Broadstone Net Lease Inc
For the period ended Dec 31, 2024. Filed Feb 20, 2025.
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FY2024 · Filed Feb 20, 2025
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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Item 8. Consolidated Statements of Cash Flows
(in thousands)
| For the Year Ended December 31, | |||
|---|---|---|---|
| 2024 | 2023 | 2022 | |
| Operating activities | |||
| Net income | $168,989 | $163,312 | $129,475 |
| 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 | 151,765 | 152,781 | 149,998 |
| Provision for impairment of investment in rental properties | 49,001 | 31,274 | 5,535 |
| Amortization of debt issuance costs and original issuance discounts charged to interest expense | 3,932 | 3,860 | 3,588 |
| Stock-based compensation expense | 7,355 | 6,359 | 5,316 |
| Straight-line rent, direct financing and sales-type lease adjustments | (18,975) | (22,278) | (20,494) |
| Gain on sale of real estate | (73,153) | (54,310) | (15,953) |
| Other non-cash items | (10,629) | (757) | (1,858) |
| Changes in assets and liabilities: | |||
| Tenant and other receivables | (1,742) | 780 | 659 |
| Prepaid expenses and other assets | 480 | (352) | 199 |
| Accounts payable and other liabilities | (905) | (8,226) | (1,149) |
| Accrued interest payable | 135 | (1,369) | 598 |
| Net cash provided by operating activities | 276,253 | 271,074 | 255,914 |
| Investing activities | |||
| Acquisition of rental property | (288,577) | (27,738) | (884,770) |
| Investment in property under development including capitalized interest of $3,871, $1,469, and $0 in 2024, 2023, and 2022, respectively | (108,481) | (96,756) | — |
| Capital expenditures and improvements | (16,795) | (46,252) | (31,374) |
| Proceeds from disposition of rental property, net | 354,350 | 194,959 | 56,438 |
| Change in deposits on investments in rental property | (200) | 125 | 63 |
| Net cash (used in) provided by investing activities | (59,703) | 24,338 | (859,643) |
| Financing activities | |||
| Proceeds from issuance of common stock, net of $996, $180, and $7,492 of offering costs, discounts, and commissions in 2024, 2023 and 2022, respectively | (996) | (180) | 495,566 |
| Contributions from non-controlling interests | 1,000 | — | — |
| Borrowings on mortgages, senior unsecured notes and unsecured term loans | — | — | 500,000 |
| Principal payments on mortgages and unsecured term loans | (2,260) | (7,503) | (260,303) |
| Borrowings on unsecured revolving credit facility | 256,500 | 215,500 | 900,283 |
| Repayments on unsecured revolving credit facility | (248,000) | (324,000) | (800,000) |
| Cash distributions paid to stockholders | (216,760) | (207,522) | (181,224) |
| Cash distributions paid to non-controlling interests | (10,673) | (11,115) | (11,312) |
| Debt issuance and extinguishment costs paid | — | — | (7,010) |
| Net cash (used in) provided by financing activities | (221,189) | (334,820) | 636,000 |
| Net (decrease) increase in cash and cash equivalents and restricted cash | (4,639) | (39,408) | 32,271 |
| Cash and cash equivalents and restricted cash at beginning of period | 20,632 | 60,040 | 27,769 |
| Cash and cash equivalents and restricted cash at end of period | $15,993 | $20,632 | $60,040 |
| Reconciliation of cash and cash equivalents and restricted cash | |||
| Cash and cash equivalents at beginning of period | $19,494 | $21,789 | $21,669 |
| Restricted cash at beginning of period | 1,138 | 38,251 | 6,100 |
| Cash and cash equivalents and restricted cash at beginning of period | $20,632 | $60,040 | $27,769 |
| Cash and cash equivalents at end of period | $14,845 | $19,494 | $21,789 |
| Restricted cash at end of period | 1,148 | 1,138 | 38,251 |
| Cash and cash equivalents and restricted cash at end of period | $15,993 | $20,632 | $60,040 |
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