Broadstone Net Lease (BNL) investor relations material

Executive summary

• Achieved strong Q3 results with 100% rent collection, 99.5% leased portfolio, and only 3 of 759 properties vacant, reflecting a differentiated growth strategy and disciplined execution.

• Portfolio comprised 759 properties across 44 U.S. states and 4 Canadian provinces, with no single tenant accounting for more than 3.9% of annualized base rent.

• Invested $204 million in accretive acquisitions and development projects in Q3, with year-to-date investments totaling $552.6 million.

• Resolved tenant credit events (At Home and Claire’s) with all leases assumed and no bad debt incurred.

• Focused on industrial and build-to-suit strategies, with a diversified tenant base and strong risk management.

Financial highlights

• Generated AFFO of $74.3 million ($0.37 per share), up 5.7% year-over-year.

• Lease revenues for Q3 2025 were $114.2 million, up 5.3% year-over-year; net income was $27.1 million ($0.14 per share), down 26.3% year-over-year due to higher interest and impairment costs.

• Core G&A expenses were $7.4 million for the quarter and $21.7 million year-to-date, tracking at the low end of expectations.

• Dividend of $0.29 per share declared, with a competitive yield and declining payout ratio.

• Sold 12 properties for $38.7 million at a 7.0% cap rate.

Outlook and guidance

• Raised full-year 2025 AFFO per share guidance to $1.49–$1.50, representing 4.2%–4.9% growth.

• Investment volume guidance increased to $650–$750 million, with disposition guidance at $75–$100 million.

• Management expects continued growth through same-store NOI, capital expenditures, build-to-suit developments, and a diversified acquisition pipeline.

• Expect little to no bad debt for the remainder of 2025.

• Macroeconomic headwinds, including higher interest rates and lower transaction volumes, are expected to persist.