Broadstone Net Lease Inc
For the period ended Dec 31, 2023. Filed Feb 22, 2024.
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FY2023 · Filed Feb 22, 2024
BNL$17.69-0.9%Stored close · as of Nov 11, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Consolidated Statements of Income and Comprehensive Income
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| For the Year Ended December 31, | |||
|---|---|---|---|
| 2023 | 2022 | 2021 | |
| Revenues | |||
| Lease revenues, net | $442,888 | $407,513 | $382,876 |
| Operating expenses | |||
| Depreciation and amortization | 158,626 | 154,807 | 132,096 |
| Property and operating expense | 22,576 | 21,773 | 18,459 |
| General and administrative | 39,425 | 37,375 | 36,366 |
| Provision for impairment of investment in rental properties | 31,274 | 5,535 | 28,208 |
| Total operating expenses | 251,901 | 219,490 | 215,129 |
| Other income (expenses) | |||
| Interest income | 512 | 44 | 17 |
| Interest expense | (80,053) | (78,652) | (64,146) |
| Gain on sale of real estate | 54,310 | 15,953 | 13,523 |
| Income taxes | (763) | (1,275) | (1,644) |
| Change in fair value of earnout liability | — | — | (5,539) |
| Other (expenses) income | (1,681) | 5,382 | (430) |
| Net income | 163,312 | 129,475 | 109,528 |
| Net income attributable to non-controlling interests | (7,834) | (7,360) | (7,102) |
| Net income attributable to Broadstone Net Lease, Inc. | $155,478 | $122,115 | $102,426 |
| Weighted average number of common shares outstanding | |||
| Basic | 186,617 | 169,840 | 153,057 |
| Diluted | 196,315 | 180,201 | 163,970 |
| Net earnings per share attributable to common stockholders | |||
| Basic and Diluted | $0.83 | $0.72 | $0.67 |
| Comprehensive income | |||
| Net income | $163,312 | $129,475 | $109,528 |
| Other comprehensive income | |||
| Change in fair value of interest rate swaps | (17,293) | 90,560 | 39,353 |
| Realized loss on interest rate swaps | 1,883 | 2,514 | 698 |
| Comprehensive income | 147,902 | 222,549 | 149,579 |
| Comprehensive income attributable to non-controlling interests | (7,070) | (12,700) | (9,831) |
| Comprehensive income attributable to Broadstone Net Lease, Inc. | $140,832 | $209,849 | $139,748 |
Consolidated Statements of Equity
| CommonStock | Class A Common Stock | AdditionalPaid-in Capital | CumulativeDistributionsin Excessof RetainedEarnings | AccumulatedOtherComprehensiveIncome (Loss) | Non-controllingInterests | TotalEquity | |
|---|---|---|---|---|---|---|---|
| Balance, January 1, 2021 | $27 | $9 | $2,624,997 | $(259,673) | $(66,255) | $179,976 | $2,479,081 |
| Net income | — | — | — | 102,426 | — | 7,102 | 109,528 |
| Issuance of 13,910 shares of common stock | 4 | — | 293,728 | — | — | — | 293,732 |
| Issuance of 1,859 OP Units | — | — | — | — | — | — | — |
| Offering costs, discounts, and commissions | — | — | (12,290) | — | — | — | (12,290) |
| Stock-based compensation, net of seven shares of restricted stock forfeited | — | — | 4,668 | — | — | — | 4,668 |
| Retirement of 64 shares of common stock under equity incentive plan | — | — | (1,215) | — | — | — | (1,215) |
| Conversion of 37,000 Class A common stock to 37,000 shares of common stock | 9 | (9) | — | — | — | — | — |
| Conversion of 886 OP Units to 886 shares of common stock | — | — | 14,206 | — | — | (14,206) | — |
| Conversion of 2,049 OP Units to 2,049 shares of common stock with a related party | 1 | — | 32,761 | — | — | (32,762) | — |
| Distributions declared ($1.025 per share and OP Unit) | — | — | — | (161,229) | — | (11,188) | (172,417) |
| Change in fair value of interest rate swap agreements | — | — | — | — | 36,664 | 2,689 | 39,353 |
| Realized loss on interest rate swap agreements | — | — | — | — | 658 | 40 | 698 |
| Adjustment to non-controlling interests | — | — | (32,687) | — | 492 | 32,195 | — |
| Balance, December 31, 2021 | 41 | — | 2,924,168 | (318,476) | (28,441) | 163,846 | 2,741,138 |
| Net income | — | — | — | 122,115 | — | 7,360 | 129,475 |
| Issuance of 23,682 shares of common stock | 6 | — | 503,442 | — | — | — | 503,448 |
| Offering costs, discounts, and commissions | — | — | (7,575) | — | — | — | (7,575) |
| Stock-based compensation, net of ten shares of restricted stock forfeited | — | — | 5,316 | — | — | — | 5,316 |
| Retirement of 59 shares of common stock under equity incentive plan | — | — | (1,301) | — | — | — | (1,301) |
| Conversion of 118 OP Units to 118 shares of common stock | — | — | 1,926 | — | — | (1,926) | — |
| Distributions declared ($1.080 per share and OP Unit) | — | — | — | (189,688) | — | (11,382) | (201,070) |
| Change in fair value of interest rate swap agreements | — | — | — | — | 85,363 | 5,197 | 90,560 |
| Realized loss on interest rate swap agreements | — | — | — | — | 2,371 | 143 | 2,514 |
| Adjustment to non-controlling interests | — | — | (6,581) | — | 232 | 6,349 | — |
| Balance, December 31, 2022 | 47 | — | 3,419,395 | (386,049) | 59,525 | 169,587 | 3,262,505 |
| Net income | — | — | — | 155,478 | — | 7,834 | 163,312 |
| Issuance of 312 shares of common stock under equity incentive plan | — | — | — | — | — | — | — |
| Offering costs, discounts, and commissions | — | — | (237) | — | — | — | (237) |
| Stock-based compensation, net of 23 shares of restricted stock forfeited | — | — | 6,359 | — | — | — | 6,359 |
| Retirement of 66 shares of common stock under equity incentive plan | — | — | (1,175) | — | — | — | (1,175) |
| Conversion of 1,277 OP Units to 1,277 shares of common stock | — | — | 21,235 | — | — | (21,235) | — |
| Distributions declared ($1.120 per share and OP Unit) | — | — | — | (210,160) | — | (10,853) | (221,013) |
| Change in fair value of interest rate swap agreements | — | — | — | — | (16,439) | (854) | (17,293) |
| Realized loss on interest rate swap agreements | — | — | — | — | 1,793 | 90 | 1,883 |
| Adjustment to non-controlling interests | — | — | (4,938) | — | 4,407 | 531 | — |
| Balance, December 31, 2023 | $47 | $— | $3,440,639 | $(440,731) | $49,286 | $145,100 | $3,194,341 |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.