Broadstone Net Lease (BNL) 10-Q 5 May 21 2021 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2021	May 03, 2021
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2021
Document Fiscal Year Focus	2021
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		145,811,829
Entity Shell Company	false
Entity File Number	001-39529
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	26-1516177
Entity Address, Address Line One	800 Clinton Square
Entity Address, City or Town	Rochester
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	14604
City Area Code	585
Local Phone Number	287-6500
Document Quarterly Report	true
Document Transition Report	false
Title of 12(b) Security	Common Stock, $0.00025 par value
Trading Symbol	BNL
Security Exchange Name	NYSE

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Assets
Accounted for using the operating method, net of accumulated depreciation	$ 3,395,609	$ 3,354,511
Accounted for using the direct financing method	28,991	29,066
Accounted for using the sales-type method	567	567
Investment in rental property, net	3,425,167	3,384,144
Cash and cash equivalents	10,205	100,486
Accrued rental income	105,674	102,117
Tenant and other receivables, net	1,022	1,604
Prepaid expenses and other assets	18,862	22,277
Interest rate swap, assets	239
Goodwill	339,769	339,769
Intangible lease assets, net	288,592	290,913
Debt issuance costs – unsecured revolving credit facility, net	5,842	6,435
Leasing fees, net	10,673	10,738
Total assets	4,206,045	4,258,483
Liabilities and equity
Unsecured revolving credit facility	15,000
Mortgages, net	106,559	107,382
Unsecured term notes, net	1,383,283	1,433,796
Interest rate swap, liabilities	43,662	72,103
Earnout liability	6,385	7,509
Accounts payable and other liabilities	71,072	74,936
Accrued interest payable	9,896	4,023
Intangible lease liabilities, net	77,491	79,653
Total liabilities	1,713,348	1,779,402
Commitments and contingencies (See Note 17)
Broadstone Net Lease, Inc. stockholders' equity:
Preferred stock, $0.001 par value; 20,000 shares authorized, no shares issued or outstanding
Common stock, value	36	27
Additional paid-in capital	2,625,320	2,624,997
Cumulative distributions in excess of retained earnings	(274,140)	(259,673)
Accumulated other comprehensive loss	(38,684)	(66,255)
Total Broadstone Net Lease, Inc. stockholders’ equity	2,312,532	2,299,105
Non-controlling interests	180,165	179,976
Total equity	2,492,697	2,479,081
Total liabilities and equity	$ 4,206,045	4,258,483
Class A Common Stock
Broadstone Net Lease, Inc. stockholders' equity:
Common stock, value		9
Total equity		$ 9

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares	Mar. 31, 2021	Dec. 31, 2020
Preferred stock, par value	$ 0.001	$ 0.001
Preferred stock, shares authorized	20,000,000	20,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value	$ 0.00025	$ 0.00025
Common stock, shares authorized	500,000,000	440,000,000
Common stock, shares issued	145,813,000	108,609,000
Common stock, shares outstanding	145,813,000	108,609,000
Class A Common Stock
Common stock, par value	$ 0.00025	$ 0.00025
Common stock, shares authorized	0	60,000,000
Common stock, shares issued	0	37,000,000
Common stock, shares outstanding	0	37,000,000

Condensed Consolidated Statemen

Condensed Consolidated Statements of Income and Comprehensive Income (Loss) (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Revenues
Lease revenues, net	$ 82,698	$ 78,231
Operating expenses
Depreciation and amortization	30,713	31,219
Property and operating expense	4,605	4,115
General and administrative	10,633	5,842
Provision for impairment of investment in rental properties	2,012	2,133
Total operating expenses	47,963	47,045
Other income (expenses)
Interest income	5	9
Interest expense	(16,108)	(20,991)
Cost of debt extinguishment	(126)	(22)
Gain on sale of real estate	4,733	7,619
Income taxes	(413)	(549)
Internalization expenses	0	(1,205)
Change in fair value of earnout liability	1,124	(4,177)
Other income (expenses)	10	(22)
Net income	23,960	11,848
Net income attributable to non-controlling interests	(1,737)	(1,032)
Net income attributable to Broadstone Net Lease, Inc.	$ 22,223	$ 10,816
Weighted average number of common shares outstanding
Basic	145,338	106,108
Diluted	156,724	116,210
Net earnings per share attributable to common stockholders
Basic and diluted	$ 0.15	$ 0.10
Comprehensive income (loss)
Net income	$ 23,960	$ 11,848
Other comprehensive income (loss)
Change in fair value of interest rate swaps	28,680	(58,062)
Realized gain on interest rate swaps	(41)	(42)
Comprehensive income (loss)	52,599	(46,256)
Comprehensive (income) loss attributable to non-controlling interests	(3,813)	4,020
Comprehensive income (loss) attributable to Broadstone Net Lease, Inc.	48,786	(42,236)
Asset Management Fees
Operating expenses
Operating expenses	0	2,461
Property Management Fees
Operating expenses
Operating expenses	$ 0	$ 1,275

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Stockholders' Equity and Mezzanine Equity (Unaudited) - USD ($) $ in Thousands	Total	Class A Common Stock	Mezzanine Equity Common Stock	Mezzanine Equity Non-controlling Interests	Common Stock	Additional Paid-in Capital	Cumulative Distributions in Excess of Retained Earnings	Accumulated Other Comprehensive Loss	Non-controlling Interests
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	11,848
Net income	11,526						10,816		710
Issuance of shares of common stock	6,097					6,097
Adjustment to carrying value of mezzanine equity non-controlling interests	(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)
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 interests	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
Beginning Balance at Dec. 31, 2020	2,479,081	$ 9			27	2,624,997	(259,673)	(66,255)	179,976
Net income	23,960						22,223		1,737
Issuance of shares of common stock	233					233
Offering costs, discounts and commissions	(500)					(500)
Stock-based compensation	1,769					1,769
Retirement of 45 shares of restricted common stock	(832)					(832)
Conversion of 37,000 Class A common stock to 37,000 shares of common stock		$ (9)			9
Conversion of 38 OP Units to 38 shares of common stock						606			(606)
Distributions declared	(39,653)						(36,690)		(2,963)
Change in fair value of interest rate swap agreements	28,680							26,602	2,078
Realized gain on interest rate swap agreements	(41)							(39)	(2)
Adjustment to non-controlling interests						(953)		1,008	(55)
Ending Balance at Mar. 31, 2021	$ 2,492,697				$ 36	$ 2,625,320	$ (274,140)	$ (38,684)	$ 180,165

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Stockholders' Equity and Mezzanine Equity (Unaudited) (Parenthetical) - $ / shares	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Issuance of mezzanine non-controlling interests, shares		5,278,000
Retirement shares of restricted common stock, shares	45,000
Issuance of shares common stock upon conversion of Class A common stock	37,000,000
Issuance of shares common stock upon conversion of OP units	38,000
Number of OP units exchanged	38,000
Common Stock
Issuance of shares of common stock, shares	211,000	293,000
Issuance of shares of mezzanine equity common stock, shares		3,124,000
Distribution declared per share	$ 0.25	$ 0.33
Class A Common Stock
Number of shares converted	37,000,000

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Operating activities
Net income	$ 23,960	$ 11,848
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	29,985	30,081
Provision for impairment of investment in rental properties	2,012	2,133
Amortization of debt issuance costs charged to interest expense	879	853
Stock-based compensation expense	1,769
Straight-line rent, financing and sales-type lease adjustments	(4,632)	(1,610)
Cost of debt extinguishment	126	22
Gain on sale of real estate	(4,733)	(7,619)
Change in fair value of earnout liability	(1,124)	4,177
Leasing fees paid	(286)
Adjustment to provision for credit losses	(1)	(17)
Other non-cash items	192	194
Changes in assets and liabilities, net of acquisition:
Tenant and other receivables	582	(353)
Prepaid expenses and other assets	1,072	291
Accounts payable and other liabilities	(3,894)	(5,851)
Accrued interest payable	5,873	6,170
Net cash provided by operating activities	51,780	40,319
Investing activities
Acquisition of rental property accounted for using the operating method	(88,532)
Cash paid for Internalization		(30,861)
Capital expenditures and improvements	(1,334)	(48)
Proceeds from disposition of rental property, net	22,105	35,383
Change in deposits on investments in rental property	100
Net cash (used in) provided by investing activities	(67,661)	4,474
Financing activities
Proceeds from issuance of common stock and Class A common stock, net of offering costs, discounts, and commissions	(173)	131
Cash paid for deferred offering costs		(811)
Borrowings on unsecured term notes		60,000
Principal payments on mortgages and unsecured term notes	(50,802)	(151,781)
Borrowings on unsecured revolving credit facility	15,000	167,000
Repayments on unsecured revolving credit facility		(11,000)
Cash distributions paid to stockholders	(36,402)	(29,148)
Cash distributions paid to non-controlling interests	(3,174)	(2,681)
Debt issuance and extinguishment costs paid	(946)	(102)
Net cash (used in) provided by financing activities	(76,497)	31,608
Net (decrease) increase in cash and cash equivalents and restricted cash	(92,378)	76,401
Cash and cash equivalents and restricted cash at beginning of period	110,728	20,311
Cash and cash equivalents and restricted cash at end of period	18,350	96,712
Reconciliation of cash and cash equivalents and restricted cash
Cash and cash equivalents at beginning of period	100,486	12,455
Restricted cash at beginning of period	10,242	7,856
Cash and cash equivalents and restricted cash at beginning of period	110,728	20,311
Cash and cash equivalents at end of period	10,205	93,151
Restricted cash at end of period	8,145	3,561
Cash and cash equivalents and restricted cash at end of period	$ 18,350	$ 96,712

Business Description

Business Description	3 Months Ended
	Mar. 31, 2021
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Business Description	1. Business Description Broadstone Net Lease, Inc. (the “Corporation”) is a Maryland corporation formed on October 18, 2007, 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, and retail commercial properties under long-term lease agreements. At March 31, 2021, the Corporation owned a diversified portfolio of 661 individual commercial properties with 660 properties located in 41 U.S. states and one property located 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 were issued OP Units pursuant to the Internalization (defined below) or in exchange for their interests in properties acquired by the OP. 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.” Prior to February 7, 2020, the Corporation was externally managed by Broadstone Real Estate, LLC (“BRE”) and Broadstone Asset Management, LLC (the “Asset Manager”) subject to the direction, oversight, and approval of the Company’s board of directors (the “Board of Directors”). The Asset Manager was a wholly owned subsidiary of BRE and all of the Corporation’s officers were employees of BRE. Accordingly, both BRE and the Asset Manager were related parties of the Company. Refer to Note 3 for further discussion concerning related parties and related party transactions. On February 7, 2020, the Corporation, the OP, BRE, and certain of their respective subsidiaries and affiliates, completed through a series of mergers (the “Mergers”) the internalization of the external management functions previously performed for the Corporation and the OP by BRE and the Asset Manager (such transactions, collectively, the “Internalization”). Upon consummation of the Internalization, the Company’s management team and corporate staff, who were previously employed by BRE, became employees of an indirect subsidiary of the OP and the Company became internally managed. Upon Internalization, the prior Property Management Agreement and Asset Management Agreement were terminated. The Internalization was not considered a “Termination Event” under the terms of the agreements and therefore no fees were paid under them as a result of the Internalization. On September 18, 2020, the Corporation effected a four-for-one stock split on its then outstanding 26,944 shares of common stock (“Common Stock”) that previously had a $0.001 par value. Concurrent with the stock split, the OP effected a four-for-one stock split of its outstanding OP Units. No fractional shares or OP Units were issued as a result of the stock split. All historic share and per share amounts in these Condensed Consolidated Financial Statements have been adjusted to give retroactive effect to the stock split. On September 21, 2020, the Corporation completed its initial public offering (“IPO”) and issued an aggregate of 37,000 shares of a new class of common stock, $0.00025 par value per share (“Class A Common Stock”) See Note 13. The following table summarizes the outstanding equity and economic ownership interest of the Corporation and the OP: March 31, 2021 December 31, 2020 (in thousands) Shares of Common Stock OP Units Total Diluted Shares Shares of Common Stock OP Units Total Diluted Shares Ownership interest 145,813 11,361 157,174 145,609 11,399 157,008 Percent ownership of OP 92.8 % 7.2 % 100.0 % 92.7 % 7.3 % 100.0 % Refer to Note 15 for further discussion regarding the calculation of weighted average shares outstanding.

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2021
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 and certain other conditions are met, 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 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 the earnout liability, the fair value of assumed debt, the fair value of the Company’s interest rate swap agreements, and the determination of any uncertain tax positions. Accordingly, actual results may differ from those estimates. 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, 2021 was based on the most current information available to the Company. Based upon current market conditions resulting from the COVID-19 pandemic, certain of the Company’s properties may have fair values less than their carrying amounts. However, based on the Company’s plans with respect to each of those properties, the Company believes that their carrying amounts are recoverable and therefore, 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. During the three months ended March 31, 2021 and 2020, the Company recorded impairment charges associated with one property in each respective period. Impairment indicators primarily included changes in the Company’s long-term hold strategy with respect to the individual properties. 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, 2021 and 2020, the Company recorded impairment charges of $ 2,012 , respectively. Restricted Cash Restricted cash includes escrow funds the Company maintains pursuant to the terms of certain mortgages, 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 on the Condensed Consolidated Balance Sheets. Restricted cash consisted of the following: March 31, December 31, (in thousands) 2021 2020 Escrow funds and other $ 8,145 $ 7,852 Undistributed 1031 proceeds — 2,390 $ 8,145 $ 10,242 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, 2021 December 31, 2020 Rent received in advance $ 13,331 $ 13,651 Provision for Uncollectible Rent In accordance with ASC 842, Leases The following table summarizes the changes in the provision for uncollectible rent: For the Three Months Ended March 31, (in thousands) 2021 2020 Beginning balance $ 201 $ — Provision for uncollectible rent 142 1,033 Ending balance $ 343 $ 1,033 Fair Value Measurements Recurring Fair Value Measurements 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”). Under the terms of the agreement, the milestones 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 AFFO per share, prior to the completion of an IPO. 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 share price volatility and, prior to the IPO, about the timing of an IPO and net asset prices, each of which are unobservable and considered Level 3 inputs in the fair value hierarchy. A change in these inputs to a different amount might result in a significantly higher or lower fair value measurement at the reporting date. Specifically, advancements in the estimated IPO date assumption increase d 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. Increases in the volatility assumption would increase the earnout liability’s fair value. Increases in net asset values would also increase the earnout liability’s fair value. The table below provides a summary of the significant unobservable inputs used to estimate the fair value of the earnout liability as of March 31, 2021: Significant Unobservable Inputs Weighted Average Assumption Used Range Peer stock price volatility 40.0% 26.11% - 53.79% 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% - 43.91% 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% Company's net asset value per diluted share $ 21.30 (a) (a) The following table presents a reconciliation of the change in the earnout liability: For the Three Months Ended March 31, (in thousands) 2021 2020 Beginning balance $ 7,509 $ — Allocation of Internalization purchase price at February 7, 2020 — 40,119 Change in fair value subsequent to Internalization (1,124 ) 4,177 Ending balance $ 6,385 $ 44,296 The decrease in fair value subsequent to the Internalization was driven by a lower share price. The decrease was partially offset by an increase in peer stock price volatility, which is attributable to changes in economic circumstances impacting global equity markets. The balances of financial instruments measured at fair value on a recurring basis are as follows: March 31, 2021 (in thousands) Total Level 1 Level 2 Level 3 Interest rate swap, assets $ 239 $ — $ 239 $ — Interest rate swap, liabilities (43,662 ) — (43,662 ) — Earnout liability (6,385 ) — — (6,385 ) December 31, 2020 (in thousands) Total Level 1 Level 2 Level 3 Interest rate swap, liabilities $ (72,103 ) $ — $ (72,103 ) $ — Earnout liability (7,509 ) — — (7,509 ) Long-term Debt – The 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, net, Unsecured term notes, net, and Unsecured revolving credit facility, which reflects the fair value of interest rate swaps: (in thousands) March 31, 2021 December 31, 2020 Carrying amount $ 1,511,830 $ 1,547,667 Fair value 1,608,249 1,679,188 Non-recurring Fair Value Measurements The Company’s non-recurring fair value measurements at March 31, 2021 and December 31, 2020 consisted of the fair value of impaired real estate assets that were determined using Level 3 inputs. Right-of-Use Assets and Lease Liabilities The Company is a lessee under non-cancelable operating leases associated with its corporate headquarters and other office spaces as well as with leases of land (“ground leases”). The Company records right-of-use assets and lease liabilities associated with these leases. The lease liability is equal to the net present value of the future payments to be made under the lease, discounted using estimates based on observable market factors. The right-of-use asset is generally equal to the lease liability plus initial direct costs associated with the leases. The Company includes in the recognition of the right-of-use asset and lease liability those renewal periods that are reasonably certain to be exercised, based on the facts and circumstances that exist at lease inception. Amounts associated with percentage rent provisions are considered variable lease costs and are not included in the initial measurement of the right-of-use asset or lease liability. The Company has made an accounting policy election, applicable to all asset types, not to separate lease from nonlease components when allocating contract consideration related to operating leases. Right-of-use assets and lease liabilities associated with operating leases were included in the accompanying Condensed Consolidated Balance Sheets as follows: March 31, December 31, (in thousands) Financial Statement Presentation 2021 2020 Right-of-use assets Prepaid expenses and other assets $ 2,919 $ 3,075 Lease liabilities Accounts payable and other liabilities 2,531 2,659 Stock-Based Compensation The Company has issued restricted stock awards (“RSAs”) and performance-based restricted stock units (“PRSUs”) under its 2020 Omnibus Equity and Incentive Plan (the “Equity Incentive Plan”). The Company accounts for stock-based incentives in accordance with ASC 718, Compensation – Stock Compensation Recently Adopted Accounting Standards In January 2021, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2021-01, Reference Rate Reform (Topic 848): Scope Other Recently Issued Accounting Standards In August 2020, the FASB issued ASU 2020-06, Debt – Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging – Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity Derivatives and Hedging: Contracts in Entity’s Own Equity

Related-Party Transactions

Related-Party Transactions	3 Months Ended
	Mar. 31, 2021
Related Party Transactions [Abstract]
Related-Party Transactions	3. Related-Party Transactions Prior to the Internalization on February 7, 2020, BRE, a related party in which certain directors of the Corporation had either a direct or indirect ownership interest, and the Asset Manager were considered to be related parties. Earnout Consideration In connection with the Internalization, the Company incurred a contingent obligation that would be payable to certain members of the Company’s Board of Directors and employees who had previously been owners and/or employees of BRE, upon the occurrence of certain events (see Note 4). The earnout consideration at March 31, 2021, consisted of $6,385 recorded as Earnout liability, $11,380 recorded as a component of Additional paid-in capital, and $19,430 recorded as a component of Non-controlling interests on the Condensed Consolidated Balance Sheets. The earnout consideration at March 31, 2020, consisted of $44,296 recorded as Earnout liability on the Condensed Consolidated Balance Sheets.

Internalization

Internalization	3 Months Ended
	Mar. 31, 2021
Internalization [Abstract]
Internalization	4. Internalization On February 7, 2020, the Company completed the Internalization and the Company’s management team and corporate staff, who were previously employed by BRE, became employees of an indirect subsidiary of the OP. The effect of the Internalization has been reflected in the Company’s operating results beginning on February 7, 2020. Condensed Pro Forma Financial Information (Unaudited) The following pro forma information summarizes selected financial information from the Company’s combined results of operations, as if the Internalization had occurred on January 1, 2019. These results contain certain adjustments totaling $5,646 of income for the three months ended March 31, 2020. 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 compensation and related costs, incremental general and administrative expenses related to the Internalization, and incremental interest expense associated with the borrowing related to the Internalization. This pro forma information is presented for informational purposes only, and may not be indicative of what actual results of operations would have been had the Internalization occurred at the beginning of the period, nor does it purport to represent the results of future operations. The condensed pro forma financial information is as follows: For the Three Months Ended (in thousands) March 31, 2020 Revenues $ 78,231 Net income 13,751

Acquisitions of Rental Property

Acquisitions of Rental Property	3 Months Ended
	Mar. 31, 2021
Business Combinations [Abstract]
Acquisitions of Rental Property	5. Acquisitions of Rental Property The Company closed on the following acquisitions during the three months ended March 31, 2021: (in thousands, except number of properties) Number of Real Estate Date Property Type Properties Acquisition Price February 5, 2021 Healthcare 1 $ 4,843 February 26, 2021 Restaurant (a) $ 181 March 11, 2021 Retail 13 $ 26,834 March 30, 2021 Retail 11 41,324 March 31, 2021 Healthcare 3 14,140 28 $ 87,322 (b) (a) Acquisition of additional land adjacent to an existing property. (b) Acquisition price does The Company did not complete any acquisitions of rental property during the three months ended March 31, 2020. The Company allocated the purchase price of these properties to the fair value of the assets acquired and liabilities assumed. The following table summarizes the purchase price allocation for completed real estate acquisitions: For the Three Months Ended (in thousands) March 31, 2021 Land $ 19,584 Land improvements 4,355 Buildings and improvements 57,893 Acquired in-place leases (c) 6,725 $ 88,557 ( c ) The above acquisitions were funded using a combination of available cash on hand and revolving credit facility borrowings. All real estate acquisitions closed during the three months ended March 31, 2021, 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, 2021
Real Estate [Abstract]
Sale of Real Estate	6. Sale of Real Estate The Company closed on the following sales of real estate, none of which qualified as discontinued operations: For the Three Months Ended March 31, (in thousands, except number of properties) 2021 2020 Number of properties disposed 8 10 Aggregate sale price $ 23,062 $ 37,185 Aggregate carrying value (17,372 ) (27,764 ) Additional sales expenses (957 ) (1,802 ) Gain on sale of real estate $ 4,733 $ 7,619

Investment in Rental Property a

Investment in Rental Property and Lease Arrangements	3 Months Ended
	Mar. 31, 2021
Leases [Abstract]
Investment in Rental Property and Lease Arrangements	7. Investment in Rental Property and Lease Arrangements The Company generally leases its investment rental property to established tenants in the industrial, healthcare, restaurant, office, retail, and other industries. At March 31, 2021, the Company had 644 real estate properties which were leased under leases that have been classified as operating leases, 10 that have been classified as direct financing leases, and one that has been classified as a sales-type lease. Of the 10 leases classified as direct financing leases, three include land portions which are accounted for as operating leases. The sales-type lease includes a land portion which is accounted for as an operating lease. Substantially all leases have initial terms of 10 to 20 years 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, 2021 December 31, 2020 Land $ 572,381 $ 555,748 Land improvements 282,426 279,360 Buildings and improvements 2,898,615 2,857,510 Equipment 11,870 11,870 3,765,292 3,704,488 Less accumulated depreciation (369,683 ) (349,977 ) $ 3,395,609 $ 3,354,511 Depreciation expense on investment in rental property was as follows: For the Three Months Ended March 31, (in thousands) 2021 2020 Depreciation $ 23,743 $ 23,515 Estimated lease payments to be received under non-cancelable operating leases with tenants at March 31, 2021 are as follows: (in thousands) Remainder of 2021 $ 224,633 2022 302,580 2023 306,227 2024 302,556 2025 295,351 Thereafter 2,106,544 $ 3,537,891 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, 2021 December 31, 2020 Undiscounted estimated lease payments to be received $ 44,989 $ 45,782 Estimated unguaranteed residual values 15,203 15,203 Unearned revenue (31,035 ) (31,753 ) Reserve for credit losses (166 ) (166 ) Net investment in direct financing leases $ 28,991 $ 29,066 Undiscounted estimated lease payments to be received under non-cancelable direct financing leases with tenants at March 31, 2021 are as follows: (in thousands) Remainder of 2021 $ 2,387 2022 3,241 2023 3,304 2024 3,361 2025 3,475 Thereafter 29,221 $ 44,989 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 Income (Loss): For the Three Months Ended March 31, (in thousands) 2021 2020 Contractual rental amounts billed for operating leases $ 73,245 $ 72,828 Adjustment to recognize contractual operating lease billings on a straight-line basis 4,367 1,665 Variable rental amounts earned 91 3 Earned income from direct financing leases 730 987 Earned income from sales-type leases 14 — Operating expenses billed to tenants 4,388 3,732 Other income from real estate transactions 5 49 Adjustment to revenue recognized for uncollectible rental amounts billed (142 ) (1,033 ) Total Lease revenues, net $ 82,698 $ 78,231

Intangible Assets And Liabiliti

Intangible Assets And Liabilities	3 Months Ended
	Mar. 31, 2021
Goodwill And Intangible Assets Disclosure [Abstract]
Intangible Assets and Liabilities	8. Intangible Assets and Liabilities The following is a summary of intangible assets and liabilities and related accumulated amortization: (in thousands) March 31, 2021 December 31, 2020 Lease intangibles: Acquired above-market leases $ 50,206 $ 54,616 Less accumulated amortization (15,782 ) (18,928 ) Acquired above-market leases, net 34,424 35,688 Acquired in-place leases 344,674 340,958 Less accumulated amortization (90,506 ) (85,733 ) Acquired in-place leases, net 254,168 255,225 Total intangible lease assets, net $ 288,592 $ 290,913 Acquired below-market leases $ 107,226 $ 107,788 Less accumulated amortization (29,735 ) (28,135 ) Intangible lease liabilities, net $ 77,491 $ 79,653 Leasing fees $ 15,517 $ 15,462 Less accumulated amortization (4,844 ) (4,724 ) Leasing fees, net $ 10,673 $ 10,738 Amortization of intangible lease assets and liabilities was as follows: (in thousands) For the Three Months Ended March 31, Intangible Financial Statement Presentation 2021 2020 Acquired in-place leases and leasing fees Depreciation and amortization $ 6,947 $ 7,695 Above-market and below-market leases Lease revenues, net 753 1,140 Amortization expense for the three months ended March 31, 2020, includes $577 of accelerated amortization resulting from early lease terminations, compared to none for the three months ended March 31, 2021. Estimated future amortization of intangible assets and liabilities at March 31, 2021 is as follows: (in thousands) Remainder of 2021 $ 18,746 2022 22,844 2023 22,531 2024 21,773 2025 20,477 Thereafter 115,403 $ 221,774

Unsecured Credit Agreements

Unsecured Credit Agreements	3 Months Ended
	Mar. 31, 2021
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, 2021 December 31, 2020 Interest Rate (c) (d) Maturity Date Unsecured revolving credit facility (a) $ 15,000 $ — daily LIBOR + 1.00% (e) Sep. 2023 2022 Unsecured Term Loan (a) 60,000 60,000 one-month LIBOR + 1.00% (f) Feb. 2022 2023 Unsecured Term Loan (a) 265,000 265,000 one-month LIBOR + 1.10% (g) Jan. 2023 2024 Unsecured Term Loan (a) 190,000 190,000 one-month LIBOR + 1.00% (f) Jun. 2024 2026 Unsecured Term Loan (a) 400,000 450,000 one-month LIBOR + 1.00% (h) Feb. 2026 Senior Notes (a) Series A 150,000 150,000 4.84% Apr. 2027 Series B 225,000 225,000 5.09% Jul. 2028 Series C 100,000 100,000 5.19% Jul. 2030 475,000 475,000 Total 1,405,000 1,440,000 Debt issuance costs, net (b) (6,717 ) (6,204 ) $ 1,398,283 $ 1,433,796 (a) The Company believes it was in compliance with all financial covenants for all periods presented. (b) (c) (d) In January 2021, the Company received a credit rating of BBB, changing the applicable margin on variable rate unsecured debt effective February 1, 2021. ( e ) ( f ) ( g ) ( h ) At March 31, 2021, the weighted average interest rate on all outstanding borrowings was 2.45%, exclusive of interest rate swap agreements. On March 12, 2021, the Company amended the 2026 Unsecured Term Loan and made a $50,000 paydown on the loan. Prior to the amendment, the borrowings under the 2026 Unsecured Term Loan were subject to interest at variable rates based on LIBOR plus a margin based on the OP’s current credit rating ranging between 1.45% and 2.40% per annum with the applicable margin being 1.60% immediately prior to the amendment. The amendment reduced the margin to a range between 0.85% and 1.65% per annum and based on the OP’s credit rating of BBB, the applicable margin was 1.0% beginning March 12, 2021. All other terms and conditions of the 2026 Unsecured Term Loan remained materially the same as those in effect prior to this amendment. For the three months ended March 31, 2021, the Company paid $951 in debt issuance costs associated with the amended 2026 Unsecured Term Loan. For each separate debt instrument, on a lender by lender basis, in accordance with ASC 470-50, Debt Modifications and Extinguishment Additionally, $ of unamortized debt issuance costs were expensed in the three months ended March 31, 2021, and included in Cost of debt extinguishment in the accompanying Condensed Consolidated Statements of Income and Comprehensive Income (Loss). Debt issuance costs are amortized as a component of interest expense in the accompanying Condensed Consolidated Statements of Income and Comprehensive Income (Loss). The following table summarizes debt issuance cost amortization: For the Three Months Ended March 31, (in thousands) 2021 2020 Debt issuance costs amortization $ 914 $ 888 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, 2021, the Company believes it was in compliance with all of its loan covenants. Failure to comply with the covenants would result in a default which, if the Company were unable to cure or obtain a waiver from the lenders, could accelerate the repayment of the obligations. Further, in the event of default, the Company may be restricted from paying dividends to its stockholders in excess of dividends required to maintain its REIT qualification. Accordingly, an event of default could have a material and adverse impact on the Company.

Mortgages

Mortgages	3 Months Ended
	Mar. 31, 2021
Debt Disclosure [Abstract]
Mortgages	10. Mortgages The Company’s mortgages consist of the following: Origination Maturity (in thousands, except interest rates) Date Date Interest March 31, December 31, Lender (Month/Year) (Month/Year) Rate 2021 2020 Wilmington Trust National Association Apr-19 Feb-28 4.92% $ 47,646 $ 47,945 (a) (b) (c) (j) Wilmington Trust National Association Jun-18 Aug-25 4.36% 19,848 19,947 (a) (b) (c) (i) PNC Bank Oct-16 Nov-26 3.62% 17,396 17,498 (b) (c) Sun Life Mar-12 Oct-21 5.13% 10,361 10,469 (b) (e) Aegon Apr-12 Oct-23 6.38% 6,846 7,039 (b) (f) M&T Bank Oct-17 Aug-21 one - month LIBOR+3% 4,733 4,769 (b) (d) (g) (h) 106,830 107,667 Debt issuance costs, net (271 ) (285 ) $ 106,559 $ 107,382 (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 ) Mortgage was assumed in March 2012 as part of an UPREIT transaction. The debt was recorded at fair value at the time of the assumption. ( f ) Mortgage was assumed in April 2012 as part of the acquisition of the related property. The debt was recorded at fair value at the time of the assumption. ( g ) The Company entered into an interest rate swap agreement in connection with the mortgage, as further described in Note 11. ( h ) Mortgage was assumed in October 2017 as part of an UPREIT transaction. The debt was recorded at fair value at the time of the assumption. ( i ) Mortgage was assumed in June 2018 as part of the acquisition of the related property. The debt was recorded at fair value at the time of assumption. ( j ) Mortgage was assumed in April 2019 as part of the acquisition of the related property. The debt was recorded at fair value at the time of assumption. At March 31, 2021, investment in rental property of $172,440 was pledged as collateral against the Company’s mortgages. Estimated future principal payments to be made under the above mortgages and the Company’s unsecured credit agreements (see Note 9) at March 31, 2021 are as follows: (in thousands) Remainder of 2021 $ 17,169 2022 62,907 2023 287,582 2024 192,260 2025 20,195 Thereafter 931,717 $ 1,511,830 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, 2021
Derivative Instruments And Hedging Activities Disclosure [Abstract]
Interest Rate Swaps	11. Interest Rate Swaps Interest rate swaps were entered into with certain financial institutions in order to mitigate the impact of interest rate variability over the term of the related debt agreements. The interest rate swaps are considered cash flow hedges. In order to reduce counterparty concentration risk, the Company has a diversification policy for institutions that serve as swap counterparties. Under these agreements, the Company receives monthly payments from the counterparties on these interest rate swaps equal to the related variable interest rates multiplied by the outstanding notional amounts. Certain interest rate swaps amortize on a monthly basis. In turn, the Company pays the counterparties each month an amount equal to a fixed rate multiplied by the related outstanding notional amounts. The intended net impact of these transactions is that the Company pays a fixed interest rate on its variable-rate borrowings. 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, 2021 December 31, 2020 Bank of America, N.A. November 2023 2.80 % one-month LIBOR $ 25,000 $ (1,622 ) $ (1,848 ) Bank of Montreal July 2024 1.16 % one-month LIBOR 40,000 (896 ) (1,380 ) Bank of Montreal January 2025 1.91 % one-month LIBOR 25,000 (1,236 ) (1,725 ) Bank of Montreal July 2025 2.32 % one-month LIBOR 25,000 (1,696 ) (2,351 ) Bank of Montreal January 2026 1.92 % one-month LIBOR 25,000 (1,271 ) (2,039 ) Bank of Montreal January 2026 2.05 % one-month LIBOR 40,000 (2,277 ) (3,523 ) Bank of Montreal December 2026 2.33 % one-month LIBOR 10,000 (720 ) (1,156 ) Bank of Montreal December 2026 1.99 % one-month LIBOR 25,000 (1,314 ) (2,372 ) Bank of Montreal December 2027 2.37 % one-month LIBOR 25,000 (1,858 ) (3,234 ) Bank of Montreal May 2029 2.09 % one-month LIBOR 25,000 (1,286 ) (2,994 ) Capital One, National Association December 2021 1.05 % one-month LIBOR 15,000 (105 ) (141 ) Capital One, National Association December 2024 1.58 % one-month LIBOR 15,000 (553 ) (799 ) Capital One, National Association January 2026 2.08 % one-month LIBOR 35,000 (2,035 ) (3,078 ) Capital One, National Association April 2026 2.68 % one-month LIBOR 15,000 (1,325 ) (1,843 ) Capital One, National Association July 2026 1.32 % one-month LIBOR 35,000 (639 ) (1,806 ) Capital One, National Association December 2027 2.37 % one-month LIBOR 25,000 (1,860 ) (3,199 ) M&T Bank August 2021 1.02 % one-month LIBOR 4,731 (14 ) (25 ) (a), (b) M&T Bank September 2022 2.83 % one-month LIBOR 25,000 (960 ) (1,139 ) M&T Bank November 2023 2.65 % one-month LIBOR 25,000 (1,524 ) (1,785 ) Regions Bank December 2023 1.18 % one-month LIBOR 25,000 (576 ) (763 ) Regions Bank May 2029 2.11 % one-month LIBOR 25,000 (1,324 ) (3,004 ) Regions Bank June 2029 2.03 % one-month LIBOR 25,000 (1,167 ) (2,843 ) Truist Financial Corporation April 2024 1.99 % one-month LIBOR 25,000 (1,200 ) (1,487 ) Truist Financial Corporation April 2025 2.20 % one-month LIBOR 25,000 (1,543 ) (2,084 ) Truist Financial Corporation July 2025 1.99 % one-month LIBOR 25,000 (1,345 ) (1,941 ) Truist Financial Corporation December 2025 2.30 % one-month LIBOR 25,000 (1,719 ) (2,481 ) Truist Financial Corporation January 2026 1.93 % one-month LIBOR 25,000 (1,280 ) (2,019 ) U.S. Bank National Association June 2029 2.03 % one-month LIBOR 25,000 (1,174 ) (2,902 ) U.S. Bank National Association August 2029 1.35 % one-month LIBOR 25,000 239 (1,445 ) Wells Fargo Bank, N.A. February 2021 2.39 % one-month LIBOR 35,000 — (70 ) Wells Fargo Bank, N.A. October 2024 2.72 % one-month LIBOR 15,000 (1,154 ) (1,422 ) Wells Fargo Bank, N.A. April 2027 2.72 % one-month LIBOR 25,000 (2,388 ) (3,555 ) Wells Fargo Bank, N.A. January 2028 2.37 % one-month LIBOR 75,000 (5,601 ) (9,650 ) $ (43,423 ) $ (72,103 ) (a) Notional amount at December 31, 2020 was $4,768. (b) Interest rate swap was assumed in October 2017 as part of an UPREIT transaction. The total amounts recognized, and the location in the accompanying Condensed Consolidated Statements of Income and Comprehensive Income (Loss), from converting from variable rates to fixed rates under these agreements were as follows: Reclassification from Total Interest Expense Amount of Gain (Loss) Accumulated Other Presented in the Condensed 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 Income (Loss) 2021 $ 28,680 Interest expense $ 4,016 $ 16,108 2020 (58,062 ) Interest expense 885 20,991 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 $15,776. 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, 2021
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, 2021. The Company has not experienced losses relating to these deposits and management does not believe that the Company is exposed to any significant credit risk with respect to these amounts. The Company has mortgages with three institutions that comprised 63%, 16%, and 10% of total mortgages at March 31, 2021 and December 31, 2020. For the three months ended March 31, 2021 and 2020, 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, 2021
Equity [Abstract]
Equity	13. Equity General On September 21, 2020, the Corporation completed its IPO and issued 37,000 shares of Class A Common Stock inclusive of the underwriters’ partial exercise of their over-allotment option on October 20, 2020. Aside from the conversion discussed below, the terms of the Class A Common Stock were identical to the terms of the Common Stock. Each share of Class A Common Stock automatically converted into one share of Common Stock on March 20, 2021, and effective March 22, 2021, all shares of Common Stock were listed and freely tradeable on the NYSE under the ticker “BNL.” The Common Stock and Class A Common Stock are collectively referred to as the Corporation’s “common stock.”

Stock-Based Compensation

Stock-Based Compensation	3 Months Ended
	Mar. 31, 2021
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Stock-Based Compensation	14. Stock-Based Compensation Restricted Stock Awards On March 1, 2021 and August 4, 2020, the Company awarded 199 and 341 shares of RSAs, respectively, under the Equity Incentive Plan to certain officers and employees. The holder of RSAs is generally entitled at all times on and after the date of issuance of the restricted common shares to exercise the rights of a stockholder of the Company, including the right to vote the shares and the right to receive dividends on the shares. The March 1, 2021 RSAs vest over a one, three or four year period from the date of grant. The August 4, 2020 RSAs vest over a three or four year period from the anniversaries of February 7, 2020. The vesting for the RSAs is subject to the employee’s continued service through the applicable vesting dates and in accordance with the terms of the individual award agreements. The August 4, 2020 grant date fair value per share of $20.50 was based on the determined share value established by the Board of Directors (“Determined Share Value”). Prior to the IPO, the Company sold shares of common stock in a private offering at a price equal to the Determined Share Value, which was established at least quarterly by the Board of Directors based on the net asset value (“NAV”) of the Company’s portfolio, input from management and third-party consultants, and such other factors as the Board of Directors determined. The Company’s NAV was calculated using its established valuation process, starting with an estimate of the fair value of the properties in the portfolio as of that date based upon, among other factors, the implied market price for each asset based upon a review of market capitalization rates. The March 1, 2021 grant date fair value per share of $18.66 was based on the market price of the Company’s common stock on the grant date. The following table presents information about the Company’s RSAs: For the Three Months Ended (in thousands) March 31, 2021 Compensation cost $ 1,695 Dividends declared on unvested RSAs 104 Grant date fair value of shares vested during the period 2,522 There were no RSAs at March 31, 2020. (in thousands, except recognition period) March 31, 2021 December 31, 2020 Unamortized value of RSAs $ 6,999 $ 5,001 Weighted average amortization period (in years) 3.0 2.8 The following table presents information about the Company’s RSA activity: For the Three Months Ended March 31, 2021 (in thousands, except per share amounts) Number of Shares Weighted Average Grant Date Fair Value per Share Unvested at beginning of period 341 $ 20.50 Granted 199 18.66 Vested 124 20.26 Forfeited — — Unvested at end of period 416 $ 19.62 There were no unvested shares at March 31, 2020. Restricted Stock Units On March 1, 2021, the Company issued target grants of 132 PRSUs under the Equity Incentive Plan to the officers of the Company. The awards are non-vested restricted stock units where the vesting percentages and the ultimate number of units vesting will be measured 50% based on the relative total shareholder return (“rTSR”) of the Company’s common stock as compared to the rTSR of peer companies over a three-year period, as identified in the grant agreements, and 50% based on the rTSR of the Company’s common stock as compared to the rTSR of the MSCI US REIT Index over a three year measurement period. The payout schedules can produce vesting percentages ranging from 0% to 200% with a target of 100%. rTSR means the percentage appreciation in the fair market value of one share over the three-year th The following table presents information about the Company’s PRSUs: For the Three Months Ended (in thousands, except recognition period) March 31, 2021 Compensation cost $ 74 March 31, 2021 Unamortized value of PRSUs $ 2,600 Weighted average amortization period (in years) 2.9 There were no PRSUs at March 31, 2020. The following table presents information about the Company’s PRSU activity: For the Three Months Ended March 31, 2021 (in thousands, except per share amounts) Number of Shares Weighted Average Grant Date Fair Value per Share Unvested at beginning of period — $ — Granted 132 24.40 Vested — — Forfeited (22 ) 24.40 Unvested at end of period 110 $ 24.40

Earnings per Share

Earnings per Share	3 Months Ended
	Mar. 31, 2021
Earnings Per Share [Abstract]
Earnings Per Share	15. 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 amounts) 2021 2020 Basic earnings: Net earnings attributable to Broadstone Net Lease, Inc. common shareholders $ 22,223 $ 10,816 Less earnings allocated to unvested restricted shares (104 ) — Net earnings used to compute basic earnings per common share $ 22,119 $ 10,816 Diluted earnings: Net earnings used to compute basic earnings per share $ 22,119 $ 10,816 Net earnings attributable to non-controlling interests 1,737 1,032 Net earnings used to compute diluted earnings per common share $ 23,856 $ 11,848 Weighted average number of common shares outstanding 145,672 106,108 Less weighted average unvested restricted shares (a) (334 ) — Weighted average number of common shares outstanding used in basic earnings per common share 145,338 106,108 Effects of convertible membership units (b) 11,386 10,102 Weighted average number of common shares outstanding used in diluted earnings per common share 156,724 116,210 Basic earnings per share $ 0.15 $ 0.10 Diluted earnings per share $ 0.15 $ 0.10 (a) Represents the weighted average effects of 416 unvested restricted shares of common stock as of March 31, 2021, which will be excluded from the computation of earnings per share until they vest. The shares of restricted common stock were not included in the calculation of diluted earnings per share, as the effect of doing so would have been anti-dilutive. (b) Represents the weighted average effects of 11,361 and 12,226 OP Units outstanding at March 31, 2021 and 2020, respectively. OP Units are included in the diluted earnings per share calculation. However, because such OP Units would also require that the share of the net income attributable to such OP units also be added back to net income, there is no effect to EPS.

Supplemental Cash Flow Disclosu

Supplemental Cash Flow Disclosures	3 Months Ended
	Mar. 31, 2021
Supplemental Cash Flow Elements [Abstract]
Supplemental Cash Flow Disclosures	16. Supplemental Cash Flow Disclosures Cash paid for interest was $9,397 and $14,010 for the three months ended March 31, 2021 and 2020, respectively. Cash paid for income taxes was $237 and $195 for the three months ended March 31, 2021 and 2020, 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, the Corporation issued 69 shares of Common Stock with a value of approximately $5,733 under the terms of the Distribution Reinvestment Plan (“DRIP”). The Company terminated the DRIP effective February 10, 2020. • 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. • 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, in accordance with the Company’s accounting policy. • At March 31, 2021 and 2020, dividend amounts declared and accrued but not yet paid amounted to $39,329 and $13,160, respectively.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2021
Commitments And Contingencies Disclosure [Abstract]
Commitments and Contingencies	17. Commitments and Contingencies Litigation From time to time, the Company is a party to various litigation matters incidental to the conduct of the Company’s business. While the resolution of such matters cannot be predicted with certainty, based on currently available information, the Company does not believe that the final outcome of any of these matters will have a material effect on its consolidated financial position, results of operations, or liquidity. Property and Acquisition Related In connection with ownership and operation of real estate, the Company may potentially be liable for costs and damages related to environmental matters. The Company is not aware of any non-compliance, liability, claim, or other environmental condition that would have a material effect on its consolidated financial position, results of operations, or liquidity. 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, 2021 December 31, 2020 Tenant improvement allowances $ 903 $ 1,981 The Company is a party to three separate tax protection agreements with the contributing members of three distinct UPREIT transactions and to the Founding Owners’ Tax Protection Agreement in connection with the Internalization. The tax protection agreements require the Company to indemnify the beneficiaries in the event of a sale, exchange, transfer, or other disposal of the contributed property, and in the case of the Founding Owners’ Tax Protection Agreement, the entire Company, in a taxable transaction that would cause such beneficiaries to recognize a gain that is protected under the agreements, subject to certain exceptions. The Company is required to allocate an amount of nonrecourse liabilities to each beneficiary that is at least equal to the minimum liability amount, as contained in the agreements. The minimum liability amount and the associated allocation of nonrecourse liabilities are calculated in accordance with applicable tax regulations, are completed at the OP level, and do not represent GAAP accounting. Therefore, there is no impact to the Condensed Consolidated Financial Statements. Based on values as of March 31, 2021, 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, the Company leases office space for its corporate headquarters and other locations under non-cancellable operating leases with expiration dates ranging from 2021 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 an affiliated third party. 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 2021 2020 Operating lease costs Office leases General and administrative $ 158 $ 52 Ground leases Property and operating expense 33 33 Variable lease costs Ground leases Property and operating expense 14 18 Total lease costs $ 205 $ 103 The following table summarizes payments associated with obligations under operating leases, reported as Net cash provided by operating activities on the accompanying Condensed Consolidated Statements of Cash Flows: For the Three Months Ended March 31, (in thousands) 2021 2020 Operating lease payments $ 241 $ 128 Estimated future lease payments required under non-cancelable operating leases at March 31, 2021, and a reconciliation to the lease liabilities, is as follows: (in thousands) Remainder of 2021 $ 548 2022 690 2023 505 2024 120 2025 121 Thereafter 2,290 Total undiscounted cash flows 4,274 Less imputed interest (1,743 ) Lease liabilities $ 2,531 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, 2021
Subsequent Events [Abstract]
Subsequent Events	18. Subsequent Events On April 15, 2021, the Company paid distributions totaling $39,293. On April 30, 2021, the Board of Directors declared a quarterly distribution of $0.255 per share on the Company’s common stock and OP Units for the second quarter of 2021, which will be payable on or before July 15, 2021 to stockholders and unit holders of record as of June 30, 2021. Subsequent to March 31, 2021, the Company drew additional borrowings on the Revolving Credit Facility in the aggregate amount of $24,000.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2021
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 and certain other conditions are met, 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 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 the earnout liability, the fair value of assumed debt, the fair value of the Company’s interest rate swap agreements, and the determination of any uncertain tax positions. Accordingly, actual results may differ from those estimates.
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, 2021 was based on the most current information available to the Company. Based upon current market conditions resulting from the COVID-19 pandemic, certain of the Company’s properties may have fair values less than their carrying amounts. However, based on the Company’s plans with respect to each of those properties, the Company believes that their carrying amounts are recoverable and therefore, 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. During the three months ended March 31, 2021 and 2020, the Company recorded impairment charges associated with one property in each respective period. Impairment indicators primarily included changes in the Company’s long-term hold strategy with respect to the individual properties. 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, 2021 and 2020, the Company recorded impairment charges of $ 2,012 , respectively.
Restricted Cash	Restricted Cash Restricted cash includes escrow funds the Company maintains pursuant to the terms of certain mortgages, 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 on the Condensed Consolidated Balance Sheets. Restricted cash consisted of the following: March 31, December 31, (in thousands) 2021 2020 Escrow funds and other $ 8,145 $ 7,852 Undistributed 1031 proceeds — 2,390 $ 8,145 $ 10,242
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, 2021 December 31, 2020 Rent received in advance $ 13,331 $ 13,651
Provision for Uncollectible Rent	Provision for Uncollectible Rent In accordance with ASC 842, Leases The following table summarizes the changes in the provision for uncollectible rent: For the Three Months Ended March 31, (in thousands) 2021 2020 Beginning balance $ 201 $ — Provision for uncollectible rent 142 1,033 Ending balance $ 343 $ 1,033
Fair Value Measurements	Fair Value Measurements Recurring Fair Value Measurements 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”). Under the terms of the agreement, the milestones 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 AFFO per share, prior to the completion of an IPO. 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 share price volatility and, prior to the IPO, about the timing of an IPO and net asset prices, each of which are unobservable and considered Level 3 inputs in the fair value hierarchy. A change in these inputs to a different amount might result in a significantly higher or lower fair value measurement at the reporting date. Specifically, advancements in the estimated IPO date assumption increase d 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. Increases in the volatility assumption would increase the earnout liability’s fair value. Increases in net asset values would also increase the earnout liability’s fair value. The table below provides a summary of the significant unobservable inputs used to estimate the fair value of the earnout liability as of March 31, 2021: Significant Unobservable Inputs Weighted Average Assumption Used Range Peer stock price volatility 40.0% 26.11% - 53.79% 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% - 43.91% 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% Company's net asset value per diluted share $ 21.30 (a) (a) The following table presents a reconciliation of the change in the earnout liability: For the Three Months Ended March 31, (in thousands) 2021 2020 Beginning balance $ 7,509 $ — Allocation of Internalization purchase price at February 7, 2020 — 40,119 Change in fair value subsequent to Internalization (1,124 ) 4,177 Ending balance $ 6,385 $ 44,296 The decrease in fair value subsequent to the Internalization was driven by a lower share price. The decrease was partially offset by an increase in peer stock price volatility, which is attributable to changes in economic circumstances impacting global equity markets. The balances of financial instruments measured at fair value on a recurring basis are as follows: March 31, 2021 (in thousands) Total Level 1 Level 2 Level 3 Interest rate swap, assets $ 239 $ — $ 239 $ — Interest rate swap, liabilities (43,662 ) — (43,662 ) — Earnout liability (6,385 ) — — (6,385 ) December 31, 2020 (in thousands) Total Level 1 Level 2 Level 3 Interest rate swap, liabilities $ (72,103 ) $ — $ (72,103 ) $ — Earnout liability (7,509 ) — — (7,509 ) Long-term Debt – The 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, net, Unsecured term notes, net, and Unsecured revolving credit facility, which reflects the fair value of interest rate swaps: (in thousands) March 31, 2021 December 31, 2020 Carrying amount $ 1,511,830 $ 1,547,667 Fair value 1,608,249 1,679,188 Non-recurring Fair Value Measurements The Company’s non-recurring fair value measurements at March 31, 2021 and December 31, 2020 consisted of the fair value of impaired real estate assets that were determined using Level 3 inputs.
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, not to separate lease from nonlease components when allocating contract consideration related to operating leases. Right-of-use assets and lease liabilities associated with operating leases were included in the accompanying Condensed Consolidated Balance Sheets as follows: March 31, December 31, (in thousands) Financial Statement Presentation 2021 2020 Right-of-use assets Prepaid expenses and other assets $ 2,919 $ 3,075 Lease liabilities Accounts payable and other liabilities 2,531 2,659
Stock-Based Compensation	Stock-Based Compensation The Company has issued restricted stock awards (“RSAs”) and performance-based restricted stock units (“PRSUs”) under its 2020 Omnibus Equity and Incentive Plan (the “Equity Incentive Plan”). The Company accounts for stock-based incentives in accordance with ASC 718, Compensation – Stock Compensation
Recently Adopted Accounting Standards and Other Recently Issued Accounting Standards	Recently Adopted Accounting Standards In January 2021, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2021-01, Reference Rate Reform (Topic 848): Scope Other Recently Issued Accounting Standards In August 2020, the FASB issued ASU 2020-06, Debt – Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging – Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity Derivatives and Hedging: Contracts in Entity’s Own Equity

Business Description (Tables)

Business Description (Tables)	3 Months Ended
	Mar. 31, 2021
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Summary of Outstanding Equity and Economic Ownership Interest	The following table summarizes the outstanding equity and economic ownership interest of the Corporation and the OP: March 31, 2021 December 31, 2020 (in thousands) Shares of Common Stock OP Units Total Diluted Shares Shares of Common Stock OP Units Total Diluted Shares Ownership interest 145,813 11,361 157,174 145,609 11,399 157,008 Percent ownership of OP 92.8 % 7.2 % 100.0 % 92.7 % 7.3 % 100.0 %

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	3 Months Ended
	Mar. 31, 2021
Accounting Policies [Abstract]
Summary of Restricted Cash	Restricted cash consisted of the following: March 31, December 31, (in thousands) 2021 2020 Escrow funds and other $ 8,145 $ 7,852 Undistributed 1031 proceeds — 2,390 $ 8,145 $ 10,242
Summary of Rents Received in Advance	Rent received in advance represents tenant payments received prior to the contractual due date, and is included in Accounts payable and other liabilities on the Condensed Consolidated Balance Sheets. Rent received in advance is as follows: (in thousands) March 31, 2021 December 31, 2020 Rent received in advance $ 13,331 $ 13,651
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) 2021 2020 Beginning balance $ 201 $ — Provision for uncollectible rent 142 1,033 Ending balance $ 343 $ 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 March 31, 2021: Significant Unobservable Inputs Weighted Average Assumption Used Range Peer stock price volatility 40.0% 26.11% - 53.79% 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% - 43.91% 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% Company's net asset value per diluted share $ 21.30 (a) (a)
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 March 31, (in thousands) 2021 2020 Beginning balance $ 7,509 $ — Allocation of Internalization purchase price at February 7, 2020 — 40,119 Change in fair value subsequent to Internalization (1,124 ) 4,177 Ending balance $ 6,385 $ 44,296
Balances of Financial Instruments Measured at Fair Value on Recurring Basis	The balances of financial instruments measured at fair value on a recurring basis are as follows: March 31, 2021 (in thousands) Total Level 1 Level 2 Level 3 Interest rate swap, assets $ 239 $ — $ 239 $ — Interest rate swap, liabilities (43,662 ) — (43,662 ) — Earnout liability (6,385 ) — — (6,385 ) December 31, 2020 (in thousands) Total Level 1 Level 2 Level 3 Interest rate swap, liabilities $ (72,103 ) $ — $ (72,103 ) $ — Earnout liability (7,509 ) — — (7,509 )
Summary of Carrying Amount Reported on 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, net, Unsecured term notes, net, and Unsecured revolving credit facility, which reflects the fair value of interest rate swaps: (in thousands) March 31, 2021 December 31, 2020 Carrying amount $ 1,511,830 $ 1,547,667 Fair value 1,608,249 1,679,188
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 2021 2020 Right-of-use assets Prepaid expenses and other assets $ 2,919 $ 3,075 Lease liabilities Accounts payable and other liabilities 2,531 2,659

Internalization (Tables)

Internalization (Tables)	3 Months Ended
	Mar. 31, 2021
Internalization [Abstract]
Schedule of Pro Forma Financial Information	The condensed pro forma financial information is as follows: For the Three Months Ended (in thousands) March 31, 2020 Revenues $ 78,231 Net income 13,751

Acquisitions of Rental Proper_2

Acquisitions of Rental Property (Tables)	3 Months Ended
	Mar. 31, 2021
Business Combinations [Abstract]
Acquisitions of Rental Property Closed	The Company closed on the following acquisitions during the three months ended March 31, 2021: (in thousands, except number of properties) Number of Real Estate Date Property Type Properties Acquisition Price February 5, 2021 Healthcare 1 $ 4,843 February 26, 2021 Restaurant (a) $ 181 March 11, 2021 Retail 13 $ 26,834 March 30, 2021 Retail 11 41,324 March 31, 2021 Healthcare 3 14,140 28 $ 87,322 (b) (a) Acquisition of additional land adjacent to an existing property. (b) Acquisition price does
Summary of Allocation of Purchase Price	The following table summarizes the purchase price allocation for completed real estate acquisitions: For the Three Months Ended (in thousands) March 31, 2021 Land $ 19,584 Land improvements 4,355 Buildings and improvements 57,893 Acquired in-place leases (c) 6,725 $ 88,557 ( c )

Sale of Real Estate (Tables)

Sale of Real Estate (Tables)	3 Months Ended
	Mar. 31, 2021
Real Estate [Abstract]
Schedule of Sale of Real Estate	The Company closed on the following sales of real estate, none of which qualified as discontinued operations: For the Three Months Ended March 31, (in thousands, except number of properties) 2021 2020 Number of properties disposed 8 10 Aggregate sale price $ 23,062 $ 37,185 Aggregate carrying value (17,372 ) (27,764 ) Additional sales expenses (957 ) (1,802 ) Gain on sale of real estate $ 4,733 $ 7,619

Investment in Rental Property_2

Investment in Rental Property and Lease Arrangements (Tables)	3 Months Ended
	Mar. 31, 2021
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, 2021 December 31, 2020 Land $ 572,381 $ 555,748 Land improvements 282,426 279,360 Buildings and improvements 2,898,615 2,857,510 Equipment 11,870 11,870 3,765,292 3,704,488 Less accumulated depreciation (369,683 ) (349,977 ) $ 3,395,609 $ 3,354,511 Depreciation expense on investment in rental property was as follows: For the Three Months Ended March 31, (in thousands) 2021 2020 Depreciation $ 23,743 $ 23,515
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, 2021 are as follows: (in thousands) Remainder of 2021 $ 224,633 2022 302,580 2023 306,227 2024 302,556 2025 295,351 Thereafter 2,106,544 $ 3,537,891
Net Investment in Direct Financing Leases	The Company’s net investment in direct financing leases was comprised of the following: (in thousands) March 31, 2021 December 31, 2020 Undiscounted estimated lease payments to be received $ 44,989 $ 45,782 Estimated unguaranteed residual values 15,203 15,203 Unearned revenue (31,035 ) (31,753 ) Reserve for credit losses (166 ) (166 ) Net investment in direct financing leases $ 28,991 $ 29,066
Direct Financing Leases, Lease Receivable Maturity	Undiscounted estimated lease payments to be received under non-cancelable direct financing leases with tenants at March 31, 2021 are as follows: (in thousands) Remainder of 2021 $ 2,387 2022 3,241 2023 3,304 2024 3,361 2025 3,475 Thereafter 29,221 $ 44,989
Summary of Amounts Reported as Lease Revenues Net on the Condensed Consolidated Statements of Income and Comprehensive Income (Loss)	The following table summarizes amounts reported as Lease revenues, net on the Condensed Consolidated Statements of Income and Comprehensive Income (Loss): For the Three Months Ended March 31, (in thousands) 2021 2020 Contractual rental amounts billed for operating leases $ 73,245 $ 72,828 Adjustment to recognize contractual operating lease billings on a straight-line basis 4,367 1,665 Variable rental amounts earned 91 3 Earned income from direct financing leases 730 987 Earned income from sales-type leases 14 — Operating expenses billed to tenants 4,388 3,732 Other income from real estate transactions 5 49 Adjustment to revenue recognized for uncollectible rental amounts billed (142 ) (1,033 ) Total Lease revenues, net $ 82,698 $ 78,231

Intangible Assets and Liabili_2

Intangible Assets and Liabilities (Tables)	3 Months Ended
	Mar. 31, 2021
Goodwill And Intangible Assets Disclosure [Abstract]
Schedule of Intangible Assets and Liabilities Relating to Amortization	The following is a summary of intangible assets and liabilities and related accumulated amortization: (in thousands) March 31, 2021 December 31, 2020 Lease intangibles: Acquired above-market leases $ 50,206 $ 54,616 Less accumulated amortization (15,782 ) (18,928 ) Acquired above-market leases, net 34,424 35,688 Acquired in-place leases 344,674 340,958 Less accumulated amortization (90,506 ) (85,733 ) Acquired in-place leases, net 254,168 255,225 Total intangible lease assets, net $ 288,592 $ 290,913 Acquired below-market leases $ 107,226 $ 107,788 Less accumulated amortization (29,735 ) (28,135 ) Intangible lease liabilities, net $ 77,491 $ 79,653 Leasing fees $ 15,517 $ 15,462 Less accumulated amortization (4,844 ) (4,724 ) Leasing fees, net $ 10,673 $ 10,738
Schedule of Amortization of Intangible Lease Assets and Liabilities	Amortization of intangible lease assets and liabilities was as follows: (in thousands) For the Three Months Ended March 31, Intangible Financial Statement Presentation 2021 2020 Acquired in-place leases and leasing fees Depreciation and amortization $ 6,947 $ 7,695 Above-market and below-market leases Lease revenues, net 753 1,140
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense	Estimated future amortization of intangible assets and liabilities at March 31, 2021 is as follows: (in thousands) Remainder of 2021 $ 18,746 2022 22,844 2023 22,531 2024 21,773 2025 20,477 Thereafter 115,403 $ 221,774

Unsecured Credit Agreements (Ta

Unsecured Credit Agreements (Tables)	3 Months Ended
	Mar. 31, 2021
Summary of Debt Issuance Cost Amortization	The following table summarizes debt issuance cost amortization: For the Three Months Ended March 31, (in thousands) 2021 2020 Debt issuance costs amortization $ 914 $ 888
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, 2021 December 31, 2020 Interest Rate (c) (d) Maturity Date Unsecured revolving credit facility (a) $ 15,000 $ — daily LIBOR + 1.00% (e) Sep. 2023 2022 Unsecured Term Loan (a) 60,000 60,000 one-month LIBOR + 1.00% (f) Feb. 2022 2023 Unsecured Term Loan (a) 265,000 265,000 one-month LIBOR + 1.10% (g) Jan. 2023 2024 Unsecured Term Loan (a) 190,000 190,000 one-month LIBOR + 1.00% (f) Jun. 2024 2026 Unsecured Term Loan (a) 400,000 450,000 one-month LIBOR + 1.00% (h) Feb. 2026 Senior Notes (a) Series A 150,000 150,000 4.84% Apr. 2027 Series B 225,000 225,000 5.09% Jul. 2028 Series C 100,000 100,000 5.19% Jul. 2030 475,000 475,000 Total 1,405,000 1,440,000 Debt issuance costs, net (b) (6,717 ) (6,204 ) $ 1,398,283 $ 1,433,796 (a) The Company believes it was in compliance with all financial covenants for all periods presented. (b) (c) (d) In January 2021, the Company received a credit rating of BBB, changing the applicable margin on variable rate unsecured debt effective February 1, 2021. ( e ) ( f ) ( g ) ( h )

Mortgages (Tables)

Mortgages (Tables)	3 Months Ended
	Mar. 31, 2021
Schedule of Estimated Future Principal Payments	Estimated future principal payments to be made under the above mortgages and the Company’s unsecured credit agreements (see Note 9) at March 31, 2021 are as follows: (in thousands) Remainder of 2021 $ 17,169 2022 62,907 2023 287,582 2024 192,260 2025 20,195 Thereafter 931,717 $ 1,511,830
Secured Debt
Summary of Unsecured Credit Agreements	The Company’s mortgages consist of the following: Origination Maturity (in thousands, except interest rates) Date Date Interest March 31, December 31, Lender (Month/Year) (Month/Year) Rate 2021 2020 Wilmington Trust National Association Apr-19 Feb-28 4.92% $ 47,646 $ 47,945 (a) (b) (c) (j) Wilmington Trust National Association Jun-18 Aug-25 4.36% 19,848 19,947 (a) (b) (c) (i) PNC Bank Oct-16 Nov-26 3.62% 17,396 17,498 (b) (c) Sun Life Mar-12 Oct-21 5.13% 10,361 10,469 (b) (e) Aegon Apr-12 Oct-23 6.38% 6,846 7,039 (b) (f) M&T Bank Oct-17 Aug-21 one - month LIBOR+3% 4,733 4,769 (b) (d) (g) (h) 106,830 107,667 Debt issuance costs, net (271 ) (285 ) $ 106,559 $ 107,382 (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 ) Mortgage was assumed in March 2012 as part of an UPREIT transaction. The debt was recorded at fair value at the time of the assumption. ( f ) Mortgage was assumed in April 2012 as part of the acquisition of the related property. The debt was recorded at fair value at the time of the assumption. ( g ) The Company entered into an interest rate swap agreement in connection with the mortgage, as further described in Note 11. ( h ) Mortgage was assumed in October 2017 as part of an UPREIT transaction. The debt was recorded at fair value at the time of the assumption. ( i ) Mortgage was assumed in June 2018 as part of the acquisition of the related property. The debt was recorded at fair value at the time of assumption. ( j ) Mortgage was assumed in April 2019 as part of the acquisition of the related property. The debt was recorded at fair value at the time of assumption.

Interest Rate Swaps (Tables)

Interest Rate Swaps (Tables)	3 Months Ended
	Mar. 31, 2021
Derivative Instruments And Hedging Activities Disclosure [Abstract]
Summary of Company's Outstanding Interest-rate Swap Agreement	The following is a summary of the Company’s outstanding interest rate swap agreements: (in thousands, except interest rates) Fair Value Counterparty Maturity Date Fixed Rate Variable Rate Index Notional Amount March 31, 2021 December 31, 2020 Bank of America, N.A. November 2023 2.80 % one-month LIBOR $ 25,000 $ (1,622 ) $ (1,848 ) Bank of Montreal July 2024 1.16 % one-month LIBOR 40,000 (896 ) (1,380 ) Bank of Montreal January 2025 1.91 % one-month LIBOR 25,000 (1,236 ) (1,725 ) Bank of Montreal July 2025 2.32 % one-month LIBOR 25,000 (1,696 ) (2,351 ) Bank of Montreal January 2026 1.92 % one-month LIBOR 25,000 (1,271 ) (2,039 ) Bank of Montreal January 2026 2.05 % one-month LIBOR 40,000 (2,277 ) (3,523 ) Bank of Montreal December 2026 2.33 % one-month LIBOR 10,000 (720 ) (1,156 ) Bank of Montreal December 2026 1.99 % one-month LIBOR 25,000 (1,314 ) (2,372 ) Bank of Montreal December 2027 2.37 % one-month LIBOR 25,000 (1,858 ) (3,234 ) Bank of Montreal May 2029 2.09 % one-month LIBOR 25,000 (1,286 ) (2,994 ) Capital One, National Association December 2021 1.05 % one-month LIBOR 15,000 (105 ) (141 ) Capital One, National Association December 2024 1.58 % one-month LIBOR 15,000 (553 ) (799 ) Capital One, National Association January 2026 2.08 % one-month LIBOR 35,000 (2,035 ) (3,078 ) Capital One, National Association April 2026 2.68 % one-month LIBOR 15,000 (1,325 ) (1,843 ) Capital One, National Association July 2026 1.32 % one-month LIBOR 35,000 (639 ) (1,806 ) Capital One, National Association December 2027 2.37 % one-month LIBOR 25,000 (1,860 ) (3,199 ) M&T Bank August 2021 1.02 % one-month LIBOR 4,731 (14 ) (25 ) (a), (b) M&T Bank September 2022 2.83 % one-month LIBOR 25,000 (960 ) (1,139 ) M&T Bank November 2023 2.65 % one-month LIBOR 25,000 (1,524 ) (1,785 ) Regions Bank December 2023 1.18 % one-month LIBOR 25,000 (576 ) (763 ) Regions Bank May 2029 2.11 % one-month LIBOR 25,000 (1,324 ) (3,004 ) Regions Bank June 2029 2.03 % one-month LIBOR 25,000 (1,167 ) (2,843 ) Truist Financial Corporation April 2024 1.99 % one-month LIBOR 25,000 (1,200 ) (1,487 ) Truist Financial Corporation April 2025 2.20 % one-month LIBOR 25,000 (1,543 ) (2,084 ) Truist Financial Corporation July 2025 1.99 % one-month LIBOR 25,000 (1,345 ) (1,941 ) Truist Financial Corporation December 2025 2.30 % one-month LIBOR 25,000 (1,719 ) (2,481 ) Truist Financial Corporation January 2026 1.93 % one-month LIBOR 25,000 (1,280 ) (2,019 ) U.S. Bank National Association June 2029 2.03 % one-month LIBOR 25,000 (1,174 ) (2,902 ) U.S. Bank National Association August 2029 1.35 % one-month LIBOR 25,000 239 (1,445 ) Wells Fargo Bank, N.A. February 2021 2.39 % one-month LIBOR 35,000 — (70 ) Wells Fargo Bank, N.A. October 2024 2.72 % one-month LIBOR 15,000 (1,154 ) (1,422 ) Wells Fargo Bank, N.A. April 2027 2.72 % one-month LIBOR 25,000 (2,388 ) (3,555 ) Wells Fargo Bank, N.A. January 2028 2.37 % one-month LIBOR 75,000 (5,601 ) (9,650 ) $ (43,423 ) $ (72,103 ) (a) Notional amount at December 31, 2020 was $4,768. (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 (Loss), from Converting from Variable Rates to Fixed Rates	The total amounts recognized, and the location in the accompanying Condensed Consolidated Statements of Income and Comprehensive Income (Loss), from converting from variable rates to fixed rates under these agreements were as follows: Reclassification from Total Interest Expense Amount of Gain (Loss) Accumulated Other Presented in the Condensed 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 Income (Loss) 2021 $ 28,680 Interest expense $ 4,016 $ 16,108 2020 (58,062 ) Interest expense 885 20,991

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	3 Months Ended
	Mar. 31, 2021
Restricted Stock Awards
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Summary of Restricted Stock	The following table presents information about the Company’s RSAs: For the Three Months Ended (in thousands) March 31, 2021 Compensation cost $ 1,695 Dividends declared on unvested RSAs 104 Grant date fair value of shares vested during the period 2,522 There were no RSAs at March 31, 2020. (in thousands, except recognition period) March 31, 2021 December 31, 2020 Unamortized value of RSAs $ 6,999 $ 5,001 Weighted average amortization period (in years) 3.0 2.8
Summary of Restricted Stock Activity	The following table presents information about the Company’s RSA activity: For the Three Months Ended March 31, 2021 (in thousands, except per share amounts) Number of Shares Weighted Average Grant Date Fair Value per Share Unvested at beginning of period 341 $ 20.50 Granted 199 18.66 Vested 124 20.26 Forfeited — — Unvested at end of period 416 $ 19.62
Performance-based Restricted Stock Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Summary of Restricted Stock	The following table presents information about the Company’s PRSUs: For the Three Months Ended (in thousands, except recognition period) March 31, 2021 Compensation cost $ 74 March 31, 2021 Unamortized value of PRSUs $ 2,600 Weighted average amortization period (in years) 2.9
Summary of Restricted Stock Activity	The following table presents information about the Company’s PRSU activity: For the Three Months Ended March 31, 2021 (in thousands, except per share amounts) Number of Shares Weighted Average Grant Date Fair Value per Share Unvested at beginning of period — $ — Granted 132 24.40 Vested — — Forfeited (22 ) 24.40 Unvested at end of period 110 $ 24.40

Earnings per Share (Tables)

Earnings per Share (Tables)	3 Months Ended
	Mar. 31, 2021
Earnings Per Share [Abstract]
Summary of Components used in Calculation of Basic and Diluted Earnings per Share	The following table summarizes the components used in the calculation of basic and diluted earnings per share (“EPS”): For the Three Months Ended March 31, (in thousands, except per share amounts) 2021 2020 Basic earnings: Net earnings attributable to Broadstone Net Lease, Inc. common shareholders $ 22,223 $ 10,816 Less earnings allocated to unvested restricted shares (104 ) — Net earnings used to compute basic earnings per common share $ 22,119 $ 10,816 Diluted earnings: Net earnings used to compute basic earnings per share $ 22,119 $ 10,816 Net earnings attributable to non-controlling interests 1,737 1,032 Net earnings used to compute diluted earnings per common share $ 23,856 $ 11,848 Weighted average number of common shares outstanding 145,672 106,108 Less weighted average unvested restricted shares (a) (334 ) — Weighted average number of common shares outstanding used in basic earnings per common share 145,338 106,108 Effects of convertible membership units (b) 11,386 10,102 Weighted average number of common shares outstanding used in diluted earnings per common share 156,724 116,210 Basic earnings per share $ 0.15 $ 0.10 Diluted earnings per share $ 0.15 $ 0.10 (a) Represents the weighted average effects of 416 unvested restricted shares of common stock as of March 31, 2021, which will be excluded from the computation of earnings per share until they vest. The shares of restricted common stock were not included in the calculation of diluted earnings per share, as the effect of doing so would have been anti-dilutive. (b) Represents the weighted average effects of 11,361 and 12,226 OP Units outstanding at March 31, 2021 and 2020, respectively. OP Units are included in the diluted earnings per share calculation. However, because such OP Units would also require that the share of the net income attributable to such OP units also be added back to net income, there is no effect to EPS.

Commitments and Contingencies (

Commitments and Contingencies (Tables)	3 Months Ended
	Mar. 31, 2021
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, 2021 December 31, 2020 Tenant improvement allowances $ 903 $ 1,981
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 2021 2020 Operating lease costs Office leases General and administrative $ 158 $ 52 Ground leases Property and operating expense 33 33 Variable lease costs Ground leases Property and operating expense 14 18 Total lease costs $ 205 $ 103
Summary of Payments Associated with Obligations Under Operating Leases	The following table summarizes payments associated with obligations under operating leases, reported as Net cash provided by operating activities on the accompanying Condensed Consolidated Statements of Cash Flows: For the Three Months Ended March 31, (in thousands) 2021 2020 Operating lease payments $ 241 $ 128
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, 2021, and a reconciliation to the lease liabilities, is as follows: (in thousands) Remainder of 2021 $ 548 2022 690 2023 505 2024 120 2025 121 Thereafter 2,290 Total undiscounted cash flows 4,274 Less imputed interest (1,743 ) Lease liabilities $ 2,531

Business Description - Addition

Business Description - Additional Information (Detail)	Sep. 21, 2020$ / sharesshares	Sep. 18, 2020$ / sharesshares	Feb. 07, 2020USD ($)	Mar. 31, 2021USD ($)PropertyState$ / sharesshares	Mar. 31, 2020USD ($)shares	Dec. 31, 2020$ / sharesshares
Business Description [Line Items]
Date of incorporation				Oct. 18, 2007
Number of leased commercial properties owned | Property				661
Internalization fees | $				$ 0	$ 1,205,000
Common stock, shares outstanding | shares		26,944,000		145,813,000		108,609,000
Common stock, par value | $ / shares		$ 0.001		$ 0.00025		$ 0.00025
IPO
Business Description [Line Items]
Common stock, par value | $ / shares	$ 0.00025
Issuance of shares of common stock, shares | shares	37,000,000
Offering price | $ / shares	$ 17
Common Stock
Business Description [Line Items]
Stock split		4
Issuance of shares of common stock, shares | shares				211,000	293,000
Property Management Agreement and Asset Management Agreement | Merger Agreement
Business Description [Line Items]
Internalization fees | $			$ 0
U.S.
Business Description [Line Items]
Number of leased commercial properties owned | Property				660
Number of States in which properties located | State				41
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, 2021	Dec. 31, 2020
Broadstone Net Lease, LLC
Business Description [Line Items]
Percent ownership of OP, Shares of Common Stock	92.80%	92.70%
Percent ownership of OP, OP Units	7.20%	7.30%
Percent ownership of OP, Total Diluted Shares	100.00%	100.00%
Ownership Interest
Business Description [Line Items]
Shares of Common Stock	145,813	145,609
OP Units	11,361	11,399
Total Diluted Shares	157,174	157,008

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Additional Information (Detail) - USD ($)	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Accounting Policies [Abstract]
Additional impairment charges	$ 0
Impairment of real estate assets	$ 2,012,000	$ 2,133,000

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Summary of Components of Restricted Cash (Detail) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020	Mar. 31, 2020	Dec. 31, 2019
Cash And Cash Equivalents [Abstract]
Escrow funds and other	$ 8,145	$ 7,852
Undistributed 1031 proceeds		2,390
Restricted cash	$ 8,145	$ 10,242	$ 3,561	$ 7,856

Summary of Significant Accoun_6

Summary of Significant Accounting Policies - Summary of Rents Received in Advance (Detail) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Revenue From Contract With Customer [Abstract]
Rent received in advance	$ 13,331	$ 13,651

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, 2021	Mar. 31, 2020
Accounts Notes Loans And Financing Receivable Gross Allowance And Net [Abstract]
Beginning balance	$ 201	$ 0
Provision for uncollectible rent	142	1,033
Ending balance	$ 343	$ 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]	Feb. 07, 2020$ / shares	Mar. 31, 2020	Mar. 31, 2021
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Weighted Average Assumption Used, Expected IPO date	Apr. 15, 2020	Mar. 15, 2021
Range, Expected IPO date	March 2020 through May 2020	November 2020 through May 2021
Measurement Input, Price Volatility [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Weighted Average Assumption Used, Company's net asset value per diluted share	$ 21.30
Weighted Average [Member] | Measurement Input, Price Volatility [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Weighted Average Assumption Used, Peer stock price volatility	0.200	0.300	0.400
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	0.1622	0.2296	0.2611
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	0.2309	0.4391	0.5379

Summary of Significant Accoun_9

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

Summary of Significant Accou_10

Summary of Significant Accounting Policies - Summary of Reconciliation of Change in Earnout Liability (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Fair Value Disclosures [Abstract]
Beginning balance	$ 7,509	$ 0
Allocation of Internalization purchase price at February 7, 2020		40,119
Change in fair value subsequent to Internalization	(1,124)	4,177
Ending balance	$ 6,385	$ 44,296

Summary of Significant Accou_11

Summary of Significant Accounting Policies - Balances of Financial Instruments Measured at Fair Value on Recurring Basis (Detail) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020	Mar. 31, 2020	Dec. 31, 2019
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Interest rate swap, assets	$ 239
Interest rate swap, liabilities	(43,662)	$ (72,103)
Earnout liability	(6,385)	(7,509)	$ (44,296)	$ 0
Fair Value, Measurements, Recurring
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Interest rate swap, assets	239
Interest rate swap, liabilities	(43,662)	(72,103)
Earnout liability	(6,385)	(7,509)
Fair Value, Measurements, Recurring | Level 2
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Interest rate swap, assets	239
Interest rate swap, liabilities	(43,662)	(72,103)
Fair Value, Measurements, Recurring | Fair Value Inputs Level3 [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Earnout liability	$ (6,385)	$ (7,509)

Summary of Significant Accou_12

Summary of Significant Accounting Policies - Summary of Carrying Amount Reported on Condensed Consolidated Balance Sheets (Detail) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Summary Of Significant Accounting Policies [Abstract]
Carrying amount	$ 1,511,830	$ 1,547,667
Fair value	$ 1,608,249	$ 1,679,188

Summary of Significant Accou_13

Summary of Significant Accounting Policies - Summary of Right-of-Use Assets And Lease Liabilities Associated With Operating Leases Included In Condensed Consolidated Balance Sheets (Detail) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Accounting Policies [Abstract]
Right-of-use assets	$ 2,919	$ 3,075
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List]	us-gaap:PrepaidExpensesAndOtherCurrentAssetsMember	us-gaap:PrepaidExpensesAndOtherCurrentAssetsMember
Lease liabilities	$ 2,531	$ 2,659
Operating Lease, Liability, Statement of Financial Position [Extensible List]	Accounts Payable and Other Liabilities	Accounts Payable and Other Liabilities

Related Party Transactions - Ad

Related Party Transactions - Additional Information (Detail) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020	Mar. 31, 2020	Dec. 31, 2019
Related Party Transaction [Line Items]
Fair value of earnout liability	$ 6,385	$ 7,509	$ 44,296	$ 0
Additional Paid-in Capital
Related Party Transaction [Line Items]
Fair value of earnout consideration	11,380
Non-controlling Interests
Related Party Transaction [Line Items]
Fair value of earnout consideration	$ 19,430

Internalization - Additional In

Internalization - Additional Information (Detail) $ in Thousands	3 Months Ended
	Mar. 31, 2021USD ($)
Elimination of Internalization Expenses and Asset Management, Property Management, and Disposition Fees and Adjustments to Reflect Incremental Interest Expense | Internalization Expenses
Internalization [Line Items]
Business combination pro forma adjustments income	$ 5,646

Internalization - Schedule of P

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

Acquisitions of Rental Proper_3

Acquisitions of Rental Property - Acquisitions of Rental Property Closed - (Detail) $ in Thousands	Mar. 31, 2021USD ($)Property	Mar. 30, 2021USD ($)Property	Mar. 11, 2021USD ($)Property	Feb. 26, 2021USD ($)	Feb. 05, 2021USD ($)Property	Mar. 31, 2021USD ($)Property	Mar. 31, 2020Property
Business Acquisition [Line Items]
Number of Properties | Property	28					28	0
Real Estate Acquisition Price						$ 87,322
Healthcare
Business Acquisition [Line Items]
Property Type	Healthcare				Healthcare
Number of Properties | Property	3				1	3
Real Estate Acquisition Price	$ 14,140				$ 4,843
Restaurant
Business Acquisition [Line Items]
Property Type				Restaurant
Real Estate Acquisition Price				$ 181
Retail
Business Acquisition [Line Items]
Property Type		Retail	Retail
Number of Properties | Property		11	13
Real Estate Acquisition Price		$ 41,324	$ 26,834

Acquisitions of Rental Proper_4

Acquisitions of Rental Property - Acquisitions of Rental Property Closed (Parenthetical) - (Detail) $ in Thousands	Mar. 31, 2021USD ($)
Business Combinations [Abstract]
Acquisition costs capitalized	$ 1,235

Acquisitions of Rental Proper_5

Acquisitions of Rental Property - Additional Information - (Detail) - Property	Mar. 31, 2021	Mar. 31, 2020
Business Combinations [Abstract]
Number of rental properties acquired	28	0

Acquisitions of Rental Proper_6

Acquisitions of Rental Property - Purchase Price Allocation for Real Estate Acquisitions (Detail) $ in Thousands	Mar. 31, 2021USD ($)
Business Acquisition [Line Items]
Business combination, recognized identifiable assets acquired and liabilities assumed, assets	$ 88,557
Land
Business Acquisition [Line Items]
Business combination, recognized identifiable assets acquired and liabilities assumed, property, plant, and equipment	19,584
Land Improvements
Business Acquisition [Line Items]
Business combination, recognized identifiable assets acquired and liabilities assumed, property, plant, and equipment	4,355
Buildings and Improvements
Business Acquisition [Line Items]
Business combination, recognized identifiable assets acquired and liabilities assumed, property, plant, and equipment	57,893
Acquired In-Place Leases
Business Acquisition [Line Items]
Business combination, recognized identifiable assets acquired and liabilities assumed, Intangible assets	$ 6,725

Acquisitions of Rental Proper_7

Acquisitions of Rental Property - Purchase Price Allocation for Real Estate Acquisitions (Parenthetical) - (Detail)	3 Months Ended
	Mar. 31, 2021
Acquired In-Place Leases
Business Acquisition [Line Items]
Weighted average amortization period	16 years

Sale of Real Estate - Schedule

Sale of Real Estate - Schedule of Sale of Real Estate (Detail) $ in Thousands	3 Months Ended
	Mar. 31, 2021USD ($)Property	Mar. 31, 2020USD ($)Property
Real Estate [Line Items]
Number of properties disposed | Property	8	10
Aggregate sale price	$ 23,062	$ 37,185
Aggregate carrying value	(17,372)	(27,764)
Gain on sale of real estate	4,733	7,619
Real Estate
Real Estate [Line Items]
Additional sales expenses	(957)	(1,802)
Gain on sale of real estate	$ 4,733	$ 7,619

Investment in Rental Property_3

Investment in Rental Property and Lease Arrangements - Additional Information (Detail)	3 Months Ended
	Mar. 31, 2021Property
Lessor Lease Description [Line Items]
Number of real estate properties under operating leases	644
Number of real estate properties under direct financing leases	10
Number of real estate properties under sales-type leases	1
Number of real estate properties under direct financing leases that include land option	3
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, 2021	Dec. 31, 2020
Property Subject To Or Available For Operating Lease [Line Items]
Rental property subject to non-cancelable operating leases, gross	$ 3,765,292	$ 3,704,488
Less accumulated depreciation	(369,683)	(349,977)
Rental property subject to non-cancelable operating leases, net	3,395,609	3,354,511
Land
Property Subject To Or Available For Operating Lease [Line Items]
Rental property subject to non-cancelable operating leases, gross	572,381	555,748
Land Improvements
Property Subject To Or Available For Operating Lease [Line Items]
Rental property subject to non-cancelable operating leases, gross	282,426	279,360
Buildings and Improvements
Property Subject To Or Available For Operating Lease [Line Items]
Rental property subject to non-cancelable operating leases, gross	2,898,615	2,857,510
Equipment
Property Subject To Or Available For Operating Lease [Line Items]
Rental property subject to non-cancelable operating leases, gross	$ 11,870	$ 11,870

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, 2021	Mar. 31, 2020
Leases [Abstract]
Depreciation	$ 23,743	$ 23,515

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, 2021USD ($)
Lessor Operating Lease Payments Fiscal Year Maturity [Abstract]
Remainder of 2021	$ 224,633
2022	302,580
2023	306,227
2024	302,556
2025	295,351
Thereafter	2,106,544
Estimated lease payments to be received under non-cancelable operating leases	$ 3,537,891

Investment in Rental Property_7

Investment in Rental Property and Lease Arrangements - Net Investment in Direct Financing Leases (Detail) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Leases [Abstract]
Undiscounted estimated lease payments to be received	$ 44,989	$ 45,782
Estimated unguaranteed residual values	15,203	15,203
Unearned revenue	(31,035)	(31,753)
Reserve for credit losses	(166)	(166)
Net investment in direct financing leases	$ 28,991	$ 29,066

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, 2021USD ($)
Capital Leases Future Minimum Payments Receivable [Abstract]
Remainder of 2021	$ 2,387
2022	3,241
2023	3,304
2024	3,361
2025	3,475
Thereafter	29,221
Undiscounted estimated lease payments to be received under non-cancelable direct financing leases	$ 44,989

Investment in Rental Property_9

Investment in Rental Property and Lease Arrangements - Summary of Amounts Reported as Lease Revenues Net on the Condensed Consolidated Statements of Income and Comprehensive Income (Loss) (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Income Statement [Abstract]
Contractual rental amounts billed for operating leases	$ 73,245	$ 72,828
Adjustment to recognize contractual operating lease billings on a straight-line basis	4,367	1,665
Variable rental amounts earned	91	3
Earned income from direct financing leases	730	987
Earned income from sales-type leases	14
Operating expenses billed to tenants	4,388	3,732
Other income from real estate transactions	5	49
Adjustment to revenue recognized for uncollectible rental amounts billed	(142)	(1,033)
Total Lease revenues, net	$ 82,698	$ 78,231

Intangible Assets and Liabili_3

Intangible Assets and Liabilities - Schedule of Intangible Assets and Liabilities (Detail) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Lease intangibles:
Intangible lease assets, net	$ 288,592	$ 290,913
Acquired below-market leases	107,226	107,788
Less accumulated amortization	(29,735)	(28,135)
Intangible lease liabilities, net	77,491	79,653
Leasing fees	15,517	15,462
Less accumulated amortization	(4,844)	(4,724)
Leasing fees, net	10,673	10,738
Acquired Above-Market Leases
Lease intangibles:
Intangible lease assets, gross	50,206	54,616
Less accumulated amortization	(15,782)	(18,928)
Intangible lease assets, net	34,424	35,688
Acquired In-Place Leases
Lease intangibles:
Intangible lease assets, gross	344,674	340,958
Less accumulated amortization	(90,506)	(85,733)
Intangible lease assets, net	$ 254,168	$ 255,225

Intangible Assets and Liabili_4

Intangible Assets and Liabilities - Schedule of Amortization of Intangible Lease Assets and Liabilities (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Finite Lived Intangible Assets [Line Items]
Acquired in-place leases and leasing fees	$ 0	$ 577
Acquired In-Place Leases | Depreciation and Amortization
Finite Lived Intangible Assets [Line Items]
Acquired in-place leases and leasing fees	6,947	7,695
Above and Below Market Leases | Lease Revenues, Net
Finite Lived Intangible Assets [Line Items]
Acquired in-place leases and leasing fees	$ 753	$ 1,140

Intangible Assets and Liabili_5

Intangible Assets and Liabilities - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Goodwill And Intangible Assets Disclosure [Abstract]
Amortization expense	$ 0	$ 577

Intangible Assets and Liabili_6

Intangible Assets and Liabilities - Schedule of Amortizable Intangible Assets (Detail) $ in Thousands	Mar. 31, 2021USD ($)
Goodwill And Intangible Assets Disclosure [Abstract]
Remainder of 2021	$ 18,746
2022	22,844
2023	22,531
2024	21,773
2025	20,477
Thereafter	115,403
Total	$ 221,774

Unsecured Credit Agreements - S

Unsecured Credit Agreements - Summary of Unsecured Credit Agreements (Detail) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Carrying amount of debt	$ 1,511,830	$ 1,547,667
Debt issuance costs, net	(5,842)	(6,435)
Long-term Debt	1,511,830
Unsecured Debt
Debt Instrument [Line Items]
Carrying amount of debt	1,405,000	1,440,000
Debt issuance costs, net	(6,717)	(6,204)
Long-term Debt	$ 1,398,283	1,433,796
Unsecured Debt | Unsecured Revolving Credit Facility
Debt Instrument [Line Items]
Interest Rate	daily LIBOR + 1.00%
Maturity Date	2023-09
Carrying amount of debt	$ 15,000
Unsecured Debt | Unsecured Revolving Credit Facility | Daily LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate	1.00%
Unsecured Debt | Senior Guaranteed Notes Series A
Debt Instrument [Line Items]
Debt instrument, interest rate	4.84%
Maturity Date	2027-04
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	2028-07
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	2030-07
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 | 2022 Unsecured Term Loan
Debt Instrument [Line Items]
Interest Rate	one-month LIBOR + 1.00%
Maturity Date	2022-02
Carrying amount of debt	$ 60,000	$ 60,000
Unsecured Debt | 2022 Unsecured Term Loan | 1 Month LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate	1.00%	1.25%
Unsecured Debt | 2023 Unsecured Term Loan
Debt Instrument [Line Items]
Interest Rate	one-month LIBOR + 1.10%
Maturity Date	2023-01
Carrying amount of debt	$ 265,000	$ 265,000
Unsecured Debt | 2023 Unsecured Term Loan | 1 Month LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate	1.10%	1.35%
Unsecured Debt | 2024 Unsecured Term Loan
Debt Instrument [Line Items]
Interest Rate	one-month LIBOR + 1.00%
Maturity Date	2024-06
Carrying amount of debt	$ 190,000	$ 190,000
Unsecured Debt | 2024 Unsecured Term Loan | 1 Month LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate	1.00%	1.25%
Unsecured Debt | 2026 Unsecured Term Loan
Debt Instrument [Line Items]
Interest Rate	one-month LIBOR + 1.00%
Maturity Date	2026-02
Carrying amount of debt	$ 400,000	$ 450,000
Unsecured Debt | 2026 Unsecured Term Loan | 1 Month LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate	1.00%	1.85%

Unsecured Credit Agreements -_2

Unsecured Credit Agreements - Summary of Unsecured Credit Agreements (Parenthetical) (Detail) - Unsecured Debt	3 Months Ended	12 Months Ended
	Mar. 31, 2021	Dec. 31, 2020
1 Month LIBOR
Debt Instrument [Line Items]
Interest rate	0.11%	0.14%
1 Month LIBOR | 2022 Unsecured Term Loan
Debt Instrument [Line Items]
Basis spread on variable rate	1.00%	1.25%
1 Month LIBOR | 2024 Unsecured Term Loan
Debt Instrument [Line Items]
Basis spread on variable rate	1.00%	1.25%
1 Month LIBOR | 2023 Unsecured Term Loan
Debt Instrument [Line Items]
Basis spread on variable rate	1.10%	1.35%
1 Month LIBOR | 2026 Unsecured Term Loan
Debt Instrument [Line Items]
Basis spread on variable rate	1.00%	1.85%
1 Month LIBOR | Revolving Credit Facilities
Debt Instrument [Line Items]
Basis spread on variable rate		1.20%
Daily LIBOR
Debt Instrument [Line Items]
Interest rate	0.08%

Unsecured Credit Agreements - A

Unsecured Credit Agreements - Additional Information (Detail) - USD ($) $ in Thousands	Mar. 12, 2021	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Debt Instrument [Line Items]
Cost of debt extinguishment		$ (126)	$ (22)
Other Nonoperating Income (Expense)
Debt Instrument [Line Items]
Cost of debt extinguishment		126
2026 Unsecured Term Loan
Debt Instrument [Line Items]
Paydown amount	$ 50,000
Debt issuance costs incurred		951
2026 Unsecured Term Loan | LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate	1.00%			1.60%
2026 Unsecured Term Loan | LIBOR | Minimum
Debt Instrument [Line Items]
Basis spread on variable rate	0.85%			1.45%
2026 Unsecured Term Loan | LIBOR | Maximum
Debt Instrument [Line Items]
Basis spread on variable rate	1.65%			2.40%
Modification of Existing Debt
Debt Instrument [Line Items]
Unamortized debt issuance costs		$ 946
Interest Rate Swap
Debt Instrument [Line Items]
Weighted average interest rate on all outstanding borrowings		2.45%

Unsecured Credit Agreements -_3

Unsecured Credit Agreements - Summary of Debt Issuance Cost Amortization (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Debt Disclosure [Abstract]
Debt issuance costs amortization	$ 914	$ 888

Mortgages - Summary of Mortgage

Mortgages - Summary of Mortgages (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Mortgages and notes payable	$ 1,511,830	$ 1,547,667
Debt issuance costs, net	(5,842)	(6,435)
Mortgages, net	106,559	107,382
Secured Debt
Debt Instrument [Line Items]
Mortgages and notes payable	106,830	107,667
Debt issuance costs, net	$ (271)	(285)
Wilmington Trust National Association, Due February 28 | Secured Debt
Debt Instrument [Line Items]
Origination Date	2019-04
Maturity Date	2028-02
Debt instrument, interest rate	4.92%
Mortgages and notes payable	$ 47,646	47,945
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	$ 19,848	19,947
PNC Bank | Secured Debt
Debt Instrument [Line Items]
Origination Date	2016-10
Maturity Date	2026-11
Debt instrument, interest rate	3.62%
Mortgages and notes payable	$ 17,396	17,498
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	$ 10,361	10,469
Aegon | Secured Debt
Debt Instrument [Line Items]
Origination Date	2012-04
Maturity Date	2023-10
Debt instrument, interest rate	6.38%
Mortgages and notes payable	$ 6,846	7,039
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	$ 4,733	$ 4,769
M&T Bank | 1 Month LIBOR | Secured Debt
Debt Instrument [Line Items]
Basis spread on variable rate	3.00%

Mortgages - Additional Informat

Mortgages - Additional Information (Detail) $ in Thousands	Mar. 31, 2021USD ($)
Debt Disclosure [Abstract]
Investment in rental property pledged as collateral	$ 172,440

Mortgages - Schedule of Estimat

Mortgages - Schedule of Estimated Future Principal Payments (Detail) $ in Thousands	Mar. 31, 2021USD ($)
Debt Disclosure [Abstract]
Remainder of 2021	$ 17,169
2022	62,907
2023	287,582
2024	192,260
2025	20,195
Thereafter	931,717
Long-term Debt	$ 1,511,830

Interest Rate Swaps - Summary o

Interest Rate Swaps - Summary of Interest-rate Swap Agreements (Detail) - Interest Rate Swap - USD ($)	3 Months Ended
	Mar. 31, 2021	Dec. 31, 2020
Derivative [Line Items]
Fair Value	$ (43,423,000)	$ (72,103,000)
Bank of America
Derivative [Line Items]
Derivative, Maturity date	2023-11
Derivative, Fixed rate	2.80%
Variable Rate Index	one-month LIBOR
Notional Amount	$ 25,000,000
Fair Value	$ (1,622,000)	(1,848,000)
Bank of Montreal One
Derivative [Line Items]
Derivative, Maturity date	2024-07
Derivative, Fixed rate	1.16%
Variable Rate Index	one-month LIBOR
Notional Amount	$ 40,000,000
Fair Value	$ (896,000)	(1,380,000)
Bank of Montreal Two
Derivative [Line Items]
Derivative, Maturity date	2025-01
Derivative, Fixed rate	1.91%
Variable Rate Index	one-month LIBOR
Notional Amount	$ 25,000,000
Fair Value	$ (1,236,000)	(1,725,000)
Bank of Montreal Three
Derivative [Line Items]
Derivative, Maturity date	2025-07
Derivative, Fixed rate	2.32%
Variable Rate Index	one-month LIBOR
Notional Amount	$ 25,000,000
Fair Value	$ (1,696,000)	(2,351,000)
Bank of Montreal Four
Derivative [Line Items]
Derivative, Maturity date	2026-01
Derivative, Fixed rate	1.92%
Variable Rate Index	one-month LIBOR
Notional Amount	$ 25,000,000
Fair Value	$ (1,271,000)	(2,039,000)
Bank of Montreal Five
Derivative [Line Items]
Derivative, Maturity date	2026-01
Derivative, Fixed rate	2.05%
Variable Rate Index	one-month LIBOR
Notional Amount	$ 40,000,000
Fair Value	$ (2,277,000)	(3,523,000)
Bank of Montreal Six
Derivative [Line Items]
Derivative, Maturity date	2026-12
Derivative, Fixed rate	2.33%
Variable Rate Index	one-month LIBOR
Notional Amount	$ 10,000,000
Fair Value	$ (720,000)	(1,156,000)
Bank of Montreal Seven
Derivative [Line Items]
Derivative, Maturity date	2026-12
Derivative, Fixed rate	1.99%
Variable Rate Index	one-month LIBOR
Notional Amount	$ 25,000,000
Fair Value	$ (1,314,000)	(2,372,000)
Bank of Montreal Eight
Derivative [Line Items]
Derivative, Maturity date	2027-12
Derivative, Fixed rate	2.37%
Variable Rate Index	one-month LIBOR
Notional Amount	$ 25,000,000
Fair Value	$ (1,858,000)	(3,234,000)
Bank of Montreal Nine
Derivative [Line Items]
Derivative, Maturity date	2029-05
Derivative, Fixed rate	2.09%
Variable Rate Index	one-month LIBOR
Notional Amount	$ 25,000,000
Fair Value	$ (1,286,000)	(2,994,000)
Capital One, National Association One
Derivative [Line Items]
Derivative, Maturity date	2021-12
Derivative, Fixed rate	1.05%
Variable Rate Index	one-month LIBOR
Notional Amount	$ 15,000,000
Fair Value	$ (105,000)	(141,000)
Capital One, National Association Two
Derivative [Line Items]
Derivative, Maturity date	2024-12
Derivative, Fixed rate	1.58%
Variable Rate Index	one-month LIBOR
Notional Amount	$ 15,000,000
Fair Value	$ (553,000)	(799,000)
Capital One, National Association Three
Derivative [Line Items]
Derivative, Maturity date	2026-01
Derivative, Fixed rate	2.08%
Variable Rate Index	one-month LIBOR
Notional Amount	$ 35,000,000
Fair Value	$ (2,035,000)	(3,078,000)
Capital One, National Association Four
Derivative [Line Items]
Derivative, Maturity date	2026-04
Derivative, Fixed rate	2.68%
Variable Rate Index	one-month LIBOR
Notional Amount	$ 15,000,000
Fair Value	$ (1,325,000)	(1,843,000)
Capital One, National Association Five
Derivative [Line Items]
Derivative, Maturity date	2026-07
Derivative, Fixed rate	1.32%
Variable Rate Index	one-month LIBOR
Notional Amount	$ 35,000,000
Fair Value	$ (639,000)	(1,806,000)
Capital One, National Association Six
Derivative [Line Items]
Derivative, Maturity date	2027-12
Derivative, Fixed rate	2.37%
Variable Rate Index	one-month LIBOR
Notional Amount	$ 25,000,000
Fair Value	$ (1,860,000)	(3,199,000)
M&T Bank
Derivative [Line Items]
Derivative, Maturity date	2021-08
Derivative, Fixed rate	1.02%
Variable Rate Index	one-month LIBOR
Notional Amount	$ 4,731,000	4,768,000
Fair Value	$ (14,000)	(25,000)
M&T Bank One
Derivative [Line Items]
Derivative, Maturity date	2022-09
Derivative, Fixed rate	2.83%
Variable Rate Index	one-month LIBOR
Notional Amount	$ 25,000,000
Fair Value	$ (960,000)	(1,139,000)
M&T Bank Two
Derivative [Line Items]
Derivative, Maturity date	2023-11
Derivative, Fixed rate	2.65%
Variable Rate Index	one-month LIBOR
Notional Amount	$ 25,000,000
Fair Value	$ (1,524,000)	(1,785,000)
Regions Bank
Derivative [Line Items]
Derivative, Maturity date	2023-12
Derivative, Fixed rate	1.18%
Variable Rate Index	one-month LIBOR
Notional Amount	$ 25,000,000
Fair Value	$ (576,000)	(763,000)
Regions Bank One
Derivative [Line Items]
Derivative, Maturity date	2029-05
Derivative, Fixed rate	2.11%
Variable Rate Index	one-month LIBOR
Notional Amount	$ 25,000,000
Fair Value	$ (1,324,000)	(3,004,000)
Regions Bank Two
Derivative [Line Items]
Derivative, Maturity date	2029-06
Derivative, Fixed rate	2.03%
Variable Rate Index	one-month LIBOR
Notional Amount	$ 25,000,000
Fair Value	$ (1,167,000)	(2,843,000)
Truist Financial Corporation One
Derivative [Line Items]
Derivative, Maturity date	2024-04
Derivative, Fixed rate	1.99%
Variable Rate Index	one-month LIBOR
Notional Amount	$ 25,000,000
Fair Value	$ (1,200,000)	(1,487,000)
Truist Financial Corporation Two
Derivative [Line Items]
Derivative, Maturity date	2025-04
Derivative, Fixed rate	2.20%
Variable Rate Index	one-month LIBOR
Notional Amount	$ 25,000,000
Fair Value	$ (1,543,000)	(2,084,000)
Truist Financial Corporation Three
Derivative [Line Items]
Derivative, Maturity date	2025-07
Derivative, Fixed rate	1.99%
Variable Rate Index	one-month LIBOR
Notional Amount	$ 25,000,000
Fair Value	$ (1,345,000)	(1,941,000)
Truist Financial Corporation Four
Derivative [Line Items]
Derivative, Maturity date	2025-12
Derivative, Fixed rate	2.30%
Variable Rate Index	one-month LIBOR
Notional Amount	$ 25,000,000
Fair Value	$ (1,719,000)	(2,481,000)
Truist Financial Corporation Five
Derivative [Line Items]
Derivative, Maturity date	2026-01
Derivative, Fixed rate	1.93%
Variable Rate Index	one-month LIBOR
Notional Amount	$ 25,000,000
Fair Value	$ (1,280,000)	(2,019,000)
U.S. Bank National Association
Derivative [Line Items]
Derivative, Maturity date	2029-06
Derivative, Fixed rate	2.03%
Variable Rate Index	one-month LIBOR
Notional Amount	$ 25,000,000
Fair Value	$ (1,174,000)	(2,902,000)
U S Bank National Association One
Derivative [Line Items]
Derivative, Maturity date	2029-08
Derivative, Fixed rate	1.35%
Variable Rate Index	one-month LIBOR
Notional Amount	$ 25,000,000
Fair Value	$ 239,000	(1,445,000)
Wells Fargo Bank One
Derivative [Line Items]
Derivative, Maturity date	2021-02
Derivative, Fixed rate	2.39%
Variable Rate Index	one-month LIBOR
Notional Amount	$ 35,000,000
Fair Value		(70,000)
Wells Fargo Bank Two
Derivative [Line Items]
Derivative, Maturity date	2024-10
Derivative, Fixed rate	2.72%
Variable Rate Index	one-month LIBOR
Notional Amount	$ 15,000,000
Fair Value	$ (1,154,000)	(1,422,000)
Wells Fargo Bank Three
Derivative [Line Items]
Derivative, Maturity date	2027-04
Derivative, Fixed rate	2.72%
Variable Rate Index	one-month LIBOR
Notional Amount	$ 25,000,000
Fair Value	$ (2,388,000)	(3,555,000)
Wells Fargo Bank Four
Derivative [Line Items]
Derivative, Maturity date	2028-01
Derivative, Fixed rate	2.37%
Variable Rate Index	one-month LIBOR
Notional Amount	$ 75,000,000
Fair Value	$ (5,601,000)	$ (9,650,000)

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, 2021	Dec. 31, 2020
Derivative [Line Items]
Notional Amount	$ 4,731,000	$ 4,768,000
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, 2021	Mar. 31, 2020
Derivative [Line Items]
Total Interest Expense Presented in the Condensed Consolidated Statements of Income and Comprehensive Income (Loss)	$ 16,108	$ 20,991
Interest Rate Swap
Derivative [Line Items]
Amount of Gain (Loss) Recognized in Accumulated Other Comprehensive Loss	$ 28,680	$ (58,062)
Reclassification from Accumulated Other Comprehensive Loss, Location	Interest expense	Interest expense
Reclassification from Accumulated Other Comprehensive Loss, Amount of Loss	$ 4,016	$ 885
Total Interest Expense Presented in the Condensed Consolidated Statements of Income and Comprehensive Income (Loss)	$ 16,108	$ 20,991

Interest Rate Swaps - Additiona

Interest Rate Swaps - Additional Information (Detail) $ in Thousands	3 Months Ended
	Mar. 31, 2021USD ($)
Derivative Instrument Detail [Abstract]
Interest rate swaps expected to be reclassified - (loss)	$ (15,776)

Credit Risk Concentrations - Ad

Credit Risk Concentrations - Additional Information (Detail) - customer	3 Months Ended		12 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Concentration Risk [Line Items]
Number of tenants or common franchises	0	0
Mortgages and Notes Payable | Credit Availability Concentration Risk | Financial Institution One
Concentration Risk [Line Items]
Concentrations risk percentage	63.00%		63.00%
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 in Thousands	Sep. 21, 2020shares
IPO
Equity [Line Items]
Issuance of shares of common stock, shares	37,000

Stock-Based Compensation - Addi

Stock-Based Compensation - Additional Information (Detail) - $ / shares	Mar. 01, 2021	Aug. 04, 2020	Mar. 31, 2021	Dec. 31, 2020	Mar. 31, 2020
Restricted Stock Awards
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of shares of restricted stock			199,000
Weighted average grant date fair value per share			$ 18.66
Number of restricted stock					0
Unvested shares			416,000	341,000	0
Performance-based Restricted Stock Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of shares of restricted stock			132,000
Weighted average grant date fair value per share			$ 24.40
Number of restricted stock					0
Unvested shares			110,000
2020 Equity Incentive Plan | Restricted Stock Awards
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of shares of restricted stock	199,000	341,000
2020 Equity Incentive Plan | Determined Share Value
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Weighted average grant date fair value per share	$ 18.66	$ 20.50
2020 Equity Incentive Plan | Performance-based Restricted Stock Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of shares of restricted stock	132,000
Non-vested share awards percentage	50.00%
Vesting percentage payout schedule can produce	100.00%
Performance period	3 years
Percentage as rTSR of peer group	55.00%
2020 Equity Incentive Plan | Performance-based Restricted Stock Units | Minimum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting percentage payout schedule can produce	0.00%
2020 Equity Incentive Plan | Performance-based Restricted Stock Units | Maximum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting percentage payout schedule can produce	200.00%
2020 Equity Incentive Plan | Tranche One | Restricted Stock Awards
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Award vesting period	1 year	3 years
2020 Equity Incentive Plan | Tranche Two | Restricted Stock Awards
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Award vesting period	3 years	4 years
2020 Equity Incentive Plan | Tranche Three | Restricted Stock Awards
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Award vesting period	4 years

Stock-Based Compensation - Summ

Stock-Based Compensation - Summary of RSAs (Detail) - Restricted Stock Awards - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2021	Dec. 31, 2020
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Compensation cost	$ 1,695
Dividends declared on unvested RSAs	104
Grant date fair value of shares vested during the period	2,522
Unamortized value of RSAs	$ 6,999	$ 5,001
Weighted average amortization period (in years)	3 years	2 years 9 months 18 days

Stock-Based Compensation - Su_2

Stock-Based Compensation - Summary of RSA Activity (Detail) - Restricted Stock Awards shares in Thousands	3 Months Ended
	Mar. 31, 2021$ / sharesshares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of Shares, Unvested at beginning of period | shares	341
Number of Shares, Granted | shares	199
Number of Shares, Vested | shares	124
Number of Shares, Unvested at end of period | shares	416
Weighted Average Grant Date Fair Value per Share, Unvested at beginning of period | $ / shares	$ 20.50
Weighted Average Grant Date Fair Value per Share, Granted | $ / shares	18.66
Weighted Average Grant Date Fair Value per Share, Vested | $ / shares	20.26
Weighted Average Grant Date Fair Value per Share, Unvested at end of period | $ / shares	$ 19.62

Stock-Based Compensation - Su_3

Stock-Based Compensation - Summary of PRSUs (Detail) - Performance-based Restricted Stock Units $ in Thousands	3 Months Ended
	Mar. 31, 2021USD ($)
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Compensation cost	$ 74
Unamortized value of PRSUs	$ 2,600
Weighted average amortization period (in years)	2 years 10 months 24 days

Stock-Based Compensation - Su_4

Stock-Based Compensation - Summary of PRSU Activity (Detail) - Performance-based Restricted Stock Units shares in Thousands	3 Months Ended
	Mar. 31, 2021$ / sharesshares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of Shares, Granted | shares	132
Number of Shares, Forfeited | shares	(22)
Number of Shares, Unvested at end of period | shares	110
Weighted Average Grant Date Fair Value per Share, Granted | $ / shares	$ 24.40
Weighted Average Grant Date Fair Value per Share, Forfeited | $ / shares	24.40
Weighted Average Grant Date Fair Value per Share, Unvested at end of period | $ / shares	$ 24.40

Earnings per Share - Summary of

Earnings per Share - Summary of Components used in Calculation of Basic and Diluted Earnings per Share (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Basic earnings:
Net earnings attributable to Broadstone Net Lease, Inc. common shareholders	$ 22,223	$ 10,816
Less earnings allocated to unvested restricted shares	(104)
Net earnings used to compute basic earnings per common share	22,119	10,816
Diluted earnings:
Net earnings used to compute basic earnings per share	22,119	10,816
Net earnings attributable to non-controlling interests	1,737	1,032
Net earnings used to compute diluted earnings per common share	$ 23,856	$ 11,848
Weighted average number of common shares outstanding	145,672	106,108
Less weighted average unvested restricted shares	(334)
Weighted average number of common shares outstanding used in basic earnings per common share	145,338	106,108
Effects of convertible membership units	11,386	10,102
Weighted average number of common shares outstanding used in diluted earnings per common share	156,724	116,210
Basic earnings per share	$ 0.15	$ 0.10
Diluted earnings per share	$ 0.15	$ 0.10

Earnings per Share - Summary _2

Earnings per Share - Summary of Components used in Calculation of Basic and Diluted Earnings per Share (Parenthetical) (Detail) - shares	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Earnings Per Share [Abstract]
Unvested restricted shares of common stock	416,000
Weighted average effects of OP Units outstanding	11,361,000	12,226,000

Supplemental Cash Flow Disclo_2

Supplemental Cash Flow Disclosures - Additional Information (Detail) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020	Dec. 31, 2019
Supplemental Cash Flow Elements [Line Items]
Cash paid for interest	$ 9,397	$ 14,010
Cash paid for income taxes	237	195
Fair value of earnout consideration	6,385	44,296	$ 7,509	$ 0
Debt		90,484
Adjustments to additional paid in capital mezzanine equity non-controlling interests		2,416
Dividend declared and accrued but not yet paid	$ 39,329	13,160
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
Common stock issued		$ 5,733

Commitments and Contingencies -

Commitments and Contingencies - Summary of Tenant Improvement Allowances Included in Accounts Payable and Other Liabilities (Detail) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Accounts Payable and Other Liabilities
Loss Contingencies [Line Items]
Tenant improvement allowances	$ 903	$ 1,981

Commitments and Contingencies_2

Commitments and Contingencies - Additional Information (Detail) $ in Thousands	3 Months Ended
	Mar. 31, 2021USD ($)
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, expiration year	2021
Minimum | Ground Lease
Loss Contingencies [Line Items]
Non-cancellable operating leases term	2034
Maximum | Office Lease
Loss Contingencies [Line Items]
Non-cancellable operating leases, expiration year	2023
Maximum | Ground Lease
Loss Contingencies [Line Items]
Non-cancellable operating leases term	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, 2021	Mar. 31, 2020
Variable lease costs
Total lease costs	$ 205	$ 103
General and Administrative | Office Lease
Operating lease costs
Operating lease costs	158	52
Property and Operating Expense | Ground Lease
Operating lease costs
Operating lease costs	33	33
Variable lease costs
Variable lease costs	$ 14	$ 18

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, 2021	Mar. 31, 2020
Cash Flow Operating Activities Lessee [Abstract]
Operating lease payments	$ 241	$ 128

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) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Commitments And Contingencies Disclosure [Abstract]
Remainder of 2021	$ 548
2022	690
2023	505
2024	120
2025	121
Thereafter	2,290
Total undiscounted cash flows	4,274
Less imputed interest	(1,743)
Lease liabilities	$ 2,531	$ 2,659

Subsequent Events - Additional

Subsequent Events - Additional Information (Detail) - Subsequent Event - USD ($) $ / shares in Units, $ in Thousands	Apr. 30, 2021	Apr. 15, 2021	Apr. 01, 2021
Subsequent Event [Line Items]
Distribution paid		$ 39,293
Quarterly distribution per share	$ 0.255
Quarterly distribution declared date	Apr. 30, 2021
Quarterly distribution payable date	Jul. 15, 2021
Quarterly distribution date of record	Jun. 30, 2021
Revolving Credit Facilities
Subsequent Event [Line Items]
Aggregate amount on additional borrowings			$ 24,000