Broadstone Net Lease Q3 revenue rises to $122M

BNL revised upward its 2026 real estate investment and disposition assumptions; AFFO guidance is $1.55 to $1.57 per diluted share.

Rhea-AI Filing Summary

Broadstone Net Lease, Inc. (BNL) reported third-quarter 2026 revenue of $121.9 million, compared with $114.2 million a year earlier, and net income of $28.1 million. AFFO was $77.8 million, or $0.39 per diluted share; the company reported 5.4% year-over-year AFFO growth. AFFO is a non-GAAP measure.

BNL invested $236.6 million during the quarter, including $137.1 million in build-to-suit developments, and started three projects with $325.8 million in estimated total investment. Its in-process build-to-suit pipeline was $456.3 million as of October 28, 2026. The portfolio had 767 properties as of September 30, 2026; by the release date, 99.9% of base rents due for the quarter had been collected.

In August, BNL completed an offering of 12,650,000 shares at $20.50 per share for estimated gross proceeds of $259.3 million in connection with forward sale agreements. As of September 30, 2026, pro forma net debt to annualized adjusted EBITDAre was 5.4x. BNL entered a $300 million delayed-draw term loan with an initial maturity of January 30, 2030, declared a $0.295 quarterly dividend payable on or before January 15, 2027, and expects 2026 AFFO of $1.55 to $1.57 per diluted share.

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Positive

• Moderate pointRevenue reached $121.9 million, versus $114.2 million in Q3 2025.
• Moderate pointOperating cash flow was $87.6 million, versus $64.2 million a year earlier.
• Minor pointQuarterly dividend increased 0.9%, to $0.295 per share.

Negative

• None.

Filing Explained

At September 30, $409.3 million of forward-sale proceeds remained unsettled; leverage was 6.6x, versus 5.4x assuming settlement.

The 8-K furnishes BNL’s third-quarter results and supplemental information; its capital disclosures show that at September 30, 2026, forward-sale agreements were unsettled, leaving their expected cash and full share-count effects pending.

Outstanding forward offerings had 20,993 thousand shares remaining, with estimated net proceeds of approximately $409.3 million if settled as of September 30, 2026.

At quarter-end, the treasury-stock method reflected approximately 945,000 shares of diluted impact; BNL says the full share counts will be reflected in diluted weighted-average shares as the agreements settle.

Issuing additional shares increases total shares and reduces existing holders’ percentage ownership absent offsetting changes, so settlement carries that dilution mechanic; the filing does not report those forward shares as settled.

At September 30, 2026, net debt to annualized adjusted EBITDAre was 6.6x; the 5.4x pro forma ratio assumes estimated proceeds from unsettled forward sales as if physically settled for cash, rather than cash already received.

8-K Event Classification

2 items: 2.02, 9.01

2 items

Item 2.02 Results of Operations and Financial Condition Financial

Disclosure of earnings results, typically an earnings press release or preliminary financials.

Item 9.01 Financial Statements and Exhibits Exhibits

Financial statements, pro forma financial information, or exhibit attachments filed with this report.

Key Figures

Revenue: $121.9 million Net income: $28.1 million AFFO: $77.8 million; $0.39 per diluted share +5 more

8 metrics

Revenue $121.9 million Three months ended September 30, 2026; compared with $114.2 million in 2025

Net income $28.1 million Three months ended September 30, 2026, including non-controlling interests

AFFO $77.8 million; $0.39 per diluted share Third quarter 2026; the company reported 5.4% year-over-year AFFO growth

2026 AFFO guidance $1.55 to $1.57 per diluted share Full-year 2026 expectation

Quarterly investment activity $236.6 million Third quarter 2026

August public equity offering 12,650,000 shares at $20.50 per share; estimated gross proceeds of approximately $259.3 million Completed in August 2026 in connection with forward sale agreements

Quarterly dividend $0.295 per common share and OP Unit Declared October 22, 2026; payable on or before January 15, 2027

Pro Forma Net Debt to Annualized Adjusted EBITDAre 5.4x As of September 30, 2026

Key Terms

AFFO, FFO, build-to-suit, straight-line yield, +1 more

5 terms

AFFO financial

"Generated AFFO of $77.8 million"

AFFO (Adjusted Funds from Operations) is a measure of how much cash a real estate company or investment trust generates from its core operations after subtracting routine upkeep, leasing costs and other recurring expenses. Investors use it as a rough proxy for the cash available to pay dividends or reinvest, like checking how much money remains in your household budget after paying regular bills to see what you can spend or save.

FFO financial

"Funds from Operations (“FFO”)"

Funds from operations (FFO) is a performance metric used mainly for real estate companies that measures the cash generated by their core rental and property-management activities, while removing accounting items such as building depreciation and one-time gains or losses from property sales. Investors rely on FFO to assess a real estate firm's ability to pay and sustain dividends and fund growth—similar to checking how much actual rent a landlord collects each month rather than paper profits.

build-to-suit financial

"build-to-suit developments"

Build-to-suit is a process where a property is custom-designed and constructed specifically to meet the needs of a particular tenant or user. It’s like ordering a custom-made suit instead of buying one off the rack—tailored to fit exactly what the tenant requires. For investors, build-to-suit properties can offer stable, long-term income because they are designed to attract and retain specific tenants who often sign long-term agreements.

straight-line yield financial

"resulting in a straight-line yield of 8.8%"

Straight-line yield is a way of reporting the return on a fixed-income security by spreading any premium or discount evenly over the life of the instrument so each reporting period shows the same amount of interest income or expense. For investors, it matters because this simple, even allocation can make reported income smoother but may differ from the true economic yield calculated using the time-value-of-money, so comparisons between securities or accounting methods can be misleading.

Pro Forma Net Debt financial

"Pro Forma Net Debt is defined as Net Debt adjusted"

Earnings Snapshot

Revenue: $121.9 million · Guidance included

Three months ended September 30, 2026

Revenue $121.9 million Compared with $114.2 million in the three months ended September 30, 2025

Net income, including non-controlling interests $28.1 million Compared with $27.1 million in the three months ended September 30, 2025

AFFO $77.8 million The company reported 5.4% year-over-year AFFO growth

AFFO per diluted share $0.39 Compared with $0.37 in the three months ended September 30, 2025

Guidance

For 2026, BNL expects AFFO of $1.55 to $1.57 per diluted share.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What were BNL’s Q3 2026 revenue and AFFO?

BNL reported revenue of $121.9 million and AFFO of $77.8 million, or $0.39 per diluted share, for the quarter ended September 30, 2026. The company reported 5.4% year-over-year AFFO growth.

What is BNL’s 2026 AFFO guidance?

BNL expects 2026 AFFO of $1.55 to $1.57 per diluted share. Its assumptions include $700 million to $800 million of real estate investments, revised up from $600 million to $800 million, and $150 million to $200 million of dispositions, revised up from $100 million to $150 million.

What dividend did BNL declare for the next quarter?

BNL declared a quarterly dividend of $0.295 per common share and OP Unit, payable on or before January 15, 2027, to holders of record as of December 31, 2026.

When does BNL expect to settle its forward sale agreements?

BNL expects to settle the forward sale agreements by the September 2027 maturity date.

What are the terms and planned use of BNL’s delayed-draw term loan?

BNL entered a $300 million senior unsecured delayed-draw term loan with a twelve-month delayed draw period, an initial maturity date of January 30, 2030, and two twelve-month extension options. The company expects to use proceeds for investment activity and general corporate purposes.

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Available on EDGAR 10/28/2026 - 04:14 PM EDT Accepted by SEC EDGAR 10/28/2026 - 04:13 PM EDT Learn about SEC filing dates

FALSE000142418200014241822026-10-282026-10-28

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

_____________________

FORM 8-K

_____________________

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): October 28, 2026

________________________________________________________

BROADSTONE NET LEASE, INC.

(Exact name of Registrant as Specified in Its Charter)

________________________________________________________

Maryland			001-39529			26-1516177
(State or Other Jurisdiction of Incorporation)			(Commission File Number)			(IRS Employer Identification No.)
207 High Point Drive Suite 300
Victor, New York						14564
(Address of Principal Executive Offices)						(Zip Code)

Registrant’s Telephone Number, Including Area Code:585 287-6500

(Former Name or Former Address, if Changed Since Last Report)

________________________________________________________

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

o			Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o			Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o			Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o			Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common Stock, $0.00025 par value

BNL

The New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02 Results of Operations and Financial Condition.

On October 28, 2026, Broadstone Net Lease, Inc. (the “Company”) issued a press release announcing its financial results for the quarter ended September 30, 2026. A copy of the press release is attached hereto as Exhibit 99.1 and is incorporated herein by reference. Additionally, on October 28, 2026, the Company made available on its website an updated presentation containing quarterly supplemental information pertaining to its operations and financial results including the quarter ended September 30, 2026. A copy of the quarterly supplemental information is attached hereto as Exhibit 99.2 and is incorporated herein by reference. The press release and quarterly supplemental information are also available on the Company’s website.

The information contained in this Item 2.02, including the information contained in the press release attached as Exhibit 99.1 hereto and quarterly supplemental information attached as Exhibit 99.2 hereto, are being “furnished” and shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall such information be deemed to be incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing. References to the Company’s website in this Current Report on Form 8-K and in the attached Exhibit 99.1 and Exhibit 99.2 to this Current Report on Form 8-K do not incorporate by reference the information on such website into this Current Report on Form 8-K and the Company disclaims any such incorporation by reference.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits

INDEX TO EXHIBITS

Exhibit No.			Description
99.1			Press Release dated October 28, 2026
99.2			Quarterly Supplemental Information for the Quarter Ended September 30, 2026
104			Cover Page Interactive Data File - the cover page XBRL tags are embedded within the Inline XBRL document.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

									BROADSTONE NET LEASE, INC.
Date:			October 28, 2026			By:			/s/ John D. Callan
									Name: John D. Callan Title: Senior Vice President, General Counsel and Secretary

EXHIBIT 99.1

For Immediate Release

October 28, 2026

Company Contact: Brent Maedl Director, Corporate Finance & Business Analytics brent.maedl@broadstone.com 585.382.8507

Broadstone Net Lease Announces Third Quarter 2026 Results

VICTOR, N.Y. – Broadstone Net Lease, Inc. (NYSE: BNL) (“BNL”, the “Company”, “we”, “our”, or “us”), today announced its operating results for the quarter ended September 30, 2026.

MANAGEMENT COMMENTARY

“We delivered a strong third quarter, generating AFFO growth of 5.4% year-over-year, as our portfolio continued to perform well and our pipeline matured as expected,” said John Moragne, BNL’s Chief Executive Officer. “During the quarter, we were thrilled to return to the public equity markets and complete our $259 million public equity offering - a milestone we are proud of after four years away. Combined with a committed build-to-suit pipeline of $456 million as of today, we have our capital already at work and our path forward clearly defined. With a strengthened balance sheet and the continued confidence of our tenant and developer partners, we believe we remain on track to deliver on our full-year guidance and are energized by what lies ahead.”

THIRD QUARTER 2026 HIGHLIGHTS

OPERATING RESULTS			•Generated net income of $28.1 million, or $0.14 per diluted share, consistent with the same period in the prior year.
			•Generated AFFO of $77.8 million, or $0.39 per diluted share, representing a 5.4% increase compared to the previous year.
			•Achieved same store rental revenue growth of 0.7% compared to the same period in the previous year, driven by strong contractual rent increases and leasing activity in prior periods.
			•Incurred $10.8 million of general and administrative expenses. Incurred core general and administrative expenses of $7.4 million, which primarily excludes stock-based compensation and severance.
			•As of the date of this release, we collected 99.9% of base rents due for the quarter for all properties under lease.
INVESTMENT & DISPOSITION ACTIVITY			•Invested $236.6 million, including $63.8 million in new property acquisitions, $137.1 million in build-to-suit developments, $35.1 million in transitional capital, and $0.6 million in redevelopments. The completed acquisition had an initial cash capitalization rate, lease term, and annual rent increase of 7.7%, 15.0 years, and 2.0%, respectively, resulting in a straight-line yield of 8.8%.
			•Started three build-to-suit developments totaling $325.8 million in estimated total project investments, with a weighted average initial cap rate of 8.4%, and straight-line yield of 11.3% with rent commencement expected in March and June of 2027. For additional information, please reference the Real Estate Portfolio and Investment Update section below.
			•During the third quarter, we stabilized six build-to-suit developments totaling $95.3 million of estimated total project investment at a weighted average cash capitalization rate of 7.3%. For additional information, please reference the Real Estate Portfolio and Investment Update section below.
			•Sold three properties for gross proceeds of $12.5 million at a capitalization rate of 6.6% on tenanted properties.
			•Subsequent to quarter-end, we invested $12.2 million in connection with our in-process build-to-suit investments. As of the date of this release, we have a total of approximately $337.6 million in remaining estimated investments for build-to-suit developments to be funded through the fourth quarter of 2027.

CAPITAL MARKETS ACTIVITY			•In August 2026, we completed a public offering to sell an aggregate of 12,650,000 shares of common stock at a price of $20.50 per share for estimated gross proceeds of approximately $259.3 million, in connection with forward sale agreements. We expect to settle the common equity offering program by the September 2027 maturity date.
			•During the third quarter, we sold, on a forward basis, 1.8 million shares of our common stock at a weighted average gross price per share of $21.43 for estimated gross proceeds of approximately $38.9 million under our at-the-market common equity offering (“ATM Program”), none of which has settled. Inclusive of the forward equity offering, the total outstanding expected net proceeds from forward sale agreements, if settled as of September 30, 2026, are approximately $409.3 million.
			•During the third quarter, we entered into a new $300 million senior unsecured delayed-draw term loan with an initial maturity date of January 30, 2030. Please reference the Balance Sheet Capital Markets Activities section below for additional details.
			•As of September 30, 2026, the treasury stock method resulted in a diluted share impact from our outstanding forward sale agreements of approximately 945,000 shares given current forward sale prices relative to market pricing during the quarter; as these agreements are settled, their full share count will be reflected in our diluted weighted average shares outstanding.
			•Declared an increase in our quarterly dividend from $0.2925 to $0.295 per share, or a 0.9% increase over the prior period.

SUMMARIZED FINANCIAL RESULTS

						For the Three Months Ended																		For the Nine Months Ended
(in thousands, except per share data)						September 30, 2026						June 30, 2026						September 30, 2025						September 30, 2026						September 30, 2025
Revenues						$	121,867					$	122,309					$	114,167					$	365,577					$	335,843
Net income, including non-controlling interests						$	28,139					$	40,255					$	27,065					$	114,786					$	64,388
Net earnings per share – diluted						$	0.14					$	0.21					$	0.14					$	0.58					$	0.33
FFO						$	76,654					$	79,832					$	70,969					$	237,183					$	217,291
FFO per share						$	0.38					$	0.40					$	0.36					$	1.18					$	1.10
Core FFO						$	79,422					$	78,528					$	70,386					$	237,201					$	222,816
Core FFO per share						$	0.39					$	0.39					$	0.35					$	1.18					$	1.12
AFFO						$	77,805					$	78,211					$	74,314					$	232,867					$	220,434
AFFO per share						$	0.39					$	0.39					$	0.37					$	1.16					$	1.11
Diluted Weighted Average Shares Outstanding						201,119						200,261						197,632						200,474						197,476

FFO, Core FFO, and AFFO are measures that are not calculated in accordance with accounting principles generally accepted in the United States of America (“GAAP”). See the Reconciliation of Non-GAAP Measures later in this press release.

REAL ESTATE PORTFOLIO AND INVESTMENT UPDATE

As of September 30, 2026, we owned a diversified portfolio of 767 individual net leased commercial properties with 760 properties located in 44 U.S. states and seven properties located in four Canadian provinces, comprising approximately 42.3 million rentable square feet of operational space. As of September 30, 2026, all but one of our properties were subject to a lease, and our properties were occupied by 206 different commercial tenants, with no single tenant accounting for more than 3.7% of our annualized base rent (“ABR”). Properties subject to a lease represent approximately 100.0% of our portfolio’s rentable square footage. The ABR weighted average lease term and ABR weighted average annual rent increase, pursuant to leases on properties in the portfolio as of September 30, 2026, was 9.3 years and 2.1%, respectively.

During the quarter, we started three new build-to-suit developments totaling $325.8 million in new commitments, including two retail projects and the continued funding of our previously announced $303 million advanced technology facility in Colorado for a Fortune 20 Investment-Grade Company. Combined with projects already underway, our total in-process build-to-suit pipeline now stands at $456.3 million as of the date of this release, reflecting the depth of our developer relationships and the continued execution of our differentiated strategy.

During the third quarter, we stabilized six build-to-suit developments totaling $95.3 million of estimated total project investment at a weighted average cash capitalization rate of 7.3%. Additionally, subsequent to quarter end, our $115.4

2

million, 1.2 million-square-foot facility in Bremen, Georgia, reached stabilization this month at an initial cash capitalization rate of 7.8%.

BALANCE SHEET AND CAPITAL MARKETS ACTIVITIES

As of September 30, 2026, we had total outstanding debt of $2.9 billion, Net Debt of $2.9 billion, Pro Forma Net Debt of $2.5 billion, and a Pro Forma Net Debt to Annualized Adjusted EBITDAre ratio of 5.4x. We had $428.8 million of available capacity on our unsecured revolving credit facility and $200.0 million available on our delayed draw term loan as of quarter end.

In August 2026, we completed a public offering to sell an aggregate of 12,650,000 shares of common stock at a price of $20.50 per share for estimated gross proceeds of approximately $259.3 million, in connection with forward sale agreements. We expect to settle the forward sale agreements by the September 2027 maturity date.

We sold on a forward basis, 1.8 million shares of common stock at a weighted average gross price per share of $21.43 for estimated gross proceeds of approximately $38.9 million under our ATM Program, none of which has been settled. Since the fourth quarter of 2025, we have sold, on a forward basis, 8.3 million shares of common stock at a weighted average gross price per share of $20.00 for estimated gross proceeds of approximately $166.9 million. These sales may be settled, at our discretion, any time before twelve-months of each respective sale date. Inclusive of the forward equity offering, the total outstanding expected net proceeds from forward sale agreements, if settled as of September 30, 2026, are approximately $409.3 million. As of the date of this release, we have approximately $200.0 million of capacity remaining under our $400 million ATM Program.

We entered into a new $300 million senior unsecured delayed draw term loan facility (the "Term Loan"). The Term Loan has a twelve-month delayed draw period and an initial maturity of January 30, 2030, with two twelve-month extension options. We expect to use proceeds from the Term Loan for investment activity and general corporate purposes.

DISTRIBUTIONS

At its October 22, 2026 meeting, our board of directors declared a quarterly dividend of $0.295 per common share and OP Unit to holders of record as of December 31, 2026, payable on or before January 15, 2027.

3

DEVELOPMENT PROJECTS

The following tables summarize our in-process and stabilized build-to-suit ("BTS") projects as of the date of this release October 28, 2026.

Build-to-suit developments
Property						Projected Rentable Square Feet						Start Date						Target Stabilization Date/Stabilized Date						Lease Term (Years)						Annual Rent Escalations						Estimated Total Project Investment						Cumulative Investment						Estimated Remaining Investment						Estimated Cash Capitalization Rate						Estimated Straight-line Yield (1)
In-process retail BTS:
Academy Sports (Magnolia, TX)						55						Feb. 2026						Nov. 2026						15.0						0.5		%				$	12,975					$	10,262					$	2,713					7.3		%				7.5		%
Tesla, Inc. (Las Vegas, NV)						60						Jun. 2026						Nov. 2027						15.0						3.0		%				39,794						19,573						20,221						6.7		%				8.3		%
Hobby Lobby (Manor, TX)						55						Aug. 2026						Jun. 2027						15.0						0.5		%				10,339						1,759						8,580						7.1		%				7.4		%
Academy Sports (Manor, TX)						55						Aug. 2026						Jun. 2027						15.0						0.4		%				12,437						2,321						10,116						7.1		%				7.3		%
In-process industrial BTS:
Amazon.com Services, LLC (Sarasota, FL)						230						Feb. 2026						May. 2027						15.0						2.3		%				46,790						30,413						16,377						7.5		%				8.8		%
Tesla, Inc. (Austin, TX)						130						Apr. 2026						Oct. 2027						12.0						3.0		%				30,983						8,963						22,020						6.7		%				7.9		%
Fortune 20 Investment-Grade Company (Colorado)						112						Jul. 2026						Mar. 2027						15.0						3.0		%				303,000						76,751						226,249						8.5		%				11.6		%
						697																		14.8						2.7		%				$	456,318					$	150,042					$	306,276					8.0		%				10.4		%
Stabilized industrial BTS:
Sierra Nevada (Dayton, OH)						122						Oct. 2024						Nov. 2025						15.0						3.0		%				53,625						53,625						—						7.5		%				9.3		%
Sierra Nevada (Dayton, OH)						122						Oct. 2024						Mar. 2026						15.0						3.0		%				52,203						52,203						—						7.6		%				9.4		%
Fiat Chrysler Automobile (Forsyth, GA)						422						Apr. 2025						May. 2026						15.0						3.0		%				72,215						70,402						1,813						6.6		%				8.2		%
AGCO (Visalia, CA)						115						Jun. 2025						Aug. 2026						12.0						3.5		%				19,010						17,340						1,670						7.0		%				8.5		%
Palmer Logistics (Midlothian, TX) (2)						270						Jul. 2025						Aug. 2026						12.3						3.5		%				31,723						31,723						—						7.6		%				9.2		%
Southwire (Bremen, GA)						1,178						Dec. 2024						Oct. 2026						10.0						2.6		%				115,411						100,495						14,916						7.8		%				8.8		%
Stabilized retail BTS:
7Brew (Jacksonville, FL)						1						Jun. 2025						Nov. 2025						15.0						1.9		%				2,005						2,005						—						8.0		%				8.8		%
Sprouts (Bedford, TX)						22						Jul. 2025						Sep. 2026						15.0						0.9		%				9,533						7,003						2,530						7.2		%				7.7		%
Hobby Lobby (Granbury, TX)						55						Oct. 2025						Sep. 2026						15.0						0.7		%				8,129						5,472						2,657						7.1		%				7.4		%
Academy Sports (Granbury, TX)						55						Oct. 2025						Sep. 2026						15.0						0.6		%				12,393						9,068						3,325						7.1		%				7.4		%
Academy Sports (Waco, TX)						68						Dec. 2025						Sep. 2026						15.0						0.6		%				14,488						10,063						4,425						7.2		%				7.5		%
Total / weighted average						3,127																		14.0						2.7		%				$	847,053					$	509,441					$	337,612					7.7		%				9.6		%

1 Represents our pro-rata share of the estimated first year yield to be generated on a real estate investment, which was computed at the time of investment based on the estimated annual straight-line rental income computed in accordance with GAAP, divided by the estimated total project investment.

2 Development represents our common and preferred equity investments in a consolidated joint venture, and excludes amounts attributed to non-controlling interest holders.

4

2026 GUIDANCE

For 2026, BNL expects to report AFFO of between $1.55 to $1.57 per diluted share.

The guidance is based on the following key assumptions:

(i)investments in real estate properties between $700 and $800 million, revised up from $600 and $800 million

(ii)dispositions of real estate properties between $150 and $200 million, revised up from $100 and $150 million

(iii)total core general and administrative expenses between $30 million and $31 million.

Additionally, the Company's full year AFFO per share guidance now includes less than $0.005 per share of estimated dilution from approximately 350 to 600 thousand weighted average shares outstanding due to the impact of outstanding forward equity calculated in accordance with the treasury stock method.

Our per share results are sensitive to both the timing and amount of real estate investments, property dispositions, and capital markets activities that occur throughout the year.

The Company does not provide guidance for the most comparable GAAP financial measure, net income, or a reconciliation of the forward-looking non-GAAP financial measure of AFFO to net income computed in accordance with GAAP, because it is unable to reasonably predict, without unreasonable efforts, certain items that would be contained in the GAAP measure, including items that are not indicative of the Company’s ongoing operations, including, without limitation, potential impairments of real estate assets, net gain/loss on dispositions of real estate assets, changes in allowance for credit losses, and stock-based compensation expense. These items are uncertain, depend on various factors, and could have a material impact on the Company’s GAAP results for the guidance periods.

CONFERENCE CALL AND WEBCAST

The Company will host its earnings conference call and audio webcast on Thursday, October 29, 2026, at 11:00 a.m. Eastern Time.

To access the live webcast, which will be available in listen-only mode, please visit: https://events.q4inc.com/attendee/263549073. If you prefer to listen via phone, U.S. participants may dial: 1-833-461-5787 (toll free) or 1-585-542-9983 (local), meeting ID: 263 549 073. Analysts may pre-register with the following link: https://events.q4inc.com/analyst/263549073?pwd=dCiOjN8z. A unique code will be provided to use when dialing in.

A replay of the conference call webcast will be available approximately one hour after the conclusion of the live broadcast. To listen to a replay of the call via the web, which will be available for one year, please visit: https://investors.bnl.broadstone.com.

About Broadstone Net Lease, Inc.

BNL is an industrial-focused, diversified net lease REIT that invests in primarily single-tenant commercial real estate properties that are net leased on a long-term basis to a diversified group of tenants. Utilizing an investment strategy underpinned by strong fundamental credit analysis and prudent real estate underwriting, as of September 30, 2026, BNL’s diversified portfolio consisted of 767 individual commercial properties with 760 properties located in 44 U.S. states and seven properties located in four Canadian provinces across the industrial, retail, and other property types.

5

Forward-Looking Statements

This press release 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 things, our plans, strategies, and prospects, both business and financial. Such forward-looking statements can generally be identified by our use of forward-looking terminology such as “outlook,” “potential,” “may,” “will,” “should,” “could,” “seeks,” “approximately,” “projects,” “predicts,” “expect,” “intends,” “anticipates,” “estimates,” “plans,” “would be,” “believes,” “continues,” or the negative version of these words or other comparable words. Forward-looking statements, including our 2026 guidance and assumptions, rent commencement timing, and build-to-suit developments, involve known and unknown risks and uncertainties, which may cause BNL’s actual future results to differ materially from expected results, including, without limitation, risks and uncertainties related to general economic conditions, including but not limited to increases in the rate of inflation and/or fluctuation of interest rates, local real estate conditions, tenant financial health, property investments and acquisitions, and the timing and uncertainty of completing these property investments and acquisitions, and uncertainties regarding future distributions to our stockholders. These and other risks, assumptions, and uncertainties are described in Item 1A “Risk Factors” of the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2025, filed with the SEC on February 19, 2026 which you are encouraged to read, and is available on the SEC’s website at www.sec.gov. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those indicated or anticipated by such forward-looking statements. Accordingly, you are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date they are made. The Company assumes no obligation to, and does not currently intend to, update any forward-looking statements after the date of this press release, whether as a result of new information, future events, changes in assumptions, or otherwise.

Notice Regarding Non-GAAP Financial Measures

In addition to our reported results and net earnings per diluted share, which are financial measures presented in accordance with GAAP, this press release contains and may refer to certain non-GAAP financial measures, including Funds from Operations (“FFO”), Core Funds From Operations (“Core FFO”), AFFO, Net Debt, and Net Debt to Annualized Adjusted EBITDAre. We believe the use of FFO, Core FFO, and AFFO are useful to investors because they are widely accepted industry measures used by analysts and investors to compare the operating performance of REITs. FFO, Core FFO, and AFFO should not be considered alternatives to net income as a performance measure or to cash flows from operations, as reported on our statement of cash flows, or as a liquidity measure, and should be considered in addition to, and not in lieu of, GAAP financial measures. We believe presenting Net Debt to Annualized Adjusted EBITDAre is useful to investors because it provides information about gross debt less cash and cash equivalents, which could be used to repay debt, compared to our performance as measured using Annualized Adjusted EBITDAre. You should not consider our Annualized Adjusted EBITDAre as an alternative to net income or cash flows from operating activities determined in accordance with GAAP. A reconciliation of non-GAAP measures to the most directly comparable GAAP financial measure and statements of why management believes these measures are useful to investors are included below.

6

Broadstone Net Lease, Inc. and Subsidiaries

Condensed Consolidated Balance Sheets

(in thousands, except per share amounts)

			September 30, 2026						December 31, 2025
Assets
Accounted for using the operating method:
Land			$	827,700					$	781,117
Land improvements			405,038						373,405
Buildings and improvements			4,257,756						4,118,578
Equipment			11,810						15,281
Total accounted for using the operating method			5,502,304						5,288,381
Less accumulated depreciation			(849,551)						(772,589)
Accounted for using the operating method, net			4,652,753						4,515,792
Accounted for using the direct financing method			24,911						25,497
Accounted for using the sales-type method			14,369						14,405
Property under development			484,117						265,812
Investment in rental property, net			5,176,150						4,821,506
Cash and cash equivalents			12,189						30,540
Accrued rental income			189,975						178,880
Tenant and other receivables, net			3,799						4,404
Prepaid expenses and other assets			66,183						55,910
Interest rate swap, assets			36,026						18,248
Goodwill			339,769						339,769
Intangible lease assets, net			248,222						268,010
Total assets			$	6,072,313					$	5,717,267
Liabilities and equity
Unsecured revolving credit facility			$	555,438					$	266,036
Mortgages, net			40,262						56,689
Unsecured term loans, net			1,095,298						994,219
Senior unsecured notes, net			1,191,962						1,190,738
Interest rate swap, liabilities			—						1,501
Accounts payable and other liabilities			74,376						60,081
Dividends payable			60,257						59,513
Accrued interest payable			21,136						13,502
Intangible lease liabilities, net			36,346						41,527
Total liabilities			3,075,075						2,683,806
Commitments and contingencies (Note 16)
Equity
Broadstone Net Lease, Inc. equity:
Preferred stock, $0.001 par value; 20,000 shares authorized, no shares issued or outstanding			—						—
Common stock, $0.00025 par value; 500,000 shares authorized, 191,951 and 191,423 shares issued and outstanding at September 30, 2026 and December 31, 2025, respectively			48						48
Additional paid-in capital			3,507,541						3,502,380
Cumulative distributions in excess of retained earnings			(677,162)						(620,221)
Accumulated other comprehensive income			38,400						19,788
Total Broadstone Net Lease, Inc. equity			2,868,827						2,901,995
Non-controlling interests			128,411						131,466
Total equity			2,997,238						3,033,461
Total liabilities and equity			$	6,072,313					$	5,717,267

7

Broadstone Net Lease, Inc. and Subsidiaries

Condensed Consolidated Statements of Income and Comprehensive Income

(in thousands, except per share amounts)

			For the Three Months Ended												For the Nine Months Ended
			September 30, 2026						June 30, 2026						September 30, 2026						September 30, 2025
Revenues
Lease revenues, net			$	121,867					$	122,309					$	365,577					$	335,843
Operating expenses
Depreciation and amortization			50,785						49,102						141,413						122,318
Property and operating expense			7,341						5,817						19,339						16,688
General and administrative			10,777						11,897						33,023						29,216
Provision for impairment of investment in rental properties			1,474						3,546						5,019						35,067
Total operating expenses			70,377						70,362						198,794						203,289
Other income (expenses)
Interest income			118						135						304						403
Interest expense			(26,738)						(25,785)						(77,783)						(69,416)
Gain on sale of real estate			3,596						12,990						23,707						4,230
Income taxes			(256)						(346)						(914)						(763)
Other income (expenses)			(71)						1,314						2,689						(2,620)
Net income			28,139						40,255						114,786						64,388
Net income attributable to non-controlling interests			(1,022)						(456)						(1,505)						(1,019)
Net income attributable to Broadstone Net Lease, Inc.			$	27,117					$	39,799					$	113,281					$	63,369
Weighted average number of common shares outstanding
Basic			190,820						190,692						190,650						188,002
Diluted			201,119						200,261						200,474						197,476
Net earnings per share attributable to common stockholders
Basic			$	0.14					$	0.21					$	0.59					$	0.33
Diluted			$	0.14					$	0.21					$	0.58					$	0.33
Comprehensive income
Net income			$	28,139					$	40,255					$	114,786					$	64,388
Other comprehensive income
Change in fair value of interest rate swaps			12,754						3,934						19,279						(35,336)
Realized loss on interest rate swaps			22						22						75						6,091
Comprehensive income			40,915						44,211						134,140						35,143
Comprehensive income (loss) attributable to non-controlling interests			(1,545)						(620)						(2,301)						232
Comprehensive income attributable to Broadstone Net Lease, Inc.			$	39,370					$	43,591					$	131,839					$	35,375

8

Reconciliation of Non-GAAP Measures

The following is a reconciliation of net income to FFO, Core FFO, and AFFO for the three months ended September 30, 2026 and June 30, 2026 and for the nine months ended September 30, 2026 and 2025. Also presented is the weighted average number of shares of our common stock and OP Units used for the diluted per share computation:

			For the Three Months Ended												For the Nine Months Ended
(in thousands, except per share data)			September 30, 2026						June 30, 2026						September 30, 2026			September 30, 2025
Net income			$	28,139					$	40,255					$	114,786		$	64,388
Real property depreciation and amortization			50,703						49,021						141,167			122,066
Gain on sale of real estate			(3,596)						(12,990)						(23,707)			(4,230)
Provision for impairment of investment in rental properties			1,474						3,546						5,019			35,067
FFO adjustment allocable to joint venture noncontrolling interests			(66)						—						(82)			—
FFO			$	76,654					$	79,832					$	237,183		$	217,291
Net write-offs of accrued rental income			2,881						—						2,881			2,987
Other non-core income from real estate transactions 1			(703)						(25)						(728)			(137)
Non-capitalized demolition and other costs			328						24						352			—
Cost of debt extinguishment			—						—						—			166
Severance and employee transition costs			191						11						202			55
Other (income) expenses 2			71						(1,314)						(2,689)			2,454
Core FFO			$	79,422					$	78,528					$	237,201		$	222,816
Straight-line rent adjustment			(5,432)						(5,567)						(16,629)			(16,452)
Adjustment to provision for credit losses			—						(14)						(14)			(13)
Amortization of debt issuance costs			1,629						1,641						4,897			3,922
Non-capitalized transaction costs			1						1,632						1,640			383
Realized gain or loss on interest rate swaps and other non-cash interest expense			36						36						117			6,126
Amortization of lease intangibles			(1,014)						(1,017)						(3,046)			(3,453)
Stock-based compensation			3,163						2,972						8,701			7,105
AFFO			$	77,805					$	78,211					$	232,867		$	220,434
Diluted weighted average shares outstanding 3			201,119						200,261						200,474			197,476
Net earnings per diluted share 4			$	0.14					$	0.21					$	0.58		$	0.33
FFO per diluted share 4			0.38						0.40						1.18			1.10
Core FFO per diluted share 4			0.39						0.39						1.18			1.12
AFFO per diluted share 4			0.39						0.39						1.16			1.11

1Amount includes $0.3 million associated with the return of funds held in escrow for property work not completed, $0.2 million associated with end of lease activities, and $0.2 million from lease assignment activities, all of which are not core to our business operations for the three and nine months ended September 30, 2026.

2Amount includes $(0.1) million and $1.3 million of unrealized foreign exchange (loss) gain for the three months ended September 30, 2026 and June 30, 2026, respectively, and $2.7 million and $(2.4) million of unrealized foreign exchange gain (loss) for the nine months ended September 30, 2026 and September 30, 2025, respectively, primarily associated with our Canadian dollar denominated revolving borrowings.

3Excludes 1,099,586 and 1,102,192 weighted average shares of unvested restricted common stock for the three months ended September 30, 2026 and June 30, 2026, respectively. Excludes 1,095,453 and 1,053,536 weighted average shares of unvested restricted common stock for the nine months ended September 30, 2026 and September 30, 2025, respectively.

4Excludes $0.3 million from the numerator for the three months ended September 30, 2026 and June 30, 2026. Excludes $1.0 million and $0.9 million from the numerator for the nine months ended September 30, 2026 and September 30, 2025, respectively.

9

Our reported results and net earnings per diluted share are presented in accordance with GAAP. We also disclose FFO, Core FFO, and AFFO, each of which are non-GAAP measures. We believe the use of FFO, Core FFO, and AFFO are useful to investors because they are widely accepted industry measures used by analysts and investors to compare the operating performance of REITs. FFO, Core FFO, and AFFO should not be considered alternatives to net income as a performance measure or to cash flows from operations, as reported on our statement of cash flows, or as a liquidity measure and should be considered in addition to, and not in lieu of, GAAP financial measures.

We compute FFO in accordance with the standards established by the Board of Governors of Nareit, the worldwide representative voice for REITs and publicly traded real estate companies with an interest in the U.S. real estate and capital markets. Nareit defines FFO as GAAP net income or loss adjusted to exclude net gains (losses) from sales of certain depreciated real estate assets, depreciation and amortization expense from real estate assets, and impairment charges related to certain previously depreciated real estate assets. FFO is used by management, investors, and analysts to facilitate meaningful comparisons of operating performance between periods and among our peers, primarily because it excludes the effect of real estate depreciation and amortization and net gains (losses) on sales, which are based on historical costs and implicitly assume that the value of real estate diminishes predictably over time, rather than fluctuating based on existing market conditions.

We compute Core FFO by adjusting FFO, as defined by Nareit, to exclude certain GAAP income and expense amounts that we believe are infrequently recurring, unusual in nature, or not related to its core real estate operations, including write-offs or recoveries of accrued rental income, cost of debt extinguishment, lease termination fees and other non-core income from real estate transactions, non-capitalized demolition and other redevelopment costs, unrealized and realized gains or losses on foreign currency transactions, gain on insurance recoveries, severance and employee transition costs, and other extraordinary items. Exclusion of these items from similar FFO-type metrics is common within the equity REIT industry, and management believes that presentation of Core FFO provides investors with a metric to assist in their evaluation of our operating performance across multiple periods and in comparison to the operating performance of our peers, because it removes the effect of unusual items that are not expected to impact our operating performance on an ongoing basis.

We compute AFFO, by adjusting Core FFO for certain revenues and expenses that are non-cash or unique in nature, including straight-line rents, adjustment to provision for credit losses, amortization of lease intangibles, amortization of debt issuance costs, amortization of net mortgage premiums, non-capitalized transaction costs such as acquisition costs related to deals that failed to transact, (gain) loss on interest rate swaps and other non-cash interest expense, deferred taxes, stock-based compensation, and other specified non-cash items. We believe that excluding such items assists management and investors in distinguishing whether changes in our operations are due to growth or decline of operations at our properties or from other factors. We use AFFO as a measure of our performance when we formulate corporate goals, and is a factor in determining management compensation. We believe that AFFO is a useful supplemental measure for investors to consider because it will help them to better assess our operating performance without the distortions created by non-cash revenues or expenses.

Specific to our adjustment for straight-line rents, our leases include cash rents that increase over the term of the lease to compensate us for anticipated increases in market rental rates over time. Our leases do not include significant front-loading or back-loading of payments, or significant rent-free periods. Therefore, we find it useful to evaluate rent on a contractual basis as it allows for comparison of existing rental rates to market rental rates.

FFO, Core FFO, and AFFO may not be comparable to similarly titled measures employed by other REITs, and comparisons of our FFO, Core FFO, and AFFO with the same or similar measures disclosed by other REITs may not be meaningful.

Neither the SEC nor any other regulatory body has passed judgment on the acceptability of the adjustments to FFO that we use to calculate Core FFO and AFFO. In the future, the SEC, Nareit or another regulatory body may decide to standardize the allowable adjustments across the REIT industry and in response to such standardization we may have to adjust our calculation and characterization of Core FFO and AFFO accordingly.

10

The following is a reconciliation of net income to EBITDA, EBITDAre, Adjusted EBITDAre, and Pro Forma Adjusted EBITDAre, debt to Net Debt and Pro Forma Net Debt, Net Debt to Annualized Adjusted EBITDAre, and Pro Forma Net Debt to Annualized Adjusted EBITDAre as of and for the three months ended September 30, 2026, June 30, 2026, and September 30, 2025:

			For the Three Months Ended
(in thousands)			September 30, 2026						June 30, 2026						September 30, 2025
Net income			$	28,139					$	40,255					$	27,065
Depreciation and amortization			50,785						49,102						40,246
Interest expense			26,738						25,785						28,230
Income taxes			256						346						208
EBITDA			$	105,918					$	115,488					$	95,749
Provision for impairment of investment in rental properties			1,474						3,546						6,999
Gain on sale of real estate			(3,596)						(12,990)						(3,259)
EBITDAre			$	103,796					$	106,044					$	99,489
Adjustment for current quarter investment activity1			2,620						540						1,797
Adjustment for current quarter disposition activity2			(70)						(327)						(257)
Adjustment to exclude non-recurring and other expenses3			510						36						(177)
Adjustment to exclude net write-offs of accrued rental income			2,881						—						755
Adjustment to exclude realized / unrealized foreign exchange (gain) loss			71						(1,288)						(1,312)
Adjustment to exclude other income from real estate transactions4			(703)						(25)						(43)
Adjusted EBITDAre			$	109,105					$	104,980					$	100,252
Estimated revenues from developments5			5,696						3,766						2,544
Pro Forma Adjusted EBITDAre			$	114,801					$	108,746					$	102,796
Annualized EBITDAre			415,184						424,176						397,956
Annualized Adjusted EBITDAre			436,420						419,920						401,008
Pro Forma Annualized Adjusted EBITDAre			459,204						434,984						411,184

1Reflects an adjustment to give effect to all investments during the quarter, including developments that have reached rent commencement, as if they had been made as of the beginning of the quarter.

2Reflects an adjustment to give effect to all dispositions during the quarter as if they had been sold as of the beginning of the quarter.

3Amount includes $0.3 million of non-capitalized demolition costs recognized in connection with demolition of a property being redeveloped and $0.2 million of severance and employee transition costs for the three months ended September 30, 2026. Amount includes less than $0.2 million of accelerated lease intangible amortization for the three months ended September 30, 2025.

4Amount includes $0.3 million associated with the return of funds held in escrow for property work not completed, $0.2 million associated with end of lease activities, and $0.2 million from lease assignment activities, all of which are not core to our business operations for the three months ended September 30, 2026.

5Represents estimated contractual revenues based on in-process development spend to-date.

11

(in thousands)			September 30, 2026						June 30, 2026						September 30, 2025
Debt
Unsecured revolving credit facility			$	555,438					$	447,376					$	95,824
Unsecured term loans, net			1,095,298						995,423						994,550
Senior unsecured notes, net			1,191,962						1,191,552						1,190,315
Mortgages, net			40,262						40,640						57,168
Debt issuance costs			12,740						13,025						15,171
Gross Debt			2,895,700						2,688,016						2,353,028
Cash and cash equivalents			(12,189)						(11,095)						(81,966)
Restricted cash			(1,588)						(1,822)						(1,354)
Net Debt			$	2,881,923					$	2,675,099					$	2,269,708
Estimated net proceeds from forward sale agreements1			(409,329)						(124,313)						(37,257)
Pro Forma Net Debt			$	2,472,594					$	2,550,786					$	2,232,451
Leverage Ratios:
Net Debt to Annualized EBITDAre			6.9x						6.3x						5.7x
Net Debt to Annualized Adjusted EBITDAre			6.6x						6.4x						5.7x
Pro Forma Net Debt to Annualized Adjusted EBITDAre			5.4x						5.9x						5.4x

1Represents pro forma adjustment for estimated net proceeds from forward sale agreements that have not settled as if they have been physically settled for cash as of the period presented.

12

We define Net Debt as gross debt (total reported debt plus debt issuance costs and original issuance discount) less cash and cash equivalents and restricted cash. We believe that the presentation of Net Debt to Annualized EBITDAre and Net Debt to Annualized Adjusted EBITDAre is useful to investors and analysts because these ratios provide information about gross debt less cash and cash equivalents, which could be used to repay debt, compared to our performance as measured using EBITDAre.

We compute EBITDA as earnings before interest, income taxes and depreciation and amortization. EBITDA is a measure commonly used in our industry. We believe that this ratio provides investors and analysts with a measure of our performance that includes our operating results unaffected by the differences in capital structures, capital investment cycles and useful life of related assets compared to other companies in our industry. We compute EBITDAre in accordance with the definition adopted by Nareit, as EBITDA excluding gains (losses) from the sales of depreciable property and provisions for impairment on investment in real estate. We believe EBITDA and EBITDAre are useful to investors and analysts because they provide important supplemental information about our operating performance exclusive of certain non-cash and other costs. EBITDA and EBITDAre are not measures of financial performance under GAAP, and our EBITDA and EBITDAre may not be comparable to similarly titled measures of other companies. You should not consider our EBITDA and EBITDAre as alternatives to net income or cash flows from operating activities determined in accordance with GAAP.

We are focused on a disciplined and targeted investment strategy, together with active asset management that includes selective sales of properties. We manage our leverage profile using a ratio of Net Debt to Annualized Adjusted EBITDAre, and Pro Forma Net Debt to Annualized Adjusted EBITDAre, each discussed further below, which we believe is a useful measure of our ability to repay debt and a relative measure of leverage, and is used in communications with our lenders and rating agencies regarding our credit rating. As we fund new investments using our unsecured Revolving Credit Facility, our leverage profile and Net Debt will be immediately impacted by current quarter investments. However, the full benefit of EBITDAre from new investments will not be received in the same quarter in which the properties are acquired. Additionally, EBITDAre for the quarter includes amounts generated by properties that have been sold during the quarter. Accordingly, the variability in EBITDAre caused by the timing of our investments and dispositions can temporarily distort our leverage ratios. We adjust EBITDAre (“Adjusted EBITDAre”) for the most recently completed quarter (i) to recalculate as if all investments and dispositions had occurred at the beginning of the quarter, (ii) to exclude certain GAAP income and expense amounts that are either non-cash, such as cost of debt extinguishment, realized or unrealized gains and losses on foreign currency transactions, or gains on insurance recoveries, or that we believe are one time, or unusual in nature because they relate to unique circumstances or transactions that had not previously occurred and which we do not anticipate occurring in the future, and (iii) to eliminate the impact of lease termination fees and other items that are not a result of normal operations. While investments in build-to-suit developments have an immediate impact to Net Debt, we do not make an adjustment to EBITDAre until the quarter in which the lease commences. We define our Pro Forma Adjusted EBITDAre as Adjusted EBITDAre adjusted to show the impact of estimated contractual revenues based on in-process development spend to-date. Our Pro Forma Net Debt is defined as Net Debt adjusted for estimated net proceeds from forward sale agreements that have not settled as if they have been physically settled for cash as of the period presented. We then annualize quarterly Adjusted EBITDAre and Pro Forma Adjusted EBITDAre by multiplying them by four (“Annualized Adjusted EBITDAre” and “Annualized Pro Forma Adjusted EBITDAre”). You should not unduly rely on this measure as it is based on assumptions and estimates that may prove to be inaccurate. Our actual reported EBITDAre for future periods may be significantly different from our Annualized Adjusted EBITDAre. Adjusted EBITDAre and Annualized Adjusted EBITDAre are not measurements of performance under GAAP, and our Adjusted EBITDAre and Annualized Adjusted EBITDAre may not be comparable to similarly titled measures of other companies. You should not consider our Adjusted EBITDAre and Annualized Adjusted EBITDAre as alternatives to net income or cash flows from operating activities determined in accordance with GAAP.

13

Exhibit 99.2

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			10
Capital Structure			12
Equity Rollforward & Outstanding Forward Sales			13
Debt Outstanding			14
Interest Rate Swaps			15
EBITDA, EBITDAre, and Other Non-GAAP Operating Measures			16
Net Debt Metrics & Covenants			17
Debt & Swap Maturities			18
Investment Activity			19
Development Projects			20
Transitional Capital			22
Dispositions			23
Portfolio at a Glance: Key Metrics			24
Diversification: Tenants			25
Diversification: Property Type			28
Key Statistics by Property Type			30
Diversification: Tenant Industry			31
Diversification: Geography			32
Lease Expirations			33
Portfolio Occupancy			34
Definitions and Explanations			35

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About the Data

This data and other information described herein are as of and for the three months ended September 30, 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 read in conjunction with Broadstone Net Lease, Inc.’s Annual Report on Form 10-K for the year ended December 31, 2025, including the financial statements and the management’s discussion and analysis of financial condition and results of operations sections.

Forward Looking Statements

Information set forth herein contains forward-looking statements, which reflect our current views regarding our business, financial performance, growth prospects and strategies, market opportunities, and market trends. Forward-looking statements include all statements that are not historical facts. In some cases, you can identify these forward-looking statements by the use of words such as “outlook,” “believes,” “expects,” “potential,” “continues,” “may,” “will,” “should,” “could,” “would be,” “seeks,” “approximately,” “projects,” “predicts,” “intends,” “plans,” “estimates,” “anticipates,” or the negative version of these words or other comparable words. All of the forward-looking statements herein are subject to various risks and uncertainties. Assumptions relating to the foregoing involve judgments with respect to, among other things, future economic, competitive and market conditions, and future business decisions, all of which are difficult or impossible to predict accurately and many of which are beyond our control. Although we believe that the expectations reflected in such forward-looking statements are based on reasonable assumptions, our actual results, performance, and achievements could differ materially from those expressed in or by the forward-looking statements and may be affected by a variety of risks and other factors. Accordingly, there are or will be important factors that could cause actual outcomes or results to differ materially from such forward-looking statements. These factors include, but are not limited to, risks and uncertainties related to general economic conditions, including but not limited to increases in the rate of inflation and/or fluctuations in interest rates, local real estate conditions, tenant financial health, and property acquisitions and the timing of these investments and acquisitions. These and other risks, assumptions, and uncertainties are described in our filings with the SEC, which are available on the SEC’s website at www.sec.gov.

You are cautioned not to place undue reliance on any forward-looking statements included herein. All forward-looking statements are made as of the date of this document and the risk that actual results, performance, and achievements will differ materially from the expectations expressed or referenced herein will increase with the passage of time. We undertake no obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments, or otherwise, except as required by law.

IP Disclaimer

This document contains references to copyrights, trademarks, trade names, and service marks that belong to other companies. Broadstone Net Lease is not affiliated or associated with, and is not endorsed by and does not endorse, such companies or their products or services.

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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 basis to a diversified group of tenants. We primarily, and selectively, invest in real estate across industrial and retail property types. We target properties with creditworthy tenants in industries characterized by positive business drivers and trends, where the properties are an integral part of the tenants’ businesses and there are opportunities to secure long-term net leases. Through long-term net leases, our tenants are able to retain operational control of their strategically important locations, while allocating their debt and equity capital to fund core business operations rather than real estate ownership.

Executive Team						Board of Directors
John D. Moragne Chief Executive Officer and Member, Board of Directors Ryan M. Albano President and Chief Operating Officer Kevin M. Fennell Executive Vice President, Chief Financial Officer and Treasurer John D. Callan, Jr. Senior Vice President, General Counsel, and Secretary Michael B. Caruso Senior Vice President, Real Estate Operations Will D. Garner Senior Vice President, Acquisitions Jennie L. O’Brien Senior Vice President and Chief Accounting Officer Molly Kelly Wiegel Senior Vice President, Human Resources & Administration						Laurie A. Hawkes Chairman of the Board John D. Moragne Chief Executive Officer Michael A. Coke Jessica Duran Laura Felice Richard Imperiale David M. Jacobstein Joseph Saffire James H. Watters

Company Contact Information

Brent Maedl

Director, Corporate Finance & Business Analytics

brent.maedl@broadstone.com

585-382-8507

Transfer Agent

Computershare Trust Company, N.A.

150 Royall Street

Canton, Massachusetts 02021

800-736-3001

BROADSTONE NET LEASE, INC. | www.broadstone.com | © 2026 Broadstone Net Lease, LLC. All rights reserved. 4

Quarterly Financial Summary

(unaudited, dollars in thousands except per share data)

						Q3 2026						Q2 2026						Q1 2026						Q4 2025						Q3 2025
Financial Summary
Investment in rental property						$	5,541,584					$	5,421,933					$	5,432,912					$	5,328,283					$	5,147,649
Less accumulated depreciation						(849,551)						(823,101)						(803,658)						(772,589)						(745,326)
Property under development						484,117						385,067						329,260						265,812						179,172
Investment in rental property, net						5,176,150						4,983,899						4,958,514						4,821,506						4,581,495
Cash and cash equivalents						12,189						11,095						20,310						30,540						81,966
Restricted cash						1,588						1,822						1,369						3,102						1,354
Total assets						6,072,313						5,865,290						5,845,027						5,717,267						5,519,271
Unsecured revolving credit facility						555,438						447,376						397,640						266,036						95,824
Mortgages, net						40,262						40,640						56,197						56,689						57,168
Unsecured term loans, net						1,095,298						995,423						994,820						994,219						994,550
Senior unsecured notes, net						1,191,962						1,191,552						1,191,143						1,190,738						1,190,315
Total liabilities						3,075,075						2,857,183						2,823,678						2,683,806						2,506,762
Total Broadstone Net Lease, Inc. equity						2,868,827						2,881,003						2,892,460						2,901,995						2,884,658
Total equity (book value)						2,997,238						3,008,107						3,021,349						3,033,461						3,012,509
Revenues						121,867						122,309						121,401						118,295						114,167
General and administrative - other						7,614						8,925						7,783						7,174						7,486
Stock based compensation						3,163						2,972						2,566						2,492						2,488
General and administrative						10,777						11,897						10,349						9,666						9,974
Total operating expenses						70,377						70,362						58,055						62,384						63,417
Interest expense						26,738						25,785						25,260						25,051						28,230
Net income						28,139						40,255						46,392						35,028						27,065
Net earnings per common share, diluted						$	0.14					$	0.21					$	0.24					$	0.17					$	0.14
FFO						76,654						79,832						80,697						73,010						70,969
FFO per share, diluted						$	0.38					$	0.40					$	0.40					$	0.37					$	0.36
Core FFO						79,422						78,528						79,251						77,699						70,386
Core FFO per share, diluted						$	0.39					$	0.39					$	0.40					$	0.39					$	0.35
AFFO						77,805						78,211						76,850						75,846						74,314
AFFO per share, diluted						$	0.39					$	0.39					$	0.38					$	0.38					$	0.37
Net cash provided by operating activities						87,636						58,169						76,092						84,567						64,190
Capital expenditures and improvements						1,142						3,058						588						248						542
Capital expenditures and improvements - revenue generating						21,868						9,515						775						6,337						5,624
Net cash (used in) provided by investing activities						(232,728)						(43,512)						(162,411)						(284,626)						(174,054)
Net cash provided by (used in) financing activities						145,952						(23,419)						74,356						150,380						171,208
Distributions declared						60,257						61,113						59,884						57,919						57,284
Distributions declared per diluted share						$	0.2925					$	0.2925					$	0.2925					$	0.290					$	0.290

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Balance Sheet

(unaudited, in thousands)

			September 30, 2026						June 30, 2026						March 31, 2026						December 31, 2025						September 30, 2025
Assets
Accounted for using the operating method:
Land			$	827,700					$	818,423					$	822,795					$	781,117					$	778,177
Land improvements			405,038						390,778						381,795						373,405						359,210
Buildings and improvements			4,257,756						4,161,424						4,173,302						4,118,578						3,954,112
Equipment			11,810						11,810						15,324						15,281						16,070
Total accounted for using the operating method			5,502,304						5,382,435						5,393,216						5,288,381						5,107,569
Less accumulated depreciation			(849,551)						(823,101)						(803,658)						(772,589)						(745,326)
Accounted for using the operating method, net			4,652,753						4,559,334						4,589,558						4,515,792						4,362,243
Accounted for using the direct financing method			24,911						25,117						25,303						25,497						25,673
Accounted for using the sales-type method			14,369						14,381						14,393						14,405						14,407
Property under development			484,117						385,067						329,260						265,812						179,172
Investment in rental property, net			5,176,150						4,983,899						4,958,514						4,821,506						4,581,495
Cash and cash equivalents			12,189						11,095						20,310						30,540						81,966
Accrued rental income			189,975						187,235						184,668						178,880						174,867
Tenant and other receivables, net			3,799						6,223						3,633						4,404						3,573
Prepaid expenses and other assets			66,183						63,259						56,183						55,910						59,866
Interest rate swap, assets			36,026						23,271						19,975						18,248						19,590
Goodwill			339,769						339,769						339,769						339,769						339,769
Intangible lease assets, net			248,222						250,539						261,975						268,010						258,145
Total assets			$	6,072,313					$	5,865,290					$	5,845,027					$	5,717,267					$	5,519,271
Liabilities and equity
Unsecured revolving credit facility			$	555,438					$	447,376					$	397,640					$	266,036					$	95,824
Mortgages, net			40,262						40,640						56,197						56,689						57,168
Unsecured term loans, net			1,095,298						995,423						994,820						994,219						994,550
Senior unsecured notes, net			1,191,962						1,191,552						1,191,143						1,190,738						1,190,315
Interest rate swap, liabilities			—						—						637						1,501						1,994
Accounts payable and other liabilities			74,376						72,493						61,738						60,081						55,662
Dividends payable			60,257						61,113						59,884						59,513						58,665
Accrued interest payable			21,136						10,356						21,759						13,502						9,488
Intangible lease liabilities, net			36,346						38,230						39,860						41,527						43,096
Total liabilities			3,075,075						2,857,183						2,823,678						2,683,806						2,506,762
Equity
Broadstone Net Lease, Inc. equity:
Preferred stock, $0.001 par value			—						—						—						—						—
Common stock, $0.00025 par value			48						48						48						48						47
Additional paid-in capital			3,507,541						3,504,576						3,502,465						3,502,380						3,463,010
Cumulative distributions in excess of retained earnings			(677,162)						(648,741)						(630,951)						(620,221)						(597,571)
Accumulated other comprehensive income			38,400						25,120						20,898						19,788						19,172
Total Broadstone Net Lease, Inc. equity			2,868,827						2,881,003						2,892,460						2,901,995						2,884,658
Non-controlling interests			128,411						127,104						128,889						131,466						127,851
Total equity			2,997,238						3,008,107						3,021,349						3,033,461						3,012,509
Total liabilities and equity			$	6,072,313					$	5,865,290					$	5,845,027					$	5,717,267					$	5,519,271

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Income Statement Summary

(unaudited, in thousands except per share data)

			Three Months Ended
			September 30, 2026						June 30, 2026						March 31, 2026						December 31, 2025						September 30, 2025
Revenues
Lease revenues, net			$	121,867					$	122,309					$	121,401					$	118,295					$	114,167
Operating expenses
Depreciation and amortization			50,785						49,102						41,526						41,768						40,246
Property and operating expense			7,341						5,817						6,180						6,282						6,198
General and administrative			10,777						11,897						10,349						9,666						9,974
Provision for impairment of investment in rental properties			1,474						3,546						—						4,668						6,999
Total operating expenses			70,377						70,362						58,055						62,384						63,417
Other income (expenses)
Interest income			118						135						49						(14)						182
Interest expense			(26,738)						(25,785)						(25,260)						(25,051)						(28,230)
Gain on sale of real estate			3,596						12,990						7,122						8,371						3,259
Income taxes			(256)						(346)						(311)						(392)						(208)
Other income (expenses)			(71)						1,314						1,446						(3,797)						1,312
Net income			28,139						40,255						46,392						35,028						27,065
Net income attributable to non-controlling interests			(1,022)						(456)						(27)						(1,902)						(599)
Net income attributable to Broadstone Net Lease, Inc.			$	27,117					$	39,799					$	46,365					$	33,126					$	26,466
Weighted average number of common shares outstanding
Basic (a)			190,820						190,692						190,435						188,480						188,099
Diluted (a)			201,119						200,261						199,754						197,935						197,632
Net earnings per share attributable to common stockholders (b)
Basic			$	0.14					$	0.21					$	0.24					$	0.17					$	0.14
Diluted			$	0.14					$	0.21					$	0.24					$	0.17					$	0.14

(a)Excludes 1,099,586 weighted average shares of unvested restricted common stock for the three months ended September 30, 2026

(b)Excludes $0.3 million from the numerator for the three months ended September 30, 2026, related to dividends declared on shares of unvested restricted common stock.

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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
			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 amortization			50,703						49,021						41,443						41,686						40,164
Gain on sale of real estate			(3,596)						(12,990)						(7,122)						(8,371)						(3,259)
Provision for impairment of investment in rental properties			1,474						3,546						—						4,667						6,999
FFO adjustment allocable to joint venture noncontrolling interests			(66)						—						(16)						—						—
FFO			$	76,654					$	79,832					$	80,697					$	73,010					$	70,969
Net write-offs of accrued rental income			2,881						—						—						1,103						755
Other non-core income from real estate transactions (a)			(703)						(25)						—						(211)						(27)
Non-capitalized demolition and other costs			328						24						—						—						—
Severance and employee transition costs			191						11						—						—						1
Other (income) expenses (b)			71						(1,314)						(1,446)						3,797						(1,312)
Core FFO			$	79,422					$	78,528					$	79,251					$	77,699					$	70,386
Straight-line rent adjustment			(5,432)						(5,567)						(5,630)						(5,140)						(4,960)
Adjustment to provision for credit losses			—						(14)						—						—						—
Amortization of debt issuance costs			1,629						1,641						1,627						1,566						1,357
Non-capitalized transaction costs			1						1,632						6						157						125
Realized gain or loss on interest rate swaps and other non-cash interest expense			36						36						45						14						6,116
Amortization of lease intangibles			(1,014)						(1,017)						(1,015)						(1,017)						(1,198)
Stock-based compensation			3,163						2,972						2,566						2,492						2,488
Deferred taxes			—						—						—						75						—
AFFO			$	77,805					$	78,211					$	76,850					$	75,846					$	74,314
Diluted weighted average shares outstanding (c)			201,119						200,261						199,754						197,935						197,632
Net earnings per diluted share (d)			$	0.14					$	0.21					$	0.24					$	0.17					$	0.14
FFO per diluted share (d)			0.38						0.40						0.40						0.37						0.36
Core FFO per diluted share (d)			0.39						0.39						0.40						0.39						0.35
AFFO per diluted share (d)			0.39						0.39						0.38						0.38						0.37

(a)Amount includes $0.3 million associated with the return of funds held in escrow for property work not completed, $0.2 million associated with end of lease activities, and $0.2 million from lease assignment activities, all of which are not core to our business operations for the three months ended September 30, 2026.

(b)Amount includes $0.1 million of unrealized and realized foreign exchange loss, primarily associated with our Canadian dollar denominated revolver borrowings for the three months ended September 30, 2026.

(c)Excludes 1,099,586 weighted average shares of unvested restricted common stock for the three months ended September 30, 2026.

(d)Excludes $0.3 million from the numerator for the three months ended September 30, 2026, related to dividends declared on shares of unvested restricted common stock.

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Lease Revenues Detail

(unaudited, in thousands)

			Three Months Ended
			September 30, 2026						June 30, 2026						March 31, 2026						December 31, 2025						September 30, 2025
Contractual rental amounts billed for operating leases			$	110,191					$	109,473					$	107,519					$	106,196					$	102,270
Adjustment to recognize contractual operating lease billings on a straight-line basis			5,672						5,802						5,848						5,317						5,134
Net write-offs of accrued rental income			(2,881)						—						—						(1,103)						(755)
Variable rental amounts earned			716						816						757						1,210						732
Earned income from direct financing leases			657						662						667						671						675
Interest income from sales-type leases			473						473						474						474						326
Operating expenses billed to tenants			6,435						5,012						5,700						5,138						5,752
Other income from real estate transactions			722						4						32						392						43
Adjustment to revenue recognized for uncollectible rental amounts billed, net			(118)						67						404						—						(10)
Total lease revenues, net			$	121,867					$	122,309					$	121,401					$	118,295					$	114,167

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Same Store Rent Growth

(unaudited, in thousands)

									Three Months Ended September 30,
			Number of Properties						2026						2025						$ Change						% Change
Same Store Properties:
Contractual rent increases
Total			676						$	86,133					$	84,523					$	1,610					1.9		%
Industrial			178						49,715						48,692						1,023						2.1		%
Retail			475						28,908						28,488						420						1.5		%
Other			23						7,510						7,343						167						2.3		%
Revenue generating capital expenditures during periods (a)			6						2,503						2,439						64
Leasing activity			22						3,045						2,715						330
Cash basis tenants (b)			12						1,244						1,452						(208)
Properties under redevelopment			2						—						1,152						(1,152)
Transitional capital (d)			—						1,309						1,252						57
Currently vacant			1						—						59						(59)
Same store rental revenue			719						94,234			(c)			93,592			(c)			642						0.7		%
Industrial			189						54,246						54,178						68						0.1		%
Retail			502						31,972						31,737						235						0.7		%
Other			28						8,016						7,677						339						4.4		%
Non-Same Store Properties:
Investments during periods			48			(e)			16,795						6,656
Contractual rental amounts - current property portfolio			767						111,029						100,248
Sold during periods presented			41			(f)			71						1,967
Contractual rental amounts			808						111,100						102,215
Straight-line and other non-cash adjustments			N/A						3,596						6,100
Other revenue (g)			N/A						7,187						5,795
Constant currency adjustment			N/A						(16)						57
Total Lease revenues, net									$	121,867					$	114,167

(a)Includes initial base rents in addition to the incremental rents for our revenue generating capital expenditures.

(b)Represents tenants as of the most recent period ended whereby collection of rent over the entire lease term is not considered probable. Revenue is recognized based on cash received.

(c)Leasing to new tenants may be impacted by free rent periods in which no cash is being received.

(d)Includes Transitional Capital investments that have been stabilized as of January 1, 2025.

(e)Property count excludes Transitional Capital properties.

(f)Properties that have initial base rents during periods presented and are no longer in current property portfolio on September 30, 2026.

(g)Includes operating expenses billed to tenants and other income from real estate transactions, including lease termination fee.

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									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						145,464						3,086						2.1		%
Retail			475						86,477						85,301						1,176						1.4		%
Other			23						22,392						21,888						504						2.3		%
Revenue generating capital expenditures during periods (a)			6						7,456						6,984						472
Leasing activity			22						8,932						7,278						1,654
Cash basis tenants (b)			12						4,068						4,262						(194)
Properties under redevelopment			2						1,991						3,433						(1,442)
Transitional capital (d)			—						3,842						3,499						343
Currently vacant			1						—						237						(237)
Same store rental revenue			719						283,708			(c)			278,346			(c)			5,362						1.9		%
Industrial			189						163,920						160,463						3,457						2.2		%
Retail			502						95,901						94,750						1,151						1.2		%
Other			28						23,887						23,133						754						3.3		%
Non-Same Store Properties:
Investments during periods			48			(e)			44,638						15,737
Contractual rental amounts - current property portfolio			767						328,346						294,083
Sold during periods presented			41			(f)			2,428						9,421
Contractual rental amounts			808						330,774						303,504
Straight-line and other non-cash adjustments			N/A						16,860						16,714
Other revenue (g)			N/A						17,905						15,674
Constant currency adjustment			N/A						38						(49)
Total Lease revenues, net									$	365,577					$	335,843

(a)Includes initial base rents in addition to the incremental rents for our revenue generating capital expenditures.

(b)Represents tenants as of the most recent period ended whereby collection of rent over the entire lease term is not considered probable. Revenue is recognized based on cash received.

(c)Leasing to new tenants may be impacted by free rent periods in which no cash is being received.

(d)Includes Transitional Capital investments that have been stabilized as of January 1, 2025.

(e)Property count excludes Transitional Capital properties.

(f)Properties that have initial base rents during periods presented and are no longer in current property portfolio on September 30, 2026.

(g)Includes operating expenses billed to tenants and other income from real estate transactions, including lease termination fee.

BROADSTONE NET LEASE, INC. | www.broadstone.com | © 2026 Broadstone Net Lease, LLC. All rights reserved. 11

Capital Structure

(in thousands, except per share data)

EQUITY			September 30, 2026
Shares of Common Stock			191,951
OP Units			8,154
Common Stock & OP Units			200,105
Price Per Share / Unit at September 30, 2026			$	18.50
IMPLIED EQUITY MARKET CAPITALIZATION			$	3,701,943
% of Total Capitalization			56.1		%
DEBT
Unsecured Revolving Credit Facility			$	555,438
Unsecured Term Loans			1,100,000
Unsecured Term Loan - 2027			200,000
Unsecured Term Loan - 2028			500,000
Unsecured Term Loan - 2029			300,000
Unsecured Term Loan - 2030			100,000
Senior Unsecured Notes			1,200,000
Senior Unsecured Notes - 2027			150,000
Senior Unsecured Notes - 2028			225,000
Senior Unsecured Notes - 2030			100,000
Senior Unsecured Public Notes - 2031			375,000
Senior Unsecured Public Notes - 2032			350,000
Mortgage Debt - Various			40,262
TOTAL DEBT			$	2,895,700
% of Total Capitalization			43.9		%
Floating Rate Debt %			30.7		%
Fixed Rate Debt %			69.3		%
Secured Debt %			1.4		%
Unsecured Debt %			98.6		%
Total Capitalization			$	6,597,643
Less: Cash and Cash Equivalents			(12,189)
Enterprise Value			$	6,585,454

BROADSTONE NET LEASE, INC. | www.broadstone.com | © 2026 Broadstone Net Lease, LLC. All rights reserved. 12

Equity Rollforward

(in thousands)

			Shares of Common Stock						OP Units						Total Diluted 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)
Balance, March 31, 2026			191,771						8,296						200,067
Grants of restricted stock awards			42						—						42
Forfeiture of restricted stock awards			(5)						—						(5)
Balance, June 30, 2026			191,808						8,296						200,104
Grants of restricted stock awards			1						—						1
Forfeiture of restricted stock awards			—						—						—
OP unit conversion			142						(142)						—
Balance, September 30, 2026			191,951						8,154						200,105

Outstanding Forward Sales

(in thousands)

The following table summarizes the outstanding forward offerings of both the at-the-market common equity offering program (the “ATM Program”) and the August 2026 forward equity offering as of September 30, 2026:

			As of September 30, 2026
Outstanding Forward Equity Offerings			Shares Remaining						Anticipated Net Proceeds Remaining
Q4 2025 ATM Program			621						$	10,833
Q1 2026 ATM Program			3,718						68,508
Q2 2026 ATM Program			2,190						44,085
Q3 2026 ATM Program			1,814						38,197
Q3 2026 Forward Equity Offering			12,650						247,706
Total			20,993						$	409,329

BROADSTONE NET LEASE, INC. | www.broadstone.com | © 2026 Broadstone Net Lease, LLC. All rights reserved. 13

Debt Outstanding

(in thousands)

			Outstanding Balance
(in thousands, except interest rates)			September 30, 2026						December 31, 2025									Interest Rate						Maturity Date
Unsecured revolving credit facility			$	555,438					$	266,036								applicable reference rate + 0.80% (a)						Mar. 2029			(d)
Unsecured term loans:
2027 Unsecured Term Loan			200,000						200,000									daily simple SOFR + 0.90% (b)						Aug. 2027
2028 Unsecured Term Loan			500,000						500,000									one-month SOFR + 0.90% (c)						Mar. 2028			(e)
2029 Unsecured Term Loan			300,000						300,000									daily simple SOFR + 0.90% (b)						Feb. 2029			(f)
2030 Unsecured Term Loan			100,000						—									one-month SOFR + 0.90% (c)						Jan. 2030			(g)
Total unsecured term loans			1,100,000						1,000,000
Unamortized debt issuance costs, net			(4,702)						(5,781)
Total unsecured term loans, net			1,095,298						994,219
Senior unsecured notes:
2027 Senior Unsecured Notes - Series A			150,000						150,000									4.84%						Apr. 2027
2028 Senior Unsecured Notes - Series B			225,000						225,000									5.09%						Jul. 2028
2030 Senior Unsecured Notes - Series C			100,000						100,000									5.19%						Jul. 2030
2031 Senior Unsecured Public Notes			375,000						375,000									2.60%						Sep. 2031
2032 Senior Unsecured Public Notes			350,000						350,000									5.00%						Nov. 2032
Total senior unsecured notes			1,200,000						1,200,000
Unamortized debt issuance costs and original issuance discounts, net			(8,038)						(9,262)
Total senior unsecured notes, net			1,191,962						1,190,738
Total unsecured debt, net			$	2,842,698					$	2,450,993

(a)At September 30, 2026 and December 31, 2025, a balance of $485.0 million and $193.0 million, respectively, was subject to daily simple SOFR. The remaining balance of $100.0 million Canadian Dollars (“CAD”) borrowings remeasured to $70.4 million United States Dollars (“USD”) and $73.0 million USD, at September 30, 2026 and December 31, 2025, respectively, and was subject to daily simple CORRA of 2.31% and 2.30% at September 30, 2026 and December 31, 2025, respectively. At September 30, 2026, we had $428.8 million of available capacity under our unsecured revolving credit facility.

(b)At September 30, 2026 and December 31, 2025, overnight SOFR was 3.90% and 3.87%, respectively.

(c)At September 30, 2026 and December 31, 2025, one-month SOFR was 3.91% and 3.69%, respectively.

(d)The unsecured revolving credit facility contains two six-month extension options subject to certain conditions, including the payment of an extension fee equal to 0.0625% of the revolving commitments.

(e)The 2028 Unsecured Term Loan contains two twelve-month extension options subject to certain conditions, including the payment of an extension fee equal to 0.125% of the aggregate principal amount of the loans outstanding under the 2028 term loan facility.

(f)The 2029 Unsecured Term Loan contains two twelve-month extension options subject to certain conditions, including the payment of an extension fee equal to 0.10% of the aggregate principal amount of the loans outstanding under the 2029 term loan facility.

(g)The 2030 Unsecured Term Loan contains two twelve-month extension options subject to certain conditions, including the payment of an extension fee equal to 0.125% of the aggregate principal amount of the loans outstanding under the 2030 term loan facility.

(in thousands, except interest rates)						Origination Date						Maturity Date						Interest Rate						September 30, 2026						December 31, 2025
Lender
Wilmington Trust National Association						Apr. 2019						Feb. 2028						4.92%						$	40,262					$	41,393		(a) (b) (c) (d)
PNC Bank						Oct. 2016						Nov. 2026						3.62%						—						15,324			(b) (c) (e)
Total mortgages																								40,262						56,717
Debt issuance costs, net																								—						(28)
Mortgages, net																								$	40,262					$	56,689

(a)Non-recourse debt includes the indemnification/guaranty of the Company pertaining to fraud, environmental claims, insolvency, and other matters.

(b)Debt secured by related rental property and lease rents.

(c)Debt secured by guaranty of the OP.

(d)Mortgage was assumed as part of the acquisition of the related property. The debt was recorded at fair value at the time of assumption.

(e)Mortgage was paid in full in June 2026.

Year of Maturity			Revolving Credit Facility						Mortgages						Term Loans						Senior Notes						Total
2026			$	—					$	388					$	—					$	—					$	388
2027			—						1,596						200,000						150,000						351,596
2028			—						38,278						500,000						225,000						763,278
2029			555,438						—						300,000						—						855,438
2030			—						—						100,000						100,000						200,000
Thereafter			—						—						—						725,000						725,000
Total			$	555,438					$	40,262					$	1,100,000					$	1,200,000					$	2,895,700

BROADSTONE NET LEASE, INC. | www.broadstone.com | © 2026 Broadstone Net Lease, LLC. All rights reserved. 14

Interest Rate Swaps

(dollars in thousands)

(in thousands, except interest rates)																								September 30, 2026
Counterparty						Maturity Date						Fixed Rate						Variable Rate Index						Notional Amount						Fair Value
Bank of Montreal						December 2026						2.33%						daily compounded SOFR						$	10,000					$	43
Bank of Montreal						December 2026						1.99%						daily compounded SOFR						25,000						129
Toronto-Dominion Bank						March 2027						2.46%						daily compounded CORRA						14,088			(a)			26
Wells Fargo Bank, N.A.						April 2027						2.72%						daily compounded SOFR						25,000						198
Bank of Montreal						December 2027						2.37%						daily compounded SOFR						25,000						687
Capital One, National Association						December 2027						2.37%						daily compounded SOFR						25,000						686
Wells Fargo Bank, N.A.						January 2028						2.37%						daily compounded SOFR						75,000						2,086
Bank of Montreal						May 2029						2.09%						daily compounded SOFR						25,000						1,696
Regions Bank						May 2029						2.11%						daily compounded SOFR						25,000						1,681
Regions Bank						June 2029						2.03%						daily compounded SOFR						25,000						1,740
U.S. Bank National Association						June 2029						2.03%						daily compounded SOFR						25,000						1,741
Regions Bank						August 2029						2.58%						one-month SOFR						100,000						5,583
Toronto-Dominion Bank						August 2029						2.58%						one-month SOFR						45,000						2,531
U.S. Bank National Association						August 2029						2.65%						one-month SOFR						15,000						815
U.S. Bank National Association						August 2029						2.58%						one-month SOFR						100,000						5,597
U.S. Bank National Association						August 2029						1.35%						daily compounded SOFR						25,000						2,328
Toronto-Dominion Bank						December 2030						3.66%						daily simple SOFR						70,000						2,702
Regions Bank						December 2030						3.66%						daily simple SOFR						55,000						2,108
Regions Bank						March 2032						2.69%						daily compounded CORRA						14,088			(a)			795
U.S. Bank National Association						March 2032						2.70%						daily compounded CORRA						14,088			(a)			794
Bank of Montreal						March 2034						2.81%						daily compounded CORRA						28,174			(b)			2,060
Total Swaps																								$	765,438					$	36,026

(a)The contractual notional amount is $20.0 million CAD.

(b)The contractual notional amount is $40.0 million CAD.

BROADSTONE NET LEASE, INC. | www.broadstone.com | © 2026 Broadstone Net Lease, LLC. All rights reserved. 15

EBITDA, EBITDAre, and Other Non-GAAP Operating Measures

(unaudited, in thousands)

			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
Depreciation and amortization			50,785						49,102						41,526						41,768						40,246
Interest expense			26,738						25,785						25,260						25,051						28,230
Income taxes			256						346						311						392						208
EBITDA			$	105,918					$	115,488					$	113,489					$	102,239					$	95,749
Provision for impairment of investment in rental properties			1,474						3,546						—						4,667						6,999
Gain on sale of real estate			(3,596)						(12,990)						(7,122)						(8,371)						(3,259)
EBITDAre			$	103,796					$	106,044					$	106,367					$	98,535					$	99,489
Adjustment for current quarter investment activity (a)			2,620						540						2,548						1,821						1,797
Adjustment for current quarter disposition activity (b)			(70)						(327)						(80)						(286)						(257)
Adjustment to exclude non-recurring and other expenses (c)			510						36						—						2,515						(177)
Adjustment to exclude net write-offs of accrued rental income			2,881						—						—						1,103						755
Adjustment to exclude realized / unrealized foreign exchange (gain) loss			71						(1,288)						(1,446)						1,282						(1,312)
Adjustment to exclude other income from real estate transactions (d)			(703)						(25)						(33)						(392)						(43)
Adjusted EBITDAre			$	109,105					$	104,980					$	107,356					$	104,578					$	100,252
Estimated revenues from developments (e)			5,696						3,766						3,237						2,867						2,544
Pro Forma Adjusted EBITDAre			$	114,801					$	108,746					$	110,593					$	107,445					$	102,796
Annualized EBITDAre			$	415,184					$	424,176					$	425,467					$	394,140					$	397,956
Annualized Adjusted EBITDAre			436,420						419,920						429,425						418,312						401,008
Pro Forma Annualized Adjusted EBITDAre			459,204						434,984						442,371						429,780						411,184

(a)Reflects an adjustment to give effect to all investments during the quarter, including developments that have reached rent commencement, as if they had been made as of the beginning of the quarter.

(b)Reflects an adjustment to give effect to all dispositions during the quarter as if they had been sold as of the beginning of the quarter.

(c)Amount includes $0.3 million of non-capitalized demolition costs recognized in connection with demolition of a property being redeveloped and $0.2 million of severance and employee transition costs for the three months ended September 30, 2026.

(d)Amount includes $0.3 million associated with the return of funds held in escrow for property work not completed, $0.2 million associated with end of lease activities, and $0.2 million from lease assignment activities, all of which are not core to our business operations for the three months ended September 30, 2026.

(e)Represents estimated contractual revenues based on in-process development spend to-date.

			Three Months Ended
			September 30, 2026						June 30, 2026						March 31, 2026						December 31, 2025						September 30, 2025
Adjusted EBITDAre			$	109,105					$	104,980					$	107,356					$	104,578					$	100,252
General and administrative (excluding certain expenses reflected above)			10,586						11,886						10,349						9,666						9,984
Adjusted Net Operating Income ("NOI")			$	119,691					$	116,866					$	117,705					$	114,244					$	110,236
Straight-line rental revenue, net			(5,759)						(5,828)						(5,928)						(5,676)						(5,282)
Other amortization and non-cash charges			(1,014)						(1,017)						(1,015)						(1,017)						(1,364)
Adjusted Cash NOI			$	112,918					$	110,021					$	110,762					$	107,551					$	103,590
Annualized Adjusted NOI			$	478,764					$	467,464					$	470,822					$	456,976					$	440,944
Annualized Adjusted Cash NOI			451,672						440,084						443,049						430,204						414,360

BROADSTONE NET LEASE, INC. | www.broadstone.com | © 2026 Broadstone Net Lease, LLC. All rights reserved. 16

Net Debt Metrics

(in thousands)

			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			1,095,298						995,423						994,820						994,219						994,550
Senior unsecured notes, net			1,191,962						1,191,552						1,191,143						1,190,738						1,190,315
Mortgages, net			40,262						40,640						56,197						56,689						57,168
Debt issuance costs			12,740						13,025						14,056						15,072						15,171
Gross Debt			$	2,895,700					$	2,688,016					$	2,653,856					$	2,522,754					$	2,353,028
Cash and cash equivalents			(12,189)						(11,095)						(20,310)						(30,540)						(81,966)
Restricted cash			(1,588)						(1,822)						(1,369)						(3,102)						(1,354)
Net Debt			$	2,881,923					$	2,675,099					$	2,632,177					$	2,489,112					$	2,269,708
Estimated net proceeds from forward sale agreements (a)			(409,329)						(124,313)						(80,551)						(10,964)						(37,257)
Pro Forma Net Debt			$	2,472,594					$	2,550,786					$	2,551,626					$	2,478,148					$	2,232,451
Leverage Ratios:
Net Debt to Annualized EBITDAre			6.9x						6.3x						6.2x						6.3x						5.7x
Net Debt to Annualized Adjusted EBITDAre			6.6x						6.4x						6.1x						6.0x						5.7x
Pro Forma Net Debt to Annualized Adjusted EBITDAre			5.4x						5.9x						5.8x						5.8x						5.4x

(a)Represents pro forma adjustment for estimated net proceeds from forward sale agreements that have not settled as if they have been physically settled for cash as of the period presented.

Covenants

The following is a summary of key financial covenants for the Company’s unsecured debt instruments. The covenants associated with the Revolving Credit Facility, Unsecured Term Loans with commercial banks, and the Series A-C Senior Unsecured Notes, are reported to the respective lenders via quarterly covenant reporting packages. The covenants associated with the Senior Unsecured Public Notes are not required to be reported externally to third parties, and are instead calculated in connection with borrowing activity and for financial reporting purposes only. These calculations, which are not based on U.S. GAAP measurements, are presented to investors to show that as of September 30, 2026, the Company believes it is in compliance with the covenants.

Covenants

Required

Revolving Credit Facility and Unsecured Term Loans

Senior Unsecured Notes Series A, B, & C

Senior Unsecured Public Notes

Leverage ratio

≤ 0.60 to 1.00

0.38

0.41

Not Applicable

Secured indebtedness ratio

≤ 0.40 to 1.00

0.01

0.01

Not Applicable

Unencumbered coverage ratio

≥ 1.75 to 1.00

3.66

Not Applicable

Not Applicable

Fixed charge coverage ratio

≥ 1.50 to 1.00

3.69

3.69

Not Applicable

Total unsecured indebtedness to total unencumbered eligible property value

≤ 0.60 to 1.00

0.39

0.47

Not Applicable

Dividends and other restricted payments

Only applicable in case of default

Not Applicable

Not Applicable

Not Applicable

Aggregate debt ratio

≤ 0.60 to 1.00

Not Applicable

Not Applicable

0.45

Consolidated income available for debt to annual debt service charge

≥ 1.50 to 1.00

Not Applicable

Not Applicable

4.39

Total unencumbered assets to total unsecured debt

≥ 1.50 to 1.00

Not Applicable

Not Applicable

2.23

Secured debt ratio

≤ 0.40 to 1.00

Not Applicable

Not Applicable

0.01

BROADSTONE NET LEASE, INC. | www.broadstone.com | © 2026 Broadstone Net Lease, LLC. All rights reserved. 17

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: 3.7 years (a)

(a)Our Revolving Credit Facility, 2028 Unsecured Term Loan, 2029 Unsecured Term Loan, and 2030 Unsecured Term Loan reflected above assumes exercise of available extension options subject to certain conditions, including the payment of extension fees.

Swap Maturities

(dollars in millions)

Weighted Average Effective Swap Maturity: 2.8 years

BROADSTONE NET LEASE, INC. | www.broadstone.com | © 2026 Broadstone Net Lease, LLC. All rights reserved. 18

Investment Activity

(square feet and dollars in thousands)

The following table summarizes the Company’s investment activity during 2026.

			Q3 2026						Q2 2026						Q1 2026						YTD 2026
Acquisitions:
Number of transactions			1						—						1						2
Number of properties			1						—						1						2
Square feet			544						—						316						860
Acquisition price			$	63,800					—						$	61,195		(b)			$	124,995
Industrial			$	63,800					—						$	61,195					$	124,995
Retail			—						—						—						—
Initial cash capitalization rate			7.7		%				—						9.0		%	(b)			8.3		%
Straight-line yield			8.8		%				—						9.4		%	(b)			9.1		%
Weighted average lease term (years)			15.0						—						4.0			(b)			9.2
Weighted average annual rent increase			2.0		%				—						0.8		%	(b)			1.4		%
Development projects:
Total investments			$	137,695					$	77,624					$	99,447					$	314,766
Build-to-suits			$	137,115					$	77,325					$	99,447					$	313,887
Redevelopments			$	580					$	299					$	—					$	879
Revenue generating capital expenditures:
Number of existing properties			—						2						1						3
Investments			—						$	404					$	893					$	1,297
Initial cash capitalization rate			—						11.3%						8.3%						9.2%
Weighted average lease term (years)			—						13.6						12.9						13.2
Weighted average annual rent increase			—						2.2%						2.8%						2.5%
Transitional capital:
Investments			$	35,114					$	13,462					$	10,351					$	58,927
Total investments			$	236,609					$	91,490					$	171,886					$	499,985
Total initial cash capitalization rate (a)			7.7		%				11.3		%				9.0		%				8.3		%
Total weighted average lease term (years) (a)			15.0						13.6						4.1						9.2
Total weighted average annual rent increase (a)			2.0		%				2.2		%				0.8		%				1.4		%

(a)Transitional capital, which represents a contractual yield on invested capital, and development projects, which do not generate revenue until stabilization, are excluded from the calculations of total cash capitalization, weighted average lease terms, and weighted average rent increases.

(b)In connection with this acquisition, the Company expects to fund approximately $7.0 million to re‑parcel up to 80% of the property into two distinct parcels and complete related infrastructure improvements. The sale leaseback investment includes two separate leases, one for each future parcel, consisting of (i) a 12‑year long‑term lease with initial cash rents of $1.5 million and annual rent escalations of 3.0%, and (ii) a one‑year lease with cash rents of $4.0 million. The Company is currently evaluating future options related to the property associated with the short‑term lease, with the objective of maximizing long‑term shareholder value, including potential accretive alternatives, such as redevelopment.

BROADSTONE NET LEASE, INC. | www.broadstone.com | © 2026 Broadstone Net Lease, LLC. All rights reserved. 19

Development Projects

(square feet and dollars in thousands)

The following tables summarize the Company’s in-process build-to-suit ("BTS") and redevelopment projects as of September 30, 2026:

Build-to-suit developments
Property						Projected Rentable Square Feet						Start Date (a)						Target Stabilization Date/Stabilized Date (a)						Lease Term (Years)						Annual Rent Escalations						Estimated Total Project Investment (a)						Cumulative Investment						QTD Q3 2026 Investment						Estimated Remaining Investment						Estimated Cash Capitalization Rate (a)						Estimated Straight-line Yield (a)
In-process retail BTS:
Academy Sports (Magnolia, TX)						55						Feb. 2026						Nov. 2026						15.0						0.5		%				$	12,975					$	8,955					$	4,333					$	4,020					7.3		%				7.5		%
Tesla, Inc. (Las Vegas, NV)						60						Jun. 2026						Nov. 2027						15.0						3.0		%				39,794						19,492						301						20,302						6.7		%				8.3		%
Hobby Lobby (Manor, TX)						55						Aug. 2026						Jun. 2027						15.0						0.5		%				10,339						1,628						1,628						8,711						7.1		%				7.4		%
Academy Sports (Manor, TX)						55						Aug. 2026						Jun. 2027						15.0						0.4		%				12,437						2,163						2,163						10,274						7.1		%				7.3		%
In-process industrial BTS:
Southwire (Bremen, GA)						1,178						Dec. 2024						Oct. 2026						10.0						2.6		%				115,411						94,521						11,007						20,890						7.8		%				8.8		%
Amazon.com Services, LLC (Sarasota, FL)						230						Feb. 2026						May. 2027						15.0						2.3		%				46,790						27,342						7,748						19,448						7.5		%				8.8		%
Tesla, Inc. (Austin, TX)						130						Apr. 2026						Oct. 2027						12.0						3.0		%				30,983						8,963						1,061						22,020						6.7		%				7.9		%
Fortune 20 Investment-Grade Company (Colorado)						112						Jul. 2026						Mar. 2027						15.0						3.0		%				303,000						76,247						76,247						226,753						8.5		%				11.6		%
						1,875																		13.8						2.7		%				571,729						239,311						104,488						332,418						8.0		%				10.1		%
Stabilized industrial BTS:
Sierra Nevada (Dayton, OH)						122						Oct. 2024						Nov. 2025						15.0						3.0		%				53,625						53,625						—						—						7.5		%				9.3		%
Sierra Nevada (Dayton, OH)						122						Oct. 2024						Mar. 2026						15.0						3.0		%				52,203						52,203						—						—						7.6		%				9.4		%
Fiat Chrysler Automobile (Forsyth, GA)						422						Apr. 2025						May. 2026						15.0						3.0		%				72,215						70,402						19,253						1,813						6.6		%				8.2		%
AGCO (Visalia, CA)						115						Jun. 2025						Aug. 2026						12.0						3.5		%				19,010						17,360						452						1,650						7.0		%				8.5		%
Palmer Logistics (Midlothian, TX) (b)						270						Jul. 2025						Aug. 2026						12.3						3.5		%				31,723						31,723						4,319						—						7.6		%				9.2		%
Stabilized retail BTS:
7Brew (Jacksonville, FL)						1						Jun. 2025						Nov. 2025						15.0						1.9		%				2,005						2,005						—						—						8.0		%				8.8		%
Sprouts (Bedford, TX)						22						Jul. 2025						Sep. 2026						15.0						0.9		%				9,533						6,566						1,572						2,967						7.2		%				7.7		%
Hobby Lobby (Granbury, TX)						55						Oct. 2025						Sep. 2026						15.0						0.7		%				8,129						5,307						2,597						2,822						7.1		%				7.4		%
Academy Sports (Granbury, TX)						55						Oct. 2025						Sep. 2026						15.0						0.6		%				12,393						8,848						3,537						3,545						7.1		%				7.4		%
Academy Sports (Waco, TX)						68						Dec. 2025						Sep. 2026						15.0						0.6		%				14,488						9,911						850						4,577						7.2		%				7.5		%
Total / weighted average						3,127																		14.0						2.7		%				$	847,053					$	497,261					$	137,068					$	349,792					7.7		%				9.6		%

Redevelopment projects
Property						Projected Rentable Square Feet						Start Date (a)						Target Stabilization Date (a)						% Leased (c)						Lease Term (Years) (c)						Annual Rent Escalations (c)						Estimated Total Project Investment (a)						Cumulative Investment						QTD Q3 2026 Investment						Estimated Remaining Investment						Original Property ABR (a)						Estimated Stabilized ABR (a)
In-process industrial redevelopment:
1501 Mittel (Chicago, IL MSA)						156						Apr. 2026						Aug. 2027						—						—						—						$	17,906					$	3,685					$	580					$	14,221					$	1,409					$	2,733
2400 West Central Rd (Chicago, IL MSA)						432						Jul. 2026						Jul. 2028						—						—						—						28,443						10,234						—						18,209						3,319						3,297
						588																																				$	46,349					$	13,919					$	580					$	32,430

(a)Refer to definitions and explanations appearing at the end of this supplemental document.

(b)Development represents our common and preferred equity investments in a consolidated joint venture, and excludes amounts attributed to non-controlling interest holders.

(c)Redevelopment projects without executed leases are excluded from these metrics; we expect to include once a tenant is secured and a lease is in place.

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The following table summarizes the timing of the Company’s construction investment, quarterly rent, and ABR for in-process and stabilized developments as of September 30, 2026:

(a)Represents aggregated Estimated Total Project Investment for all projects based on estimated timeline of investment dollars on a quarterly basis. Timing of investment amounts are expected to vary based on actual construction at the properties and will be updated if there are any significant changes to expected costs from quarter to quarter.

(b)Amounts calculated based on aggregate of each project’s estimated rent upon stabilization in accordance with the timing of Target Stabilization Date. We expect to update our timing estimates on a quarterly basis.

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Transitional Capital

(dollars in thousands)

The following table summarizes the Company’s transitional capital investments, which are excluded from real estate investment portfolio statistics:

Property (a)						Investment (’000s)						Stabilized Cash Capitalization Rate (b)						Annualized Initial Cash NOI Yield						Remaining Initial Term (Years)
Sunset Hills Retail Center - St. Louis, MO (c) (d)						$	57,643					8.0		%				7.6		%				0.8
Project Triboro Industrial Park - Olyphant, PA (e)						154,257						7.8		%				—						2.1

(a)Each of the Company’s transitional capital investments at September 30, 2026 are in the form of preferred equity.

(b)Represents stated yield with unpaid amounts accruing with preferential payment.

(c)Agreement includes an additional $7.8 million commitment of preferred capital at the Company's sole discretion. The remaining commitment at September 30, 2026 is $2.4 million. Agreement contains two one-year extension options subject to a 0.50% extension fee. Repayment at end of term subject to a $3.5 million repayment fee.

(d)Underlying property metrics at September 30, 2026: 28 retail spaces, 0.3 million rentable square feet, 6.7 years of weighted average remaining lease term, 97.6% occupancy rate (based on square feet and including leases that have been executed but rent has not yet commenced), and 99.4% rent collection (on a quarterly basis).

(e)This investment represents preferred equity in four consolidated joint ventures that have acquired land designated for industrial build-to-suit development. Agreements contain two one-year extension options subject to a 0.25% fee for the first option, and a 0.50% fee for the second option, and the right to transfer or sell our preferred equity at any time.

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Dispositions

(square feet and dollars in thousands)

The following table summarizes the Company’s property disposition activity during 2026.

Q1 2026
Property Type						Number of Properties						Square Feet						Acquisition Price						Disposition Price						Net Book Value
Industrial						1						78						$	6,500					$	12,094					$	4,095
Total Properties						1						78						6,500						12,094						4,095
Weighted average cash cap rate																														5.6		%

Q2 2026
Property Type						Number of Properties						Square Feet						Acquisition Price						Disposition Price						Net Book Value
Industrial						3						565						$	49,495					$	54,764					$	41,232
Retail						6						22						17,454						7,275						6,727
Total Properties						9						587						66,949						62,039						47,959
Weighted average cash cap rate																														6.4		%

Q3 2026
Property Type						Number of Properties						Square Feet						Acquisition Price						Disposition Price						Net Book Value
Industrial						1						23						$	7,258					$	8,325					$	6,889
Retail						2						8						2,766						4,204						1,925
Total Properties						3						31						10,024						12,529						8,814
Weighted average cash cap rate																														6.6		%

YTD 2026
Property Type						Number of Properties						Square Feet						Acquisition Price						Disposition Price						Net Book Value
Industrial						5						666						$	63,253					$	75,183					$	52,216
Retail						8						30						20,220						11,479						8,652
Total Properties						13						696						$	83,473					$	86,662					$	60,868
Weighted average cash cap rate																														6.3		%

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Portfolio at a Glance: Key Metrics (a)

						September 30, 2026						June 30, 2026						March 31, 2026						December 31, 2025						September 30, 2025
Properties						767						766						773						771						759
U.S. States						44						44						44						44						44
Canadian Provinces						4						4						4						4						4
Total annualized base rent						$449.5		M				$439.8		M				$438.8M						$428.8		M				$412.9		M
Total rentable square footage (“SF”)						42.3		M				41.7		M				41.9M						41.6		M				40.7		M
Tenants						206						206						209						206						204
Brands						195						195						198						197						195
Industries						57						56						57						57						56
Occupancy (based on SF)						100.0		%				100.0		%				99.8		%				99.8		%				99.5		%
Rent Collection						99.9		%				99.9		%				100.0		%				100.0		%				100.0		%
Top 10 tenant concentration						20.6		%				20.8		%				21.3		%				21.1		%				21.3		%
Top 20 tenant concentration						34.1		%				34.4		%				34.6		%				34.3		%				34.7		%
Investment grade (tenant/guarantor) (b)						19.9		%				20.1		%				19.1		%				20.2		%				20.9		%
Financial reporting coverage (c)						95.5		%				96.0		%				96.0		%				95.4		%				96.6		%
Rent coverage ratio (restaurants only)						3.2x						3.2x						3.2x						3.2x						3.2x
Weighted average annual rent increases						2.1		%				2.1		%				2.1		%				2.1		%				2.0		%
Weighted average remaining lease term						9.3 years						9.3 years						9.5 years						9.6 years						9.5 years
Master leases (based on ABR)
Total portfolio						38.0		%				38.0		%				38.0		%				38.6		%				39.0		%
Multi-site tenants						64.0		%				64.0		%				64.0		%				64.9		%				66.5		%

(a)Property metrics exclude transitional capital investments.

(b)Investment grade tenants are our tenants with a credit rating, and tenants that are subsidiaries or affiliates of companies with a credit rating, as of balance sheet date, of a Baa3/BBB- or higher from one of the three major rating agencies (Moody’s/S&P/Fitch).

(c)Includes 11.0% related to tenants not required to provide financial information under the terms of our lease, but whose financial statements are available publicly at September 30, 2026.

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Diversification: Tenants

Top 20 Tenants

Tenant						Property Type						# of Properties						ABR (’000s)						ABR as a % of Total Portfolio						Square Feet (’000s)						SF as a % of Total Portfolio
Roskam Baking Company, LLC*						Food Processing						7						$	16,560					3.7		%				2,250						5.3		%
United Natural Foods, Inc.						Distribution & Warehouse						1						14,746						3.3		%				1,016						2.4		%
Sierra Nevada Company, LLC						Manufacturing						3						9,003						2.0		%				280						0.7		%
Joseph T. Ryerson & Son, Inc.						Distribution & Warehouse						11						8,238						1.8		%				1,599						3.8		%
AHF, LLC*						Distribution & Warehouse/Manufacturing						7						8,093						1.8		%				1,982						4.7		%
Dollar General Corporation						General Merchandise						74						7,844						1.7		%				717						1.7		%
Jack's Family Restaurants LP*						Quick Service Restaurants						43						7,757						1.7		%				147						0.3		%
Academy LTD						General Merchandise						11						7,563						1.7		%				659						1.6		%
Tractor Supply Company						General Merchandise						23						6,566						1.5		%				462						1.1		%
J. Alexander's, LLC*						Casual Dining						16						6,395						1.4		%				131						0.3		%
Total Top 10 Tenants												196						$	92,765					20.6		%				9,243						21.9		%
Salm Partners, LLC*						Food Processing						2						$	6,387					1.4		%				426						1.0		%
FCA US, LLC						Distribution & Warehouse						2						6,381						1.4		%				538						1.3		%
Nestle' USA, Inc.						Cold Storage/Food Processing						2						6,373						1.4		%				503						1.2		%
Hensley & Company*						Distribution & Warehouse						3						6,355						1.4		%				577						1.4		%
BluePearl Holdings, LLC†						Animal Services						13						6,065						1.4		%				159						0.4		%
Axcelis Technologies, Inc.						Flex and R&D						1						6,018						1.4		%				417						1.0		%
Owens & Minor Distribution, Inc.						Distribution & Warehouse						2						5,960						1.3		%				523						1.2		%
Red Lobster Hospitality, LLC & Red Lobster Restaurants, LLC*						Casual Dining						18						5,788						1.3		%				147						0.3		%
Outback Steakhouse of Florida, LLC*(a)						Casual Dining						22						5,635						1.3		%				140						0.3		%
Krispy Kreme Doughnut Corporation						Quick Service Restaurants/Food Processing						27						5,538						1.2		%				156						0.4		%
Total Top 20 Tenants												288						$	153,265					34.1		%				12,829						30.4		%

(a)Tenant’s properties include 20 Outback Steakhouse restaurants and two Carrabba’s Italian Grill restaurants.

*Subject to a master lease.

†Includes properties leased by multiple tenants, some, not all, of which are subject to master leases.

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Top 20 Tenants (a)

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(a)This document contains references to copyrights, trademarks, trade names, and service marks that belong to other companies. Broadstone Net Lease is not affiliated or associated with and is not endorsed by and does not endorse such companies or their products or services.

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Diversification: Property Type

(rent percentages based on ABR)

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Diversification: Property Type ( continued)

Property Type						# of Properties						ABR (’000s)						ABR as a % of Total Portfolio						Square Feet (’000s)						SF as a % of Total Portfolio
Industrial
Distribution & Warehouse						54						$	95,196					21.2		%				12,449						29.5		%
Manufacturing						80						84,085						18.7		%				12,807						30.3		%
Food Processing						36						55,016						12.2		%				6,050						14.3		%
Flex and R&D						9						24,870						5.5		%				1,711						4.0		%
Industrial Services						20						12,766						2.9		%				505						1.2		%
Cold Storage						4						12,440						2.8		%				874						2.1		%
In-Process Developments						6						—						—						—						—
Industrial Total						209						284,373						63.3		%				34,396						81.4		%
Retail
General Merchandise						159						38,149						8.5		%				2,847						6.7		%
Quick Service Restaurants						154						28,002						6.2		%				516						1.2		%
Casual Dining						95						27,159						6.0		%				637						1.5		%
Animal Services						27						11,776						2.6		%				421						1.0		%
Automotive						56						10,599						2.4		%				730						1.7		%
Home Furnishings						12						7,053						1.6		%				792						1.9		%
Healthcare Services						18						6,254						1.4		%				220						0.6		%
Education						4						3,013						0.7		%				118						0.3		%
In-Process Developments						4						—						—						—						—
Untenanted						1						—						—						10						—
Retail Total						530						132,005						29.4		%				6,291						14.9		%
Other
Office						13						23,078						5.1		%				1,238						2.9		%
Clinical & Surgical						15						10,092						2.2		%				327						0.8		%
Other Total						28						33,170						7.3		%				1,565						3.7		%
Total						767						$	449,548					100.0		%				42,252						100.0		%

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Key Statistics by Property Type

			Q3 2026						Q2 2026						Q1 2026						Q4 2025						Q3 2025
Industrial
Number of properties			209						208						209						208						207
Square feet (000s)			34,396						34,018						34,161						33,803						33,081
Weighted average lease term (years)			10.0						10.0						10.2						10.5						10.3
Weighted average annual rent escalation			2.2		%				2.3		%				2.2		%				2.2		%				2.2		%
Percentage of total ABR			63.3		%				63.2		%				62.8		%				61.9		%				61.2		%
Retail
Number of properties			530						530						535						534						523
Square feet (000s)			6,291						6,098						6,120						6,120						5,934
Weighted average lease term (years)			9.4						9.2						9.4						9.4						9.5
Weighted average annual rent escalation			1.7		%				1.7		%				1.7		%				1.7		%				1.7		%
Percentage of total ABR			29.4		%				29.3		%				29.4		%				30.1		%				30.6		%
Other
Number of properties			28						28						29						29						29
Square feet (000s)			1,565						1,565						1,638						1,638						1,638
Weighted average lease term (years)			3.3						3.5						3.6						3.8						4.1
Weighted average annual rent escalation			2.4		%				2.4		%				2.4		%				2.4		%				2.4		%
Percentage of total ABR			7.3		%				7.5		%				7.8		%				8.0		%				8.2		%

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Diversification: Tenant Industry 

Tenant Industry						# of Properties						ABR (’000s)						ABR as a % of Total Portfolio						Square Feet (’000s)						SF as a % of Total Portfolio
Packaged Foods & Meats						39						$	57,897					12.9		%				6,338						15.0		%
Restaurants						252						56,006						12.5		%				1,196						2.8		%
Food Distributors						7						28,708						6.4		%				2,534						6.0		%
Distributors						29						22,391						5.0		%				3,357						7.9		%
Healthcare Facilities						42						21,867						4.9		%				748						1.8		%
Specialty Stores						44						21,585						4.8		%				1,584						3.8		%
Auto Parts & Equipment						38						19,181						4.3		%				2,950						7.1		%
Aerospace & Defense						6						13,702						3.0		%				642						1.6		%
Home Furnishing Retail						16						12,046						2.7		%				1,687						4.0		%
General Merchandise Stores						110						11,686						2.6		%				1,035						2.4		%
Metal & Glass Containers						8						11,176						2.5		%				2,206						5.2		%
Healthcare Services						17						11,071						2.5		%				568						1.3		%
Specialized Consumer Services						38						10,796						2.4		%				684						1.6		%
Life Sciences Tools & Services						6						10,017						2.2		%				600						1.4		%
Industrial Machinery						18						9,521						2.1		%				1,823						4.3		%
Other (42 industries)						96						131,898						29.2		%				14,290						33.8		%
Untenanted properties						1						—						—						10						—
Total						767						$	449,548					100.0		%				42,252						100.0		%

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Diversification: Geography

(rent percentages based on ABR)

State / Province						# of Properties						ABR (’000s)						ABR as a % of Total Portfolio						Square Feet (’000s)						SF as a % of Total Portfolio									State / Province						# of Properties						ABR (’000s)						ABR as a % of Total Portfolio						Square Feet (’000s)						SF as a % of Total Portfolio
TX						71						$	49,305					11.0		%				4,534						10.7		%							MS						12						$	4,244					0.9		%				607						1.4		%
MI						50						36,728						8.2		%				4,005						9.5		%							LA						5						3,857						0.9		%				211						0.5		%
FL						27						25,364						5.6		%				1,543						3.7		%							NE						6						3,526						0.8		%				492						1.2		%
OH						49						25,156						5.6		%				1,833						4.3		%							SC						13						3,456						0.8		%				304						0.7		%
CA						16						24,530						5.5		%				2,330						5.5		%							NJ						2						3,404						0.8		%				266						0.6		%
WI						25						22,347						5.0		%				2,223						5.3		%							IA						4						2,976						0.7		%				622						1.5		%
MN						21						20,670						4.6		%				3,051						7.2		%							NM						9						2,842						0.6		%				107						0.3		%
IL						29						18,934						4.2		%				1,764						4.2		%							UT						3						2,829						0.6		%				280						0.6		%
GA						35						17,116						3.8		%				1,997						4.7		%							WA						13						2,733						0.6		%				69						0.2		%
PA						32						16,091						3.6		%				2,172						5.1		%							CO						5						2,658						0.6		%				126						0.3		%
IN						27						14,985						3.3		%				1,687						4.0		%							MD						3						2,215						0.5		%				205						0.5		%
MO						20						14,130						3.1		%				1,804						4.3		%							CT						2						2,000						0.4		%				55						0.1		%
TN						47						13,667						3.0		%				783						1.9		%							MT						7						1,749						0.4		%				43						0.1		%
AL						53						13,197						2.9		%				950						2.2		%							DE						4						1,188						0.3		%				133						0.3		%
MA						4						11,942						2.7		%				759						1.8		%							ND						2						1,089						0.2		%				24						0.1		%
KY						22						9,279						2.1		%				923						2.2		%							VT						2						445						0.1		%				24						0.1		%
WV						18						9,194						2.0		%				1,233						2.9		%							WY						1						338						0.1		%				21						0.1		%
AZ						7						9,121						2.0		%				747						1.8		%							NV						2						282						0.1		%				6						—
NC						25						9,034						2.0		%				830						2.0		%							OR						1						136						—						9						—
OK						24						8,746						2.0		%				1,001						2.4		%							Total U.S.						760						$	441,572					98.2		%				41,823						99.0		%
AR						10						7,784						1.7		%				340						0.8		%							BC						2						$	4,619					1.0		%				253						0.6		%
NY						28						7,499						1.7		%				562						1.3		%							ON						3						2,049						0.5		%				101						0.2		%
VA						15						5,124						1.1		%				178						0.3		%							AB						1						964						0.2		%				51						0.1		%
KS						7						5,015						1.1		%				630						1.5		%							MB						1						344						0.1		%				24						0.1		%
SD						2						4,647						1.0		%				340						0.8		%							Total Canada						7						$	7,976					1.8		%				429						1.0		%
																																							Grand Total						767						$	449,548					100.0		%				42,252						100.0		%

BROADSTONE NET LEASE, INC. | www.broadstone.com | © 2026 Broadstone Net Lease, LLC. All rights reserved. 32

Lease Expirations

(rent percentages based on ABR)

Expiration Year						# of Properties						# of Leases						ABR (’000s)						ABR as a % of Total Portfolio						Square Feet (’000s)						SF as a % of Total Portfolio
2026						4						4						$	1,572					0.3		%				80						0.2		%
2027						28						24						31,938						7.1		%				2,877						6.8		%
2028						25						26						19,199						4.3		%				1,596						3.8		%
2029						62						37						19,407						4.3		%				2,618						6.2		%
2030						66						54						39,948						8.9		%				3,451						8.2		%
2031						39						34						9,598						2.1		%				863						2.0		%
2032						64						49						34,125						7.6		%				3,475						8.2		%
2033						51						25						20,245						4.5		%				1,504						3.6		%
2034						39						28						17,504						3.9		%				1,426						3.4		%
2035						22						17						17,145						3.8		%				2,219						5.3		%
2036						98						27						42,699						9.5		%				4,358						10.3		%
2037						18						12						27,745						6.2		%				2,332						5.5		%
2038						41						41						18,715						4.2		%				1,722						4.1		%
2039						21						17						23,095						5.1		%				1,743						4.1		%
2040						32						13						17,534						3.9		%				923						2.2		%
2041						69						15						35,852						8.0		%				2,826						6.7		%
2042						59						15						47,827						10.7		%				4,926						11.6		%
2043						3						2						8,160						1.8		%				517						1.2		%
2044						3						3						1,660						0.4		%				103						0.2		%
2045						4						3						7,350						1.6		%				698						1.7		%
Thereafter						8						2						8,230						1.8		%				1,985						4.7		%
Total leased properties						756						448						449,548						100.0		%				42,242						100.0		%
In-process developments						10						8						—						—						—						—
Untenanted properties						1						—						—						—						10						—
Total properties						767						456						$	449,548					100.0		%				42,252						100.0		%

BROADSTONE NET LEASE, INC. | www.broadstone.com | © 2026 Broadstone Net Lease, LLC. All rights reserved. 33

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
Lease expirations (a)			8
Leasing activities			(2)
Properties under redevelopment			(1)
Vacant dispositions			(6)
Vacant properties at June 30, 2026			1
Lease expirations (a)			29
Leasing activities			(28)
Properties under redevelopment			(1)
Vacant dispositions			—
Vacant properties at September 30, 2026			1

(a)Includes scheduled and unscheduled expirations (including leases rejected in bankruptcy), as well as future expirations resolved and effective in the periods indicated above.

BROADSTONE NET LEASE, INC. | www.broadstone.com | © 2026 Broadstone Net Lease, LLC. All rights reserved. 34

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 NOI and Adjusted Cash NOI are non-GAAP financial measures that we believe are useful to assess property-level performance. We compute Adjusted NOI by adjusting Adjusted EBITDAre (defined below) to exclude general and administrative expenses incurred at the corporate level. Given the net lease nature of our portfolio, we do not incur general and administrative expenses at the property level. To compute Adjusted Cash NOI, we adjust Adjusted NOI to exclude non-cash items included in total revenues and property expenses, such as straight-line rental revenue and other amortization and non-cash items, based on an estimate calculated as if all investment and disposition activity that took place during the quarter had occurred on the first day of the quarter. We then annualize quarterly Adjusted NOI and Adjusted Cash NOI by multiplying each amount by four to compute Annualized Adjusted NOI and Annualized Adjusted Cash NOI, respectively, which are also non-GAAP financial measures. We believe Adjusted NOI and Adjusted Cash NOI provide useful and relevant information because they reflect only those income and expense items that are incurred at the property level and present such items on an unlevered basis. We believe that the exclusion of certain non-cash revenues and expenses from Adjusted Cash NOI is a useful supplemental measure for investors to consider because it will help them to better assess our operating performance without the distortions created by non-cash revenues or expenses. You should not unduly rely on Annualized Adjusted NOI and Annualized Adjusted Cash NOI as they are based on assumptions and estimates that may prove to be inaccurate. Our actual reported Adjusted NOI and Adjusted Cash NOI for future periods may be significantly different from our Annualized Adjusted NOI and Annualized Adjusted Cash NOI. Additionally, our computation of Adjusted NOI and Adjusted Cash NOI may differ from the methodology for calculating these metrics used by companies in our industry, and, therefore, may not be comparable to similarly titled measures reported by other companies.

Adjusted Secured Overnight Financing Rate (SOFR): We define Adjusted SOFR as the current one month term SOFR plus an adjustment of 0.10% per the terms of our credit facilities.

Annualized Base Rent (ABR): We define ABR as the annualized contractual cash rent due for the last month of the reporting period, excluding the impacts of short-term rent deferrals, abatements, or free rent, and adjusted to remove rent from properties sold during the month and to include a full month of contractual cash rent for investments made during the month.

Cash Capitalization Rate: Cash Capitalization Rate represents either (1) for acquisitions and new build-to-suit developments, our pro-rata share of the estimated first year cash yield to be generated on a real estate investment, which was estimated at the time of investment based on the contractually specified cash base rent for the first full year after the date of the investment, divided by the purchase price for the property excluding capitalized acquisition costs, or (2) for dispositions, the property’s ABR in effect immediately prior to the disposition, divided by the disposition price, or (3) for transitional capital, the contractual cash yield to be generated on total invested capital.

EBITDA, EBITDAre, Adjusted EBITDAre, Pro Forma Adjusted EBITDAre, Annualized EBITDAre, Annualized Adjusted EBITDAre, and Pro Forma Annualized Adjusted EBITDAre: EBITDA, EBITDAre, Adjusted EBITDAre, Pro Forma Adjusted EBITDAre, Annualized EBITDAre, Annualized Adjusted EBITDAre, and Pro Forma Annualized Adjusted EBITDAre are non-GAAP financial measures. We compute EBITDA as earnings before interest, income taxes and depreciation and amortization. EBITDA is a measure commonly used in our industry. We believe that this ratio provides investors and analysts with a measure of our performance that includes our operating results unaffected by the differences in capital structures, capital investment cycles and useful life of related assets compared to other companies in our industry. We compute EBITDAre in accordance with the definition adopted by Nareit. Nareit defines EBITDAre as EBITDA excluding gains (loss) from the sales of depreciable property and provisions for impairment on investment in real estate. We believe EBITDA and EBITDAre are useful to investors and analysts because they provide important supplemental information about our operating performance exclusive of certain non-cash and other costs. Adjusted EBITDAre represents EBITDAre, adjusted to reflect revenue producing investments and dispositions for the quarter as if such investments and dispositions had occurred at the beginning of the quarter, and to exclude certain GAAP income and expense amounts that are either non-cash, such as cost of debt extinguishments, realized or unrealized gains and losses on foreign currency transactions, or gains on insurance recoveries, or that we believe are one time, or unusual in nature because they relate to unique circumstances or transactions that had not previously occurred and which we do not anticipate occurring in the future, and to eliminate the impact of lease termination fees, and other items that are not a result of normal operations. While investments in build-to-suit developments have an immediate impact to Net Debt, we do not make an adjustment to EBITDAre until the quarter in which the lease commences. We define our Pro Forma Adjusted EBITDAre as Adjusted EBITDAre adjusted to show the impact of estimated contractual revenues based on in-process development spend to-date. Our Pro Forma Net Debt is defined as Net Debt adjusted for estimated net proceeds from forward sale agreements that have not settled as if they have been physically settled for cash as of the period presented. We then annualize quarterly Adjusted EBITDAre and Pro Forma Adjusted EBITDAre by multiplying them by four (“Annualized Adjusted EBITDAre” and “Annualized Pro Forma Adjusted EBITDAre”). You should not unduly rely on this measure as it is based on assumptions and estimates that may prove to be inaccurate. Our actual reported EBITDAre for future periods may be significantly different from our Annualized Adjusted EBITDAre. Adjusted EBITDAre and Annualized Adjusted EBITDAre are not measurements of performance under GAAP, and our Adjusted EBITDAre and Annualized Adjusted EBITDAre may not be comparable to similarly titled measures of other companies. You should not consider our Adjusted EBITDAre and Annualized Adjusted EBITDAre as alternatives to net income or cash flows from operating activities determined in accordance with GAAP.

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 they are widely accepted industry measures used by analysts and investors to compare the operating performance of REITs. FFO, Core FFO, and AFFO should not be considered alternatives to net income as a performance measure or to cash flows from operations, as reported on our statement of cash flows, or as a liquidity measure and should be considered in addition to, and not in lieu of, GAAP financial measures. We compute Core FFO by adjusting FFO to exclude certain GAAP income and expense amounts that we believe are infrequently recurring, unusual in nature, or not related to its core real estate operations, including write-offs or recoveries of accrued rental income, lease termination fees and other non-core income from real estate transactions, non-capitalized demolition and other redevelopment costs, severance and employee transition costs, and other extraordinary items. We compute AFFO by adjusting Core FFO for certain revenues and expenses that are non-cash or unique in nature, including straight-line rents, amortization of lease intangibles, amortization of debt issuance costs, adjustment to provision for credit losses, non-capitalized transaction costs such as acquisition costs related to deals that failed to transact, (gain) loss on interest rate swaps and other non-cash interest expense, deferred taxes, stock-based compensation, and other specified non-cash items.

BROADSTONE NET LEASE, INC. | www.broadstone.com | © 2026 Broadstone Net Lease, LLC. All rights reserved. 35

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: Occupancy or a specified percentage of our portfolio that is “occupied” or “leased” means as of a specified date the quotient of (1) the total rentable square footage of our properties minus the square footage of our properties that are vacant and from which we are not receiving any rental payment, and (2) the total square footage of our properties.

Rent Coverage Ratio: Rent Coverage Ratio means the ratio of tenant-reported or, when available, management’s estimate, based on tenant-reported financial information, of annual earnings before interest, taxes, depreciation, amortization, and cash rent attributable to the leased property (or properties, in the case of a master lease) to the annualized base rental obligation as of a specified date.

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 tenants, net write-offs of accrued rental income, and other income from real estate transactions for properties that we owned for the entire year-to-date period for both current and prior year except for properties during the current or prior year that were under development. For purposes of comparability, same store rental revenue is presented on a constant currency basis by applying the exchange rate as of the balance sheet date to base currency rental revenue.

Straight-line Yield: Straight-line yield represents our pro-rata share of the estimated first year yield to be generated on a real estate investment, which was computed at the time of investment based on the straight-line annual rental income computed in accordance with GAAP, divided by the purchase price.

Definitions Related to Development Properties:

•Estimated Cash Capitalization Rate: Calculated by dividing the estimated first year cash yield to be generated on a real estate investment by the Estimated Total Project Investment for the property.

•Estimated Stabilized ABR: The Estimated Stabilized ABR represents estimated ABR expected at the completion of our redevelopment projects based on current expected market rates or executed leases.

•Estimated Straight-line Yield: Represents the estimated first year yield to be generated on a real estate investment, which was computed at the time of investment based on the estimated annual straight-line rental income computed in accordance with GAAP, divided by the Estimated Total Project Investment.

•Estimated Total Project Investment: Represents the estimated costs to be incurred to complete development of each project, inclusive of any economic incentive amounts expected to be received. We expect to update our estimates upon completion of the project, or sooner if there are any significant changes to expected costs from quarter to quarter. Excludes capitalized costs consisting of capitalized interest and other acquisition costs. Redevelopment projects include remaining GAAP basis of the property from the initial purchase, which includes impacts of depreciation, accelerated depreciation, or impairments.

•Original Property ABR: The Original Property ABR represents total ABR at the time of our expiring leases for our redevelopment projects.

•Start Date: The Start Date represents the period in which we have acquired access to the land and begun physical construction on a property. For redevelopments, this date also represents the date of the expiring leases from our Original Property ABR.

•Target Stabilization Date: The Target Stabilization Date is our current estimate of the period in which we will have substantially completed a project and we expect to begin collecting rents. We expect to update our timing estimates on a quarterly basis.

BROADSTONE NET LEASE, INC. | www.broadstone.com | © 2026 Broadstone Net Lease, LLC. All rights reserved. 36

Filing Exhibits & Attachments

5 documents

Press Releases

• EX-99.1 EX-99.1 441.8 KB
• EX-99.2 EX-99.2 1.6 MB

Other Documents

• EX-101 XBRL TAXONOMY EXTENSION SCHEMA DOCUMENT 1.7 KB
• EX-101 XBRL TAXONOMY EXTENSION LABEL LINKBASE DOCUMENT 22.3 KB
• EX-101 XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE DOCUMENT 12.7 KB