Broadstone Net Lease, Inc. · NYSE:BNL
Broadstone Net Lease — Investor Presentation (February 2026)
40 slides from Broadstone Net Lease's investor presentation, February 2026
Slide 1: Investor Presentation February 2026
Sierra Nevada Corporation Dayton, OH Broadstone Net Lease, Inc. | NYSE: BNL Investor Presentation February 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 771 Properties 41.6 Million 9.6 Years Rentable Square Feet 44 States & 4 Canadian WALT2 $428.8mm Provinces Annualized Base Rent 99.8% 2.1% Occupancy1 Annual Escalations 206 / 197 / 57 Tenants / Brands / Industries 61.9% Industrial4 100% Rent Collections in 30.1% Retail
Slide 5: Investment Thesis | Broadstone Net Lease (NYSE: BNL)
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, now proven through two cycles Continued growth of the portfolio and consistent performance has
Slide 6: Investment Strategy
The Hess Collection American Canyon, CA INVESTMENT STRATEGY 6 INVESTOR PRESENTATION December 2025
Slide 7: Core Building Blocks of Growth
CORE BUILDING BLOCKS OF GROWTH Differentiated strategy with our 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 so
Slide 8: Lost Rent | Strong Outcomes Post-Simplification
LOST RENT | STRONG OUTCOMES POST-SIMPLIFICATION Despite credit related headlines, we realized 31bps of lost rent – evidence of strong portfolio management and limited operational and earnings impact 88% AFFO Per Share Of the lost rent since 2022 has 6.9% 0.7% 1.4% 4.2% been concentrated to clinical
Slide 9: Build-to-Suit Pipeline
BUILD-TO-SUIT PIPELINE Since 2024, have completed and established a robust pipeline of build-to-suit opportunities while growing core tenant and developer relationships +$30mm UNFI $201.0 In new ABR through 2Q27, Sierra Nevada $109.2 providing multi-year visibility into rent growth 7 Brew Portfolio
Slide 10: In-Process Build-to-Suit Developments Economics & Timing
IN-PROCESS BUILD-TO-SUIT DEVELOPMENTS ECONOMICS & TIMING Rent Total Investment % Initial Yield1 Straight line Term Annual Rent Tenant Project Commencement ($, mm) Funded (Inc. cap. int.) Yield (years) Increases Sierra Nevada Maintenance, repair, and overhaul hangars for "doomsday" fleet Mar’ 26 $55.
Slide 11: In-Process Build-to-Suit Developments
IN-PROCESS BUILD-TO-SUIT DEVELOPMENTS Sierra Nevada Southwire Palmer Logistics Fiat Chrysler Automobile AGCO Industrial Industrial Industrial Industrial Industrial Building Type Manufacturing Manufacturing / DC Warehouse / DC Warehouse / DC Warehouse / DC Location Dayton, OH Bremen, GA Midlothian, T
Slide 12: In-Process Build-to-Suit Developments (Continued)
IN-PROCESS BUILD-TO-SUIT DEVELOPMENTS (CONTINUED) New Developments BNL Site: Amazon.com Services, LLC Academy Sports Academy Sports Sprouts Hobby Lobby – Academy Sports Industrial Retail Retail Retail Retail Building Type Warehouse / DC General Merchandise General Merchandise General Merchandise Gen
Slide 13: Project Triboro | Attractive Development Optionality
PROJECT TRIBORO | ATTRACTIVE DEVELOPMENT OPTIONALITY 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 14: 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 15: 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 $3.0B | 75% Of investment volume Annual Capital Deployment ($ in millions) cl
Slide 16: 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 6.0% 2026E AFFO PAYOUT RATIO VS. PEERS DIVIDEND YIELD VS. PEERS Dividend yield 77.4% 75.6% 75.5% 6.0% 73.0% 5.8% 5.6% 69.8% 67.
Slide 17: In-Place Portfolio
Salm Partners Green Bay, WI IN-PLACE PORTFOLIO 17 INVESTOR PRESENTATION December 2025
Slide 18: Significant Geographic Diversity
SIGNIFICANT GEOGRAPHIC DIVERSITY TOTAL PROPERTIES: 771 TOTAL STATES/PROVINCES: 44 + 4 Canadian provinces ABR as a % of State Total Portfolio 1 TX 10.2% 2 MI 8.6% 3 FL 5.9% 4 IL 5.4% 5 CA 5.3% 6 WI 5.2% 7 OH 4.9% 8 MN 4.7% 9 PA 3.8% 10 TN 3.6% Top 10 States 57.6% Data as of December 31, 2025 Investor
Slide 19: 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 3.9% Industrial 61.9% UNFI Industrial 1 3.4% Distribution & Warehouse 20.1% Manufacturing 18.7% AHF Products* Industrial 8 2.
Slide 20: 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 $5.4 $1.4 Concentration: 1 Houston $1.6 $12.4 ABR: % | $ 10.2% | $43.7mm Austin $1.6 Tenants: 39 San Antonio $1.9 $43.7mm Pr
Slide 21: 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 22: Top 10 Tenant Descriptions (Cont.)
TOP 10 TENANT DESCRIPTIONS (CONT.) Tenant Business Description Founded in 1960, Jack’s Family Restaurants is a regional quick service restaurant chain that offers southern-inspired food. Jack’s Family Restaurants operates approximately 200 locations across Alabama, Georgia, Mississippi, and Tennesse
Slide 23: Portfolio At-a-Glance: Industrial
PORTFOLIO AT-A-GLANCE: INDUSTRIAL PROPERTY TYPE BREAKDOWN PROPERTY TYPE OVERVIEW Cold Storage 208 $265.5mm 33.8mm 4.7% ABR SF Properties Industrial Services 4.9% Flex and Distribution & R&D 7.2% Warehouse 104 2.2% Wtd. Avg. 10.5 Years 32.5% Tenants Rent Escalations WALT Industrial exposure has grown
Slide 24: Portfolio At-a-Glance: Retail
PORTFOLIO AT-A-GLANCE: RETAIL PROPERTY TYPE BREAKDOWN PROPERTY TYPE OVERVIEW 534 $129.2mm 6.1mm Quick Service Properties ABR SF Restaurant, 20.8% Automotive, 9.0% 87 1.7% Wtd. Avg. 9.4 Years Animal Services, Tenants Rent Escalations WALT 8.8% 30.1% Home ABR Furnishings, 5.8% Casual Dining, Healthcar
Slide 25: Routine Portfolio Monitoring
ROUTINE PORTFOLIO MONITORING Proactive approach drives strong releasing outcomes across the portfolio with limited near-term expirations ~110% 2025 FULL YEAR REVIEW | Lease Rollover Results CURRENT YEAR | Projected for 2026 Weighted average recapture Not Renewed 1.3% rate on leases renewed in 2025 I
Slide 26: Same-Store Rent Growth | Top-Tier In-Place Growth
SAME-STORE RENT GROWTH | TOP-TIER IN-PLACE GROWTH Same-store growth of +2.9% for the fourth quarter of 2025 and 2.0% for the full year of 2025 highlight the strength of our in-place portfolio CONTRACTUAL ANNUAL RENT ESCALATIONS SAME-STORE RENT | Q4 2025 v. Q4 2024 SAME-STORE RENT | FY 2025 v. FY 202
Slide 27: Top-Tier Portfolio Metrics
TOP-TIER PORTFOLIO METRICS A differentiated industrial-focused portfolio, relatively small asset base conducive to growth, and strong results are underappreciated by the market Peer Portfolio Composition NTST GTY FCPT ADC NNN EPRT O WPC BNL Current portfolio, strategy, and growth potential 22.4% 30.
Slide 28: Balance Sheet Management
Fiat Chrysler Automobiles Forsyth, GA BALANCE SHEET MANAGEMENT 28 INVESTOR PRESENTATION December 2025
Slide 29: Well-Capitalized Investment Grade Balance Sheet
WELL-CAPITALIZED INVESTMENT GRADE BALANCE SHEET Investment grade rated balance sheet, well-laddered maturities, and strong liquidity support durable growth TOTAL CAPITALIZATION DETAIL TOTAL CAPITALIZATION (As of December 31, 2025) ($ in thousands) December 31, 2025 0.9% 4.4% Equity Common Stock Comm
Slide 30: 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 December 31, 2025) < 6.0x Flexible capital struc
Slide 31: Corporate Governance
CORPORATE GOVERNANCE 31 INVESTOR PRESENTATION December 2025
Slide 32: 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 33: 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 34: Appendix
Wegmans Sterling, VA APPENDIX
Slide 35: Tenant: United Natural Foods, Inc. (NYSE: UNFI)
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 36: Portfolio At-a-Glance: Other
PORTFOLIO AT-A-GLANCE: OTHER PROPERTY TYPE BREAKDOWN PROPERTY TYPE OVERVIEW 29 $34.1mm 1.6mm Properties ABR SF Clinical, 29.2% 31 2.4% Wtd. Avg. 3.8 Years Tenants Rent Escalations WALT 8.0% ABR Office, 70.8% TOP TENANTS OTHER NON-CORE ASSETS Rank Tenant Property Use # Prop. ABR ($M) % ABR Includes
Slide 37: GAAP Reconciliations
GAAP RECONCILIATIONS FUNDS FROM OPERATIONS (FFO), CORE FFO, AND ADJUSTED FUNDS FROM OPERATIONS (AFFO) Three Months Ended December 31, 2025 September 30, 2025 June 30, 2025 March 31, 2025 December 31, 2024 Net income 35,028 $ 27,065 $ 19,830 $ 17,493 $ 27,607 Real property depreciation and amortizati
Slide 38: GAAP Reconciliations
GAAP RECONCILIATIONS EBITDA, EBITDAre, ADJUSTED EBITDAre, NET DEBT TO ANNUALIZED ADJUSTED EBITDAre December 31, 2025 September 30, 2025 June 30, 2025 March 31, 2025 December 31, 2024 Debt Unsecured revolving credit facility $ 266,036 $ 95,824 $ 197,880 $ 174,122 $ 93,014 Unsecured term loans, net 99
Slide 39: Same-Store Rental Revenue | Three Months Ended December 31, 2025
SAME-STORE RENTAL REVENUE | Three Months Ended December 31, 2025 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
Slide 40: Same-Store Rental Revenue | Twelve Months Ended December 31, 2025
SAME-STORE RENTAL REVENUE | Twelve Months Ended December 31, 2025 SAME-STORE, AND NON-SAME-STORE PROPERTIES Years Ended December 31, Number of Properties 2025 2024 $ Change % Change Same-Store Properties: Contractual rent increases Total 649 $ 321,755 $ 316,009 $ 5,746 1.8 % Industrial 170 188,323 1
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