Broadstone Net Lease Inc
For the period ended Dec 31, 2023. Filed Feb 22, 2024.
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FY2023 · Filed Feb 22, 2024
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Schedule III – Real Estate Assets and Accumulated Depreciation
As of December 31, 2023
(in thousands)
| Costs Capitalized · Life on | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Initial Costs to · Subsequent · Gross Amount at Which Carried at · Which | ||||||||||||
| Company(a) · to Acquisition · Close of Period · Depreciation | ||||||||||||
| Buildings and · Buildings and · Accumulated · Date of · Date · is Computed | ||||||||||||
| Property Type | Encumbrance | Land | Improvements | Land | Improvements | Land | Improvements | Total(b) | Depreciation | Construction | Acquired | (Years) |
| Industrial | ||||||||||||
| Manufacturing | $— | $131,548 | $647,751 | $— | $14,020 | $131,548 | $661,771 | $793,319 | $92,248 | 1932-2021 | 2011-2023 | 15-39 |
| Distribution & Warehouse | — | 89,157 | 573,064 | 4,511 | 19,859 | 93,668 | 592,923 | 686,591 | 76,225 | 1929-2021 | 2012-2022 | 15-39 |
| Food Processing | — | 49,322 | 529,669 | — | 51,842 | 49,322 | 581,511 | 630,833 | 51,899 | 1907-2022 | 2012-2022 | 15-39 |
| Flex and R&D | 44,206 | 53,961 | 138,299 | — | 4 | 53,961 | 138,303 | 192,264 | 24,183 | 1973-2018 | 2013-2019 | 15-39 |
| Cold Storage | 18,725 | 10,610 | 118,474 | — | 42 | 10,610 | 118,516 | 129,126 | 20,638 | 1933-2017 | 2017-2023 | 7-39 |
| Services | — | 58,731 | 74,062 | — | 3,680 | 58,731 | 77,742 | 136,473 | 9,504 | 1960-2022 | 2013-2023 | 15-39 |
| Untenanted | — | 1,048 | 7,545 | — | 1 | 1,048 | 7,546 | 8,594 | 1,492 | 2008 | 2017 | 15-39 |
| Healthcare | ||||||||||||
| Clinical | — | 32,857 | 279,802 | 557 | 10,566 | 33,414 | 290,368 | 323,782 | 62,853 | 1970-2022 | 2010-2022 | 7-39 |
| Healthcare Services | — | 17,995 | 119,986 | (145) | 832 | 17,850 | 120,818 | 138,668 | 14,927 | 1965-2020 | 2009-2022 | 15-39 |
| Animal Health Services | — | 15,943 | 111,107 | — | (144) | 15,943 | 110,963 | 126,906 | 17,634 | 1954-2017 | 2015-2021 | 15-39 |
| Surgical | — | 9,942 | 117,006 | 290 | 135 | 10,232 | 117,141 | 127,373 | 22,823 | 1984-2011 | 2014-2021 | 15-39 |
| Life Science | — | 10,306 | 78,056 | — | 1,327 | 10,306 | 79,383 | 89,689 | 17,246 | 1965-2016 | 2011-2018 | 15-39 |
| Restaurant | ||||||||||||
| Quick Service Restaurants | — | 50,424 | 238,984 | 197 | 3,167 | 50,621 | 242,151 | 292,772 | 55,126 | 1965-2020 | 2009-2023 | 15-39 |
| Casual Dining | — | 75,431 | 269,079 | — | 12 | 75,431 | 269,091 | 344,522 | 46,392 | 1972-2014 | 2011-2022 | 15-39 |
| Retail | ||||||||||||
| General Merchandise | 16,241 | 80,669 | 294,923 | — | 156 | 80,669 | 295,079 | 375,748 | 28,352 | 1996-2022 | 2016-2022 | 15-39 |
| Automotive | — | 31,813 | 117,973 | — | 73 | 31,813 | 118,046 | 149,859 | 23,047 | 1909-2021 | 2014-2022 | 7-39 |
| Home Furnishings | — | 3,625 | 90,644 | — | 981 | 3,625 | 91,625 | 95,250 | 16,820 | 1974-2014 | 2017-2018 | 15-39 |
| Child Care | — | 1,263 | 8,804 | — | — | 1,263 | 8,804 | 10,067 | 249 | 2022 | 2022-2023 | 15-39 |
| Office | ||||||||||||
| Corporate Headquarters | — | 7,554 | 70,395 | — | 2,222 | 7,554 | 72,617 | 80,171 | 13,356 | 1975-2008 | 2012-2022 | 15-39 |
| Strategic Operations | — | 7,864 | 92,282 | — | 9,092 | 7,864 | 101,374 | 109,238 | 21,162 | 1984-2012 | 2016-2018 | 7-39 |
| Call Center | — | 2,870 | 30,855 | — | 10,228 | 2,870 | 41,083 | 43,953 | 10,166 | 1979-1998 | 2014-2019 | 15-39 |
| Untenanted | — | 188 | 3,147 | — | — | 188 | 3,147 | 3,335 | 255 | 2001 | 2010 | 15-39 |
| Acquisitions in Process (c) | — | — | 163 | — | — | — | 163 | 163 | — | |||
| Property Under Development | — | 17,300 | 77,664 | — | — | 17,300 | 77,664 | 94,964 | — | |||
| Total (d) | $79,172 | $760,421 | $4,089,734 | $5,410 | $128,095 | $765,831 | $4,217,829 | $4,983,660 | $626,597 | |||
(a)
The initial cost to the Company represents the original purchase price of the property (see Note 5).
(b)
The aggregate cost of real estate owned as of December 31, 2023 for U.S. federal income tax purposes was approximately $5.1 billion.
(c)
Acquisition costs in progress represents costs incurred during the year ended December 31, 2023 related to asset acquisitions expected to close during the year ended December 31, 2024.
(d)
This schedule excludes properties subject to leases that are classified as direct financing leases, sales-type leases, as well as the value of right-of-use assets recorded on certain of the properties where the Company is lessee under a ground lease.
| For the Year Ended December 31, | |||
|---|---|---|---|
| Change in Total Real Estate Assets | 2023 | 2022 | 2021 |
| Balance, beginning of period | $5,008,230 | $4,205,191 | $3,704,488 |
| Acquisitions, developments, and improvements | 167,089 | 929,972 | 613,646 |
| Dispositions | (154,907) | (118,028) | (109,761) |
| Impairment | (36,752) | (8,905) | (3,182) |
| Balance, end of period | $4,983,660 | $5,008,230 | $4,205,191 |
| For the Year Ended December 31, | |||
|---|---|---|---|
| Change in Accumulated Depreciation | 2023 | 2022 | 2021 |
| Balance, beginning of period | $533,965 | $430,141 | $349,977 |
| Acquisitions and building improvements | 122,778 | 115,892 | 100,878 |
| Dispositions | (24,547) | (8,165) | (19,543) |
| Impairment | (5,599) | (3,903) | (1,171) |
| Balance, end of period | $626,597 | $533,965 | $430,141 |
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