Broadstone Net Lease, Inc. · NYSE:BNL
Broadstone Net Lease — Q1 2026 Earnings Presentation
41 slides from Broadstone Net Lease's earnings presentation, May 2026
Slide 1: Investor Presentation May 2026
Fiat Chrysler Automotive Forsyth, GA Broadstone Net Lease, Inc. | NYSE: BNL Investor Presentation May 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: In-Place Portfolio At-a-Glance
IN-PLACE PORTFOLIO AT-A-GLANCE 773 Properties 41.9 Million 9.5 Years Rentable Square Feet 44 States & 4 Canadian $438.8mm Provinces WALT2 Annualized Base Rent 99.8% 2.1% Occupancy1 Annual Escalations 209 / 198 / 57 Tenants / Brands / Industries 62.8% Industrial 4 100% Rent Collections in 29.4% Retai
Slide 5: 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 6: Investment Strategy
Deacero Dayton, TX INVESTMENT STRATEGY 6 INVESTOR PRESENTATION December 2025
Slide 7: 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 8: Lost Rent | Strong Portfolio Management
LOST RENT | STRONG PORTFOLIO MANAGEMENT $0 Despite credit related headlines, we have only realized 31bps of lost rent in 2025 and 0bps year-to-date 2026 – evidence of strong portfolio management resulting in limited operational and earnings impacts Of lost rent through the most AFFO Per Share Growth
Slide 9: Build-to-Suit Pipeline
BUILD-TO-SUIT PIPELINE Since 2024, have established a robust pipeline of build-to-suit opportunities while growing core tenant and developer relationships +$28.4mm UNFI $201.0 In new ABR through 4Q27, Sierra Nevada $106.2 providing multi-year visibility into rent growth 7 Brew Portfolio $5.7 (exclud
Slide 10: In-Process Build-to-Suit Developments Economics & Timing
IN-PROCESS BUILD-TO-SUIT DEVELOPMENTS ECONOMICS & TIMING Rent Total Investment % Initial Yield1 Straight line Term Annual Rent Tenant Project Commencement ($, mm) Funded (Inc. cap. int.) Yield (years) Increases Palmer Logistics Warehouse / distribution center in Dallas MSA July’ 26 $32.1 78% 7.6% 9.
Slide 11: Tenant: Sierra Nevada Company, LLC Dayton, OH
Sourcing Initial Cash Yield Direct – Existing Tenant 7.6% Total Funded Amount1 Straight Line Yield $106.2 Million 9.4% Annual Base Rent1 Initial Lease Term $8.1 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 12: In-Process Build-to-Suit Developments
IN-PROCESS BUILD-TO-SUIT DEVELOPMENTS BNL Site: Southwire Palmer Logistics Fiat Chrysler Automobile AGCO Amazon.com Services, LLC Industrial Industrial Industrial Industrial Industrial Building Type Manufacturing / DC Warehouse / DC Warehouse / DC Warehouse / DC Warehouse / DC Location Bremen, GA Mi
Slide 13: In-Process Build-to-Suit Developments (Continued)
IN-PROCESS BUILD-TO-SUIT DEVELOPMENTS (CONTINUED) New Development Tesla Academy Sports Academy Sports Sprouts Hobby Lobby – Academy Sports Industrial Retail Retail Retail Retail Building Type Manufacturing General Merchandise General Merchandise General Merchandise General Merchandise Location Austi
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 $3.2B | 75% Of investment volume Industrial Annual Capital Deployment ($ in m
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 5.9% 2026E AFFO PAYOUT RATIO VS. PEERS DIVIDEND YIELD VS. PEERS Dividend yield 80.3% 77.4% 5.9% 5.9% 5.8% 75.7% 5.6% Mid-70% 74
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: 773 TOTAL STATES/PROVINCES: 44 + 4 Canadian provinces ABR as a % of State Total Portfolio 1 TX 10.0% 2 MI 8.4% 3 FL 5.8% 4 OH 5.7% 5 IL 5.3% 6 CA 5.2% 7 WI 5.1% 8 MN 4.6% 9 PA 3.7% 10 TN 3.5% Top 10 States 57.3% Data as of March 31, 2026 Investor Pr
Slide 21: 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 62.8% UNFI Industrial 1 3.4% Distribution & Warehouse 19.8% Manufacturing 19.1% AHF Products* Industrial 8 2.
Slide 22: 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 $12.4 ABR: % | $ 10.0% | $43.8mm Austin Tenants: 39 $1.6 San Antonio $1.9 $43.8mm Pr
Slide 23: Top 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 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, DG Market, DGX, and pOpshelf totaling more than 20,000 stores spanning 48 states and
Slide 25: Portfolio At-a-Glance: Industrial
PORTFOLIO AT-A-GLANCE: INDUSTRIAL PROPERTY TYPE BREAKDOWN PROPERTY TYPE OVERVIEW Cold Storage 209 $275.6mm 34.2mm 4.5% ABR SF Properties Industrial Services 4.8% Flex and Distribution & Warehouse 105 2.2% Wtd. Avg. 10.2 Years R&D 9.0% 31.6% 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 535 $129.1mm 6.1mm Quick Service Properties ABR SF Restaurant, 20.9% Automotive, 9.0% 85 1.7% Wtd. Avg. 9.4 Years Animal Services, Tenants Rent Escalations WALT 8.9% 29.4% Home ABR Furnishings, 5.6% Casual Dining, Healthcar
Slide 27: Routine Portfolio Monitoring
ROUTINE PORTFOLIO MONITORING Proactive approach drives strong releasing outcomes across the portfolio with limited remaining expirations in 2026 107% 2025 FULL YEAR REVIEW | Lease Rollover Results CURRENT YEAR | Projected for 2026 Weighted average recapture Not Renewed rate on leases that expired in
Slide 28: Same Store Rent Growth | Top-Tier In-Place Growth
SAME STORE RENT GROWTH | TOP-TIER IN-PLACE GROWTH Same store growth of +2.8% for the first quarter of 2026 driven by in-place portfolio increases and releasing activity in prior periods CONTRACTUAL ANNUAL RENT ESCALATIONS SAME STORE RENT | Q1 2026 v. Q1 2025 3.7% Same Store Average, 2.8% 2.4% Portfo
Slide 29: Top-Tier Portfolio Metrics
TOP-TIER PORTFOLIO METRICS A differentiated industrial-focused portfolio, relatively small asset base conducive to growth, and strong results are underappreciated by the market Peer Portfolio Composition NTST GTY FCPT ADC NNN EPRT O WPC BNL Current portfolio, strategy, and growth potential 22.4% 30.
Slide 30: Balance Sheet Management
Palmer Logistics Midlothian, TX BALANCE SHEET MANAGEMENT 30 INVESTOR PRESENTATION December 2025
Slide 31: Well-Capitalized Investment Grade Balance Sheet
WELL-CAPITALIZED INVESTMENT GRADE BALANCE SHEET Investment grade rated balance sheet, well-laddered maturities, and strong liquidity support durable growth TOTAL CAPITALIZATION DETAIL TOTAL CAPITALIZATION (As of March 31, 2026) ($ in thousands) March 31, 2026 6.3% 0.9% Equity Common Stock Common Sto
Slide 32: 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 March 31, 2026) < 6.0x Flexible capital structur
Slide 33: Corporate Governance
CORPORATE GOVERNANCE 33 INVESTOR PRESENTATION December 2025
Slide 34: 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. 10+ years Laurie A. Hawkes John D. Moragne Michael A. Coke 22% Chairman (Indepen
Slide 35: 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 36: Appendix
Wegmans Sterling, VA APPENDIX
Slide 37: 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 38: Portfolio At-a-Glance: Other
PORTFOLIO AT-A-GLANCE: OTHER PROPERTY TYPE BREAKDOWN PROPERTY TYPE OVERVIEW 29 $34.2mm 1.6mm Properties ABR SF Clinical, 29.2% 25 2.4% Wtd. Avg. 3.6 Years Tenants Rent Escalations WALT 7.8% ABR Office, 70.8% TOP TENANTS OTHER NON-CORE ASSETS Rank Tenant Property Use # Prop. ABR ($M) % ABR Includes
Slide 39: GAAP Reconciliations
GAAP RECONCILIATIONS FUNDS FROM OPERATIONS (FFO), CORE FFO, AND ADJUSTED FUNDS FROM OPERATIONS (AFFO) Three Months Ended March 31, December 31, 2025 September 30, 2025 June 30, 2025 March 31, 2025 2026 Net income $ 46,392 35,028 $ 27,065 $ 19,830 $ 17,493 Real property depreciation and amortization
Slide 40: GAAP Reconciliations
GAAP RECONCILIATIONS EBITDA, EBITDAre, ADJUSTED EBITDAre, NET DEBT TO ANNUALIZED ADJUSTED EBITDAre March 31, 2026 December 31, 2025 September 30, 2025 June 30, 2025 March 31, 2025 Debt Unsecured revolving credit facility $ 397,640 $ 266,036 $ 95,824 $ 197,880 $ 174,122 Unsecured term loans, net 994,
Slide 41: Same-Store Rental Revenue | Three Months Ended March 31, 2026
SAME-STORE RENTAL REVENUE | THREE MONTHS ENDED MARCH 31, 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 te