Broadstone Net Lease Files Q3 2024 10-Q

TL;DR

**BNL Q3 10-Q filed. Financials and RE performance details.**

AI Summary

Broadstone Net Lease, Inc. filed its 10-Q for the period ending September 30, 2024. The filing details financial performance and operational updates for the third quarter. Key financial data and disclosures related to their real estate investment trust operations are presented.

Why It Matters

This filing provides investors with the latest financial health and operational status of Broadstone Net Lease, Inc., crucial for understanding its performance in the real estate investment trust sector.

Risk Assessment

Risk Level: medium — As a real estate investment trust, Broadstone Net Lease is subject to market fluctuations, interest rate changes, and tenant-specific risks that can impact its financial performance.

Key Numbers

• 2024-09-30 — Reporting Period End Date (The end date for the financial information presented in the 10-Q.)
• 2024-10-31 — Filing Date (The date the 10-Q was officially submitted to the SEC.)

Key Players & Entities

• Broadstone Net Lease, Inc. (company) — Filer of the 10-Q
• 2024-09-30 (date) — End of reporting period
• 2024-10-31 (date) — Filing date
• Truist Financial Corporation (company) — Mentioned in relation to financial instruments
• Regions Bank (company) — Mentioned in relation to financial instruments
• Bank of Montreal (company) — Mentioned in relation to financial instruments

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-20240930.htm (10-Q) — 4680KB
• bnl-ex31_1.htm (EX-31.1) — 17KB
• bnl-ex31_2.htm (EX-31.2) — 18KB
• bnl-ex32_1.htm (EX-32.1) — 8KB
• bnl-ex32_2.htm (EX-32.2) — 8KB
• img146078899_0.jpg (GRAPHIC) — 362KB
• img146078899_1.jpg (GRAPHIC) — 263KB
• img146078899_2.jpg (GRAPHIC) — 411KB
• img146078899_3.jpg (GRAPHIC) — 99KB
• 0000950170-24-119514.txt ( ) — 20448KB
• bnl-20240930.xsd (EX-101.SCH) — 2279KB
• bnl-20240930_htm.xml (XML) — 3842KB

- 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 23 Cautionary Note Regarding Forward-Looking Statements 23 Regulation FD Disclosures 23 Explanatory Note and Certain Defined Terms 24 Overview 24 Real Estate Portfolio Information 27 Results of Operations 34 Liquidity and Capital Resources 38 Derivative Instruments and Hedging Activities 41 Cash Flows 41 Non-GAAP Measures 42 Critical Accounting Policies and Estimates 46 Impact of Recent Accounting Pronouncements 46 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 47 Item 4.

Controls and Procedures

Controls and Procedures 47

- OTHER INFORMATION

Part II - OTHER INFORMATION 48 Item 1.

Legal Proceedings

Legal Proceedings 48 Item 1A.

Risk Factors

Risk Factors 48 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 48 Item 3. Defaults upon Senior Securities 48 Item 4. Mine Safety Disclosures 48 Item 5. Other Information 48 Item 6. Exhibits 49

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) September 30, 2024 December 31, 2023 Assets Accounted for using the operating method: Land $ 784,545 $ 748,529 Land improvements 357,090 328,746 Buildings and improvements 3,834,310 3,803,156 Equipment 15,824 8,265 Total accounted for using the operating method 4,991,769 4,888,696 Less accumulated depreciation ( 644,214 ) ( 626,597 ) Accounted for using the operating method, net 4,347,555 4,262,099 Accounted for using the direct financing method 26,285 26,643 Accounted for using the sales-type method 572 572 Property under development — 94,964 Investment in rental property, net 4,374,412 4,384,278 Investment in rental property and intangible lease assets held for sale, net 38,779 — Cash and cash equivalents 8,999 19,494 Accrued rental income 158,350 152,724 Tenant and other receivables, net 2,124 1,487 Prepaid expenses and other assets 36,230 36,661 Interest rate swap, assets 27,812 46,096 Goodwill 339,769 339,769 Intangible lease assets, net 276,811 288,226 Total assets $ 5,263,286 $ 5,268,735 Liabilities and equity Unsecured revolving credit facility $ 125,482 $ 90,434 Mortgages, net 77,416 79,068 Unsecured term loans, net 896,887 895,947 Senior unsecured notes, net 845,875 845,309 Interest rate swap, liabilities 13,050 — Accounts payable and other liabilities 47,651 47,534 Dividends payable 58,163 56,869 Accrued interest payable 9,642 5,702 Intangible lease liabilities, net 50,761 53,531 Total liabilities 2,124,927 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

View Full Filing

View this 10-Q filing on SEC EDGAR