Broadstone Net Lease, Inc. · NYSE:BNL
Broadstone Net Lease — Investor Day (December 2025)
80 slides from Broadstone Net Lease's investor day presentation, December 2025
Slide 1: Investor Day Presentation
United Natural Foods (UNFI) Sarasota, FL Broadstone Net Lease, Inc. | NYSE: BNL December 2025 Investor Day Presentation Redefining What’s Possible in Net Lease
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: Welcome & Opening Remarks
Sierra Nevada BTS Dayton, OH Welcome & Opening Remarks Speakers: Brent Maedl Time: 1:00 – 1:05 p.m.
Slide 4: Investor Day Agenda
Investor Day Agenda | Redefining What’s Possible in Net Lease Time Session Speaker(s) 12:00 – 1:00 p.m. Networking Lunch & Check-in 1:00 – 1:05 p.m. Welcome and Opening Remarks Brent Maedl | Director, Corporate Finance & Investor Relations 1:05 – 1:25 p.m. CEO Remarks John Moragne | CEO Ryan Albano
Slide 5: Broadstone's Senior Leadership Team
Broadstone’s Senior Leadership Team Our cycle-tested management team leverages deep expertise and relationships to drive long-term sustainable growth John Moragne Ryan Albano Kevin Fennell John Callan Chief Executive Officer & Chief Operating Officer & Executive Vice President, Chief Senior Vice Pre
Slide 6: 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 7: Partners Joining Us Today
Partners Joining Us Today Relationships are at the core of our business and foundational to who we are – We pride ourselves on being a trusted partner. Panelists Moderator Brian Osterloh Elizabeth Holder Nicholas Sansone Ryan Salem Executive Vice President Senior Research Analyst Partner Managing Di
Slide 8: CEO Remarks
OUR MISSION To bring real estate to life CEO Remarks and drive value through a No Question Left Unanswered relationship-based and innovative approach to net Speakers: John Moragne lease investing. Time: 1:05 – 1:25 p.m.
Slide 9: Why Are We Here Today?
Why Are We Here Today? Provide an opportunity to meet and hear from members of the broader team, as well as several of our strategic partners Provide a definitive response to all outstanding questions regarding our performance since the executive management transition in 2023 Present a deep dive on
Slide 10: No Question Left Unanswered | Current Management Team's Accomplishments
No Question Left Unanswered | Current Management Team’s Accomplishments Optimized organizational structure to further drive collaboration, operational efficiencies, and top-tier results Organizational restructuring in 2023 positioned BNL for success both in today’s dynamic environment and for year
Slide 11: Optimized Organizational Structure to Drive Results
1 Optimized Organizational Structure to Drive Results Enhanced focus on people, process, and Moved certain individuals into new roles to fully technology in response to an ever- 1 leverage skillsets and maximize potential changing market landscape Further enhanced alignment of real estate 2 function
Slide 12: Core G&A Expense
1 Optimized Organizational Structure to Drive Results We continue to scale over our expense base following G&A rightsizing through organizational restructuring and other cost saving initiatives Realized G&A savings from reorganization efforts in 2023, resulting in a more Net Lease Peer G&A as a Pe
Slide 13: Streamlined Focus Through Sale of Non-Core Assets
2 Streamlined Focus Through Sale of Non-Core Assets Repositioned the portfolio with $352mm of clinical healthcare asset sales while simultaneously growing earnings. Plan to exit non-core investments on a one-off basis vs. selling remaining assets at distressed pricing. $352mm Of capital recycled dur
Slide 14: Streamlined Focus Through Sale of Non-Core Assets
2 Streamlined Focus Through Sale of Non-Core Assets 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 g
Slide 15: Developed & Implemented a Differentiated Growth Strategy
3 Developed & Implemented a Differentiated Growth Strategy Our differentiated growth strategy has laid the foundation for sustainable earnings growth in 2026 and beyond. Embedded growth from the in-place portfolio and BTS pipeline provides visibility into future ABR growth. 1 IN-PLACE PORTFOLIO 2 BU
Slide 16: Developed and Implemented a Differentiated Growth Strategy
3 Developed and Implemented a Differentiated Growth Strategy WHAT WE AVOID – SHORT-TERM THINKING WHERE WE ARE FOCUSED – LONG-TERM GROWTH Actively managing real estate with a willingness to “roll Treating investments like commodities, trading deeds up our sleeves” to create value for our shareholders
Slide 17: BTS Pipeline Supports Predictable Future Earnings Growth
4 BTS Pipeline Supports Predictable Future Earnings Growth Solid foundation of BTS projects established since launching the strategy with the completion of UNFI in 2024, significantly reducing the number of project starts required in future years to achieve targeted growth objectives. +$898.0mm Comm
Slide 18: Returned Significant Shareholder Value…
5 Returned Significant Shareholder Value… Despite recent momentum and relative outperformance, we continue to trade at a discounted multiple relative to net lease peers. Further closing of the relative valuation gap can augment earnings growth via a cost of equity capital more commensurate with perf
Slide 19: …And Intend to Continue To Do So
5 …And Intend to Continue To Do So Our differentiated growth strategy has laid the foundation for, and provided visibility to, an attractive earnings growth profile in 2026 and beyond. We will continue to control our own destiny but can deliver far more value to shareholders with a stronger cost of
Slide 20: Broadstone's Vision for the Future
Broadstone’s Vision for the Future Generate a robust and resilient pipeline of build-to-suit developments, creating unique value in the net lease space and providing sector-leading multi-year visibility into a compelling growth profile Help our clients and partners grow their businesses while we gro
Slide 21: Core Building Block: In-Place Portfolio
The Hess Collection American Canyon, CA Core Building Block: In-Place Portfolio Speakers: Ryan Albano, Mike Caruso & Will Garner Time: 1:25 – 1:50 p.m.
Slide 22: Portfolio Review Committee (PRC)
Portfolio Review Committee (“PRC”) Refreshed approach establishes a recurring venue for live, risk-based, and collaborative discussions pertaining to the in-place portfolio. Weekly cadence complements Investment Committee and drives natural touchpoints, actionable next steps, and routine dialogue. P
Slide 23: PRC Results | Real-Time Monitoring Cuts Through the Noise
PRC Results | Real-Time Monitoring Cuts Through the Noise 97% Financial Reporting Visibility 50%+ Of ABR from tenants with financial statements that are reviewed each quarter Real-Time Example Tenant: 1.5 Years Added to 1Q22 4Q22 4Q22 2Q23 2Q23 3Q23 2Q22 4Q24 Average time on Watchlist Watchlist: bef
Slide 24: PRC Results | Real-Time Monitoring Cuts Through the Noise
PRC Results | Real-Time Monitoring Cuts Through the Noise Despite consistent market overreaction to headline tenant risk, actual business impact has been negligible 94% Of the lost rent since 2022 has AFFO Per Share been concentrated to clinical 6.9% 0.7% 1.4% 4.2%1 Growth: healthcare assets that ha
Slide 25: PRC Results | Proactive Approach Yields Exceptional Results
PRC Results | Proactive Approach Yields Exceptional Results Proactive five year forward review of maturities mitigates rollover exposure and provides both time and optionality. 107% Routine investment monitoring highlights assets worthy of disposal well in advance of maturity. Average recapture for
Slide 26: In-Place Portfolio | Simplified, Industrial-Focused Diversification
In-Place Portfolio | Simplified, Industrial-Focused Diversification $929mm March 31, 2023 | Property Type Allocation September 30, 2025 | Property Type Allocation Of industrial investment volume since 20231 102 | 42 Unique industrial tenants $389.5mm $412.9mm and industries Annualized Annualized Bas
Slide 27: Core Asset Class Outlook | Industrial
Core Asset Class Outlook | Industrial E-commerce demand remains a tailwind, creating a steady and growing need for more distribution and logistics space Nearshoring and reshoring continue to gain momentum, resulting in increased manufacturing space demand and needs for conveniently located logistics
Slide 28: Industrial Spotlight | Distribution & Warehouse
Industrial Spotlight | Distribution & Warehouse Property Type Characteristics and Exposure Evolution Property Sub-Type Exposure (% of Industrial ABR) $600mm Distribution and warehouse facilities, often referred to as logistics centers, are used Of distribution & for storage, order fulfilment and t
Slide 29: Case Study | Strong Real Estate Fundamentals Mitigate Downside Risk
Case Study | Strong Real Estate Fundamentals Mitigate Downside Risk A thesis centered around strong real estate fundamentals provides confidence in our investment positioning in the event of bankruptcy. Mission-critical real estate located in attractive markets with below-market rents and basis tran
Slide 30: Industrial Spotlight | Manufacturing
Industrial Spotlight | Manufacturing Property Type Characteristics and Exposure Evolution Property Sub-Type Exposure (% of Industrial ABR) $155mm Manufacturing exposure comprised of a diverse group of tenants operating across Of manufacturing a broad spectrum of industries with no single tenant ac
Slide 31: Case Study | Specialization & Tenant Investment Incentivize Long-Term Occupancy
Case Study | Specialization & Tenant Investment Incentivize Long-Term Occupancy Mission-critical manufacturing facility with significant tenant investment provides confidence in underlying long-term occupancy thesis. Renewal negotiations underway and expected to substantiate the original investment
Slide 32: Industrial Spotlight | Food Processing
Industrial Spotlight | Food Processing Property Type Characteristics and Exposure Evolution Property Sub-Type Exposure (% of Industrial ABR) $133mm Industrial sub-property type with compelling risk-adjusted opportunities Of food processing volume o Assets often possess characteristics of both manu
Slide 33: Case Study | Investing In Our Tenant's Success
Case Study | Investing In Our Tenant’s Success Incremental investment in our assets can augment the growth and success of our tenants’ businesses - all while +$3.2mm improving the quality of our assets, strengthening our long-term occupancy outlook, and enhancing returns Additional ABR generated fro
Slide 34: In-Place Portfolio Detail | Retail
In-Place Portfolio Detail | Retail Current Portfolio Property Type Allocation $197mm Casual Dining, Of retail investment 21.2% Automotive, 9.2% volume since 20231 Animal Services, 9.1% $126.4mm 523 | 82 | 73 Home Furnishings, 30.6% 5.9% Unique retail assets, ABR tenants, and brands Healthcare Quick
Slide 35: Case Study | Master Lease Structure Provides Significant Downside Protection
Case Study | Master Lease Structure Provides Significant Downside Protection Significant cross-default leverage forces tenants to the table to negotiate an outcome that works for both sides Master lease minimizes rent loss and store closures amid bankruptcy Master lease creates flexibility to struct
Slide 36: In-Place Portfolio Detail | Other
In-Place Portfolio Detail | Other Current Portfolio Property Type Allocation $0mm Of other investment volume since 2023 Office, 66.4% 29 $33.7mm Clinical, 33.6% Unique other assets 8.2% ABR 25 | 25 Unique tenants and brands Top 10 | Other Tenants Asset Class Characteristics & Outlook Rank Tenant Pro
Slide 37: Case Study | Creative Renewal Maximizes & Preserves Value
Case Study | Creative Renewal Maximizes & Preserves Value Proactive asset management and willingness to ‘roll up our sleeves’ often translates into value maximization. +10.0 Years Of additional term for two Renewal Negotiation | Master-Leased MOB Portfolio out of three master- Patiently worked step
Slide 38: Case Study | Viewing Non-Core Assets Through an Opportunistic Lens
Case Study | Viewing Non-Core Assets Through an Opportunistic Lens Finding opportunity where others may not and thinking creatively to potentially reposition non-core assets into core assets. Proactive evaluation of ‘Other’ assets with leases still in place allows us to “put shovels in the ground” w
Slide 39: Added Transparency Through New Disclosure | Same Store Rent Growth
Added Transparency Through New Disclosure1 | Same Store Rent Growth New same store rent disclosure highlights our commitment to transparency and the strength of our portfolio Contractual Annual Rent Escalations Same Store Rent | Q3 2025 v. Q3 2024 Same Store Rent | YTD 2025 v. YTD 2024 4.0% Same Sto
Slide 40: Same Store Rent Growth | Three Months Ended September 30, 2025
Same Store Rent Growth | Three Months Ended September 30, 2025 Same Store, and Non-Same Store Properties Same Store Rental Revenue (a): represents cash base rents, net of uncollectible amounts, and excludes the amortization of above/below market leases, straight-line rent, operating expenses billed
Slide 41: Key Takeaways
Proactive management of our real estate portfolio and a willingness to “roll up our sleeves” to create value for our 1 shareholders and partners has translated into a strong foundation of organic growth to build upon Thoughtful portfolio construction and capital allocation Key decision making has pr
Slide 42: Core Building Block: Stabilized Acquisitions
Nestlé USA Little Chute, WI Core Building Block: Stabilized Acquisitions Speakers: Ryan Albano, Will Garner, Ryan Rahaeuser & Mike Caruso Time: 1:50 – 2:30 p.m.
Slide 43: Multi-Channel Sourcing & Flexible Capital Allocation Strategy
Multi-Channel Sourcing & Flexible Capital Allocation Strategy Heightened competition exists within traditional channels as private and public investors look to put capital to work at unprecedented scale. Multi-channel sourcing model and flexible capital allocation strategy allow us to adapt to marke
Slide 44: Core Building Block of Growth | Stabilized Acquisitions
Core Building Block of Growth | Stabilized Acquisitions 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 $2.9B | 73% Of investment volume Annual Capital Deployment ($
Slide 45: Investment Committee (IC)
Investment Committee (“IC”) Weekly meeting complements PRC and serves as a venue for investment-related discussion and capital allocation decision making. Structured in three segments focused on (i) revenue generating capex (ii) stabilized acquisitions and (iii) build-to-suit opportunities. Purpose
Slide 46: Underwriting At-A-Glance | Three Pillars Supporting Capital Allocation Decisions
Underwriting At-A-Glance | Three Pillars Supporting Capital Allocation Decisions Real Estate Fundamentals Credit Structuring & Support Investment Level Returns Property Level Analysis Financial Statement Review Earnings Accretion Focus on asset build-out and configuration with a Review 3 – 5 yea
Slide 47: Underwriting At-A-Glance | A Spectrum of Opportunity
Underwriting At-A-Glance | A Spectrum of Opportunity Multi-dimensional approach to underwriting combats binary thinking and a “one size fits all” investment mandate Investment thesis reliant on Tenant Credit Investment thesis reliant on Real Estate Strong real estate fundamentals, typically Stro
Slide 48: Case Study | A "Conveyor Belt" of Acquisition Opportunities
Case Study | A “Conveyor Belt” of Acquisition Opportunities 20+ Year Sourcing investments via relationships creates a highly scalable and sustainable pipeline of repeat opportunities, Track record of success as a often at better terms than broadly marketed transactions given familiarity and certaint
Slide 49: Case Study | Traditional Acquisitions With Some Flavor
Case Study | Traditional Acquisitions With Some Flavor Willingness to think ‘outside the (traditional) box’ to provide beneficial solutions for our partners leads to more Directly Sourced deal flow, high quality off-market opportunities, and stronger long-term relationships with our tenants. Off-Mar
Slide 50: Case Study | Same Tenant, Multi-Channel Sourcing
Case Study | Same Tenant, Multi-Channel Sourcing $118.5mm Longstanding tenant, familiar credit, and compelling growth story create attractive dynamic for add-on opportunities. Closed & Under Control Differentiated sourcing and investment strategies accelerate growth in exposure to highly desirable t
Slide 51: Key Takeaways
Relationship-focused sourcing often provides exclusive 1 access to opportunities that we otherwise could not afford if broadly marketed. We will continue to focus on helping our partners grow their businesses while we grow ours Key Robust underwriting process built on three key pillars combats binar
Slide 52: Panel Discussion: Industrial Market Insights & Outlook
Panel Discussion: Industrial Market Insights & Outlook Speakers: Brian Osterloh, Elizabeth Holder, Nick Sansone Moderator: Ryan Salem Time: 2:40 – 3:10 p.m.
Slide 53: Panel Discussion | Industrial Market Insights & Outlook
Panel Discussion | Industrial Market Insights & Outlook Panelists Moderator Brian Osterloh Elizabeth Holder Nicholas Sansone Ryan Salem Executive Vice President Senior Research Analyst Partner Managing Director ARCO Design / Build U.S. Industrial and Logistics Sansone Group KeyBanc Capital Markets J
Slide 54: Core Building Block: Build-to-Suit Developments
Southwire BTS Bremen, GA Core Building Block: Build-to-Suit Developments Speakers: Ryan Albano, Will Garner, Sam DeLemos Time: 3:10 – 4:10 p.m.
Slide 55: Core Building Block of Growth | Build-to-Suit Development
Core Building Block of Growth | Build-to-Suit (“BTS”) Development History & Success Since Our First Build-to-Suit Transaction Key Underlying Drivers of the Build-to-Suit Thesis Market Backdrop Driving Strategic Focus on BTS Opportunities Long-term pipeline and rent growth visibility & stability Ca
Slide 56: BTS Development At-a-Glance | Key Fundamentals of a Typical Opportunity
BTS Development At-a-Glance | Key Fundamentals of a Typical Opportunity BTS Transactions From an Investor Perspective Structuring, Contacts & Key Parties Involved Public Disclosure & Yield Construction Our growing network of partners brings industry leading expertise to the Transactions initially
Slide 57: Case Study | Successful First BTS Transaction Paves the Way to Today
Case Study | Successful First BTS Transaction Paves the Way to Today Seamless execution from land purchase to stabilization provided proof of concept to implement and scale the broader BTS strategic initiative. Estimated stabilized valuation in the ~6.0% cap rate translates into significant value cr
Slide 58: Case Study | In-Process Projects On Different Ends of the Investment Spectrum
Case Study | In-Process Projects On Different Ends of the Investment Spectrum BTS strategy often provides access to higher quality credits and stronger real estate fundamentals than traditional sourcing channels TENANT CREDIT REAL ESTATE AGCO (Visalia, CA) Palmer Logistics1 (Midlothian, TX) DISCLOSU
Slide 59: Case Study | Select Industrial Build-to-Suits In Process
Case Study | Select Industrial Build-to-Suits In Process Established relationships with several developer partners has translated into a robust and resilient pipeline of opportunities 1 Stabilizes November Direct BTS with existing tenant Sierra Nevada 2025 & March 2026 1 Company in Dayton, OH. Long-
Slide 60: Case Study | Select Retail Build-to-Suits In Process
Case Study | Select Retail Build-to-Suits In Process Retail development functions as an attractive complement to industrial projects and helps round out the broader build-to-suit strategy 1 Partnership with Porthaven Partners to develop three 7Brew coffee shops across the Southeast. Stabilizes Stabi
Slide 61: Transitional Capital | Creating Solutions With Our Preferred Partners
Transitional Capital | Creating Solutions With Our Preferred 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 investme
Slide 62: Case Study | Transitional Capital Unlocks Opportunities
Case Study | Transitional Capital Unlocks Opportunities A partnership-based mindset and solutions-oriented approach provides access to unique opportunities. 8.0% Providing creative and flexible solutions through deal structuring results in a ‘win-win’ for all parties involved. Yield on $85mm+ of Acq
Slide 63: Case Study | Most Recent Development Project In-Process
Case Study | Most Recent Development Project In-Process Latest investment could materialize into a sizable pipeline of industrial BTS opportunities for years to come. Strong fundamentals backstop our initial investment and create significant optionality to explore multiple strategic paths for the si
Slide 64: Key Takeaways
Thoughtfully developed, successfully implemented, and 1 quickly scaled a build-to-suit strategy with nearly $900 million of capital dedicated to 20 development projects Key A broad network of development partners and a solutions- oriented mindset has translated into a pipeline of 2 opportunities tha
Slide 65: Financial Policy and 2026 Guidance
Fiat Chrysler Automobiles Forsyth, GA Financial Policy and 2026 Guidance Speakers: John Moragne, Ryan Albano, & Kevin Fennell Time: 4:10 – 4:30 p.m.
Slide 66: Putting Our Investment Grade Balance Sheet to Work
Putting Our Investment Grade Balance Sheet to Work Balance sheet positioning since 2023, with Pro Forma leverage of ~5.0x, provides the opportunity to put our balance sheet to work with a pipeline of high-quality build-to-suits. Leverage Capacity & Debt Structure Provide Flexibility Key Credit Metri
Slide 67: Returning Growth to Shareholders Through Dividends
Returning Growth to Shareholders Through Dividends Solid dividend growth history and visibility into 2025 and 2026 AFFO growth provides a path for dividend growth 6.5% Dividend yield expected to Current AFFO Payout Ratio vs. Peers Dividend Yield vs. Peers normalize with in-place growth plans 80.1% 6
Slide 68: Cost of Capital | Optionality to Create Our Own Virtuous Cycle
Cost of Capital | Optionality to Create Our Own Virtuous Cycle While year-to-date share price performance has trended positively and we have raised limited equity alongside additional investment activity, our differentiated growth strategy and build-to-suit developments provide an opportunity to cre
Slide 69: 2026 Guidance | Driving Long-term Sustainable Growth
2026 Guidance | Driving Long-term Sustainable Growth Successful commencement of $583 million in build-to-suit starts in 2025 lays the foundation for mid-single digit AFFO growth in 2026 with limited additional acquisition volume and build-to-suit starts needed to drive 2026 and 2027 growth. Current
Slide 70: Core Building Blocks | An Opportunity For Growth Into 2027
Core Building Blocks | An Opportunity For Growth Into 2027 Differentiated strategy provides resilience and varying levers to drive long-term shareholder value accretion, especially for outer years. 1 IN-PLACE 2 BUILD-TO-SUIT 3 STABILIZED $27.5mm+ PORTFOLIO DEVELOPMENTS ACQUISITIONS Of new ABR estima
Slide 71: Broadstone's Vision for the Future
Broadstone’s Vision for the Future Generate a robust and resilient pipeline of build-to-suit developments, creating unique value in the net lease space and providing sector-leading multi-year visibility into a compelling growth profile Help our clients and partners grow their businesses while we gro
Slide 72: Closing Remarks & Q&A
7 Brew Tulsa, OK Closing Remarks & Q&A Speakers: John Moragne Time: 4:30 – 5:00 p.m.
Slide 73: Appendix
Wegmans Sterling, VA APPENDIX
Slide 74: 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 75: Supplemental Definitions
Supplemental Definitions 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 A
Slide 76: Supplemental Definitions Continued
Supplemental Definitions Continued Definitions and Explanations Funds From Operations (FFO), Core Funds From Operations (Core FFO), and Adjusted Funds From Operations (AFFO): FFO, Core FFO, and AFFO are non-GAAP measures. We believe the use of FFO, Core FFO, and AFFO are useful to investors because
Slide 77: Same Store Rental Revenue | Three Months Ended September 30, 2025
Same Store Rental Revenue | Three Months Ended September 30, 2025 Same Store, and Non-Same Store Properties Same Store Rental Revenue (a): represents cash base rents, net of uncollectible amounts, and excludes the amortization of above/below market leases, straight-line rent, operating expenses bill
Slide 78: Same Store Rental Revenue | Nine Months Ended September 30, 2025
Same Store Rental Revenue | Nine Months Ended September 30, 2025 Same Store, and Non-Same Store Properties Nine months ended September 30, Number of Properties 2025 2024 $ Change % Change Same Store Properties (a): Contractual rent increases Total 666 246,401 241,950 4,451 1.8% Industrial 171 142,32
Slide 79: GAAP Reconciliations
GAAP Reconciliations Funds from operations (FFO), Core FFO, and Adjusted Funds from Operations (AFFO) Three Months Ended September 30, 2025 June 30, 2025 March 31, 2025 December 31, 2024 September 30, 2024 Net income $ 27,065 $ 19,830 $ 17,493 $ 27,607 $ 37,268 Real property depreciation and amortiz
Slide 80: GAAP Reconciliations
GAAP Reconciliations EBITDA, EBITDAre, Adjusted EBITDAre, Net Debt to Annualized Adjusted EBITDAre September 30, 2025 June 30, 2025 March 31, 2025 December 31, 2024 September 30, 2024 Debt Unsecured revolving credit facility $ 95,824 $ 197,880 $ 174,122 $ 93,014 $ 125,482 Unsecured term loans, net 9