Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Assets
Total accounted for using the operating method	$ 5,393,216	$ 5,288,381
Less accumulated depreciation	(803,658)	(772,589)
Accounted for using the operating method, net	4,589,558	4,515,792
Accounted for using the direct financing method	25,303	25,497
Accounted for using the sales-type method	14,393	14,405
Property under development	329,260	265,812
Investment in rental property, net	4,958,514	4,821,506
Cash and cash equivalents	20,310	30,540
Accrued rental income	184,668	178,880
Tenant and other receivables, net	3,633	4,404
Prepaid expenses and other assets	56,183	55,910
Interest rate swap, assets	19,975	18,248
Goodwill	339,769	339,769
Intangible lease assets, net	261,975	268,010
Total assets	5,845,027	5,717,267
Liabilities and equity
Unsecured revolving credit facility	397,640	266,036
Mortgages, net	56,197	56,689
Unsecured term loans, net	994,820	994,219
Senior unsecured notes, net	1,191,143	1,190,738
Interest rate swap, liabilities	637	1,501
Accounts payable and other liabilities	61,738	60,081
Dividends payable	59,884	59,513
Accrued interest payable	21,759	13,502
Intangible lease liabilities, net	39,860	41,527
Total liabilities	2,823,678	2,683,806
Commitments and contingencies (Note 16)
Broadstone Net Lease, Inc. equity:
Preferred stock, $0.001 par value; 20,000 shares authorized, no shares issued or outstanding	0	0
Common stock, $0.00025 par value; 500,000 shares authorized, 189,216 and 188,626 shares issued and outstanding at June 30, 2025 and December 31, 2024, respectively	48	48
Additional paid-in capital	3,502,465	3,502,380
Cumulative distributions in excess of retained earnings	(630,951)	(620,221)
Accumulated other comprehensive income	20,898	19,788
Total Broadstone Net Lease, Inc. equity	2,892,460	2,901,995
Non-controlling interests	128,889	131,466
Total equity	3,021,349	3,033,461
Total liabilities and equity	5,845,027	5,717,267
Land
Assets
Total accounted for using the operating method	822,795	781,117
Land improvements
Assets
Total accounted for using the operating method	381,795	373,405
Buildings and improvements
Assets
Total accounted for using the operating method	4,173,302	4,118,578
Equipment
Assets
Total accounted for using the operating method	$ 15,324	$ 15,281

Broadstone Net Lease, Inc. 10-Q