Broadstone Net Lease (BNL) Investor Presentation summary

Portfolio overview and performance

• $404.2 million in annualized base rent, with 60.7% industrial, 31.0% retail, and 8.3% other property types; 99.1% occupancy across 766 properties in 44 states and 4 Canadian provinces.

• Weighted average lease term of 9.7 years and 2.0% annual rent escalation; 99.6% rent collections in Q2 2025.

• Top 10 tenants account for 21.8% of ABR, with significant tenant and industry diversification acting as a defensive hedge.

• Industrial exposure has grown to 60.7% of ABR, with a focus on distribution, manufacturing, and food processing.

• Portfolio is geographically diverse, with Texas, Michigan, and Florida as the top states by ABR.

Growth strategy and investment approach

• Differentiated 'Core Building Blocks' strategy leverages in-place rent escalations, revenue-generating capex, build-to-suit developments, and acquisitions for AFFO growth.

• $268.6 million committed to build-to-suit developments through 2026, providing visibility to ~$28 million in new ABR.

• Active portfolio management includes proactive dispositions and capital recycling to mitigate risk and enhance value.

• Investment activity is heavily weighted toward industrial assets, with flexibility to pursue diversified opportunities.

• Retail build-to-suit projects, such as Sprouts, are expanding the development pipeline beyond QSRs.

Financial performance and valuation

• 2025 AFFO consensus growth of 5.3% and guidance midpoint of 4.6%, with a 2025 dividend yield of 7.2%.

• Valuation remains discounted despite top-tier growth expectations and visibility to 6.9% ABR growth through 2026.

• Consistent AFFO per share performance, with Q2 2025 AFFO at $0.38 per diluted share.

• Pro forma net debt to annualized adjusted EBITDAre at 5.2x, reflecting a conservative leverage profile.

• Investment grade balance sheet (S&P: BBB, Moody's: Baa2) with $1 billion revolver capacity and strong liquidity.