10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q

☒ Quarterly report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

For the quarterly period ended March 31, 2025

☐ Transition report pursuant to section 13 or 15(d) of the Securities Exchange Act of 1934

Commission File Number 001-39529

BROADSTONE NET LEASE, INC.

(Exact name of registrant as specified in its charter)

Maryland	26-1516177
(State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification No.)

207 High Point Drive Suite 300 Victor, New York	14564
(Address of principal executive offices)	(Zip Code)

(585) 287-6500

(Registrant’s telephone number, including area code)

Not Applicable

(Former name, former address and former fiscal year, if changed since last report)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, $0.00025 par value	BNL	The New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15 (d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer	☒	Accelerated filer	☐
Non-accelerated filer	☐	Smaller reporting company	☐
Emerging growth company	☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

There were 189,080,202 shares of the Registrants’ Common Stock, $0.00025 par value per share, outstanding as of April 28, 2025.

BROADSTONE NET LEASE, INC.

TABLE OF CONTENTS

		Page
Part I - FINANCIAL INFORMATION		1
Item 1.	Financial Statements	1
	Condensed Consolidated Balance Sheets (Unaudited)	1
	Condensed Consolidated Statements of Income and Comprehensive Income (Unaudited)	2
	Condensed Consolidated Statements of Equity (Unaudited)	3
	Condensed Consolidated Statements of Cash Flows (Unaudited)	4
	Notes to the Condensed Consolidated Financial Statements (Unaudited)	5
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	22
	Cautionary Note Regarding Forward-Looking Statements	22
	Regulation FD Disclosures	22
	Explanatory Note and Certain Defined Terms	23
	Overview	23
	Real Estate Portfolio Information	26
	Results of Operations	32
	Liquidity and Capital Resources	36
	Derivative Instruments and Hedging Activities	39
	Cash Flows	39
	Non-GAAP Measures	40
	Critical Accounting Policies and Estimates	44
	Impact of Recent Accounting Pronouncements	44
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	45
Item 4.	Controls and Procedures	45
Part II - OTHER INFORMATION		46
Item 1.	Legal Proceedings	46
Item 1A.	Risk Factors	46
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	46
Item 3.	Defaults upon Senior Securities	46
Item 4.	Mine Safety Disclosures	46
Item 5.	Other Information	46
Item 6.	Exhibits	47

Part I. FINANCIAL INFORMATION

Item 1. Financial Statements

Broadstone Net Lease, Inc. and Subsidiaries

Condensed Consolidated Balance Sheets

(Unaudited)

(in thousands, except per share amounts)

	March 31, 2025			December 31, 2024
Assets
Accounted for using the operating method:
Land	$	780,817		$	778,826
Land improvements		360,197			357,142
Buildings and improvements		3,848,623			3,815,521
Equipment		16,070			15,843
Total accounted for using the operating method		5,005,707			4,967,332
Less accumulated depreciation		(694,990	)		(672,478	)
Accounted for using the operating method, net		4,310,717			4,294,854
Accounted for using the direct financing method		25,999			26,154
Accounted for using the sales-type method		570			571
Property under development		35,492			18,784
Investment in rental property, net		4,372,778			4,340,363
Cash and cash equivalents		9,605			14,845
Accrued rental income		166,436			162,717
Tenant and other receivables, net		2,581			3,281
Prepaid expenses and other assets		52,260			41,584
Interest rate swap, assets		29,681			46,220
Goodwill		339,769			339,769
Intangible lease assets, net		264,076			267,638
Total assets	$	5,237,186		$	5,216,417
Liabilities and equity
Unsecured revolving credit facility	$	174,122		$	93,014
Mortgages, net		76,260			76,846
Unsecured term loans, net		893,505			897,201
Senior unsecured notes, net		846,252			846,064
Interest rate swap, liabilities		3,353			—
Accounts payable and other liabilities		48,424			48,983
Dividends payable		58,220			58,317
Accrued interest payable		9,399			5,837
Intangible lease liabilities, net		46,837			48,731
Total liabilities		2,156,372			2,074,993
Commitments and contingencies (Note 16)
Equity
Broadstone Net Lease, Inc. equity:
Preferred stock, $0.001 par value; 20,000 shares authorized, no shares issued or outstanding		—			—
Common stock, $0.00025 par value; 500,000 shares authorized, 189,073 and 188,626 shares    issued and outstanding at March 31, 2025 and December 31, 2024, respectively		47			47
Additional paid-in capital		3,456,041			3,450,584
Cumulative distributions in excess of retained earnings		(536,074	)		(496,543	)
Accumulated other comprehensive income		29,720			49,657
Total Broadstone Net Lease, Inc. equity		2,949,734			3,003,745
Non-controlling interests		131,080			137,679
Total equity		3,080,814			3,141,424
Total liabilities and equity	$	5,237,186		$	5,216,417

The accompanying notes are an integral part of these condensed consolidated financial statements.

1

Broadstone Net Lease, Inc. and Subsidiaries

Condensed Consolidated Statements of Income and Comprehensive (Loss) Income

(Unaudited)

(in thousands, except per share amounts)

	For the Three Months Ended March 31,
	2025			2024
Revenues
Lease revenues, net	$	108,690		$	105,366
Operating expenses
Depreciation and amortization		39,497			37,772
Property and operating expense		5,488			5,660
General and administrative		9,672			9,432
Provision for impairment of investment in rental properties		16,128			26,400
Total operating expenses		70,785			79,264
Other income (expenses)
Interest income		99			233
Interest expense		(20,074	)		(18,578	)
Gain on sale of real estate		405			59,132
Income taxes		(355	)		(408	)
Other (expenses) income		(487	)		1,696
Net income		17,493			68,177
Net income attributable to non-controlling interests		(750	)		(3,063	)
Net income attributable to Broadstone Net Lease, Inc.	$	16,743		$	65,114
Weighted average number of common shares outstanding
Basic		187,865			187,290
Diluted		196,898			196,417
Net earnings per share attributable to common stockholders
Basic and diluted	$	0.09		$	0.35
Comprehensive (loss) income
Net income	$	17,493		$	68,177
Other comprehensive (loss) income
Change in fair value of interest rate swaps		(19,892	)		11,804
Realized (gain) loss on interest rate swaps		(6	)		159
Comprehensive (loss) income		(2,405	)		80,140
Comprehensive loss (income) attributable to non-controlling interests		103			(3,600	)
Comprehensive (loss) income attributable to Broadstone Net Lease, Inc.	$	(2,302	)	$	76,540

The accompanying notes are an integral part of these condensed consolidated financial statements.

2

Broadstone Net Lease, Inc. and Subsidiaries

Condensed Consolidated Statements of Equity

(Unaudited)

(in thousands, except per share amounts)

	Common Stock		Additional Paid-in Capital			Cumulative Distributions in Excess of Retained Earnings			Accumulated Other Comprehensive Income			Non- controlling Interests			Total Equity
Balance, January 1, 2025	$	47	$	3,450,584		$	(496,543	)	$	49,657		$	137,679		$	3,141,424
Net income		—		—			16,743			—			750			17,493
Issuance of 292 shares of common stock under equity incentive plan		—		104			—			—			—			104
Offering costs, discounts, and commissions		—		(136	)		—			—			—			(136	)
Stock-based compensation, net of three shares of restricted stock forfeited		—		2,147			—			—			—			2,147
Retirement of 86 shares of common stock under equity incentive plan		—		(1,446	)		—			—			—			(1,446	)
Conversion of 244 OP Units to 244 shares of common stock		—		3,882			—			—			(3,882	)		—
Distributions declared ($0.29 per share and OP Unit)		—		—			(56,274	)		—			(2,600	)		(58,874	)
Change in fair value of interest rate swap agreements		—		—			—			(19,039	)		(853	)		(19,892	)
Realized gain on interest rate swap agreements		—		—			—			(6	)		—			(6	)
Adjustment to non-controlling interests		—		906			—			(892	)		(14	)		—
Balance, March 31, 2025	$	47	$	3,456,041		$	(536,074	)	$	29,720		$	131,080		$	3,080,814

	Common Stock		Additional Paid-in Capital			Cumulative Distributions in Excess of Retained Earnings			Accumulated Other Comprehensive  Income			Non- controlling Interests			Total Equity
Balance, January 1, 2024	$	47	$	3,440,639		$	(440,731	)	$	49,286		$	145,100		$	3,194,341
Net income		—		—			65,114			—			3,063			68,177
Issuance of 822 shares of common stock under equity incentive plan		—		116			—			—			—			116
Offering costs, discounts, and commissions		—		(36	)		—			—			—			(36	)
Stock-based compensation, net of 25 shares of restricted stock forfeited		—		1,475			—			—			—			1,475
Retirement of 71 shares of common stock under equity incentive plan		—		(1,040	)		—			—			—			(1,040	)
Conversion of 95 OP Units to 95 shares of common stock		—		1,536			—			—			(1,536	)		—
Distributions declared ($0.285 per share and OP Unit)		—		—			(54,552	)		—			(2,740	)		(57,292	)
Change in fair value of interest rate swap agreements		—		—			—			11,274			530			11,804
Realized loss on interest rate swap agreements		—		—			—			152			7			159
Adjustment to non-controlling interests		—		4,220			—			(3,878	)		(342	)		—
Balance, March 31, 2024	$	47	$	3,446,910		$	(430,169	)	$	56,834		$	144,082		$	3,217,704

The accompanying notes are an integral part of these condensed consolidated financial statements.

3

Broadstone Net Lease, Inc. and Subsidiaries

Condensed Consolidated Statements of Cash Flows

(Unaudited)

(in thousands)

	For the Three Months Ended March 31,
	2025			2024
Operating activities
Net income	$	17,493		$	68,177
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		38,433			36,754
Provision for impairment of investment in rental properties		16,128			26,400
Amortization of debt issuance costs and original issuance discount charged to interest expense		1,237			983
Stock-based compensation expense		2,147			1,475
Straight-line rent, direct financing and sales-type lease adjustments		(3,679	)		(2,424	)
Gain on sale of real estate		(405	)		(59,132	)
Other non-cash items		470			(1,508	)
Changes in assets and liabilities:
Tenant and other receivables		700			704
Prepaid expenses and other assets		(36	)		2,841
Accounts payable and other liabilities		(4,591	)		(7,078	)
Accrued interest payable		3,562			3,675
Net cash provided by operating activities		71,459			70,867
Investing activities
Acquisition of rental property		(60,522	)		(497	)
Investment in property under development including capitalized interest of $322 and $1,241 in 2025 and 2024, respectively		(16,687	)		(38,100	)
Capital expenditures and improvements		(14,348	)		(3,132	)
Proceeds from disposition of rental property, net		7,522			247,064
Change in deposits on investments in rental property		(1,300	)		(1,050	)
Net cash (used in) provided by investing activities		(85,335	)		204,285
Financing activities
Offering costs, discounts, and commissions		(146	)		(231	)
Proceeds from unsecured term loans		400,000			—
Principal payments on mortgages and unsecured term loans		(400,596	)		(560	)
Borrowings on unsecured revolving credit facility		145,300			65,500
Repayments on unsecured revolving credit facility		(64,500	)		(80,500	)
Cash distributions paid to stockholders		(56,196	)		(54,448	)
Cash distributions paid to non-controlling interests		(2,671	)		(2,767	)
Debt issuance costs paid		(12,275	)		—
Net cash provided by (used in) financing activities		8,916			(73,006	)
Net (decrease) increase in cash and cash equivalents and restricted cash		(4,960	)		202,146
Cash and cash equivalents and restricted cash at beginning of period		15,993			20,632
Cash and cash equivalents and restricted cash at end of period	$	11,033		$	222,778
Reconciliation of cash and cash equivalents and restricted cash
Cash and cash equivalents at beginning of period	$	14,845		$	19,494
Restricted cash at beginning of period		1,148			1,138
Cash and cash equivalents and restricted cash at beginning of period	$	15,993		$	20,632
Cash and cash equivalents at end of period	$	9,605		$	221,740
Restricted cash at end of period		1,428			1,038
Cash and cash equivalents and restricted cash at end of period	$	11,033		$	222,778

The accompanying notes are an integral part of these condensed consolidated financial statements.

4

Broadstone Net Lease, Inc. and Subsidiaries

Notes to the Condensed Consolidated Financial Statements (Unaudited)

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. 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 membership units not owned by the Corporation are referred to as “OP Units” and are recorded as non-controlling interests in the Condensed Consolidated Financial Statements. As the Corporation conducts substantially all of its operations through the OP, it is structured as an umbrella partnership real estate investment trust (“UPREIT”). The Corporation’s common stock is listed on the New York Stock Exchange under the symbol “BNL.” The Corporation, the OP, and its consolidated subsidiaries are collectively referred to as the “Company.”

The Company is an industrial-focused, diversified net lease REIT that focuses on investing in income-producing, single-tenant net leased commercial properties, primarily in the United States. The Company leases primarily industrial and retail commercial properties under long-term lease agreements. At March 31, 2025, the Company owned a diversified portfolio of 769 individual commercial properties with 762 properties located in 44 U.S. states and seven properties located in four Canadian provinces.

The following table summarizes the outstanding equity and economic ownership interest of the Company:

	March 31, 2025									December 31, 2024
(in thousands)	Shares of Common Stock			OP Units			Total Diluted Shares			Shares of Common Stock			OP Units			Total Diluted Shares
Ownership interest		189,073			8,402			197,475			188,626			8,646			197,272
Percent ownership of OP		95.7	%		4.3	%		100.0	%		95.6	%		4.4	%		100.0	%

Refer to Note 14 for further discussion regarding the calculation of weighted average shares outstanding.

5

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) and Article 10 of the Securities and Exchange Commission’s (“SEC”) Regulation S-X. Accordingly, the Company has omitted certain footnote disclosures which would substantially duplicate those contained within the audited consolidated financial statements for the year ended December 31, 2024, included in the Company’s 2024 Annual Report on Form 10-K, filed with the SEC on February 20, 2025. Therefore, the readers of this quarterly report should refer to those audited consolidated financial statements, specifically Note 2, Summary of Significant Accounting Policies, for further discussion of significant accounting policies and estimates. The Company believes all adjustments necessary for a fair presentation have been included in these interim Condensed Consolidated Financial Statements (which include only normal recurring adjustments).

Basis of Accounting

The Condensed Consolidated Financial Statements have been prepared in accordance with GAAP.

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.

When the Company obtains an economic interest in an entity, the entity is evaluated to determine if it should be deemed a variable interest entity (“VIE”) and, if so, whether the Company is the primary beneficiary and is therefore required to consolidate the entity. The accounting guidance for consolidation of VIEs is applied to certain entities in which the equity investors do not have the characteristics of a controlling financial interest or do not have sufficient equity at risk for the entity to finance its activities without additional subordinated financial support from other parties. Certain decision-making rights within a loan or joint-venture agreement may cause us to consider an entity a VIE. The contractual arrangements in a partnership agreement or other related contracts are reviewed to determine whether the entity is a VIE, and if the Company has variable interests in the VIE. The Company’s variable interests are then compared to those of the other variable interest holders to determine which party is the primary beneficiary of the VIE. A primary beneficiary: (i) has the power to direct the activities that most significantly impact the economic performance of the VIE and (ii) has the obligation to absorb losses or the right to receive benefits of the VIE that could potentially be significant to the VIE. The Company reassesses the initial evaluation of whether an entity is a VIE when certain events occur, and reassesses the primary beneficiary determination of a VIE on an ongoing basis based on current facts and circumstances. To the extent the Company has a variable interest in entities that are not evaluated under the VIE model, the Company 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.

6

The Company has a 98.1% ownership interest in a VIE. The Company is the primary beneficiary as it: (i) has the power to direct the activities that significantly impact the economic performance of the VIE, and (ii) has the obligation to absorb losses and the right to receive benefits of the VIE, and therefore consolidates the VIE. The following table presents a summary of selected financial data of the consolidated VIE included in the Condensed Consolidated Balance Sheets:

(in thousands)	March 31, 2025			December 31, 2024
Assets
Accounted for using the operating method:
Land	$	7,644		$	7,644
Land improvements		2,697			2,578
Buildings and improvements		40,121			39,899
Total accounted for using the operating method		50,462			50,121
Less accumulated depreciation		(1,131	)		(821	)
Accounted for using the operating method, net		49,331			49,300
Intangible lease assets, net		2,826			3,243
Other assets		4,124			3,248
Total assets	$	56,281		$	55,791
Liabilities
Intangible lease liabilities, net	$	490		$	512
Other liabilities		660			467
Total liabilities	$	1,150		$	979

From time to time, the Company acquires properties using a reverse like-kind exchange structure pursuant to Section 1031 of the Internal Revenue Code (a “reverse 1031 exchange”) and, as such, the properties are in the possession of an Exchange Accommodation Titleholder (“EAT”) until the reverse 1031 exchange is completed. The EAT is classified as a VIE as it is a “thinly capitalized” entity. The Company consolidates the EAT because it is the primary beneficiary as it has the ability to control the activities that most significantly impact the EAT's economic performance and can collapse the reverse 1031 exchange structure at its discretion. The assets of the EAT primarily consist of leased property (net real estate investment in rental property and lease intangibles).

The portions of a consolidated entity not owned by the Company are presented as non-controlling interests as of and during the periods presented.

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. Accordingly, actual results may differ from those estimates.

Investment in Property Under Development

Land acquired for development and construction and improvement costs incurred in connection with the development of new properties are capitalized and recorded as Property under development in the accompanying Condensed Consolidated Balance Sheets until construction has been completed. Such capitalized costs include all direct and indirect costs related to planning, development, and construction, including interest, real estate taxes, and other miscellaneous costs incurred during the construction period. Once substantially complete, the property under development is placed in service and depreciation commences. The following tables summarize the Company’s investments in property under development:

(in thousands)	March 31, 2025		December 31, 2024
Development, construction and improvement costs	$	35,112	$	18,725
Capitalized interest		380		59
Property under development	$	35,492	$	18,784

	For the Three Months Ended March 31,
(in thousands)	2025		2024
Investment in properties under development, excluding capitalized costs	$	16,387	$	36,859
Capital expenditures funded after substantial completion		10,383		—

7

Long-lived Asset Impairment

The Company reviews long-lived assets to be held and used for possible impairment when events or changes in circumstances indicate that their carrying amounts may not be recoverable. If, and when, such events or changes in circumstances are present, an impairment exists to the extent the carrying value of the long-lived asset or asset group exceeds the sum of the undiscounted cash flows expected to result from the use of the long-lived asset or asset group and its eventual disposition. Such cash flows include expected future operating income, as adjusted for trends and prospects, as well as the effects of demand, competition, and other factors. An impairment loss is measured as the amount by which the carrying amount of the long-lived asset or asset group exceeds its fair value. Significant judgment is made to determine if and when impairment should be taken. The Company’s assessment of impairment as of March 31, 2025 and 2024, was based on the most current information available to the Company. Certain of the Company’s properties may have fair values less than their carrying amounts. However, based on the Company’s plans with respect to each of those properties, the Company believes that their carrying amounts are recoverable and therefore, no impairment charges were recognized other than those described below. If the operating conditions mentioned above deteriorate or if the Company’s expected holding period for assets changes, subsequent tests for impairment could result in additional impairment charges in the future.

Inputs used in establishing fair value for impaired 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 and information obtained from brokers and other third party sources. The Company determines the valuation of impaired assets using generally accepted valuation techniques including discounted cash flow analysis, income capitalization, analysis of recent comparable sales transactions, actual sales negotiations, and bona fide purchase offers received from third parties. Management may consider a single valuation technique or multiple valuation techniques, as appropriate, when estimating the fair value of its real estate.

The following table summarizes the Company’s impairment charges, resulting primarily from changes in the Company’s long-term hold strategy with respect to the individual properties:

	For the Three Months Ended March 31,
(in thousands, except number of properties)	2025		2024
Number of properties	7			12
Impairment charge	$	16,128	$	26,400

During the three months ended March 31, 2025 and 2024, the Company recognized impairment of $16.1 million and $26.4 million, respectively, resulting from changes in the Company’s long-term hold strategy with respect to the individual properties. The impairments for the three months ended March 31, 2025 are based on actual and expected sales prices of individual properties and primarily include a $12.5 million impairment charge on two healthcare properties. The impairments for the three months ended March 31, 2024 were based on actual and expected sales prices of the individual properties and include a $15.2 million impairment charge on a healthcare property and an $11.2 million impairment charge on 11 healthcare properties sold as part of a portfolio with a gain of $59.1 million, excluding any impairment.

Restricted Cash

Restricted cash generally includes escrow funds the Company maintains pursuant to the terms of certain mortgages, lease agreements, and undistributed proceeds from the sale of properties under Section 1031 of the Internal Revenue Code of 1986, as amended (the “Code”), and is reported within Prepaid expenses and other assets in the Condensed Consolidated Balance Sheets. Restricted cash consisted of the following:

	March 31,		December 31,
(in thousands)	2025		2024
Escrow funds and other	$	1,428	$	1,148

Rent Received in Advance

Rent received in advance represents tenant rent payments received prior to the contractual due date, and is included in Accounts payable and other liabilities in the Condensed Consolidated Balance Sheets. Rent received in advance consisted of the following:

(in thousands)	March 31, 2025		December 31, 2024
Rent received in advance	$	18,566	$	16,616

8

Segment Reporting

The Company currently operates in a single reportable segment, which includes the acquisition, leasing, and ownership of net leased properties. The Company’s chief operating decision maker (“CODM”) is the Company’s senior leadership team, which includes, the Chief Executive Officer, President and Chief Operating Officer, Chief Financial Officer and Treasurer, and the Company’s Senior Vice Presidents. The CODM assesses, measures, and reviews the operating and financial results at the consolidated level for the entire portfolio based on consolidated revenues, expenses, and net income as reported on the Consolidated Statements of Income and Comprehensive Income. The Company does not evaluate the results of operations based on geography, size, or property type.

Fair Value Measurements

Recurring Fair Value Measurements

The balances of financial instruments measured at fair value on a recurring basis are as follows (see Note 9):

	March 31, 2025
(in thousands)	Total			Level 1		Level 2			Level 3
Interest rate swap, assets	$	29,681		$	—	$	29,681		$	—
Interest rate swap, liabilities		(3,353	)		—		(3,353	)		—

	December 31, 2024
(in thousands)	Total		Level 1		Level 2		Level 3
Interest rate swap, assets	$	46,220	$	—	$	46,220	$	—

Long-term Debt – The fair value of the Company’s debt was estimated using Level 1, Level 2, and Level 3 inputs based on recent secondary market trades of the Company’s 2031 Senior Unsecured Public Notes (see Note 7), recent comparable financing transactions, recent market risk premiums for loans of comparable quality, Secured Overnight Financing Rate (“SOFR”), Canadian Overnight Repo Rate Average (“CORRA”), U.S. Treasury obligation interest rates, and 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 in the Condensed Consolidated Balance Sheets and the Company’s estimate of the fair value of the unsecured revolving credit facility, mortgages, unsecured term loans, and senior unsecured notes which reflects the fair value of interest rate swaps:

(in thousands)	March 31, 2025		December 31, 2024
Carrying amount	$	2,000,439	$	1,919,927
Fair value		1,911,861		1,794,821

Non-recurring Fair Value Measurements

The Company’s non-recurring fair value measurements at March 31, 2025 and December 31, 2024 consisted of the fair value of impaired real estate assets that were determined using Level 3 inputs.

9

Right-of-Use Assets and Lease Liabilities

The Company is a lessee under non-cancelable operating and finance 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 and finance leases were included in the accompanying Condensed Consolidated Balance Sheets as follows:

		March 31,		December 31,
(in thousands)	Financial Statement Presentation	2025		2024
Right-of-use assets - operating leases	Prepaid expenses and other assets	$	10,077	$	10,239
Lease liabilities - operating leases	Accounts payable and other liabilities		10,038		10,186
Right-of-use assets - financing leases	Prepaid expenses and other assets		2,255		—
Lease liabilities - financing leases	Accounts payable and other liabilities		2,689		—

Refer to Note 16 for obligations under operating and finance leases.

Rental Expense

Rental expense associated with operating leases is recorded on a straight-line basis over the term of each lease, for leases that have fixed and measurable rent escalations. The difference between rental expense incurred on a straight-line basis and the cash rental payments due under the provisions of the lease is recorded as part of the right-of-use asset in the accompanying March 31, 2025 and 2024 Condensed Consolidated Balance Sheets. Rental expense associated with finance leases is recorded as interest expense on the lease liability and amortization expense on the right-of-use asset. Amounts associated with percentage rent provisions based on the achievement of sales targets are recognized as variable rental expense when achievement of the sales targets are considered probable.

Recently Issued Accounting Standards

In November 2024, the FASB issued ASU 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40) (“ASU 2024-03”). ASU 2024-03 requires a public entity to disclose additional information about specific expense categories in the notes to financial statements on an annual and interim basis. The amendments are effective for annual periods beginning after December 15, 2026, and interim periods beginning after December 15, 2027, with early adoption permitted. The Company will have the election to apply the amendments either prospectively to financial statements issued for reporting periods after the effective date of this ASU or retrospectively to any or all prior periods presented in the financial statements. While this update will result in enhanced disclosures, the Company does not expect it will have a material impact on the Company’s financial statements.

3. Acquisitions of Rental Property

The Company closed on the following acquisitions during the three months ended March 31, 2025:

(in thousands, except number of properties)		Number of		Real Estate
Date	Property Type	Properties		Acquisition Price
January 28, 2025	Retail		1	$	9,871
February 13, 2025	Retail		1		495	(a)
March 11, 2025	Industrial		1		41,088
March 28, 2025	Retail		4		8,045
			7	$	59,499	(b)

(a)Acquisition of land to be developed in connection with a $1.7 million build-to-suit transaction expected to fund in multiple draws through May 2025.

(b)Acquisition price excludes capitalized acquisition costs of $2.0 million.

The Company did not close on any acquisitions during the three months ended March 31, 2024.

10

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 March 31,
(in thousands)	2025
Land	$	3,720
Land improvements		1,569
Buildings and improvements		49,858
Property under development		824
Acquired in-place leases (c)		6,053
Acquired below-market leases (d)		(145	)
Right-of-use asset		2,262
Lease liability		(2,681	)
	$	61,460

(c)The weighted average amortization period for acquired in-place leases is 13 years for acquisitions completed during the three months ended March 31, 2025.

(d)The weighted average amortization period for acquired below-market leases is 14 years for acquisitions completed during the three months ended March 31, 2025.

The above acquisitions were funded using a combination of available cash on hand and unsecured revolving credit facility borrowings. All real estate acquisitions closed during the three months ended March 31, 2025 qualified as asset acquisitions and as such, acquisition costs were capitalized.

Subsequent to March 31, 2025, the Company closed on the following acquisitions (see Note 17):

(in thousands, except number of properties)		Number of		Real Estate
Date	Property Type	Properties		Acquisition Price
April 24, 2025	Industrial		1	$	8,500	(e)

(e)Acquisition of land to be developed in connection with a $78.2 million build-to-suit transaction expected to fund in multiple draws through August 2026.

4. 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)	2025			2024
Number of properties disposed		3			37
Aggregate sale price	$	7,808		$	251,752
Aggregate carrying value		(7,385	)		(189,373	)
Additional sales expenses		(18	)		(3,247	)
Gain on sale of real estate	$	405		$	59,132

5. Investment in Rental Property and Lease Arrangements

The Company primarily leases its investment rental property to established tenants in the industrial and retail property types. At March 31, 2025, the Company had 769 real estate properties, 757 of which were leased under leases that have been classified as operating leases, nine that have been classified as direct financing leases, one that has been classified as a sales-type lease, and two that were vacant. Of the nine 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. Most leases have initial terms of 10 to 20 years. The Company’s leases generally provide for limited increases in rent as a result of fixed increases, increases in the Consumer Price Index (“CPI”), or increases in the tenant’s sales volume. Generally, tenants are also required to pay all property taxes and assessments, substantially maintain the interior and exterior of the building, and maintain property and liability insurance coverage. The leases also typically provide for one or more multiple-year renewal options, at the election of the tenant, and are subject to generally the same terms and conditions as the initial lease.

Investment in Rental Property – Accounted for Using the Operating Method

Depreciation expense on investment in rental property was as follows:

	For the Three Months Ended March 31,
(in thousands)	2025		2024
Depreciation	$	31,459	$	29,994

11

Estimated lease payments to be received under non-cancelable operating leases with tenants at March 31, 2025 are as follows:

(in thousands)
Remainder of 2025	$	301,712
2026		413,173
2027		406,300
2028		390,436
2029		379,398
Thereafter		2,930,500
	$	4,821,519

Since lease renewal periods are exercisable at the option of the tenant, the above amounts only include future lease payments due during the initial lease terms. Such amounts exclude any potential variable rent increases that are based on changes in the CPI or future variable rents which may be received under the leases based on a percentage of the tenant’s gross sales. Additionally, certain of our leases provide tenants with the option to terminate their leases in exchange for termination penalties, or that are contingent upon the occurrence of a future event. Future lease payments within the table above have not been adjusted for these termination rights.

Investment in Rental Property – Direct Financing Leases

The Company’s net investment in direct financing leases was comprised of the following:

(in thousands)	March 31, 2025			December 31, 2024
Undiscounted estimated lease payments to be received	$	31,169		$	31,983
Estimated unguaranteed residual values		14,547			14,547
Unearned revenue		(19,618	)		(20,277	)
Reserve for credit losses		(99	)		(99	)
Net investment in direct financing leases	$	25,999		$	26,154

Undiscounted estimated lease payments to be received under non-cancelable direct financing leases with tenants at March 31, 2025 are as follows:

(in thousands)
Remainder of 2025	$	2,470
2026		3,357
2027		3,426
2028		3,496
2029		3,561
Thereafter		14,859
	$	31,169

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 in the Condensed Consolidated Statements of Income and Comprehensive (Loss) Income:

	For the Three Months Ended March 31,
(in thousands)	2025			2024
Contractual rental amounts billed for operating leases	$	99,314		$	97,549
Adjustment to recognize contractual operating lease billings    on a straight-line basis		6,064			5,104
Net write-offs of accrued rental income		(2,228	)		(2,556	)
Variable rental amounts earned		680			598
Earned income from direct financing leases		682			682
Interest income from sales-type leases		14			14
Operating expenses billed to tenants		4,944			5,105
Other income from real estate transactions		77			66
Adjustment to revenue recognized for uncollectible rental    amounts billed, net		(857	)		(1,196	)
Total lease revenues, net	$	108,690		$	105,366

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6. Intangible Assets and Liabilities, and Leasing Fees

The following is a summary of intangible assets and liabilities, and leasing fees, and related accumulated amortization:

(in thousands)	March 31, 2025			December 31, 2024
Lease intangibles:
Acquired above-market leases	$	39,729		$	39,786
Less accumulated amortization		(19,183	)		(18,599	)
Acquired above-market leases, net		20,546			21,187
Acquired in-place leases		407,432			406,146
Less accumulated amortization		(163,902	)		(159,695	)
Acquired in-place leases, net		243,530			246,451
Total intangible lease assets, net	$	264,076		$	267,638
Acquired below-market leases	$	93,354		$	94,513
Less accumulated amortization		(46,517	)		(45,782	)
Intangible lease liabilities, net	$	46,837		$	48,731
Leasing fees	$	21,755		$	21,781
Less accumulated amortization		(6,840	)		(6,495	)
Leasing fees, net	$	14,915		$	15,286

Amortization of intangible lease assets and liabilities, and leasing fees was as follows:

(in thousands)		For the Three Months Ended March 31,
Intangible	Financial Statement Presentation	2025		2024
Acquired in-place leases and leasing fees	Depreciation and amortization	$	7,944	$	7,696
Above-market and below-market leases	Lease revenues, net		1,065		1,021

For the three months ended March 31, 2025, amortization of all intangible assets and liabilities includes $0.2 million of accelerated amortization resulting from early lease terminations. There was no accelerated amortization for the three months ended March 31, 2024.

Estimated future amortization of intangible assets and liabilities, and leasing fees at March 31, 2025 is as follows:

(in thousands)
Remainder of 2025	$	19,940
2026		25,718
2027		23,915
2028		21,645
2029		20,045
Thereafter		120,891
	$	232,154

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7. Unsecured Credit Agreements

The following table summarizes the Company’s unsecured credit agreements:

	Outstanding Balance
(in thousands, except interest rates)	March 31, 2025			December 31, 2024			Interest Rate	Maturity Date
Unsecured revolving credit facility	$	174,122		$	93,014		Applicable reference rate + 0.85% (a)	Mar. 2029 (d)
Unsecured term loans:
2026 Unsecured Term Loan		—			400,000		one-month adjusted SOFR + 1.00% (b)	Feb. 2026 (e)
2027 Unsecured Term Loan		200,000			200,000		daily simple adjusted SOFR + 0.95% (c)	Aug. 2027
2028 Unsecured Term Loan		400,000			—		one-month adjusted SOFR + 0.95% (b)	Mar. 2028
2029 Unsecured Term Loan		300,000			300,000		daily simple adjusted SOFR + 1.25% (c)	Aug. 2029
Total unsecured term loans		900,000			900,000
Unamortized debt issuance costs, net		(6,495	)		(2,799	)
Total unsecured term loans, net		893,505			897,201
Senior unsecured notes:
2027 Senior Unsecured Notes - Series A		150,000			150,000		4.84%	Apr. 2027
2028 Senior Unsecured Notes - Series B		225,000			225,000		5.09%	Jul. 2028
2030 Senior Unsecured Notes - Series C		100,000			100,000		5.19%	Jul. 2030
2031 Senior Unsecured Public Notes		375,000			375,000		2.60%	Sep. 2031
Total senior unsecured notes		850,000			850,000
Unamortized debt issuance costs and    original issuance discount, net		(3,748	)		(3,936	)
Total senior unsecured notes, net		846,252			846,064
Total unsecured debt, net	$	1,913,879		$	1,836,279

(a)At March 31, 2025 and December 31, 2024, a balance of $104.3 million and $23.5 million, respectively, was subject to daily simple SOFR. The remaining balance of $100.0 million Canadian Dollars (“CAD”) borrowings remeasured to $69.8 million United States Dollars (“USD”) and $69.5 million USD, at March 31, 2025 and December 31, 2024, respectively, and was subject to daily simple CORRA of 2.77% and 3.32% at March 31, 2025 and December 31, 2024, respectively.

(b)At March 31, 2025 and December 31, 2024, one-month SOFR was 4.32% and 4.33%, respectively.

(c)At March 31, 2025 and December 31, 2024, overnight SOFR was 4.41% and 4.49%, respectively.

(d)The Company’s unsecured revolving credit facility contains two six-month extension options subject to certain conditions, including the payment of an extension fee equal to 0.0625% of the revolving commitments.

(e)The 2026 Unsecured Term Loan was paid in full on February 28, 2025, with borrowings from the 2028 Unsecured Term Loan.

At March 31, 2025, the weighted average interest rate on all outstanding borrowings was 4.76% exclusive of interest rate swap agreements, and 3.81% inclusive of interest rate swap agreements.

The Company is subject to various financial and operational covenants and financial reporting requirements pursuant to its unsecured credit agreements. These covenants require the Company to maintain certain financial ratios. As of March 31, 2025, and for all periods presented, the Company believes it was in compliance with all of its loan covenants. Failure to comply with the covenants would result in a default which, if the Company were unable to cure or obtain a waiver from the lenders, could accelerate the repayment of the obligations. Further, in the event of default, the Company may be restricted from paying dividends to its stockholders in excess of dividends required to maintain its REIT qualification. Accordingly, an event of default could have a material effect on the Company.

On February 28, 2025, the Company amended and restated the $1.0 billion unsecured revolving credit agreement with JPMorgan Chase Bank, N.A., as administrative agent, to extend the maturity date of the unsecured revolving credit facility to March 31, 2029, and entered into a $500.0 million term loan agreement maturing on March 31, 2028 (the “2028 Unsecured Term Loan”). The 2028 Unsecured Term Loan required the Company to borrow at least $400.0 million upon entering the agreement and allows the Company to delay borrowing the remaining $100.0 million until the earlier of (i) the date that is three months following the effective date of the credit agreement, (ii) the date that the commitments under the 2028 Unsecured Term Loan have been fully utilized, and (iii) the date on which the commitments under the 2028 Unsecured Term Loan are terminated or reduced to zero. Borrowings under the 2028 Unsecured Term Loan are subject to interest only payments at variable rates equal to adjusted SOFR plus a margin based on the Company’s credit rating, ranging between 0.800% and 1.600% per annum. Based on the Company’s current credit rating, the applicable margin was 0.950% as of March 31, 2025. Proceeds from the loan were used to repay the $400.0 million 2026 Unsecured Term Loan in full. The amended and restated agreement includes an accordion feature to increase the aggregate facility size from $1.5 billion to $2.5 billion, subject to the willingness of existing or new lenders to fund such increase and other customary conditions. All remaining terms of the unsecured revolving credit facility remained the same.

14

For each separate debt instrument, on a lender by lender basis, in accordance with ASC 470-50, Debt Modifications and Extinguishment, the Company performed an assessment of whether the transaction was deemed to be new debt, a modification of existing debt, or an extinguishment of existing debt. Debt issuance costs are either deferred and amortized over the term of the associated debt or expensed as incurred. With respect to the amended and restated unsecured credit agreement, the transaction was deemed to be a modification of debt.

For the three months ended March 31, 2025, the Company incurred $12.3 million in debt issuance costs associated with the amended and restated unsecured credit agreement, which have been deferred and are being amortized over the term of the associated debt. The Company did not incur debt issuance costs during the three months ended March 31, 2024.

Debt issuance costs and original issuance discounts are amortized as a component of Interest expense in the accompanying Condensed Consolidated Statements of Income and Comprehensive (Loss) Income. The following table summarizes debt issuance cost and original issuance discount amortization:

	For the Three Months Ended March 31,
(in thousands)	2025		2024
Debt issuance costs and original issuance discount amortization	$	1,237	$	983

8. Mortgages

The Company’s mortgages consist of the following:

(in thousands, except interest rates)	Origination	Maturity	Interest	March 31,			December 31,
Lender	Date	Date	Rate	2025			2024
Wilmington Trust National Association	Apr. 2019	Feb. 2028	4.92%	$	42,476		$	42,838		(a) (b) (c) (d)
Wilmington Trust National Association	Jun. 2018	Aug. 2025	4.36%		18,166			18,283		(a) (b) (c) (d)
PNC Bank	Oct. 2016	Nov. 2026	3.62%		15,675			15,792		(b) (c)
Total mortgages					76,317			76,913
Debt issuance costs, net					(57	)		(67	)
Mortgages, net				$	76,260		$	76,846

(a)Non-recourse debt includes the indemnification/guaranty of the Company pertaining to fraud, environmental claims, insolvency, and other matters.

(b)Debt secured by related rental property and lease rents.

(c)Debt secured by guaranty of the OP.

(d)Mortgage was assumed as part of the acquisition of the related property. The debt was recorded at fair value at the time of assumption.

At March 31, 2025, investment in rental property with a net book value of $117.1 million 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 7) at March 31, 2025 are as follows:

(in thousands)
Remainder of 2025	$	19,601
2026		16,843
2027		351,596
2028		663,277
2029		474,122
Thereafter		475,000
	$	2,000,439

Certain of the Company’s mortgages provide for prepayment fees and can be terminated under certain events of default as defined under the related agreements. These prepayment fees are not reflected as part of the table above.

15

9. Interest Rate Swaps

The following is a summary of the Company’s outstanding interest rate swap agreements:

(in thousands, except interest rates)						March 31, 2025						December 31, 2024
Counterparty	Maturity Date	Fixed Rate			Variable Rate Index	Notional Amount			Fair Value			Notional Amount			Fair Value
Effective Swaps: (a)
Bank of Montreal	January 2025		1.91	%	daily compounded SOFR	$	—		$	—		$	25,000		$	2
Truist Financial Corporation	April 2025		2.20	%	daily compounded SOFR		25,000			—			25,000			137
Bank of Montreal	July 2025		2.32	%	daily compounded SOFR		25,000			130			25,000			250
Truist Financial Corporation	July 2025		1.99	%	daily compounded SOFR		25,000			151			25,000			290
Truist Financial Corporation	December 2025		2.30	%	daily compounded SOFR		25,000			342			25,000			471
Bank of Montreal	January 2026		1.92	%	daily compounded SOFR		25,000			416			25,000			569
Bank of Montreal	January 2026		2.05	%	daily compounded SOFR		40,000			627			40,000			860
Capital One, National Association	January 2026		2.08	%	daily compounded SOFR		35,000			542			35,000			743
Truist Financial Corporation	January 2026		1.93	%	daily compounded SOFR		25,000			415			25,000			567
Capital One, National Association	April 2026		2.68	%	daily compounded SOFR		15,000			203			15,000			280
Capital One, National Association	July 2026		1.32	%	daily compounded SOFR		35,000			1,129			35,000			1,454
Bank of Montreal	December 2026		2.33	%	daily compounded SOFR		10,000			254			10,000			346
Bank of Montreal	December 2026		1.99	%	daily compounded SOFR		25,000			780			25,000			1,030
Toronto-Dominion Bank	March 2027		2.46	%	daily compounded CORRA		13,964	(b)		44			13,903	(b)		166
Wells Fargo Bank, N.A.	April 2027		2.72	%	daily compounded SOFR		25,000			517			25,000			757
Bank of Montreal	December 2027		2.37	%	daily compounded SOFR		25,000			892			25,000			1,230
Capital One, National Association	December 2027		2.37	%	daily compounded SOFR		25,000			888			25,000			1,227
Wells Fargo Bank, N.A.	January 2028		2.37	%	daily compounded SOFR		75,000			2,674			75,000			3,693
Bank of Montreal	May 2029		2.09	%	daily compounded SOFR		25,000			1,563			25,000			2,024
Regions Bank	May 2029		2.11	%	daily compounded SOFR		25,000			1,538			25,000			1,999
Regions Bank	June 2029		2.03	%	daily compounded SOFR		25,000			1,620			25,000			2,085
U.S. Bank National Association	June 2029		2.03	%	daily compounded SOFR		25,000			1,622			25,000			2,087
Regions Bank	August 2029		2.58	%	one-month SOFR		100,000			4,015			100,000			5,799
Toronto-Dominion Bank	August 2029		2.58	%	one-month SOFR		45,000			1,835			45,000			2,642
U.S. Bank National Association	August 2029		2.65	%	one-month SOFR		15,000			568			15,000			835
U.S. Bank National Association	August 2029		2.58	%	one-month SOFR		100,000			4,033			100,000			5,820
U.S. Bank National Association	August 2029		1.35	%	daily compounded SOFR		25,000			2,387			25,000			2,894
Bank of Montreal	March 2030		3.80	%	daily simple SOFR		80,000			(754	)		80,000			541
JPMorgan Chase Bank, N.A.	March 2030		3.79	%	daily simple SOFR		50,000			(437	)		50,000			371
Regions Bank	March 2032		2.69	%	daily compounded CORRA		13,964	(b)		105			13,903	(b)		358
U.S. Bank National Association	March 2032		2.70	%	daily compounded CORRA		13,964	(b)		102			13,903	(b)		354
Bank of Montreal	March 2034		2.81	%	daily compounded CORRA		27,929	(c)		289			27,805	(c)		846
							1,044,821			28,490			1,069,514			42,727
Forward Starting Swaps: (a) (d)
U.S. Bank National Association	June 2030		3.73	%	daily simple SOFR		70,000			(500	)		70,000			666
Truist Financial Corporation	June 2030		3.73	%	daily simple SOFR		55,000			(405	)		55,000			508
Manufacturers & Traders Trust Company	September 2030		3.71	%	daily simple SOFR		50,000			(355	)		50,000			512
Regions Bank	September 2030		3.69	%	daily simple SOFR		15,000			(101	)		15,000			159
Truist Financial Corporation	September 2030		3.70	%	daily simple SOFR		15,000			(101	)		15,000			159
Toronto-Dominion Bank	December 2030		3.66	%	daily simple SOFR		70,000			(382	)		70,000			846
Regions Bank	December 2030		3.66	%	daily simple SOFR		55,000			(318	)		55,000			643
							330,000			(2,162	)		330,000			3,493
Total Swaps						$	1,374,821		$	26,328		$	1,399,514		$	46,220

(a)The classification between “effective” and “forward starting” swaps is determined as of the most recent period presented.

(b)The contractual notional amount is $20.0 million CAD.

(c)The contractual notional amount is $40.0 million CAD.

(d)Forward starting swaps have effective dates that are five years prior to each respective maturity date.

16

At March 31, 2025, the weighted average interest rate on all outstanding borrowings was 3.81%, inclusive of a weighted average fixed rate on effective interest rate swaps of 2.48%.

The total amounts recognized, and the location in the accompanying Condensed Consolidated Statements of Income and Comprehensive (Loss) Income, from converting from variable rates to fixed rates under these agreements were as follows:

	Amount of (Loss) Gain			Reclassification from			Total Interest Expense
	Recognized in			Accumulated Other			Presented in the Condensed
	Accumulated Other			Comprehensive Income			Consolidated Statements of
(in thousands)	Comprehensive				Amount of		Income and Comprehensive
For the Three Months Ended March 31,	Income			Location	Gain		(Loss) Income
2025	$	(19,892	)	Interest expense	$	4,733	$	20,074
2024		11,804		Interest expense		7,548		18,578

Amounts related to the interest rate swaps expected to be reclassified out of Accumulated other comprehensive income to Interest expense during the next twelve months are estimated to be a gain of $13.1 million.

10. Non-Controlling Interests

The following table summarizes OP Units exchanged for shares of common stock:

	For the Three Months Ended March 31,
(in thousands)	2025		2024
OP Units exchanged for shares of common stock		244		95
Value of units exchanged	$	3,882	$	1,536

11. Credit Risk Concentrations

The Company maintained bank balances that, at times, exceeded the federally insured limit during the three months ended March 31, 2025. 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 based on the financial position and capitalization of the applicable banks.

For the three months ended March 31, 2025 and 2024, the Company had no individual tenants or common franchises that accounted for more than 10% of Lease revenues, net, excluding lease termination fees.

12. Equity

At-the-Market Program (“ATM Program”)

The Company enters into ATM Programs through which it may, from time to time, publicly offer and sell shares of common stock. The Company’s ATM Programs also provide for forward sale agreements, enabling the Company to set the price of shares upon pricing the offering, while delaying the issuance of shares and the receipt of the net proceeds. During 2024, the Company replaced its prior $400.0 million ATM Program (“2021 ATM Program”) with a new $400.0 million ATM Program (“2024 ATM Program”), and the 2021 ATM Program was simultaneously terminated.

The following table presents information about the Company’s ATM Programs:

(in thousands)
Program Year	Program Size		Aggregate Gross Sales		Shares Issued
2021 (a)	$	400,000	$	254,620		11,542
2024		400,000		40,003		2,188

(a)ATM Program has been terminated and no future issuance will occur.

During 2024, the Company entered into forward sale agreements to sell an aggregate of 2,187,700 shares of common stock under the 2024 ATM Program at a weighted-average share price of $18.29, subject to certain adjustments. The Company has the option to settle the outstanding shares of common stock any time before their maturities in August and September 2025 for net proceeds of approximately $38.1 million. During the three months ended March 31, 2025, the Company has not settled any of the outstanding shares of these forward sales agreements. There was no ATM Program activity during the three months ended March 31, 2024. After considering the shares sold subject to forward sale agreements, the Company has $360.0 million of capacity remaining under the ATM Program as of March 31, 2025.

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Stock Repurchase Program

The Company has a stock repurchase program (the “Repurchase Program”), which authorizes the Company to repurchase up to $150.0 million of the Company’s common stock. On March 11, 2025, the Company’s Board of Directors re-authorized the Repurchase Program for a 12-month period ending on March 14, 2026. The Repurchase Program may be extended, suspended, or discontinued at any time. Under the Repurchase Program, repurchases of the Company’s stock can be made in the open market or through private transactions from time to time over the 12-month period, depending on prevailing market conditions and compliance with applicable legal and regulatory requirements. The timing, manner, price, and amount of any repurchases of common stock under the Repurchase Program will be determined at the Company’s discretion, using available cash resources. During the three months ended March 31, 2025 and 2024, no shares of the Company’s common stock were repurchased under the Repurchase Program.

13. Stock-Based Compensation

Restricted Stock Awards

During the three months ended March 31, 2025 and 2024, the Company awarded 265,872 and 777,943 shares of restricted stock awards (“RSAs”), respectively, to officers, employees, and non-employee directors under the Company’s equity incentive plan. The holder of RSAs is generally entitled at all times on and after the date of issuance of the restricted common shares to exercise the rights of a stockholder of the Company, including the right to vote the shares and the right to receive dividends on the shares. The Company’s outstanding RSAs vest over a one-, three-, four-, or five-year period from the date of the grant and are subject to the holder’s continued service through the applicable vesting dates and in accordance with the terms of the individual award agreements. The weighted average value of awards granted per share during the three months ended March 31, 2025 and 2024, were $16.85 and $14.74, respectively, which were based on the market price per share of the Company’s common stock on the grant dates.

The following table presents information about the Company’s RSAs:

	For the Three Months Ended March 31,
(in thousands)	2025		2024
Compensation cost	$	1,342	$	1,043
Dividends declared on unvested RSAs		313		295
Fair value of shares vested during the period		2,887		3,207

As of March 31, 2025, there was $14.3 million of unrecognized compensation costs related to the unvested restricted shares, which is expected to be recognized over a weighted average period of 3.3 years.

The following table presents information about the Company’s restricted stock activity:

	For the Three Months Ended March 31,
	2025					2024
(in thousands, except per share amounts)	Number of Shares			Weighted Average Grant Date Fair Value per Share		Number of Shares			Weighted Average Grant Date Fair Value per Share
Unvested at beginning of period		989		$	15.51		492		$	18.63
Granted		266			16.85		778			14.74
Vested		(172	)		16.72		(209	)		19.26
Forfeited		(3	)		16.13		(25	)		19.02
Unvested at end of period		1,080			15.64		1,036			15.57

Performance-based Restricted Stock Units

During the three months ended March 31, 2025 and 2024, the Company issued target grants of 246,967 and 202,308 of performance-based restricted stock units (“PRSUs”), respectively, under the Company’s 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, as identified in the grant agreements, over a three-year period, 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. Vesting percentages range 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 measurement period beginning on the date of grant, assuming the reinvestment of dividends on the ex-dividend date. The target number of units is based on achieving a rTSR equal to the 55th percentile of the peer companies and MSCI US REIT Index. For PRSUs issued during the three months ended March 31, 2025 and 2024 that achieve a percentile rank of at least the 55th percentile, and the absolute rTSR of the Company is negative for the performance period, the awards will be reduced by 25%, not to result in a reduction less than target. Dividends accrue during the measurement period and will be paid on the PRSUs ultimately earned at the end of the measurement period in either cash or common stock, at the discretion of the Compensation Committee of the Board of Directors. The grant date fair value of the PRSUs was measured using a Monte Carlo simulation model based on assumptions including share price volatility.

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The following table presents compensation cost recognized on the Company’s performance-based restricted stock units:

	For the Three Months Ended March 31,
(in thousands)	2025		2024
Compensation cost	$	805	$	432

As of March 31, 2025, there was $8.2 million of unrecognized compensation costs related to the unvested PRSUs, which is expected to be recognized over a weighted average period of 2.4 years.

The following table presents information about the Company’s performance-based restricted stock unit activity:

	For the Three Months Ended March 31,
	2025					2024
(in thousands, except per share amounts)	Number of Shares			Weighted Average Grant Date Fair Value per Share		Number of Shares			Weighted Average Grant Date Fair Value per Share
Unvested at beginning of period		433		$	20.90		351		$	24.90
Granted		247			21.12		202			15.84
Vested		(74	)		27.93		(88	)		24.40
Forfeited		—			—		(19	)		25.09
Unvested at end of period		606			20.13		446			20.89

14. Earnings per Share

The following table summarizes the components used in the calculation of basic and diluted earnings per share (“EPS”):

	For the Three Months Ended March 31,
(in thousands, except per share amounts)	2025			2024
Basic earnings:
Net earnings attributable to Broadstone Net Lease, Inc. common    shareholders	$	16,743		$	65,114
Less: earnings allocated to unvested restricted shares		(310	)		(358	)
Net earnings used to compute basic earnings per common share	$	16,433		$	64,756
Diluted earnings:
Net earnings used to compute basic earnings per common share	$	16,433		$	64,756
Add: net earnings attributable to OP Unit holders		750			3,063
Add: undistributed earnings allocated to unvested restricted shares		—			63
Less: undistributed earnings reallocated to unvested restricted shares		—			(60	)
Net earnings used to compute diluted earnings per common share	$	17,183		$	67,822
Weighted average number of common shares outstanding		188,882			187,953
Less: weighted average unvested restricted shares (a)		(1,017	)		(663	)
Weighted average number of common shares outstanding used in    basic earnings per common share		187,865			187,290
Add: effects of restricted stock units (b)		573			285
Add: effects of convertible OP Units (c)		8,460			8,842
Weighted average number of common shares outstanding used in    diluted earnings per common share		196,898			196,417
Basic and diluted earnings per share	$	0.09		$	0.35

(a)Represents the weighted average effects of 1,068,754 and 1,035,194 unvested restricted shares of common stock as of March 31, 2025 and 2024, respectively, which will be excluded from the computation of earnings per share until they vest.

(b)Represents the weighted average effects of shares of common stock to be issued as though the end of the period were the end of the performance period (see Note 13).

(c)Represents the weighted average effects of 8,401,937 and 8,833,236 OP Units outstanding at March 31, 2025 and 2024, respectively.

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15. Supplemental Cash Flow Disclosures

The following table summarizes the Company’s supplemental cash flow information:

	For the Three Months Ended March 31,
(in thousands)	2025		2024
Supplemental disclosures:
Cash paid for interest	$	15,557	$	15,002
Cash paid for income taxes		722		23
Non-cash activities:
Issuance and conversion of OP Units to common stock (a)		3,882		1,536
Dividends declared not yet paid		58,220		56,871

(a)See Note 10

16. Commitments and Contingencies

Litigation

From time to time, the Company is a party to various litigation matters incidental to the conduct of the Company’s business. While the resolution of such matters cannot be predicted with certainty, based on currently available information, the Company does not believe that the final outcome of any of these matters will have a material effect on its consolidated financial position, results of operations, or liquidity.

Property and Acquisition Related

In connection with ownership and operation of real estate, the Company may potentially be liable for 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.

As of March 31, 2025, the Company has commitments to fund five build-to-suit transactions with remaining obligations of $198.8 million expected to fund in multiple draws through July 2026, using a combination of available cash on hand and revolving credit facility borrowings. Rent is contractually scheduled to commence when the properties reach substantial completion and are made available for use by the tenant, which is expected to occur at various dates between April 2025 and July 2026.

The Company is a party to two separate tax protection agreements with the contributing members of two distinct UPREIT transactions and a third tax protection agreement entered into in connection with the Company’s 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 tax protection agreement entered into in connection with the Company’s internalization, 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 are not probable. Therefore, there is no impact to the Condensed Consolidated Financial Statements. Based on values as of March 31, 2025, taxable sales of the applicable properties would trigger liability under the agreements of approximately $20.4 million. Based on information available, the Company does not believe that the events resulting in damages as detailed above have occurred or are likely to occur in the foreseeable future.

In the normal course of business, the Company enters into various types of commitments to purchase real estate properties. These commitments are generally subject to the Company’s customary due diligence process and, accordingly, a number of specific conditions must be met before the Company is obligated to purchase the properties.

Obligations Under Operating and Finance Leases

As described in Note 2, the Company is a lessee under non-cancelable operating and finance leases associated with its corporate headquarters and other office spaces as well as ground leases. The Company’s obligations under leases primarily consist of a lease for the Company’s corporate office space, which expires in October 2033 and was determined to be an operating lease. The lease contains two five-year extension options, exercisable at the Company’s discretion, that are not reasonably certain to be exercised, and are therefore excluded from our calculation of the lease liability. The remaining lease obligations primarily consist of ground leases that, in accordance with the terms of our leases, are typically required to be reimbursed by our tenants. The Company remains primarily responsible for ground leases in the event a tenant is unable to pay. Ground lease expense for properties that are under development by the Company are capitalized to property under development until the development reaches substantial completion. The weighted average discount rate on our operating and finance leases is 8.3%. The weighted average years remaining on our operating and finance leases is 27.1 years.

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The following table summarizes the total lease costs associated with operating and finance leases:

		For the Three Months Ended March 31,
(in thousands)	Financial Statement Presentation	2025		2024
Operating lease costs:
Office leases	General and administrative	$	252	$	254
Ground leases	Property and operating expense		33		43
Ground leases - development properties	Property under development		55		—
Variable lease costs - ground leases	Property and operating expense		20		12
Financing lease costs:
Amortization of right-of-use assets	Depreciation and amortization		9		—
Interest expense on lease liabilities	Interest expense		45		—
Total lease cost		$	414	$	309

The following table summarizes payments associated with obligations under operating and finance 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)	2025		2024
Operating lease payments	$	392	$	152
Financing lease payments		36		—
Total	$	428	$	152

At March 31, 2025, minimum future rental payments due from the Company for operating and finance leases over the next five years and thereafter are as follows:

(in thousands)	Operating Leases			Financing Leases
Remainder of 2025	$	975		$	163
2026		1,306			218
2027		1,251			218
2028		1,134			218
2029		1,174			238
Thereafter		15,834			18,306
Total undiscounted lease payments		21,674			19,361
Present value adjustment for remaining lease payments		(11,636	)		(16,672	)
Total lease liability	$	10,038		$	2,689

17. Subsequent Events

On April 15, 2025, the Company paid distributions totaling $57.3 million.

On April 24, 2025, the Board of Directors declared a quarterly distribution of $0.29 per share on the Company’s common stock and OP Units for the second quarter of 2025, which will be payable on or before July 15, 2025 to stockholders and OP Unit holders of record as of June 30, 2025.

Subsequent to March 31, 2025, the Company borrowed $78.5 million, and paid down $25.5 million on the unsecured revolving credit facility, the proceeds of which were used to fund investment activity and for general corporate purposes.

Subsequent to March 31, 2025, the Company acquired approximately $8.5 million of land to be developed in connection with a $78.2 million build-to-suit transaction expected to fund in multiple draws through August 2026. (see Note 3).

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Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

Except where the context suggests otherwise, as used in this Quarterly Report on Form 10-Q, the terms “BNL,” “we,” “us,” “our,” and “our Company” refer to Broadstone Net Lease, Inc., a Maryland corporation incorporated on October 18, 2007, and, as required by context, Broadstone Net Lease, LLC, a New York limited liability company, which we refer to as the or our “OP,” and to their respective subsidiaries.

The following Management’s Discussion and Analysis of Financial Condition and Results of Operations (“MD&A”) is intended to help the reader understand our results of operations and financial condition. This MD&A is provided as a supplement to, and should be read in conjunction with, our Condensed Consolidated Financial Statements and the accompanying Notes to the Condensed Consolidated Financial Statements appearing elsewhere in this Quarterly Report on Form 10-Q.

Cautionary Note Regarding Forward-Looking Statements

This Quarterly Report on Form 10-Q contains forward-looking statements, which reflect our current views regarding our business, financial performance, growth prospects and strategies, market opportunities, and market trends, that are intended to be made pursuant to the safe harbor provisions of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”) and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Forward-looking statements include all statements that are not historical facts. In some cases, you can identify these forward-looking statements by the use of words such as “outlook,” “believes,” “expects,” “potential,” “continues,” “may,” “will,” “should,” “could,” “seeks,” “approximately,” “projects,” “predicts,” “intends,” “plans,” “estimates,” “anticipates,” or the negative version of these words or other comparable words. All of the forward-looking statements included in this Quarterly Report on Form 10-Q are subject to various risks and uncertainties. Assumptions relating to the foregoing involve judgments with respect to, among other things, future economic, competitive and market conditions, and future business decisions, all of which are difficult or impossible to predict accurately and many of which are beyond our control. Although we believe that the expectations reflected in such forward-looking statements are based on reasonable assumptions, our actual results, performance, and achievements could differ materially from those expressed in or by the forward-looking statements and may be affected by a variety of risks and other factors. Accordingly, there are or will be important factors that could cause actual outcomes or results to differ materially from such forward-looking statements.

Important factors that could cause results to differ materially from the forward-looking statements are described in Item 1. “Business,” Item 1A. “Risk Factors,” and Item 7. “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in our 2024 Annual Report on Form 10-K, as filed with the SEC on February 20, 2025. The “Risk Factors” of our 2024 Annual Report should not be construed as exhaustive and should be read in conjunction with other cautionary statements included elsewhere in this Quarterly Report on Form 10-Q.

You are cautioned not to place undue reliance on any forward-looking statements included in this Quarterly Report on Form 10-Q. All forward-looking statements are made as of the date of this Quarterly Report on Form 10-Q and the risk that actual results, performance, and achievements will differ materially from the expectations expressed in or referenced by this Quarterly Report on Form 10-Q will increase with the passage of time. We undertake no obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments, or otherwise, except as required by law.

Regulation FD Disclosures

We use any of the following to comply with our disclosure obligations under Regulation FD: U.S. Securities and Exchange Commission (“SEC”) filings, press releases, public conference calls, or our website. We routinely post important information on our website at www.broadstone.com, including information that may be deemed material. We encourage our shareholders and others interested in our company to monitor these distribution channels for material disclosures. Our website address is included in this Quarterly Report as a textual reference only and the information on the website is not incorporated by reference in this Quarterly Report.

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Explanatory Note and Certain Defined Terms

Unless the context otherwise requires, the following terms and phrases are used throughout this MD&A as described below:

•“annualized base rent” or “ABR” means the annualized contractual cash rent due for the last month of the reporting period, excluding the impacts of short-term rent deferrals, abatements, or free rent, and adjusted to remove rent from properties sold during the month and to include a full month of contractual cash rent for investments made during the month;

•“investments” or amounts “invested” include real estate investments in new property acquisitions, revenue generating capital expenditures, whereby we agree to fund certain expenditures in exchange for increased rents that often include rent escalations and terms consistent with that of the underlying lease, build-to-suit developments, and transitional capital, which represent shorter term investments and currently includes a preferred equity investment, and exclude capitalized costs;

•“cash capitalization rate” represents either (1) for acquisitions and new build-to-suit developments, the estimated first year cash yield to be generated on a real estate investment, which was estimated at the time of investment based on the contractually specified cash base rent for the first full year after the date of the investment, divided by the purchase price for the property excluding capitalized acquisition costs, or (2) for dispositions, the property’s ABR in effect immediately prior to the disposition, divided by the disposition price, or (3) for transitional capital, the contractual cash yield to be generated on total invested capital;

•“CPI” means the Consumer Price Index for All Urban Consumers (CPI-U): U.S. City Average, All Items, as published by the U.S. Bureau of Labor Statistics, or other similar index which is a measure of the average change over time in the prices paid by urban consumers for a market basket of consumer goods and services;

•“occupancy” or a specified percentage of our portfolio that is “occupied” or “leased” means as of a specified date the quotient of (1) the total rentable square footage of our properties minus the square footage of our properties that are vacant and from which we are not receiving any rental payment, and (2) the total square footage of our properties;

•“Revolving Credit Facility” means our $1.0 billion unsecured revolving credit facility, dated February 28, 2025, with J.P. Morgan Chase Bank, N.A., as administrative agent, and the other lenders party thereto; and

•“straight-line yield” represents the estimated first year yield to be generated on a real estate investment, which was computed at the time of investment based on the straight-line annual rental income computed in accordance with GAAP, divided by the purchase price.

Overview

We are an industrial-focused, diversified net lease real estate investment trust (“REIT”) that invests in primarily single-tenant commercial real estate properties that are net leased on a long-term basis to a diversified group of tenants. As of March 31, 2025, our portfolio includes 769 properties, with 762 properties located in 44 U.S. states and seven properties located in four Canadian provinces.

We expect to achieve growth in revenues and earnings through our four core building blocks, which are (1) embedded same store net operating income growth through best-in-class portfolio rent escalations, stable rent collections, minimal credit losses, strong lease rollover outcomes, and accretive recycling, (2) revenue generating capital expenditures with existing tenants, (3) build-to-suit developments, and (4) a diversified acquisition pipeline.

We focus on investing in real estate that is operated by creditworthy single tenants in industries characterized by positive business drivers and trends. We target properties that are an integral part of the tenants’ businesses and are therefore opportunities to secure long-term net leases through which our tenants are able to retain operational control of their strategically important locations, while allocating their debt and equity capital to fund core business operations rather than real estate ownership.

-Diversified Investment Strategy. We invest in real estate through property acquisitions, revenue generating capital expenditures, build-to-suit developments, and transitional capital. Our investments in these alternatives fluctuate from time to time depending on macroeconomic conditions and business or market trends. Our strong relationships with brokers, developers, and tenants provides access to off-market and marketed investment opportunities. Off-market transactions are characterized by a lack of a formal marketing process and a lack of widely disseminated marketing materials. Marketed transactions are often characterized by extensive buyer competition. For all investments, we seek to maintain our portfolio’s diversification by property type, geography, tenant, and industry in an effort to reduce fluctuations in income caused by under-performing individual real estate assets or adverse economic conditions affecting an entire industry or geographic region.

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-Diversified Portfolio. As of March 31, 2025, our portfolio comprised approximately 39.8 million rentable square feet of operational space, was highly diversified based on property type, geography, tenant, and industry, and was cross-diversified within each (e.g., property-type diversification within a geographic concentration):

•Property Type: We are primarily diversified across industrial and retail property types. Within these sectors, we have meaningful concentrations in manufacturing, distribution and warehouse, food processing, general merchandise, casual dining, and quick service restaurants.

•Geographic Diversification: Our properties are located in 44 U.S. states and four Canadian provinces, with no single geographic concentration exceeding 9.6% of our ABR.

•Tenant and Industry Diversification: Our properties are occupied by 204 different commercial tenants who operate 192 distinct brands that are diversified across 55 varying industries, with no single tenant accounting for more than 4.0% of our ABR.

-Strong In-Place Leases with Significant Remaining Lease Term. As of March 31, 2025, our portfolio was approximately 99.1% leased with an ABR weighted average remaining lease term of approximately 10.0 years, excluding renewal options.

-Standard Contractual Base Rent Escalation. Approximately 97.5% of our leases have contractual rent escalations, with an ABR weighted average increase of 2.0%.

-Extensive Tenant Financial Reporting. Approximately 94.1% of our tenants, based on ABR, provide financial reporting, of which 85.4% are required to provide us with specified financial information on a periodic basis, and an additional 8.7% of our tenants report financial statements publicly, either through SEC filings or otherwise.

Current Macroeconomic Conditions and Strategic Priorities

Throughout 2023 and 2024, challenging macroeconomic conditions directly impacted the broader commercial real estate market and, in particular, the net lease real estate market. During the latter half of fiscal 2022, interest rates began to rise steadily and persisted through fiscal 2024, resulting in a challenging lending environment and a material increase in the cost of capital for commercial real estate buyers and lenders. The increase in interest rates accelerated at a more aggressive pace than commercial real estate capitalization rates, thereby compressing earnings on new investments. Market expectations about expansionary monetary policy resulted in net lease real estate sellers maintaining higher pricing expectations, which ultimately led to a significant decrease in transaction volumes during 2023 and 2024. These challenging macroeconomic conditions have limited and may continue to limit the ability of commercial real estate owners, including us, to complete real estate acquisitions at volume and accretion levels consistent with years prior to 2023, resulting in lower earnings growth rates compared to historical periods. Notwithstanding the challenging macroeconomic conditions, we believe that our portfolio performance and strong liquidity profile position our Company well for future opportunities. We expect to achieve growth in revenues and earnings through our four building blocks, including best-in-class portfolio rent escalations, revenue generating capital expenditures with existing tenants as a benefit from our industrial focus, development funding opportunities provided by the distressed lending environment, and a diversified acquisition pipeline.

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Diversified Investment Activity

During the three months ended March 31, 2025, our investment activity consisted of the following:

	For the Three Months Ended
	March 31, 2025
Acquisitions:
Acquisition price	$	59,004
Initial cash capitalization rate		7.2	%
Straight-line yield		8.3	%
Weighted average lease term (years)		13.6
Weighted average annual rent increase		2.6	%
Build-to-suit developments:
Investments	$	26,494
Revenue generating capital expenditures:
Investments	$	2,835
Initial cash capitalization rate		8.0	%
Weighted average lease term (years)		17.7
Weighted average annual rent increase		1.7	%
Total investments	$	88,333
Total initial cash capitalization rate (a)		7.2	%
Total weighted average lease term (years) (a)		13.8
Total weighted average annual rent increase (a)		2.5	%

(a)Due to the nature of build-to-suit developments not generating revenue during construction, these are excluded from the calculation of total cash capitalization rates, weighted average lease terms, and weighted average rent increases.

Build-to-Suit Development Projects

The following table summarizes the Company’s in-process and stabilized developments as of March 31, 2025:

Property	Projected Rentable Square Feet		Start Date (b)	Target Stabilization Date (c)	Lease Term (Years)		Total Project Commitment (d)		Estimated Total Project Investment (e)		Cumulative Investment		Estimated Remaining Investment		Estimated Cash Capitalization Rate (f)			Estimated Straight-line Yield
In-process retail:
7 Brew (High Point - NC)		1	Dec. 2024	Apr. 2025		15.0	$	1,975	$	1,975	$	1,477	$	498		8.0	%		8.8	%
7 Brew (Charleston - SC)		1	Feb. 2025	Apr. 2025		15.0		1,729		1,729		1,035		694		7.9	%		8.8	%
In-process industrial:
Sierra Nevada (Dayton - OH)		122	Oct. 2024	Nov. 2025		15.0		58,563		58,563		12,516		46,047		7.6	%		9.4	%
Sierra Nevada (Dayton - OH)		122	Oct. 2024	Mar. 2026		15.0		55,525		55,525		8,035		47,490		7.7	%		9.6	%
Southwire (Bremen - GA)		1,200	Dec. 2024	Jul. 2026		10.0		115,411		109,845		11,403		98,442		7.6	%		8.6	%
Total / weighted average		1,446				12.6		233,203		227,637		34,466		193,171		7.6	%		9.1	%
Stabilized industrial:
UNFI (Sarasota - FL)		1,016	May 2023	Completed		15.0		204,833		200,958		200,958		-		7.2	%		8.6	%
Total / weighted average		2,462				13.7	$	438,036	$	428,595	$	235,424	$	193,171		7.4	%		8.8	%

(b)The period in which we have acquired access to the land and begun physical construction on a property.

(c)Represents our current estimate of the period in which we will have substantially completed a project and the project is made available for occupancy. We expect to update our timing estimates on a quarterly basis.

(d)Represents the contractual maximum amount of costs that we are committed to fund for the build-to-suit development project.

(e)Represents the estimated costs to be incurred to complete development of each project. We expect to update our estimates upon completion of the project, or sooner if there are any significant changes to expected costs from quarter to quarter. Excludes capitalized costs consisting of capitalized interest and other acquisition costs.

(f)Calculated by dividing the estimated first year cash yield to be generated on a real estate investment by the Estimated Total Project Investment for the property.

25

Our Real Estate Investment Portfolio

The following charts summarize our portfolio diversification by property type, tenant, brand, industry, and geographic location as of March 31, 2025. These portfolio statistics exclude transitional capital investments. The percentages below are calculated based on our ABR of $401.3 million as of March 31, 2025.

Diversification by Property Type

Property Type	# of Properties		ABR (’000s)		ABR as a % of Total Portfolio			Square Feet (’000s)		SF as a % of Total Portfolio
Industrial
Distribution & Warehouse		50	$	73,231		18.2	%		10,779		27.1	%
Manufacturing		80		70,359		17.5	%		12,319		31.0	%
Food Processing		34		49,749		12.4	%		5,736		14.4	%
Flex and R&D		10		21,760		5.4	%		1,606		4.0	%
Industrial Services		29		14,944		3.7	%		725		1.9	%
Cold Storage		3		10,046		2.6	%		722		1.8	%
In-process Developments		3		—		—			—		—
Untenanted		2		—		—			344		0.9	%
Industrial Total		211		240,089		59.8	%		32,231		81.1	%
Retail
General Merchandise		143		30,827		7.7	%		2,301		5.8	%
Casual Dining		102		27,419		6.8	%		674		1.7	%
Quick Service Restaurants		151		27,128		6.8	%		514		1.3	%
Automotive		65		12,109		3.0	%		764		1.9	%
Animal Services		27		11,386		2.8	%		421		1.1	%
Home Furnishings		13		7,386		1.9	%		797		2.0	%
Healthcare Services		18		6,050		1.5	%		221		0.5	%
Education		5		3,246		0.8	%		128		0.3	%
In-process Developments		2		—		—			—		—
Retail Total		526		125,551		31.3	%		5,820		14.6	%
Other
Office		14		23,708		5.9	%		1,311		3.3	%
Clinical & Surgical		18		11,981		3.0	%		403		1.0	%
Other Total		32		35,689		8.9	%		1,714		4.3	%
Total		769	$	401,329		100.0	%		39,765		100.0	%

26

Diversification by Tenant

Tenant	Property Type	# of Properties		ABR (’000s)		ABR as a % of Total Portfolio			Square Feet (’000s)		SF as a % of Total Portfolio
Roskam Baking Company, LLC*	Food Processing		7	$	16,236		4.0	%		2,250		5.7	%
United Natural Foods, Inc.	Distribution & Warehouse		1		14,386		3.6	%		1,016		2.6	%
AHF, LLC*	Distribution & Warehouse/Manufacturing		8		9,612		2.4	%		2,284		5.7	%
Joseph T. Ryerson & Son, Inc	Distribution & Warehouse		11		8,025		2.0	%		1,599		4.0	%
Jack’s Family Restaurants LP*	Quick Service Restaurants		43		7,605		1.9	%		147		0.4	%
Dollar General Corporation	General Merchandise		64		6,597		1.6	%		609		1.5	%
Tractor Supply Company	General Merchandise		23		6,473		1.6	%		462		1.2	%
J. Alexander’s, LLC*	Casual Dining		16		6,300		1.6	%		132		0.4	%
Nestle’ Dreyer's Ice Cream Company	Cold Storage		2		6,259		1.6	%		503		1.3	%
Hensley & Company*	Distribution & Warehouse		3		6,231		1.6	%		577		1.3	%
Total Top 10 Tenants			178		87,724		21.9	%		9,579		24.1	%
Salm Partners, LLC*	Food Processing		2		6,169		1.5	%		426		1.1	%
Axcelis Technologies, Inc.	Flex and R&D		1		5,900		1.5	%		417		1.0	%
BluePearl Holdings, LLC**	Animal Services		13		5,897		1.5	%		159		0.4	%
Red Lobster Hospitality & Red Lobster Restaurants LLC*	Casual Dining		18		5,563		1.4	%		147		0.4	%
Outback Steakhouse of Florida LLC* (a)	Casual Dining		22		5,543		1.4	%		138		0.2	%
Krispy Kreme Doughnut Corporation	Quick Service Restaurants/ Food Processing		27		5,538		1.3	%		156		0.4	%
Big Tex Trailer Manufacturing Inc.*	Automotive/Distribution & Warehouse/Manufacturing/Office		17		5,260		1.2	%		1,303		3.4	%
Arkansas Surgical Hospital, LLC	Clinical & Surgical		1		4,702		1.2	%		129		0.3	%
Carvana, LLC*	Industrial Services		2		4,672		1.2	%		230		0.6	%
Jelly Belly Candy Company	Distribution & Warehouse/Food Processing/General Merchandise		5		4,650		1.2	%		576		1.4	%
Total Top 20 Tenants			286	$	141,618		35.3	%		13,260		33.3	%

(a) Tenant’s properties include 20 Outback Steakhouse restaurants and two Carrabba’s Italian Grill restaurants.

* Subject to a master lease.

** Includes properties leased by multiple tenants, some, not all, of which are subject to master leases.

Diversification by Industry

Tenant Industry	# of Properties		ABR (’000s)		ABR as a % of Total Portfolio			Square Feet (’000s)		SF as a % of Total Portfolio
Restaurants		258	$	55,390		13.8	%		1,231		3.1	%
Packaged Foods & Meats		36		51,065		12.7	%		5,873		14.8	%
Food Distributors		7		27,431		6.8	%		2,534		6.4	%
Healthcare Facilities		45		23,368		5.8	%		824		2.1	%
Auto Parts & Equipment		46		20,948		5.2	%		3,168		8.0	%
Specialty Stores		37		19,385		4.8	%		1,696		4.3	%
Distributors		27		17,990		4.5	%		2,757		6.9	%
Home Furnishing Retail		17		12,281		3.1	%		1,692		4.3	%
Specialized Consumer Services		46		12,182		3.0	%		716		1.8	%
Metal & Glass Containers		8		10,813		2.7	%		2,206		5.5	%
General Merchandise Stores		100		10,428		2.6	%		928		2.3	%
Industrial Machinery		20		10,080		2.5	%		1,949		4.9	%
Forest Products		8		9,612		2.4	%		2,284		5.7	%
Healthcare Services		17		9,578		2.4	%		507		1.3	%
Electronic Components		2		6,765		1.7	%		466		1.2	%
Other (40 industries)		93		104,013		26.0	%		10,590		26.5	%
Untenanted properties		2		—		—			344		0.9	%
Total		769	$	401,329		100.0	%		39,765		100.0	%

27

Diversification by Geographic Location

State/ Province	# of Properties		ABR (’000s)		ABR as a % of Total Portfolio			Square Feet (’000s)		SF as a % of Total Portfolio			State/ Province	# of Properties		ABR (’000s)		ABR as a % of Total Portfolio			Square Feet (’000s)		SF as a % of Total Portfolio
TX		65	$	38,385		9.6	%		3,643		9.2	%	MS		12		4,132		1.0	%		607		1.5	%
MI		52		36,470		9.1	%		4,019		10.1	%	LA		5		3,833		1.0	%		211		0.5	%
FL		30		26,330		6.6	%		1,661		4.3	%	SC		15		3,555		0.9	%		323		0.8	%
CA		17		24,362		6.1	%		2,282		5.7	%	NE		6		3,364		0.8	%		509		1.3	%
IL		29		22,774		5.7	%		2,364		5.9	%	WA		14		3,350		0.8	%		148		0.4	%
WI		30		19,496		4.9	%		1,945		4.9	%	IA		4		2,922		0.7	%		622		1.6	%
OH		49		16,719		4.2	%		1,584		4.0	%	NM		9		2,751		0.7	%		107		0.3	%
MN		21		16,087		4.0	%		2,500		6.3	%	UT		3		2,749		0.7	%		280		0.7	%
TN		48		15,183		3.8	%		1,084		2.7	%	CO		4		2,589		0.6	%		126		0.3	%
IN		28		14,130		3.5	%		1,852		4.7	%	MD		3		2,152		0.5	%		205		0.5	%
PA		23		12,895		3.2	%		2,169		5.5	%	CT		2		1,898		0.5	%		55		0.1	%
AL		52		12,395		3.1	%		863		2.2	%	MT		7		1,728		0.4	%		43		0.1	%
GA		34		12,125		3.0	%		1,576		4.0	%	DE		4		1,162		0.3	%		133		0.3	%
NC		29		10,591		2.6	%		1,038		2.6	%	ND		2		1,057		0.3	%		24		0.1	%
KY		23		9,258		2.3	%		927		2.3	%	VT		2		432		0.1	%		24		0.1	%
OK		25		9,020		2.2	%		1,006		2.5	%	WY		1		338		0.1	%		21		0.1	%
MO		19		8,941		2.2	%		1,260		3.2	%	NV		1		276		0.1	%		6		0.0	%
AZ		7		8,915		2.2	%		747		1.9	%	OR		1		135		0.0	%		9		0.0	%
NY		28		7,319		1.8	%		562		1.4	%	SD		1		80		0.0	%		9		0.0	%
AR		9		6,675		1.7	%		277		0.7	%	Total U.S.		762	$	393,575		98.1	%		39,336		99.0	%
MA		3		6,332		1.6	%		444		1.1	%	BC		2		4,555		1.1	%		253		0.5	%
KS		10		5,580		1.4	%		643		1.6	%	ON		3		1,953		0.5	%		101		0.3	%
WV		17		5,115		1.3	%		884		2.2	%	AB		1		918		0.2	%		51		0.1	%
VA		15		5,057		1.3	%		178		0.4	%	MB		1		328		0.1	%		24		0.1	%
NJ		3		4,918		1.2	%		366		0.9	%	Total Canada		7	$	7,754		1.9	%		429		1.0	%
													Grand Total		769	$	401,329		100.0	%		39,765		100.0	%

28

Our Leases

The following chart sets forth our lease expirations based upon the terms of the leases in place as of March 31, 2025.

29

The following table presents certain information based on lease expirations by year:

Year	# of Properties		# of Leases		ABR (’000s)		ABR as a % of Total Portfolio			Square Feet (’000s)		SF as a % of Total Portfolio
2025		14		15	$	4,188		1.0	%		228		0.6	%
2026		23		24		11,914		3.0	%		915		2.3	%
2027		29		30		25,865		6.4	%		2,257		5.7	%
2028		28		28		19,916		5.0	%		1,793		4.5	%
2029		60		35		18,410		4.6	%		2,587		6.5	%
2030		87		52		48,799		12.2	%		4,780		12.0	%
2031		31		26		8,185		2.0	%		835		2.1	%
2032		61		46		32,665		8.1	%		3,481		8.8	%
2033		49		23		19,007		4.7	%		1,409		3.5	%
2034		38		27		14,450		3.6	%		1,245		3.1	%
2035		20		16		15,221		3.8	%		2,116		5.3	%
2036		89		23		29,848		7.4	%		2,877		7.2	%
2037		27		13		26,760		6.7	%		2,203		5.5	%
2038		39		35		13,813		3.4	%		1,226		3.1	%
2039		15		11		22,637		5.6	%		1,805		4.5	%
2040		31		5		6,029		1.5	%		312		0.8	%
2041		39		8		16,969		4.2	%		1,367		3.4	%
2042		58		13		44,099		11.0	%		4,803		12.1	%
2043		11		4		9,167		2.3	%		564		1.4	%
2044		3		3		1,660		0.4	%		103		0.3	%
Thereafter		10		3		11,727		3.1	%		2,515		6.4	%
Total leased properties		762		440		401,329		100.0	%		39,421		99.1	%
In-process developments		5		5		—		—			—		—
Untenanted properties		2		—		—		—			344		0.9	%
Total properties		769		445	$	401,329		100.0	%		39,765		100.0	%

Substantially all of our leases provide for periodic contractual rent escalations. As of March 31, 2025, leases contributing 97.5% of our ABR provided for increases in future ABR, generally ranging from 1.5% to 3.0% annually, with an ABR weighted average annual increase equal to 2.0% of base rent. Generally, our rent escalators increase rent on specified dates by a fixed percentage. Our escalations provide us with a source of organic revenue growth and a measure of inflation protection. Additional information on lease escalation frequency and weighted average annual escalation rates as of March 31, 2025 is displayed below:

Lease Escalation Frequency	% of ABR			Weighted Average Annual Increase (a)
Annually		79.4	%		2.2	%
Every 2 years		0.1	%		1.8	%
Every 3 years		2.3	%		2.9	%
Every 4 years		1.0	%		2.4	%
Every 5 years		8.4	%		1.6	%
Every 6 years		0.1	%		1.7	%
Other escalation frequencies		6.2	%		1.5	%
Flat (b)		2.5	%		—
Total/ABR Weighted Average		100.0	%		2.0	%

(a)Represents the ABR weighted average annual increase of the entire portfolio as if all escalations occurred annually. For leases where rent escalates by the greater of a stated fixed percentage or the change in CPI, we have assumed an escalation equal to the stated fixed percentage in the lease. As of March 31, 2025, leases contributing 4.8% of our ABR provide for rent increases equal to the lesser of a stated fixed percentage or the change in CPI. As any future increase in CPI is unknowable at this time, we have not included an increase in the rent pursuant to these leases in the weighted average annual increase presented.

(b)Generally associated with investment grade retail tenants.

30

The escalation provisions of our leases (by percentage of ABR) as of March 31, 2025, are displayed in the following chart:

Transitional Capital

In addition to investing in new property acquisitions, revenue generating capital expenditures, and build-to-suit developments, we may, from time to time, invest in transitional capital opportunities, including preferred equity interests and real estate lending opportunities. Such investments are intended to be shorter in duration, offering an alternative source of financing.

The following table presents our transitional capital investments at March 31, 2025:

	March 31, 2025
Transitional Capital:
Type	Preferred Equity
Investment (’000s) (a)	$	52,200
Stabilized cash capitalization rate (b)		8.0	%
Annualized initial cash NOI yield		7.6	%
Remaining term (years) (c)		2.3
Property type	Retail Center
Underlying property metrics
Number of retail spaces		28
Rentable square footage (“SF”) (’000s)		332
Weighted average remaining lease term (years)		4.0
Occupancy rate (based on SF) (d)		95.2	%
Quarterly rent collection		100.0	%

(a)Agreement includes commitment to fund up to an additional $7.8 million of preferred capital.

(b)Represents stated yield with unpaid amounts accruing with preferential payment.

(c)Agreement contains two one-year extension options subject to a 0.50% extension fee. Repayment at end of term subject to a $3.5 million repayment fee.

(d)Includes leases that have been executed but rent has not yet commenced.

31

Results of Operations

The following discussion includes the results of our operations for the periods presented.

Three Months Ended March 31, 2025 Compared to Three Months Ended December 31, 2024

Lease revenues, net

	For the Three Months Ended
	March 31,			December 31,			Increase/(Decrease)
(in thousands)	2025			2024			$			%
Contractual rental amounts billed for operating leases	$	99,314		$	98,193		$	1,121			1.1		%
Adjustment to recognize contractual operating lease    billings on a straight-line basis		6,064			6,444			(380	)		(5.9	)	%
Net write-offs of accrued rental income		(2,228	)		—			(2,228	)		(100.0	)	%
Variable rental amount earned		680			1,098			(418	)		(38.1	)	%
Earned income from direct financing leases		682			686			(4	)		(0.6	)	%
Interest income from sales-type leases		14			15			(1	)		(6.7	)	%
Operating expenses billed to tenants		4,944			5,400			(456	)		(8.4	)	%
Other income from real estate transactions		77			1,054			(977	)		(92.7	)	%
Adjustment to revenue recognized for uncollectible    rental amounts billed, net		(857	)		(760	)		(97	)		(12.8	)	%
Total Lease revenues, net	$	108,690		$	112,130		$	(3,440	)		(3.1	)	%

The decrease in Lease revenues, net, was primarily attributable to a $2.2 million write-off of accrued rental income. Write-offs of accrued rental income are discrete charges in a quarter related to collection probabilities and fluctuate quarter to quarter. Additionally, there was a decrease in Other income from real estate transactions related to the settlement of a permanent land easement during the fourth quarter of 2024 that did not reoccur. The decrease is partially offset by an increase in rents related to real property acquisitions and revenue generating capital expenditures during the three months ended March 31, 2025. During the three months ended March 31, 2025, we completed investments of $61.8 million in acquisitions and revenue generating capital expenditures at a weighted average cash capitalization rate of 7.2%, and completed dispositions of $7.4 million at a weighted average cash capitalization rate of 9.2%.

Operating expenses

	For the Three Months Ended
	March 31,		December 31,		Increase/(Decrease)
(in thousands)	2025		2024		$			%
Operating expenses
Depreciation and amortization	$	39,497	$	42,987	$	(3,490	)		(8.1	)	%
Property and operating expense		5,488		6,764		(1,276	)		(18.9	)	%
General and administrative		9,672		9,928		(256	)		(2.6	)	%
Provision for impairment of investment in rental properties		16,128		17,690		(1,562	)		(8.8	)	%
Total operating expenses	$	70,785	$	77,369	$	(6,584	)		(8.5	)	%

Depreciation and amortization

The decrease in depreciation and amortization for the three months ended March 31, 2025 was primarily due to $2.8 million of accelerated depreciation expense taken during the three months ended December 31, 2024.

Property and operating expense

The decrease in property and operating expenses for the three months ended March 31, 2025 was primarily due to a decrease in non-reimbursable property expenses for two properties that were re-leased and sold at the beginning of 2025 and end of 2024, respectively.

Provision for impairment of investment in rental properties

The following table presents the impairment charges for the respective periods:

	For the Three Months Ended
	March 31,		December 31,
(in thousands, except number of properties)	2025		2024
Number of properties		7		3
Carrying value prior to impairment charge	$	38,618	$	35,508
Fair value		22,490		17,818
Impairment charge	$	16,128	$	17,690

32

During the three months ended March 31, 2025, we recognized $16.1 million of impairment primarily from changes in our long-term hold strategy with respect to the individual properties. Such impairments were based on actual and expected sales prices of individual properties and primarily included a $12.5 million impairment charge on two healthcare properties. The timing and amount of impairment fluctuates from period to period depending on the specific facts and circumstances.

Other income (expenses)

	For the Three Months Ended
	March 31,			December 31,			Increase/(Decrease)
(in thousands)	2025			2024			$			%
Other income (expenses)
Interest income	$	99		$	42		$	57		> 100.0			%
Interest expense		(20,074	)		(19,565	)		509			2.6		%
Gain on sale of real estate		405			8,197			(7,792	)		(95.1	)	%
Income taxes		(355	)		(527	)		(172	)		(32.6	)	%
Other (expenses) income		(487	)		4,699			5,186		> 100.0			%

Gain on sale of real estate

Our recognition of a gain or loss on the sale of real estate varies from transaction to transaction based on fluctuations in asset prices and demand in the real estate market. During the three months ended March 31, 2025, we recognized a gain of $0.4 million on the sale of three properties, compared to a gain of $8.2 million on the sale of 12 properties during the three months ended December 31, 2024.

Other (expenses) income

The increase in other (expenses) income during the three months ended March 31, 2025 was primarily due to a $0.3 million unrealized foreign exchange loss recognized on the quarterly remeasurement of our $100 million Canadian Dollars (“CAD”) Revolving Credit Facility borrowings, compared to a $4.7 million unrealized foreign exchange gain recognized during the three months ended December 31, 2024.

Net income and Net earnings per diluted share

	For the Three Months Ended
	March 31,		December 31,		Increase/(Decrease)
(in thousands, except per share data)	2025		2024		$			%
Net income	$	17,493	$	27,607	$	(10,114	)		(36.6	)	%
Net earnings per diluted share		0.09		0.14		(0.05	)		(37.7	)	%

The decrease in net income is primarily attributable to a $7.8 million decrease in the gain on sale of real estate, a $5.2 million increase in other (expense) income, and a $3.4 million decrease in lease revenues, net. This was partially offset by a $3.5 million decrease in depreciation and amortization, a $1.6 million decrease in the provision for impairment of investment in rental properties, and a $1.3 million decrease in property and operating expenses.

GAAP net income includes items such as gain or loss on sale of real estate and provisions for impairment, among others, which can vary from quarter to quarter and impact period-over-period comparisons.

Three Months Ended March 31, 2025 Compared to Three Months Ended March 31, 2024

Lease revenues, net

	For the Three Months Ended
	March 31,						Increase/(Decrease)
(in thousands)	2025			2024			$			%
Contractual rental amounts billed for operating leases	$	99,314		$	97,549		$	1,765			1.8		%
Adjustment to recognize contractual operating lease    billings on a straight-line basis		6,064			5,104			960			18.8		%
Net write-offs of accrued rental income		(2,228	)		(2,556	)		328			12.8		%
Variable rental amount earned		680			598			82			13.7		%
Earned income from direct financing leases		682			682			—			—		%
Interest income from sales-type leases		14			14			—			—		%
Operating expenses billed to tenants		4,944			5,105			(161	)		(3.2	)	%
Other income from real estate transactions		77			66			11			16.7		%
Adjustment to revenue recognized for uncollectible    rental amounts billed, net		(857	)		(1,196	)		339			28.3		%
Total Lease revenues, net	$	108,690		$	105,366		$	3,324			3.2		%

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The increase in Lease revenues, net was primarily attributable to growth in our real estate portfolio. Subsequent to the first quarter of 2024, we had a total of $234.3 million of acquisitions at a cash capitalization rate of 7.3% and had a $201.0 million build-to-suit development reach stabilization at a cash capitalization rate of 7.2%. Additionally, during the three months ended March 31, 2025, we completed investments of $61.8 million in acquisitions and revenue generating capital expenditures at a weighted average cash capitalization rate of 7.2%. This stabilized investment activity is partially offset by 2024 disposition activity of $308.3 million at a weighted average cash capitalization rate of 7.8%, and dispositions during the three months ended March 31, 2025 of $7.4 million at a weighted average cash capitalization rate of 9.2%.

Operating expenses

	For the Three Months Ended
	March 31,				Increase/(Decrease)
(in thousands)	2025		2024		$			%
Operating expenses
Depreciation and amortization	$	39,497	$	37,772	$	1,725			4.6		%
Property and operating expense		5,488		5,660		(172	)		(3.0	)	%
General and administrative		9,672		9,432		240			2.5		%
Provision for impairment of investment in rental properties		16,128		26,400		(10,272	)		(38.9	)	%
Total operating expenses	$	70,785	$	79,264	$	(8,479	)		(10.7	)	%

Depreciation and amortization

The increase in depreciation and amortization for the three months ended March 31, 2025 was primarily due to timing and amount of net investment activity during 2024 and during the first quarter of 2025 compared to the first quarter of 2024.

Provision for impairment of investment in rental properties

The following table presents the impairment charges for the respective periods:

	For the Three Months Ended
	March 31,
(in thousands, except number of properties)	2025		2024
Number of properties		7		12
Carrying value prior to impairment charge	$	38,618	$	83,924
Fair value		22,490		57,524
Impairment charge	$	16,128	$	26,400

During the three months ended March 31, 2025, we recognized $16.1 million of impairment primarily from changes in our long-term hold strategy with respect to the individual properties. Such impairments were based on actual and expected sales prices of individual properties and primarily included a $12.5 million impairment charge on two healthcare properties. The timing and amount of impairment fluctuates from period to period depending on the specific facts and circumstances.

Other income (expenses)

	For the Three Months Ended
	March 31,						Increase/(Decrease)
(in thousands)	2025			2024			$			%
Other income (expenses)
Interest income	$	99		$	233		$	(134	)		(57.5	)	%
Interest expense		(20,074	)		(18,578	)		1,496			8.1		%
Gain on sale of real estate		405			59,132			(58,727	)		(99.3	)	%
Income taxes		(355	)		(408	)		(53	)		(13.0	)	%
Other (expenses) income		(487	)		1,696			2,183		> 100.0			%

Interest expense

The increase in interest expense is primarily a result of a $0.9 million decrease in capitalized interest related to our build-to-suit development projects due to a $97.6 million net decrease in property under development as of March 31, 2025 when compared to March 31, 2024. Property under development is expected to increase over the period of construction for each build-to-suit development. Additionally, interest expense has partially increased due to an increase in total borrowings on our variable-rate USD Revolving Credit Facility to fund acquisitions in the first quarter of 2025.

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Gain on sale of real estate

Our recognition of a gain or loss on the sale of real estate varies from transaction to transaction based on fluctuations in asset prices and demand in the real estate market. During the three months ended March 31, 2025, we recognized a gain of $0.4 million on the sale of three properties, compared to a gain of $59.1 million on the sale of 37 properties during the three months ended March 31, 2024.

Other (expenses) income

The increase in other (expenses) income during the three months ended March 31, 2025 was primarily due to a $0.3 million foreign exchange loss recognized on the quarterly remeasurement of our $100 million Canadian Dollars (“CAD”) Revolving Credit Facility borrowings, compared to a $1.7 million unrealized foreign exchange gain recognized during the three months ended March 31, 2024.

Net income and Net earnings per diluted share

	For the Three Months Ended
	March 31,				Increase/(Decrease)
(in thousands, except per share data)	2025		2024		$			%
Net income	$	17,493	$	68,177	$	(50,684	)		(74.3	)	%
Net earnings per diluted share		0.09		0.35		(0.26	)		(75.1	)	%

The decrease in net income is primarily due to a decrease in the gain on sale of real estate of $58.7 million, an increase in depreciation and amortization of $1.7 million, and an increase in interest expense of $1.5 million. These are offset by a decrease in the provision for impairment of investment in rental properties of $10.3 million and an increase in net lease revenues of $3.3 million.

GAAP net income includes items such as gain or loss on sale of real estate and provisions for impairment, among others, which can vary from quarter to quarter and impact period-over-period comparisons.

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Liquidity and Capital Resources

General

We acquire real estate using a combination of debt and equity capital and with cash from operations that is not otherwise distributed to our stockholders, and proceeds from dispositions of real estate properties. Our focus is on maximizing the risk-adjusted return to our stockholders through an appropriate balance of debt and equity in our capital structure. We are committed to maintaining an investment grade balance sheet through active management of our leverage profile and overall liquidity position. We believe our leverage strategy has allowed us to take advantage of the lower cost of debt while simultaneously strengthening our balance sheet, as evidenced by our current investment grade credit ratings of ‘BBB’ from S&P and ‘Baa2’ from Moody’s. We seek to maintain on a sustained basis a Leverage Ratio that is generally less than 6.0x. As of March 31, 2025, we had total debt outstanding of $2.0 billion, Net Debt of $2.0 billion, Pro Forma Net Debt of $2.0 billion, a Net Debt to Annualized Adjusted EBITDAre ratio of 5.1x, and a Pro Forma Net Debt to Annualized Adjusted EBITDAre ratio of 5.0x.

Net Debt, Pro Forma Net Debt, and Annualized Adjusted EBITDAre are non-GAAP financial measures, Annualized Adjusted EBITDAre, and Pro Forma Net Debt to Annualized Adjusted EBITDAre are calculated based upon EBITDA, EBITDAre, Adjusted EBITDAre, and Pro Forma Adjusted EBITDAre each of which is also a non-GAAP financial measure. Refer to Non-GAAP Measures below for further details concerning our calculation of non-GAAP measures and reconciliations to the comparable GAAP measure.

Liquidity/REIT Requirements

Liquidity is a measure of our ability to meet potential cash requirements, including our ongoing commitments to repay debt, fund our operations, acquire and develop properties, make distributions to our stockholders, and other general business needs. As a REIT, we are required to distribute to our stockholders at least 90% of our REIT taxable income determined without regard to the dividends paid deduction and excluding net capital gains, on an annual basis. As a result, it is unlikely that we will be able to retain substantial cash balances to meet our long-term liquidity needs, including repayment of debt and the acquisition of additional properties, from our annual taxable income. Instead, we expect to meet our long-term liquidity needs primarily by relying upon external sources of capital and proceeds from selective property dispositions.

Short-term Liquidity Requirements

Our short-term liquidity requirements consist primarily of funds necessary to pay for our operating expenses, including our general and administrative expenses as well as interest payments on our outstanding debt, to pay distributions, to fund our acquisitions that are under control or expected to close within a short time period, and to pay for commitments to fund build-to-suit developments, tenant improvements, revenue generating capital expenditures, and transitional capital investments. Under leases where we are required to bear the cost of structural repairs and replacements, we do not currently anticipate making significant capital expenditures or incurring other significant property costs, including as a result of inflationary pressures in the current economic environment, because of the strong occupancy levels across our portfolio and the net lease nature of our leases. We expect to meet our short-term liquidity requirements primarily from cash and cash equivalents balances and net cash provided by operating activities, supplemented by borrowings under our Revolving Credit Facility and capital recycled through selective property dispositions. We use cash on hand and borrowings under our Revolving Credit Facility to initially fund investments, which are subsequently repaid or replaced with proceeds from our equity and debt capital markets activities as well as proceeds from dispositions.

As detailed in the contractual obligations table below, we have approximately $336.0 million of expected obligations due throughout the remainder of 2025, consisting of $183.8 million of commitments to fund investments, $58.2 million of dividends declared, $73.2 million of projected interest expense, $19.6 million of mortgage payments and amortization, and $1.1 million of lessee obligations. We expect our cash provided by operating activities, as discussed below, will be sufficient to pay for our current obligations including interest, mortgage amortization, and lessee obligations. We expect to pay for commitments to fund investments, our dividends declared, and principal mortgage payments using our Revolving Credit Facility. As of March 31, 2025, we have $825.9 million of available capacity under our Revolving Credit Facility.

Long-term Liquidity Requirements

Our long-term liquidity requirements consist primarily of funds necessary to repay debt and invest in additional revenue generating properties and build-to-suit developments. We expect to source debt capital from unsecured term loans from commercial banks, revolving credit facilities, private placement senior unsecured notes, and public bond offerings.

The source and mix of our debt capital in the future will be impacted by market conditions as well as our continued focus on lengthening our debt maturity profile to better align with our portfolio’s long-term leases, staggering debt maturities to reduce the risk that a significant amount of debt will mature in any single year in the future, and managing our exposure to interest rate risk. We have no material debt maturities until 2027, as detailed in the table below.

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We expect to meet our long-term liquidity requirements primarily from borrowings under our Revolving Credit Facility, future debt and equity financings, as well as proceeds from dispositions. Our ability to access these capital sources may be impacted by unfavorable market conditions, particularly in the debt and equity capital markets, that are outside of our control. In addition, our success will depend on our operating performance, our borrowing restrictions, our degree of leverage, and other factors. Our acquisition growth strategy significantly depends on our ability to obtain acquisition financing on favorable terms. We seek to reduce the risk that long-term debt capital may be unavailable to us by strengthening our balance sheet by investing in real estate with creditworthy tenants and lease guarantors, and by maintaining an appropriate mix of debt and equity capitalization. We also, from time to time, obtain or assume non-recourse mortgage financing from banks and insurance companies secured by mortgages on the corresponding specific property subject to limitations imposed by our Revolving Credit Facility covenants and our investment grade credit rating.

Equity Capital Resources

Our equity capital is primarily provided through our at-the-market common equity offering program (“ATM Program”), as well as follow-on equity offerings. Under the terms of our ATM Program we may, from time to time, publicly offer and sell shares of our common stock having an aggregate gross sales price of up to $400.0 million. The ATM Program provides for forward sale agreements, which enable us to set the price of shares upon pricing the offering, while delaying the issuance of shares and the receipt of the net proceeds. During the year ended December 31, 2024, in connection with forward sales agreements provided for under the ATM Program, we sold 2,187,700 shares of common stock at a weighted average price of $18.29 per share, subject to certain adjustments. We expect to settle the outstanding shares of these forward sales agreements before their maturities in August and September 2025. Our estimated net proceeds of these forward sale agreements, assuming physical settlement for cash as of March 31, 2025, is approximately $38.1 million. We have not settled any part of these forward sales agreements as of March 31, 2025. After considering the shares sold subject to forward sale agreements, we have $360.0 million of capacity remaining under the ATM Program as of March 31, 2025.

Our public offerings have been used to repay debt, fund acquisitions, and for other general corporate purposes.

Unsecured Indebtedness as of March 31, 2025

The following table sets forth our outstanding Revolving Credit Facility, unsecured term loans and senior unsecured notes at March 31, 2025.

(in thousands, except interest rates)	Outstanding Balance			Interest Rate	Maturity Date
Revolving Credit Facility	$	174,122		Applicable reference rate + 0.85% (a)	Mar. 2029 (d)
Unsecured term loans:
2027 Unsecured Term Loan		200,000		daily simple adjusted SOFR + 0.95% (b)	Aug. 2027
2028 Unsecured Term Loan		400,000		one-month adjusted SOFR + 0.95% (c)	Mar. 2028 (e)
2029 Unsecured Term Loan		300,000		daily simple adjusted SOFR + 1.25% (b)	Aug. 2029
Total unsecured term loans		900,000
Unamortized debt issuance costs, net		(6,495	)
Total unsecured term loans, net		893,505
Senior unsecured notes:
2027 Senior Unsecured Notes - Series A		150,000		4.84%	Apr. 2027
2028 Senior Unsecured Notes - Series B		225,000		5.09%	Jul. 2028
2030 Senior Unsecured Notes - Series C		100,000		5.19%	Jul. 2030
2031 Senior Unsecured Public Notes		375,000		2.60%	Sep. 2031
Total senior unsecured notes		850,000
Unamortized debt issuance costs and    original issuance discount, net		(3,748	)
Total senior unsecured notes, net		846,252
Total unsecured debt	$	1,913,879

(a)At March 31, 2025, a balance of $104.3 million was subject to daily simple SOFR. At March 31, 2025, the balance includes $100 million CAD borrowings remeasured to $69.8 million USD, and was subject to the daily simple Canadian Overnight Repo Rate Average (“CORRA”) of 2.77%.

(b)At March 31, 2025, overnight SOFR was 4.32%.

(c)At March 31, 2025, one-month SOFR was 4.41%.

(d)Our Revolving Credit Facility contains two six-month extension options subject to certain conditions, including the payment of an extension fee equal to 0.0625% of the revolving commitments.

(e)Our 2028 unsecured term loan reflected above assumes exercise of two twelve-month extension options subject to certain conditions, including the payment of an extension fee equal to 0.125% of the aggregate principal amount of the loans outstanding under the 2028 term loan facility.

On February 28, 2025, we amended and restated the Revolving Credit Facility, extending the maturity date to March 31, 2029, and increasing the accordion feature that increases the aggregate facility size from $1.5 billion to $2.5 billion. All remaining terms of the Revolving Credit Facility remained the same.

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On February 28, 2025, we entered into a new unsecured term loan for $400.0 million that matures in March 2028 (the “2028 Unsecured Term Loan”). The 2028 Unsecured Term Loan allows us to draw an additional $100.0 million during a specified availability period, which is the period beginning on the effective date of the credit agreement and expiring on the earlier to occur of (i) the date that is three months following the effective date of the credit agreement, (ii) the date that the commitments under the term loan facility have been fully utilized, and (iii) the date on which the commitments under the term loan facility are terminated or reduced to zero. Borrowings under the 2028 Unsecured Term Loan are subject to interest only payments at variable rates equal to RFR plus a margin based on our credit rating, ranging between 0.800% and 1.600% per annum. Based on our current credit rating, the applicable margin was 0.950% as of March 31, 2025.

On February 28, 2025, we repaid the $400.0 million 2026 Unsecured Term Loan with proceeds from the 2028 Unsecured Term Loan.

Debt Covenants

We are subject to various covenants and financial reporting requirements pursuant to our debt facilities, which are summarized below. As of March 31, 2025, we believe we were in compliance with all of our covenants on all outstanding borrowings. In the event of default, either through default on payments or breach of covenants, we may be restricted from paying dividends to our stockholders in excess of dividends required to maintain our REIT qualification. For each of the previous three years, we paid dividends out of our cash flows from operations in excess of the distribution amounts required to maintain our REIT qualification.

Contractual Obligations

The following table provides information with respect to our contractual commitments and obligations as of March 31, 2025 (in thousands). Refer to the discussion in the Liquidity and Capital Resources section above for further discussion of our short and long-term obligations.

Year of Maturity	Revolving Credit Facility (a)		Mortgages		Term Loans			Senior Notes		Interest Expense (c)		Dividends (d)		Commitments to Fund Investments (e)		Lessee Obligations (f)		Total
2025	$	—	$	19,601	$	—		$	—	$	73,239	$	58,220	$	183,820	$	1,138	$	336,018
2026		—		16,843		—			—		82,317		—		74,072		1,523		174,755
2027		—		1,596		200,000			150,000		61,274		—		—		1,469		414,339
2028		—		38,277		400,000	(b)		225,000		92,729		—		—		1,352		757,358
2029		174,122		—		300,000			—		24,915		—		—		1,412		500,449
Thereafter		—		—		—			475,000		17,733		—		—		34,141		526,874
Total	$	174,122	$	76,317	$	900,000		$	850,000	$	352,207	$	58,220	$	257,892	$	41,035	$	2,709,793

(a)Our Revolving Credit Facility contains two six-month extension options subject to certain conditions, including the payment of an extension fee equal to 0.0625% of the revolving commitments.

(b)Our 2028 Unsecured Term Loan reflected above assumes exercise of two twelve-month extension options subject to certain conditions, including the payment of an extension fee equal to 0.125% of the aggregate principal amount of the loans outstanding under the 2028 term loan facility.

(c)Interest expense is projected based on the outstanding borrowings and interest rates in effect as of March 31, 2025. This amount includes the impact of interest rate swap agreements.

(d)Amounts include dividends declared as of March 31, 2025 of $0.29 per common share and OP Unit. Future undeclared dividends have been excluded.

(e)Amounts include acquisitions under control, defined as under contract or executed letter of intent, and commitments to fund revenue generating capital expenditures, and both current developments and under control development opportunities.

(f)Represents our contractual lease obligations as a lessee, primarily including our corporate headquarters and ground leases at our rental properties or properties under development. Our tenants are responsible for paying the rent under these ground leases at our stabilized assets. In the event our tenant fails to pay the ground lease rent, we are primarily responsible.

At March 31, 2025 investment in rental property with a net book value of $117.1 million was pledged as collateral against our mortgages.

In the normal course of business, we enter into various types of commitments to purchase real estate properties. These commitments are generally subject to our customary due diligence process and, accordingly, a number of specific conditions must be met before we are obligated to purchase the properties.

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Derivative Instruments and Hedging Activities

We are exposed to interest rate risk arising from changes in interest rates on the floating-rate borrowings under our unsecured credit facilities. Borrowings pursuant to our unsecured credit facilities bear interest at floating rates based on SOFR or CORRA plus an applicable margin. Accordingly, fluctuations in market interest rates may increase or decrease our interest expense, which will in turn, increase or decrease our net income and cash flow.

We attempt to manage the interest rate risk on variable rate borrowings by entering into interest rate swaps. As of March 31, 2025, we had 31 effective and seven forward-starting interest rate swaps with an aggregate notional amount of $1.4 billion. Under the effective swap agreements, we receive monthly payments from the counterparties equal to the related variable interest rates multiplied by the outstanding notional amounts. In turn, we pay the counterparties each month an amount equal to a fixed interest rate multiplied by the related outstanding notional amounts. The intended net impact of these transactions is that we pay a fixed interest rate on our variable-rate borrowings. The forward-starting swap arrangements are effective during various periods between June and December 2025 and mature in 2030. The interest rate swaps have been designated by us as cash flow hedges for accounting purposes and are reported at fair value. We assess, both at inception and on an ongoing basis, the effectiveness of our qualifying cash flow hedges. We have not entered, and do not intend to enter, into derivative or interest rate transactions for speculative purposes.

In addition, we own investments in Canada, and as a result are subject to risk from the effects of exchange rate movements in the Canadian dollar, which may affect future costs and cash flows. We funded a significant portion of our Canadian investments through Canadian dollar borrowings under our Revolving Credit Facility, which is intended to act as a natural hedge against our Canadian dollar investments. The Canadian dollar Revolving Credit Facility borrowings are remeasured each reporting period, with the unrealized foreign currency gains and losses flowing through earnings. These unrealized foreign currency gains and losses do not impact our cash flows from operations until settled, and are expected to directly offset the changes in the value of our net investments as a result of changes in the Canadian dollar. Our Canadian investments are recorded at their historical exchange rates, and therefore are not impacted by changes in the value of the Canadian dollar.

Cash Flows

Cash and cash equivalents and restricted cash totaled $11.0 million and $222.8 million at March 31, 2025 and March 31, 2024, respectively. The table below shows information concerning cash flows for the three months ended March 31, 2025 and 2024:

	For the Three Months Ended
	March 31,
(In thousands)	2025			2024
Net cash provided by operating activities	$	71,459		$	70,867
Net cash (used in) provided by investing activities		(85,335	)		204,285
Net cash provided by (used in) financing activities		8,916			(73,006	)
(Decrease) increase in cash and cash equivalents and restricted cash	$	(4,960	)	$	202,146

The increase in net cash provided by operating activities was primarily due to increased contractual rents related to rent escalations and growth in our real estate portfolio.

The decrease in cash provided by investing activities was primarily due to a decrease in disposition volume and an increase in investment activity during the three months ended March 31, 2025 compared to the three months ended March 31, 2024.

The increase in net cash provided by financing activities during the three months ended March 31, 2025 as compared to the three months ended March 31, 2024, mainly reflects an increase in net borrowings on the Revolving Credit Facility.

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Non-GAAP Measures

FFO, Core FFO, and AFFO

We compute Funds From Operations (“FFO”) in accordance with the standards established by the Board of Governors of the National Association of Real Estate Investment Trusts (“Nareit”), the worldwide representative voice for REITs and publicly traded real estate companies with an interest in the U.S. real estate and capital markets. Nareit defines FFO as GAAP net income or loss adjusted to exclude net gains (losses) from sales of certain depreciated real estate assets, depreciation and amortization expense from real estate assets, and impairment charges related to certain previously depreciated real estate assets. FFO is used by management, investors, and analysts to facilitate meaningful comparisons of operating performance between periods and among our peers, primarily because it excludes the effect of real estate depreciation and amortization and net gains (losses) on sales, which are based on historical costs and implicitly assume that the value of real estate diminishes predictably over time, rather than fluctuating based on existing market conditions.

We compute Core Funds From Operations (“Core FFO”) by adjusting FFO, as defined by Nareit, to exclude certain GAAP income and expense amounts that we believe are infrequently recurring, unusual in nature, or not related to its core real estate operations, including write-offs or recoveries of accrued rental income, lease termination fees and other non-core income from real estate transactions, cost of debt extinguishment, unrealized and realized gains or losses on foreign currency transactions, severance and employee transition costs, and other extraordinary items. Exclusion of these items from similar FFO-type metrics is common within the equity REIT industry, and management believes that presentation of Core FFO provides investors with a metric to assist in their evaluation of our operating performance across multiple periods and in comparison to the operating performance of our peers, because it removes the effect of unusual items that are not expected to impact our operating performance on an ongoing basis.

We compute Adjusted Funds From Operations (“AFFO”), by adjusting Core FFO for certain revenues and expenses that are non-cash or unique in nature, including straight-line rents, amortization of lease intangibles, adjustment to provision for credit losses, amortization of debt issuance costs, non-capitalized transaction costs such as acquisition costs related to deals that failed to transact, loss on interest rate swaps and other non-cash interest expense, deferred taxes, stock-based compensation, and other specified non-cash items. We believe that excluding such items assists management and investors in distinguishing whether changes in our operations are due to growth or decline of operations at our properties or from other factors. We use AFFO as a measure of our performance when we formulate corporate goals, and is a factor in determining management compensation. We believe that AFFO is a useful supplemental measure for investors to consider because it will help them to better assess our operating performance without the distortions created by non-cash revenues or expenses.

Specific to our adjustment for straight-line rents, our leases include cash rents that increase over the term of the lease to compensate us for anticipated increases in market rental rates over time. Our leases do not include significant front-loading or back-loading of payments, or significant rent-free periods. Therefore, we find it useful to evaluate rent on a contractual basis as it allows for comparison of existing rental rates to market rental rates.

FFO, Core FFO, and AFFO may not be comparable to similarly titled measures employed by other REITs, and comparisons of our FFO, Core FFO, and AFFO with the same or similar measures disclosed by other REITs may not be meaningful.

Neither the SEC nor any other regulatory body has passed judgment on the acceptability of the adjustments to FFO that we use to calculate Core FFO and AFFO. In the future, the SEC, Nareit or another regulatory body may decide to standardize the allowable adjustments across the REIT industry and in response to such standardization we may have to adjust our calculation and characterization of Core FFO and AFFO accordingly.

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The following table reconciles net income (which is the most comparable GAAP measure) to FFO, Core FFO, and AFFO:

	For the Three Months Ended
(in thousands, except per share data)	March 31, 2025			December 31, 2024			March 31, 2024
Net income	$	17,493		$	27,607		$	68,177
Real property depreciation and amortization		39,411			42,902			37,690
Gain on sale of real estate		(405	)		(8,196	)		(59,132	)
Provision for impairment on investment in rental properties		16,128			17,690			26,400
FFO	$	72,627		$	80,003		$	73,135
Net write-offs of accrued rental income		2,228			120			2,556
Other non-core income from real estate transactions (a)		(63	)		(1,183	)		—
Cost of debt extinguishment		165			—			—
Severance and employee transition costs		1			187			77
Other (income) expenses (b)		322			(4,700	)		(1,696	)
Core FFO	$	75,280		$	74,427		$	74,072
Straight-line rent adjustment		(5,907	)		(6,312	)		(4,980	)
Amortization of debt issuance costs		1,237			983			983
Non-capitalized transaction costs		117			299			182
Realized gain or loss on interest rate swaps and other non-cash interest expense		2			(6	)		159
Amortization of lease intangibles		(1,064	)		(991	)		(1,018	)
Stock-based compensation		2,147			1,977			1,475
Deferred taxes		—			155			—
AFFO	$	71,812		$	70,532		$	70,873

(a)Amount includes $1.2 million of lease termination fees for the three months ended December 31, 2024.

(b)Amount includes $(0.3) million, $4.7 million, and $1.7 million of unrealized foreign exchange (loss) gain for the three months ended March 31, 2025, December 31, 2024, and March 31, 2024, respectively, primarily associated with our Canadian dollar denominated revolving borrowings.

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EBITDA, EBITDAre, Adjusted EBITDAre, Pro Forma Adjusted EBITDAre, Annualized EBITDAre, Annualized Adjusted EBITDAre, and Pro Forma Annualized Adjusted EBITDAre

We compute EBITDA as earnings before interest, income taxes and depreciation and amortization. EBITDA is a measure commonly used in our industry. We believe that this ratio provides investors and analysts with a measure of our performance that includes our operating results unaffected by the differences in capital structures, capital investment cycles and useful life of related assets compared to other companies in our industry. We compute EBITDAre in accordance with the definition adopted by Nareit, as EBITDA excluding gains (losses) from the sales of depreciable property and provisions for impairment on investment in real estate. We believe EBITDA and EBITDAre are useful to investors and analysts because they provide important supplemental information about our operating performance exclusive of certain non-cash and other costs. EBITDA and EBITDAre are not measures of financial performance under GAAP, and our EBITDA and EBITDAre may not be comparable to similarly titled measures of other companies. You should not consider our EBITDA and EBITDAre as alternatives to net income or cash flows from operating activities determined in accordance with GAAP.

We are focused on a disciplined and targeted investment strategy, together with active asset management that includes selective sales of properties. We manage our leverage profile using a ratio of Net Debt to Annualized Adjusted EBITDAre, and Pro Forma Net Debt to Annualized Adjusted EBITDAre, each discussed further below, which we believe is a useful measure of our ability to repay debt and a relative measure of leverage, and is used in communications with our lenders and rating agencies regarding our credit rating. As we fund new investments using our unsecured Revolving Credit Facility, our leverage profile and Net Debt will be immediately impacted by current quarter investments. However, the full benefit of EBITDAre from new investments will not be received in the same quarter in which the properties are acquired. Additionally, EBITDAre for the quarter includes amounts generated by properties that have been sold during the quarter. Accordingly, the variability in EBITDAre caused by the timing of our investments and dispositions can temporarily distort our leverage ratios. We adjust EBITDAre (“Adjusted EBITDAre”) for the most recently completed quarter (i) to recalculate as if all investments and dispositions had occurred at the beginning of the quarter, (ii) to exclude certain GAAP income and expense amounts that are either non-cash, such as cost of debt extinguishments, realized or unrealized gains and losses on foreign currency transactions, or gains on insurance recoveries, or that we believe are one time, or unusual in nature because they relate to unique circumstances or transactions that had not previously occurred and which we do not anticipate occurring in the future, and (iii) to eliminate the impact of lease termination fees and other items that are not a result of normal operations. While investments in build-to-suit developments have an immediate impact to Net Debt, we do not make an adjustment to EBITDAre until the quarter in which the lease commences. We define our Pro Forma Adjusted EBITDAre as Adjusted EBITDAre adjusted to show the impact of estimated contractual revenues based on in-process development spend to-date. Our Pro Forma Net Debt is defined as Net Debt adjusted for estimated net proceeds from forward sale agreements that have not settled as if they have been physically settled for cash as of the period presented. We then annualize quarterly Adjusted EBITDAre and Pro Forma Adjusted EBITDAre by multiplying them by four (“Annualized Adjusted EBITDAre” and “Annualized Pro Forma Adjusted EBITDAre”). You should not unduly rely on this measure as it is based on assumptions and estimates that may prove to be inaccurate. Our actual reported EBITDAre for future periods may be significantly different from our Annualized Adjusted EBITDAre. Adjusted EBITDAre and Annualized Adjusted EBITDAre are not measurements of performance under GAAP, and our Adjusted EBITDAre and Annualized Adjusted EBITDAre may not be comparable to similarly titled measures of other companies. You should not consider our Adjusted EBITDAre and Annualized Adjusted EBITDAre as alternatives to net income or cash flows from operating activities determined in accordance with GAAP.

42

The following table reconciles net income (which is the most comparable GAAP measure) to EBITDA, EBITDAre, Adjusted EBITDAre, and Pro Forma Adjusted EBITDAre. Information is also presented with respect to Annualized EBITDAre, Annualized Adjusted EBITDAre, and Pro Forma Annualized Adjusted EBITDAre:

	For the Three Months Ended
(in thousands)	March 31, 2025			December 31, 2024			March 31, 2024
Net income	$	17,493		$	27,607		$	68,177
Depreciation and amortization		39,497			42,987			37,772
Interest expense		20,074			19,565			18,578
Income taxes		355			527			408
EBITDA	$	77,419		$	90,686		$	124,935
Provision for impairment of investment in rental properties		16,128			17,690			26,400
Gain on sale of real estate		(405	)		(8,197	)		(59,132	)
EBITDAre	$	93,142		$	100,179		$	92,203
Adjustment for current quarter investment activity (a)		978			28			—
Adjustment for current quarter disposition activity (b)		(135	)		(11	)		(4,712	)
Adjustment to exclude non-recurring and other expenses (c)		44			348			(125	)
Adjustment to exclude net write-offs of accrued rental income		2,228			120			2,556
Adjustment to exclude realized / unrealized foreign exchange (gain) loss		322			(4,699	)		(1,696	)
Adjustment to exclude cost of debt extinguishment		166			—			—
Adjustment to exclude other income from real estate transactions (d)		(63	)		(1,183	)		—
Adjusted EBITDAre	$	96,682		$	94,782		$	88,226
Estimated revenues from developments (e)		631			334			2,771
Pro Forma Adjusted EBITDAre	$	97,313		$	95,116		$	90,997
Annualized EBITDAre	$	372,568		$	400,716		$	368,812
Annualized Adjusted EBITDAre	$	386,728		$	379,128		$	352,904
Pro Forma Annualized Adjusted EBITDAre	$	389,252		$	380,464		$	363,988

(a)Reflects an adjustment to give effect to all investments during the quarter, including developments that have reached rent commencement, as if they had been made as of the beginning of the quarter.

(b)Reflects an adjustment to give effect to all dispositions during the quarter as if they had been sold as of the beginning of the quarter.

(c)Amount includes less than $0.1 million of accelerated lease intangible amortization for the three months ended March 31, 2025. Amounts include $0.2 million of accelerated lease intangible amortization and $0.1 million of severance and employee transition costs during the three months ended December 31, 2024. Amounts include $0.1 million of employee severance and executive transition costs and ($0.2) million of forfeited stock-based compensation during the three months ended March 31, 2024.

(d)Amount includes lease termination fees during the three months ended December 31, 2024.

(e)Represents estimated contractual revenues based on in-process development spend to-date.

43

Net Debt, Pro Forma Net Debt, Net Debt to Annualized EBITDAre, Net Debt to Annualized Adjusted EBITDAre, and Pro Forma Net Debt to Annualized Adjusted EBITDAre

We define Net Debt as gross debt (total reported debt plus debt issuance costs) less cash and cash equivalents and restricted cash. Our Pro Forma Net Debt is defined as Net Debt adjusted for estimated net proceeds from unsettled forward sale agreements as if they have been settled for cash as of the period presented. We believe that the presentation of Net Debt to Annualized EBITDAre and Net Debt to Annualized Adjusted EBITDAre is useful to investors and analysts because these ratios provide information about gross debt less cash and cash equivalents, which could be used to repay debt, compared to our performance as measured using EBITDAre, and is used in communications with lenders and rating agencies regarding our credit rating. The following table reconciles total debt (which is the most comparable GAAP measure) to Net Debt, Pro Forma Net Debt, and presents the ratios of Net Debt to Annualized EBITDAre, Net Debt to Annualized Adjusted EBITDAre, and Pro Forma Net Debt to Annualized Adjusted EBITDAre, respectively:

(in thousands)	March 31, 2025			December 31, 2024			March 31, 2024
Debt
Revolving Credit Facility	$	174,122		$	93,014		$	73,820
Unsecured term loans, net		893,505			897,201			896,260
Senior unsecured notes, net		846,252			846,064			845,498
Mortgages, net		76,260			76,846			78,517
Debt issuance costs		10,300			6,802			8,337
Gross Debt		2,000,439			1,919,927			1,902,432
Cash and cash equivalents		(9,605	)		(14,845	)		(221,740	)
Restricted cash		(1,428	)		(1,148	)		(1,038	)
Net Debt	$	1,989,406		$	1,903,934		$	1,679,654
Estimated net proceeds from forward equity agreements (a)		(38,124	)		(38,514	)		—
Pro Forma Net Debt	$	1,951,282		$	1,865,420		$	1,679,654
Leverage Ratios:
Net Debt to Annualized EBITDAre	5.3x			4.8x			4.6x
Net Debt to Annualized Adjusted EBITDAre	5.1x			5.0x			4.8x
Pro Forma Net Debt to Annualized Adjusted EBITDAre	5.0x			4.9x			4.6x

(a)Represents pro forma adjustment for estimated net proceeds from forward sale agreements that have not settled as if they have been physically settled for cash as of the period presented.

Critical Accounting Policies and Estimates

This Management’s Discussion and Analysis of Financial Condition and Results of Operations is based upon our Condensed Consolidated Financial Statements, which have been prepared in accordance with GAAP. The preparation of these Condensed Consolidated Financial Statements requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues, and expenses as well as other disclosures in the financial statements. We base our estimates on historical experience and on various other assumptions believed to be reasonable under the circumstances. These judgments affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the dates of the financial statements, and the reported amounts of revenue and expenses during the reporting periods. On an ongoing basis, management evaluates its estimates and assumptions; however, actual results may differ from these estimates and assumptions, which in turn could have a material impact on our financial statements. A summary of our significant accounting policies and procedures are included in Note 2, “Summary of Significant Accounting Policies,” in the Notes to the Condensed Consolidated Financial Statements included in this Quarterly Report on Form 10-Q. We believe there have been no significant changes during the three months ended March 31, 2025 to the items that we disclosed as our critical accounting policies and estimates in our 2024 Annual Report on Form 10-K.

Impact of Recent Accounting Pronouncements

For information on the impact of recent accounting pronouncements on our business, see Note 2 of the Notes to the Condensed Consolidated Financial Statements included in this Quarterly Report on Form 10-Q.

44

Item 3. Quantitative and Qualitative Disclosures About Market Risk

Interest Rate Risk

We are exposed to certain market risks, one of the most predominant of which is a change in interest rates. Increases in interest rates can result in increased interest expense under our Revolving Credit Facility and other variable-rate debt. Increases in interest rates can also result in increased interest expense when our fixed rate debt and interest rate swaps mature. We attempt to manage interest rate risk by entering into long-term fixed rate debt, entering into interest rate swaps to convert certain variable-rate debt to a fixed rate, and staggering our debt maturities. We have designated the interest rate swaps as cash flow hedges for accounting purposes and they are reported at fair value. We have not entered, and do not intend to enter, into derivative or interest rate transactions for speculative purposes. Further information concerning our interest rate swaps can be found in Note 9 in our Condensed Consolidated Financial Statements contained elsewhere in this Quarterly Report on Form 10-Q.

Our fixed-rate debt includes our senior unsecured notes, mortgages, and variable-rate debt converted to a fixed rate with the use of interest rate swaps. Our fixed-rate debt had a carrying value and fair value of approximately $2.0 billion and $1.9 billion, respectively, as of March 31, 2025, of which $1.0 billion was swapped to a fixed rate by our use of interest rate swaps. Changes in market interest rates impact the fair value of our fixed-rate debt and interest rate swaps, but they have no impact on interest incurred or on cash flows. For instance, if interest rates were to increase and the fixed-rate debt balance were to remain constant, we would expect the fair value of our debt to decrease, similar to how the price of a bond decreases as interest rates rise. A 1% increase in market interest rates would have resulted in a decrease in the fair value of our fixed-rate debt of approximately $34.1 million as of March 31, 2025.

Borrowings pursuant to our Revolving Credit Facility and other variable-rate debt bear interest at rates based on the applicable reference rate plus an applicable margin, and totaled $1.0 billion as of March 31, 2025. Taking into account the effect of our interest rate swaps, a 1% increase or decrease in interest rates would have a corresponding $0.3 million increase or decrease in interest expense annually.

With the exception of our interest rate swap transactions, we have not engaged in transactions in derivative financial instruments or derivative commodity instruments.

Foreign Currency Exchange Rate Risk

We own investments in Canada, and as a result are subject to risk from the effects of exchange rate movements in the Canadian dollar, which may affect future costs and cash flows. We funded a significant portion of our Canadian investments through Canadian dollar borrowings under our Revolving Credit Facility, which is intended to act as a natural hedge against our Canadian dollar investments. The Canadian dollar Revolving Credit Facility borrowings are remeasured each reporting period, with the unrealized foreign currency gains and losses flowing through earnings. A 10% increase or decrease in the exchange rate between the Canadian dollar and USD would have a corresponding $7.0 million increase or decrease in unrealized foreign currency gain or loss. These unrealized foreign currency gains and losses do not impact our cash flows from operations until settled, and are expected to directly offset the changes in the value of our net investments as a result of changes in the Canadian dollar. Our Canadian investments are recorded at their historical exchange rates, and therefore are not impacted by changes in the value of the Canadian dollar.

Item 4. Controls and Procedures

Evaluation of Disclosure Controls and Procedures

We maintain disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) of the Exchange Act), that are designed to ensure that information required to be disclosed in our Exchange Act reports is recorded, processed, summarized, and reported within the time periods specified in the SEC’s rules and forms, and that such information is accumulated and communicated to our management, including our Chief Executive Officer and Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosure. As of and for the quarter ended March 31, 2025, we carried out an evaluation of the effectiveness of the design and operation of our disclosure controls and procedures, under the supervision and with the participation of management, including our Chief Executive Officer and Chief Financial Officer. Based on the foregoing, our Chief Executive Officer and Chief Financial Officer concluded that our disclosure controls and procedures were effective and were operating at a reasonable assurance level.

Changes in Internal Control Over Financial Reporting

There have been no changes in our internal control over financial reporting during the quarter ended March 31, 2025 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

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Part II – OTHER INFORMATION

Item 1. Legal Proceedings.

From time to time, we are subject to various lawsuits, claims, and other legal proceedings that arise in the ordinary course of our business. We are not currently a party to legal proceedings that we believe would reasonably be expected to have a material adverse effect on our business, financial condition, or results of operations. We are not aware of any material legal proceedings to which we or any of our subsidiaries are a party or to which any of our property is subject, nor are we aware of any such legal proceedings contemplated by government agencies.

Item 1A. Risk Factors.

Please refer to the risk factors disclosed in Part I, Item 1A, “Risk Factors” of our Annual Report on Form 10-K for the year ended December 31, 2024, filed with the SEC on February 20, 2025, as the risk factors are supplemented as follows:

Our business may be adversely affected by changes in U.S. trade policy, including the imposition of tariffs and resulting effects.

Changes in U.S. trade policy may have an adverse impact on our business and results of operations resulting from potential negative effects on the operations of our tenants and/or our ability to successfully execute on build-to-suit development projects and expansion opportunities. In connection with the adoption of a new approach to its trade policy, the U.S. government has indicated its willingness to take certain actions, including renegotiating or terminating certain existing bilateral or multi-lateral trade agreements, the imposition of tariffs on certain foreign goods or an increase in existing tariffs, and the imposition of additional trade restrictions. In March and April 2025, the U.S. government imposed tariffs on goods exported from a significant number of countries, which have and are expected to continue to result in retaliatory measures on U.S. goods. Further, several of the announcements of tariffs by the U.S. government have been followed by announcements of limited exemptions and temporary pauses. These developments have caused substantial uncertainty and volatility in the global markets.

While these developments should not directly affect the Company because of the nature of our operations, they could negatively impact the operations of our tenants to the extent they import or export goods in connection with the operation of their respective businesses, which could in turn negatively impact the ability of our tenants to fulfill their contractual obligations pursuant to our leases, including the payment of rent. Further, if, as a result of existing or future tariffs, current or future tenants or development partners are forced to increase prices of their goods or services, incur additional expenses for inputs or construction materials, modify business operations, or forego business opportunities, it may lead to the delay, abandonment, or cancellation of our existing and future build-to-suit development projects and expansion opportunities, which may adversely affect our results of operations.

Item 1B. Unresolved Staff Comments.

There are no unresolved staff comments.

Item 1C. Cybersecurity.

There have been no material changes for cybersecurity set forth in our 2024 Annual Report on Form 10-K for the year ended December 31, 2024.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds from Registered Securities.

None.

Item 3. Defaults Upon Senior Securities.

None.

Item 4. Mine Safety Disclosures.

Not applicable.

Item 5. Other Information.

None of our officers or directors adopted or terminated any contract, instruction, or written plan for the purchase or sale of our securities intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) or any non-Rule 10b5-1 trading arrangement.

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Item 6. Exhibits

No.	Description
3.1	Articles of Incorporation of Broadstone Net Lease, Inc. (filed as Exhibit 3.1 to the Corporation’s Registration Statement on Form 10 filed April 24, 2017 and incorporated herein by reference)
3.2	Articles of Amendment of Broadstone Net Lease, Inc. (filed as Exhibit 3.1 to the Corporation’s Current Report on Form 8-K filed September 18, 2020 and incorporated herein by reference)
3.3	Articles Supplementary of Broadstone Net Lease, Inc. (filed as Exhibit 3.2 to the Corporation’s Current Report on Form 8-K filed September 18, 2020 and incorporated herein by reference)
3.4	Articles of Amendment of Broadstone Net Lease, Inc. (filed as Exhibit 3.3 to the Corporation’s Current Report on Form 8-K filed September 18, 2020 and incorporated herein by reference)
3.5	Articles of Amendment and Restatement of Broadstone Net Lease, Inc. (filed as Exhibit 3.1 to the Corporation’s Current Report on Form 8-K filed May 8, 2023 and incorporated herein by reference)
3.6	Second Amended and Restated Bylaws of Broadstone Net Lease, Inc., adopted March 23, 2020 (filed as Exhibit 3.1 to the Corporation’s Current Report on Form 8-K filed March 25, 2020 and incorporated herein by reference)
4.1	Indenture, dated as of September 15, 2021, among the Issuer, the Company and the Trustee, including the form of the Guarantee (filed as Exhibit 4.1 to the Corporation’s Current Report on Form 8-K filed September 10, 2021 and incorporated herein by reference)
4.2	First Supplemental Indenture, dated as of September 15, 2021, among the Issuer, the Company and the Trustee, including the form of the Notes (filed as Exhibit 4.2 to the Corporation’s Current Report on Form 8-K filed September 10, 2021 and incorporated herein by reference)
10.1	Amended and Restated Revolving Credit Agreement, dated as of February 28, 2025, by and among the Broadstone Net Lease, Inc., Broadstone Net Lease, LLC, as borrower, JPMorgan Chase Bank, N.A., and the other parties thereto (filed as Exhibit 10.1 to the Corporation’s Current Report on Form 8-K filed March 3, 2025 and incorporated herein by reference)
10.2	Guaranty, dated February 28, 2025, by the Broadstone Net Lease, Inc. in favor of JPMorgan Chase Bank, N.A. (filed as Exhibit 10.2 to the Corporation’s Current Report on Form 8-K filed March 3, 2025 and incorporated herein by reference)
10.3	First Amendment to Term Loan Credit Agreement, dated as of February 28, 2025, by and among the Broadstone Net Lease, Inc., the Broadstone Net Lease, LLC, as borrower, Regions Bank, as administrative agent, and the other parties thereto (filed as Exhibit 10.3 to the Corporation’s Current Report on Form 8-K filed March 3, 2025 and incorporated herein by reference)
31.1*	Certification of Chief Executive Officer pursuant to Rule 13a-14(a) or Rule 15d-14(a) of the Securities Exchange Act of 1934, as amended, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
31.2*	Certification of Chief Financial Officer pursuant to Rule 13a-14(a) or Rule 15d-14(a) of the Securities Exchange Act of 1934, as amended, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
32.1*†	Certification of Chief Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
32.2*†	Certification of Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
101.INS	Inline XBRL Instance Document – the instance document does not appear in Interactive Data File because its XBRL tags are embedded within the Inline XBRL Document
101.SCH	Inline XBRL Taxonomy Extension Schema Document
101.CAL	Inline XBRL Taxonomy Extension Calculation Linkbase Document
101.DEF	Inline XBRL Taxonomy Extension Definition Linkbase Document
101.LAB	Inline XBRL Taxonomy Extension Label Linkbase Document
101.PRE	Inline XBRL Taxonomy Extension Presentation Linkbase Document
104	Cover Page Interactive Data File (embedded within the Inline XBRL document)

* Filed herewith.

+ Management contract or compensatory plan or arrangement.

† In accordance with Item 601(b)(32) of Regulation S-K, this Exhibit is not deemed "filed" for purposes of Section 18 of the Exchange Act or otherwise subject to the liabilities of that section. Such certifications will not be deemed incorporated by reference into any filing under the Securities Act or the Exchange Act, except to the extent that the Registrant specifically incorporates it by reference.

47

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

	BROADSTONE NET LEASE, INC.
Date: May 1, 2025	/s/ John D. Moragne
	John D. Moragne
	Chief Executive Officer
	(Principal Executive Officer)
Date: May 1, 2025	/s/ Kevin M. Fennell
	Kevin M. Fennell
	Executive Vice President and Chief Financial Officer and Treasurer
	(Principal Financial Officer)

48

EX-31.1

EXHIBIT 31.1

CERTIFICATION OF CHIEF EXECUTIVE OFFICER

PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

(Rule 13a-14(a)/15d-14(a) Certification)

I, John D. Moragne, certify that:

1.I have reviewed this Quarterly Report on Form 10-Q of Broadstone Net Lease, Inc. for the quarter ended

March 31, 2025;

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

(b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: May 1, 2025	/s/ John D. Moragne
	John D. Moragne
	Chief Executive Officer
	(Principal Executive Officer)

EX-31.2

EXHIBIT 31.2

CERTIFICATION OF CHIEF FINANCIAL OFFICER

PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

(Rule 13a-14(a)/15d-14(a) Certification)

I, Kevin M. Fennell, certify that:

1.I have reviewed this Quarterly Report on Form 10-Q of Broadstone Net Lease, Inc. for the quarter ended

March 31, 2025;

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c)Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d)Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

(b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: May 1, 2025	/s/ Kevin M. Fennell
	Kevin M. Fennell
	Executive Vice President and Chief Financial Officer and Treasurer
	(Principal Financial Officer)

EX-32.1

EXHIBIT 32.1

CERTIFICATION OF CHIEF EXECUTIVE OFFICER

PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

(Section 1350 Certification)

In connection with the Quarterly Report on Form 10-Q of Broadstone Net Lease, Inc. (the “Company”) for the quarter ended March 31, 2025 (the “First Quarter 10-Q”), and pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, the undersigned, John D. Moragne, Chief Executive Officer, certifies, to the best of his knowledge, that:

1.The First Quarter 10-Q fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”); and

2.The information contained in the First Quarter 10-Q fairly presents, in all material respects, the financial condition and results of operations of the Company.

Date: May 1, 2025	/s/ John D. Moragne
	John D. Moragne
	Chief Executive Officer

The foregoing certification is being furnished solely to accompany the Quarterly Report pursuant to 18 U.S.C. Section 1350, and is not being filed for purposes of Section 18 of the Exchange Act, and is not to be incorporated by reference into any filing of the Company, whether made before or after the date hereof, regardless of any general incorporation language in such filing.

EX-32.2

EXHIBIT 32.2

CERTIFICATION OF CHIEF FINANCIAL OFFICER

PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

(Section 1350 Certification)

In connection with the Quarterly Report on Form 10-Q of Broadstone Net Lease, Inc. (the “Company”) for the quarter ended March 31, 2025 (the “First Quarter 10-Q”), and pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, the undersigned, Kevin M. Fennell, Executive Vice President and Chief Financial Officer of the Company, certifies, to the best of his knowledge, that:

1.The First Quarter 10-Q fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”); and

2.The information contained in the First Quarter 10-Q fairly presents, in all material respects, the financial condition and results of operations of the Company.

Date: May 1, 2025	/s/ Kevin M. Fennell
	Kevin M. Fennell
	Executive Vice President and Chief Financial Officer and Treasurer

The foregoing certification is being furnished solely to accompany the Quarterly Report pursuant to 18 U.S.C. Section 1350, and is not being filed for purposes of Section 18 of the Exchange Act, and is not to be incorporated by reference into any filing of the Company, whether made before or after the date hereof, regardless of any general incorporation language in such filing.

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Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2025	Apr. 28, 2025
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2025
Document Fiscal Year Focus	2025
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	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Common Stock, Shares Outstanding		189,080,202
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	207 High Point Drive
Entity Address, Address Line Two	Suite 300
Entity Address, City or Town	Victor
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	14564
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

XML

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Mar. 31, 2025	Dec. 31, 2024
Assets [Abstract]
Total accounted for using the operating method	$ 5,005,707	$ 4,967,332
Less accumulated depreciation	(694,990)	(672,478)
Accounted for using the operating method, net	4,310,717	4,294,854
Accounted for using the direct financing method	25,999	26,154
Accounted for using the sales-type method	570	571
Property under development	35,492	18,784
Investment in rental property, net	4,372,778	4,340,363
Cash and cash equivalents	9,605	14,845
Accrued rental income	166,436	162,717
Tenant and other receivables, net	2,581	3,281
Prepaid expenses and other assets	52,260	41,584
Interest rate swap, assets	29,681	46,220
Goodwill	339,769	339,769
Intangible lease assets, net	264,076	267,638
Total assets	5,237,186	5,216,417
Liabilities and equity
Unsecured revolving credit facility	174,122	93,014
Mortgages, net	76,260	76,846
Unsecured term loans, net	893,505	897,201
Senior unsecured notes, net	846,252	846,064
Interest rate swap, liabilities	3,353	0
Accounts payable and other liabilities	48,424	48,983
Dividends payable	58,220	58,317
Accrued interest payable	9,399	5,837
Intangible lease liabilities, net	46,837	48,731
Total liabilities	2,156,372	2,074,993
Commitments and contingencies (Note 16)
Broadstone Net Lease, Inc. stockholders' equity:
Preferred stock, $0.001 par value; 20,000 shares authorized, no shares issued or outstanding	0	0
Common stock, $0.00025 par value; 500,000 shares authorized, 189,073 and 188,626 shares issued and outstanding at March 31, 2025 and December 31, 2024, respectively	47	47
Additional paid-in capital	3,456,041	3,450,584
Cumulative distributions in excess of retained earnings	(536,074)	(496,543)
Accumulated other comprehensive income	29,720	49,657
Total Broadstone Net Lease, Inc. equity	2,949,734	3,003,745
Non-controlling interests	131,080	137,679
Total equity	3,080,814	3,141,424
Total liabilities and equity	5,237,186	5,216,417
Land
Assets [Abstract]
Total accounted for using the operating method	780,817	778,826
Land Improvements
Assets [Abstract]
Total accounted for using the operating method	360,197	357,142
Buildings and Improvements
Assets [Abstract]
Total accounted for using the operating method	3,848,623	3,815,521
Equipment
Assets [Abstract]
Total accounted for using the operating method	$ 16,070	$ 15,843

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Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares shares in Thousands	Mar. 31, 2025	Dec. 31, 2024
Preferred stock, par value	$ 0.001	$ 0.001
Preferred stock, shares authorized	20,000	20,000
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	500,000
Common stock, shares issued	189,073	188,626
Common stock, shares outstanding	189,073	188,626

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Condensed Consolidated Statements of Income and Comprehensive Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Revenues
Lease revenues, net	$ 108,690	$ 105,366
Operating expenses
Depreciation and amortization	39,497	37,772
Property and operating expense	5,488	5,660
General and administrative	9,672	9,432
Provision for impairment of investment in rental properties	16,128	26,400
Total operating expenses	70,785	79,264
Other income (expenses)
Interest income	99	233
Interest expense	(20,074)	(18,578)
Gain on sale of real estate	405	59,132
Income taxes	(355)	(408)
Other (expenses) income	(487)	1,696
Net income	17,493	68,177
Net income attributable to non-controlling interests	(750)	(3,063)
Net income attributable to Broadstone Net Lease, Inc.	$ 16,743	$ 65,114
Weighted average number of common shares outstanding
Basic	187,865,000	187,290,000
Diluted	196,898,000	196,417,000
Net earnings per share attributable to common stockholders
Basic	$ 0.09	$ 0.35
Diluted	$ 0.09	$ 0.35
Comprehensive income (loss)
Net income	$ 17,493	$ 68,177
Other comprehensive income (loss)
Change in fair value of interest rate swaps	(19,892)	11,804
Realized (gain) loss on interest rate swaps	(6)	159
Comprehensive (loss) income	(2,405)	80,140
Comprehensive loss (income) attributable to non-controlling interests	103	(3,600)
Comprehensive (loss) income attributable to Broadstone Net Lease, Inc.	$ (2,302)	$ 76,540

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Condensed Consolidated Statements of Equity (Unaudited) - USD ($) $ in Thousands	Total	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, 2023	$ 3,194,341	$ 47	$ 3,440,639	$ (440,731)	$ 49,286	$ 145,100
Net income	68,177			65,114		3,063
Issuance of shares of common stock	116		116
Offering costs, discounts and commissions	(36)		(36)
Stock-based compensation, net of shares of restricted stock forfeited	1,475		1,475
Retirement of shares of common stock under equity incentive plan	(1,040)		(1,040)
Conversion of OP Units to shares of common stock			1,536			(1,536)
Distributions declared	(57,292)			(54,552)		(2,740)
Change in fair value of interest rate swap agreements	11,804				11,274	530
Realized loss on interest rate swap agreements	159				152	7
Adjustment to non-controlling interests			4,220		(3,878)	(342)
Ending Balance at Mar. 31, 2024	3,217,704	47	3,446,910	(430,169)	56,834	144,082
Beginning Balance at Dec. 31, 2024	3,141,424	47	3,450,584	(496,543)	49,657	137,679
Net income	17,493			16,743		750
Issuance of shares of common stock	104		104
Offering costs, discounts and commissions	(136)		(136)
Stock-based compensation, net of shares of restricted stock forfeited	2,147		2,147
Retirement of shares of common stock under equity incentive plan	(1,446)		(1,446)
Conversion of OP Units to shares of common stock			3,882			(3,882)
Distributions declared	(58,874)			(56,274)		(2,600)
Change in fair value of interest rate swap agreements	(19,892)				(19,039)	(853)
Realized loss on interest rate swap agreements	(6)				(6)	0
Adjustment to non-controlling interests			906		(892)	(14)
Ending Balance at Mar. 31, 2025	$ 3,080,814	$ 47	$ 3,456,041	$ (536,074)	$ 29,720	$ 131,080

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Condensed Consolidated Statements of Equity (Unaudited) (Parenthetical) - $ / shares	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Retirement shares of restricted common stock, shares	86,000	71,000
Issuance of Share of restricted stock forfeited	3,000	25,000
Common Stock
Shares Issued	292,000	822,000
Conversion of OP Units to Common Stock	244,000	95,000
O 2024 Q2 Dividends [Member]
Conversion of OP Units to Common Stock	244,000
Distribution declared per share	$ 0.29
O 2023 Q1 Dividends [Member]
Conversion of OP Units to Common Stock		95,000
O 2023 Q3 Dividends [Member]
Distribution declared per share		$ 0.285

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Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Operating activities
Net income	$ 17,493	$ 68,177
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	38,433	36,754
Provision for impairment of investment in rental properties	16,128	26,400
Amortization of debt issuance costs and original issuance discount charged to interest expense	1,237	983
Stock-based compensation expense	2,147	1,475
Straight-line rent, direct financing and sales-type lease adjustments	(3,679)	(2,424)
Gain on sale of real estate	(405)	(59,132)
Other non-cash items	470	(1,508)
Changes in assets and liabilities:
Tenant and other receivables	700	704
Prepaid expenses and other assets	(36)	2,841
Accounts payable and other liabilities	(4,591)	(7,078)
Accrued interest payable	3,562	3,675
Net cash provided by operating activities	71,459	70,867
Investing activities
Acquisition of rental property	(60,522)	(497)
Investment in property under development including capitalized interest of $322 and $1,241 in 2025 and 2024, respectively	(16,687)	(38,100)
Capital expenditures and improvements	(14,348)	(3,132)
Proceeds from disposition of rental property, net	7,522	247,064
Change in deposits on investments in rental property	(1,300)	(1,050)
Net cash (used in) provided by investing activities	(85,335)	204,285
Financing activities
Offering costs, discounts, and commissions	(146)	(231)
Proceeds from unsecured term loans	400,000	0
Principal payments on mortgages and unsecured term loans	(400,596)	(560)
Borrowings on unsecured revolving credit facility	145,300	65,500
Repayments on unsecured revolving credit facility	(64,500)	(80,500)
Cash distributions paid to stockholders	(56,196)	(54,448)
Cash distributions paid to non-controlling interests	(2,671)	(2,767)
Debt issuance costs paid	(12,275)	0
Net cash used in financing activities	8,916	(73,006)
Net decrease in cash and cash equivalents and restricted cash	(4,960)	202,146
Cash and cash equivalents and restricted cash at beginning of period	15,993	20,632
Cash and cash equivalents and restricted cash at end of period	11,033	222,778
Reconciliation of cash and cash equivalents and restricted cash
Cash and cash equivalents at beginning of period	14,845	19,494
Restricted cash at beginning of period	1,148	1,138
Cash and cash equivalents and restricted cash at beginning of period	15,993	20,632
Cash and cash equivalents at end of period	9,605	221,740
Restricted cash at end of period	1,428	1,038
Cash and cash equivalents and restricted cash at end of period	$ 11,033	$ 222,778

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Condensed Consolidated Statements of Cash Flows (Unaudited) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Interest Costs Capitalized	$ 322	$ 1,241

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Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Pay vs Performance Disclosure
Net Income (Loss)	$ 16,743	$ 65,114

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Insider Trading Arrangements	3 Months Ended
	Mar. 31, 2025
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

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Business Description

3 Months Ended

Mar. 31, 2025

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. 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 membership units not owned by the Corporation are referred to as “OP Units” and are recorded as non-controlling interests in the Condensed Consolidated Financial Statements. As the Corporation conducts substantially all of its operations through the OP, it is structured as an umbrella partnership real estate investment trust (“UPREIT”). The Corporation’s common stock is listed on the New York Stock Exchange under the symbol “BNL.” The Corporation, the OP, and its consolidated subsidiaries are collectively referred to as the “Company.”

The Company is an industrial-focused, diversified net lease REIT that focuses on investing in income-producing, single-tenant net leased commercial properties, primarily in the United States. The Company leases primarily industrial and retail commercial properties under long-term lease agreements. At March 31, 2025, the Company owned a diversified portfolio of 769 individual commercial properties with 762 properties located in 44 U.S. states and seven properties located in four Canadian provinces.

The following table summarizes the outstanding equity and economic ownership interest of the Company:

	March 31, 2025									December 31, 2024
(in thousands)	Shares of Common Stock			OP Units			Total Diluted Shares			Shares of Common Stock			OP Units			Total Diluted Shares
Ownership interest		189,073			8,402			197,475			188,626			8,646			197,272
Percent ownership of OP		95.7	%		4.3	%		100.0	%		95.6	%		4.4	%		100.0	%

Refer to Note 14 for further discussion regarding the calculation of weighted average shares outstanding.

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Summary of Significant Accounting Policies

3 Months Ended

Mar. 31, 2025

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) and Article 10 of the Securities and Exchange Commission’s (“SEC”) Regulation S-X. Accordingly, the Company has omitted certain footnote disclosures which would substantially duplicate those contained within the audited consolidated financial statements for the year ended December 31, 2024, included in the Company’s 2024 Annual Report on Form 10-K, filed with the SEC on February 20, 2025. Therefore, the readers of this quarterly report should refer to those audited consolidated financial statements, specifically Note 2, Summary of Significant Accounting Policies, for further discussion of significant accounting policies and estimates. The Company believes all adjustments necessary for a fair presentation have been included in these interim Condensed Consolidated Financial Statements (which include only normal recurring adjustments).

Basis of Accounting

The Condensed Consolidated Financial Statements have been prepared in accordance with GAAP.

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.

When the Company obtains an economic interest in an entity, the entity is evaluated to determine if it should be deemed a variable interest entity (“VIE”) and, if so, whether the Company is the primary beneficiary and is therefore required to consolidate the entity. The accounting guidance for consolidation of VIEs is applied to certain entities in which the equity investors do not have the characteristics of a controlling financial interest or do not have sufficient equity at risk for the entity to finance its activities without additional subordinated financial support from other parties. Certain decision-making rights within a loan or joint-venture agreement may cause us to consider an entity a VIE. The contractual arrangements in a partnership agreement or other related contracts are reviewed to determine whether the entity is a VIE, and if the Company has variable interests in the VIE. The Company’s variable interests are then compared to those of the other variable interest holders to determine which party is the primary beneficiary of the VIE. A primary beneficiary: (i) has the power to direct the activities that most significantly impact the economic performance of the VIE and (ii) has the obligation to absorb losses or the right to receive benefits of the VIE that could potentially be significant to the VIE. The Company reassesses the initial evaluation of whether an entity is a VIE when certain events occur, and reassesses the primary beneficiary determination of a VIE on an ongoing basis based on current facts and circumstances. To the extent the Company has a variable interest in entities that are not evaluated under the VIE model, the Company 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 Company has a 98.1% ownership interest in a VIE. The Company is the primary beneficiary as it: (i) has the power to direct the activities that significantly impact the economic performance of the VIE, and (ii) has the obligation to absorb losses and the right to receive benefits of the VIE, and therefore consolidates the VIE. The following table presents a summary of selected financial data of the consolidated VIE included in the Condensed Consolidated Balance Sheets:

(in thousands)	March 31, 2025			December 31, 2024
Assets
Accounted for using the operating method:
Land	$	7,644		$	7,644
Land improvements		2,697			2,578
Buildings and improvements		40,121			39,899
Total accounted for using the operating method		50,462			50,121
Less accumulated depreciation		(1,131	)		(821	)
Accounted for using the operating method, net		49,331			49,300
Intangible lease assets, net		2,826			3,243
Other assets		4,124			3,248
Total assets	$	56,281		$	55,791
Liabilities
Intangible lease liabilities, net	$	490		$	512
Other liabilities		660			467
Total liabilities	$	1,150		$	979

From time to time, the Company acquires properties using a reverse like-kind exchange structure pursuant to Section 1031 of the Internal Revenue Code (a “reverse 1031 exchange”) and, as such, the properties are in the possession of an Exchange Accommodation Titleholder (“EAT”) until the reverse 1031 exchange is completed. The EAT is classified as a VIE as it is a “thinly capitalized” entity. The Company consolidates the EAT because it is the primary beneficiary as it has the ability to control the activities that most significantly impact the EAT's economic performance and can collapse the reverse 1031 exchange structure at its discretion. The assets of the EAT primarily consist of leased property (net real estate investment in rental property and lease intangibles).

The portions of a consolidated entity not owned by the Company are presented as non-controlling interests as of and during the periods presented.

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. Accordingly, actual results may differ from those estimates.

Investment in Property Under Development

Land acquired for development and construction and improvement costs incurred in connection with the development of new properties are capitalized and recorded as Property under development in the accompanying Condensed Consolidated Balance Sheets until construction has been completed. Such capitalized costs include all direct and indirect costs related to planning, development, and construction, including interest, real estate taxes, and other miscellaneous costs incurred during the construction period. Once substantially complete, the property under development is placed in service and depreciation commences. The following tables summarize the Company’s investments in property under development:

(in thousands)	March 31, 2025		December 31, 2024
Development, construction and improvement costs	$	35,112	$	18,725
Capitalized interest		380		59
Property under development	$	35,492	$	18,784

	For the Three Months Ended March 31,
(in thousands)	2025		2024
Investment in properties under development, excluding capitalized costs	$	16,387	$	36,859
Capital expenditures funded after substantial completion		10,383		—

Long-lived Asset Impairment

The Company reviews long-lived assets to be held and used for possible impairment when events or changes in circumstances indicate that their carrying amounts may not be recoverable. If, and when, such events or changes in circumstances are present, an impairment exists to the extent the carrying value of the long-lived asset or asset group exceeds the sum of the undiscounted cash flows expected to result from the use of the long-lived asset or asset group and its eventual disposition. Such cash flows include expected future operating income, as adjusted for trends and prospects, as well as the effects of demand, competition, and other factors. An impairment loss is measured as the amount by which the carrying amount of the long-lived asset or asset group exceeds its fair value. Significant judgment is made to determine if and when impairment should be taken. The Company’s assessment of impairment as of March 31, 2025 and 2024, was based on the most current information available to the Company. Certain of the Company’s properties may have fair values less than their carrying amounts. However, based on the Company’s plans with respect to each of those properties, the Company believes that their carrying amounts are recoverable and therefore, no impairment charges were recognized other than those described below. If the operating conditions mentioned above deteriorate or if the Company’s expected holding period for assets changes, subsequent tests for impairment could result in additional impairment charges in the future.

Inputs used in establishing fair value for impaired 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 and information obtained from brokers and other third party sources. The Company determines the valuation of impaired assets using generally accepted valuation techniques including discounted cash flow analysis, income capitalization, analysis of recent comparable sales transactions, actual sales negotiations, and bona fide purchase offers received from third parties. Management may consider a single valuation technique or multiple valuation techniques, as appropriate, when estimating the fair value of its real estate.

The following table summarizes the Company’s impairment charges, resulting primarily from changes in the Company’s long-term hold strategy with respect to the individual properties:

	For the Three Months Ended March 31,
(in thousands, except number of properties)	2025		2024
Number of properties	7			12
Impairment charge	$	16,128	$	26,400

During the three months ended March 31, 2025 and 2024, the Company recognized impairment of $16.1 million and $26.4 million, respectively, resulting from changes in the Company’s long-term hold strategy with respect to the individual properties. The impairments for the three months ended March 31, 2025 are based on actual and expected sales prices of individual properties and primarily include a $12.5 million impairment charge on two healthcare properties. The impairments for the three months ended March 31, 2024 were based on actual and expected sales prices of the individual properties and include a $15.2 million impairment charge on a healthcare property and an $11.2 million impairment charge on 11 healthcare properties sold as part of a portfolio with a gain of $59.1 million, excluding any impairment.

Restricted Cash

Restricted cash generally includes escrow funds the Company maintains pursuant to the terms of certain mortgages, lease agreements, and undistributed proceeds from the sale of properties under Section 1031 of the Internal Revenue Code of 1986, as amended (the “Code”), and is reported within Prepaid expenses and other assets in the Condensed Consolidated Balance Sheets. Restricted cash consisted of the following:

	March 31,		December 31,
(in thousands)	2025		2024
Escrow funds and other	$	1,428	$	1,148

Rent Received in Advance

Rent received in advance represents tenant rent payments received prior to the contractual due date, and is included in Accounts payable and other liabilities in the Condensed Consolidated Balance Sheets. Rent received in advance consisted of the following:

(in thousands)	March 31, 2025		December 31, 2024
Rent received in advance	$	18,566	$	16,616

Segment Reporting

The Company currently operates in a single reportable segment, which includes the acquisition, leasing, and ownership of net leased properties. The Company’s chief operating decision maker (“CODM”) is the Company’s senior leadership team, which includes, the Chief Executive Officer, President and Chief Operating Officer, Chief Financial Officer and Treasurer, and the Company’s Senior Vice Presidents. The CODM assesses, measures, and reviews the operating and financial results at the consolidated level for the entire portfolio based on consolidated revenues, expenses, and net income as reported on the Consolidated Statements of Income and Comprehensive Income. The Company does not evaluate the results of operations based on geography, size, or property type.

Fair Value Measurements

Recurring Fair Value Measurements

The balances of financial instruments measured at fair value on a recurring basis are as follows (see Note 9):

	March 31, 2025
(in thousands)	Total			Level 1		Level 2			Level 3
Interest rate swap, assets	$	29,681		$	—	$	29,681		$	—
Interest rate swap, liabilities		(3,353	)		—		(3,353	)		—

	December 31, 2024
(in thousands)	Total		Level 1		Level 2		Level 3
Interest rate swap, assets	$	46,220	$	—	$	46,220	$	—

Long-term Debt – The fair value of the Company’s debt was estimated using Level 1, Level 2, and Level 3 inputs based on recent secondary market trades of the Company’s 2031 Senior Unsecured Public Notes (see Note 7), recent comparable financing transactions, recent market risk premiums for loans of comparable quality, Secured Overnight Financing Rate (“SOFR”), Canadian Overnight Repo Rate Average (“CORRA”), U.S. Treasury obligation interest rates, and 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 in the Condensed Consolidated Balance Sheets and the Company’s estimate of the fair value of the unsecured revolving credit facility, mortgages, unsecured term loans, and senior unsecured notes which reflects the fair value of interest rate swaps:

(in thousands)	March 31, 2025		December 31, 2024
Carrying amount	$	2,000,439	$	1,919,927
Fair value		1,911,861		1,794,821

Non-recurring Fair Value Measurements

The Company’s non-recurring fair value measurements at March 31, 2025 and December 31, 2024 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 and finance 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 and finance leases were included in the accompanying Condensed Consolidated Balance Sheets as follows:

		March 31,		December 31,
(in thousands)	Financial Statement Presentation	2025		2024
Right-of-use assets - operating leases	Prepaid expenses and other assets	$	10,077	$	10,239
Lease liabilities - operating leases	Accounts payable and other liabilities		10,038		10,186
Right-of-use assets - financing leases	Prepaid expenses and other assets		2,255		—
Lease liabilities - financing leases	Accounts payable and other liabilities		2,689		—

Refer to Note 16 for obligations under operating and finance leases.

Rental Expense

Rental expense associated with operating leases is recorded on a straight-line basis over the term of each lease, for leases that have fixed and measurable rent escalations. The difference between rental expense incurred on a straight-line basis and the cash rental payments due under the provisions of the lease is recorded as part of the right-of-use asset in the accompanying March 31, 2025 and 2024 Condensed Consolidated Balance Sheets. Rental expense associated with finance leases is recorded as interest expense on the lease liability and amortization expense on the right-of-use asset. Amounts associated with percentage rent provisions based on the achievement of sales targets are recognized as variable rental expense when achievement of the sales targets are considered probable.

Recently Issued Accounting Standards

In November 2024, the FASB issued ASU 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40) (“ASU 2024-03”). ASU 2024-03 requires a public entity to disclose additional information about specific expense categories in the notes to financial statements on an annual and interim basis. The amendments are effective for annual periods beginning after December 15, 2026, and interim periods beginning after December 15, 2027, with early adoption permitted. The Company will have the election to apply the amendments either prospectively to financial statements issued for reporting periods after the effective date of this ASU or retrospectively to any or all prior periods presented in the financial statements. While this update will result in enhanced disclosures, the Company does not expect it will have a material impact on the Company’s financial statements.

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Acquisitions of Rental Property

3 Months Ended

Mar. 31, 2025

Business Combinations [Abstract]

Acquisitions of Rental Property

3. Acquisitions of Rental Property

The Company closed on the following acquisitions during the three months ended March 31, 2025:

(in thousands, except number of properties)		Number of		Real Estate
Date	Property Type	Properties		Acquisition Price
January 28, 2025	Retail		1	$	9,871
February 13, 2025	Retail		1		495	(a)
March 11, 2025	Industrial		1		41,088
March 28, 2025	Retail		4		8,045
			7	$	59,499	(b)

(a)Acquisition of land to be developed in connection with a $1.7 million build-to-suit transaction expected to fund in multiple draws through May 2025.

(b)Acquisition price excludes capitalized acquisition costs of $2.0 million.

The Company did not close on any acquisitions during the three months ended March 31, 2024.

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 March 31,
(in thousands)	2025
Land	$	3,720
Land improvements		1,569
Buildings and improvements		49,858
Property under development		824
Acquired in-place leases (c)		6,053
Acquired below-market leases (d)		(145	)
Right-of-use asset		2,262
Lease liability		(2,681	)
	$	61,460

(c)The weighted average amortization period for acquired in-place leases is 13 years for acquisitions completed during the three months ended March 31, 2025.

(d)The weighted average amortization period for acquired below-market leases is 14 years for acquisitions completed during the three months ended March 31, 2025.

The above acquisitions were funded using a combination of available cash on hand and unsecured revolving credit facility borrowings. All real estate acquisitions closed during the three months ended March 31, 2025 qualified as asset acquisitions and as such, acquisition costs were capitalized.

Subsequent to March 31, 2025, the Company closed on the following acquisitions (see Note 17):

(in thousands, except number of properties)		Number of		Real Estate
Date	Property Type	Properties		Acquisition Price
April 24, 2025	Industrial		1	$	8,500	(e)

(e)Acquisition of land to be developed in connection with a $78.2 million build-to-suit transaction expected to fund in multiple draws through August 2026.

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Sale of Real Estate

3 Months Ended

Mar. 31, 2025

Real Estate [Abstract]

Sale of Real Estate

4. 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)	2025			2024
Number of properties disposed		3			37
Aggregate sale price	$	7,808		$	251,752
Aggregate carrying value		(7,385	)		(189,373	)
Additional sales expenses		(18	)		(3,247	)
Gain on sale of real estate	$	405		$	59,132

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Investment in Rental Property and Lease Arrangements

3 Months Ended

Mar. 31, 2025

Leases [Abstract]

Investment in Rental Property and Lease Arrangements

5. Investment in Rental Property and Lease Arrangements

The Company primarily leases its investment rental property to established tenants in the industrial and retail property types. At March 31, 2025, the Company had 769 real estate properties, 757 of which were leased under leases that have been classified as operating leases, nine that have been classified as direct financing leases, one that has been classified as a sales-type lease, and two that were vacant. Of the nine 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. Most leases have initial terms of 10 to 20 years. The Company’s leases generally provide for limited increases in rent as a result of fixed increases, increases in the Consumer Price Index (“CPI”), or increases in the tenant’s sales volume. Generally, tenants are also required to pay all property taxes and assessments, substantially maintain the interior and exterior of the building, and maintain property and liability insurance coverage. The leases also typically provide for one or more multiple-year renewal options, at the election of the tenant, and are subject to generally the same terms and conditions as the initial lease.

Investment in Rental Property – Accounted for Using the Operating Method

Depreciation expense on investment in rental property was as follows:

	For the Three Months Ended March 31,
(in thousands)	2025		2024
Depreciation	$	31,459	$	29,994

Estimated lease payments to be received under non-cancelable operating leases with tenants at March 31, 2025 are as follows:

(in thousands)
Remainder of 2025	$	301,712
2026		413,173
2027		406,300
2028		390,436
2029		379,398
Thereafter		2,930,500
	$	4,821,519

Since lease renewal periods are exercisable at the option of the tenant, the above amounts only include future lease payments due during the initial lease terms. Such amounts exclude any potential variable rent increases that are based on changes in the CPI or future variable rents which may be received under the leases based on a percentage of the tenant’s gross sales. Additionally, certain of our leases provide tenants with the option to terminate their leases in exchange for termination penalties, or that are contingent upon the occurrence of a future event. Future lease payments within the table above have not been adjusted for these termination rights.

Investment in Rental Property – Direct Financing Leases

The Company’s net investment in direct financing leases was comprised of the following:

(in thousands)	March 31, 2025			December 31, 2024
Undiscounted estimated lease payments to be received	$	31,169		$	31,983
Estimated unguaranteed residual values		14,547			14,547
Unearned revenue		(19,618	)		(20,277	)
Reserve for credit losses		(99	)		(99	)
Net investment in direct financing leases	$	25,999		$	26,154

Undiscounted estimated lease payments to be received under non-cancelable direct financing leases with tenants at March 31, 2025 are as follows:

(in thousands)
Remainder of 2025	$	2,470
2026		3,357
2027		3,426
2028		3,496
2029		3,561
Thereafter		14,859
	$	31,169

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 in the Condensed Consolidated Statements of Income and Comprehensive (Loss) Income:

	For the Three Months Ended March 31,
(in thousands)	2025			2024
Contractual rental amounts billed for operating leases	$	99,314		$	97,549
Adjustment to recognize contractual operating lease billings    on a straight-line basis		6,064			5,104
Net write-offs of accrued rental income		(2,228	)		(2,556	)
Variable rental amounts earned		680			598
Earned income from direct financing leases		682			682
Interest income from sales-type leases		14			14
Operating expenses billed to tenants		4,944			5,105
Other income from real estate transactions		77			66
Adjustment to revenue recognized for uncollectible rental    amounts billed, net		(857	)		(1,196	)
Total lease revenues, net	$	108,690		$	105,366

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Intangible Assets and Liabilities, and Leasing Fees

3 Months Ended

Mar. 31, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible Assets and Liabilities, and Leasing Fees

6. Intangible Assets and Liabilities, and Leasing Fees

The following is a summary of intangible assets and liabilities, and leasing fees, and related accumulated amortization:

(in thousands)	March 31, 2025			December 31, 2024
Lease intangibles:
Acquired above-market leases	$	39,729		$	39,786
Less accumulated amortization		(19,183	)		(18,599	)
Acquired above-market leases, net		20,546			21,187
Acquired in-place leases		407,432			406,146
Less accumulated amortization		(163,902	)		(159,695	)
Acquired in-place leases, net		243,530			246,451
Total intangible lease assets, net	$	264,076		$	267,638
Acquired below-market leases	$	93,354		$	94,513
Less accumulated amortization		(46,517	)		(45,782	)
Intangible lease liabilities, net	$	46,837		$	48,731
Leasing fees	$	21,755		$	21,781
Less accumulated amortization		(6,840	)		(6,495	)
Leasing fees, net	$	14,915		$	15,286

Amortization of intangible lease assets and liabilities, and leasing fees was as follows:

(in thousands)		For the Three Months Ended March 31,
Intangible	Financial Statement Presentation	2025		2024
Acquired in-place leases and leasing fees	Depreciation and amortization	$	7,944	$	7,696
Above-market and below-market leases	Lease revenues, net		1,065		1,021

For the three months ended March 31, 2025, amortization of all intangible assets and liabilities includes $0.2 million of accelerated amortization resulting from early lease terminations. There was no accelerated amortization for the three months ended March 31, 2024.

Estimated future amortization of intangible assets and liabilities, and leasing fees at March 31, 2025 is as follows:

(in thousands)
Remainder of 2025	$	19,940
2026		25,718
2027		23,915
2028		21,645
2029		20,045
Thereafter		120,891
	$	232,154

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Unsecured Credit Agreements

3 Months Ended

Mar. 31, 2025

Debt Disclosure [Abstract]

Unsecured Credit Agreements

7. Unsecured Credit Agreements

The following table summarizes the Company’s unsecured credit agreements:

	Outstanding Balance
(in thousands, except interest rates)	March 31, 2025			December 31, 2024			Interest Rate	Maturity Date
Unsecured revolving credit facility	$	174,122		$	93,014		Applicable reference rate + 0.85% (a)	Mar. 2029 (d)
Unsecured term loans:
2026 Unsecured Term Loan		—			400,000		one-month adjusted SOFR + 1.00% (b)	Feb. 2026 (e)
2027 Unsecured Term Loan		200,000			200,000		daily simple adjusted SOFR + 0.95% (c)	Aug. 2027
2028 Unsecured Term Loan		400,000			—		one-month adjusted SOFR + 0.95% (b)	Mar. 2028
2029 Unsecured Term Loan		300,000			300,000		daily simple adjusted SOFR + 1.25% (c)	Aug. 2029
Total unsecured term loans		900,000			900,000
Unamortized debt issuance costs, net		(6,495	)		(2,799	)
Total unsecured term loans, net		893,505			897,201
Senior unsecured notes:
2027 Senior Unsecured Notes - Series A		150,000			150,000		4.84%	Apr. 2027
2028 Senior Unsecured Notes - Series B		225,000			225,000		5.09%	Jul. 2028
2030 Senior Unsecured Notes - Series C		100,000			100,000		5.19%	Jul. 2030
2031 Senior Unsecured Public Notes		375,000			375,000		2.60%	Sep. 2031
Total senior unsecured notes		850,000			850,000
Unamortized debt issuance costs and    original issuance discount, net		(3,748	)		(3,936	)
Total senior unsecured notes, net		846,252			846,064
Total unsecured debt, net	$	1,913,879		$	1,836,279

(a)At March 31, 2025 and December 31, 2024, a balance of $104.3 million and $23.5 million, respectively, was subject to daily simple SOFR. The remaining balance of $100.0 million Canadian Dollars (“CAD”) borrowings remeasured to $69.8 million United States Dollars (“USD”) and $69.5 million USD, at March 31, 2025 and December 31, 2024, respectively, and was subject to daily simple CORRA of 2.77% and 3.32% at March 31, 2025 and December 31, 2024, respectively.

(b)At March 31, 2025 and December 31, 2024, one-month SOFR was 4.32% and 4.33%, respectively.

(c)At March 31, 2025 and December 31, 2024, overnight SOFR was 4.41% and 4.49%, respectively.

(d)The Company’s unsecured revolving credit facility contains two six-month extension options subject to certain conditions, including the payment of an extension fee equal to 0.0625% of the revolving commitments.

(e)The 2026 Unsecured Term Loan was paid in full on February 28, 2025, with borrowings from the 2028 Unsecured Term Loan.

At March 31, 2025, the weighted average interest rate on all outstanding borrowings was 4.76% exclusive of interest rate swap agreements, and 3.81% inclusive of interest rate swap agreements.

The Company is subject to various financial and operational covenants and financial reporting requirements pursuant to its unsecured credit agreements. These covenants require the Company to maintain certain financial ratios. As of March 31, 2025, and for all periods presented, the Company believes it was in compliance with all of its loan covenants. Failure to comply with the covenants would result in a default which, if the Company were unable to cure or obtain a waiver from the lenders, could accelerate the repayment of the obligations. Further, in the event of default, the Company may be restricted from paying dividends to its stockholders in excess of dividends required to maintain its REIT qualification. Accordingly, an event of default could have a material effect on the Company.

On February 28, 2025, the Company amended and restated the $1.0 billion unsecured revolving credit agreement with JPMorgan Chase Bank, N.A., as administrative agent, to extend the maturity date of the unsecured revolving credit facility to March 31, 2029, and entered into a $500.0 million term loan agreement maturing on March 31, 2028 (the “2028 Unsecured Term Loan”). The 2028 Unsecured Term Loan required the Company to borrow at least $400.0 million upon entering the agreement and allows the Company to delay borrowing the remaining $100.0 million until the earlier of (i) the date that is three months following the effective date of the credit agreement, (ii) the date that the commitments under the 2028 Unsecured Term Loan have been fully utilized, and (iii) the date on which the commitments under the 2028 Unsecured Term Loan are terminated or reduced to zero. Borrowings under the 2028 Unsecured Term Loan are subject to interest only payments at variable rates equal to adjusted SOFR plus a margin based on the Company’s credit rating, ranging between 0.800% and 1.600% per annum. Based on the Company’s current credit rating, the applicable margin was 0.950% as of March 31, 2025. Proceeds from the loan were used to repay the $400.0 million 2026 Unsecured Term Loan in full. The amended and restated agreement includes an accordion feature to increase the aggregate facility size from $1.5 billion to $2.5 billion, subject to the willingness of existing or new lenders to fund such increase and other customary conditions. All remaining terms of the unsecured revolving credit facility remained the same.

For each separate debt instrument, on a lender by lender basis, in accordance with ASC 470-50, Debt Modifications and Extinguishment, the Company performed an assessment of whether the transaction was deemed to be new debt, a modification of existing debt, or an extinguishment of existing debt. Debt issuance costs are either deferred and amortized over the term of the associated debt or expensed as incurred. With respect to the amended and restated unsecured credit agreement, the transaction was deemed to be a modification of debt.

For the three months ended March 31, 2025, the Company incurred $12.3 million in debt issuance costs associated with the amended and restated unsecured credit agreement, which have been deferred and are being amortized over the term of the associated debt. The Company did not incur debt issuance costs during the three months ended March 31, 2024.

Debt issuance costs and original issuance discounts are amortized as a component of Interest expense in the accompanying Condensed Consolidated Statements of Income and Comprehensive (Loss) Income. The following table summarizes debt issuance cost and original issuance discount amortization:

	For the Three Months Ended March 31,
(in thousands)	2025		2024
Debt issuance costs and original issuance discount amortization	$	1,237	$	983

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Mortgages

3 Months Ended

Mar. 31, 2025

Debt Disclosure [Abstract]

Mortgages

8. Mortgages

The Company’s mortgages consist of the following:

(in thousands, except interest rates)	Origination	Maturity	Interest	March 31,			December 31,
Lender	Date	Date	Rate	2025			2024
Wilmington Trust National Association	Apr. 2019	Feb. 2028	4.92%	$	42,476		$	42,838		(a) (b) (c) (d)
Wilmington Trust National Association	Jun. 2018	Aug. 2025	4.36%		18,166			18,283		(a) (b) (c) (d)
PNC Bank	Oct. 2016	Nov. 2026	3.62%		15,675			15,792		(b) (c)
Total mortgages					76,317			76,913
Debt issuance costs, net					(57	)		(67	)
Mortgages, net				$	76,260		$	76,846

(a)Non-recourse debt includes the indemnification/guaranty of the Company pertaining to fraud, environmental claims, insolvency, and other matters.

(b)Debt secured by related rental property and lease rents.

(c)Debt secured by guaranty of the OP.

(d)Mortgage was assumed as part of the acquisition of the related property. The debt was recorded at fair value at the time of assumption.

At March 31, 2025, investment in rental property with a net book value of $117.1 million 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 7) at March 31, 2025 are as follows:

(in thousands)
Remainder of 2025	$	19,601
2026		16,843
2027		351,596
2028		663,277
2029		474,122
Thereafter		475,000
	$	2,000,439

Certain of the Company’s mortgages provide for prepayment fees and can be terminated under certain events of default as defined under the related agreements. These prepayment fees are not reflected as part of the table above.

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Interest Rate Swaps

3 Months Ended

Mar. 31, 2025

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Interest Rate Swaps

9. Interest Rate Swaps

The following is a summary of the Company’s outstanding interest rate swap agreements:

(in thousands, except interest rates)						March 31, 2025						December 31, 2024
Counterparty	Maturity Date	Fixed Rate			Variable Rate Index	Notional Amount			Fair Value			Notional Amount			Fair Value
Effective Swaps: (a)
Bank of Montreal	January 2025		1.91	%	daily compounded SOFR	$	—		$	—		$	25,000		$	2
Truist Financial Corporation	April 2025		2.20	%	daily compounded SOFR		25,000			—			25,000			137
Bank of Montreal	July 2025		2.32	%	daily compounded SOFR		25,000			130			25,000			250
Truist Financial Corporation	July 2025		1.99	%	daily compounded SOFR		25,000			151			25,000			290
Truist Financial Corporation	December 2025		2.30	%	daily compounded SOFR		25,000			342			25,000			471
Bank of Montreal	January 2026		1.92	%	daily compounded SOFR		25,000			416			25,000			569
Bank of Montreal	January 2026		2.05	%	daily compounded SOFR		40,000			627			40,000			860
Capital One, National Association	January 2026		2.08	%	daily compounded SOFR		35,000			542			35,000			743
Truist Financial Corporation	January 2026		1.93	%	daily compounded SOFR		25,000			415			25,000			567
Capital One, National Association	April 2026		2.68	%	daily compounded SOFR		15,000			203			15,000			280
Capital One, National Association	July 2026		1.32	%	daily compounded SOFR		35,000			1,129			35,000			1,454
Bank of Montreal	December 2026		2.33	%	daily compounded SOFR		10,000			254			10,000			346
Bank of Montreal	December 2026		1.99	%	daily compounded SOFR		25,000			780			25,000			1,030
Toronto-Dominion Bank	March 2027		2.46	%	daily compounded CORRA		13,964	(b)		44			13,903	(b)		166
Wells Fargo Bank, N.A.	April 2027		2.72	%	daily compounded SOFR		25,000			517			25,000			757
Bank of Montreal	December 2027		2.37	%	daily compounded SOFR		25,000			892			25,000			1,230
Capital One, National Association	December 2027		2.37	%	daily compounded SOFR		25,000			888			25,000			1,227
Wells Fargo Bank, N.A.	January 2028		2.37	%	daily compounded SOFR		75,000			2,674			75,000			3,693
Bank of Montreal	May 2029		2.09	%	daily compounded SOFR		25,000			1,563			25,000			2,024
Regions Bank	May 2029		2.11	%	daily compounded SOFR		25,000			1,538			25,000			1,999
Regions Bank	June 2029		2.03	%	daily compounded SOFR		25,000			1,620			25,000			2,085
U.S. Bank National Association	June 2029		2.03	%	daily compounded SOFR		25,000			1,622			25,000			2,087
Regions Bank	August 2029		2.58	%	one-month SOFR		100,000			4,015			100,000			5,799
Toronto-Dominion Bank	August 2029		2.58	%	one-month SOFR		45,000			1,835			45,000			2,642
U.S. Bank National Association	August 2029		2.65	%	one-month SOFR		15,000			568			15,000			835
U.S. Bank National Association	August 2029		2.58	%	one-month SOFR		100,000			4,033			100,000			5,820
U.S. Bank National Association	August 2029		1.35	%	daily compounded SOFR		25,000			2,387			25,000			2,894
Bank of Montreal	March 2030		3.80	%	daily simple SOFR		80,000			(754	)		80,000			541
JPMorgan Chase Bank, N.A.	March 2030		3.79	%	daily simple SOFR		50,000			(437	)		50,000			371
Regions Bank	March 2032		2.69	%	daily compounded CORRA		13,964	(b)		105			13,903	(b)		358
U.S. Bank National Association	March 2032		2.70	%	daily compounded CORRA		13,964	(b)		102			13,903	(b)		354
Bank of Montreal	March 2034		2.81	%	daily compounded CORRA		27,929	(c)		289			27,805	(c)		846
							1,044,821			28,490			1,069,514			42,727
Forward Starting Swaps: (a) (d)
U.S. Bank National Association	June 2030		3.73	%	daily simple SOFR		70,000			(500	)		70,000			666
Truist Financial Corporation	June 2030		3.73	%	daily simple SOFR		55,000			(405	)		55,000			508
Manufacturers & Traders Trust Company	September 2030		3.71	%	daily simple SOFR		50,000			(355	)		50,000			512
Regions Bank	September 2030		3.69	%	daily simple SOFR		15,000			(101	)		15,000			159
Truist Financial Corporation	September 2030		3.70	%	daily simple SOFR		15,000			(101	)		15,000			159
Toronto-Dominion Bank	December 2030		3.66	%	daily simple SOFR		70,000			(382	)		70,000			846
Regions Bank	December 2030		3.66	%	daily simple SOFR		55,000			(318	)		55,000			643
							330,000			(2,162	)		330,000			3,493
Total Swaps						$	1,374,821		$	26,328		$	1,399,514		$	46,220

(a)The classification between “effective” and “forward starting” swaps is determined as of the most recent period presented.

(b)The contractual notional amount is $20.0 million CAD.

(c)The contractual notional amount is $40.0 million CAD.

(d)Forward starting swaps have effective dates that are five years prior to each respective maturity date.

At March 31, 2025, the weighted average interest rate on all outstanding borrowings was 3.81%, inclusive of a weighted average fixed rate on effective interest rate swaps of 2.48%.

The total amounts recognized, and the location in the accompanying Condensed Consolidated Statements of Income and Comprehensive (Loss) Income, from converting from variable rates to fixed rates under these agreements were as follows:

	Amount of (Loss) Gain			Reclassification from			Total Interest Expense
	Recognized in			Accumulated Other			Presented in the Condensed
	Accumulated Other			Comprehensive Income			Consolidated Statements of
(in thousands)	Comprehensive				Amount of		Income and Comprehensive
For the Three Months Ended March 31,	Income			Location	Gain		(Loss) Income
2025	$	(19,892	)	Interest expense	$	4,733	$	20,074
2024		11,804		Interest expense		7,548		18,578

Amounts related to the interest rate swaps expected to be reclassified out of Accumulated other comprehensive income to Interest expense during the next twelve months are estimated to be a gain of $13.1 million.

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Non-Controlling Interests

3 Months Ended

Mar. 31, 2025

Noncontrolling Interest [Abstract]

Non-Controlling Interests

10. Non-Controlling Interests

The following table summarizes OP Units exchanged for shares of common stock:

	For the Three Months Ended March 31,
(in thousands)	2025		2024
OP Units exchanged for shares of common stock		244		95
Value of units exchanged	$	3,882	$	1,536

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Credit Risk Concentrations

3 Months Ended

Mar. 31, 2025

Risks and Uncertainties [Abstract]

Credit Risk Concentrations

11. Credit Risk Concentrations

The Company maintained bank balances that, at times, exceeded the federally insured limit during the three months ended March 31, 2025. 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 based on the financial position and capitalization of the applicable banks.

For the three months ended March 31, 2025 and 2024, the Company had no individual tenants or common franchises that accounted for more than 10% of Lease revenues, net, excluding lease termination fees.

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Equity

3 Months Ended

Mar. 31, 2025

Equity [Abstract]

Equity

12. Equity

At-the-Market Program (“ATM Program”)

The Company enters into ATM Programs through which it may, from time to time, publicly offer and sell shares of common stock. The Company’s ATM Programs also provide for forward sale agreements, enabling the Company to set the price of shares upon pricing the offering, while delaying the issuance of shares and the receipt of the net proceeds. During 2024, the Company replaced its prior $400.0 million ATM Program (“2021 ATM Program”) with a new $400.0 million ATM Program (“2024 ATM Program”), and the 2021 ATM Program was simultaneously terminated.

The following table presents information about the Company’s ATM Programs:

(in thousands)
Program Year	Program Size		Aggregate Gross Sales		Shares Issued
2021 (a)	$	400,000	$	254,620		11,542
2024		400,000		40,003		2,188

(a)ATM Program has been terminated and no future issuance will occur.

During 2024, the Company entered into forward sale agreements to sell an aggregate of 2,187,700 shares of common stock under the 2024 ATM Program at a weighted-average share price of $18.29, subject to certain adjustments. The Company has the option to settle the outstanding shares of common stock any time before their maturities in August and September 2025 for net proceeds of approximately $38.1 million. During the three months ended March 31, 2025, the Company has not settled any of the outstanding shares of these forward sales agreements. There was no ATM Program activity during the three months ended March 31, 2024. After considering the shares sold subject to forward sale agreements, the Company has $360.0 million of capacity remaining under the ATM Program as of March 31, 2025.

Stock Repurchase Program

The Company has a stock repurchase program (the “Repurchase Program”), which authorizes the Company to repurchase up to $150.0 million of the Company’s common stock. On March 11, 2025, the Company’s Board of Directors re-authorized the Repurchase Program for a 12-month period ending on March 14, 2026. The Repurchase Program may be extended, suspended, or discontinued at any time. Under the Repurchase Program, repurchases of the Company’s stock can be made in the open market or through private transactions from time to time over the 12-month period, depending on prevailing market conditions and compliance with applicable legal and regulatory requirements. The timing, manner, price, and amount of any repurchases of common stock under the Repurchase Program will be determined at the Company’s discretion, using available cash resources. During the three months ended March 31, 2025 and 2024, no shares of the Company’s common stock were repurchased under the Repurchase Program.

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Stock-Based Compensation

3 Months Ended

Mar. 31, 2025

Share-Based Payment Arrangement [Abstract]

Stock-Based Compensation

13. Stock-Based Compensation

Restricted Stock Awards

During the three months ended March 31, 2025 and 2024, the Company awarded 265,872 and 777,943 shares of restricted stock awards (“RSAs”), respectively, to officers, employees, and non-employee directors under the Company’s equity incentive plan. The holder of RSAs is generally entitled at all times on and after the date of issuance of the restricted common shares to exercise the rights of a stockholder of the Company, including the right to vote the shares and the right to receive dividends on the shares. The Company’s outstanding RSAs vest over a one-, three-, four-, or five-year period from the date of the grant and are subject to the holder’s continued service through the applicable vesting dates and in accordance with the terms of the individual award agreements. The weighted average value of awards granted per share during the three months ended March 31, 2025 and 2024, were $16.85 and $14.74, respectively, which were based on the market price per share of the Company’s common stock on the grant dates.

The following table presents information about the Company’s RSAs:

	For the Three Months Ended March 31,
(in thousands)	2025		2024
Compensation cost	$	1,342	$	1,043
Dividends declared on unvested RSAs		313		295
Fair value of shares vested during the period		2,887		3,207

As of March 31, 2025, there was $14.3 million of unrecognized compensation costs related to the unvested restricted shares, which is expected to be recognized over a weighted average period of 3.3 years.

The following table presents information about the Company’s restricted stock activity:

	For the Three Months Ended March 31,
	2025					2024
(in thousands, except per share amounts)	Number of Shares			Weighted Average Grant Date Fair Value per Share		Number of Shares			Weighted Average Grant Date Fair Value per Share
Unvested at beginning of period		989		$	15.51		492		$	18.63
Granted		266			16.85		778			14.74
Vested		(172	)		16.72		(209	)		19.26
Forfeited		(3	)		16.13		(25	)		19.02
Unvested at end of period		1,080			15.64		1,036			15.57

Performance-based Restricted Stock Units

During the three months ended March 31, 2025 and 2024, the Company issued target grants of 246,967 and 202,308 of performance-based restricted stock units (“PRSUs”), respectively, under the Company’s 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, as identified in the grant agreements, over a three-year period, 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. Vesting percentages range 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 measurement period beginning on the date of grant, assuming the reinvestment of dividends on the ex-dividend date. The target number of units is based on achieving a rTSR equal to the 55th percentile of the peer companies and MSCI US REIT Index. For PRSUs issued during the three months ended March 31, 2025 and 2024 that achieve a percentile rank of at least the 55th percentile, and the absolute rTSR of the Company is negative for the performance period, the awards will be reduced by 25%, not to result in a reduction less than target. Dividends accrue during the measurement period and will be paid on the PRSUs ultimately earned at the end of the measurement period in either cash or common stock, at the discretion of the Compensation Committee of the Board of Directors. The grant date fair value of the PRSUs was measured using a Monte Carlo simulation model based on assumptions including share price volatility.

The following table presents compensation cost recognized on the Company’s performance-based restricted stock units:

	For the Three Months Ended March 31,
(in thousands)	2025		2024
Compensation cost	$	805	$	432

As of March 31, 2025, there was $8.2 million of unrecognized compensation costs related to the unvested PRSUs, which is expected to be recognized over a weighted average period of 2.4 years.

The following table presents information about the Company’s performance-based restricted stock unit activity:

	For the Three Months Ended March 31,
	2025					2024
(in thousands, except per share amounts)	Number of Shares			Weighted Average Grant Date Fair Value per Share		Number of Shares			Weighted Average Grant Date Fair Value per Share
Unvested at beginning of period		433		$	20.90		351		$	24.90
Granted		247			21.12		202			15.84
Vested		(74	)		27.93		(88	)		24.40
Forfeited		—			—		(19	)		25.09
Unvested at end of period		606			20.13		446			20.89

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Earnings per Share

3 Months Ended

Mar. 31, 2025

Earnings Per Share [Abstract]

Earnings Per Share

14. Earnings per Share

The following table summarizes the components used in the calculation of basic and diluted earnings per share (“EPS”):

	For the Three Months Ended March 31,
(in thousands, except per share amounts)	2025			2024
Basic earnings:
Net earnings attributable to Broadstone Net Lease, Inc. common    shareholders	$	16,743		$	65,114
Less: earnings allocated to unvested restricted shares		(310	)		(358	)
Net earnings used to compute basic earnings per common share	$	16,433		$	64,756
Diluted earnings:
Net earnings used to compute basic earnings per common share	$	16,433		$	64,756
Add: net earnings attributable to OP Unit holders		750			3,063
Add: undistributed earnings allocated to unvested restricted shares		—			63
Less: undistributed earnings reallocated to unvested restricted shares		—			(60	)
Net earnings used to compute diluted earnings per common share	$	17,183		$	67,822
Weighted average number of common shares outstanding		188,882			187,953
Less: weighted average unvested restricted shares (a)		(1,017	)		(663	)
Weighted average number of common shares outstanding used in    basic earnings per common share		187,865			187,290
Add: effects of restricted stock units (b)		573			285
Add: effects of convertible OP Units (c)		8,460			8,842
Weighted average number of common shares outstanding used in    diluted earnings per common share		196,898			196,417
Basic and diluted earnings per share	$	0.09		$	0.35

(a)Represents the weighted average effects of 1,068,754 and 1,035,194 unvested restricted shares of common stock as of March 31, 2025 and 2024, respectively, which will be excluded from the computation of earnings per share until they vest.

(b)Represents the weighted average effects of shares of common stock to be issued as though the end of the period were the end of the performance period (see Note 13).

(c)Represents the weighted average effects of 8,401,937 and 8,833,236 OP Units outstanding at March 31, 2025 and 2024, respectively.

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Supplemental Cash Flow Disclosures

3 Months Ended

Mar. 31, 2025

Supplemental Cash Flow Elements [Abstract]

Supplemental Cash Flow Disclosures

15. Supplemental Cash Flow Disclosures

The following table summarizes the Company’s supplemental cash flow information:

	For the Three Months Ended March 31,
(in thousands)	2025		2024
Supplemental disclosures:
Cash paid for interest	$	15,557	$	15,002
Cash paid for income taxes		722		23
Non-cash activities:
Issuance and conversion of OP Units to common stock (a)		3,882		1,536
Dividends declared not yet paid		58,220		56,871

(a)See Note 10

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Commitments and Contingencies

3 Months Ended

Mar. 31, 2025

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

16. Commitments and Contingencies

Litigation

From time to time, the Company is a party to various litigation matters incidental to the conduct of the Company’s business. While the resolution of such matters cannot be predicted with certainty, based on currently available information, the Company does not believe that the final outcome of any of these matters will have a material effect on its consolidated financial position, results of operations, or liquidity.

Property and Acquisition Related

In connection with ownership and operation of real estate, the Company may potentially be liable for 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.

As of March 31, 2025, the Company has commitments to fund five build-to-suit transactions with remaining obligations of $198.8 million expected to fund in multiple draws through July 2026, using a combination of available cash on hand and revolving credit facility borrowings. Rent is contractually scheduled to commence when the properties reach substantial completion and are made available for use by the tenant, which is expected to occur at various dates between April 2025 and July 2026.

The Company is a party to two separate tax protection agreements with the contributing members of two distinct UPREIT transactions and a third tax protection agreement entered into in connection with the Company’s 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 tax protection agreement entered into in connection with the Company’s internalization, 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 are not probable. Therefore, there is no impact to the Condensed Consolidated Financial Statements. Based on values as of March 31, 2025, taxable sales of the applicable properties would trigger liability under the agreements of approximately $20.4 million. Based on information available, the Company does not believe that the events resulting in damages as detailed above have occurred or are likely to occur in the foreseeable future.

In the normal course of business, the Company enters into various types of commitments to purchase real estate properties. These commitments are generally subject to the Company’s customary due diligence process and, accordingly, a number of specific conditions must be met before the Company is obligated to purchase the properties.

Obligations Under Operating and Finance Leases

As described in Note 2, the Company is a lessee under non-cancelable operating and finance leases associated with its corporate headquarters and other office spaces as well as ground leases. The Company’s obligations under leases primarily consist of a lease for the Company’s corporate office space, which expires in October 2033 and was determined to be an operating lease. The lease contains two five-year extension options, exercisable at the Company’s discretion, that are not reasonably certain to be exercised, and are therefore excluded from our calculation of the lease liability. The remaining lease obligations primarily consist of ground leases that, in accordance with the terms of our leases, are typically required to be reimbursed by our tenants. The Company remains primarily responsible for ground leases in the event a tenant is unable to pay. Ground lease expense for properties that are under development by the Company are capitalized to property under development until the development reaches substantial completion. The weighted average discount rate on our operating and finance leases is 8.3%. The weighted average years remaining on our operating and finance leases is 27.1 years.

The following table summarizes the total lease costs associated with operating and finance leases:

		For the Three Months Ended March 31,
(in thousands)	Financial Statement Presentation	2025		2024
Operating lease costs:
Office leases	General and administrative	$	252	$	254
Ground leases	Property and operating expense		33		43
Ground leases - development properties	Property under development		55		—
Variable lease costs - ground leases	Property and operating expense		20		12
Financing lease costs:
Amortization of right-of-use assets	Depreciation and amortization		9		—
Interest expense on lease liabilities	Interest expense		45		—
Total lease cost		$	414	$	309

The following table summarizes payments associated with obligations under operating and finance 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)	2025		2024
Operating lease payments	$	392	$	152
Financing lease payments		36		—
Total	$	428	$	152

At March 31, 2025, minimum future rental payments due from the Company for operating and finance leases over the next five years and thereafter are as follows:

(in thousands)	Operating Leases			Financing Leases
Remainder of 2025	$	975		$	163
2026		1,306			218
2027		1,251			218
2028		1,134			218
2029		1,174			238
Thereafter		15,834			18,306
Total undiscounted lease payments		21,674			19,361
Present value adjustment for remaining lease payments		(11,636	)		(16,672	)
Total lease liability	$	10,038		$	2,689

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Subsequent Events

3 Months Ended

Mar. 31, 2025

Subsequent Events [Abstract]

Subsequent Events

17. Subsequent Events

On April 15, 2025, the Company paid distributions totaling $57.3 million.

On April 24, 2025, the Board of Directors declared a quarterly distribution of $0.29 per share on the Company’s common stock and OP Units for the second quarter of 2025, which will be payable on or before July 15, 2025 to stockholders and OP Unit holders of record as of June 30, 2025.

Subsequent to March 31, 2025, the Company borrowed $78.5 million, and paid down $25.5 million on the unsecured revolving credit facility, the proceeds of which were used to fund investment activity and for general corporate purposes.

Subsequent to March 31, 2025, the Company acquired approximately $8.5 million of land to be developed in connection with a $78.2 million build-to-suit transaction expected to fund in multiple draws through August 2026. (see Note 3).

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Summary of Significant Accounting Policies (Policies)

3 Months Ended

Mar. 31, 2025

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) and Article 10 of the Securities and Exchange Commission’s (“SEC”) Regulation S-X. Accordingly, the Company has omitted certain footnote disclosures which would substantially duplicate those contained within the audited consolidated financial statements for the year ended December 31, 2024, included in the Company’s 2024 Annual Report on Form 10-K, filed with the SEC on February 20, 2025. Therefore, the readers of this quarterly report should refer to those audited consolidated financial statements, specifically Note 2, Summary of Significant Accounting Policies, for further discussion of significant accounting policies and estimates. The Company believes all adjustments necessary for a fair presentation have been included in these interim Condensed Consolidated Financial Statements (which include only normal recurring adjustments).

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.

When the Company obtains an economic interest in an entity, the entity is evaluated to determine if it should be deemed a variable interest entity (“VIE”) and, if so, whether the Company is the primary beneficiary and is therefore required to consolidate the entity. The accounting guidance for consolidation of VIEs is applied to certain entities in which the equity investors do not have the characteristics of a controlling financial interest or do not have sufficient equity at risk for the entity to finance its activities without additional subordinated financial support from other parties. Certain decision-making rights within a loan or joint-venture agreement may cause us to consider an entity a VIE. The contractual arrangements in a partnership agreement or other related contracts are reviewed to determine whether the entity is a VIE, and if the Company has variable interests in the VIE. The Company’s variable interests are then compared to those of the other variable interest holders to determine which party is the primary beneficiary of the VIE. A primary beneficiary: (i) has the power to direct the activities that most significantly impact the economic performance of the VIE and (ii) has the obligation to absorb losses or the right to receive benefits of the VIE that could potentially be significant to the VIE. The Company reassesses the initial evaluation of whether an entity is a VIE when certain events occur, and reassesses the primary beneficiary determination of a VIE on an ongoing basis based on current facts and circumstances. To the extent the Company has a variable interest in entities that are not evaluated under the VIE model, the Company 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 Company has a 98.1% ownership interest in a VIE. The Company is the primary beneficiary as it: (i) has the power to direct the activities that significantly impact the economic performance of the VIE, and (ii) has the obligation to absorb losses and the right to receive benefits of the VIE, and therefore consolidates the VIE. The following table presents a summary of selected financial data of the consolidated VIE included in the Condensed Consolidated Balance Sheets:

(in thousands)	March 31, 2025			December 31, 2024
Assets
Accounted for using the operating method:
Land	$	7,644		$	7,644
Land improvements		2,697			2,578
Buildings and improvements		40,121			39,899
Total accounted for using the operating method		50,462			50,121
Less accumulated depreciation		(1,131	)		(821	)
Accounted for using the operating method, net		49,331			49,300
Intangible lease assets, net		2,826			3,243
Other assets		4,124			3,248
Total assets	$	56,281		$	55,791
Liabilities
Intangible lease liabilities, net	$	490		$	512
Other liabilities		660			467
Total liabilities	$	1,150		$	979

From time to time, the Company acquires properties using a reverse like-kind exchange structure pursuant to Section 1031 of the Internal Revenue Code (a “reverse 1031 exchange”) and, as such, the properties are in the possession of an Exchange Accommodation Titleholder (“EAT”) until the reverse 1031 exchange is completed. The EAT is classified as a VIE as it is a “thinly capitalized” entity. The Company consolidates the EAT because it is the primary beneficiary as it has the ability to control the activities that most significantly impact the EAT's economic performance and can collapse the reverse 1031 exchange structure at its discretion. The assets of the EAT primarily consist of leased property (net real estate investment in rental property and lease intangibles).

The portions of a consolidated entity not owned by the Company are 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. Accordingly, actual results may differ from those estimates.

Investment in Property Under Development

Investment in Property Under Development

Land acquired for development and construction and improvement costs incurred in connection with the development of new properties are capitalized and recorded as Property under development in the accompanying Condensed Consolidated Balance Sheets until construction has been completed. Such capitalized costs include all direct and indirect costs related to planning, development, and construction, including interest, real estate taxes, and other miscellaneous costs incurred during the construction period. Once substantially complete, the property under development is placed in service and depreciation commences. The following tables summarize the Company’s investments in property under development:

(in thousands)	March 31, 2025		December 31, 2024
Development, construction and improvement costs	$	35,112	$	18,725
Capitalized interest		380		59
Property under development	$	35,492	$	18,784

	For the Three Months Ended March 31,
(in thousands)	2025		2024
Investment in properties under development, excluding capitalized costs	$	16,387	$	36,859
Capital expenditures funded after substantial completion		10,383		—

Long-lived Asset Impairment

Long-lived Asset Impairment

The Company reviews long-lived assets to be held and used for possible impairment when events or changes in circumstances indicate that their carrying amounts may not be recoverable. If, and when, such events or changes in circumstances are present, an impairment exists to the extent the carrying value of the long-lived asset or asset group exceeds the sum of the undiscounted cash flows expected to result from the use of the long-lived asset or asset group and its eventual disposition. Such cash flows include expected future operating income, as adjusted for trends and prospects, as well as the effects of demand, competition, and other factors. An impairment loss is measured as the amount by which the carrying amount of the long-lived asset or asset group exceeds its fair value. Significant judgment is made to determine if and when impairment should be taken. The Company’s assessment of impairment as of March 31, 2025 and 2024, was based on the most current information available to the Company. Certain of the Company’s properties may have fair values less than their carrying amounts. However, based on the Company’s plans with respect to each of those properties, the Company believes that their carrying amounts are recoverable and therefore, no impairment charges were recognized other than those described below. If the operating conditions mentioned above deteriorate or if the Company’s expected holding period for assets changes, subsequent tests for impairment could result in additional impairment charges in the future.

Inputs used in establishing fair value for impaired 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 and information obtained from brokers and other third party sources. The Company determines the valuation of impaired assets using generally accepted valuation techniques including discounted cash flow analysis, income capitalization, analysis of recent comparable sales transactions, actual sales negotiations, and bona fide purchase offers received from third parties. Management may consider a single valuation technique or multiple valuation techniques, as appropriate, when estimating the fair value of its real estate.

The following table summarizes the Company’s impairment charges, resulting primarily from changes in the Company’s long-term hold strategy with respect to the individual properties:

	For the Three Months Ended March 31,
(in thousands, except number of properties)	2025		2024
Number of properties	7			12
Impairment charge	$	16,128	$	26,400

During the three months ended March 31, 2025 and 2024, the Company recognized impairment of $16.1 million and $26.4 million, respectively, resulting from changes in the Company’s long-term hold strategy with respect to the individual properties. The impairments for the three months ended March 31, 2025 are based on actual and expected sales prices of individual properties and primarily include a $12.5 million impairment charge on two healthcare properties. The impairments for the three months ended March 31, 2024 were based on actual and expected sales prices of the individual properties and include a $15.2 million impairment charge on a healthcare property and an $11.2 million impairment charge on 11 healthcare properties sold as part of a portfolio with a gain of $59.1 million, excluding any impairment.

Restricted Cash

Restricted Cash

Restricted cash generally includes escrow funds the Company maintains pursuant to the terms of certain mortgages, lease agreements, and undistributed proceeds from the sale of properties under Section 1031 of the Internal Revenue Code of 1986, as amended (the “Code”), and is reported within Prepaid expenses and other assets in the Condensed Consolidated Balance Sheets. Restricted cash consisted of the following:

	March 31,		December 31,
(in thousands)	2025		2024
Escrow funds and other	$	1,428	$	1,148

Rent Received in Advance

Rent Received in Advance

Rent received in advance represents tenant rent payments received prior to the contractual due date, and is included in Accounts payable and other liabilities in the Condensed Consolidated Balance Sheets. Rent received in advance consisted of the following:

(in thousands)	March 31, 2025		December 31, 2024
Rent received in advance	$	18,566	$	16,616

Segment Reporting

Segment Reporting

The Company currently operates in a single reportable segment, which includes the acquisition, leasing, and ownership of net leased properties. The Company’s chief operating decision maker (“CODM”) is the Company’s senior leadership team, which includes, the Chief Executive Officer, President and Chief Operating Officer, Chief Financial Officer and Treasurer, and the Company’s Senior Vice Presidents. The CODM assesses, measures, and reviews the operating and financial results at the consolidated level for the entire portfolio based on consolidated revenues, expenses, and net income as reported on the Consolidated Statements of Income and Comprehensive Income. The Company does not evaluate the results of operations based on geography, size, or property type.

Fair Value Measurements

Fair Value Measurements

Recurring Fair Value Measurements

The balances of financial instruments measured at fair value on a recurring basis are as follows (see Note 9):

	March 31, 2025
(in thousands)	Total			Level 1		Level 2			Level 3
Interest rate swap, assets	$	29,681		$	—	$	29,681		$	—
Interest rate swap, liabilities		(3,353	)		—		(3,353	)		—

	December 31, 2024
(in thousands)	Total		Level 1		Level 2		Level 3
Interest rate swap, assets	$	46,220	$	—	$	46,220	$	—

Long-term Debt – The fair value of the Company’s debt was estimated using Level 1, Level 2, and Level 3 inputs based on recent secondary market trades of the Company’s 2031 Senior Unsecured Public Notes (see Note 7), recent comparable financing transactions, recent market risk premiums for loans of comparable quality, Secured Overnight Financing Rate (“SOFR”), Canadian Overnight Repo Rate Average (“CORRA”), U.S. Treasury obligation interest rates, and 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 in the Condensed Consolidated Balance Sheets and the Company’s estimate of the fair value of the unsecured revolving credit facility, mortgages, unsecured term loans, and senior unsecured notes which reflects the fair value of interest rate swaps:

(in thousands)	March 31, 2025		December 31, 2024
Carrying amount	$	2,000,439	$	1,919,927
Fair value		1,911,861		1,794,821

Non-recurring Fair Value Measurements

The Company’s non-recurring fair value measurements at March 31, 2025 and December 31, 2024 consisted of the fair value of impaired real estate assets that were determined using Level 3 inputs.

Right-of-Use Assets and Lease Liabilities

Right-of-Use Assets and Lease Liabilities

The Company is a lessee under non-cancelable operating and finance 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 and finance leases were included in the accompanying Condensed Consolidated Balance Sheets as follows:

		March 31,		December 31,
(in thousands)	Financial Statement Presentation	2025		2024
Right-of-use assets - operating leases	Prepaid expenses and other assets	$	10,077	$	10,239
Lease liabilities - operating leases	Accounts payable and other liabilities		10,038		10,186
Right-of-use assets - financing leases	Prepaid expenses and other assets		2,255		—
Lease liabilities - financing leases	Accounts payable and other liabilities		2,689		—

Refer to Note 16 for obligations under operating and finance leases.

Rental Expense

Rental Expense

Rental expense associated with operating leases is recorded on a straight-line basis over the term of each lease, for leases that have fixed and measurable rent escalations. The difference between rental expense incurred on a straight-line basis and the cash rental payments due under the provisions of the lease is recorded as part of the right-of-use asset in the accompanying March 31, 2025 and 2024 Condensed Consolidated Balance Sheets. Rental expense associated with finance leases is recorded as interest expense on the lease liability and amortization expense on the right-of-use asset. Amounts associated with percentage rent provisions based on the achievement of sales targets are recognized as variable rental expense when achievement of the sales targets are considered probable.

Recently Issued Accounting Standards

Recently Issued Accounting Standards

In November 2024, the FASB issued ASU 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40) (“ASU 2024-03”). ASU 2024-03 requires a public entity to disclose additional information about specific expense categories in the notes to financial statements on an annual and interim basis. The amendments are effective for annual periods beginning after December 15, 2026, and interim periods beginning after December 15, 2027, with early adoption permitted. The Company will have the election to apply the amendments either prospectively to financial statements issued for reporting periods after the effective date of this ASU or retrospectively to any or all prior periods presented in the financial statements. While this update will result in enhanced disclosures, the Company does not expect it will have a material impact on the Company’s financial statements.

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Business Description (Tables)

3 Months Ended

Mar. 31, 2025

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 Company:

	March 31, 2025									December 31, 2024
(in thousands)	Shares of Common Stock			OP Units			Total Diluted Shares			Shares of Common Stock			OP Units			Total Diluted Shares
Ownership interest		189,073			8,402			197,475			188,626			8,646			197,272
Percent ownership of OP		95.7	%		4.3	%		100.0	%		95.6	%		4.4	%		100.0	%

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Summary of Significant Accounting Policies (Tables)

3 Months Ended

Mar. 31, 2025

Accounting Policies [Abstract]

Schedule of Condensed Consolidated Balance Sheets

The following table presents a summary of selected financial data of the consolidated VIE included in the Condensed Consolidated Balance Sheets:

(in thousands)	March 31, 2025			December 31, 2024
Assets
Accounted for using the operating method:
Land	$	7,644		$	7,644
Land improvements		2,697			2,578
Buildings and improvements		40,121			39,899
Total accounted for using the operating method		50,462			50,121
Less accumulated depreciation		(1,131	)		(821	)
Accounted for using the operating method, net		49,331			49,300
Intangible lease assets, net		2,826			3,243
Other assets		4,124			3,248
Total assets	$	56,281		$	55,791
Liabilities
Intangible lease liabilities, net	$	490		$	512
Other liabilities		660			467
Total liabilities	$	1,150		$	979

Schedule of Investments in Property Under Development

The following tables summarize the Company’s investments in property under development:

(in thousands)	March 31, 2025		December 31, 2024
Development, construction and improvement costs	$	35,112	$	18,725
Capitalized interest		380		59
Property under development	$	35,492	$	18,784

	For the Three Months Ended March 31,
(in thousands)	2025		2024
Investment in properties under development, excluding capitalized costs	$	16,387	$	36,859
Capital expenditures funded after substantial completion		10,383		—

Summary of Impairment Charge

The following table summarizes the Company’s impairment charges, resulting primarily from changes in the Company’s long-term hold strategy with respect to the individual properties:

	For the Three Months Ended March 31,
(in thousands, except number of properties)	2025		2024
Number of properties	7			12
Impairment charge	$	16,128	$	26,400

Summary of Restricted Cash

Restricted cash consisted of the following:

	March 31,		December 31,
(in thousands)	2025		2024
Escrow funds and other	$	1,428	$	1,148

Summary of Rents Received in Advance

Rent received in advance consisted of the following:

(in thousands)	March 31, 2025		December 31, 2024
Rent received in advance	$	18,566	$	16,616

Balances of Financial Instruments Measured at Fair Value on Recurring Basis

The balances of financial instruments measured at fair value on a recurring basis are as follows (see Note 9):

	March 31, 2025
(in thousands)	Total			Level 1		Level 2			Level 3
Interest rate swap, assets	$	29,681		$	—	$	29,681		$	—
Interest rate swap, liabilities		(3,353	)		—		(3,353	)		—

	December 31, 2024
(in thousands)	Total		Level 1		Level 2		Level 3
Interest rate swap, assets	$	46,220	$	—	$	46,220	$	—

Summary of Carrying Amount Reported on Condensed Consolidated Balance Sheets

The following table summarizes the carrying amount reported in the Condensed Consolidated Balance Sheets and the Company’s estimate of the fair value of the unsecured revolving credit facility, mortgages, unsecured term loans, and senior unsecured notes which reflects the fair value of interest rate swaps:

(in thousands)	March 31, 2025		December 31, 2024
Carrying amount	$	2,000,439	$	1,919,927
Fair value		1,911,861		1,794,821

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 and finance leases were included in the accompanying Condensed Consolidated Balance Sheets as follows:

		March 31,		December 31,
(in thousands)	Financial Statement Presentation	2025		2024
Right-of-use assets - operating leases	Prepaid expenses and other assets	$	10,077	$	10,239
Lease liabilities - operating leases	Accounts payable and other liabilities		10,038		10,186
Right-of-use assets - financing leases	Prepaid expenses and other assets		2,255		—
Lease liabilities - financing leases	Accounts payable and other liabilities		2,689		—

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Acquisitions of Rental Property (Tables)

3 Months Ended

Mar. 31, 2025

Business Combinations [Abstract]

Acquisitions of Rental Property Closed

The Company closed on the following acquisitions during the three months ended March 31, 2025:

(in thousands, except number of properties)		Number of		Real Estate
Date	Property Type	Properties		Acquisition Price
January 28, 2025	Retail		1	$	9,871
February 13, 2025	Retail		1		495	(a)
March 11, 2025	Industrial		1		41,088
March 28, 2025	Retail		4		8,045
			7	$	59,499	(b)

(a)Acquisition of land to be developed in connection with a $1.7 million build-to-suit transaction expected to fund in multiple draws through May 2025.

(b)Acquisition price excludes capitalized acquisition costs of $2.0 million.

Subsequent to March 31, 2025, the Company closed on the following acquisitions (see Note 17):

(in thousands, except number of properties)		Number of		Real Estate
Date	Property Type	Properties		Acquisition Price
April 24, 2025	Industrial		1	$	8,500	(e)

(e)Acquisition of land to be developed in connection with a $78.2 million build-to-suit transaction expected to fund in multiple draws through August 2026.

Summary of Allocation of Purchase Price

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 March 31,
(in thousands)	2025
Land	$	3,720
Land improvements		1,569
Buildings and improvements		49,858
Property under development		824
Acquired in-place leases (c)		6,053
Acquired below-market leases (d)		(145	)
Right-of-use asset		2,262
Lease liability		(2,681	)
	$	61,460

(c)The weighted average amortization period for acquired in-place leases is 13 years for acquisitions completed during the three months ended March 31, 2025.

(d)The weighted average amortization period for acquired below-market leases is 14 years for acquisitions completed during the three months ended March 31, 2025.

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Sale of Real Estate (Tables)

3 Months Ended

Mar. 31, 2025

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)	2025			2024
Number of properties disposed		3			37
Aggregate sale price	$	7,808		$	251,752
Aggregate carrying value		(7,385	)		(189,373	)
Additional sales expenses		(18	)		(3,247	)
Gain on sale of real estate	$	405		$	59,132

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Investment in Rental Property and Lease Arrangements (Tables)

3 Months Ended

Mar. 31, 2025

Leases [Abstract]

Rental Property Subject to Non-cancelable Operating Leases

Depreciation expense on investment in rental property was as follows:

	For the Three Months Ended March 31,
(in thousands)	2025		2024
Depreciation	$	31,459	$	29,994

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, 2025 are as follows:

(in thousands)
Remainder of 2025	$	301,712
2026		413,173
2027		406,300
2028		390,436
2029		379,398
Thereafter		2,930,500
	$	4,821,519

Since lease renewal periods are exercisable at the option of the tenant, the above amounts only include future lease payments due during the initial lease terms. Such amounts exclude any potential variable rent increases that are based on changes in the CPI or future variable rents which may be received under the leases based on a percentage of the tenant’s gross sales. Additionally, certain of our leases provide tenants with the option to terminate their leases in exchange for termination penalties, or that are contingent upon the occurrence of a future event. Future lease payments within the table above have not been adjusted for these termination rights.

Net Investment in Direct Financing Leases

The Company’s net investment in direct financing leases was comprised of the following:

(in thousands)	March 31, 2025			December 31, 2024
Undiscounted estimated lease payments to be received	$	31,169		$	31,983
Estimated unguaranteed residual values		14,547			14,547
Unearned revenue		(19,618	)		(20,277	)
Reserve for credit losses		(99	)		(99	)
Net investment in direct financing leases	$	25,999		$	26,154

Direct Financing Leases, Lease Receivable Maturity

Undiscounted estimated lease payments to be received under non-cancelable direct financing leases with tenants at March 31, 2025 are as follows:

(in thousands)
Remainder of 2025	$	2,470
2026		3,357
2027		3,426
2028		3,496
2029		3,561
Thereafter		14,859
	$	31,169

Summary of Amounts Reported as Lease Revenues, Net on the Consolidated Statements of Income and Comprehensive Income

The following table summarizes amounts reported as Lease revenues, net in the Condensed Consolidated Statements of Income and Comprehensive (Loss) Income:

	For the Three Months Ended March 31,
(in thousands)	2025			2024
Contractual rental amounts billed for operating leases	$	99,314		$	97,549
Adjustment to recognize contractual operating lease billings    on a straight-line basis		6,064			5,104
Net write-offs of accrued rental income		(2,228	)		(2,556	)
Variable rental amounts earned		680			598
Earned income from direct financing leases		682			682
Interest income from sales-type leases		14			14
Operating expenses billed to tenants		4,944			5,105
Other income from real estate transactions		77			66
Adjustment to revenue recognized for uncollectible rental    amounts billed, net		(857	)		(1,196	)
Total lease revenues, net	$	108,690		$	105,366

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Intangible Assets and Liabilities, and Leasing Fees (Tables)

3 Months Ended

Mar. 31, 2025

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 leasing fees, and related accumulated amortization:

(in thousands)	March 31, 2025			December 31, 2024
Lease intangibles:
Acquired above-market leases	$	39,729		$	39,786
Less accumulated amortization		(19,183	)		(18,599	)
Acquired above-market leases, net		20,546			21,187
Acquired in-place leases		407,432			406,146
Less accumulated amortization		(163,902	)		(159,695	)
Acquired in-place leases, net		243,530			246,451
Total intangible lease assets, net	$	264,076		$	267,638
Acquired below-market leases	$	93,354		$	94,513
Less accumulated amortization		(46,517	)		(45,782	)
Intangible lease liabilities, net	$	46,837		$	48,731
Leasing fees	$	21,755		$	21,781
Less accumulated amortization		(6,840	)		(6,495	)
Leasing fees, net	$	14,915		$	15,286

Schedule of Amortization of Intangible Lease Assets and Liabilities

Amortization of intangible lease assets and liabilities, and leasing fees was as follows:

(in thousands)		For the Three Months Ended March 31,
Intangible	Financial Statement Presentation	2025		2024
Acquired in-place leases and leasing fees	Depreciation and amortization	$	7,944	$	7,696
Above-market and below-market leases	Lease revenues, net		1,065		1,021

Schedule of Finite-Lived Intangible Assets, Future Amortization Expense

Estimated future amortization of intangible assets and liabilities, and leasing fees at March 31, 2025 is as follows:

(in thousands)
Remainder of 2025	$	19,940
2026		25,718
2027		23,915
2028		21,645
2029		20,045
Thereafter		120,891
	$	232,154

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Unsecured Credit Agreements (Tables)

3 Months Ended

Mar. 31, 2025

Debt Instrument [Line Items]

Summary of Debt Issuance Cost Amortization

The following table summarizes debt issuance cost and original issuance discount amortization:

	For the Three Months Ended March 31,
(in thousands)	2025		2024
Debt issuance costs and original issuance discount amortization	$	1,237	$	983

Unsecured Debt

Debt Instrument [Line Items]

Summary of Unsecured Credit Agreements

The following table summarizes the Company’s unsecured credit agreements:

	Outstanding Balance
(in thousands, except interest rates)	March 31, 2025			December 31, 2024			Interest Rate	Maturity Date
Unsecured revolving credit facility	$	174,122		$	93,014		Applicable reference rate + 0.85% (a)	Mar. 2029 (d)
Unsecured term loans:
2026 Unsecured Term Loan		—			400,000		one-month adjusted SOFR + 1.00% (b)	Feb. 2026 (e)
2027 Unsecured Term Loan		200,000			200,000		daily simple adjusted SOFR + 0.95% (c)	Aug. 2027
2028 Unsecured Term Loan		400,000			—		one-month adjusted SOFR + 0.95% (b)	Mar. 2028
2029 Unsecured Term Loan		300,000			300,000		daily simple adjusted SOFR + 1.25% (c)	Aug. 2029
Total unsecured term loans		900,000			900,000
Unamortized debt issuance costs, net		(6,495	)		(2,799	)
Total unsecured term loans, net		893,505			897,201
Senior unsecured notes:
2027 Senior Unsecured Notes - Series A		150,000			150,000		4.84%	Apr. 2027
2028 Senior Unsecured Notes - Series B		225,000			225,000		5.09%	Jul. 2028
2030 Senior Unsecured Notes - Series C		100,000			100,000		5.19%	Jul. 2030
2031 Senior Unsecured Public Notes		375,000			375,000		2.60%	Sep. 2031
Total senior unsecured notes		850,000			850,000
Unamortized debt issuance costs and    original issuance discount, net		(3,748	)		(3,936	)
Total senior unsecured notes, net		846,252			846,064
Total unsecured debt, net	$	1,913,879		$	1,836,279

(a)At March 31, 2025 and December 31, 2024, a balance of $104.3 million and $23.5 million, respectively, was subject to daily simple SOFR. The remaining balance of $100.0 million Canadian Dollars (“CAD”) borrowings remeasured to $69.8 million United States Dollars (“USD”) and $69.5 million USD, at March 31, 2025 and December 31, 2024, respectively, and was subject to daily simple CORRA of 2.77% and 3.32% at March 31, 2025 and December 31, 2024, respectively.

(b)At March 31, 2025 and December 31, 2024, one-month SOFR was 4.32% and 4.33%, respectively.

(c)At March 31, 2025 and December 31, 2024, overnight SOFR was 4.41% and 4.49%, respectively.

(d)The Company’s unsecured revolving credit facility contains two six-month extension options subject to certain conditions, including the payment of an extension fee equal to 0.0625% of the revolving commitments.

(e)The 2026 Unsecured Term Loan was paid in full on February 28, 2025, with borrowings from the 2028 Unsecured Term Loan.

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Mortgages (Tables)

3 Months Ended

Mar. 31, 2025

Debt Instrument [Line Items]

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 7) at March 31, 2025 are as follows:

(in thousands)
Remainder of 2025	$	19,601
2026		16,843
2027		351,596
2028		663,277
2029		474,122
Thereafter		475,000
	$	2,000,439

Secured Debt

Debt Instrument [Line Items]

Summary of Unsecured Credit Agreements

The Company’s mortgages consist of the following:

(in thousands, except interest rates)	Origination	Maturity	Interest	March 31,			December 31,
Lender	Date	Date	Rate	2025			2024
Wilmington Trust National Association	Apr. 2019	Feb. 2028	4.92%	$	42,476		$	42,838		(a) (b) (c) (d)
Wilmington Trust National Association	Jun. 2018	Aug. 2025	4.36%		18,166			18,283		(a) (b) (c) (d)
PNC Bank	Oct. 2016	Nov. 2026	3.62%		15,675			15,792		(b) (c)
Total mortgages					76,317			76,913
Debt issuance costs, net					(57	)		(67	)
Mortgages, net				$	76,260		$	76,846

(a)Non-recourse debt includes the indemnification/guaranty of the Company pertaining to fraud, environmental claims, insolvency, and other matters.

(b)Debt secured by related rental property and lease rents.

(c)Debt secured by guaranty of the OP.

(d)Mortgage was assumed as part of the acquisition of the related property. The debt was recorded at fair value at the time of assumption.

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Interest Rate Swaps (Tables)

3 Months Ended

Mar. 31, 2025

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)						March 31, 2025						December 31, 2024
Counterparty	Maturity Date	Fixed Rate			Variable Rate Index	Notional Amount			Fair Value			Notional Amount			Fair Value
Effective Swaps: (a)
Bank of Montreal	January 2025		1.91	%	daily compounded SOFR	$	—		$	—		$	25,000		$	2
Truist Financial Corporation	April 2025		2.20	%	daily compounded SOFR		25,000			—			25,000			137
Bank of Montreal	July 2025		2.32	%	daily compounded SOFR		25,000			130			25,000			250
Truist Financial Corporation	July 2025		1.99	%	daily compounded SOFR		25,000			151			25,000			290
Truist Financial Corporation	December 2025		2.30	%	daily compounded SOFR		25,000			342			25,000			471
Bank of Montreal	January 2026		1.92	%	daily compounded SOFR		25,000			416			25,000			569
Bank of Montreal	January 2026		2.05	%	daily compounded SOFR		40,000			627			40,000			860
Capital One, National Association	January 2026		2.08	%	daily compounded SOFR		35,000			542			35,000			743
Truist Financial Corporation	January 2026		1.93	%	daily compounded SOFR		25,000			415			25,000			567
Capital One, National Association	April 2026		2.68	%	daily compounded SOFR		15,000			203			15,000			280
Capital One, National Association	July 2026		1.32	%	daily compounded SOFR		35,000			1,129			35,000			1,454
Bank of Montreal	December 2026		2.33	%	daily compounded SOFR		10,000			254			10,000			346
Bank of Montreal	December 2026		1.99	%	daily compounded SOFR		25,000			780			25,000			1,030
Toronto-Dominion Bank	March 2027		2.46	%	daily compounded CORRA		13,964	(b)		44			13,903	(b)		166
Wells Fargo Bank, N.A.	April 2027		2.72	%	daily compounded SOFR		25,000			517			25,000			757
Bank of Montreal	December 2027		2.37	%	daily compounded SOFR		25,000			892			25,000			1,230
Capital One, National Association	December 2027		2.37	%	daily compounded SOFR		25,000			888			25,000			1,227
Wells Fargo Bank, N.A.	January 2028		2.37	%	daily compounded SOFR		75,000			2,674			75,000			3,693
Bank of Montreal	May 2029		2.09	%	daily compounded SOFR		25,000			1,563			25,000			2,024
Regions Bank	May 2029		2.11	%	daily compounded SOFR		25,000			1,538			25,000			1,999
Regions Bank	June 2029		2.03	%	daily compounded SOFR		25,000			1,620			25,000			2,085
U.S. Bank National Association	June 2029		2.03	%	daily compounded SOFR		25,000			1,622			25,000			2,087
Regions Bank	August 2029		2.58	%	one-month SOFR		100,000			4,015			100,000			5,799
Toronto-Dominion Bank	August 2029		2.58	%	one-month SOFR		45,000			1,835			45,000			2,642
U.S. Bank National Association	August 2029		2.65	%	one-month SOFR		15,000			568			15,000			835
U.S. Bank National Association	August 2029		2.58	%	one-month SOFR		100,000			4,033			100,000			5,820
U.S. Bank National Association	August 2029		1.35	%	daily compounded SOFR		25,000			2,387			25,000			2,894
Bank of Montreal	March 2030		3.80	%	daily simple SOFR		80,000			(754	)		80,000			541
JPMorgan Chase Bank, N.A.	March 2030		3.79	%	daily simple SOFR		50,000			(437	)		50,000			371
Regions Bank	March 2032		2.69	%	daily compounded CORRA		13,964	(b)		105			13,903	(b)		358
U.S. Bank National Association	March 2032		2.70	%	daily compounded CORRA		13,964	(b)		102			13,903	(b)		354
Bank of Montreal	March 2034		2.81	%	daily compounded CORRA		27,929	(c)		289			27,805	(c)		846
							1,044,821			28,490			1,069,514			42,727
Forward Starting Swaps: (a) (d)
U.S. Bank National Association	June 2030		3.73	%	daily simple SOFR		70,000			(500	)		70,000			666
Truist Financial Corporation	June 2030		3.73	%	daily simple SOFR		55,000			(405	)		55,000			508
Manufacturers & Traders Trust Company	September 2030		3.71	%	daily simple SOFR		50,000			(355	)		50,000			512
Regions Bank	September 2030		3.69	%	daily simple SOFR		15,000			(101	)		15,000			159
Truist Financial Corporation	September 2030		3.70	%	daily simple SOFR		15,000			(101	)		15,000			159
Toronto-Dominion Bank	December 2030		3.66	%	daily simple SOFR		70,000			(382	)		70,000			846
Regions Bank	December 2030		3.66	%	daily simple SOFR		55,000			(318	)		55,000			643
							330,000			(2,162	)		330,000			3,493
Total Swaps						$	1,374,821		$	26,328		$	1,399,514		$	46,220

(a)The classification between “effective” and “forward starting” swaps is determined as of the most recent period presented.

(b)The contractual notional amount is $20.0 million CAD.

(c)The contractual notional amount is $40.0 million CAD.

(d)Forward starting swaps have effective dates that are five years prior to each respective maturity date.

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 (Loss) Income, from converting from variable rates to fixed rates under these agreements were as follows:

	Amount of (Loss) Gain			Reclassification from			Total Interest Expense
	Recognized in			Accumulated Other			Presented in the Condensed
	Accumulated Other			Comprehensive Income			Consolidated Statements of
(in thousands)	Comprehensive				Amount of		Income and Comprehensive
For the Three Months Ended March 31,	Income			Location	Gain		(Loss) Income
2025	$	(19,892	)	Interest expense	$	4,733	$	20,074
2024		11,804		Interest expense		7,548		18,578

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Non-Controlling Interests (Tables)

3 Months Ended

Mar. 31, 2025

Noncontrolling Interest [Abstract]

Schedule of OP Units Exchanged for Shares of Common Stock

The following table summarizes OP Units exchanged for shares of common stock:

	For the Three Months Ended March 31,
(in thousands)	2025		2024
OP Units exchanged for shares of common stock		244		95
Value of units exchanged	$	3,882	$	1,536

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Equity (Tables)

3 Months Ended

Mar. 31, 2025

Equity [Abstract]

Summary of Information About Company's ATM Program

Company replaced its prior $400.0 million ATM Program (“2021 ATM Program”) with a new $400.0 million ATM Program (“2024 ATM Program”), and the 2021 ATM Program was simultaneously terminated.

The following table presents information about the Company’s ATM Programs:

(in thousands)
Program Year	Program Size		Aggregate Gross Sales		Shares Issued
2021 (a)	$	400,000	$	254,620		11,542
2024		400,000		40,003		2,188

(a)ATM Program has been terminated and no future issuance will occur.

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Stock-Based Compensation (Tables)

3 Months Ended

Mar. 31, 2025

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 March 31,
(in thousands)	2025		2024
Compensation cost	$	1,342	$	1,043
Dividends declared on unvested RSAs		313		295
Fair value of shares vested during the period		2,887		3,207

Summary of Restricted Stock Activity

The following table presents information about the Company’s restricted stock activity:

	For the Three Months Ended March 31,
	2025					2024
(in thousands, except per share amounts)	Number of Shares			Weighted Average Grant Date Fair Value per Share		Number of Shares			Weighted Average Grant Date Fair Value per Share
Unvested at beginning of period		989		$	15.51		492		$	18.63
Granted		266			16.85		778			14.74
Vested		(172	)		16.72		(209	)		19.26
Forfeited		(3	)		16.13		(25	)		19.02
Unvested at end of period		1,080			15.64		1,036			15.57

Performance-based Restricted Stock Units

Share Based Compensation Arrangement By Share Based Payment Award [Line Items]

Summary of Restricted Stock

The following table presents compensation cost recognized on the Company’s performance-based restricted stock units:

	For the Three Months Ended March 31,
(in thousands)	2025		2024
Compensation cost	$	805	$	432

Summary of Restricted Stock Activity

The following table presents information about the Company’s performance-based restricted stock unit activity:

	For the Three Months Ended March 31,
	2025					2024
(in thousands, except per share amounts)	Number of Shares			Weighted Average Grant Date Fair Value per Share		Number of Shares			Weighted Average Grant Date Fair Value per Share
Unvested at beginning of period		433		$	20.90		351		$	24.90
Granted		247			21.12		202			15.84
Vested		(74	)		27.93		(88	)		24.40
Forfeited		—			—		(19	)		25.09
Unvested at end of period		606			20.13		446			20.89

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Earnings per Share (Tables)

3 Months Ended

Mar. 31, 2025

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)	2025			2024
Basic earnings:
Net earnings attributable to Broadstone Net Lease, Inc. common    shareholders	$	16,743		$	65,114
Less: earnings allocated to unvested restricted shares		(310	)		(358	)
Net earnings used to compute basic earnings per common share	$	16,433		$	64,756
Diluted earnings:
Net earnings used to compute basic earnings per common share	$	16,433		$	64,756
Add: net earnings attributable to OP Unit holders		750			3,063
Add: undistributed earnings allocated to unvested restricted shares		—			63
Less: undistributed earnings reallocated to unvested restricted shares		—			(60	)
Net earnings used to compute diluted earnings per common share	$	17,183		$	67,822
Weighted average number of common shares outstanding		188,882			187,953
Less: weighted average unvested restricted shares (a)		(1,017	)		(663	)
Weighted average number of common shares outstanding used in    basic earnings per common share		187,865			187,290
Add: effects of restricted stock units (b)		573			285
Add: effects of convertible OP Units (c)		8,460			8,842
Weighted average number of common shares outstanding used in    diluted earnings per common share		196,898			196,417
Basic and diluted earnings per share	$	0.09		$	0.35

(a)Represents the weighted average effects of 1,068,754 and 1,035,194 unvested restricted shares of common stock as of March 31, 2025 and 2024, respectively, which will be excluded from the computation of earnings per share until they vest.

(b)Represents the weighted average effects of shares of common stock to be issued as though the end of the period were the end of the performance period (see Note 13).

(c)Represents the weighted average effects of 8,401,937 and 8,833,236 OP Units outstanding at March 31, 2025 and 2024, respectively.

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Supplemental Cash Flow Disclosures (Tables)

3 Months Ended

Mar. 31, 2025

Supplemental Cash Flow Elements [Abstract]

Schedule of Cash Flow Supplemental

The following table summarizes the Company’s supplemental cash flow information:

	For the Three Months Ended March 31,
(in thousands)	2025		2024
Supplemental disclosures:
Cash paid for interest	$	15,557	$	15,002
Cash paid for income taxes		722		23
Non-cash activities:
Issuance and conversion of OP Units to common stock (a)		3,882		1,536
Dividends declared not yet paid		58,220		56,871

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Commitments and Contingencies (Tables)

3 Months Ended

Mar. 31, 2025

Commitments and Contingencies Disclosure [Abstract]

Summary of Total Lease Costs Associated with Operating and finance leases

The following table summarizes the total lease costs associated with operating and finance leases:

		For the Three Months Ended March 31,
(in thousands)	Financial Statement Presentation	2025		2024
Operating lease costs:
Office leases	General and administrative	$	252	$	254
Ground leases	Property and operating expense		33		43
Ground leases - development properties	Property under development		55		—
Variable lease costs - ground leases	Property and operating expense		20		12
Financing lease costs:
Amortization of right-of-use assets	Depreciation and amortization		9		—
Interest expense on lease liabilities	Interest expense		45		—
Total lease cost		$	414	$	309

Summary of Payments Associated with Obligations Under Operating Leases and finance leases reported as Net cash provided by operating activities

The following table summarizes payments associated with obligations under operating and finance 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)	2025		2024
Operating lease payments	$	392	$	152
Financing lease payments		36		—
Total	$	428	$	152

Summary of Estimated Minimum Future Rental Payments Due from the Company for Operating and Finance Leases Over the Next Five Years and Thereafter

At March 31, 2025, minimum future rental payments due from the Company for operating and finance leases over the next five years and thereafter are as follows:

(in thousands)	Operating Leases			Financing Leases
Remainder of 2025	$	975		$	163
2026		1,306			218
2027		1,251			218
2028		1,134			218
2029		1,174			238
Thereafter		15,834			18,306
Total undiscounted lease payments		21,674			19,361
Present value adjustment for remaining lease payments		(11,636	)		(16,672	)
Total lease liability	$	10,038		$	2,689

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Business Description - Additional Information (Detail)	Mar. 31, 2025 Property
Business Description [Line Items]
Number of leased commercial properties owned	769
Number of States in which properties located	44
Number of provinces	769
UNITED STATES
Business Description [Line Items]
Number of leased commercial properties owned	762
Canadian Provinces
Business Description [Line Items]
Number of leased commercial properties owned	7
Number of provinces	4

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Business Description - Summary of Outstanding Equity and Economic Ownership Interest (Detail) - shares shares in Thousands	Mar. 31, 2025	Dec. 31, 2024
Broadstone Net Lease, LLC
Business Description [Line Items]
Percent ownership of OP, Shares of Common Stock	95.70%	95.60%
Percent ownership of OP, OP Units	4.30%	4.40%
Percent ownership of OP, Total Diluted Shares	100.00%	100.00%
Ownership Interest
Business Description [Line Items]
Shares of Common Stock	189,073	188,626
OP Units	8,402	8,646
Total Diluted Shares	197,475	197,272

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Summary of Significant Accounting Policies - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024	Dec. 31, 2024
Finite-Lived Intangible Assets [Line Items]
Impairment charge on reclassified assets	$ 16,100	$ 26,400
Deferred Gain on Sale of Property		59,100
Capitalized interest	380		$ 59
Capitalized Costs	35,492		$ 18,784
Company Fund in Property Under Development	16,387	36,859
Acquired in-place leases and leasing fees	200
Depreciation and amortization	39,497	37,772
Aggregate sale price	7,808	251,752
Carrying value of property sold	$ 7,385	189,373
Consolidated Entity, Including Consolidated VIE [Member]
Finite-Lived Intangible Assets [Line Items]
Ownership interest, percentage	98.10%
Healthcare Property [Member]
Finite-Lived Intangible Assets [Line Items]
Impairment charge on reclassified assets		15,200
Two Healthcare Properties [Member]
Finite-Lived Intangible Assets [Line Items]
Impairment charge on reclassified assets	$ 12,500
Eleven Healthcare Properties [Member]
Finite-Lived Intangible Assets [Line Items]
Impairment charge on reclassified assets		11,200
Above and Below Market Leases | Lease Revenues, Net
Finite-Lived Intangible Assets [Line Items]
Acquired in-place leases and leasing fees	1,065	1,021
Acquired In-Place Leases | Depreciation and Amortization
Finite-Lived Intangible Assets [Line Items]
Acquired in-place leases and leasing fees	$ 7,944	$ 7,696

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Summary of Significant Accounting Policies - Schedule of Condensed Consolidated Balance Sheets (Details) - USD ($) $ in Thousands	Mar. 31, 2025	Dec. 31, 2024
Assets [Abstract]
Total accounted for using the operating method	$ 5,005,707	$ 4,967,332
Less accumulated depreciation	(694,990)	(672,478)
Accounted for using the operating method, net	4,310,717	4,294,854
Intangible lease assets, net	264,076	267,638
Total assets	5,237,186	5,216,417
Liabilities [Abstract]
Intangible lease liabilities, net	46,837	48,731
Total liabilities	2,156,372	2,074,993
Land
Assets [Abstract]
Total accounted for using the operating method	780,817	778,826
Land Improvements
Assets [Abstract]
Total accounted for using the operating method	360,197	357,142
Buildings and Improvements
Assets [Abstract]
Total accounted for using the operating method	3,848,623	3,815,521
Consolidated Entity, Including Consolidated VIE [Member]
Assets [Abstract]
Total accounted for using the operating method	50,462	50,121
Less accumulated depreciation	(1,131)	(821)
Accounted for using the operating method, net	49,331	49,300
Intangible lease assets, net	2,826	3,243
Other assets	4,124	3,248
Total assets	56,281	55,791
Liabilities [Abstract]
Intangible lease liabilities, net	490	512
Other liabilities	660	467
Total liabilities	1,150	979
Consolidated Entity, Including Consolidated VIE [Member] | Land
Assets [Abstract]
Total accounted for using the operating method	7,644	7,644
Consolidated Entity, Including Consolidated VIE [Member] | Land Improvements
Assets [Abstract]
Total accounted for using the operating method	2,697	2,578
Consolidated Entity, Including Consolidated VIE [Member] | Buildings and Improvements
Assets [Abstract]
Total accounted for using the operating method	$ 40,121	$ 39,899

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Summary of Significant Accounting Policies - Schedule of Investments in Property Under Development (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024	Dec. 31, 2024
Accounting Policies [Abstract]
Development, construction and improvement costs	$ 35,112		$ 18,725
Capitalized interest	380		59
Property under development	35,492		$ 18,784
Investment in properties under development, excluding capitalized costs	16,387	$ 36,859
Capital expenditures funded after substantial completion	$ 10,383	$ 0

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Summary of Significant Accounting Policies - Summary of Impairment Charge (Detail) $ in Thousands	3 Months Ended
	Mar. 31, 2025 USD ($) Property	Mar. 31, 2024 USD ($) Property
Impaired Long-Lived Assets Held and Used [Line Items]
Number of properties | Property	7	12
Impairment charge | $	$ 16,128	$ 26,400

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Summary of Significant Accounting Policies - Summary of Company Properties (Details) - USD ($) $ in Thousands	Mar. 31, 2025	Dec. 31, 2024
Property, Plant and Equipment [Line Items]
Total accounted for using the operating method	$ 5,005,707	$ 4,967,332
Less accumulated depreciation	(694,990)	(672,478)
Accounted for using the operating method, net	4,310,717	4,294,854
Intangible lease assets, net	264,076	267,638
Land
Property, Plant and Equipment [Line Items]
Total accounted for using the operating method	780,817	778,826
Land Improvements
Property, Plant and Equipment [Line Items]
Total accounted for using the operating method	360,197	357,142
Buildings and Improvements
Property, Plant and Equipment [Line Items]
Total accounted for using the operating method	$ 3,848,623	$ 3,815,521

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Summary of Significant Accounting Policies - Summary of Components of Restricted Cash (Detail) - USD ($) $ in Thousands	Mar. 31, 2025	Dec. 31, 2024	Mar. 31, 2024	Dec. 31, 2023
Cash and Cash Equivalents [Abstract]
Escrow funds and other	$ 1,428	$ 1,148
Restricted cash	$ 1,428	$ 1,148	$ 1,038	$ 1,138

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Summary of Significant Accounting Policies - Summary of Rents Received in Advance (Detail) - USD ($) $ in Thousands	Mar. 31, 2025	Dec. 31, 2024
Revenue from Contract with Customer [Abstract]
Rent received in advance	$ 18,566	$ 16,616

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Summary of Significant Accounting Policies - Balances of Financial Instruments Measured at Fair Value on Recurring Basis (Detail) - USD ($) $ in Thousands	Mar. 31, 2025	Dec. 31, 2024
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Interest rate swap, assets	$ 29,681	$ 46,220
Interest rate swap, liabilities	(3,353)	0
Fair Value, Measurements, Recurring
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Interest rate swap, assets	29,681	46,220
Interest rate swap, liabilities	(3,353)
Fair Value, Measurements, Recurring | Level 1
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Interest rate swap, assets	0	0
Interest rate swap, liabilities	0
Fair Value, Measurements, Recurring | Level 2
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Interest rate swap, assets	29,681	46,220
Interest rate swap, liabilities	(3,353)
Fair Value, Measurements, Recurring | Fair Value Inputs Level3 [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Interest rate swap, assets	0	$ 0
Interest rate swap, liabilities	$ 0

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Summary of Significant Accounting Policies - Summary of Carrying Amount Reported on Condensed Consolidated Balance Sheets (Detail) - USD ($) $ in Thousands	Mar. 31, 2025	Dec. 31, 2024
Summary Of Significant Accounting Policies [Abstract]
Carrying amount	$ 2,000,439	$ 1,919,927
Fair value	$ 1,911,861	$ 1,794,821

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Summary of Significant Accounting Policies - Summary of Right-of-Use Assets And Lease Liabilities Associated With Operating Leases Included In Consolidated Balance Sheets (Details) - USD ($) $ in Thousands	Mar. 31, 2025	Dec. 31, 2024
Accounting Policies [Abstract]
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Prepaid Expense and Other Assets
Operating Lease, Liability, Statement of Financial Position [Extensible Enumeration]	Accounts Payable and Other Accrued Liabilities
Right-of-use assets	$ 10,077	$ 10,239
Lease liabilities	10,038	10,186
Finance Lease liabilities, Right-of-use assets	2,255	0
Finance Lease, Liability	$ 2,689	$ 0
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Prepaid Expense and Other Assets
Finance Lease, Liability, Statement of Financial Position [Extensible Enumeration]	Accounts Payable and Other Accrued Liabilities

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Internalization - Summary of Earnout Tranches, Applicable VWAP of REIT Share and Applicable Earnout Period (Details) - shares shares in Thousands	Mar. 31, 2025	Dec. 31, 2024
Internalization [Line Items]
Shares of Common stock issued	189,073	188,626

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Acquisitions of Rental Property - Acquisitions of Rental Property Closed - (Detail) $ in Thousands								3 Months Ended
		Apr. 24, 2025 USD ($) Customer	Mar. 28, 2025 USD ($) Customer	Mar. 11, 2025 USD ($) Customer	Feb. 13, 2025 USD ($) Customer		Jan. 28, 2025 USD ($) Customer	Mar. 31, 2025 USD ($) Customer
Business Acquisition [Line Items]
Number of Properties | Customer								7
Real Estate Acquisition Price | $	[1]							$ 59,499
Retail
Business Acquisition [Line Items]
Property Type			Retail		Retail		Retail
Number of Properties | Customer			4		1		1
Real Estate Acquisition Price | $			$ 8,045		$ 495	[2]	$ 9,871
Industrial
Business Acquisition [Line Items]
Property Type				Industrial
Number of Properties | Customer				1
Real Estate Acquisition Price | $				$ 41,088
Industrial | Subsequent Event
Business Acquisition [Line Items]
Property Type		Industrial
Number of Properties | Customer		1
Real Estate Acquisition Price | $	[3]	$ 8,500

[1] Acquisition price excludes capitalized acquisition costs of $2.0 million.

[2] Acquisition of land to be developed in connection with a $1.7 million build-to-suit transaction expected to fund in multiple draws through May 2025.

[3] Acquisition of land to be developed in connection with a $78.2 million build-to-suit transaction expected to fund in multiple draws through August 2026.

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Acquisitions of Rental Property - Acquisitions of Rental Property Closed (Parenthetical) - (Detail) $ in Thousands	3 Months Ended
	Mar. 31, 2025 USD ($)
Business Acquisition [Line Items]
Real estate asset acquisition amount	$ 59,499	[1]
Acquisition costs capitalized	2,000
May 2025
Business Acquisition [Line Items]
Acquisition of land	1,700
August 2026
Business Acquisition [Line Items]
Acquisition of land	$ 78,200

[1] Acquisition price excludes capitalized acquisition costs of $2.0 million.

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Acquisitions of Rental Property - Purchase Price Allocation for Real Estate Acquisitions (Detail) $ in Thousands	Mar. 31, 2025 USD ($)
Business Acquisition [Line Items]
Business combination, recognized identifiable assets acquired and liabilities assumed, assets	$ 61,460
Land
Business Acquisition [Line Items]
Business combination, recognized identifiable assets acquired and liabilities assumed, property, plant, and equipment	3,720
Land Improvements
Business Acquisition [Line Items]
Business combination, recognized identifiable assets acquired and liabilities assumed, property, plant, and equipment	1,569
Buildings and Improvements
Business Acquisition [Line Items]
Business combination, recognized identifiable assets acquired and liabilities assumed, property, plant, and equipment	49,858
Property under development
Business Acquisition [Line Items]
Business combination, recognized identifiable assets acquired and liabilities assumed, property, plant, and equipment	824
Acquired In-Place Leases
Business Acquisition [Line Items]
Business combination, recognized identifiable assets acquired and liabilities assumed, Intangible assets	6,053	[1]
Acquired Below-Market Leases
Business Acquisition [Line Items]
Business combination, recognized identifiable assets acquired and liabilities assumed, Intangible assets	(145)	[2]
Right-of-use asset
Business Acquisition [Line Items]
Business combination, recognized identifiable assets acquired and liabilities assumed, Intangible assets	2,262
Lease liability
Business Acquisition [Line Items]
Business combination, recognized identifiable assets acquired and liabilities assumed, Intangible assets	$ (2,681)

[1] The weighted average amortization period for acquired in-place leases is 13 years for acquisitions completed during the three months ended March 31, 2025.

[2] The weighted average amortization period for acquired below-market leases is 14 years for acquisitions completed during the three months ended March 31, 2025.

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Acquisitions of Rental Property - Purchase Price Allocation for Real Estate Acquisitions (Parenthetical) - (Detail)	3 Months Ended
	Mar. 31, 2025
Acquired In-Place Leases
Business Acquisition [Line Items]
Weighted average amortization period	13 years
Acquired Below-Market Leases
Business Acquisition [Line Items]
Weighted average amortization period	14 years

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Sale of Real Estate - Schedule of Sale of Real Estate (Detail) $ in Thousands	3 Months Ended
	Mar. 31, 2025 USD ($) Property	Mar. 31, 2024 USD ($) Property
Real Estate [Line Items]
Number of properties disposed | Property	3	37
Aggregate sale price	$ 7,808	$ 251,752
Aggregate carrying value	(7,385)	(189,373)
Gain on sale of real estate	405	59,132
Real Estate
Real Estate [Line Items]
Additional sales expenses	$ (18)	$ (3,247)

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Investment in Rental Property and Lease Arrangements - Additional Information (Detail)	3 Months Ended
	Mar. 31, 2025 PropertyNumber Property
Lessor Lease Description [Line Items]
Number of leased commercial properties owned | Property	769
Number of real estate properties under operating leases	757
Number of real estate properties under direct financing leases	9
Number of real estate properties under sales-type leases | Property	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

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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, 2025	Mar. 31, 2024
Leases [Abstract]
Depreciation	$ 31,459	$ 29,994

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Investment in Rental Property and Lease Arrangements - Estimated Lease Payments to be Received under Non-cancelable Operating Leases (Detail) $ in Thousands	Mar. 31, 2025 USD ($)
Lessor, Operating Lease, Payment to be Received, Fiscal Year Maturity [Abstract]
Remainder of 2025	$ 301,712
2026	413,173
2027	406,300
2028	390,436
2029	379,398
Thereafter	2,930,500
Estimated lease payments to be received under non-cancelable operating leases	$ 4,821,519

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Investment in Rental Property and Lease Arrangements - Net Investment in Direct Financing Leases (Detail) - USD ($) $ in Thousands	Mar. 31, 2025	Dec. 31, 2024
Leases [Abstract]
Undiscounted estimated lease payments to be received	$ 31,169	$ 31,983
Estimated unguaranteed residual values	14,547	14,547
Unearned revenue	(19,618)	(20,277)
Reserve for credit losses	(99)	(99)
Net investment in direct financing leases	$ 25,999	$ 26,154

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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, 2025 USD ($)
Capital Leases, Future Minimum Payments Receivable, Fiscal Year Maturity [Abstract]
Remainder of 2025	$ 2,470
2026	3,357
2027	3,426
2028	3,496
2029	3,561
Thereafter	14,859
Undiscounted estimated lease payments to be received under non-cancelable direct financing leases	$ 31,169

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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, 2025	Mar. 31, 2024
Leases [Abstract]
Contractual rental amounts billed for operating leases	$ 99,314	$ 97,549
Adjustment to recognize contractual operating lease billings on a straight-line basis	6,064	5,104
Net write-offs of accrued rental income	(2,228)	(2,556)
Variable rental amounts earned	680	598
Earned income from direct financing leases	682	682
Interest income from sales-type leases	14	14
Operating expenses billed to tenants	4,944	5,105
Other income from real estate transactions	77	66
Adjustment to revenue recognized for uncollectible rental amounts billed, net	(857)	(1,196)
Total Lease revenues, net	$ 108,690	$ 105,366

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Intangible Assets and Liabilities, and Leasing Fees - Schedule of Intangible Assets and Liabilities (Detail) - USD ($) $ in Thousands	Mar. 31, 2025	Dec. 31, 2024
Lease intangibles:
Intangible lease assets, net	$ 264,076	$ 267,638
Acquired below-market leases	93,354	94,513
Less accumulated amortization	(46,517)	(45,782)
Intangible lease liabilities, net	46,837	48,731
Leasing fees	21,755	21,781
Less accumulated amortization	(6,840)	(6,495)
Leasing fees, net	14,915	15,286
Acquired Above-Market Leases
Lease intangibles:
Intangible lease assets, gross	39,729	39,786
Less accumulated amortization	(19,183)	(18,599)
Intangible lease assets, net	20,546	21,187
Acquired In-Place Leases
Lease intangibles:
Intangible lease assets, gross	407,432	406,146
Less accumulated amortization	(163,902)	(159,695)
Intangible lease assets, net	$ 243,530	$ 246,451

XML

Intangible Assets and Liabilities, and Leasing Fees - Schedule of Amortization of Intangible Lease Assets and Liabilities (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Finite Lived Intangible Assets [Line Items]
Acquired in-place leases and leasing fees	$ 200
Acquired In-Place Leases | Depreciation and Amortization
Finite Lived Intangible Assets [Line Items]
Acquired in-place leases and leasing fees	7,944	$ 7,696
Above and Below Market Leases | Lease Revenues, Net
Finite Lived Intangible Assets [Line Items]
Acquired in-place leases and leasing fees	$ 1,065	$ 1,021

XML

Intangible Assets and Liabilities, and Leasing Fees - Additional Information (Detail) $ in Millions	3 Months Ended
	Mar. 31, 2025 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization expense	$ 0.2

XML

Intangible Assets and Liabilities, and Leasing Fees - Schedule of Amortizable Intangible Assets (Detail) $ in Thousands	Mar. 31, 2025 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
Remainder of 2025	$ 19,940
2026	25,718
2027	23,915
2028	21,645
2029	20,045
Thereafter	120,891
Total	$ 232,154

XML

Unsecured Credit Agreements - Summary of Unsecured Credit Agreements (Detail) - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2025	Dec. 31, 2024
Debt Instrument [Line Items]
Total unsecured debt		$ 2,000,439	$ 1,919,927
Long-term Debt		2,000,439
Unsecured Debt
Debt Instrument [Line Items]
Long-term Debt		1,913,879	1,836,279
Unsecured Debt | Term Loan [Member]
Debt Instrument [Line Items]
Total unsecured debt		900,000	900,000
Debt issuance costs, net		(6,495)	(2,799)
Long-term Debt		893,505	897,201
Unsecured Debt | Senior Notes [Member]
Debt Instrument [Line Items]
Total unsecured debt		850,000	850,000
Unamortized debt issuance costs and original issuance discount, net		(3,748)	(3,936)
Long-term Debt		$ 846,252	846,064
Unsecured Debt | Unsecured Revolving Credit Facility
Debt Instrument [Line Items]
Interest Rate		Applicable reference rate + 0.85% (a)
Maturity Date	[1]	2029-03
Basis spread on variable rate	[2]	0.85%
Total unsecured debt		$ 174,122	93,014
Unsecured Debt | 2026 Unsecured Term Loan
Debt Instrument [Line Items]
Interest Rate		one-month adjusted SOFR + 1.00% (b)
Maturity Date	[3]	2026-02
Total unsecured debt		$ 0	400,000
Unsecured Debt | 2026 Unsecured Term Loan | SOFR
Debt Instrument [Line Items]
Basis spread on variable rate	[4]	1.00%
Unsecured Debt | 2027 Unsecured Term Loan
Debt Instrument [Line Items]
Interest Rate		daily simple adjusted SOFR + 0.95% (c)
Maturity Date		2027-08
Total unsecured debt		$ 200,000	200,000
Unsecured Debt | 2027 Unsecured Term Loan | SOFR
Debt Instrument [Line Items]
Basis spread on variable rate	[5]	0.95%
Unsecured Debt | 2028 Unsecured Term Loan
Debt Instrument [Line Items]
Interest Rate		one-month adjusted SOFR + 0.95% (b)
Maturity Date		2028-03
Total unsecured debt		$ 400,000	0
Unsecured Debt | 2028 Unsecured Term Loan | SOFR
Debt Instrument [Line Items]
Basis spread on variable rate	[4]	0.95%
Unsecured Debt | 2029 Unsecured Term Loan
Debt Instrument [Line Items]
Maturity Date		2029-08
Total unsecured debt		$ 300,000	300,000
Unsecured Debt | 2029 Unsecured Term Loan | SOFR
Debt Instrument [Line Items]
Basis spread on variable rate	[5]	1.25%
Unsecured Debt | 2027 Senior Unsecured Notes | Senior Guaranteed Notes Series A
Debt Instrument [Line Items]
Debt instrument, interest rate		4.84%
Maturity Date		2027-04
Total unsecured debt		$ 150,000	150,000
Unsecured Debt | 2028 Senior Unsecured Notes | Senior Guaranteed Notes Series B
Debt Instrument [Line Items]
Debt instrument, interest rate		5.09%
Maturity Date		2028-07
Total unsecured debt		$ 225,000	225,000
Unsecured Debt | 2029 Senior Unsecured Notes
Debt Instrument [Line Items]
Interest Rate		daily simple adjusted SOFR + 1.25% (c)
Unsecured Debt | 2030 Senior Unsecured Notes | Senior Guaranteed Notes Series C
Debt Instrument [Line Items]
Debt instrument, interest rate		5.19%
Maturity Date		2030-07
Total unsecured debt		$ 100,000	100,000
Unsecured Debt | 2031 Senior Unsecured Public Notes | Senior Notes
Debt Instrument [Line Items]
Debt instrument, interest rate		2.60%
Maturity Date		2031-09
Total unsecured debt		$ 375,000	$ 375,000

[1] The Company’s unsecured revolving credit facility contains two six-month extension options subject to certain conditions, including the payment of an extension fee equal to 0.0625% of the revolving commitments.

[2] At March 31, 2025 and December 31, 2024, a balance of $104.3 million and $23.5 million, respectively, was subject to daily simple SOFR. The remaining balance of $100.0 million Canadian Dollars (“CAD”) borrowings remeasured to $69.8 million United States Dollars (“USD”) and $69.5 million USD, at March 31, 2025 and December 31, 2024, respectively, and was subject to daily simple CORRA of 2.77% and 3.32% at March 31, 2025 and December 31, 2024, respectively.

[3] The 2026 Unsecured Term Loan was paid in full on February 28, 2025, with borrowings from the 2028 Unsecured Term Loan.

[4] At March 31, 2025 and December 31, 2024, one-month SOFR was 4.32% and 4.33%, respectively.

[5] At March 31, 2025 and December 31, 2024, overnight SOFR was 4.41% and 4.49%, respectively.

XML

Unsecured Credit Agreements - Summary of Unsecured Credit Agreements (Parenthetical) (Detail) $ in Thousands, $ in Millions		3 Months Ended	9 Months Ended
		Mar. 31, 2025 USD ($)	Sep. 30, 2024	Mar. 31, 2025 CAD ($)	Dec. 31, 2024 USD ($)	Dec. 31, 2024 CAD ($)
Debt Instrument [Line Items]
Long-term Debt		$ 2,000,439
Revolving Credit Facilities
Debt Instrument [Line Items]
Long-term Debt		104,300			$ 23,500
Unsecured Debt
Debt Instrument [Line Items]
Long-term Debt		1,913,879			1,836,279
Unsecured Debt | Revolving Credit Facilities
Debt Instrument [Line Items]
Basis spread on variable rate			0.0625%
Unsecured Debt | 1 Month Canadian Dollar
Debt Instrument [Line Items]
Long-term Debt		$ 69,800		$ 100.0	$ 69,500	$ 100.0
Unsecured Debt | Daily Simple CORRA
Debt Instrument [Line Items]
Interest rate		2.77%		2.77%	3.32%	3.32%
Unsecured Debt | 1 Month Secured Overnight
Debt Instrument [Line Items]
Interest rate		4.32%		4.32%	4.33%	4.33%
Unsecured Debt | SOFR
Debt Instrument [Line Items]
Interest rate		4.41%		4.41%	4.49%	4.49%
Unsecured Debt | SOFR | 2026 Unsecured Term Loan
Debt Instrument [Line Items]
Basis spread on variable rate	[1]	1.00%

[1] At March 31, 2025 and December 31, 2024, one-month SOFR was 4.32% and 4.33%, respectively.

XML

Unsecured Credit Agreements - Additional Information (Detail) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended
	Feb. 28, 2025	Mar. 31, 2025	Mar. 31, 2024	Dec. 31, 2024
Debt Instrument [Line Items]
Weighted Average Fixed Rate		4.76%
Long-term Debt		$ 2,000,439
Margin rate of interest		0.95%
Debt issuance costs		$ 12,275	$ 0
Debt issuance costs incurred		$ 12,300	$ 0
Minimum
Debt Instrument [Line Items]
Credit rating		0.80%
Increase the aggregate facility size		$ 1,500,000
Maximum
Debt Instrument [Line Items]
Credit rating		1.60%
Increase the aggregate facility size		$ 2,500,000
2028 Unsecured Term Loan
Debt Instrument [Line Items]
Maturity date of the unsecured revolving credit facility	Mar. 31, 2028
Long-term Debt	$ 500,000
Term Loan Amount on Condition	100,000
2028 Unsecured Term Loan | Minimum
Debt Instrument [Line Items]
Long-term Debt	400,000
Unsecured Debt
Debt Instrument [Line Items]
Long-term Debt		1,913,879		$ 1,836,279
Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Long-term Debt		104,300		$ 23,500
Unsecured Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Lines Of Credit	$ 1,000,000
Maturity date of the unsecured revolving credit facility	Mar. 31, 2029
2026 Unsecured Term Loan
Debt Instrument [Line Items]
Repayments of unsecured debt		$ 400,000
Interest Rate Swap
Debt Instrument [Line Items]
Weighted Average Fixed Rate		3.81%
Weighted Average Inclusive Fixed Rate		3.81%

XML

Unsecured Credit Agreements - Summary of Debt Issuance Cost Amortization (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Debt Disclosure [Abstract]
Debt issuance costs and original issuance discount amortization	$ 1,237	$ 983

XML

Mortgages - Summary of Mortgages (Detail) - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2025	Dec. 31, 2024
Debt Instrument [Line Items]
Carrying amount		$ 2,000,439	$ 1,919,927
Mortgages, net		76,260	76,846
Secured Debt
Debt Instrument [Line Items]
Carrying amount		76,317	76,913
Debt issuance costs, net		$ (57)	(67)
Wilmington Trust National Association, Due February 28 | Secured Debt
Debt Instrument [Line Items]
Origination Date	[1],[2],[3],[4]	2019-04
Maturity Date	[1],[2],[3],[4]	2028-02
Debt instrument, interest rate	[1],[2],[3],[4]	4.92%
Carrying amount	[1],[2],[3],[4]	$ 42,476	42,838
Wilmington Trust National Association, Due August 25 | Secured Debt
Debt Instrument [Line Items]
Origination Date	[1],[2],[3],[4]	2018-06
Maturity Date	[1],[2],[3],[4]	2025-08
Debt instrument, interest rate	[1],[2],[3],[4]	4.36%
Carrying amount	[1],[2],[3],[4]	$ 18,166	18,283
PNC Bank | Secured Debt
Debt Instrument [Line Items]
Origination Date	[1],[2]	2016-10
Maturity Date	[1],[2]	2026-11
Debt instrument, interest rate	[1],[2]	3.62%
Carrying amount	[1],[2]	$ 15,675	$ 15,792

[1] Debt secured by guaranty of the OP.

[2] Debt secured by related rental property and lease rents.

[3] Mortgage was assumed as part of the acquisition of the related property. The debt was recorded at fair value at the time of assumption.

[4] Non-recourse debt includes the indemnification/guaranty of the Company pertaining to fraud, environmental claims, insolvency, and other matters.

XML

Mortgages - Additional Information (Detail) $ in Millions	Mar. 31, 2025 USD ($)
Debt Disclosure [Abstract]
Investment in rental property pledged as collateral	$ 117.1

XML

Mortgages - Schedule of Estimated Future Principal Payments (Detail) $ in Thousands	Mar. 31, 2025 USD ($)
Debt Disclosure [Abstract]
Remainder of 2025	$ 19,601
2026	16,843
2027	351,596
2028	663,277
2029	474,122
Thereafter	475,000
Long-term Debt	$ 2,000,439

XML

Interest Rate Swaps - Summary of Interest-rate Swap Agreements (Detail) $ in Thousands, $ in Millions		3 Months Ended
		Mar. 31, 2025 USD ($)	Dec. 31, 2024 USD ($)	Mar. 31, 2024 CAD ($)
Derivative [Line Items]
Notional Amount		$ 20,000		$ 40.0
Capital One, National Association Four
Derivative [Line Items]
Derivative, Maturity date	[1]	2027-12
Derivative, Fixed rate	[1]	2.37%
Variable Rate Index	[1]	daily compounded SOFR
Notional Amount	[1]	$ 25,000	$ 25,000
Fair Value	[1]	888	1,227
Effective Interest Rate Swaps
Derivative [Line Items]
Notional Amount	[1]	1,044,821	1,069,514
Fair Value	[1]	$ 28,490	42,727
Effective Interest Rate Swaps | Wells Fargo Bank One
Derivative [Line Items]
Derivative, Maturity date	[1]	2027-04
Derivative, Fixed rate	[1]	2.72%
Variable Rate Index	[1]	daily compounded SOFR
Notional Amount	[1]	$ 25,000	25,000
Fair Value	[1]	$ 517	757
Effective Interest Rate Swaps | Capital One, National Association One
Derivative [Line Items]
Derivative, Maturity date	[1]	2026-01
Derivative, Fixed rate	[1]	2.08%
Variable Rate Index	[1]	daily compounded SOFR
Notional Amount	[1]	$ 35,000	35,000
Fair Value	[1]	$ 542	743
Effective Interest Rate Swaps | Bank of Montreal One
Derivative [Line Items]
Derivative, Maturity date	[1]	2025-01
Derivative, Fixed rate	[1]	1.91%
Variable Rate Index	[1]	daily compounded SOFR
Notional Amount	[1]	$ 0	25,000
Fair Value	[1]	$ 0	2
Effective Interest Rate Swaps | Truist Financial Corporation One
Derivative [Line Items]
Derivative, Maturity date	[1]	2025-04
Derivative, Fixed rate	[1]	2.20%
Variable Rate Index	[1]	daily compounded SOFR
Notional Amount	[1]	$ 25,000	25,000
Fair Value	[1]	$ 0	137
Effective Interest Rate Swaps | Bank of Montreal Two
Derivative [Line Items]
Derivative, Maturity date	[1]	2025-07
Derivative, Fixed rate	[1]	2.32%
Variable Rate Index	[1]	daily compounded SOFR
Notional Amount	[1]	$ 25,000	25,000
Fair Value	[1]	$ 130	250
Effective Interest Rate Swaps | Truist Financial Corporation Two
Derivative [Line Items]
Derivative, Maturity date	[1]	2025-07
Derivative, Fixed rate	[1]	1.99%
Variable Rate Index	[1]	daily compounded SOFR
Notional Amount	[1]	$ 25,000	25,000
Fair Value	[1]	$ 151	290
Effective Interest Rate Swaps | Truist Financial Corporation Three
Derivative [Line Items]
Derivative, Maturity date	[1]	2025-12
Derivative, Fixed rate	[1]	2.30%
Variable Rate Index	[1]	daily compounded SOFR
Notional Amount	[1]	$ 25,000	25,000
Fair Value	[1]	$ 342	471
Effective Interest Rate Swaps | Bank of Montreal Three
Derivative [Line Items]
Derivative, Maturity date	[1]	2026-01
Derivative, Fixed rate	[1]	1.92%
Variable Rate Index	[1]	daily compounded SOFR
Notional Amount	[1]	$ 25,000	25,000
Fair Value	[1]	$ 416	569
Effective Interest Rate Swaps | Bank of Montreal Four
Derivative [Line Items]
Derivative, Maturity date	[1]	2026-01
Derivative, Fixed rate	[1]	2.05%
Variable Rate Index	[1]	daily compounded SOFR
Notional Amount	[1]	$ 40,000	40,000
Fair Value	[1]	$ 627	860
Effective Interest Rate Swaps | Capital One, National Association Two
Derivative [Line Items]
Derivative, Maturity date	[1]	2026-04
Derivative, Fixed rate	[1]	2.68%
Variable Rate Index	[1]	daily compounded SOFR
Notional Amount	[1]	$ 15,000	15,000
Fair Value	[1]	$ 203	280
Effective Interest Rate Swaps | Truist Financial Corporation Four
Derivative [Line Items]
Derivative, Maturity date	[1]	2026-01
Derivative, Fixed rate	[1]	1.93%
Variable Rate Index	[1]	daily compounded SOFR
Notional Amount	[1]	$ 25,000	25,000
Fair Value	[1]	$ 415	567
Effective Interest Rate Swaps | Capital One, National Association Three
Derivative [Line Items]
Derivative, Maturity date	[1]	2026-07
Derivative, Fixed rate	[1]	1.32%
Variable Rate Index	[1]	daily compounded SOFR
Notional Amount	[1]	$ 35,000	35,000
Fair Value	[1]	$ 1,129	1,454
Effective Interest Rate Swaps | Bank of Montreal Five
Derivative [Line Items]
Derivative, Maturity date	[1]	2026-12
Derivative, Fixed rate	[1]	2.33%
Variable Rate Index	[1]	daily compounded SOFR
Notional Amount	[1]	$ 10,000	10,000
Fair Value	[1]	$ 254	346
Effective Interest Rate Swaps | Bank of Montreal Six
Derivative [Line Items]
Derivative, Maturity date	[1]	2026-12
Derivative, Fixed rate	[1]	1.99%
Variable Rate Index	[1]	daily compounded SOFR
Notional Amount	[1]	$ 25,000	25,000
Fair Value	[1]	$ 780	1,030
Effective Interest Rate Swaps | Toronto-Dominion Bank
Derivative [Line Items]
Derivative, Maturity date	[1]	2027-03
Derivative, Fixed rate	[1]	2.46%
Variable Rate Index	[1]	daily compounded CORRA
Notional Amount	[1],[2]	$ 13,964	13,903
Fair Value	[1]	$ 44	166
Effective Interest Rate Swaps | Toronto Dominion Bank One Member
Derivative [Line Items]
Derivative, Maturity date	[1]	2029-08
Derivative, Fixed rate	[1]	2.58%
Variable Rate Index	[1]	one-month SOFR
Notional Amount	[1]	$ 45,000	45,000
Fair Value	[1]	$ 1,835	2,642
Effective Interest Rate Swaps | Wells Fargo Bank Two
Derivative [Line Items]
Derivative, Maturity date	[1]	2028-01
Derivative, Fixed rate	[1]	2.37%
Variable Rate Index	[1]	daily compounded SOFR
Notional Amount	[1]	$ 75,000	75,000
Fair Value	[1]	$ 2,674	3,693
Effective Interest Rate Swaps | Bank of Montreal Seven
Derivative [Line Items]
Derivative, Maturity date	[1]	2027-12
Derivative, Fixed rate	[1]	2.37%
Variable Rate Index	[1]	daily compounded SOFR
Notional Amount	[1]	$ 25,000	25,000
Fair Value	[1]	$ 892	1,230
Effective Interest Rate Swaps | Bank of Montreal Eight
Derivative [Line Items]
Derivative, Maturity date	[1]	2029-05
Derivative, Fixed rate	[1]	2.09%
Variable Rate Index	[1]	daily compounded SOFR
Notional Amount	[1]	$ 25,000	25,000
Fair Value	[1]	$ 1,563	2,024
Effective Interest Rate Swaps | Regions Bank One
Derivative [Line Items]
Derivative, Maturity date	[1]	2029-05
Derivative, Fixed rate	[1]	2.11%
Variable Rate Index	[1]	daily compounded SOFR
Notional Amount	[1]	$ 25,000	25,000
Fair Value	[1]	$ 1,538	1,999
Effective Interest Rate Swaps | Regions Bank Two
Derivative [Line Items]
Derivative, Maturity date	[1]	2029-06
Derivative, Fixed rate	[1]	2.03%
Variable Rate Index	[1]	daily compounded SOFR
Notional Amount	[1]	$ 25,000	25,000
Fair Value	[1]	$ 1,620	2,085
Effective Interest Rate Swaps | U.S. Bank National Association
Derivative [Line Items]
Derivative, Maturity date	[1]	2029-06
Derivative, Fixed rate	[1]	2.03%
Variable Rate Index	[1]	daily compounded SOFR
Notional Amount	[1]	$ 25,000	25,000
Fair Value	[1]	$ 1,622	2,087
Effective Interest Rate Swaps | U S Bank National Association One
Derivative [Line Items]
Derivative, Maturity date	[1]	2029-08
Derivative, Fixed rate	[1]	2.65%
Variable Rate Index	[1]	one-month SOFR
Notional Amount	[1]	$ 15,000	15,000
Fair Value	[1]	$ 568	835
Effective Interest Rate Swaps | U S Bank National Association Two
Derivative [Line Items]
Derivative, Maturity date	[1]	2029-08
Derivative, Fixed rate	[1]	2.58%
Variable Rate Index	[1]	one-month SOFR
Notional Amount	[1]	$ 100,000	100,000
Fair Value	[1]	$ 4,033	5,820
Effective Interest Rate Swaps | Regions Bank Three
Derivative [Line Items]
Derivative, Maturity date	[1]	2029-08
Derivative, Fixed rate	[1]	2.58%
Variable Rate Index	[1]	one-month SOFR
Notional Amount	[1]	$ 100,000	100,000
Fair Value	[1]	$ 4,015	5,799
Effective Interest Rate Swaps | U S Bank National Association Three
Derivative [Line Items]
Derivative, Maturity date	[1]	2029-08
Derivative, Fixed rate	[1]	1.35%
Variable Rate Index	[1]	daily compounded SOFR
Notional Amount	[1]	$ 25,000	25,000
Fair Value	[1]	$ 2,387	2,894
Effective Interest Rate Swaps | U.S. Bank National Association Four
Derivative [Line Items]
Derivative, Maturity date	[1]	2032-03
Derivative, Fixed rate	[1]	2.70%
Variable Rate Index	[1]	daily compounded CORRA
Notional Amount	[1],[2]	$ 13,964	13,903
Fair Value	[1]	$ 102	354
Effective Interest Rate Swaps | Bank of Montreal Nine
Derivative [Line Items]
Derivative, Maturity date	[1]	2030-03
Derivative, Fixed rate	[1]	3.80%
Variable Rate Index	[1]	daily simple SOFR
Notional Amount	[1]	$ 80,000	80,000
Fair Value	[1]	$ (754)	541
Effective Interest Rate Swaps | JP Morgan Chase Bank, N.A.
Derivative [Line Items]
Derivative, Maturity date	[1]	2030-03
Derivative, Fixed rate	[1]	3.79%
Variable Rate Index	[1]	daily simple SOFR
Notional Amount	[1]	$ 50,000	50,000
Fair Value	[1]	$ (437)	371
Effective Interest Rate Swaps | Regions Bank Four
Derivative [Line Items]
Derivative, Maturity date	[1]	2032-03
Derivative, Fixed rate	[1]	2.69%
Variable Rate Index	[1]	daily compounded CORRA
Notional Amount	[1],[2]	$ 13,964	13,903
Fair Value	[1]	$ 105	358
Effective Interest Rate Swaps | Bank of Montreal Ten
Derivative [Line Items]
Derivative, Maturity date	[1]	2034-03
Derivative, Fixed rate	[1]	2.81%
Variable Rate Index	[1]	daily compounded CORRA
Notional Amount	[1],[3]	$ 27,929	27,805
Fair Value	[1]	289	846
Forward Starting Interest Rate Swaps
Derivative [Line Items]
Notional Amount	[1],[4]	330,000	330,000
Fair Value	[1],[4]	$ (2,162)	3,493
Forward Starting Interest Rate Swaps | Truist Financial Corporation One
Derivative [Line Items]
Derivative, Maturity date	[1],[4]	2030-06
Derivative, Fixed rate	[1],[4]	3.73%
Variable Rate Index	[1],[4]	daily simple SOFR
Notional Amount	[1],[4]	$ 55,000	55,000
Fair Value	[1],[4]	$ (405)	508
Forward Starting Interest Rate Swaps | Truist Financial Corporation Two
Derivative [Line Items]
Derivative, Maturity date	[1],[4]	2030-09
Derivative, Fixed rate	[1],[4]	3.70%
Variable Rate Index	[1],[4]	daily simple SOFR
Notional Amount	[1],[4]	$ 15,000	15,000
Fair Value	[1],[4]	$ (101)	159
Forward Starting Interest Rate Swaps | Toronto Dominion Bank One Member
Derivative [Line Items]
Derivative, Maturity date	[1],[4]	2030-12
Derivative, Fixed rate	[1],[4]	3.66%
Variable Rate Index	[1],[4]	daily simple SOFR
Notional Amount	[1],[4]	$ 70,000	70,000
Fair Value	[1],[4]	$ (382)	846
Forward Starting Interest Rate Swaps | Regions Bank One
Derivative [Line Items]
Derivative, Maturity date	[1],[4]	2030-09
Derivative, Fixed rate	[1],[4]	3.69%
Variable Rate Index	[1],[4]	daily simple SOFR
Notional Amount	[1],[4]	$ 15,000	15,000
Fair Value	[1],[4]	$ (101)	159
Forward Starting Interest Rate Swaps | Regions Bank Two
Derivative [Line Items]
Derivative, Maturity date	[1],[4]	2030-12
Derivative, Fixed rate	[1],[4]	3.66%
Variable Rate Index	[1],[4]	daily simple SOFR
Notional Amount	[1],[4]	$ 55,000	55,000
Fair Value	[1],[4]	$ (318)	643
Forward Starting Interest Rate Swaps | U S Bank National Association One
Derivative [Line Items]
Derivative, Maturity date	[1],[4]	2030-06
Derivative, Fixed rate	[1],[4]	3.73%
Variable Rate Index	[1],[4]	daily simple SOFR
Notional Amount	[1],[4]	$ 70,000	70,000
Fair Value	[1],[4]	$ (500)	666
Forward Starting Interest Rate Swaps | Manufacturers & Traders Trust Company
Derivative [Line Items]
Derivative, Maturity date	[1],[4]	2030-09
Derivative, Fixed rate	[1],[4]	3.71%
Variable Rate Index	[1],[4]	daily simple SOFR
Notional Amount	[1],[4]	$ 50,000	50,000
Fair Value	[1],[4]	$ (355)	512
Interest Rate Swap
Derivative [Line Items]
Derivative, Fixed rate		2.48%
Notional Amount		$ 1,374,821	1,399,514
Fair Value		$ 26,328	$ 46,220

[1] The classification between “effective” and “forward starting” swaps is determined as of the most recent period presented.

[2] The contractual notional amount is $20.0 million CAD.

[3] The contractual notional amount is $40.0 million CAD.

[4] Forward starting swaps have effective dates that are five years prior to each respective maturity date.

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Interest Rate Swaps - Summary of Interest-rate Swap Agreements (Parenthetical) (Detail) $ in Thousands, $ in Millions	Mar. 31, 2025 USD ($)	Dec. 31, 2024 USD ($)	Mar. 31, 2024 CAD ($)
Derivative [Line Items]
Contractual notional amount	$ 20,000		$ 40.0
Interest Rate Swap
Derivative [Line Items]
Contractual notional amount	$ 1,374,821	$ 1,399,514

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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, 2025	Mar. 31, 2024
Derivative [Line Items]
Total Interest Expense Presented in the Condensed Consolidated Statements of Income and Comprehensive Income	$ 20,074	$ 18,578
Interest Rate Swap
Derivative [Line Items]
Amount of Gain (Loss) Recognized in Accumulated Other Comprehensive Income (Loss)	$ (19,892)	$ 11,804
Reclassification from Accumulated Other Comprehensive Income (Loss), Location	Interest expense	Interest expense
Reclassification from Accumulated Other Comprehensive Income (Loss), Amount of Loss	$ 4,733	$ 7,548
Total Interest Expense Presented in the Condensed Consolidated Statements of Income and Comprehensive Income	$ 20,074	$ 18,578

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Interest Rate Swaps - Additional Information (Detail) $ in Thousands, $ in Millions		3 Months Ended
		Mar. 31, 2025 USD ($)	Dec. 31, 2024 USD ($)	Mar. 31, 2024 CAD ($)
Derivative [Line Items]
Notional Amount		$ 20,000		$ 40.0
Weighted Average Fixed Rate		4.76%
Accumulated losses reclassified to interest expense		$ 13,100
Interest Rate Swap
Derivative [Line Items]
Notional Amount		$ 1,374,821	$ 1,399,514
Derivative, Fixed Interest Rate		2.48%
Weighted Average Fixed Rate		3.81%
Forward Starting Interest Rate Swaps
Derivative [Line Items]
Notional Amount	[1],[2]	$ 330,000	$ 330,000

[1] Forward starting swaps have effective dates that are five years prior to each respective maturity date.

[2] The classification between “effective” and “forward starting” swaps is determined as of the most recent period presented.

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Non-Controlling Interests - Schedule of OP Units Exchanged for Shares of Common Stock (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Common Stock
Noncontrolling Interest [Line Items]
OP Units exchanged for shares of common stock	244,000	95,000
Additional Paid-in Capital
Noncontrolling Interest [Line Items]
Value of units exchanged	$ 3,882	$ 1,536

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Credit Risk Concentrations - Additional Information (Detail) - Customer	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Concentration Risk [Line Items]
Lease revenue, net, percentage	10.00%	10.00%
Number of tenants or common franchises	0	0

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Equity - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands		3 Months Ended
		Mar. 31, 2025	Mar. 31, 2024
Equity [Line Items]
Net proceeds from issuance of common stock		$ (146)	$ (231)
Additional borrowing capacity		$ 360,000
2021 ATM Program
Equity [Line Items]
Shares Issued	[1]	11,542
Program Size	[1]	$ 400,000
2024 ATM Program
Equity [Line Items]
Shares Issued		2,188
Program Size		$ 400,000
ATM
Equity [Line Items]
Net proceeds from issuance of common stock			$ 38,100
Share Repurchase Program
Equity [Line Items]
Common stock shares repurchased		0	0
Maximum | Share Repurchase Program
Equity [Line Items]
Repurchase of common stock value		$ 150,000
Common Stock
Equity [Line Items]
Shares Issued		292,000	822,000
Weighted Average Sale Price Per Share		$ 18.29	$ 18.29
Common Stock | 2021 ATM Program
Equity [Line Items]
Program Size			$ 400,000
Common Stock | 2024 ATM Program
Equity [Line Items]
Shares Issued			2,187,700
Program Size			$ 400,000

[1] ATM Program has been terminated and no future issuance will occur.

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Equity - Information About the Company`s ATM Programs (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2025 USD ($) shares
2021 ATM Program
Equity [Line Items]
Shares Issued | shares	11,542	[1]
Aggregate Gross Sales	$ 254,620	[1]
Program Size	$ 400,000	[1]
2024 ATM Program
Equity [Line Items]
Shares Issued | shares	2,188
Aggregate Gross Sales	$ 40,003
Program Size	$ 400,000

[1] ATM Program has been terminated and no future issuance will occur.

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Stock-Based Compensation - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Restricted Stock Awards
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of shares of restricted stock	266,000	778,000
Weighted Average Grant Date Fair Value per share, Granted	$ 16.85	$ 14.74
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition	3 years 3 months 18 days
Performance-based Restricted Stock Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of shares of restricted stock	247,000	202,000
Weighted Average Grant Date Fair Value per share, Granted	$ 21.12	$ 15.84
Unrecognized compensation costs	$ 8.2
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition	2 years 4 months 24 days
2020 Equity Incentive Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Weighted Average Grant Date Fair Value per share, Granted	$ 16.85	$ 14.74
2020 Equity Incentive Plan | Restricted Stock Awards
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of shares of restricted stock	265,872	777,943
Unrecognized compensation costs	$ 14.3
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	246,967	202,308
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%
Share Based Payment Award Based, Reduction in Non Vested Share Awards Percentage	25.00%
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%
Percentage as rTSR of peer group	55.00%	55.00%
2020 Equity Incentive Plan | Performance-based Restricted Stock Units | Maximum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting percentage payout schedule can produce	200.00%

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Stock-Based Compensation - Summary of RSAs (Detail) - Restricted Stock Awards - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Compensation cost	$ 1,342	$ 1,043
Dividends declared on unvested RSAs	313	295
Fair value of shares vested during the period	$ 2,887	$ 3,207

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Stock-Based Compensation - Summary of RSA Activity (Detail) - Restricted Stock Awards - $ / shares shares in Thousands	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of Shares, Unvested at beginning of period	989	492
Number of Shares, Granted	266	778
Number of Shares, Vested	(172)	(209)
Number of Shares, Forfeited	(3)	(25)
Number of Shares, Unvested at end of period	1,080	1,036
Weighted Average Grant Date Fair Value per Share, Unvested at beginning of period	$ 15.51	$ 18.63
Weighted Average Grant Date Fair Value per share, Granted	16.85	14.74
Weighted Average Grant Date Fair Value per Share, Vested	16.72	19.26
Weighted Average Grant Date Fair Value per Share, Forfeited	16.13	19.02
Weighted Average Grant Date Fair Value per Share, Unvested at end of period	$ 15.64	$ 15.57

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Stock-Based Compensation - Summary of PRSUs (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Performance-based Restricted Stock Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Compensation cost	$ 805	$ 432

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Stock-Based Compensation - Summary of PRSU Activity (Detail) - Performance-based Restricted Stock Units - $ / shares shares in Thousands	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of Shares, Unvested at beginning of period	433	351
Number of Shares, Granted	247	202
Number of Shares, Vested	(74)	(88)
Number of Shares, Forfeited	0	(19)
Number of Shares, Unvested at end of period	606	446
Weighted Average Grant Date Fair Value per Share, Unvested at beginning of period	$ 20.9	$ 24.9
Weighted Average Grant Date Fair Value per share, Granted	21.12	15.84
Weighted Average Grant Date Fair Value per Share, Vested	27.93	24.4
Weighted Average Grant Date Fair Value per Share, Forfeited	0	25.09
Weighted Average Grant Date Fair Value per Share, Unvested at end of period	$ 20.13	$ 20.89

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Earnings per Share - Summary of Components used in Calculation of Basic and Diluted Earnings per Share (Detail) - USD ($) $ / shares in Units, $ in Thousands		3 Months Ended
		Mar. 31, 2025	Mar. 31, 2024
Basic earnings:
Net Income (Loss)		$ 16,743	$ 65,114
Less: earnings allocated to unvested restricted shares		(310)	(358)
Net earnings used to compute basic earnings per common share		16,433	64,756
Diluted earnings:
Net earnings used to compute basic earnings per share		16,433	64,756
Add: net earnings attributable to OP unit holders		750	3,063
Add: undistributed earnings allocated to unvested restricted shares			63
Less: undistributed earnings reallocated to unvested restricted shares			(60)
Net earnings used to compute diluted earnings per common share		$ 17,183	$ 67,822
Weighted average number of common shares outstanding		188,882,000	187,953,000
Less: weighted average unvested restricted shares	[1]	(1,017,000)	(663,000)
Weighted average number of common shares outstanding used in basic earnings per common share		187,865,000	187,290,000
Add: effects of restricted stock units	[2]	573,000	285,000
Add: effects of convertible OP units	[3]	8,460,000	8,842,000
Weighted average number of common shares outstanding used in diluted earnings per common share		196,898,000	196,417,000
Basic		$ 0.09	$ 0.35
Diluted		$ 0.09	$ 0.35
Common Stock And O P Units [Member]
Diluted earnings:
Add: net earnings attributable to OP unit holders		$ 750	$ 3,063

[1] Represents the weighted average effects of 1,068,754 and 1,035,194 unvested restricted shares of common stock as of March 31, 2025 and 2024, respectively, which will be excluded from the computation of earnings per share until they vest.

[2] Represents the weighted average effects of shares of common stock to be issued as though the end of the period were the end of the performance period (see Note 13).

[3] Represents the weighted average effects of 8,401,937 and 8,833,236 OP Units outstanding at March 31, 2025 and 2024, respectively.

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Earnings per Share - Summary of Components used in Calculation of Basic and Diluted Earnings per Share (Parenthetical) (Detail) - shares	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Earnings Per Share [Abstract]
Unvested restricted shares of common stock	1,068,754	1,035,194
Weighted average effects of OP Units outstanding	8,401,937	8,833,236

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Supplemental Cash Flow Disclosures - Schedule Of Cash Flow Supplemental (Details) - USD ($) shares in Thousands, $ in Thousands		3 Months Ended
		Mar. 31, 2025	Mar. 31, 2024
Cash paid for interest		$ 15,557	$ 15,002
Cash paid for income taxes		722	23
Dividends Declared Not Yet Paid		$ 58,220	$ 56,871
Common Stock and OP Units
Issuance and conversion of OP Units to common stock	[1]	3,882	1,536

[1] See Note 10

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Supplemental Cash Flow Disclosures - Additional Information (Detail) - USD ($) shares in Thousands, $ in Thousands		3 Months Ended
		Mar. 31, 2025	Mar. 31, 2024
Supplemental Cash Flow Elements [Line Items]
Cash paid for interest		$ 15,557	$ 15,002
Cash refund		722	23
Additional Paid-in Capital
Supplemental Cash Flow Elements [Line Items]
Conversion of OP Units to shares of common stock		$ 3,882	$ 1,536
Common Stock and OP Units
Supplemental Cash Flow Elements [Line Items]
Issuance and conversion of OP Units to common stock	[1]	3,882	1,536

[1] See Note 10

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Commitments and Contingencies - Summary of Payments Associated with Obligations Under Operating Leases and finance leases reported as Net cash provided by operating activities (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
Operating lease payments	$ 392	$ 152
Financing lease payments	36	0
Total Lease Payments	$ 428	$ 152

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Commitments and Contingencies - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Loss Contingencies [Line Items]
Property and Acquisition Commitment fund	$ 198,800
Potential liability due to taxable sales of applicable properties	$ 20,400
Finance leases weighted average discount rate	8.30%
Operating leases weighted average discount rate	8.30%
Weighted average years remaining finance leases	27 years 1 month 6 days
Weighted average years remaining on operating leases	27 years 1 month 6 days
Operating lease payments	$ 392	$ 152

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Commitments and Contingencies - Summary of Payments Associated with Obligations Under Operating Leases and finance leases (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Variable lease costs
Total lease costs	$ 414	$ 309
Financing Lease Costs
Operating lease costs
Financing Lease Costs		0
General and Administrative | Operating Lease Costs
Operating lease costs
Operating lease costs	252	254
Property and Operating Expense | Operating Lease Costs
Operating lease costs
Operating lease costs	33	43
Property and Operating Expense | Ground Lease | Operating Lease Costs
Operating lease costs
Operating lease costs	20	12
Property under development | Operating Lease Costs
Operating lease costs
Operating lease costs	55	0
Depreciation and Amortization | Financing Lease Costs
Operating lease costs
Financing Lease Costs	9
Interest Expense | Financing Lease Costs
Operating lease costs
Financing Lease Costs	$ 45	$ 0

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Commitments and Contingencies -Summary of Estimated Minimum Future Rental Payments Due from the Company for Operating and Finance Leases Over the Next Five Years and Thereafter (Detail) - USD ($) $ in Thousands	Mar. 31, 2025	Dec. 31, 2024
Operating and fnancing lease [Abstract]
Total lease liability	$ 10,038	$ 10,186
Operating Lease Costs
Operating and fnancing lease [Abstract]
Remainder of 2025	975
2026	1,306
2027	1,251
2028	1,134
2029	1,174
Thereafter	15,834
Total undiscounted lease payments	21,674
Present value adjustment for remaining lease payments	(11,636)
Total lease liability	10,038
Financing Lease Costs
Operating and fnancing lease [Abstract]
Remainder of 2025	163
2026	218
2027	218
2028	218
2029	238
Thereafter	18,306
Total undiscounted lease payments	19,361
Present value adjustment for remaining lease payments	(16,672)
Total lease liability	$ 2,689

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Subsequent Events - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands				3 Months Ended
	Apr. 24, 2025	Apr. 15, 2025	Apr. 01, 2025	Mar. 31, 2025	Mar. 31, 2024	Dec. 31, 2024
Subsequent Event [Line Items]
Proceeds from sale of property				$ 7,808	$ 251,752
Gain (Loss) on Sale of Properties				405	59,132
Borrowings on unsecured revolving credit facility				145,300	$ 65,500
Mortgages, net				$ 76,260		$ 76,846
Subsequent Event | Common Stock and OP Units [Member]
Subsequent Event [Line Items]
Quarterly distribution payable date	Jul. 15, 2025
Quarterly distribution date of record	Jun. 30, 2025
Repayment of debt			$ 25,500
Carrying value of properties			8,500
Gain (Loss) on Sale of Properties			78,200
Borrowings on unsecured revolving credit facility			$ 78,500
Subsequent Event | O2025Q1 Total Payment Dividends [Member]
Subsequent Event [Line Items]
Distribution paid		$ 57,300
Quarterly distribution per share	$ 0.29