Broadstone Net Lease Files Q2 2024 10-Q

TL;DR

**BNL Q2 10-Q filed. Shows debt, equity plans, and lease details. All clear.**

AI Summary

Broadstone Net Lease, Inc. filed its 10-Q for the period ending June 30, 2024. The company reported on its financial position, including unsecured debt and equity incentive plans. Key financial activities and disclosures related to leases and debt instruments were detailed in the filing.

Why It Matters

This filing provides investors with an update on Broadstone Net Lease's financial health and operational details for the second quarter of 2024, impacting investment decisions.

Risk Assessment

Risk Level: medium — The filing contains detailed financial information, including debt and equity compensation, which requires careful analysis to assess the company's financial health and associated risks.

Key Numbers

• 2024-06-30 — Reporting Period End Date (Indicates the end of the fiscal quarter for which financial data is reported.)
• 2024-07-31 — Filing Date (Shows when the 10-Q report was officially submitted to the SEC.)
• 1231 — Fiscal Year End (Specifies the end date of the company's fiscal year.)

Key Players & Entities

• Broadstone Net Lease, Inc. (company) — Filer of the 10-Q
• 20240630 (date) — End of the reporting period
• 20240731 (date) — Filing date
• 0000950170-24-088527 (other) — Accession number for the filing
• bnl:TwoThousandsTwentyNineUnsecuredTermLoanMember (other) — Specific debt instrument mentioned
• bnl:TwoThousandTwentyEquityIncentivePlanMember (other) — Equity incentive plan

FAQ

Key Financial Figures

• $0.00025 — nge on which registered Common Stock, $0.00025 par value BNL The New York Stock Ex

Filing Documents

• bnl-20240630.htm (10-Q) — 4304KB
• bnl-ex10_1.htm (EX-10.1) — 1466KB
• bnl-ex31_1.htm (EX-31.1) — 17KB
• bnl-ex31_2.htm (EX-31.2) — 17KB
• bnl-ex32_1.htm (EX-32.1) — 8KB
• bnl-ex32_2.htm (EX-32.2) — 8KB
• img146076016_0.jpg (GRAPHIC) — 241KB
• img146076016_1.jpg (GRAPHIC) — 259KB
• img146076016_2.jpg (GRAPHIC) — 193KB
• img146076016_3.jpg (GRAPHIC) — 99KB
• 0000950170-24-088527.txt ( ) — 20196KB
• bnl-20240630.xsd (EX-101.SCH) — 2209KB
• bnl-20240630_htm.xml (XML) — 3626KB

- FINANCIAL INFORMATION

Part I - FINANCIAL INFORMATION 1 Item 1.

Financial Statements

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) 5 Notes to the Condensed Consolidated Financial Statements (Unaudited) 6 Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

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 25 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

Quantitative and Qualitative Disclosures About Market Risk 45 Item 4.

Controls and Procedures

Controls and Procedures 45

- OTHER INFORMATION

Part II - OTHER INFORMATION 46 Item 1.

Legal Proceedings

Legal Proceedings 46 Item 1A.

Risk Factors

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

FINANCI AL INFORMATION

Part I. FINANCI AL INFORMATION

Financi al Statements

Item 1. Financi al Statements Broadstone Net Lease, Inc. and Subsidiaries Condensed Consolida ted Balance Sheets (Unaudited) (in thousands, except per share amounts) June 30, 2024 December 31, 2023 Assets Accounted for using the operating method: Land $ 773,224 $ 748,529 Land improvements 324,138 328,746 Buildings and improvements 3,708,366 3,803,156 Equipment 8,248 8,265 Total accounted for using the operating method 4,813,976 4,888,696 Less accumulated depreciation ( 627,871 ) ( 626,597 ) Accounted for using the operating method, net 4,186,105 4,262,099 Accounted for using the direct financing method 26,413 26,643 Accounted for using the sales-type method 572 572 Property under development 165,014 94,964 Investment in rental property, net 4,378,104 4,384,278 Cash and cash equivalents 18,282 19,494 Accrued rental income 153,551 152,724 Tenant and other receivables, net 2,604 1,487 Prepaid expenses and other assets 33,255 36,661 Interest rate swap, assets 56,444 46,096 Goodwill 339,769 339,769 Intangible lease assets, net 282,548 288,226 Total assets $ 5,264,557 $ 5,268,735 Liabilities and equity Unsecured revolving credit facility $ 79,096 $ 90,434 Mortgages, net 77,970 79,068 Unsecured term loans, net 896,574 895,947 Senior unsecured notes, net 845,687 845,309 Accounts payable and other liabilities 42,635 47,534 Dividends payable 58,028 56,869 Accrued interest payable 14,033 5,702 Intangible lease liabilities, net 53,124 53,531 Total liabilities 2,067,147 2,074,394 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, 188,517 and 187,614 shares issued and outstanding

View Full Filing

View this 10-Q filing on SEC EDGAR