Broadstone Net Lease (BNL) Investor presentation summary

Portfolio overview and performance

• 771 properties across 44 U.S. states and 4 Canadian provinces, totaling 41.6 million rentable square feet and $428.8 million in annualized base rent, with 99.8% occupancy and 9.6 years weighted average lease term as of December 31, 2025.

• Portfolio is 61.9% industrial, 30.1% retail, and 8.0% other, with top 10 tenants accounting for 21.1% of annualized base rent.

• Achieved 100% rent collections in Q4 2025 and maintained strong financial reporting visibility at 95.4%.

• Same-store rent growth was 2.9% for Q4 2025 and 2.0% for the full year, driven by contractual rent escalations and proactive asset management.

• Lost rent since 2022 was limited to 31bps in 2025, with 88% of lost rent concentrated in clinical healthcare assets that have since been disposed of.

Investment strategy and growth drivers

• Differentiated 'Core Building Blocks' strategy combines in-place portfolio growth, build-to-suit (BTS) developments, and stabilized acquisitions, delivering a 46.8% total shareholder return since 2023.

• $429.9 million invested in stabilized acquisitions, $8.3 million in revenue-generating capex, $100.8 million in transitional capital, and $209.3 million in BTS developments during 2025.

• BTS pipeline totals over $922 million completed, committed, or under LOI, with $407 million in-process developments expected to add $30 million in incremental annual base rent through Q2 2027.

• Average annual rent escalations of 2.1% provide a strong base for AFFO growth, among the highest in the net lease REIT sector.

• Emphasis on relationship-driven deal sourcing, with 82% of investment volume since 2023 sourced through existing relationships.

Financial performance and shareholder returns

• AFFO per share grew 4.2% in 2025 and is expected to grow 4.0% in 2026 at the midpoint of guidance.

• Dividend yield stands at 6.0%, with a targeted payout ratio in the mid-70% range and 13.2% cumulative dividend growth from 2021 to 2025.

• Investment grade balance sheet (S&P: BBB, Moody's: Baa2) with pro forma net debt to annualized adjusted EBITDAre of 5.8x, targeting ~6.0x on a sustained basis.

• Ample liquidity with ~$775 million of corporate liquidity and well-laddered debt maturities, supporting ongoing investment and growth.