Broadstone Net Lease Inc
For the period ended Sep 30, 2024. Filed Oct 31, 2024.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2024 · Filed Oct 31, 2024
BNL$17.85+0.1%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Condensed Consolidated Statements of Cash Flows (Unaudited)
(in thousands)
| For the Nine Months Ended September 30, | ||
|---|---|---|
| 2024 | 2023 | |
| Operating activities | ||
| Net income | $141,382 | $156,515 |
| 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 | 109,770 | 114,517 |
| Provision for impairment of investment in rental properties | 31,311 | 1,473 |
| Amortization of debt issuance costs and original issuance discount charged to interest expense | 2,949 | 2,877 |
| Stock-based compensation expense | 5,377 | 4,958 |
| Straight-line rent, direct financing and sales-type lease adjustments | (12,784) | (21,035) |
| Gain on sale of real estate | (64,956) | (48,040) |
| Other non-cash items | (2,936) | (24) |
| Changes in assets and liabilities: | ||
| Tenant and other receivables | (585) | 897 |
| Prepaid expenses and other assets | 66 | (70) |
| Accounts payable and other liabilities | (1,192) | (3,691) |
| Accrued interest payable | 3,940 | 2,115 |
| Net cash provided by operating activities | 212,342 | 210,492 |
| Investing activities | ||
| Acquisition of rental property | (288,928) | (26,163) |
| Investment in property under development including capitalized interest of $3,812 and $768 in 2024 and 2023, respectively | (89,712) | (49,820) |
| Capital expenditures and improvements | (10,352) | (29,455) |
| Proceeds from disposition of rental property, net | 302,001 | 179,187 |
| Change in deposits on investments in rental property | (50) | 125 |
| Net cash (used in) provided by investing activities | (87,041) | 73,874 |
| Financing activities | ||
| Offering costs, discounts, and commissions | (493) | (180) |
| Contributions from non-controlling interests | 1,000 | — |
| Principal payments on mortgages and unsecured term loans | (1,681) | (6,950) |
| Borrowings on unsecured revolving credit facility | 175,000 | 162,000 |
| Repayments on unsecured revolving credit facility | (138,500) | (285,500) |
| Cash distributions paid to stockholders | (161,922) | (155,013) |
| Cash distributions paid to non-controlling interests | (8,119) | (8,266) |
| Net cash used in financing activities | (134,715) | (293,909) |
| Net decrease in cash and cash equivalents and restricted cash | (9,414) | (9,543) |
| Cash and cash equivalents and restricted cash at beginning of period | 20,632 | 60,040 |
| Cash and cash equivalents and restricted cash at end of period | $11,218 | $50,497 |
| Reconciliation of cash and cash equivalents and restricted cash | ||
| Cash and cash equivalents at beginning of period | $19,494 | $21,789 |
| Restricted cash at beginning of period | 1,138 | 38,251 |
| Cash and cash equivalents and restricted cash at beginning of period | $20,632 | $60,040 |
| Cash and cash equivalents at end of period | $8,999 | $35,061 |
| Restricted cash at end of period | 2,219 | 15,436 |
| Cash and cash equivalents and restricted cash at end of period | $11,218 | $50,497 |
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