Broadstone Net Lease, Inc. · NYSE:BNL
Broadstone Net Lease — Q2 2026 Earnings Presentation
42 slides from Broadstone Net Lease's earnings presentation, July 2026
Slide 1: Investor Presentation July 2026
Palmer Logistics Midlothian, TX Broadstone Net Lease, Inc. | NYSE: BNL Investor Presentation July 2026
Slide 2: Disclaimers
DISCLAIMERS CAUTIONARY STATEMENTS CONCERNING FORWARD-LOOKING STATEMENTS This presentation contains “forward-looking” statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, regarding, among other thin
Slide 3: Broadstone At-A-Glance
Sierra Nevada Corporation Dayton, OH BROADSTONE AT-A-GLANCE 3 INVESTOR PRESENTATION December 2025
Slide 4: Second Quarter 2026 Highlights
SECOND QUARTER 2026 HIGHLIGHTS 2Q 2026 Build-to-Suit New Starts Balance Sheet & Capital 2026 Guidance Update Markets Activity 2 ~$71mm +190k Putting our balance sheet to work AFFO Per Share: $1.55 – $1.57 New BTS Total New Commitments Square Feet Increased by $0.01 Implied AFFO Growth of 4.0% – 5.4%
Slide 5: In-Place Portfolio At-A-Glance
IN-PLACE PORTFOLIO AT-A-GLANCE 766 Properties 41.7mm 9.3 Years Rentable Square Feet 44 States & 4 Canadian $439.8mm Provinces WALT2 Annualized Base Rent 100.0% 2.1% Occupancy1 Annual Escalations 206 / 195 / 56 Tenants / Brands / Industries 63.2% Industrial 4 99.9% Rent Collections in 29.3% Retail 4
Slide 6: Investment Thesis | Broadstone Net Lease
INVESTMENT THESIS | BROADSTONE NET LEASE (NYSE: BNL) Established REIT with Longstanding Track Record of Success 18+ year operating history pursuing a diversified net lease strategy with a leading team, proven through multiple cycles Continued growth of the portfolio and consistent performance ha
Slide 7: Investment Strategy
Deacero Dayton, TX INVESTMENT STRATEGY 7 INVESTOR PRESENTATION December 2025
Slide 8: Core Building Blocks of Growth
CORE BUILDING BLOCKS OF GROWTH Differentiated strategy with in-place portfolio and BTS pipeline providing visibility to embedded growth through 2027 1 IN-PLACE PORTFOLIO 2 BUILD-TO-SUIT DEVELOPMENTS 3 STABILIZED ACQUISITIONS +2.1% Existing portfolio NOI growth driven by: Provide financing soluti
Slide 9: Lost Rent | Strong Portfolio Management
LOST RENT | STRONG PORTFOLIO MANAGEMENT $0 Diligent portfolio efforts over the last three years has led to limited lost rent, realizing 31bps of lost rent in 2025 and 0bps year-to-date 2026 Of lost rent through the most AFFO Per Share Growth: 6.9% 0.7% 1.4% 4.2% 4.7%3 recent headline tenant event (A
Slide 10: Completed & Active Build-to-Suit Pipeline
COMPLETED & ACTIVE BUILD-TO-SUIT PIPELINE Since 2023, have established a robust pipeline of build-to-suit opportunities while growing core tenant and developer relationships 2Q26 +$50.7mm UNFI $201.0 In new ABR through 4Q27, Sierra Nevada $105.8 providing multi-year 7-Brew $5.7 visibility into rent
Slide 11: In-Process Build-to-Suit Developments Economics & Timing
IN-PROCESS BUILD-TO-SUIT DEVELOPMENTS ECONOMICS & TIMING Rent Total Investment % Initial Yield1 Straight line Term Annual Rent Tenant Project Commencement ($, mm) Funded (Inc. cap. int.) Yield (years) Increases Palmer Logistics Warehouse / distribution center in Dallas MSA Aug’ 26 $32.1 96% 7.6% 9.2
Slide 12: Remaining In-Process Industrial Build-to-Suit Developments
REMAINING IN-PROCESS INDUSTRIAL BUILD-TO-SUIT DEVELOPMENTS BNL Site: Southwire AGCO Palmer Logistics Amazon.com Services, LLC Tesla Industrial Industrial Industrial Industrial Industrial Building Type Manufacturing / DC Warehouse / DC Warehouse / DC Warehouse / DC Manufacturing Location Bremen, GA V
Slide 13: Remaining In-Process Retail Build-to-Suit Developments (Cont.)
REMAINING IN-PROCESS RETAIL BUILD-TO-SUIT DEVELOPMENTS (CONT.) New Development Sprouts Hobby Lobby – Academy Sports Academy Sports Academy Sports Tesla Retail Retail Retail Retail Retail Building Type General Merchandise General Merchandise General Merchandise General Merchandise Specialty Retail Lo
Slide 14: Transitional Capital | Creating Solutions With Our Partners
TRANSITIONAL CAPITAL | CREATING SOLUTIONS WITH OUR PARTNERS Transitional Capital has helped strengthen our relationships with preferred partners and has proven to be a sound capital allocation decision. While it has been a helpful tool, transitional capital will remain a selective investment structu
Slide 15: Project Triboro | Attractive Development Opportunity
PROJECT TRIBORO | ATTRACTIVE DEVELOPMENT OPPORTUNITY Development paths range from multiple industrial build-to-suits to a hyperscale data center campus, providing significant opportunity for high- value investment INVESTMENT | PROJECT TRIBORO Opportunity sourced with one of our preferred partners,
Slide 16: Build-to-Suit Risk Mitigation & Structuring
BUILD-TO-SUIT RISK MITIGATION & STRUCTURING RISK MITIGATION STRUCTURING, CONTACTS & KEY PARTIES INVOLVED Land Construction Rent Our growing network of partners brings industry-leading Purchase (Site Work & Vertical) Commencement expertise to the table, ensuring each project is delivered seamlessly t
Slide 17: Proven & Disciplined Investment Approach
PROVEN & DISCIPLINED INVESTMENT APPROACH Stabilized acquisitions have historically been, and will continue to be, core to our business and growth model; Higher degree of selectivity in recent years given market dislocation and growing focus on built-to-suit developments $3.2B | 76% Of investment vol
Slide 18: Returning Growth to Shareholders
RETURNING GROWTH TO SHAREHOLDERS Dividend reflects our commitment to driving long-term shareholder value and total returns through a combination of AFFO and dividend growth 5.2% 2026E AFFO PAYOUT RATIO VS. PEERS DIVIDEND YIELD VS. PEERS Dividend yield 5.7% 5.6% 79.6% 5.2% 77.0% 5.0% 5.0% 4.9% Peer A
Slide 19: In-Place Portfolio
Salm Partners Green Bay, WI IN-PLACE PORTFOLIO 19 INVESTOR PRESENTATION December 2025
Slide 20: Significant Geographic Diversity
SIGNIFICANT GEOGRAPHIC DIVERSITY TOTAL PROPERTIES: 766 TOTAL STATES/PROVINCES: 44 + 4 Canadian provinces ABR as a % of State Total Portfolio 1 TX 10.0% 2 MI 8.4% 3 FL 5.7% 4 OH 5.7% 5 CA 5.2% 6 WI 5.1% 7 IL 5.1% 8 MN 4.7% 9 GA 3.9% 10 PA 3.7% Top 10 States 57.5% Data as of June 30, 2026 Investor Pre
Slide 21: Cross-Diversification
CROSS-DIVERSIFICATION Geographic, property type, and industry diversification helps mitigate state specific risk STATE EXPOSURE AT-A-GLANCE ($ in millions) State: Texas Dallas $5.5 $1.5 Concentration: 1 Houston $1.6 $12.5 ABR: % | $ 10.0% | $44.1mm Austin $1.7 Tenants: 37 San Antonio $1.9 $44.1mm Pr
Slide 22: Portfolio Overview
PORTFOLIO OVERVIEW TOP 20 TENANTS PROPERTY TYPE DIVERSIFICATION (BY ABR) ABR as a % # of Tenant Property Type of Total Properties Portfolio Roskam Foods* Industrial / Other 7 3.8% Industrial 63.2% UNFI Industrial 1 3.4% Distribution & Warehouse 20.3% Manufacturing 19.0% Sierra Nevada Industrial 3 2.
Slide 23: Top 10 Tenant Descriptions
TOP 10 TENANT DESCRIPTIONS Tenant Business Description Founded in 1923 and headquartered in Grand Rapids, Michigan, Roskam Baking Company is a food manufacturer with over 2 million square feet of manufacturing space and over 30 manufacturing and packaging lines. Roskam manufactures a diverse product
Slide 24: Top 10 Tenant Descriptions (Cont.)
TOP 10 TENANT DESCRIPTIONS (CONT.) Tenant Business Description Founded in 1939, Dollar General (NYSE: DG) is the largest discount retailer in the United States by store count. Brands operated include Dollar General Dollar General, DG Market, DGX, and pOpshelf totaling more than 20,000 stores spannin
Slide 25: Portfolio At-A-Glance: Industrial
PORTFOLIO AT-A-GLANCE: INDUSTRIAL PROPERTY TYPE BREAKDOWN PROPERTY TYPE OVERVIEW Cold Storage 208 $278.1mm 34.0mm 4.5% ABR SF Properties Industrial Services 4.7% Flex and Distribution & R&D 8.9% Warehouse 105 2.3% Wtd. Avg. 10.0 Years 32.1% Tenants Rent Escalations WALT Industrial exposure has grown
Slide 26: Portfolio At-A-Glance: Retail
PORTFOLIO AT-A-GLANCE: RETAIL PROPERTY TYPE BREAKDOWN PROPERTY TYPE OVERVIEW 530 $128.6mm 6.1mm Quick Service Properties ABR SF Restaurant, 21.0% Automotive, 9.1% 86 1.7% Wtd. Avg. 9.2 Years Animal Services, Tenants Rent Escalations WALT 8.3% 29.3% Home ABR Furnishings, 5.6% Casual Dining, Healthcar
Slide 27: Routine Portfolio Monitoring
ROUTINE PORTFOLIO MONITORING Proactive approach drives strong releasing outcomes across the portfolio with limited remaining expirations in 2026 107% 2025 FULL YEAR REVIEW | Lease Rollover Results CURRENT YEAR | Projected for 2026 3 Weighted average recapture Not Renewed rate on leases that expired
Slide 28: Same-Store Rent Growth | Top-Tier In-Place Growth
SAME-STORE RENT GROWTH | TOP-TIER IN-PLACE GROWTH Same-store growths of +2.2% for the second quarter of 2026 and 2.6% for YTD 2026 highlight the strength of our in-place portfolio CONTRACTUAL ANNUAL RENT ESCALATIONS SAME-STORE RENT | Q2 2026 v. Q2 2025 SAME-STORE RENT | YTD 2026 v. YTD 2025 3.3% 3.5
Slide 29: Balance Sheet Management
Palmer Logistics Midlothian, TX BALANCE SHEET MANAGEMENT 29 INVESTOR PRESENTATION December 2025
Slide 30: Well-Capitalized Investment Grade Balance Sheet
WELL-CAPITALIZED INVESTMENT GRADE BALANCE SHEET Investment grade rated balance sheet, well-laddered maturities, and strong liquidity support durable growth TOTAL CAPITALIZATION DETAIL TOTAL CAPITALIZATION (As of June 30, 2026) ($ in thousands) June 30, 2026 6.6% 0.6% Equity Common Stock Common Stock
Slide 31: Putting Our Balance Sheet to Work
PUTTING OUR BALANCE SHEET TO WORK Conservative balance sheet positioning since 2023 provided opportunity to put our balance sheet to work, funding a pipeline of high-quality build-to-suits LEVERAGE CAPACITY & DEBT STRUCTURE KEY CREDIT METRICS (as of June 30, 2026) < 6.0x Flexible capital structure
Slide 32: Corporate Governance
CORPORATE GOVERNANCE 32 INVESTOR PRESENTATION December 2025
Slide 33: Broadstone's Board of Directors
BROADSTONE’S BOARD OF DIRECTORS Tenure A highly-respected and high-performing board comprised of seasoned executives with deep expertise and experience in real estate, publicly-traded REITs, and the industries we serve. 0-3 years Laurie A. Hawkes John D. Moragne Michael A. Coke 22% 10+ years Chairma
Slide 34: Corporate Responsibility
CORPORATE RESPONSIBILITY Commitment to Corporate Responsibility We are committed to being a responsible corporate citizen by conducting our operations in a sustainable and ethical manner. We strive to foster a culture that is inclusive, collaborative, and based on trust, and invest heavily in the he
Slide 35: Appendix
Wegmans Sterling, VA APPENDIX
Slide 36: Tenant: United Natural Foods, Inc.
Sourcing Initial Cash Yield Off-Market - Direct 7.2% Total Funded Amount1 Straight Line Yield $201.0 Million 8.6% Annual Base Rent1 Initial Lease Term $14.7 Million 15 years Size Annual Rent Escalation Tenant: 1 Million SF; 114 Acres 2.5% United Natural Foods, Inc. (NYSE: UNFI) Moody’s/S&P: B3 / B B
Slide 37: Tenant: Sierra Nevada Company, LLC
Sourcing Initial Cash Yield Direct – Existing Tenant 7.6% Total Funded Amount1 Straight Line Yield $105.8 Million 9.4% Annual Base Rent1 Initial Lease Term $8.0 Million 15 years Size Annual Rent Escalation 244k SF; 20.5 Acres 3.0% Tenant: Sierra Nevada Company, LLC Dayton, OH Broadstone Value-Add So
Slide 38: Portfolio At-A-Glance: Other
PORTFOLIO AT-A-GLANCE: OTHER PROPERTY TYPE BREAKDOWN PROPERTY TYPE OVERVIEW 28 $33.0mm 1.6mm Properties ABR SF Clinical, 30.5% 24 2.4% Wtd. Avg. 3.5 Years Tenants Rent Escalations WALT 7.5% ABR Office, 69.5% TOP TENANTS OTHER NON-CORE ASSETS Rank Tenant Property Use # Prop. ABR ($mm) % ABR Include
Slide 39: GAAP Reconciliations: FFO and AFFO
GAAP RECONCILIATIONS FUNDS FROM OPERATIONS (FFO), CORE FFO, AND ADJUSTED FUNDS FROM OPERATIONS (AFFO) Three Months Ended June 30, 2026 March 31, 2026 December 31, 2025 September 30, 2025 June 30, 2025 Net income $ 40,255 46,392 35,028 $ 27,065 $ 19,830 Real property depreciation and amortization 49,
Slide 40: GAAP Reconciliations: EBITDAre and Net Debt
GAAP RECONCILIATIONS EBITDA, EBITDAre, ADJUSTED EBITDAre, NET DEBT TO ANNUALIZED ADJUSTED EBITDAre June 30, 2026 March 31, 2026 December 31, 2025 September 30, 2025 June 30, 2025 Debt Unsecured revolving credit facility $ 447,376 $ 397,640 $ 266,036 $ 95,824 $ 197,880 Unsecured term loans, net 995,4
Slide 41: Same-Store Rental Revenue | Three Months Ended June 30, 2026
SAME-STORE RENTAL REVENUE | THREE MONTHS ENDED JUNE 30, 2026 SAME STORE, AND NON-SAME-STORE PROPERTIES Same Store Rental Revenue: Represents cash base rents, net of uncollectible amounts, and excludes the amortization of above/below market leases, straight-line rent, operating expenses billed to ten
Slide 42: Same-Store Rental Revenue | Six Months Ended June 30, 2026
SAME-STORE RENTAL REVENUE | SIX MONTHS ENDED JUNE 30, 2026 SAME-STORE, AND NON-SAME-STORE PROPERTIES Six Months Ended June 30, Number of Properties 2026 2025 $ Change % Change Same Store Properties: Contractual rent increases Total 689 $ 173,727 $ 170,553 $ 3,174 1.9 % Industrial 180 100,653 98,583