Blue Owl Real Estate Net Lease Trust

2023 Q2 Form 10-Q Financial Statement

#000194436623000023 Filed on August 10, 2023

View on sec.gov

Income Statement

Concept 2023 Q2 2022 Q4

Balance Sheet

Concept 2023 Q2 2022 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments
YoY Change
Cash & Equivalents $46.86M $29.23M
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets
YoY Change
LONG-TERM ASSETS
Property, Plant & Equipment
YoY Change
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $384.4M $6.514M
YoY Change
Other Assets
YoY Change
Total Long-Term Assets
YoY Change
TOTAL ASSETS
Total Short-Term Assets
Total Long-Term Assets
Total Assets $3.843B $3.166B
YoY Change
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable
YoY Change
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities
YoY Change
LONG-TERM LIABILITIES
Long-Term Debt
YoY Change
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities
Total Long-Term Liabilities
Total Liabilities $2.262B $2.133B
YoY Change
SHAREHOLDERS EQUITY
Retained Earnings -$37.17M -$13.21M
YoY Change
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $1.286B $736.1M
YoY Change
Total Liabilities & Shareholders Equity $3.843B $3.166B
YoY Change

Cashflow Statement

Concept 2023 Q2 2022 Q4

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.16
CY2022 us-gaap Accounting Standards Update Extensible List
AccountingStandardsUpdateExtensibleList
http://fasb.org/us-gaap/2023#AccountingStandardsUpdate201613Member
CY2023Q2 us-gaap Derivative Asset Statement Of Financial Position Extensible Enumeration
DerivativeAssetStatementOfFinancialPositionExtensibleEnumeration
http://fasb.org/us-gaap/2023#OtherAssets
CY2022Q4 us-gaap Derivative Asset Statement Of Financial Position Extensible Enumeration
DerivativeAssetStatementOfFinancialPositionExtensibleEnumeration
http://fasb.org/us-gaap/2023#OtherAssets
CY2023Q2 us-gaap Derivative Asset Statement Of Financial Position Extensible Enumeration
DerivativeAssetStatementOfFinancialPositionExtensibleEnumeration
http://fasb.org/us-gaap/2023#OtherAssets
CY2022Q4 us-gaap Derivative Asset Statement Of Financial Position Extensible Enumeration
DerivativeAssetStatementOfFinancialPositionExtensibleEnumeration
http://fasb.org/us-gaap/2023#OtherAssets
CY2023Q2 us-gaap Sales Type And Direct Financing Leases Interest Income
SalesTypeAndDirectFinancingLeasesInterestIncome
13960000 usd
CY2023Q2 us-gaap Lease Income
LeaseIncome
58914000 usd
us-gaap Lease Income
LeaseIncome
118624000 usd
CY2023Q2 us-gaap Operating Costs And Expenses
OperatingCostsAndExpenses
3397000 usd
us-gaap Operating Costs And Expenses
OperatingCostsAndExpenses
10686000 usd
CY2023Q2 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
4264000 usd
us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
7572000 usd
CY2023Q2 us-gaap Management Fee Expense
ManagementFeeExpense
4986000 usd
us-gaap Management Fee Expense
ManagementFeeExpense
9058000 usd
CY2023Q2 us-gaap Incentive Fee Expense
IncentiveFeeExpense
8134000 usd
us-gaap Incentive Fee Expense
IncentiveFeeExpense
8134000 usd
CY2023Q2 us-gaap Other Depreciation And Amortization
OtherDepreciationAndAmortization
15562000 usd
us-gaap Other Depreciation And Amortization
OtherDepreciationAndAmortization
28670000 usd
CY2023Q2 us-gaap Costs And Expenses
CostsAndExpenses
36343000 usd
us-gaap Costs And Expenses
CostsAndExpenses
64120000 usd
CY2023Q2 us-gaap Income Loss From Equity Method Investments Net Of Dividends Or Distributions
IncomeLossFromEquityMethodInvestmentsNetOfDividendsOrDistributions
13180000 usd
us-gaap Income Loss From Equity Method Investments Net Of Dividends Or Distributions
IncomeLossFromEquityMethodInvestmentsNetOfDividendsOrDistributions
16774000 usd
CY2023Q2 us-gaap Interest Expense
InterestExpense
28207000 usd
us-gaap Interest Expense
InterestExpense
52333000 usd
CY2023Q2 us-gaap Other Nonoperating Income
OtherNonoperatingIncome
2089000 usd
us-gaap Other Nonoperating Income
OtherNonoperatingIncome
3973000 usd
CY2023Q2 us-gaap Other Operating Income Expense Net
OtherOperatingIncomeExpenseNet
-12938000 usd
us-gaap Other Operating Income Expense Net
OtherOperatingIncomeExpenseNet
-31586000 usd
CY2023Q2 us-gaap Profit Loss
ProfitLoss
9633000 usd
us-gaap Profit Loss
ProfitLoss
22918000 usd
CY2023Q2 us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
1787000 usd
us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
4762000 usd
CY2023Q2 us-gaap Net Income Loss
NetIncomeLoss
7846000 usd
us-gaap Net Income Loss
NetIncomeLoss
18156000 usd
CY2023Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.06
CY2023Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.06
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.16
CY2023Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
127321209 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
112784711 shares
CY2023Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
127337421 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
112800923 shares
CY2023Q2 us-gaap Profit Loss
ProfitLoss
9633000 usd
us-gaap Profit Loss
ProfitLoss
22918000 usd
CY2023Q2 us-gaap Other Comprehensive Income Loss Cash Flow Hedge Gain Loss After Reclassification And Tax
OtherComprehensiveIncomeLossCashFlowHedgeGainLossAfterReclassificationAndTax
24591000 usd
us-gaap Other Comprehensive Income Loss Cash Flow Hedge Gain Loss After Reclassification And Tax
OtherComprehensiveIncomeLossCashFlowHedgeGainLossAfterReclassificationAndTax
13601000 usd
CY2023Q2 us-gaap Other Comprehensive Income Loss Available For Sale Securities Adjustment Net Of Tax
OtherComprehensiveIncomeLossAvailableForSaleSecuritiesAdjustmentNetOfTax
9000 usd
us-gaap Other Comprehensive Income Loss Available For Sale Securities Adjustment Net Of Tax
OtherComprehensiveIncomeLossAvailableForSaleSecuritiesAdjustmentNetOfTax
9000 usd
CY2023Q2 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
5924000 usd
us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
9564000 usd
CY2023Q2 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
30524000 usd
us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
23174000 usd
CY2023Q2 us-gaap Comprehensive Income Net Of Tax Including Portion Attributable To Noncontrolling Interest
ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest
40157000 usd
us-gaap Comprehensive Income Net Of Tax Including Portion Attributable To Noncontrolling Interest
ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest
46092000 usd
CY2023Q2 us-gaap Comprehensive Income Net Of Tax Attributable To Noncontrolling Interest
ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest
7055000 usd
us-gaap Comprehensive Income Net Of Tax Attributable To Noncontrolling Interest
ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest
8424000 usd
CY2023Q2 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
33102000 usd
us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
37668000 usd
CY2023Q2 us-gaap Net Income Loss Attributable To Redeemable Noncontrolling Interest
NetIncomeLossAttributableToRedeemableNoncontrollingInterest
28000 usd
CY2023Q2 osnl Redeemable Noncontrolling Interest Other Comprehensive Income
RedeemableNoncontrollingInterestOtherComprehensiveIncome
78000 usd
CY2023Q2 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0.1750
us-gaap Net Income Loss Attributable To Redeemable Noncontrolling Interest
NetIncomeLossAttributableToRedeemableNoncontrollingInterest
64000 usd
osnl Redeemable Noncontrolling Interest Other Comprehensive Income
RedeemableNoncontrollingInterestOtherComprehensiveIncome
76000 usd
us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0.3500
us-gaap Profit Loss
ProfitLoss
22918000 usd
us-gaap Management Fee Expense
ManagementFeeExpense
9058000 usd
us-gaap Incentive Fee Expense
IncentiveFeeExpense
8134000 usd
us-gaap Other Depreciation And Amortization
OtherDepreciationAndAmortization
28670000 usd
us-gaap Straight Line Rent Adjustments
StraightLineRentAdjustments
-8518000 usd
osnl Accretion Income
AccretionIncome
4966000 usd
us-gaap Amortization Of Below Market Lease
AmortizationOfBelowMarketLease
69000 usd
us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
6430000 usd
us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
16774000 usd
osnl Operating Right Of Use Asset Liability Amortization
OperatingRightOfUseAssetLiabilityAmortization
327000 usd
us-gaap Amortization Of Debt Discount Premium
AmortizationOfDebtDiscountPremium
251000 usd
us-gaap Equity Method Investment Dividends Or Distributions
EquityMethodInvestmentDividendsOrDistributions
5139000 usd
us-gaap Other Noncash Expense
OtherNoncashExpense
8491000 usd
us-gaap Provision For Loan Lease And Other Losses
ProvisionForLoanLeaseAndOtherLosses
816000 usd
us-gaap Other Noncash Income
OtherNoncashIncome
256000 usd
us-gaap Increase Decrease In Receivables
IncreaseDecreaseInReceivables
-2381000 usd
us-gaap Increase Decrease In Due To Affiliates
IncreaseDecreaseInDueToAffiliates
-2011000 usd
us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
11546000 usd
us-gaap Increase Decrease In Other Operating Liabilities
IncreaseDecreaseInOtherOperatingLiabilities
5604000 usd
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
77171000 usd
us-gaap Payments To Acquire Other Real Estate
PaymentsToAcquireOtherRealEstate
234027000 usd
us-gaap Payments For Capital Improvements
PaymentsForCapitalImprovements
58858000 usd
us-gaap Payments For Proceeds From Other Loans And Leases
PaymentsForProceedsFromOtherLoansAndLeases
40764000 usd
us-gaap Payments To Acquire Available For Sale Securities Debt
PaymentsToAcquireAvailableForSaleSecuritiesDebt
9723000 usd
us-gaap Proceeds From Sale Of Available For Sale Securities Debt
ProceedsFromSaleOfAvailableForSaleSecuritiesDebt
23846000 usd
us-gaap Payments To Acquire Equity Method Investments
PaymentsToAcquireEquityMethodInvestments
366216000 usd
us-gaap Proceeds From Hedge Investing Activities
ProceedsFromHedgeInvestingActivities
3633000 usd
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-682109000 usd
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
582932000 usd
us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
18703000 usd
us-gaap Payments Of Dividends Minority Interest
PaymentsOfDividendsMinorityInterest
9820000 usd
us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
6869000 usd
us-gaap Payments To Minority Shareholders
PaymentsToMinorityShareholders
21992000 usd
us-gaap Proceeds From Issuance Of Long Term Debt
ProceedsFromIssuanceOfLongTermDebt
44654000 usd
us-gaap Payments Of Debt Issuance Costs
PaymentsOfDebtIssuanceCosts
4067000 usd
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
604985000 usd
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
47000 usd
CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
133578000 usd
us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
1129000 usd
CY2023Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
134754000 usd
CY2023Q2 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
46857000 usd
CY2023Q2 us-gaap Restricted Cash
RestrictedCash
87897000 usd
CY2023Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
134754000 usd
us-gaap Interest Paid Net
InterestPaidNet
45442000 usd
us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
7069000 usd
osnl Noncash Or Part Noncash Acquisition Noncash Financial Or Equity Instrument Consideration Class I Redeemable Shares Issued Affiliate Line Of Credit
NoncashOrPartNoncashAcquisitionNoncashFinancialOrEquityInstrumentConsiderationClassIRedeemableSharesIssuedAffiliateLineOfCredit
7935000 usd
osnl Noncash Or Part Noncash Acquisition Noncash Financial Or Equity Instrument Consideration Class I Redeemable Shares Issued
NoncashOrPartNoncashAcquisitionNoncashFinancialOrEquityInstrumentConsiderationClassIRedeemableSharesIssued
7686000 usd
osnl Noncash Or Part Noncash Acquisition Noncash Financial Or Equity Instrument Consideration Redeemable Noncontrolling Interest Issued
NoncashOrPartNoncashAcquisitionNoncashFinancialOrEquityInstrumentConsiderationRedeemableNoncontrollingInterestIssued
2504000 usd
osnl Noncash Investing And Financing Activities Allocation To Redeemable Noncontrolling Interest
NoncashInvestingAndFinancingActivitiesAllocationToRedeemableNoncontrollingInterest
5000 usd
osnl Noncash Investing And Financing Activities Allocation To Redeemable Common Shares
NoncashInvestingAndFinancingActivitiesAllocationToRedeemableCommonShares
142000 usd
osnl Noncash Investing And Financing Activities Distribution Reinvestment
NoncashInvestingAndFinancingActivitiesDistributionReinvestment
15394000 usd
osnl Accrued Dividends Payable
AccruedDividendsPayable
2857000 usd
us-gaap Nature Of Operations
NatureOfOperations
Organization and Nature of the Business<div style="margin-bottom:9pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Blue Owl Real Estate Net Lease Trust (“we”, “us”, “our”, “ORENT”, and the “Company”) invests primarily in a diversified portfolio of single-tenant commercial real estate properties subject to long-term net leases with investment grade and other creditworthy tenants or guarantors across the United States and Canada. The Company is the sole general partner and majority limited partner in Blue Owl Real Estate NLT Operating Partnership, LP, a Delaware limited partnership (the “NLT OP” or “Operating Partnership”). Substantially all of the Company’s business is conducted through the NLT OP. As of June 30, 2023, ORENT owns 82.9% of the NLT OP. The Company and the NLT OP are externally managed by an adviser, Blue Owl Real Estate Capital, LLC (“Blue Owl Real Estate” or “Adviser”), a subsidiary of Blue Owl Capital Inc. (“Blue Owl”). The Company’s investment decisions are made by employees of the Adviser, subject to general oversight by the Company’s investment committee and the Company’s board of trustees (the “Board”). The Company was formed under the name Oak Street Net Lease Trust on April 4, 2022 (“Inception”) as a Maryland statutory trust; however, no activity occurred until the first capital funding from Blue Owl on August 9, 2022. On July 6, 2023, the Company changed its legal name from Oak Street Net Lease Trust (the “Name Change”) and changed its resident agent and principal office in the State of Maryland (the “Agent Change”) pursuant to a certificate of amendment to its Certificate of Trust filed with the State Department of Assessments and Taxation of the State of Maryland on July 3, 2023. The Company also amended and restated its Declaration of Trust and its bylaws on July 6, 2023 to reflect the Name Change and the Agent Change. In addition, on July 6, 2023, the NLT OP changed its legal name from OakTrust Operating Partnership L.P. and the Advisor changed its legal name from Oak Street Real Estate Capital, LLC.</span></div><div style="margin-bottom:9pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company operates in a manner to qualify as a real estate investment trust (“REIT”) for U.S. federal income tax purposes. As a REIT, the Company is entitled to a tax deduction for some or all of the dividends paid to stockholders. Accordingly, the Company generally will not be subject to federal income taxes as long as it currently distributes to stockholders an amount equal to or in excess of the Company’s taxable income. If the Company fails to qualify as a REIT in any taxable year, without the benefit of certain relief provisions, the Company will be subject to federal and state income tax on its taxable income at regular corporate tax rates. </span></div><div style="margin-bottom:9pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company’s principal business is the acquisition, ownership, financing and leasing of single-tenant commercial real estate properties subject to long-term net leases with investment grade and other creditworthy tenants or guarantors, and its management does not distinguish the principal business, or group the operations, by geography or property type for purposes of measuring performance. Accordingly, the Company has only one reportable segment.</span></div><div style="margin-bottom:9pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">As of June 30, 2023, the Company owned 170 investments in real estate and 16 investments in real estate leases, including industrial, retail, and office properties. Investments in real estate excludes any unconsolidated real estate affiliates (refer to Note 4).</span></div><div style="margin-bottom:9pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">On September 1, 2022, the Company commenced the offering of its shares through a continuous private placement offering (“Private Offering”), under regulation D of the Securities Act of 1933, as amended (the “1933 Act”). The Company is authorized to issue an unlimited number of each of its three classes of shares of its common shares (Class I shares , Class D shares, and Class S shares), each with a par value of $0.01 per common share. The share classes have different upfront selling commissions, dealer manager fees and ongoing shareholder servicing fees. The initial offering price for shares sold through the Private Offering was $10.00 per share. The Company conducts periodic closings and sells shares at the prior net asset value (“NAV”) per share as determined using the valuation methodology recommended by the Adviser and approved by the pricing committee of the Board, plus applicable fees and commissions. The NAV per share is calculated on a fully diluted basis. NAV may differ from the values of our real estate assets as calculated in accordance with accounting principles generally accepted in the United States (“GAAP”).</span></div>
us-gaap Number Of Reportable Segments
NumberOfReportableSegments
1 segment
CY2022Q4 us-gaap Number Of Real Estate Properties
NumberOfRealEstateProperties
170 investment
CY2022Q4 osnl Number Of Real Estate Leases
NumberOfRealEstateLeases
16 investment
CY2023Q2 osnl Liabilities Measured Below Carrying Value
LiabilitiesMeasuredBelowCarryingValue
2531000 usd
CY2023Q2 us-gaap Sales Type And Direct Financing Leases Interest Income
SalesTypeAndDirectFinancingLeasesInterestIncome
13960000 usd
us-gaap Sales Type And Direct Financing Leases Interest Income
SalesTypeAndDirectFinancingLeasesInterestIncome
27629000 usd
us-gaap Proceeds From Lease Payment Sales Type And Direct Financing Leases Investing Activity
ProceedsFromLeasePaymentSalesTypeAndDirectFinancingLeasesInvestingActivity
22700000 usd
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
112800923 shares
CY2023Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.06
us-gaap Use Of Estimates
UseOfEstimates
<div style="margin-bottom:9pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Use of Estimates</span></div><div style="margin-bottom:9pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The preparation of condensed consolidated financial statements in conformity with GAAP requires the Company to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results may ultimately differ materially from those estimates.</span></div>
us-gaap Financing Receivable Allowance For Credit Losses Policy For Uncollectible Amounts
FinancingReceivableAllowanceForCreditLossesPolicyForUncollectibleAmounts
Allowance for credit lossesThe allowance for credit losses, which is recorded as a reduction to Investment in leases - financing receivables, net on our Condensed Consolidated Balance Sheet was measured, considering the Company’s ownership of the leased asset given the nature of failed sales leaseback transaction accounted for as financing receivables, using a probability of default method based on the lessee’s respective credit ratings, the expected value related to releasing underlying assets or collateral, our historical loss experiences, and other factors related to other sales leasebacks accounted for as financing receivables. Included in our model are factors that incorporate forward-looking information. Changes in the allowance for credit losses are subsequently included in the Company’s Condensed Consolidated Statements of Operations within General and administrative expenses.
CY2023Q2 us-gaap Financing Receivable Allowance For Credit Losses
FinancingReceivableAllowanceForCreditLosses
7973000 usd
CY2023Q2 us-gaap Investment Building And Building Improvements
InvestmentBuildingAndBuildingImprovements
1567297000 usd
CY2022Q4 us-gaap Investment Building And Building Improvements
InvestmentBuildingAndBuildingImprovements
884728000 usd
CY2023Q2 us-gaap Land And Land Improvements
LandAndLandImprovements
417800000 usd
CY2022Q4 us-gaap Land And Land Improvements
LandAndLandImprovements
322791000 usd
CY2023Q2 us-gaap Development In Process
DevelopmentInProcess
585605000 usd
CY2022Q4 us-gaap Development In Process
DevelopmentInProcess
1057158000 usd
CY2023Q2 us-gaap Real Estate Investment Property At Cost
RealEstateInvestmentPropertyAtCost
2570702000 usd
CY2022Q4 us-gaap Real Estate Investment Property At Cost
RealEstateInvestmentPropertyAtCost
2264677000 usd
CY2023Q2 us-gaap Real Estate Investment Property Accumulated Depreciation
RealEstateInvestmentPropertyAccumulatedDepreciation
33840000 usd
CY2022Q4 us-gaap Real Estate Investment Property Accumulated Depreciation
RealEstateInvestmentPropertyAccumulatedDepreciation
9003000 usd
CY2023Q2 us-gaap Real Estate Investment Property Net
RealEstateInvestmentPropertyNet
2536862000 usd
CY2022Q4 us-gaap Real Estate Investment Property Net
RealEstateInvestmentPropertyNet
2255674000 usd
CY2023Q2 osnl Real Estate Investment Property Placed In Service
RealEstateInvestmentPropertyPlacedInService
519295000 usd
CY2022Q4 us-gaap Net Rentable Area
NetRentableArea
14266000 sqft
CY2022Q4 osnl Net Rentable Area Occupancy Rate
NetRentableAreaOccupancyRate
1
us-gaap Real Estate Other Acquisitions
RealEstateOtherAcquisitions
248979000 usd
CY2023Q2 us-gaap Equity Method Investments
EquityMethodInvestments
384378000 usd
CY2022Q4 us-gaap Equity Method Investments
EquityMethodInvestments
6514000 usd
CY2023Q2 us-gaap Debt Weighted Average Interest Rate
DebtWeightedAverageInterestRate
0.12
CY2023Q2 osnl Debt Securities Available For Sale Face Amount
DebtSecuritiesAvailableForSaleFaceAmount
60000000 usd
CY2023Q2 us-gaap Available For Sale Debt Securities Amortized Cost Basis
AvailableForSaleDebtSecuritiesAmortizedCostBasis
59759000 usd
CY2023Q2 us-gaap Available For Sale Securities Debt Securities
AvailableForSaleSecuritiesDebtSecurities
59768000 usd
CY2022Q4 us-gaap Debt Weighted Average Interest Rate
DebtWeightedAverageInterestRate
0.10
CY2022Q4 osnl Debt Securities Available For Sale Face Amount
DebtSecuritiesAvailableForSaleFaceAmount
73837000 usd
CY2022Q4 us-gaap Available For Sale Debt Securities Amortized Cost Basis
AvailableForSaleDebtSecuritiesAmortizedCostBasis
73839000 usd
CY2022Q4 us-gaap Available For Sale Securities Debt Securities
AvailableForSaleSecuritiesDebtSecurities
73816000 usd
CY2023Q2 us-gaap Available For Sale Debt Securities Amortized Cost Basis
AvailableForSaleDebtSecuritiesAmortizedCostBasis
59759000 usd
CY2023Q2 us-gaap Available For Sale Securities Debt Securities
AvailableForSaleSecuritiesDebtSecurities
59768000 usd
CY2023Q2 osnl Debt Securities Available For Sale Securities Percent Of Total
DebtSecuritiesAvailableForSaleSecuritiesPercentOfTotal
1
CY2022Q4 us-gaap Available For Sale Debt Securities Amortized Cost Basis
AvailableForSaleDebtSecuritiesAmortizedCostBasis
73839000 usd
CY2022Q4 us-gaap Available For Sale Securities Debt Securities
AvailableForSaleSecuritiesDebtSecurities
73816000 usd
CY2022Q4 osnl Debt Securities Available For Sale Securities Percent Of Total
DebtSecuritiesAvailableForSaleSecuritiesPercentOfTotal
1
CY2023Q2 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
111984000 usd
CY2022Q4 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
111677000 usd
CY2023Q2 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
5952000 usd
CY2022Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
1856000 usd
CY2023Q2 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
106032000 usd
CY2022Q4 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
109821000 usd
CY2023Q2 us-gaap Line Of Credit
LineOfCredit
250000000 usd
CY2022Q4 us-gaap Line Of Credit
LineOfCredit
250000000 usd
CY2023Q2 us-gaap Line Of Credit
LineOfCredit
250000000 usd
CY2022Q4 us-gaap Line Of Credit
LineOfCredit
250000000 usd
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
18156000 usd
CY2023Q2 us-gaap Long Term Debt Maturities Repayments Of Principal Remainder Of Fiscal Year
LongTermDebtMaturitiesRepaymentsOfPrincipalRemainderOfFiscalYear
305141000 usd
CY2023Q2 us-gaap Long Term Debt Maturities Repayments Of Principal In Next Twelve Months
LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths
221405000 usd
CY2023Q2 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Two
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo
0 usd
CY2023Q2 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Three
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree
260349000 usd
CY2023Q2 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Four
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour
1095500000 usd
CY2023Q2 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Five
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFive
0 usd
CY2023Q2 osnl Long Term Debt Maturity After Year Five
LongTermDebtMaturityAfterYearFive
0 usd
CY2023Q2 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
1882395000 usd
CY2023Q2 us-gaap Derivative Notional Amount
DerivativeNotionalAmount
1565622000 usd
CY2022Q4 us-gaap Derivative Notional Amount
DerivativeNotionalAmount
1268843000 usd
CY2023Q2 us-gaap Lessor Operating Lease Payments To Be Received Remainder Of Fiscal Year
LessorOperatingLeasePaymentsToBeReceivedRemainderOfFiscalYear
75973000 usd
CY2023Q2 us-gaap Lessor Operating Lease Payments To Be Received Next Twelve Months
LessorOperatingLeasePaymentsToBeReceivedNextTwelveMonths
153707000 usd
CY2023Q2 us-gaap Lessor Operating Lease Payments To Be Received Two Years
LessorOperatingLeasePaymentsToBeReceivedTwoYears
155889000 usd
CY2023Q2 us-gaap Other Comprehensive Income Loss Cash Flow Hedge Gain Loss Before Reclassification And Tax
OtherComprehensiveIncomeLossCashFlowHedgeGainLossBeforeReclassificationAndTax
20236000 usd
CY2023Q2 us-gaap Other Comprehensive Income Loss Cash Flow Hedge Gain Loss Reclassification Before Tax
OtherComprehensiveIncomeLossCashFlowHedgeGainLossReclassificationBeforeTax
-4355000 usd
us-gaap Other Comprehensive Income Loss Cash Flow Hedge Gain Loss Before Reclassification And Tax
OtherComprehensiveIncomeLossCashFlowHedgeGainLossBeforeReclassificationAndTax
3018000 usd
us-gaap Other Comprehensive Income Loss Cash Flow Hedge Gain Loss Reclassification Before Tax
OtherComprehensiveIncomeLossCashFlowHedgeGainLossReclassificationBeforeTax
-10583000 usd
CY2023Q2 us-gaap Operating Lease Lease Income Lease Payments
OperatingLeaseLeaseIncomeLeasePayments
37901000 usd
us-gaap Operating Lease Lease Income Lease Payments
OperatingLeaseLeaseIncomeLeasePayments
72799000 usd
CY2023Q2 us-gaap Straight Line Rent
StraightLineRent
4356000 usd
us-gaap Straight Line Rent
StraightLineRent
8518000 usd
CY2023Q2 us-gaap Operating Lease Variable Lease Income
OperatingLeaseVariableLeaseIncome
2663000 usd
us-gaap Operating Lease Variable Lease Income
OperatingLeaseVariableLeaseIncome
9609000 usd
CY2023Q2 us-gaap Amortization Of Below Market Lease
AmortizationOfBelowMarketLease
34000 usd
us-gaap Amortization Of Below Market Lease
AmortizationOfBelowMarketLease
69000 usd
CY2023Q2 us-gaap Operating Lease Lease Income
OperatingLeaseLeaseIncome
44954000 usd
us-gaap Operating Lease Lease Income
OperatingLeaseLeaseIncome
90995000 usd
CY2023Q2 us-gaap Lessor Operating Lease Payments To Be Received Three Years
LessorOperatingLeasePaymentsToBeReceivedThreeYears
158476000 usd
CY2023Q2 us-gaap Lessor Operating Lease Payments To Be Received Four Years
LessorOperatingLeasePaymentsToBeReceivedFourYears
160770000 usd
CY2023Q2 us-gaap Lessor Operating Lease Payments To Be Received Five Years
LessorOperatingLeasePaymentsToBeReceivedFiveYears
163167000 usd
CY2023Q2 osnl Lessor Operating Lease Payment To Be Received After Year Five
LessorOperatingLeasePaymentToBeReceivedAfterYearFive
1737126000 usd
CY2023Q2 us-gaap Lessor Operating Lease Payments To Be Received
LessorOperatingLeasePaymentsToBeReceived
2605108000 usd
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.16
CY2023Q2 us-gaap Sales Type And Direct Financing Leases Lease Receivable Payments To Be Received Remainder Of Fiscal Year
SalesTypeAndDirectFinancingLeasesLeaseReceivablePaymentsToBeReceivedRemainderOfFiscalYear
24218000 usd
CY2023Q2 us-gaap Sales Type And Direct Financing Leases Lease Receivable Payments To Be Received Next Twelve Months
SalesTypeAndDirectFinancingLeasesLeaseReceivablePaymentsToBeReceivedNextTwelveMonths
49135000 usd
CY2023Q2 us-gaap Sales Type And Direct Financing Leases Lease Receivable Payments To Be Received Two Years
SalesTypeAndDirectFinancingLeasesLeaseReceivablePaymentsToBeReceivedTwoYears
49986000 usd
CY2023Q2 us-gaap Sales Type And Direct Financing Leases Lease Receivable Payments To Be Received Three Years
SalesTypeAndDirectFinancingLeasesLeaseReceivablePaymentsToBeReceivedThreeYears
50866000 usd
CY2023Q2 us-gaap Sales Type And Direct Financing Leases Lease Receivable Payments To Be Received Four Years
SalesTypeAndDirectFinancingLeasesLeaseReceivablePaymentsToBeReceivedFourYears
51911000 usd
CY2023Q2 us-gaap Sales Type And Direct Financing Leases Lease Receivable Payments To Be Received Five Years
SalesTypeAndDirectFinancingLeasesLeaseReceivablePaymentsToBeReceivedFiveYears
54398000 usd
CY2023Q2 osnl Sales Type And Direct Financing Leases Payment To Be Received After Year Five
SalesTypeAndDirectFinancingLeasesPaymentToBeReceivedAfterYearFive
7680116000 usd
CY2023Q2 us-gaap Sales Type And Direct Financing Leases Lease Receivable Payments To Be Received
SalesTypeAndDirectFinancingLeasesLeaseReceivablePaymentsToBeReceived
7960630000 usd
CY2023Q2 osnl Sales Type Lease Net Investment In Lease Deferred Interest Income
SalesTypeLeaseNetInvestmentInLeaseDeferredInterestIncome
7393867000 usd
CY2023Q2 us-gaap Sales Type Lease Net Investment In Lease Allowance For Credit Loss
SalesTypeLeaseNetInvestmentInLeaseAllowanceForCreditLoss
7973000 usd
CY2023Q2 us-gaap Sales Type Lease Net Investment In Lease After Allowance For Credit Loss
SalesTypeLeaseNetInvestmentInLeaseAfterAllowanceForCreditLoss
558790000 usd
CY2022Q4 us-gaap Sales Type Lease Net Investment In Lease Allowance For Credit Loss
SalesTypeLeaseNetInvestmentInLeaseAllowanceForCreditLoss
0 usd
CY2023Q2 osnl Sales Type Lease Net Investment In Lease Initial Allowance Upon Adoption Allowance For Credit Loss
SalesTypeLeaseNetInvestmentInLeaseInitialAllowanceUponAdoptionAllowanceForCreditLoss
7157000 usd
us-gaap Sales Type Lease Net Investment In Lease Allowance For Credit Loss Period Increase Decrease
SalesTypeLeaseNetInvestmentInLeaseAllowanceForCreditLossPeriodIncreaseDecrease
816000 usd
CY2023Q2 us-gaap Sales Type Lease Net Investment In Lease Allowance For Credit Loss
SalesTypeLeaseNetInvestmentInLeaseAllowanceForCreditLoss
7973000 usd
CY2023Q2 us-gaap Sales Type Lease Net Investment In Lease Originated In Current Fiscal Year
SalesTypeLeaseNetInvestmentInLeaseOriginatedInCurrentFiscalYear
566763000 usd
CY2023Q1 us-gaap Sales Type Lease Net Investment In Lease Originated In Current Fiscal Year
SalesTypeLeaseNetInvestmentInLeaseOriginatedInCurrentFiscalYear
521033000 usd
CY2022Q4 osnl Number Of Classes Of Shares
NumberOfClassesOfShares
3 investment
CY2023Q2 osnl Stock Ownership Penalty Threshold
StockOwnershipPenaltyThreshold
P1Y
CY2023Q2 osnl Stock Repurchase Program Redemption Penalty Percentage
StockRepurchaseProgramRedemptionPenaltyPercentage
0.02
CY2023Q2 osnl Purchases Limit To Net Asset Value Monthly
PurchasesLimitToNetAssetValueMonthly
0.02
CY2023Q2 osnl Stock Repurchase Program Quarterly Purchase Limit Percentage
StockRepurchaseProgramQuarterlyPurchaseLimitPercentage
0.05
CY2023Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
127321209 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
112784711 shares
CY2023Q2 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
16212 shares
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
16212 shares
CY2023Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
127337421 shares
CY2022Q4 us-gaap Redeemable Noncontrolling Interest Equity Common Fair Value
RedeemableNoncontrollingInterestEquityCommonFairValue
1657000 usd
osnl Redeemable Noncontrolling Interest Equity Settlement Of Prior Year Performance Participation Allocation
RedeemableNoncontrollingInterestEquitySettlementOfPriorYearPerformanceParticipationAllocation
2504000 usd
osnl Redeemable Noncontrolling Interest Equity Repurchases
RedeemableNoncontrollingInterestEquityRepurchases
0 usd
osnl Redeemable Noncontrolling Interest Equity Conversion
RedeemableNoncontrollingInterestEquityConversion
0 usd
osnl Redeemable Noncontrolling Interest Equity Gaap Income Allocation
RedeemableNoncontrollingInterestEquityGAAPIncomeAllocation
64000 usd
osnl Redeemable Noncontrolling Interest Other Comprehensive Income
RedeemableNoncontrollingInterestOtherComprehensiveIncome
76000 usd
osnl Redeemable Noncontrolling Interest Equity Distributions
RedeemableNoncontrollingInterestEquityDistributions
128000 usd
osnl Redeemable Noncontrolling Interest Equity Fair Value Allocation
RedeemableNoncontrollingInterestEquityFairValueAllocation
5000 usd
osnl Redeemable Noncontrolling Interest Equity Reallocation
RedeemableNoncontrollingInterestEquityReallocation
54000 usd
CY2023Q2 us-gaap Redeemable Noncontrolling Interest Equity Common Fair Value
RedeemableNoncontrollingInterestEquityCommonFairValue
4232000 usd
osnl Common Stock Shares Redeemed
CommonStockSharesRedeemed
0 shares
CY2023Q2 osnl Redeemable Noncontrolling Interest Equity Fair Value Allocation
RedeemableNoncontrollingInterestEquityFairValueAllocation
-10000 usd
osnl Redeemable Noncontrolling Interest Equity Fair Value Allocation
RedeemableNoncontrollingInterestEquityFairValueAllocation
5000 usd
CY2023Q2 us-gaap Profit Loss
ProfitLoss
9633000 usd
us-gaap Profit Loss
ProfitLoss
22918000 usd
CY2023Q2 us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
1787000 usd
us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
4762000 usd
CY2023Q2 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
7846000 usd
CY2023Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.06
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.16
CY2023Q2 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
16200 shares
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
16200 shares
CY2023Q2 us-gaap Weighted Average Numer Diluted Limited Partnership Units Outstanding Adjustment
WeightedAverageNumerDilutedLimitedPartnershipUnitsOutstandingAdjustment
27800000 shares
us-gaap Weighted Average Numer Diluted Limited Partnership Units Outstanding Adjustment
WeightedAverageNumerDilutedLimitedPartnershipUnitsOutstandingAdjustment
28400000 shares
CY2023Q2 ecd Non Rule10b51 Arr Adopted Flag
NonRule10b51ArrAdoptedFlag
false
CY2023Q2 ecd Rule10b51 Arr Adopted Flag
Rule10b51ArrAdoptedFlag
false
CY2023Q2 ecd Non Rule10b51 Arr Trmntd Flag
NonRule10b51ArrTrmntdFlag
false
CY2023Q2 ecd Rule10b51 Arr Trmntd Flag
Rule10b51ArrTrmntdFlag
false

Files In Submission

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0001944366-23-000023-index.html Edgar Link pending
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exhibit311581444282.htm Edgar Link pending
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osnl-20230630_cal.xml Edgar Link unprocessable
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