ 18	$ 12

Commitments and Contingencies_4

Commitments and Contingencies - Summary of Payments Associated with Obligations Under Operating Leases (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Cash Flow Operating Activities Lessee [Abstract]
Operating lease payments	$ 128	$ 72

Commitments and Contingencies_5

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, 2020USD ($)
Commitments And Contingencies Disclosure [Abstract]
Remainder of 2020	$ 534
2021	711
2022	686
2023	505
2024	120
Thereafter	2,411
Total undiscounted cash flows	4,967
Less imputed interest	(1,908)
Lease liabilities	$ 3,059

Subsequent Events - Additional

Subsequent Events - Additional Information (Detail) $ / shares in Units, $ in Thousands	May 07, 2020USD ($)Property$ / shares	May 05, 2020	Apr. 01, 2020USD ($)Tenant	May 07, 2020USD ($)Property$ / shares	Mar. 31, 2020USD ($)	Mar. 31, 2019USD ($)
Subsequent Event [Line Items]
Proceeds of borrowing					$ 167,000	$ 43,800
Debt instrument extension options, description					two six-month extensions
Aggregate carrying value					$ 27,764	9,212
Aggregate sale price					37,185	11,291
Gain on sale of real estate					7,619	1,400
Real Estate
Subsequent Event [Line Items]
Additional sales expenses					1,802	679
Gain on sale of real estate					$ 7,619	$ 1,400
Unsecured Debt | 2020 Unsecured Term Loan
Subsequent Event [Line Items]
Debt instrument extension options, description					two six-month extension
Maturity date					Aug. 31, 2020
Subsequent Event
Subsequent Event [Line Items]
Cash distributions paid to stockholders	$ 13,160
Common stock, price per share | $ / shares	$ 82			$ 82
Monthly distribution approved per OP units | $ / shares	$ 0.44
Monthly distribution approved per OP units, record date	Apr. 30, 2020
Monthly distribution approved per OP units, payable date	May 15, 2020
Number of properties sold | Property	3			3
Aggregate carrying value				$ 8,994
Aggregate sale price				10,538
Subsequent Event | COVID-19 Pandemic
Subsequent Event [Line Items]
Number of tenants rent relief requested | Tenant			68
Percentage of annualized contractual revenues			36.30%
Subsequent Event | Real Estate
Subsequent Event [Line Items]
Additional sales expenses				489
Gain on sale of real estate				$ 1,055
Subsequent Event | Unsecured Debt | 2020 Unsecured Term Loan
Subsequent Event [Line Items]
Maturity date		Feb. 2, 2021
Maturity extension fee percentage		0.05%
Subsequent Event | Revolving Credit Facility
Subsequent Event [Line Items]
Proceeds of borrowing			$ 25,000