Broadstone Net Lease, Inc. · NYSE:BNL
Broadstone Net Lease — Q1 2026 Earnings Presentation
34 slides from Broadstone Net Lease's earnings presentation, Apr 30, 2026
Slide 1: Q1 2026 Quarterly Supplemental Information
Q1 2026 QUARTERLY SUPPLEMENTAL INFORMATION Broadstone Net Lease, Inc. (NYSE: BNL) is an industrial- focused, diversified net lease real estate investment trust (REIT) that invests in single-tenant commercial real estate properties that are net leased on a long-term basis to a diversified group of te
Slide 2: Table of Contents
Table of Contents Section Page About the Data 3 Company Overview 4 Quarterly Financial Summary 5 Balance Sheet 6 Income Statement Summary 7 Funds From Operations (FFO), Core Funds From Operations (Core FFO), and Adjusted Funds From Operations (AFFO) 8 Lease Revenues Detail 9 Same Store Rent Growth 1
Slide 3: About the Data
About the Data This data and other information described herein are as of and for the three months ended March 31, 2026 unless otherwise indicated. Future performance may not be consistent with past performance and is subject to change and inherent risks and uncertainties. This information should be
Slide 4: Company Overview
Company Overview Broadstone Net Lease, Inc. (NYSE:BNL) (the “Company”, “BNL”, “us”, “our”, and “we”) is an industrial-focused, diversified net lease real estate investment trust (“REIT”) that invests in primarily single-tenant commercial real estate properties that are net leased on a long-term basi
Slide 5: Quarterly Financial Summary
Quarterly Financial Summary (unaudited, dollars in thousands except per share data) Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Financial Summary Investment in rental property $ 5,432,912 $ 5,328,283 $ 5,147,649 $ 5,058,791 $ 5,032,276 Less accumulated depreciation (803,658) (772,589) (745,326) (721,195
Slide 6: Balance Sheet
Balance Sheet (unaudited, in thousands) March 31, December September June 30, March 31, 2026 31, 2025 30, 2025 2025 2025 Assets Accounted for using the operating method: Land $ 822,795 $ 781,117 $ 778,177 $ 784,092 $ 780,817 Land improvements 381,795 373,405 359,210 360,774 360,197 Buildings and imp
Slide 7: Income Statement Summary
Income Statement Summary (unaudited, in thousands except per share data) Three Months Ended March 31, December September June 30, March 31, 2026 31, 2025 30, 2025 2025 2025 Revenues Lease revenues, net $ 121,401 $ 118,295 $ 114,167 $ 112,986 $ 108,690 Operating expenses Depreciation and amortization
Slide 8: Funds From Operations (FFO), Core FFO, and AFFO
Funds From Operations (FFO), Core Funds From Operations (Core FFO), and Adjusted Funds From Operations (AFFO) (unaudited, in thousands except per share data) Three Months Ended March 31, December 31, September 30, March 31, 2026 2025 2025 June 30, 2025 2025 Net income $ 46,392 35,028 $ 27,065 $ 19,8
Slide 9: Lease Revenues Detail
Lease Revenues Detail (unaudited, in thousands) Three Months Ended March 31, December 31, September 30, June 30, March 31, 2026 2025 2025 2025 2025 Contractual rental amounts billed for operating leases $ 107,519 $ 106,196 $ 102,270 $ 101,014 $ 99,314 Adjustment to recognize contractual operating le
Slide 10: Same Store Rent Growth
Same Store Rent Growth (unaudited, in thousands) Three Months Ended March 31, Number of Properties 2026 2025 $ Change % Change Same Store Properties: Contractual rent increases Total 695 $ 88,640 $ 86,998 $ 1,642 1.9 % Industrial 183 51,689 50,605 1,084 2.1 % Retail 487 29,087 28,709 378 1.3 % Other
Slide 11: Capital Structure
Capital Structure (in thousands, except per share data) EQUITY Shares of Common Stock 191,771 OP Units 8,296 Common Stock & OP Units 200,067 Price Per Share / Unit at March 31, 2026 $ 18.27 IMPLIED EQUITY MARKET CAPITALIZATION $ 3,655,224 % of Total Capitalization 57.9% DEBT Unsecured Revolving Cred
Slide 12: Equity Rollforward
Equity Rollforward (in thousands) Shares of Total Diluted Common Stock OP Units Shares Balance, January 1, 2026 191,423 8,296 199,719 Grants of restricted stock awards 619 — 619 Retirement of common shares under equity incentive plan (271) — (271) Forfeiture of restricted stock awards — — — OP unit
Slide 13: Debt Outstanding
Debt Outstanding (in thousands) Outstanding Balance March 31, December 31, (in thousands, except interest rates) 2026 2025 Interest Rate Maturity Date Unsecured revolving credit facility $ 397,640 $ 266,036 applicable reference rate + 0.85% (a) Mar. 2029 (d) Unsecured term loans: 2027 Unsecured Term
Slide 14: Interest Rate Swaps
Interest Rate Swaps (dollars in thousands) (in thousands, except interest rates) March 31, 2026 Fixed Notional Fair Counterparty Maturity Date Rate Variable Rate Index Amount Value Capital One, National Association April 2026 2.68% daily compounded SOFR 15,000 3 Capital One, National Association Jul
Slide 15: EBITDA, EBITDAre, and Other Non-GAAP Operating Measures
EBITDA, EBITDAre, and Other-Non GAAP Operating Measures (unaudited, in thousands) Three Months Ended March 31, December September March 31, 2026 31, 2025 30, 2025 June 30, 2025 2025 Net income $ 46,392 $ 35,028 $ 27,065 $ 19,830 $ 17,493 Depreciation and amortization 41,526 41,768 40,246 42,575 39,4
Slide 16: Net Debt Metrics
Net Debt Metrics (in thousands) March 31, December 31, September 30, March 31, 2026 2025 2025 June 30, 2025 2025 Debt Unsecured revolving credit facility $ 397,640 $ 266,036 $ 95,824 $ 197,880 $ 174,122 Unsecured term loans, net 994,820 994,219 994,550 994,028 893,505 Senior unsecured notes, net 1,1
Slide 17: Debt Maturities and Swap Maturities
Debt Maturities (dollars in millions) The Company utilizes diversified sources of debt capital including unsecured bank debt, unsecured notes, and secured mortgages (where appropriate). Weighted Average Debt Maturity: 4.1 years (a) (a) Our Revolving Credit Facility, 2028 Unsecured Term Loan, and 202
Slide 18: Investment Activity
Investment Activity (square feet and dollars in thousands) The following tables summarize the Company’s investment activity during 2026. Q1 2026 Acquisitions: Number of transactions 1 Number of properties 1 Square feet 316 Acquisition price $ 61,195 (b) Industrial $ 61,195 Retail — Initial cash capi
Slide 19: Build-to-Suit Development Projects
Build-to-Suit Development Projects (square feet and dollars in thousands) The following table summarizes the Company’s in-process developments as of March 31, 2026: Target Estimated Projected Stabilization Total Estimated Rentable Date/ Lease Annual Project QTD Q1 Estimated Cash Estimated Square Sta
Slide 20: Build-to-Suit Development Investment Timing
The following table summarizes the timing of the Company’s construction investment, quarterly rent, and ABR for in-process and stabilized developments as of March 31, 2026: (a) Represents aggregated Estimated Total Project Investment for all projects based on estimated timeline of investment dollars
Slide 21: Transitional Capital
Transitional Capital (dollars in thousands) The following table summarizes the Company’s transitional capital investments, which are excluded from real estate investment portfolio statistics: Remaining Stabilized Cash Annualized Initial Initial Term Property (a) Investment (’000s) Capitalization Rat
Slide 22: Dispositions and Portfolio at a Glance: Key Metrics
Dispositions (square feet and dollars in thousands) The following table summarizes the Company’s property disposition activity during 2026. Q1 2026 Number of Acquisition Disposition Net Book Property Type Properties Square Feet Price Price Value Other 1 78 $ 6,500 $ 12,094 $ 4,095 Total Properties 1
Slide 23: Diversification: Tenants
Diversification: Tenants Top 20 Tenants ABR as a SF as a # of % of Square % of Propertie ABR Total Feet Total Tenant Property Type s (’000s) Portfolio (’000s) Portfolio Roskam Baking Company, LLC* Food Processing 7 $ 16,560 3.8 % 2,250 5.4 % United Natural Foods, Inc. Distribution & Warehouse 1 $ 14
Slide 24: Top 20 Tenants
Top 20 Tenants (a) BROADSTONE NET LEASE, INC. | www.broadstone.com | © 2026 Broadstone Net Lease, LLC. All rights reserved. 24
Slide 25: Trademark notice
(a) This document contains references to copyrights, trademarks, trade names, and service marks that belong to other companies. Broadstone Net Lease is not affiliated with or associated with and is not endorsed by and does not endorse such companies or their products or services. BROADSTONE NET LEAS
Slide 26: Diversification: Property Type
Diversification: Property Type (rent percentages based on ABR) BROADSTONE NET LEASE, INC. | www.broadstone.com | © 2026 Broadstone Net Lease, LLC. All rights reserved. 26
Slide 27: Diversification: Property Type (continued)
Diversification: Property Type (continued) ABR as a % SF as a % # of ABR of Total Square Feet of Total Property Type Properties (’000s) Portfolio (’000s) Portfolio Industrial Distribution & Warehouse 53 $ 86,997 19.8% 12,057 28.8% Manufacturing 80 83,760 19.1% 12,867 30.7% Food Processing 36 54,537
Slide 28: Key Statistics by Property Type
Key Statistics by Property Type Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Industrial Number of properties 209 208 207 215 211 Square feet (000s) 34,161 33,803 33,081 32,694 32,231 Weighted average lease term (years) 10.2 10.5 10.3 10.5 10.7 Weighted average annual rent escalation 2.2% 2.2% 2.2% 2.1% 2
Slide 29: Diversification: Tenant Industry
Diversification: Tenant Industry ABR as a % SF as a % # of ABR of Total Square Feet of Total Tenant Industry Properties (’000s) Portfolio (’000s) Portfolio Packaged Foods & Meats 39 $ 57,405 13.1% 6,338 15.1% Restaurants 252 55,699 12.7% 1,196 2.9% Food Distributors 7 28,567 6.5% 2,534 6.0% Specialt
Slide 30: Diversification: Geography
Diversification: Geography (rent percentages based on ABR) ABR as SF as a ABR as SF as a a % of Square % of a % of Square % of State / # of ABR Total Feet Total State / # of ABR Total Feet Total Province Properties (’000s) Portfolio (’000s) Portfolio Province Properties (’000s) Portfolio (’000s) Por
Slide 31: Lease Expirations
Lease Expirations (rent percentages based on ABR) ABR as a % SF as a % of # of ABR of Total Square Feet Total Expiration Year Properties # of Leases (’000s) Portfolio (’000s) Portfolio 2026 11 11 $ 10,092 2.3% 1,069 2.6% 2027 25 27 29,941 6.8% 2,488 5.9% 2028 26 27 19,185 4.4% 1,606 3.8% 2029 60 35
Slide 32: Occupancy
Occupancy Occupancy by Rentable Square Footage Change in Occupancy Number of properties Vacant properties at January 1, 2026 1 Lease expirations (a) 17 Leasing activities (16) Vacant properties at March 31, 2026 2 (a) Includes scheduled and unscheduled expirations (including leases rejected in bankr
Slide 33: Definitions and Explanations
Definitions and Explanations Adjusted NOI, Annualized Adjusted NOI, Adjusted Cash NOI and Annualized Adjusted Cash NOI: Our reported results and net earnings per diluted share are presented in accordance with accounting principles generally accepted in the United States of America (GAAP). Adjusted N
Slide 34: Definitions and Explanations (continued)
Definitions and Explanations (continued) Gross Debt: We define Gross Debt as total debt plus debt issuance costs and original issuance discount. Net Debt: Net Debt is a non-GAAP financial measure. We define Net Debt as our Gross Debt less cash and cash equivalents and restricted cash. Occupancy: Occ