Broadstone Net Lease, Inc. · NYSE:BNL
Broadstone Net Lease — Q3 2026 Earnings Presentation
44 slides from Broadstone Net Lease's earnings presentation, November 2026
Slide 1: Investor Presentation
Academy Sports & Hobby Lobby Granbury, TX Broadstone Net Lease, Inc. | NYSE: BNL Investor Presentation November 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: Third Quarter 2026 Highlights
THIRD QUARTER 2026 HIGHLIGHTS 3Q 2026 Build-to-Suit New Starts Balance Sheet & Capital Revised 2026 Guidance Markets Activity 3 ~$326mm +222k Putting our balance sheet to work AFFO Per Share: $1.55 – $1.57 New BTS Total New Square Feet Implied AFFO Growth of 4.0% – 5.4% Commitments Investments: $700
Slide 5: In-Place Portfolio At-a-Glance
IN-PLACE PORTFOLIO AT-A-GLANCE 767 Properties 42.3mm 9.3 Years Rentable Square Feet 44 States & 4 Canadian WALT2 $449.5mm Provinces Annualized Base Rent 100.0% 2.1% Occupancy1 Annual Escalations 206 / 195 / 57 Tenants / Brands / Industries 63.3% Industrial4 99.9% Rent Collections in 29.4% Retail 4 Q
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: Best-in-Class Shareholder Returns
BEST-IN-CLASS SHAREHOLDER RETURNS ‘Core Building Blocks’ strategy initiated in 2023 has delivered best-in-class shareholder returns in the net lease space despite a multiple that remains ~1.5x below peer average 8.6% RMZ 51.2% YTD 2026 total shareholder return 43.6% 40.5% 21.9% 6.5% 16.9% Dividend y
Slide 8: Investment Strategy
Deacero Dayton, TX INVESTMENT STRATEGY 8 INVESTOR PRESENTATION December 2025
Slide 9: 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 10: Lost Rent | Strong Portfolio Management
LOST RENT | STRONG PORTFOLIO MANAGEMENT Diligent portfolio efforts over the last three years has led to limited lost rent, realizing 31bps of lost rent in 2025 and 4bps year-to-date 2026 AFFO Per Share Growth: 6.9% 0.7% 1.4% 4.2% 4.7%3 $118k 113bps Total Lost Rent Year-to-date 2026 have by Segment r
Slide 11: 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 UNFI $201.0 3Q’26 ~$36mm Sierra Nevada $105.8 In new ABR through 4Q’27, providing multi-year Southwire $115.4 visibility into
Slide 12: In-Process Build-to-Suit Developments Economics & Timing
IN-PROCESS BUILD-TO-SUIT DEVELOPMENTS ECONOMICS & TIMING Rent Total Investment % Initial Yield1 Straight line Term Annual Rent Tenant Project Commencement ($, mm) Funded (Inc. cap. int.) Yield (years) Increases Academy Sports Retail location in Magnolia, TX Nov’ 26 $13.0 79% 7.3% 7.5% 15 0.5% Fortun
Slide 13: Remaining In-Process Industrial Build-to-Suit Developments
REMAINING IN-PROCESS INDUSTRIAL BUILD-TO-SUIT DEVELOPMENTS Recently Stabilized Q4’26 BNL Site: Southwire Amazon.com Services, LLC Tesla Industrial Industrial Industrial Building Type Manufacturing / DC Warehouse / DC Manufacturing Location Bremen, GA Sarasota, FL Austin, TX 1.2mm sqft. cross-docked
Slide 14: In-Process Retail Build-to-Suit Developments (Cont.)
IN-PROCESS RETAIL BUILD-TO-SUIT DEVELOPMENTS (CONT.) New Development Academy Sports Tesla Academy Sports & Hobby Lobby Retail Retail Retail Building Type General Merchandise Specialty Retail General Merchandise Location Magnolia, TX Las Vegas, NV Manor, TX 55k sqft retail store in the growing metro
Slide 15: 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 16: 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 17: 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 18: 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 $3.4B | 76% Of investment vol
Slide 19: Returning Growth to Shareholders
RETURNING GROWTH TO SHAREHOLDERS Dividend reflects our commitment to driving long-term shareholder value and total returns through a combination of AFFO and dividend growth 6.5% 2026E AFFO PAYOUT RATIO VS. PEERS DIVIDEND YIELD VS. PEERS Dividend yield 79.8% 77.1% 6.8% 6.5% 6.2% Mid-70% 74.5% 73.4% P
Slide 20: In-Place Portfolio
Salm Partners Green Bay, WI IN-PLACE PORTFOLIO 20 INVESTOR PRESENTATION December 2025
Slide 21: Significant Geographic Diversity
SIGNIFICANT GEOGRAPHIC DIVERSITY TOTAL PROPERTIES: 767 TOTAL STATES/PROVINCES: 44 + 4 Canadian provinces PORTFOLIO CONCENTRATION 0.1–3% 3–6% 6–9% 9–11% ABR as a % of State Total Portfolio 1 TX 11.0% 2 MI 8.2% 3 FL 5.6% 4 OH 5.6% 5 CA 5.5% 6 WI 5.0% 7 MN 4.6% 8 IL 4.2% 9 GA 3.8% 10 PA 3.6% Top 10 Sta
Slide 22: Cross-Diversification
CROSS-DIVERSIFICATION Geographic, property type, and industry diversification helps mitigate state specific risk STATE EXPOSURE AT-A-GLANCE ($ in millions) State: Texas $6.6 Concentration: 1 Dallas Houston $1.4 ABR: % | $ 11.0% | $49.3mm $1.5 $17.2 Austin $1.6 Tenants: 39 Sherman $1.7 $49.3mm Proper
Slide 23: 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 7 3.7% Industrial 63.3% UNFI Industrial 1 3.3% Distribution & Warehouse 21.2% Manufacturing 18.7% Sierra Nevada Industrial 3 2.0% Food
Slide 24: 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 25: 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 26: Portfolio At-a-Glance: Industrial
PORTFOLIO AT-A-GLANCE: INDUSTRIAL PROPERTY TYPE BREAKDOWN PROPERTY TYPE OVERVIEW Cold Storage 209 $284.4mm 34.4mm 4.4% ABR SF Industrial Services 4.5% Properties Flex and Distribution & R&D 8.7% Warehouse 108 2.2% Wtd. Avg. 10.0 Years 33.5% Tenants Rent Escalations WALT Industrial exposure has grown
Slide 27: Portfolio At-a-Glance: Retail
PORTFOLIO AT-A-GLANCE: RETAIL PROPERTY TYPE BREAKDOWN PROPERTY TYPE OVERVIEW 530 $132.0mm 6.3mm Casual Dining, 20.6% Properties ABR SF Animal Services, 8.9% 85 1.7% Wtd. Avg. 9.4 Years Tenants Rent Escalations WALT Automotive, 8.0% 29.4% Home ABR Furnishings, 5.3% Healthcare Quick Service Services,
Slide 28: Routine Portfolio Monitoring
ROUTINE PORTFOLIO MONITORING Proactive approach drives strong releasing outcomes across the portfolio with limited remaining expirations in 2026 107% 2025 FULL YEAR REVIEW | Lease Rollover Results CURRENT YEAR | Projected for 2026 3 Weighted average recapture Not Renewed rate on leases that expired
Slide 29: Same Store Rent Growth | Top-Tier In-Place Growth
SAME STORE RENT GROWTH | TOP-TIER IN-PLACE GROWTH Same store growths of +0.7% for the third quarter of 2026 and +1.9% for YTD 2026 highlight the strength of our in-place portfolio CONTRACTUAL ANNUAL RENT ESCALATIONS SAME STORE RENT | Q3 2026 v. Q3 2025 SAME STORE RENT | YTD 2026 v. YTD 2025 4.4% 3.3
Slide 30: Top-Tier Portfolio Metrics
TOP-TIER PORTFOLIO METRICS A differentiated industrial-focused portfolio, relatively small asset base conducive to growth, and a discounted multiple despite performance Peer Portfolio Composition NTST GTY FCPT ADC NNN EPRT O WPC BNL Current portfolio, 22.0% strategy, and 29.4% growth potential 14.1%
Slide 31: Balance Sheet Management
Palmer Logistics Midlothian, TX BALANCE SHEET MANAGEMENT 31 INVESTOR PRESENTATION December 2025
Slide 32: Well-Capitalized Investment Grade Balance Sheet
WELL-CAPITALIZED INVESTMENT GRADE BALANCE SHEET Investment grade rated balance sheet, well-laddered maturities, and strong liquidity support durable growth TOTAL CAPITALIZATION DETAIL TOTAL CAPITALIZATION (As of September 30, 2026) ($ in thousands) September 30, 2026 8.4% 0.6% Equity Common Stock Co
Slide 33: Balance Sheet Management
BALANCE SHEET MANAGEMENT Disciplined balance sheet positioning since 2023 created capacity to fund a high-quality build-to-suit pipeline; pro forma leverage of 5.4x reflects recent equity offering and provides ample capacity to fund continued external growth LEVERAGE CAPACITY & DEBT STRUCTURE KEY CR
Slide 34: Corporate Governance
CORPORATE GOVERNANCE 34 INVESTOR PRESENTATION December 2025
Slide 35: 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 36: 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 37: Appendix
Wegmans Sterling, VA APPENDIX
Slide 38: UNFI Build-to-Suit Development
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: B2 / B+
Slide 39: Sierra Nevada Build-to-Suit Development
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 40: Portfolio At-a-Glance: Other
PORTFOLIO AT-A-GLANCE: OTHER PROPERTY TYPE BREAKDOWN PROPERTY TYPE OVERVIEW 28 $33.2mm 1.6mm Properties ABR SF Clinical & 3.3 Years Surgical, 30.4% 24 2.4% Wtd. Avg. Tenants Rent Escalations WALT 7.3% ABR Office, 69.6% TOP TENANTS OTHER NON-CORE ASSETS Rank Tenant Property Use # Prop. ABR ($mm) % AB
Slide 41: GAAP Reconciliations: FFO, Core FFO and AFFO
GAAP RECONCILIATIONS FUNDS FROM OPERATIONS (FFO), CORE FFO, AND ADJUSTED FUNDS FROM OPERATIONS (AFFO) Three Months Ended September 30, 2026 June 30, 2026 March 31, 2026 December 31, 2025 September 30, 2025 Net income $ 28,139 $ 40,255 $ 46,392 $ 35,028 $ 27,065 Real property depreciation and amortiz
Slide 42: GAAP Reconciliations: EBITDAre and Net Debt
GAAP RECONCILIATIONS EBITDA, EBITDAre, ADJUSTED EBITDAre, NET DEBT TO ANNUALIZED ADJUSTED EBITDAre September 30, 2026 June 30, 2026 March 31, 2026 December 31, 2025 September 30, 2025 Debt Unsecured revolving credit facility $ 555,438 $ 447,376 $ 397,640 $ 266,036 $ 95,824 Unsecured term loans, net
Slide 43: Same Store Rental Revenue | Three Months Ended Sept. 30, 2026
SAME STORE RENTAL REVENUE | THREE MONTHS ENDED SEPT. 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 te
Slide 44: Same Store Rental Revenue | Nine Months Ended Sept. 30, 2026
SAME STORE RENTAL REVENUE | NINE MONTHS ENDED SEPT. 30, 2026 SAME STORE, AND NON-SAME STORE PROPERTIES Nine Months Ended September 30, Number of Properties 2026 2025 $ Change % Change Same Store Properties: Contractual rent increases Total 676 $ 257,419 $ 252,653 $ 4,766 1.9% Industrial 178 148,550