Broadstone Net Lease Inc
For the period ended Dec 31, 2023. Filed Feb 22, 2024.
View on SEC.govAbout this filing
A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.
FY2023 · Filed Feb 22, 2024
BNL$17.85+0.1%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
See the whole filing, with its images and exhibitsContents
Item 8. Consolidated Statements of Cash Flows
(in thousands)
| For the Year Ended December 31, | |||
|---|---|---|---|
| 2023 | 2022 | 2021 | |
| Operating activities | |||
| Net income | $163,312 | $129,475 | $109,528 |
| Adjustments to reconcile net income including non-controlling interests to net cash provided by operating activities: | |||
| Depreciation and amortization including intangibles associated with investment in rental property | 152,781 | 149,998 | 128,888 |
| Provision for impairment of investment in rental properties | 31,274 | 5,535 | 28,208 |
| Amortization of debt issuance costs and original issuance discounts charged to interest expense | 3,860 | 3,588 | 3,721 |
| Stock-based compensation expense | 6,359 | 5,316 | 4,669 |
| Straight-line rent, direct financing and sales-type lease adjustments | (22,278) | (20,494) | (18,362) |
| Gain on sale of real estate | (54,310) | (15,953) | (13,523) |
| Change in fair value of earnout liability | — | — | 5,539 |
| Cash paid for earnout liability | — | — | (6,440) |
| Settlement of interest rate swaps | — | — | (5,580) |
| Other non-cash items | (757) | (1,858) | 1,822 |
| Changes in assets and liabilities: | |||
| Tenant and other receivables | 780 | 659 | 776 |
| Prepaid expenses and other assets | (352) | 199 | 350 |
| Accounts payable and other liabilities | (8,226) | (1,149) | 2,891 |
| Accrued interest payable | (1,369) | 598 | 2,450 |
| Net cash provided by operating activities | 271,074 | 255,914 | 244,937 |
| Investing activities | |||
| Acquisition of rental property | (27,738) | (884,770) | (665,030) |
| Investment in property under development including capitalized interest of $1,469 in 2023 and $0 in 2022 and 2021 | (96,756) | — | — |
| Capital expenditures and improvements | (46,252) | (31,374) | (1,598) |
| Proceeds from disposition of rental property, net | 194,959 | 56,438 | 83,812 |
| Change in deposits on investments in rental property | 125 | 63 | 512 |
| Net cash provided by (used in) investing activities | 24,338 | (859,643) | (582,304) |
| Financing activities | |||
| Proceeds from issuance of common stock, net of $180, $7,492 and $12,270 of offering costs, discounts, and commissions in 2023, 2022 and 2021, respectively | (180) | 495,566 | 280,356 |
| Borrowings on mortgages, senior unsecured notes and unsecured term loans | — | 500,000 | 381,810 |
| Principal payments on mortgages and unsecured term loans | (7,503) | (260,303) | (332,874) |
| Borrowings on unsecured revolving credit facility | 215,500 | 900,283 | 356,600 |
| Repayments on unsecured revolving credit facility | (324,000) | (800,000) | (254,600) |
| Cash distributions paid to stockholders | (207,522) | (181,224) | (154,459) |
| Cash distributions paid to non-controlling interests | (11,115) | (11,312) | (11,302) |
| Cash paid for earnout liability | — | — | (6,608) |
| Debt issuance and extinguishment costs paid | — | (7,010) | (4,515) |
| Net cash (used in) provided by financing activities | (334,820) | 636,000 | 254,408 |
| Net (decrease) increase in cash and cash equivalents and restricted cash | (39,408) | 32,271 | (82,959) |
| Cash and cash equivalents and restricted cash at beginning of period | 60,040 | 27,769 | 110,728 |
| Cash and cash equivalents and restricted cash at end of period | $20,632 | $60,040 | $27,769 |
| Reconciliation of cash and cash equivalents and restricted cash | |||
| Cash and cash equivalents at beginning of period | $21,789 | $21,669 | $100,486 |
| Restricted cash at beginning of period | 38,251 | 6,100 | 10,242 |
| Cash and cash equivalents and restricted cash at beginning of period | $60,040 | $27,769 | $110,728 |
| Cash and cash equivalents at end of period | $19,494 | $21,789 | $21,669 |
| Restricted cash at end of period | 1,138 | 38,251 | 6,100 |
| Cash and cash equivalents and restricted cash at end of period | $20,632 | $60,040 | $27,769 |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.