ROCHESTER, N.Y.–(BUSINESS WIRE)–Broadstone Net Lease, Inc. (NYSE: BNL) (“BNL,” the “Company,” “we,” “our,” or “us”), today announced its operating results for the quarter ended September 30, 2022.\n<\/p>\n
<\/a><\/p>\n \nTHIRD QUARTER 2022 HIGHLIGHTS\n<\/p>\n \u00a0<\/p>\n \nINVESTMENT Invested $204.5 million at a weighted average initial cash capitalization rate of 6.5%, including the acquisition of 27 properties with a weighted average initial term of 20.9 years and minimum annual rent increases of 2.0%. These investments were predominantly weighted towards industrial opportunities (85.8% of the quarter’s volume, based on ABR), with the remaining investment activity spanning property types such as restaurant (6.6%), healthcare (4.6%) and retail (3.0%).<\/p>\n Subsequent to quarter end, we invested an additional $283.1 million and currently have $21.6 million of investments under control.<\/p>\n \nCAPITAL MARKETS Sold 962,200 shares of common stock for net proceeds of $20.3 million under our at-the-market common equity offering (“ATM Program”).<\/p>\n Completed a forward equity offering of 13,000,000 shares for anticipated net proceeds of approximately $270.7 million, none of which have settled.<\/p>\n Entered into a $200 million, five year unsecured term loan and a $300 million, seven year unsecured term loan, the proceeds of which were used to repay in full our $190 million term loan set to mature in 2024, and a portion of the outstanding borrowings on our unsecured revolving credit facility. In addition, we entered into interest rate swaps with a total notional value of $260 million to fix the Secured Overnight Financing Rate (“SOFR”) component of the borrowing rate at a weighted average fixed interest rate of 2.59% until August 1, 2029.<\/p>\n Ended the quarter with total outstanding debt of $2.1 billion, Net Debt of $2.0 billion, a Net Debt to Annualized Adjusted EBITDAre ratio of 5.5x, and a pro forma Net Debt to Annualized Adjusted EBITDAre ratio of 4.8x assuming settlement of the outstanding forward.<\/p>\n Increased our quarterly dividend to $0.275.<\/p>\n \nOPERATING\n<\/p>\n \nRESULTS\n<\/p>\n Collected 100% of base rents due for the third quarter, and our portfolio was 99.3% leased based on rentable square footage, with only three of our 790 total properties vacant and not subject to a lease as of quarter end.<\/p>\n Incurred $9.9 million of general and administrative expenses, inclusive of $1.5 million of stock-based compensation.<\/p>\n Generated net income of $28.7 million, or $0.16 per share.<\/p>\n Generated adjusted funds from operations (“AFFO”) of $63.4 million, or $0.35 per share.<\/p>\n Reaffirmed the guidance range for the 2022 full year and currently expect to report AFFO of between $1.38 and $1.40 per diluted share.<\/p>\n \nMANAGEMENT COMMENTARY\n<\/p>\n \n“As we highlighted in our business update in early October, we’ve continued to grow our portfolio through accretive acquisitions supported by our proactive capital markets strategy, and our portfolio continues to perform well with 100% rent collection and minimal vacancies given its highly diversified and defensive construction,” said Chris Czarnecki, BNL\u2019s Chief Executive Officer. “We continue to have strong conviction in our diversified strategy and its proven ability to deliver durable cash flows, while also providing us with the ability to pivot between property types and selectively pursue attractive investment opportunities as the broader market landscape evolves. While we continue to see no shortage of investment opportunities, a disconnect currently exists between the capital markets and property transaction markets. Cost of capital across the sector has considerably increased while asset pricing levels have been slower to respond. Given this disconnect, we anticipate pricing adjustments in net lease assets and believe it is prudent to take a more selective and opportunistic approach to capital deployment in the near-term.”\n<\/p>\n \nSUMMARIZED FINANCIAL RESULTS\n<\/p>\n \u00a0<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \nFor the Three Months Ended\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \nFor the Nine Months Ended\n<\/p>\n \n\u00a0\n<\/p>\n \n(in thousands, except per share data)\n<\/p>\n \n\u00a0\n<\/p>\n \nSeptember 30, \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \nJune 30, \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \nSeptember 30, \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \nSeptember 30, \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \nSeptember 30, \n\u00a0\n<\/p>\n \nRevenues\n<\/p>\n \n\u00a0\n<\/p>\n \n$\n<\/p>\n \n103,524\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n$\n<\/p>\n \n98,013\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n$\n<\/p>\n \n122,777\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n$\n<\/p>\n \n295,378\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n$\n<\/p>\n \n290,234\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \nNet income, including non-controlling interests\n<\/p>\n \n\u00a0\n<\/p>\n \n$\n<\/p>\n \n28,709\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n$\n<\/p>\n \n35,552\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n$\n<\/p>\n \n30,522\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n$\n<\/p>\n \n92,702\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n$\n<\/p>\n \n77,302\n<\/p>\n \n\u00a0\n<\/p>\n \nNet earnings per share\n<\/p>\n \n\u00a0\n<\/p>\n \n$\n<\/p>\n \n0.16\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n$\n<\/p>\n \n0.20\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n$\n<\/p>\n \n0.18\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n$\n<\/p>\n \n0.52\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n$\n<\/p>\n \n0.48\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \nFFO\n<\/p>\n \n\u00a0\n<\/p>\n \n$\n<\/p>\n \n72,169\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n$\n<\/p>\n \n68,340\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n$\n<\/p>\n \n91,947\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n$\n<\/p>\n \n202,013\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n$\n<\/p>\n \n194,060\n<\/p>\n \n\u00a0\n<\/p>\n \nFFO per share\n<\/p>\n \n\u00a0\n<\/p>\n \n$\n<\/p>\n \n0.39\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n$\n<\/p>\n \n0.38\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n$\n<\/p>\n \n0.54\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n$\n<\/p>\n \n1.13\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n$\n<\/p>\n \n1.20\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \nCore FFO\n<\/p>\n \n\u00a0\n<\/p>\n \n$\n<\/p>\n \n66,677\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n$\n<\/p>\n \n65,986\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n$\n<\/p>\n \n59,769\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n$\n<\/p>\n \n196,739\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n$\n<\/p>\n \n168,191\n<\/p>\n \n\u00a0\n<\/p>\n \nCore FFO per share\n<\/p>\n \n\u00a0\n<\/p>\n \n$\n<\/p>\n \n0.36\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n$\n<\/p>\n \n0.37\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n$\n<\/p>\n \n0.35\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n$\n<\/p>\n \n1.10\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n$\n<\/p>\n \n1.04\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \nAFFO\n<\/p>\n \n\u00a0\n<\/p>\n \n$\n<\/p>\n \n63,386\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n$\n<\/p>\n \n62,804\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n$\n<\/p>\n \n55,836\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n$\n<\/p>\n \n186,590\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n$\n<\/p>\n \n157,270\n<\/p>\n \n\u00a0\n<\/p>\n \nAFFO per share\n<\/p>\n \n\u00a0\n<\/p>\n \n$\n<\/p>\n \n0.35\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n$\n<\/p>\n \n0.35\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n$\n<\/p>\n \n0.33\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n$\n<\/p>\n \n1.04\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n$\n<\/p>\n \n0.97\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \nDiluted Weighted Average Shares Outstanding\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n182,971\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n180,256\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n169,587\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n179,132\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n161,273\n<\/p>\n \n\u00a0\n<\/p>\n \nFFO, Core FFO, and AFFO are measures that are not calculated in accordance with accounting principles generally accepted in the United States of America (“GAAP”). See the Reconciliation of Non-GAAP Measures later in this press release.\n<\/p>\n \nREAL ESTATE PORTFOLIO UPDATE\n<\/p>\n \nAs of September 30, 2022, we owned a diversified portfolio of 790 individual net leased commercial properties with 783 properties located in 44 U.S. states and seven properties located in four Canadian provinces, comprising approximately 36.8 million rentable square feet of operational space. As of September 30, 2022, all but three of our properties were subject to a lease, and our properties were occupied by 218 different commercial tenants, with no single tenant accounting for more than 2.4% of ABR. Properties subject to a lease represent 99.3% of our portfolio’s rentable square footage. The ABR weighted average annual minimum rent increase, pursuant to leases on properties in the portfolio as of September 30, 2022, was 2.0%.\n<\/p>\n \nDuring the third quarter, we invested $204.5 million in accretive acquisitions and revenue generating capital expenditures at a weighted average initial cash capitalization rate of 6.5%, including the acquisition of 27 properties located across 10 U.S. states with a weighted average initial lease term and minimum annual rent increases of 20.9 years and 2.0%, respectively. These investments were predominantly weighted towards industrial opportunities (85.8% of the quarter’s volume, based on ABR), with the remaining investment activity spanning property types such as restaurant (6.6%), healthcare (4.6%) and retail (3.0%).\n<\/p>\n \nSubsequent to quarter end, we invested an additional $283.1 million in 15 properties and have $21.6 million of investments under control, which we define as under contract or executed letter of intent.\n<\/p>\n \nBALANCE SHEET AND CAPITAL MARKETS ACTIVITIES\n<\/p>\n \nDuring the third quarter, BNL sold 962,200 shares of common stock under its ATM Program at a weighted average sale price of $21.44 per share for net proceeds of $20.3 million. There was approximately $145.4 million of capacity remaining on the ATM Program as of September 30, 2022.\n<\/p>\n \nOn August 1, 2022, we entered into two new unsecured bank term loans, including a $200 million, five year term loan that matures in 2027 (the “2027 Unsecured Term Loan”), and a $300 million, seven year term loan that matures in 2029 (the “2029 Unsecured Term Loan”). Borrowings on the new term loans bear interest at variable rates based on the SOFR as adjusted, plus a margin based on our credit rating ranging between 0.80% and 1.60% per annum for the 2027 Unsecured Term Loan, and 1.15% and 2.20% per annum for the 2029 Unsecured Term Loan. The initial applicable margin was 0.95% and 1.25% for the 2027 Unsecured Term Loan and 2029 Unsecured Term Loan, respectively. Proceeds from the loans were used to repay in full our $190 million unsecured term loan set to mature in 2024, including accrued interest, and a portion of the outstanding balance on our unsecured revolving credit facility. In addition, we entered into interest rate swaps with a total notional value of $260 million to fix the SOFR component of the borrowing rate at a weighted average fixed interest rate of 2.59% until August 1, 2029. With the addition of these interest rate swaps, our unsecured bank term loans remain entirely hedged.\n<\/p>\n \nIn August 2022, we completed a public offering of 13,000,000 shares of common stock at a price of $21.35 per share, subject to certain adjustments, in connection with a forward sale agreement. We expect to settle the forward sale agreement by the August 2023 maturity date. As of September 30, 2022, we anticipate the forward sale agreement will provide net proceeds of approximately $270.7 million, resulting in a pro forma Net Debt to Annualized Adjusted EBITDAre ratio of 4.8x. We have not settled any part of the forward sale agreement as of September 30, 2022.\n<\/p>\n \nDISTRIBUTIONS\n<\/p>\n \nAt its October 27, 2022, meeting, our board of directors declared a $0.275 distribution per common share and OP Unit to stockholders and OP unitholders of record as of December 31, 2022, payable on or before January 15, 2022.\n<\/p>\n \n2022 GUIDANCE\n<\/p>\n \nBNL has reaffirmed its guidance range for the 2022 full year and currently expects to report AFFO of between $1.38 and $1.40 per diluted share.\n<\/p>\n \nThe guidance range is based on the following key assumptions, which is unchanged from the guidance range provided on October 4, 2022:\n<\/p>\n \n\u00a0(i)\n<\/p>\n \u00a0<\/p>\n \ninvestments in real estate properties between $900 million and $1 billion;\n<\/p>\n \n(ii)\n<\/p>\n \u00a0<\/p>\n \ndispositions of real estate properties between $50 million and $75 million; and\n<\/p>\n \n(iii)\n<\/p>\n \u00a0<\/p>\n \ntotal cash general and administrative expenses between $31 million and $33 million.\n<\/p>\n \nOur per share results are sensitive to both timing and amount of real estate investments, property dispositions, and capital markets activities that occur throughout the year.\n<\/p>\n \nThe Company does not provide guidance for the most comparable GAAP financial measure, net income, or a reconciliation of the forward-looking non-GAAP financial measure of AFFO to net income computed in accordance with GAAP, because it is unable to reasonably predict, without unreasonable efforts, certain items that would be contained in the GAAP measure, including items that are not indicative of the Company’s ongoing operations, including, without limitation, potential impairments of real estate assets, net gain\/loss on dispositions of real estate assets, changes in allowance for credit losses, and stock-based compensation expense. These items are uncertain, depend on various factors, and could have a material impact on the Company’s GAAP results for the guidance periods.\n<\/p>\n \nCONFERENCE CALL AND WEBCAST\n<\/p>\n \nThe company will host its third quarter earnings conference call and audio webcast on Thursday, November 3, 2022, at 11:00 a.m. Eastern Time.\n<\/p>\n \nTo access the live webcast, which will be available in listen-only mode, please visit: https:\/\/events.q4inc.com\/attendee\/395933686<\/a>. If you prefer to listen via phone, U.S. participants may dial: 1-844-200-6205 (toll free) or 1-646-904-5544 (local), access code 181980. International access numbers are viewable here: https:\/\/events.q4irportal.com\/custom\/access\/2324\/<\/a>.\n<\/p>\n \nA replay of the conference call webcast will be available approximately one hour after the conclusion of the live broadcast. To listen to a replay of the call via phone, all participants may dial: 1-866-813-9403 (toll free) or 1-929-458-6194 (local), access code 547581. The replay will be available via dial-in until Thursday, November 17, 2022. To listen to a replay of the call via the web, which will be available for one year, please visit: https:\/\/investors.bnl.broadstone.com<\/a>.\n<\/p>\n \nAbout Broadstone Net Lease, Inc.\n<\/p>\n \nBNL is a real estate investment trust that acquires, owns, and manages primarily single-tenant commercial real estate properties that are net leased on a long-term basis to a diversified group of tenants. The Company utilizes an investment strategy underpinned by strong fundamental credit analysis and prudent real estate underwriting. As of September 30, 2022, BNL’s diversified portfolio consisted of 790 individual net leased commercial properties with 783 properties located in 44 U.S. states and seven properties located in four Canadian provinces across the industrial, healthcare, restaurant, retail, and office property types.\n<\/p>\n \nForward-Looking Statements\n<\/p>\n \nThis press release contains “forward-looking” statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, regarding, among other things, our plans, strategies, and prospects, both business and financial. Such forward-looking statements can generally be identified by our use of forward-looking terminology such as “may,” “will,” “should,” “expect,” “intend,” “anticipate,” “estimate,” “would be,” “believe,” “continue,” or other similar words. Forward-looking statements, including our 2022 guidance and assumptions, involve known and unknown risks and uncertainties, which may cause BNL’s actual future results to differ materially from expected results, including, without limitation, risks and uncertainties related to the COVID-19 pandemic and its related impacts on us and our tenants, general economic conditions, including but not limited to increases in the rate of inflation and\/or interest rates, local real estate conditions, tenant financial health, property investments and acquisitions, and the timing and uncertainty of completing these acquisitions, and uncertainties regarding future distributions to our stockholders. These and other risks, assumptions, and uncertainties are described in Item 1A “Risk Factors” of the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2021, filed with the SEC on February 23, 2022, which you are encouraged to read, and is available on the SEC’s website at www.sec.gov<\/a>. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those indicated or anticipated by such forward-looking statements. Accordingly, you are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date they are made. The Company assumes no obligation to, and does not currently intend to, update any forward-looking statements after the date of this press release, whether as a result of new information, future events, changes in assumptions, or otherwise.\n<\/p>\n \nNotice Regarding Non-GAAP Financial Measures\n<\/p>\n \nIn addition to our reported results and net earnings per diluted share, which are financial measures presented in accordance with GAAP, this press release contains and may refer to certain non-GAAP financial measures, including Funds from Operations (“FFO”), Core Funds From Operations (“Core FFO”), Adjusted Funds from Operations (“AFFO”), Net Debt, and Net Debt to Annualized Adjusted EBITDAre. We believe the use of FFO, Core FFO, and AFFO are useful to investors because they are widely accepted industry measures used by analysts and investors to compare the operating performance of REITs. FFO, Core FFO, and AFFO should not be considered alternatives to net income as a performance measure or to cash flows from operations, as reported on our statement of cash flows, or as a liquidity measure, and should be considered in addition to, and not in lieu of, GAAP financial measures. We believe presenting Net Debt to Annualized Adjusted EBITDAre is useful to investors because it provides information about gross debt less cash and cash equivalents, which could be used to repay debt, compared to our performance as measured using Annualized Adjusted EBITDAre. You should not consider our Annualized Adjusted EBITDAre as an alternative to net income or cash flows from operating activities determined in accordance with GAAP. A reconciliation of non-GAAP measures to the most directly comparable GAAP financial measure and statements of why management believes these measures are useful to investors are included below.\n<\/p>\n \nBroadstone Net Lease, Inc. and Subsidiaries\n<\/p>\n \nCondensed Consolidated Balance Sheets\n<\/p>\n \n(in thousands, except per share amounts)\n<\/p>\n \u00a0<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \nSeptember 30, \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \nDecember 31, \n\u00a0\n<\/p>\n \nAssets\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \nAccounted for using the operating method:\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \nLand\n<\/p>\n \n\u00a0\n<\/p>\n \n$\n<\/p>\n \n755,206\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n$\n<\/p>\n \n655,374\n<\/p>\n \n\u00a0\n<\/p>\n \nLand improvements\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n331,858\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n295,329\n<\/p>\n \n\u00a0\n<\/p>\n \nBuildings and improvements\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n3,650,275\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n3,242,618\n<\/p>\n \n\u00a0\n<\/p>\n \nEquipment\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n10,422\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n11,870\n<\/p>\n \n\u00a0\n<\/p>\n \nTotal accounted for using the operating method\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n4,747,761\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n4,205,191\n<\/p>\n \n\u00a0\n<\/p>\n \nLess accumulated depreciation\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n(505,456\n<\/p>\n \n)\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n(430,141\n<\/p>\n \n)\n<\/p>\n \nAccounted for using the operating method, net\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n4,242,305\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n3,775,050\n<\/p>\n \n\u00a0\n<\/p>\n \nAccounted for using the direct financing method\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n27,128\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n28,782\n<\/p>\n \n\u00a0\n<\/p>\n \nAccounted for using the sales-type method\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n571\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n571\n<\/p>\n \n\u00a0\n<\/p>\n \nInvestment in rental property, net\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n4,270,004\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n3,804,403\n<\/p>\n \n\u00a0\n<\/p>\n \nCash and cash equivalents\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n75,912\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n21,669\n<\/p>\n \n\u00a0\n<\/p>\n \nAccrued rental income\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n129,579\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n116,874\n<\/p>\n \n\u00a0\n<\/p>\n \nTenant and other receivables, net\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n791\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n1,310\n<\/p>\n \n\u00a0\n<\/p>\n \nPrepaid expenses and other assets\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n18,984\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n17,275\n<\/p>\n \n\u00a0\n<\/p>\n \nInterest rate swap, assets\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n66,602\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u2014\n<\/p>\n \n\u00a0\n<\/p>\n \nGoodwill\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n339,769\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n339,769\n<\/p>\n \n\u00a0\n<\/p>\n \nIntangible lease assets, net\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n322,314\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n303,642\n<\/p>\n \n\u00a0\n<\/p>\n \nDebt issuance costs \u2013 unsecured revolving credit facility, net\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n6,485\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n4,065\n<\/p>\n \n\u00a0\n<\/p>\n \nLeasing fees, net\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n8,752\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n9,641\n<\/p>\n \n\u00a0\n<\/p>\n \nTotal assets\n<\/p>\n \n\u00a0\n<\/p>\n \n$\n<\/p>\n \n5,239,192\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n$\n<\/p>\n \n4,618,648\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \nLiabilities and equity\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \nUnsecured revolving credit facility\n<\/p>\n \n\u00a0\n<\/p>\n \n$\n<\/p>\n \n219,537\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n$\n<\/p>\n \n102,000\n<\/p>\n \n\u00a0\n<\/p>\n \nMortgages, net\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n94,753\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n96,846\n<\/p>\n \n\u00a0\n<\/p>\n \nUnsecured term loans, net\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n894,378\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n646,671\n<\/p>\n \n\u00a0\n<\/p>\n \nSenior unsecured notes, net\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n844,367\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n843,801\n<\/p>\n \n\u00a0\n<\/p>\n \nInterest rate swap, liabilities\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u2014\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n27,171\n<\/p>\n \n\u00a0\n<\/p>\n \nAccounts payable and other liabilities\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n52,594\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n38,038\n<\/p>\n \n\u00a0\n<\/p>\n \nDividends payable\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n49,886\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n45,914\n<\/p>\n \n\u00a0\n<\/p>\n \nAccrued interest payable\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n10,559\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n6,473\n<\/p>\n \n\u00a0\n<\/p>\n \nIntangible lease liabilities, net\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n64,971\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n70,596\n<\/p>\n \n\u00a0\n<\/p>\n \nTotal liabilities\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n2,231,045\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n1,877,510\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \nCommitments and contingencies\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \nEquity\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \nBroadstone Net Lease, Inc. stockholders’ equity:\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \nPreferred stock, $0.001 par value; 20,000 shares authorized, no shares issued or outstanding\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u2014\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u2014\n<\/p>\n \n\u00a0\n<\/p>\n \nCommon stock, $0.00025 par value; 500,000 shares authorized, 173,155 and 162,383 shares issued and outstanding at September 30, 2022 and December 31, 2021, respectively\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n43\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n41\n<\/p>\n \n\u00a0\n<\/p>\n \nAdditional paid-in capital\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n3,148,075\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n2,924,168\n<\/p>\n \n\u00a0\n<\/p>\n \nCumulative distributions in excess of retained earnings\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n(369,260\n<\/p>\n \n)\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n(318,476\n<\/p>\n \n)\n<\/p>\n \nAccumulated other comprehensive income (loss)\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n61,834\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n(28,441\n<\/p>\n \n)\n<\/p>\n \nTotal Broadstone Net Lease, Inc. stockholders’ equity\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n2,840,692\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n2,577,292\n<\/p>\n \n\u00a0\n<\/p>\n \nNon-controlling interests\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n167,455\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n163,846\n<\/p>\n \n\u00a0\n<\/p>\n \nTotal equity\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n3,008,147\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n2,741,138\n<\/p>\n \n\u00a0\n<\/p>\n \nTotal liabilities and equity\n<\/p>\n \n\u00a0\n<\/p>\n \n$\n<\/p>\n \n5,239,192\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n$\n<\/p>\n \n4,618,648\n<\/p>\n \n\u00a0\n<\/p>\n \nBroadstone Net Lease, Inc. and Subsidiaries\n<\/p>\n \nCondensed Consolidated Statements of Income and Comprehensive Income\n<\/p>\n \n(in thousands, except per share amounts)\n<\/p>\n \u00a0<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \nFor the Three Months Ended\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \nFor the Nine Months Ended\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \nSeptember 30, \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \nJune 30, \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \nSeptember 30, \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \nSeptember 30, \n\u00a0\n<\/p>\n \nRevenues\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \nLease revenues, net\n<\/p>\n \n\u00a0\n<\/p>\n \n$\n<\/p>\n \n103,524\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n$\n<\/p>\n \n98,013\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n$\n<\/p>\n \n295,378\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n$\n<\/p>\n \n290,234\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \nOperating expenses\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \nDepreciation and amortization\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n39,400\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n35,511\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n109,201\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n98,620\n<\/p>\n \n\u00a0\n<\/p>\n \nProperty and operating expense\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n5,636\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n4,696\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n15,376\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n14,019\n<\/p>\n \n\u00a0\n<\/p>\n \nGeneral and administrative\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n9,942\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n9,288\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n28,058\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n27,840\n<\/p>\n \n\u00a0\n<\/p>\n \nProvision for impairment of investment in rental properties\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n4,155\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n1,380\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n5,535\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n28,001\n<\/p>\n \n\u00a0\n<\/p>\n \nTotal operating expenses\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n59,133\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n50,875\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n158,170\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n168,480\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \nOther income (expenses)\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \nInterest income\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n4\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u2014\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n4\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n11\n<\/p>\n \n\u00a0\n<\/p>\n \nInterest expense\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n(20,095\n<\/p>\n \n)\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n(17,888\n<\/p>\n \n)\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n(54,879\n<\/p>\n \n)\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n(47,149\n<\/p>\n \n)\n<\/p>\n \nCost of debt extinguishment\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n(231\n<\/p>\n \n)\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u2014\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n(231\n<\/p>\n \n)\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n(368\n<\/p>\n \n)\n<\/p>\n \nGain on sale of real estate\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n61\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n4,071\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n5,328\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n9,791\n<\/p>\n \n\u00a0\n<\/p>\n \nIncome taxes\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n(356\n<\/p>\n \n)\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n(401\n<\/p>\n \n)\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n(1,169\n<\/p>\n \n)\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n(1,187\n<\/p>\n \n)\n<\/p>\n \nChange in fair value of earnout liability\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u2014\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u2014\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u2014\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n(5,539\n<\/p>\n \n)\n<\/p>\n \nOther income (expenses)\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n4,935\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n2,632\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n6,441\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n(11\n<\/p>\n \n)\n<\/p>\n \nNet income\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n28,709\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n35,552\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n92,702\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n77,302\n<\/p>\n \n\u00a0\n<\/p>\n \nNet income attributable to non-controlling interests\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n(1,600\n<\/p>\n \n)\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n(2,036\n<\/p>\n \n)\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n(5,319\n<\/p>\n \n)\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n(5,167\n<\/p>\n \n)\n<\/p>\n \nNet income attributable to Broadstone Net Lease, Inc.\n<\/p>\n \n\u00a0\n<\/p>\n \n$\n<\/p>\n \n27,109\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n$\n<\/p>\n \n33,516\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n$\n<\/p>\n \n87,383\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n$\n<\/p>\n \n72,135\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \nWeighted average number of common shares outstanding\n<\/p>\n \n\u00a0\n<\/p>\n \nBasic\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n172,578\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n169,555\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n168,680\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n150,227\n<\/p>\n \n\u00a0\n<\/p>\n \nDiluted\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n182,971\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n180,256\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n179,132\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n161,273\n<\/p>\n \n\u00a0\n<\/p>\n \nNet earnings per common share\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \nBasic and diluted\n<\/p>\n \n\u00a0\n<\/p>\n \n$\n<\/p>\n \n0.16\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n$\n<\/p>\n \n0.20\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n$\n<\/p>\n \n0.52\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n$\n<\/p>\n \n0.48\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \nComprehensive income\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \nNet income\n<\/p>\n \n\u00a0\n<\/p>\n \n$\n<\/p>\n \n28,709\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n$\n<\/p>\n \n35,552\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n$\n<\/p>\n \n92,702\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n$\n<\/p>\n \n77,302\n<\/p>\n \n\u00a0\n<\/p>\n \nOther comprehensive income\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \nChange in fair value of interest rate swaps\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n40,039\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n18,772\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n93,772\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n30,328\n<\/p>\n \n\u00a0\n<\/p>\n \nRealized loss (gain) on interest rate swaps\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n639\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n695\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n1,993\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n2\n<\/p>\n \n\u00a0\n<\/p>\n \nComprehensive income\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n69,387\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n55,019\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n188,467\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n107,632\n<\/p>\n \n\u00a0\n<\/p>\n \nComprehensive income attributable to non-controlling \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n(3,868\n<\/p>\n \n)\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n(3,151\n<\/p>\n \n)\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n(10,809\n<\/p>\n \n)\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n(7,313\n<\/p>\n \n)\n<\/p>\n \nComprehensive income attributable to Broadstone Net \n\u00a0\n<\/p>\n \n$\n<\/p>\n \n65,519\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n$\n<\/p>\n \n51,868\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n$\n<\/p>\n \n177,658\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n$\n<\/p>\n \n100,319\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \nReconciliation of Non-GAAP Measures\n<\/p>\n \nThe following is a reconciliation of net income to FFO, Core FFO, and AFFO for the three months ended September 30, 2022 and June 30, 2022 and for the nine months ended September 30, 2022 and 2021. Also presented is the weighted average number of shares of our common stock and OP Units used for the diluted per share computation:\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \nFor the Three Months Ended\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \nFor the Nine Months Ended\n<\/p>\n \n\u00a0\n<\/p>\n \n(in thousands, except per share data)\n<\/p>\n \n\u00a0\n<\/p>\n \nSeptember 30, \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \nJune 30, \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \nSeptember 30, \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \nSeptember 30, \n\u00a0\n<\/p>\n \nNet income\n<\/p>\n \n\u00a0\n<\/p>\n \n$\n<\/p>\n \n28,709\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n$\n<\/p>\n \n35,552\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n$\n<\/p>\n \n92,702\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n$\n<\/p>\n \n77,302\n<\/p>\n \n\u00a0\n<\/p>\n \nReal property depreciation and amortization\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n39,366\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n35,479\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n109,104\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n98,548\n<\/p>\n \n\u00a0\n<\/p>\n \nGain on sale of real estate\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n(61\n<\/p>\n \n)\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n(4,071\n<\/p>\n \n)\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n(5,328\n<\/p>\n \n)\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n(9,791\n<\/p>\n \n)\n<\/p>\n \nProvision for impairment on investment in rental properties\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n4,155\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n1,380\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n5,535\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n28,001\n<\/p>\n \n\u00a0\n<\/p>\n \nFFO\n<\/p>\n \n\u00a0\n<\/p>\n \n$\n<\/p>\n \n72,169\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n$\n<\/p>\n \n68,340\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n$\n<\/p>\n \n202,013\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n$\n<\/p>\n \n194,060\n<\/p>\n \n\u00a0\n<\/p>\n \nNet write-offs of accrued rental income\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u2014\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u2014\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n1,326\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n1,938\n<\/p>\n \n\u00a0\n<\/p>\n \nLease termination fee\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n(791\n<\/p>\n \n)\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u2014\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n(791\n<\/p>\n \n)\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n(35,000\n<\/p>\n \n)\n<\/p>\n \nCost of debt extinguishment\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n231\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u2014\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n231\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n368\n<\/p>\n \n\u00a0\n<\/p>\n \nSeverance\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n3\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n278\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n401\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n1,275\n<\/p>\n \n\u00a0\n<\/p>\n \nChange in fair value of earnout liability\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u2014\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u2014\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u2014\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n5,539\n<\/p>\n \n\u00a0\n<\/p>\n \nOther (Income) expenses(1)<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n(4,935\n<\/p>\n \n)\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n(2,632\n<\/p>\n \n)\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n(6,441\n<\/p>\n \n)\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n11\n<\/p>\n \n\u00a0\n<\/p>\n \nCore FFO\n<\/p>\n \n\u00a0\n<\/p>\n \n$\n<\/p>\n \n66,677\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n$\n<\/p>\n \n65,986\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n$\n<\/p>\n \n196,739\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n$\n<\/p>\n \n168,191\n<\/p>\n \n\u00a0\n<\/p>\n \nStraight-line rent adjustment\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n(5,175\n<\/p>\n \n)\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n(4,965\n<\/p>\n \n)\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n(15,075\n<\/p>\n \n)\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n(14,983\n<\/p>\n \n)\n<\/p>\n \nAdjustment to provision for credit losses\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n(4\n<\/p>\n \n)\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n(1\n<\/p>\n \n)\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n(5\n<\/p>\n \n)\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n(1\n<\/p>\n \n)\n<\/p>\n \nAmortization of debt issuance costs\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n948\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n900\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n2,704\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n2,832\n<\/p>\n \n\u00a0\n<\/p>\n \nAmortization of net mortgage premiums\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n(26\n<\/p>\n \n)\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n(25\n<\/p>\n \n)\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n(78\n<\/p>\n \n)\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n(106\n<\/p>\n \n)\n<\/p>\n \nLoss on interest rate swaps and other non-cash interest expense\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n639\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n695\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n1,993\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n2\n<\/p>\n \n\u00a0\n<\/p>\n \nAmortization of lease intangibles\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n(1,176\n<\/p>\n \n)\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n(1,167\n<\/p>\n \n)\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n(3,501\n<\/p>\n \n)\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n(2,309\n<\/p>\n \n)\n<\/p>\n \nStock-based compensation\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n1,503\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n1,381\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n3,813\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n3,644\n<\/p>\n \n\u00a0\n<\/p>\n \nAFFO\n<\/p>\n \n\u00a0\n<\/p>\n \n$\n<\/p>\n \n63,386\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n$\n<\/p>\n \n62,804\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n$\n<\/p>\n \n186,590\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n$\n<\/p>\n \n157,270\n<\/p>\n \n\u00a0\n<\/p>\n \nDiluted WASO(2)<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n182,971\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n180,256\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n179,132\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n161,273\n<\/p>\n \n\u00a0\n<\/p>\n \nNet earnings per share(3)<\/p>\n \n\u00a0\n<\/p>\n \n$\n<\/p>\n \n0.16\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n$\n<\/p>\n \n0.20\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n$\n<\/p>\n \n0.52\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n$\n<\/p>\n \n0.48\n<\/p>\n \n\u00a0\n<\/p>\n \nFFO per share(3)<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n0.39\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n0.38\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n1.13\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n1.20\n<\/p>\n \n\u00a0\n<\/p>\n \nCore FFO per share(3)<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n0.36\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n0.37\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n1.10\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n1.04\n<\/p>\n \n\u00a0\n<\/p>\n \nAFFO per share(3)<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n0.35\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n0.35\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n1.04\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n0.97\n<\/p>\n \n\u00a0\n<\/p>\n \n1Amount includes $4.9 million and $2.6 million of unrealized foreign exchange gain for the three months ended September\u00a030, 2022 and June\u00a030, 2022, respectively, and $6.4 million of unrealized foreign exchange gain for the nine months ended September\u00a030, 2022, primarily associated with our Canadian dollar denominated revolving borrowings.\n<\/p>\n \n2Excludes 395,441 and 377,407 weighted average shares of unvested restricted common stock for the three months ended September\u00a030, 2022 and June\u00a030, 2022, respectively. Excludes 381,220 and 366,477 weighted average shares of unvested restricted common stock for the nine months ended September\u00a030, 2022 and 2021, respectively.\n<\/p>\n \n3Excludes $0.1 million from the numerator for the three months ended September\u00a030, 2022 and June\u00a030, 2022, respectively, and $0.3 million from the numerator for the nine months ended September\u00a030, 2022 and 2021, respectively, related to dividends paid or declared on shares of unvested restricted common stock.\n<\/p>\n Contacts <\/p>\n \nCompany Contact:
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ACTIVITY\n<\/p>\n
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ACTIVITY\n<\/p>\n
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2022\n<\/p>\n
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2022\n<\/p>\n
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2021\n<\/p>\n
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2022\n<\/p>\n
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interests\n<\/p>\n
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Lease, Inc.\n<\/p>\n
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2022\n<\/p>\n
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2022\n<\/p>\n
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2022\n<\/p>\n
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2021\n<\/p>\n
Michael Caruso
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SVP, Corporate Finance & Investor Relations
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michael.caruso@broadstone.com<\/a>
585.402.7842\n<\/p>\n
![<\/a><\/p>\n\nTHIRD QUARTER 2022 HIGHLIGHTS\n<\/p>\n\u00a0<\/p>\n\nINVESTMENT\nACTIVITY\n<\/p>\nInvested $204.5 million at a weighted average initial cash capitalization rate of 6.5%, including the acquisition of 27 properties with a weighted average initial term of 20.9 years and minimum annual rent increases of 2.0%. These investments were predominantly weighted towards industrial opportunities (85.8% of the quarter’s volume, based on ABR), with the remaining investment activity spanning property types such as restaurant (6.6%), healthcare (4.6%) and retail (3.0%).<\/p>\nSubsequent to quarter end, we invested an additional $283.1 million and currently have $21.6 million of investments under control.<\/p>\n\nCAPITAL MARKETS\nACTIVITY\n<\/p>\nSold 962,200 shares of common stock for net proceeds of $20.3 million under our at-the-market common equity offering (“ATM Program”).<\/p>\nCompleted a forward equity offering of 13,000,000 shares for anticipated net proceeds of approximately $270.7 million, none of which have settled.<\/p>\nEntered into a $200 million, five year unsecured term loan and a $300 million, seven year unsecured term loan, the proceeds of which were used to repay in full our $190 million term loan set to mature in 2024, and a portion of the outstanding borrowings on our unsecured revolving credit facility. In addition, we entered into interest rate swaps with a total notional value of $260 million to fix the Secured Overnight Financing Rate (“SOFR”) component of the borrowing rate at a weighted average fixed interest rate of 2.59% until August 1, 2029.<\/p>\nEnded the quarter with total outstanding debt of $2.1 billion, Net Debt of $2.0 billion, a Net Debt to Annualized Adjusted EBITDAre ratio of 5.5x, and a pro forma Net Debt to Annualized Adjusted EBITDAre ratio of 4.8x assuming settlement of the outstanding forward.<\/p>\nIncreased our quarterly dividend to $0.275.<\/p>\n\nOPERATING\n<\/p>\n\nRESULTS\n<\/p>\nCollected 100% of base rents due for the third quarter, and our portfolio was 99.3% leased based on rentable square footage, with only three of our 790 total properties vacant and not subject to a lease as of quarter end.<\/p>\nIncurred $9.9 million of general and administrative expenses, inclusive of $1.5 million of stock-based compensation.<\/p>\nGenerated net income of $28.7 million, or $0.16 per share.<\/p>\nGenerated adjusted funds from operations (“AFFO”) of $63.4 million, or $0.35 per share.<\/p>\nReaffirmed the guidance range for the 2022 full year and currently expect to report AFFO of between $1.38 and $1.40 per diluted share.<\/p>\n\nMANAGEMENT COMMENTARY\n<\/p>\n\n“As we highlighted in our business update in early October, we’ve continued to grow our portfolio through accretive acquisitions supported by our proactive capital markets strategy, and our portfolio continues to perform well with 100% rent collection and minimal vacancies given its highly diversified and defensive construction,” said Chris Czarnecki, BNL\u2019s Chief Executive Officer. “We continue to have strong conviction in our diversified strategy and its proven ability to deliver durable cash flows, while also providing us with the ability to pivot between property types and selectively pursue attractive investment opportunities as the broader market landscape evolves. While we continue to see no shortage of investment opportunities, a disconnect currently exists between the capital markets and property transaction markets. Cost of capital across the sector has considerably increased while asset pricing levels have been slower to respond. Given this disconnect, we anticipate pricing adjustments in net lease assets and believe it is prudent to take a more selective and opportunistic approach to capital deployment in the near-term.”\n<\/p>\n\nSUMMARIZED FINANCIAL RESULTS\n<\/p>\n\u00a0<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\nFor the Three Months Ended\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\nFor the Nine Months Ended\n<\/p>\n\n\u00a0\n<\/p>\n\n(in thousands, except per share data)\n<\/p>\n\n\u00a0\n<\/p>\n\nSeptember 30,\n2022\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\nJune 30,\n2022\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\nSeptember 30,\n2021\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\nSeptember 30,\n2022\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\nSeptember 30,\n2021\n<\/p>\n\n\u00a0\n<\/p>\n\nRevenues\n<\/p>\n\n\u00a0\n<\/p>\n\n$\n<\/p>\n\n103,524\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n$\n<\/p>\n\n98,013\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n$\n<\/p>\n\n122,777\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n$\n<\/p>\n\n295,378\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n$\n<\/p>\n\n290,234\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\nNet income, including non-controlling interests\n<\/p>\n\n\u00a0\n<\/p>\n\n$\n<\/p>\n\n28,709\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n$\n<\/p>\n\n35,552\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n$\n<\/p>\n\n30,522\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n$\n<\/p>\n\n92,702\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n$\n<\/p>\n\n77,302\n<\/p>\n\n\u00a0\n<\/p>\n\nNet earnings per share\n<\/p>\n\n\u00a0\n<\/p>\n\n$\n<\/p>\n\n0.16\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n$\n<\/p>\n\n0.20\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n$\n<\/p>\n\n0.18\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n$\n<\/p>\n\n0.52\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n$\n<\/p>\n\n0.48\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\nFFO\n<\/p>\n\n\u00a0\n<\/p>\n\n$\n<\/p>\n\n72,169\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n$\n<\/p>\n\n68,340\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n$\n<\/p>\n\n91,947\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n$\n<\/p>\n\n202,013\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n$\n<\/p>\n\n194,060\n<\/p>\n\n\u00a0\n<\/p>\n\nFFO per share\n<\/p>\n\n\u00a0\n<\/p>\n\n$\n<\/p>\n\n0.39\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n$\n<\/p>\n\n0.38\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n$\n<\/p>\n\n0.54\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n$\n<\/p>\n\n1.13\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n$\n<\/p>\n\n1.20\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\nCore FFO\n<\/p>\n\n\u00a0\n<\/p>\n\n$\n<\/p>\n\n66,677\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n$\n<\/p>\n\n65,986\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n$\n<\/p>\n\n59,769\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n$\n<\/p>\n\n196,739\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n$\n<\/p>\n\n168,191\n<\/p>\n\n\u00a0\n<\/p>\n\nCore FFO per share\n<\/p>\n\n\u00a0\n<\/p>\n\n$\n<\/p>\n\n0.36\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n$\n<\/p>\n\n0.37\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n$\n<\/p>\n\n0.35\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n$\n<\/p>\n\n1.10\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n$\n<\/p>\n\n1.04\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\nAFFO\n<\/p>\n\n\u00a0\n<\/p>\n\n$\n<\/p>\n\n63,386\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n$\n<\/p>\n\n62,804\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n$\n<\/p>\n\n55,836\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n$\n<\/p>\n\n186,590\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n$\n<\/p>\n\n157,270\n<\/p>\n\n\u00a0\n<\/p>\n\nAFFO per share\n<\/p>\n\n\u00a0\n<\/p>\n\n$\n<\/p>\n\n0.35\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n$\n<\/p>\n\n0.35\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n$\n<\/p>\n\n0.33\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n$\n<\/p>\n\n1.04\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n$\n<\/p>\n\n0.97\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\nDiluted Weighted Average Shares Outstanding\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n182,971\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n180,256\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n169,587\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n179,132\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n161,273\n<\/p>\n\n\u00a0\n<\/p>\n\nFFO, Core FFO, and AFFO are measures that are not calculated in accordance with accounting principles generally accepted in the United States of America (“GAAP”). See the Reconciliation of Non-GAAP Measures later in this press release.\n<\/p>\n\nREAL ESTATE PORTFOLIO UPDATE\n<\/p>\n\nAs of September 30, 2022, we owned a diversified portfolio of 790 individual net leased commercial properties with 783 properties located in 44 U.S. states and seven properties located in four Canadian provinces, comprising approximately 36.8 million rentable square feet of operational space. As of September 30, 2022, all but three of our properties were subject to a lease, and our properties were occupied by 218 different commercial tenants, with no single tenant accounting for more than 2.4% of ABR. Properties subject to a lease represent 99.3% of our portfolio’s rentable square footage. The ABR weighted average annual minimum rent increase, pursuant to leases on properties in the portfolio as of September 30, 2022, was 2.0%.\n<\/p>\n\nDuring the third quarter, we invested $204.5 million in accretive acquisitions and revenue generating capital expenditures at a weighted average initial cash capitalization rate of 6.5%, including the acquisition of 27 properties located across 10 U.S. states with a weighted average initial lease term and minimum annual rent increases of 20.9 years and 2.0%, respectively. These investments were predominantly weighted towards industrial opportunities (85.8% of the quarter’s volume, based on ABR), with the remaining investment activity spanning property types such as restaurant (6.6%), healthcare (4.6%) and retail (3.0%).\n<\/p>\n\nSubsequent to quarter end, we invested an additional $283.1 million in 15 properties and have $21.6 million of investments under control, which we define as under contract or executed letter of intent.\n<\/p>\n\nBALANCE SHEET AND CAPITAL MARKETS ACTIVITIES\n<\/p>\n\nDuring the third quarter, BNL sold 962,200 shares of common stock under its ATM Program at a weighted average sale price of $21.44 per share for net proceeds of $20.3 million. There was approximately $145.4 million of capacity remaining on the ATM Program as of September 30, 2022.\n<\/p>\n\nOn August 1, 2022, we entered into two new unsecured bank term loans, including a $200 million, five year term loan that matures in 2027 (the “2027 Unsecured Term Loan”), and a $300 million, seven year term loan that matures in 2029 (the “2029 Unsecured Term Loan”). Borrowings on the new term loans bear interest at variable rates based on the SOFR as adjusted, plus a margin based on our credit rating ranging between 0.80% and 1.60% per annum for the 2027 Unsecured Term Loan, and 1.15% and 2.20% per annum for the 2029 Unsecured Term Loan. The initial applicable margin was 0.95% and 1.25% for the 2027 Unsecured Term Loan and 2029 Unsecured Term Loan, respectively. Proceeds from the loans were used to repay in full our $190 million unsecured term loan set to mature in 2024, including accrued interest, and a portion of the outstanding balance on our unsecured revolving credit facility. In addition, we entered into interest rate swaps with a total notional value of $260 million to fix the SOFR component of the borrowing rate at a weighted average fixed interest rate of 2.59% until August 1, 2029. With the addition of these interest rate swaps, our unsecured bank term loans remain entirely hedged.\n<\/p>\n\nIn August 2022, we completed a public offering of 13,000,000 shares of common stock at a price of $21.35 per share, subject to certain adjustments, in connection with a forward sale agreement. We expect to settle the forward sale agreement by the August 2023 maturity date. As of September 30, 2022, we anticipate the forward sale agreement will provide net proceeds of approximately $270.7 million, resulting in a pro forma Net Debt to Annualized Adjusted EBITDAre ratio of 4.8x. We have not settled any part of the forward sale agreement as of September 30, 2022.\n<\/p>\n\nDISTRIBUTIONS\n<\/p>\n\nAt its October 27, 2022, meeting, our board of directors declared a $0.275 distribution per common share and OP Unit to stockholders and OP unitholders of record as of December 31, 2022, payable on or before January 15, 2022.\n<\/p>\n\n2022 GUIDANCE\n<\/p>\n\nBNL has reaffirmed its guidance range for the 2022 full year and currently expects to report AFFO of between $1.38 and $1.40 per diluted share.\n<\/p>\n\nThe guidance range is based on the following key assumptions, which is unchanged from the guidance range provided on October 4, 2022:\n<\/p>\n\n\u00a0(i)\n<\/p>\n\u00a0<\/p>\n\ninvestments in real estate properties between $900 million and $1 billion;\n<\/p>\n\n(ii)\n<\/p>\n\u00a0<\/p>\n\ndispositions of real estate properties between $50 million and $75 million; and\n<\/p>\n\n(iii)\n<\/p>\n\u00a0<\/p>\n\ntotal cash general and administrative expenses between $31 million and $33 million.\n<\/p>\n\nOur per share results are sensitive to both timing and amount of real estate investments, property dispositions, and capital markets activities that occur throughout the year.\n<\/p>\n\nThe Company does not provide guidance for the most comparable GAAP financial measure, net income, or a reconciliation of the forward-looking non-GAAP financial measure of AFFO to net income computed in accordance with GAAP, because it is unable to reasonably predict, without unreasonable efforts, certain items that would be contained in the GAAP measure, including items that are not indicative of the Company’s ongoing operations, including, without limitation, potential impairments of real estate assets, net gain\/loss on dispositions of real estate assets, changes in allowance for credit losses, and stock-based compensation expense. These items are uncertain, depend on various factors, and could have a material impact on the Company’s GAAP results for the guidance periods.\n<\/p>\n\nCONFERENCE CALL AND WEBCAST\n<\/p>\n\nThe company will host its third quarter earnings conference call and audio webcast on Thursday, November 3, 2022, at 11:00 a.m. Eastern Time.\n<\/p>\n\nTo access the live webcast, which will be available in listen-only mode, please visit: https:\/\/events.q4inc.com\/attendee\/395933686<\/a>. If you prefer to listen via phone, U.S. participants may dial: 1-844-200-6205 (toll free) or 1-646-904-5544 (local), access code 181980. International access numbers are viewable here: https:\/\/events.q4irportal.com\/custom\/access\/2324\/<\/a>.\n<\/p>\n\nA replay of the conference call webcast will be available approximately one hour after the conclusion of the live broadcast. To listen to a replay of the call via phone, all participants may dial: 1-866-813-9403 (toll free) or 1-929-458-6194 (local), access code 547581. The replay will be available via dial-in until Thursday, November 17, 2022. To listen to a replay of the call via the web, which will be available for one year, please visit: https:\/\/investors.bnl.broadstone.com<\/a>.\n<\/p>\n\nAbout Broadstone Net Lease, Inc.\n<\/p>\n\nBNL is a real estate investment trust that acquires, owns, and manages primarily single-tenant commercial real estate properties that are net leased on a long-term basis to a diversified group of tenants. The Company utilizes an investment strategy underpinned by strong fundamental credit analysis and prudent real estate underwriting. As of September 30, 2022, BNL’s diversified portfolio consisted of 790 individual net leased commercial properties with 783 properties located in 44 U.S. states and seven properties located in four Canadian provinces across the industrial, healthcare, restaurant, retail, and office property types.\n<\/p>\n\nForward-Looking Statements\n<\/p>\n\nThis press release contains “forward-looking” statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, regarding, among other things, our plans, strategies, and prospects, both business and financial. Such forward-looking statements can generally be identified by our use of forward-looking terminology such as “may,” “will,” “should,” “expect,” “intend,” “anticipate,” “estimate,” “would be,” “believe,” “continue,” or other similar words. Forward-looking statements, including our 2022 guidance and assumptions, involve known and unknown risks and uncertainties, which may cause BNL’s actual future results to differ materially from expected results, including, without limitation, risks and uncertainties related to the COVID-19 pandemic and its related impacts on us and our tenants, general economic conditions, including but not limited to increases in the rate of inflation and\/or interest rates, local real estate conditions, tenant financial health, property investments and acquisitions, and the timing and uncertainty of completing these acquisitions, and uncertainties regarding future distributions to our stockholders. These and other risks, assumptions, and uncertainties are described in Item 1A “Risk Factors” of the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2021, filed with the SEC on February 23, 2022, which you are encouraged to read, and is available on the SEC’s website at www.sec.gov<\/a>. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those indicated or anticipated by such forward-looking statements. Accordingly, you are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date they are made. The Company assumes no obligation to, and does not currently intend to, update any forward-looking statements after the date of this press release, whether as a result of new information, future events, changes in assumptions, or otherwise.\n<\/p>\n\nNotice Regarding Non-GAAP Financial Measures\n<\/p>\n\nIn addition to our reported results and net earnings per diluted share, which are financial measures presented in accordance with GAAP, this press release contains and may refer to certain non-GAAP financial measures, including Funds from Operations (“FFO”), Core Funds From Operations (“Core FFO”), Adjusted Funds from Operations (“AFFO”), Net Debt, and Net Debt to Annualized Adjusted EBITDAre. We believe the use of FFO, Core FFO, and AFFO are useful to investors because they are widely accepted industry measures used by analysts and investors to compare the operating performance of REITs. FFO, Core FFO, and AFFO should not be considered alternatives to net income as a performance measure or to cash flows from operations, as reported on our statement of cash flows, or as a liquidity measure, and should be considered in addition to, and not in lieu of, GAAP financial measures. We believe presenting Net Debt to Annualized Adjusted EBITDAre is useful to investors because it provides information about gross debt less cash and cash equivalents, which could be used to repay debt, compared to our performance as measured using Annualized Adjusted EBITDAre. You should not consider our Annualized Adjusted EBITDAre as an alternative to net income or cash flows from operating activities determined in accordance with GAAP. A reconciliation of non-GAAP measures to the most directly comparable GAAP financial measure and statements of why management believes these measures are useful to investors are included below.\n<\/p>\n\nBroadstone Net Lease, Inc. and Subsidiaries\n<\/p>\n\nCondensed Consolidated Balance Sheets\n<\/p>\n\n(in thousands, except per share amounts)\n<\/p>\n\u00a0<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\nSeptember 30,\n2022\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\nDecember 31,\n2021\n<\/p>\n\n\u00a0\n<\/p>\n\nAssets\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\nAccounted for using the operating method:\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\nLand\n<\/p>\n\n\u00a0\n<\/p>\n\n$\n<\/p>\n\n755,206\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n$\n<\/p>\n\n655,374\n<\/p>\n\n\u00a0\n<\/p>\n\nLand improvements\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n331,858\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n295,329\n<\/p>\n\n\u00a0\n<\/p>\n\nBuildings and improvements\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n3,650,275\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n3,242,618\n<\/p>\n\n\u00a0\n<\/p>\n\nEquipment\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n10,422\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n11,870\n<\/p>\n\n\u00a0\n<\/p>\n\nTotal accounted for using the operating method\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n4,747,761\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n4,205,191\n<\/p>\n\n\u00a0\n<\/p>\n\nLess accumulated depreciation\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n(505,456\n<\/p>\n\n)\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n(430,141\n<\/p>\n\n)\n<\/p>\n\nAccounted for using the operating method, net\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n4,242,305\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n3,775,050\n<\/p>\n\n\u00a0\n<\/p>\n\nAccounted for using the direct financing method\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n27,128\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n28,782\n<\/p>\n\n\u00a0\n<\/p>\n\nAccounted for using the sales-type method\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n571\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n571\n<\/p>\n\n\u00a0\n<\/p>\n\nInvestment in rental property, net\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n4,270,004\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n3,804,403\n<\/p>\n\n\u00a0\n<\/p>\n\nCash and cash equivalents\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n75,912\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n21,669\n<\/p>\n\n\u00a0\n<\/p>\n\nAccrued rental income\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n129,579\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n116,874\n<\/p>\n\n\u00a0\n<\/p>\n\nTenant and other receivables, net\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n791\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n1,310\n<\/p>\n\n\u00a0\n<\/p>\n\nPrepaid expenses and other assets\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n18,984\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n17,275\n<\/p>\n\n\u00a0\n<\/p>\n\nInterest rate swap, assets\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n66,602\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u2014\n<\/p>\n\n\u00a0\n<\/p>\n\nGoodwill\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n339,769\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n339,769\n<\/p>\n\n\u00a0\n<\/p>\n\nIntangible lease assets, net\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n322,314\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n303,642\n<\/p>\n\n\u00a0\n<\/p>\n\nDebt issuance costs \u2013 unsecured revolving credit facility, net\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n6,485\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n4,065\n<\/p>\n\n\u00a0\n<\/p>\n\nLeasing fees, net\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n8,752\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n9,641\n<\/p>\n\n\u00a0\n<\/p>\n\nTotal assets\n<\/p>\n\n\u00a0\n<\/p>\n\n$\n<\/p>\n\n5,239,192\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n$\n<\/p>\n\n4,618,648\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\nLiabilities and equity\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\nUnsecured revolving credit facility\n<\/p>\n\n\u00a0\n<\/p>\n\n$\n<\/p>\n\n219,537\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n$\n<\/p>\n\n102,000\n<\/p>\n\n\u00a0\n<\/p>\n\nMortgages, net\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n94,753\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n96,846\n<\/p>\n\n\u00a0\n<\/p>\n\nUnsecured term loans, net\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n894,378\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n646,671\n<\/p>\n\n\u00a0\n<\/p>\n\nSenior unsecured notes, net\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n844,367\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n843,801\n<\/p>\n\n\u00a0\n<\/p>\n\nInterest rate swap, liabilities\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u2014\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n27,171\n<\/p>\n\n\u00a0\n<\/p>\n\nAccounts payable and other liabilities\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n52,594\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n38,038\n<\/p>\n\n\u00a0\n<\/p>\n\nDividends payable\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n49,886\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n45,914\n<\/p>\n\n\u00a0\n<\/p>\n\nAccrued interest payable\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n10,559\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n6,473\n<\/p>\n\n\u00a0\n<\/p>\n\nIntangible lease liabilities, net\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n64,971\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n70,596\n<\/p>\n\n\u00a0\n<\/p>\n\nTotal liabilities\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n2,231,045\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n1,877,510\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\nCommitments and contingencies\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\nEquity\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\nBroadstone Net Lease, Inc. stockholders’ equity:\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\nPreferred stock, $0.001 par value; 20,000 shares authorized, no shares issued or outstanding\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u2014\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u2014\n<\/p>\n\n\u00a0\n<\/p>\n\nCommon stock, $0.00025 par value; 500,000 shares authorized, 173,155 and 162,383 shares issued and outstanding at September 30, 2022 and December 31, 2021, respectively\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n43\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n41\n<\/p>\n\n\u00a0\n<\/p>\n\nAdditional paid-in capital\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n3,148,075\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n2,924,168\n<\/p>\n\n\u00a0\n<\/p>\n\nCumulative distributions in excess of retained earnings\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n(369,260\n<\/p>\n\n)\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n(318,476\n<\/p>\n\n)\n<\/p>\n\nAccumulated other comprehensive income (loss)\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n61,834\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n(28,441\n<\/p>\n\n)\n<\/p>\n\nTotal Broadstone Net Lease, Inc. stockholders’ equity\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n2,840,692\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n2,577,292\n<\/p>\n\n\u00a0\n<\/p>\n\nNon-controlling interests\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n167,455\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n163,846\n<\/p>\n\n\u00a0\n<\/p>\n\nTotal equity\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n3,008,147\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n2,741,138\n<\/p>\n\n\u00a0\n<\/p>\n\nTotal liabilities and equity\n<\/p>\n\n\u00a0\n<\/p>\n\n$\n<\/p>\n\n5,239,192\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n$\n<\/p>\n\n4,618,648\n<\/p>\n\n\u00a0\n<\/p>\n\nBroadstone Net Lease, Inc. and Subsidiaries\n<\/p>\n\nCondensed Consolidated Statements of Income and Comprehensive Income\n<\/p>\n\n(in thousands, except per share amounts)\n<\/p>\n\u00a0<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\nFor the Three Months Ended\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\nFor the Nine Months Ended\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\nSeptember 30,\n2022\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\nJune 30,\n2022\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\nSeptember 30,\n2022\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\nSeptember 30,\n2021\n<\/p>\n\n\u00a0\n<\/p>\n\nRevenues\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\nLease revenues, net\n<\/p>\n\n\u00a0\n<\/p>\n\n$\n<\/p>\n\n103,524\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n$\n<\/p>\n\n98,013\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n$\n<\/p>\n\n295,378\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n$\n<\/p>\n\n290,234\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\nOperating expenses\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\nDepreciation and amortization\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n39,400\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n35,511\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n109,201\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n98,620\n<\/p>\n\n\u00a0\n<\/p>\n\nProperty and operating expense\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n5,636\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n4,696\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n15,376\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n14,019\n<\/p>\n\n\u00a0\n<\/p>\n\nGeneral and administrative\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n9,942\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n9,288\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n28,058\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n27,840\n<\/p>\n\n\u00a0\n<\/p>\n\nProvision for impairment of investment in rental properties\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n4,155\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n1,380\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n5,535\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n28,001\n<\/p>\n\n\u00a0\n<\/p>\n\nTotal operating expenses\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n59,133\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n50,875\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n158,170\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n168,480\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\nOther income (expenses)\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\nInterest income\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n4\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u2014\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n4\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n11\n<\/p>\n\n\u00a0\n<\/p>\n\nInterest expense\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n(20,095\n<\/p>\n\n)\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n(17,888\n<\/p>\n\n)\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n(54,879\n<\/p>\n\n)\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n(47,149\n<\/p>\n\n)\n<\/p>\n\nCost of debt extinguishment\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n(231\n<\/p>\n\n)\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u2014\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n(231\n<\/p>\n\n)\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n(368\n<\/p>\n\n)\n<\/p>\n\nGain on sale of real estate\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n61\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n4,071\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n5,328\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n9,791\n<\/p>\n\n\u00a0\n<\/p>\n\nIncome taxes\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n(356\n<\/p>\n\n)\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n(401\n<\/p>\n\n)\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n(1,169\n<\/p>\n\n)\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n(1,187\n<\/p>\n\n)\n<\/p>\n\nChange in fair value of earnout liability\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u2014\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u2014\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u2014\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n(5,539\n<\/p>\n\n)\n<\/p>\n\nOther income (expenses)\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n4,935\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n2,632\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n6,441\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n(11\n<\/p>\n\n)\n<\/p>\n\nNet income\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n28,709\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n35,552\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n92,702\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n77,302\n<\/p>\n\n\u00a0\n<\/p>\n\nNet income attributable to non-controlling interests\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n(1,600\n<\/p>\n\n)\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n(2,036\n<\/p>\n\n)\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n(5,319\n<\/p>\n\n)\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n(5,167\n<\/p>\n\n)\n<\/p>\n\nNet income attributable to Broadstone Net Lease, Inc.\n<\/p>\n\n\u00a0\n<\/p>\n\n$\n<\/p>\n\n27,109\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n$\n<\/p>\n\n33,516\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n$\n<\/p>\n\n87,383\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n$\n<\/p>\n\n72,135\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\nWeighted average number of common shares outstanding\n<\/p>\n\n\u00a0\n<\/p>\n\nBasic\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n172,578\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n169,555\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n168,680\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n150,227\n<\/p>\n\n\u00a0\n<\/p>\n\nDiluted\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n182,971\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n180,256\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n179,132\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n161,273\n<\/p>\n\n\u00a0\n<\/p>\n\nNet earnings per common share\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\nBasic and diluted\n<\/p>\n\n\u00a0\n<\/p>\n\n$\n<\/p>\n\n0.16\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n$\n<\/p>\n\n0.20\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n$\n<\/p>\n\n0.52\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n$\n<\/p>\n\n0.48\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\nComprehensive income\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\nNet income\n<\/p>\n\n\u00a0\n<\/p>\n\n$\n<\/p>\n\n28,709\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n$\n<\/p>\n\n35,552\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n$\n<\/p>\n\n92,702\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n$\n<\/p>\n\n77,302\n<\/p>\n\n\u00a0\n<\/p>\n\nOther comprehensive income\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\nChange in fair value of interest rate swaps\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n40,039\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n18,772\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n93,772\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n30,328\n<\/p>\n\n\u00a0\n<\/p>\n\nRealized loss (gain) on interest rate swaps\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n639\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n695\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n1,993\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n2\n<\/p>\n\n\u00a0\n<\/p>\n\nComprehensive income\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n69,387\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n55,019\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n188,467\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n107,632\n<\/p>\n\n\u00a0\n<\/p>\n\nComprehensive income attributable to non-controlling\ninterests\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n(3,868\n<\/p>\n\n)\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n(3,151\n<\/p>\n\n)\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n(10,809\n<\/p>\n\n)\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n(7,313\n<\/p>\n\n)\n<\/p>\n\nComprehensive income attributable to Broadstone Net\nLease, Inc.\n<\/p>\n\n\u00a0\n<\/p>\n\n$\n<\/p>\n\n65,519\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n$\n<\/p>\n\n51,868\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n$\n<\/p>\n\n177,658\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n$\n<\/p>\n\n100,319\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\nReconciliation of Non-GAAP Measures\n<\/p>\n\nThe following is a reconciliation of net income to FFO, Core FFO, and AFFO for the three months ended September 30, 2022 and June 30, 2022 and for the nine months ended September 30, 2022 and 2021. Also presented is the weighted average number of shares of our common stock and OP Units used for the diluted per share computation:\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\nFor the Three Months Ended\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\nFor the Nine Months Ended\n<\/p>\n\n\u00a0\n<\/p>\n\n(in thousands, except per share data)\n<\/p>\n\n\u00a0\n<\/p>\n\nSeptember 30,\n2022\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\nJune 30,\n2022\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\nSeptember 30,\n2022\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\nSeptember 30,\n2021\n<\/p>\n\n\u00a0\n<\/p>\n\nNet income\n<\/p>\n\n\u00a0\n<\/p>\n\n$\n<\/p>\n\n28,709\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n$\n<\/p>\n\n35,552\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n$\n<\/p>\n\n92,702\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n$\n<\/p>\n\n77,302\n<\/p>\n\n\u00a0\n<\/p>\n\nReal property depreciation and amortization\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n39,366\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n35,479\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n109,104\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n98,548\n<\/p>\n\n\u00a0\n<\/p>\n\nGain on sale of real estate\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n(61\n<\/p>\n\n)\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n(4,071\n<\/p>\n\n)\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n(5,328\n<\/p>\n\n)\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n(9,791\n<\/p>\n\n)\n<\/p>\n\nProvision for impairment on investment in rental properties\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n4,155\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n1,380\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n5,535\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n28,001\n<\/p>\n\n\u00a0\n<\/p>\n\nFFO\n<\/p>\n\n\u00a0\n<\/p>\n\n$\n<\/p>\n\n72,169\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n$\n<\/p>\n\n68,340\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n$\n<\/p>\n\n202,013\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n$\n<\/p>\n\n194,060\n<\/p>\n\n\u00a0\n<\/p>\n\nNet write-offs of accrued rental income\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u2014\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u2014\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n1,326\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n1,938\n<\/p>\n\n\u00a0\n<\/p>\n\nLease termination fee\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n(791\n<\/p>\n\n)\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u2014\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n(791\n<\/p>\n\n)\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n(35,000\n<\/p>\n\n)\n<\/p>\n\nCost of debt extinguishment\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n231\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u2014\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n231\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n368\n<\/p>\n\n\u00a0\n<\/p>\n\nSeverance\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n3\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n278\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n401\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n1,275\n<\/p>\n\n\u00a0\n<\/p>\n\nChange in fair value of earnout liability\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u2014\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u2014\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u2014\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n5,539\n<\/p>\n\n\u00a0\n<\/p>\n\nOther (Income) expenses(1)<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n(4,935\n<\/p>\n\n)\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n(2,632\n<\/p>\n\n)\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n(6,441\n<\/p>\n\n)\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n11\n<\/p>\n\n\u00a0\n<\/p>\n\nCore FFO\n<\/p>\n\n\u00a0\n<\/p>\n\n$\n<\/p>\n\n66,677\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n$\n<\/p>\n\n65,986\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n$\n<\/p>\n\n196,739\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n$\n<\/p>\n\n168,191\n<\/p>\n\n\u00a0\n<\/p>\n\nStraight-line rent adjustment\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n(5,175\n<\/p>\n\n)\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n(4,965\n<\/p>\n\n)\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n(15,075\n<\/p>\n\n)\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n(14,983\n<\/p>\n\n)\n<\/p>\n\nAdjustment to provision for credit losses\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n(4\n<\/p>\n\n)\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n(1\n<\/p>\n\n)\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n(5\n<\/p>\n\n)\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n(1\n<\/p>\n\n)\n<\/p>\n\nAmortization of debt issuance costs\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n948\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n900\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n2,704\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n2,832\n<\/p>\n\n\u00a0\n<\/p>\n\nAmortization of net mortgage premiums\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n(26\n<\/p>\n\n)\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n(25\n<\/p>\n\n)\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n(78\n<\/p>\n\n)\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n(106\n<\/p>\n\n)\n<\/p>\n\nLoss on interest rate swaps and other non-cash interest expense\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n639\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n695\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n1,993\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n2\n<\/p>\n\n\u00a0\n<\/p>\n\nAmortization of lease intangibles\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n(1,176\n<\/p>\n\n)\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n(1,167\n<\/p>\n\n)\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n(3,501\n<\/p>\n\n)\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n(2,309\n<\/p>\n\n)\n<\/p>\n\nStock-based compensation\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n1,503\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n1,381\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n3,813\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n3,644\n<\/p>\n\n\u00a0\n<\/p>\n\nAFFO\n<\/p>\n\n\u00a0\n<\/p>\n\n$\n<\/p>\n\n63,386\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n$\n<\/p>\n\n62,804\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n$\n<\/p>\n\n186,590\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n$\n<\/p>\n\n157,270\n<\/p>\n\n\u00a0\n<\/p>\n\nDiluted WASO(2)<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n182,971\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n180,256\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n179,132\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n161,273\n<\/p>\n\n\u00a0\n<\/p>\n\nNet earnings per share(3)<\/p>\n\n\u00a0\n<\/p>\n\n$\n<\/p>\n\n0.16\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n$\n<\/p>\n\n0.20\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n$\n<\/p>\n\n0.52\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n$\n<\/p>\n\n0.48\n<\/p>\n\n\u00a0\n<\/p>\n\nFFO per share(3)<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n0.39\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n0.38\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n1.13\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n1.20\n<\/p>\n\n\u00a0\n<\/p>\n\nCore FFO per share(3)<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n0.36\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n0.37\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n1.10\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n1.04\n<\/p>\n\n\u00a0\n<\/p>\n\nAFFO per share(3)<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n0.35\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n0.35\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n1.04\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n0.97\n<\/p>\n\n\u00a0\n<\/p>\n\n1Amount includes $4.9 million and $2.6 million of unrealized foreign exchange gain for the three months ended September\u00a030, 2022 and June\u00a030, 2022, respectively, and $6.4 million of unrealized foreign exchange gain for the nine months ended September\u00a030, 2022, primarily associated with our Canadian dollar denominated revolving borrowings.\n<\/p>\n\n2Excludes 395,441 and 377,407 weighted average shares of unvested restricted common stock for the three months ended September\u00a030, 2022 and June\u00a030, 2022, respectively. Excludes 381,220 and 366,477 weighted average shares of unvested restricted common stock for the nine months ended September\u00a030, 2022 and 2021, respectively.\n<\/p>\n\n3Excludes $0.1 million from the numerator for the three months ended September\u00a030, 2022 and June\u00a030, 2022, respectively, and $0.3 million from the numerator for the nine months ended September\u00a030, 2022 and 2021, respectively, related to dividends paid or declared on shares of unvested restricted common stock.\n<\/p>\nContacts <\/p>\n\nCompany Contact:Michael Caruso\nSVP, Corporate Finance & Investor Relations\nmichael.caruso@broadstone.com<\/a>585.402.7842\n<\/p>\n Read full story here <\/a><\/p>","protected":false},"excerpt":{"rendered":"ROCHESTER, N.Y.–(BUSINESS WIRE)–Broadstone Net Lease, Inc. (NYSE: BNL) (“BNL,” the “Company,” “we,” “our,” or “us”), today announced its operating results for the quarter ended September 30, 2022. THIRD QUARTER 2022 HIGHLIGHTS \u00a0 INVESTMENT ACTIVITY Invested $204.5 million at a weighted average initial cash capitalization rate of 6.5%, including the acquisition of 27 properties with a […]<\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[49630],"tags":[],"settori":[],"slider_categorie_and_home_page":[],"class_list":["post-831784","post","type-post","status-publish","format-standard","hentry","category-real-estate-in-asia-pacific"],"acf":[],"yoast_head":"\nBroadstone Net Lease Announces Third Quarter 2022 Results - BeBeez<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/bebeez.it\/en\/real-estate-in-asia-pacific\/broadstone-net-lease-announces-third-quarter-2022-results\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Broadstone Net Lease Announces Third Quarter 2022 Results - BeBeez\" \/>\n<meta property=\"og:description\" content=\"ROCHESTER, N.Y.–(BUSINESS WIRE)–Broadstone Net Lease, Inc. (NYSE: BNL) (“BNL,” the “Company,” “we,” “our,” or “us”), today announced its operating results for the quarter ended September 30, 2022. 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