Broadstone Net Lease (BNL) Investor presentation summary

Portfolio overview and performance

• 773 properties across 44 U.S. states and 4 Canadian provinces, totaling 41.9 million rentable square feet and $438.8 million in annualized base rent, with 99.8% occupancy and 100% rent collections in Q1 2026.

• Weighted average lease term is 9.5 years, with 2.1% annual rent escalations and 21.3% of rent from the top 10 tenants.

• Portfolio is 62.8% industrial, 29.4% retail, and 7.8% other property types, with strong tenant and industry diversification.

• Same-store rent growth was 2.8% in Q1 2026, driven by contractual escalations and proactive leasing.

• Only 31bps of lost rent in 2025 and none year-to-date in 2026, reflecting robust portfolio management.

Investment strategy and growth drivers

• Growth is anchored by a differentiated 'Core Building Blocks' strategy: in-place portfolio growth, build-to-suit (BTS) developments, and stabilized acquisitions.

• $383 million in-process BTS developments expected to generate $28.4 million in incremental annual base rent through Q4 2027.

• Q1 2026 investments included $61.2 million in stabilized acquisitions, $0.9 million in revenue-generating capex, $10.4 million in transitional capital, and $99.4 million in ongoing BTS projects.

• BTS pipeline includes projects with tenants such as UNFI, Sierra Nevada, Fiat Chrysler, AGCO, Southwire, Amazon, Tesla, and Academy Sports.

• Transitional capital investments provide flexibility and access to unique opportunities, including Project Triboro, a large-scale industrial/data center development.

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 is 5.9%, with a targeted payout ratio in the mid-70% range and 14.1% cumulative dividend growth from 2021 to 2026E.

• 2026E AFFO multiple is 12.9x, with above-average growth but a below-average valuation compared to peers.

• Pro forma net debt to annualized adjusted EBITDAre is 5.8x, targeting ~6.0x on a sustained basis.

• Investment grade balance sheet (S&P: BBB, Moody's: Baa2) with $700 million in corporate liquidity and well-laddered debt maturities.