Broadstone Net Lease (BNL) Investor presentation summary

Financial performance and guidance

• AFFO per share guidance for 2026 raised to $1.55–$1.57, implying 4.0–5.4% growth year-over-year.

• Investments guidance increased to $600–$800 million, with dispositions expected at $100–$150 million.

• Same-store rent growth reached 2.2% for Q2 2026 and 2.6% year-to-date, supported by 2.1% average annual rent escalations.

• Dividend yield stands at 5.2%, with a mid-70% payout ratio and 14.1% cumulative dividend growth since 2021.

• Pro forma net debt to annualized adjusted EBITDAre is 5.9x, with $840 million in revolver and undrawn term loan capacity.

Portfolio overview and growth strategy

• Portfolio consists of 766 properties across 44 states and 4 Canadian provinces, totaling 41.7 million rentable square feet and $439.8 million in annualized base rent.

• 100% occupancy and 99.9% rent collections in Q2 2026, with a weighted average lease term of 9.3 years.

• Industrial assets comprise 63.2% of ABR, retail 29.3%, and other 7.5%; top 10 tenants account for 20.8% of ABR.

• Build-to-suit pipeline totals $645 million, expected to generate $50.7 million in incremental ABR through Q4 2027.

• Active capital recycling and proactive management resulted in minimal lost rent (31bps in 2025, 0bps in 2026 YTD).

Build-to-suit and investment activity

• $263 million invested in 1H 2026, including $61 million in stabilized acquisitions and $177 million in ongoing build-to-suit developments.

• Recent build-to-suit projects include facilities for Amazon, Tesla, Palmer Logistics, Southwire, and a Fortune 20 company.

• Initial yields on in-process build-to-suit projects average 7.9%, with straight-line yields at 9.9% and average lease terms of 13.7 years.

• Project Triboro offers optionality for industrial or data center development, with $120 million invested and potential for significant value creation.

• Transitional capital investments provide flexibility and access to unique opportunities, supporting future pipeline growth.