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Broadstone Net Lease, Inc. (NYSE: BNL) lifts 2026 AFFO view, $303M project

Filing Impact
(High)
Filing Sentiment
(Neutral)
Form Type
8-K

Rhea-AI Filing Summary

Broadstone Net Lease, Inc. reported stronger Q2 2026 results. Lease revenues, net were $122.3 million, above $113.0 million a year earlier. Net income rose to $40.3 million, or $0.21 per diluted share, a 110.0% increase. AFFO was $78.2 million, or $0.39 per diluted share, 2.6% above the prior year. Same-store rental revenue grew 2.2%, and the company collected 99.9% of base rents.

As of June 30, 2026, the portfolio comprised 766 net-leased properties totaling 41.7 million rentable square feet, effectively fully leased and diversified across 206 tenants, with a 9.3-year weighted-average lease term and 2.1% average annual rent escalators. The committed build-to-suit pipeline totaled $645 million, including a recently announced $303 million Colorado joint venture for a 100-megawatt powered shell leased to a Fortune 20 investment-grade company under a 15-year triple-net lease, expected to be meaningfully accretive to 2027–2028 earnings.

Net Debt was $2.7 billion, equating to 6.4x Net Debt to Annualized Adjusted EBITDAre, with $542.1 million of revolver availability and a new $300 million delayed-draw term loan maturing in 2030. Management now expects 2026 AFFO of $1.55–$1.57 per diluted share and declared a quarterly dividend of $0.2925 per share.

Positive

  • Net income increased to $40.3 million, or $0.21 per diluted share, a 110.0% rise from the prior-year quarter, supported by higher lease revenues and $13.0 million of gains on sale of real estate.
  • AFFO reached $78.2 million, or $0.39 per diluted share, 2.6% above a year earlier, and management raised full-year 2026 AFFO guidance to $1.55–$1.57 per diluted share from $1.53–$1.57.
  • A $303 million Colorado build-to-suit joint venture with a Fortune 20 investment-grade tenant is expected to deliver an 8.5% year-one cash yield, 11.6% straight-line yield, and be meaningfully accretive to 2027–2028 earnings.
  • Operational metrics remained strong, with 2.2% same-store rental revenue growth, 99.9% base rent collection, a 9.3-year weighted-average lease term, and no tenant representing more than 3.8% of annualized base rent.

Negative

  • None.

Filing Explained

The disclosed forward ATM sales are unsettled, but settlement would issue new shares and reduce existing holders’ percentage ownership.

Broadstone Net Lease used this July 29 Form 8-K to furnish its second-quarter results and related supplemental information. The filing also discloses forward sales under its ATM program: 2.2 million common shares at a weighted average gross price of $20.77 for estimated gross proceeds of $45.5 million, with none settled as of the reporting date.

An ATM program allows an issuer to sell new shares gradually at prevailing market prices. The filing separately reports a subsequent forward sale of 1.6 million shares at $21.45 for estimated gross proceeds of $35.0 million; these disclosures describe agreed forward sales, not completed share issuance or cash proceeds received.

Settlement may occur at the company’s discretion before twelve months after each sale date, and approximately $197.0 million of capacity remained under the $400 million ATM program as of July 29. If the forward sales settle in shares, the total share count would increase and existing holders’ percentage ownership would be reduced.

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, and exhibit attachments filed with this report.
Lease revenues, net $122.309 million Lease revenues, net for the quarter ended June 30, 2026
Net income Q2 2026 $40.255 million Net income for the quarter ended June 30, 2026, up 110.0% year-over-year
AFFO per diluted share Q2 2026 $0.39 AFFO per diluted share in Q2 2026, 2.6% higher than prior-year period
Same-store rental revenue growth 2.2% Same-store rental revenue growth vs Q2 2025
2026 AFFO guidance $1.55–$1.57 per diluted share Full-year 2026 AFFO guidance range, revised from $1.53–$1.57
Colorado build-to-suit investment $303 million Estimated investment for Colorado joint venture with Fortune 20 tenant
Net Debt to Annualized Adjusted EBITDAre 6.4x Leverage ratio as of June 30, 2026; pro forma 5.9x
Portfolio properties 766 properties Net-leased commercial properties owned as of June 30, 2026
Adjusted Funds From Operations (AFFO) financial
"FFO, Core FFO, and AFFO are measures that are not calculated in accordance"
Adjusted funds from operations (AFFO) is a cash-based measure used mainly for real estate companies that starts with net income and removes accounting items plus recurring maintenance costs to show the cash a property business actually generates for owners. Think of it like a household budget: after counting your income, AFFO subtracts routine upkeep and tenant turnover bills so investors can see the money likely available for dividends or reinvestment. It matters because it gives a clearer picture of sustainable cash flow than raw accounting profit.
build-to-suit financial
"The highlight of the quarter...was the announcement of our $303 million build-to-suit"
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.
triple-net lease financial
"under a 15-year triple-net lease with two five-year extension options"
A triple-net lease is a rental agreement where the tenant pays the base rent plus the property's operating expenses—typically taxes, insurance, and maintenance—so the landlord receives mostly a steady, predictable cash payment. For investors, it matters because it can act like a low-maintenance, bond-like income stream with clearer expense exposure, but returns depend on the tenant’s financial strength and long-term ability to cover those extra costs.
Net Debt to Annualized Adjusted EBITDAre financial
"Net Debt to Annualized Adjusted EBITDAre ratio of 6.4x, and a Pro Forma"
Net debt to annualized adjusted EBITDAre is a leverage ratio that divides a company’s net debt (total borrowings minus cash) by its adjusted, annualized operating cash profit measure (EBITDAre). It tells investors how many years of the company’s current, normalized operating earnings would be needed to pay off its debt, like comparing total mortgage balance to a household’s expected yearly take-home pay; lower values indicate less financial risk.
straight-line yield financial
"year-two cash yield of approximately 9.7%, and a straight-line yield of approximately 11.6%"
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.
forward equity agreements financial
"Estimated net proceeds from forward equity agreements that have not settled"
Lease revenues, net $122.309 million up from $112.986 million in Q2 2025
Net income $40.255 million up 110.0% compared to Q2 2025
AFFO per diluted share $0.39 up 2.6% compared to prior-year period
Guidance

For 2026, the company expects AFFO of $1.55 to $1.57 per diluted share, revised from $1.53 to $1.57.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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FAQ

How did Broadstone Net Lease (BNL) perform financially in Q2 2026?
Broadstone Net Lease reported Q2 2026 lease revenues of $122.3 million and net income of $40.3 million ($0.21 diluted EPS). AFFO was $78.2 million, or $0.39 per diluted share, 2.6% higher than the prior-year quarter.

What were BNL’s same-store rent growth and rent collections in Q2 2026?
BNL achieved same-store rental revenue growth of 2.2% versus Q2 2025 and collected 99.9% of base rents for the quarter. Properties under lease represented 100.0% of portfolio rentable square footage, reflecting very strong occupancy performance.

What is Broadstone Net Lease’s 2026 AFFO guidance after Q2 2026?
For 2026, BNL expects AFFO of $1.55 to $1.57 per diluted share, revised from $1.53 to $1.57. Assumptions include $600–$800 million of real estate investments, $100–$150 million of dispositions, and $30–$31 million of core general and administrative expenses.

What is significant about BNL’s $303 million Colorado build-to-suit project?
BNL’s joint venture will invest $303 million in a powered-shell facility in Colorado for a Fortune 20 investment-grade tenant under a 15-year triple-net lease with 3% annual rent increases, targeting an 8.5% year-one cash yield and 11.6% straight-line yield.

What is Broadstone Net Lease’s leverage and liquidity position as of June 30, 2026?
As of June 30, 2026, BNL had Net Debt of $2.7 billion and a Net Debt to Annualized Adjusted EBITDAre ratio of 6.4x (5.9x pro forma), $542.1 million of revolver availability, and a new $300 million delayed-draw term loan maturing in 2030.

How large and diversified is BNL’s real estate portfolio at Q2 2026?
BNL owned 766 net-leased commercial properties totaling about 41.7 million rentable square feet across 44 U.S. states and four Canadian provinces, leased to 206 tenants, with no tenant exceeding 3.8% of annualized base rent and a 9.3-year weighted-average lease term.
FALSE000142418200014241822026-07-292026-07-29

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): July 29, 2026
________________________________________________________
BROADSTONE NET LEASE, INC.
(Exact name of Registrant as Specified in Its Charter)
________________________________________________________
Maryland001-3952926-1516177
(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:
oWritten communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
oSoliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
oPre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
oPre-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 classTrading
Symbol(s)		Name of each exchange on which registered
Common Stock, $0.00025 par value BNLThe 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 July 29, 2026, Broadstone Net Lease, Inc. (the “Company”) issued a press release announcing its financial results for the quarter ended June 30, 2026. A copy of the press release is attached hereto as Exhibit 99.1 and is incorporated herein by reference. Additionally, on July 29, 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 June 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 July 29, 2026
99.2
Quarterly Supplemental Information for the Quarter Ended June 30, 2026
104Cover 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:July 29, 2026By:/s/ John D. Callan
Name: John D. Callan
Title: Senior Vice President, General Counsel and Secretary


EXHIBIT 99.1
For Immediate Release
July 29, 2026
Company Contact:
Brent Maedl
Director, Corporate Finance & Investor Relations
brent.maedl@broadstone.com
585.382.8507
a1a.jpg
Broadstone Net Lease Announces Second 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 June 30, 2026.
MANAGEMENT COMMENTARY
“Our second quarter results underscore the earnings power of our portfolio and the continued strength of our investment activity," said John Moragne, BNL’s Chief Executive Officer. "The highlight of the quarter, and arguably of our history as a public company, was the announcement of our $303 million build-to-suit development for a Fortune 20 Investment-Grade Company, a transaction that validates everything we have been building toward and demonstrates what is possible when you combine our differentiated strategy with the execution capabilities of our team and the depth of our developer relationships. With 2.1% in-place rent increases across the portfolio, a committed build-to-suit pipeline of $645 million, and sound balance sheet management, we have the visibility and confidence to raise the midpoint of our full-year AFFO per share guidance range to $1.56, and we enter the back half of 2026 with real conviction in what lies ahead."
SECOND QUARTER 2026 HIGHLIGHTS
OPERATING
RESULTS
•Generated net income of $40.3 million, or $0.21 per diluted share, representing a 110.0% increase compared to the same period in the prior year.
•Generated AFFO of $78.2 million, or $0.39 per diluted share, representing a 2.6% increase compared to the previous year.
•Achieved same store rental revenue growth of 2.2% compared to the same period in the previous year, driven by strong contractual rent increases and leasing activity in prior periods.
•Incurred $11.9 million of general and administrative expenses. Incurred core general and administrative expenses of $7.3 million, which primarily excludes stock-based compensation and non-capitalized transaction costs.
•Collected 99.9% of base rents due for the quarter for all properties under lease.
INVESTMENT & DISPOSITION ACTIVITY
•During the second quarter, invested $91.5 million, including $77.3 million in build-to-suit developments, $13.5 million in transitional capital, and $0.7 million in revenue generating capital expenditures and redevelopments.
•During the second quarter, we started two build-to-suit developments totaling $70.8 million in estimated total project costs, with a weighted average initial cap rate of 6.7%, and straight-line yield of 8.1% with rent commencement expected in October and November of 2027. Subsequent to quarter-end and as previously announced, we started a $303 million build-to-suit with a Fortune 20 Investment Grade tenant. For additional information, please reference the Real Estate Portfolio and Investment Update section below.
•Subsequent to quarter-end, we invested $97.8 million in connection with our in-process build-to-suit investments. As of the date of this release, we have a total of approximately $149.3 million in remaining estimated investments for build-to-suit developments to be funded through the fourth quarter of 2026.
•During the second quarter, we sold nine properties for gross proceeds of $62.0 million at a capitalization rate of 6.4% on tenanted properties. Subsequent to quarter-end, we sold two properties for gross proceeds of $4.2 million, bringing our year-to-date total to 12 properties for gross proceeds of $78.3 million at capitalization rate of 6.2%.
CAPITAL MARKETS ACTIVITY
•During the second quarter of 2026, we sold, on a forward basis, 2.2 million shares of our common stock at a weighted average gross price per share of $20.77 for estimated gross proceeds of approximately $45.5 million under our at-the-market common equity offering (“ATM Program”), none of which has settled.
•Subsequent to quarter-end, we entered into a new $300 million senior unsecured delayed-draw term loan maturing January 30, 2030, and amended the pricing grids on the Company’s existing term loans and revolving credit facility to reduce the applicable margin by 5 basis points. Please reference the Balance Sheet Capital Markets Activities section below for additional details.
•Declared a quarterly dividend of $0.2925 per share which is unchanged.


SUMMARIZED FINANCIAL RESULTS
For the Three Months EndedFor the Six Months Ended
(in thousands, except per share data)June 30,
2026		March 31,
2026		June 30,
2025		June 30,
2026		June 30,
2025
Revenues$122,309 $121,401 $112,986 $243,710 $221,677 
Net income, including non-controlling interests$40,255 $46,392 $19,830 $86,647 $37,323 
Net earnings per share – diluted$0.21 $0.24 $0.10 $0.45 $0.19 
FFO$79,832 $80,697 $73,695 $160,529 $146,322 
FFO per share$0.40 $0.40 $0.37 $0.80 $0.74 
Core FFO$78,528 $79,251 $77,150 $157,779 $152,430 
Core FFO per share$0.39 $0.40 $0.39 $0.79 $0.77 
AFFO$78,211 $76,850 $74,308 $155,061 $146,120 
AFFO per share$0.39 $0.38 $0.38 $0.77 $0.74 
Diluted Weighted Average Shares Outstanding200,261199,754197,138200,006196,975
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 June 30, 2026, we owned a diversified portfolio of 766 individual net leased commercial properties with 759 properties located in 44 U.S. states and seven properties located in four Canadian provinces, comprising approximately 41.7 million rentable square feet of operational space. As of June 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 3.8% of our annualized base rent (“ABR”). Properties subject to a lease represent 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 June 30, 2026, was 9.3 years and 2.1%, respectively.
Subsequent to quarter-end and as previously announced on July 8, 2026, we entered into a joint venture to develop an advanced technology facility in Colorado for a Fortune 20 Investment Grade Company, adding an estimated $303 million investment to our committed build-to-suit pipeline. The property will be delivered as a powered shell with 100 megawatts of contracted utility capacity under a 15-year triple-net lease with two five-year extension options and 3% annual rent increases, generating a year-one cash yield of approximately 8.5%, a year-two cash yield of approximately 9.7%, and a straight-line yield of approximately 11.6%. Substantial completion and rent commencement are anticipated by March 2027, at which point the Fortune 20 investment-grade tenant is expected to become BNL's largest tenant. The transaction is expected to be meaningfully accretive to 2027 and 2028 earnings The joint venture owns and controls the land for the full campus, and the site is designed to accommodate a second 100-megawatt powered shell building in which the tenant holds the right of first refusal, providing meaningful future development optionality. For a detailed funding schedule for our committed build-to-suit pipeline, please reference our financial supplemental and investor presentation.
BALANCE SHEET AND CAPITAL MARKETS ACTIVITIES
As of June 30, 2026, we had total outstanding debt of $2.7 billion, Net Debt of $2.7 billion, a Net Debt to Annualized Adjusted EBITDAre ratio of 6.4x, and a Pro Forma Net Debt to Annualized Adjusted EBITDAre ratio of 5.9x. We had $542.1 million of available capacity on our unsecured revolving credit facility as of quarter end, and no material maturities until 2027.
During the second quarter, we sold on a forward basis, 2.2 million shares of common stock at a weighted average gross price per share of $20.77 for estimated gross proceeds of approximately $45.5 million under our ATM Program, none of which has been settled. Subsequent to quarter-end, we sold on a forward basis 1.6 million shares of common stock at a weighted average gross price per share of $21.45 for estimated gross proceeds of approximately $35.0 million under our ATM program. Since the fourth quarter of 2025, we have sold, on a forward basis, 8.2 million shares of common stock at a weighted average gross price per share of $19.97 for estimated gross proceeds of approximately $163.0 million. These sales may be settled, at our discretion, any time before twelve-months of each respective sale date. As of the date of this release, we have approximately $197.0 million of capacity remaining under our $400 million ATM Program.
2

Subsequent to quarter-end, 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 matures on 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. Additionally, we amended the pricing grids on our existing $1.0 billion in senior unsecured term loans and $1.0 billion senior unsecured revolving credit facility (the "Revolving Credit Facility"). Based on our current credit ratings, the applicable SOFR-based margin was lowered to 0.90% from 0.95% for all outstanding term loan borrowings and the new Term Loan, and 0.800% from 0.85% for all Revolving Credit Facility borrowings.
DISTRIBUTIONS
At its July 23, 2026 meeting, our board of directors declared a quarterly dividend of $0.2925 per common share and OP Unit to holders of record as of September 30, 2026, payable on or before October 15, 2026.
DEVELOPMENT PROJECTS
The following tables summarize our in-process build-to-suit ("BTS") and redevelopments as of July 29, 2026.
Build-to-suit developments
PropertyProjected Rentable Square FeetStart DateTarget Stabilization Date/Stabilized DateLease Term (Years)Annual Rent EscalationsEstimated Total Project InvestmentCumulative InvestmentEstimated Remaining InvestmentEstimated Cash Capitalization Rate
Estimated Straight-line Yield (1)
In-process retail BTS:
Sprouts (Bedford, TX)22 Jul. 2025Oct. 202615.00.9 %$9,533 $5,917 $3,616 7.2 %7.7 %
Hobby Lobby (Granbury, TX)55 Oct. 2025Sep. 202615.00.7 %8,129 2,770 5,359 7.1 %7.4 %
Academy Sports (Granbury, TX)55 Oct. 2025Nov. 202615.00.6 %12,393 8,180 4,213 7.1 %7.4 %
Academy Sports (Waco, TX)68 Dec. 2025Sep. 202615.00.6 %14,488 9,518 4,970 7.2 %7.5 %
Academy Sports (Magnolia, TX)55 Feb. 2026Nov. 202615.00.5 %12,975 5,569 7,406 7.3 %7.5 %
Tesla, Inc. (Las Vegas, NV)60 Jun. 2026Nov. 202715.03.0 %39,794 19,191 20,603 6.7 %8.3 %
In-process industrial BTS:
Southwire (Bremen, GA)1,178 Dec. 2024Nov. 202610.02.8 %115,411 88,031 27,380 7.8 %8.8 %
AGCO (Visalia, CA)115 Jun. 2025Aug. 202612.03.5 %19,879 16,909 2,970 7.0 %8.5 %
Palmer Logistics (Midlothian, TX) (2)
270 Jul. 2025Aug. 202612.33.5 %32,063 30,695 1,368 7.6 %9.2 %
Amazon.com Services, LLC (Sarasota, FL)230 Feb. 2026May. 202715.02.3 %46,790 20,795 25,995 7.5 %8.8 %
Tesla, Inc. (Austin, TX)130 Apr. 2026Oct. 202712.03.0 %30,983 7,902 23,081 6.7 %7.9 %
Fortune 20 Investment-Grade Company (Colorado)112 Jul. 2026Mar. 202715.03.0 %303,000 69,778 233,222 8.5 %11.6 %
2,350 13.72.7 %$645,438 $285,255 $360,183 7.9 %9.9 %
Stabilized industrial BTS:
Sierra Nevada (Dayton, OH)122 Oct. 2024Nov. 202515.03.0 %53,625 53,625 — 7.5 %9.3 %
Sierra Nevada (Dayton, OH)122 Oct. 2024Mar. 202615.03.0 %52,203 52,203 — 7.6 %9.4 %
Fiat Chrysler Automobile (Forsyth, GA)422 Apr. 2025May. 202615.03.0 %73,738 64,933 8,805 6.6 %8.2 %
Stabilized retail BTS:
7Brew (Jacksonville, FL)1 Jun. 2025Nov. 202515.01.9 %2,005 2,005 — 8.0 %8.8 %
Total / weighted average3,017 14.02.8 %$827,009 $458,021 $368,988 7.7 %9.7 %
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.






3


2026 GUIDANCE
For 2026, BNL expects to report AFFO of between $1.55 to $1.57 per diluted share, revised up from $1.53 to $1.57 per diluted share, as a result of our portfolio's strong year-to-date performance and accretive investment activity.
The guidance is based on the following key assumptions:
(i)investments in real estate properties between $600 and $800 million, revised up from $500 to $625 million;
(ii)dispositions of real estate properties between $100 and $150 million; revised up from $75 to $100 million;
(iii)total core general and administrative expenses between $30 million and $31 million.
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, July 30, 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/863656141. 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: 863 656 141. Analysts may pre-register with the following link: https://events.q4inc.com/analyst/863656141?pwd=10S710iX. 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 June 30, 2026, BNL’s diversified portfolio consisted of 766 individual net leased commercial properties with 759 properties located in 44 U.S. states and seven properties located in four Canadian provinces across the industrial, retail, and other property types.
4

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.
5

Broadstone Net Lease, Inc. and Subsidiaries
Condensed Consolidated Balance Sheets
(in thousands, except per share amounts)
June 30, 2026December 31, 2025
Assets
Accounted for using the operating method:
Land$818,423 $781,117 
Land improvements390,778 373,405 
Buildings and improvements4,161,424 4,118,578 
Equipment11,810 15,281 
Total accounted for using the operating method5,382,435 5,288,381 
Less accumulated depreciation(823,101)(772,589)
Accounted for using the operating method, net4,559,334 4,515,792 
Accounted for using the direct financing method25,117 25,497 
Accounted for using the sales-type method14,381 14,405 
Property under development385,067 265,812 
Investment in rental property, net4,983,899 4,821,506 
Cash and cash equivalents11,095 30,540 
Accrued rental income187,235 178,880 
Tenant and other receivables, net6,223 4,404 
Prepaid expenses and other assets63,259 55,910 
Interest rate swap, assets23,271 18,248 
Goodwill339,769 339,769 
Intangible lease assets, net250,539 268,010 
Total assets$5,865,290 $5,717,267 
Liabilities and equity
Unsecured revolving credit facility$447,376 $266,036 
Mortgages, net40,640 56,689 
Unsecured term loans, net995,423 994,219 
Senior unsecured notes, net1,191,552 1,190,738 
Interest rate swap, liabilities— 1,501 
Accounts payable and other liabilities72,493 60,081 
Dividends payable61,113 59,513 
Accrued interest payable10,356 13,502 
Intangible lease liabilities, net38,230 41,527 
Total liabilities2,857,183 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, 191,808 and 191,423 shares issued and outstanding at June 30, 2026 and December 31, 2025, respectively
48 48 
Additional paid-in capital3,504,576 3,502,380 
Cumulative distributions in excess of retained earnings(648,741)(620,221)
Accumulated other comprehensive income25,120 19,788 
Total Broadstone Net Lease, Inc. equity2,881,003 2,901,995 
Non-controlling interests127,104 131,466 
Total equity3,008,107 3,033,461 
Total liabilities and equity$5,865,290 $5,717,267 
6

Broadstone Net Lease, Inc. and Subsidiaries
Condensed Consolidated Statements of Income and Comprehensive (Loss) Income
(in thousands, except per share amounts)
For the Three Months EndedFor the Six Months Ended
June 30,
2026		March 31,
2026		June 30,
2026		June 30,
2025
Revenues
Lease revenues, net$122,309 $121,401 $243,710 $221,677 
Operating expenses
Depreciation and amortization49,102 41,526 90,628 82,072 
Property and operating expense5,817 6,180 11,997 10,491 
General and administrative11,897 10,349 22,246 19,242 
Provision for impairment of investment in rental properties3,546 — 3,546 28,068 
Total operating expenses70,362 58,055 128,417 139,873 
Other income (expenses)
Interest income135 49 186 221 
Interest expense(25,785)(25,260)(51,045)(41,186)
Gain on sale of real estate12,990 7,122 20,111 971 
Income taxes(346)(311)(658)(555)
Other income (expenses)1,314 1,446 2,760 (3,932)
Net income40,255 46,392 86,647 37,323 
Net (income) loss attributable to non-controlling interests(456)(27)(483)(420)
Net income attributable to Broadstone Net Lease, Inc.$39,799 $46,365 $86,164 $36,903 
Weighted average number of common shares outstanding
Basic190,692190,435190,565187,953
Diluted200,261199,754200,006196,975
Net earnings per share attributable to common stockholders
Basic$0.21 $0.24 $0.45 $0.19 
Diluted$0.21 $0.24 $0.45 $0.19 
Comprehensive income
Net income$40,255 $46,392 $86,647 $37,323 
Other comprehensive income
Change in fair value of interest rate swaps3,934 2,591 6,525 (30,355)
Realized loss (gain) on interest rate swaps22 31 53 (12)
Comprehensive income44,211 49,014 93,225 6,956 
Comprehensive (income) loss attributable to non-controlling interests(620)(136)(756)878 
Comprehensive income attributable to Broadstone Net Lease, Inc.$43,591 $48,878 $92,469 $7,834 
7

Reconciliation of Non-GAAP Measures
The following is a reconciliation of net income to FFO, Core FFO, and AFFO for the three months ended June 30, 2026 and March 31, 2026 and for the six months ended June 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 EndedFor the Six Months Ended
(in thousands, except per share data)June 30,
2026		March 31,
2026		June 30,
2026		June 30,
2025
Net income$40,255 $46,392 $86,647 $37,323 
Real property depreciation and amortization49,021 41,443 90,463 81,902 
Gain on sale of real estate(12,990)(7,122)(20,111)(971)
Provision for impairment of investment  in rental properties3,546 — 3,546 28,068 
FFO adjustment allocable to joint venture noncontrolling interests$— $(16)$(16)$— 
FFO$79,832 $80,697 $160,529 $146,322 
Net write-offs of accrued rental income— — — 2,231 
Other non-core income from real estate transactions(25)— (25)(109)
Non-capitalized demolition and other costs24 — 24 — 
Cost of debt extinguishment— — — 166 
Severance and employee transition costs11 — 11 54 
Other (income) expenses 1
(1,314)(1,446)(2,760)3,766 
Core FFO $78,528 $79,251 $157,779 $152,430 
Straight-line rent adjustment(5,567)(5,630)(11,197)(11,492)
Adjustment to provision for credit losses(14)— (14)(13)
Amortization of debt issuance costs1,641 1,627 3,268 2,565 
Non-capitalized transaction costs1,632 6 1,638 258 
Realized gain or loss on interest rate swaps and other non-cash interest expense36 45 81 9 
Amortization of lease intangibles(1,017)(1,015)(2,032)(2,255)
Stock-based compensation2,972 2,566 5,538 4,618 
AFFO$78,211 $76,850 $155,061 $146,120 
Diluted weighted average shares outstanding 2
200,261199,754200,006196,975
Net earnings per diluted share 3
$0.21 $0.24 $0.45 $0.19 
FFO per diluted share 3
0.40 0.40 0.80 0.74 
Core FFO per diluted share 3
0.39 0.40 0.79 0.77 
AFFO per diluted share 3
0.39 0.38 0.77 0.74 
1Amount includes $1.3 million and $1.4 million of unrealized foreign exchange gain for the three months ended June 30, 2026 and March 31, 2026, respectively, and $2.7 million and ($3.8) million of unrealized foreign exchange gain (loss) for the six months ended June 30, 2026 and June 30, 2025, respectively, primarily associated with our Canadian dollar denominated revolving borrowings.
2Excludes 1,102,192 and 1,084,415 weighted average shares of unvested restricted common stock for the three months ended June 30, 2026 and March 31, 2026, respectively. Excludes 1,093,353 and 1,044,640 weighted average shares of unvested restricted common stock for the six months ended June 30, 2026 and June 30, 2025, respectively.
3Excludes $0.3 million from the numerator for the three months ended June 30, 2026 and March 31, 2026, respectively. Excludes $0.6 million from the numerator for the six months ended June 30, 2026 and June 30, 2025, respectively.
8

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.
9

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 June 30, 2026, March 31, 2026, and June 30, 2025:
For the Three Months Ended
(in thousands)June 30,
2026		March 31,
2026		June 30,
2025
Net income$40,255 $46,392 $19,830 
Depreciation and amortization49,102 41,526 42,575 
Interest expense25,785 25,260 21,112 
Income taxes346 311 199 
EBITDA$115,488 $113,489 $83,716 
Provision for impairment of investment in rental properties3,546 — 11,939 
Gain on sale of real estate(12,990)(7,122)(566)
EBITDAre$106,044 $106,367 $95,089 
Adjustment for current quarter investment activity1
540 2,548 573 
Adjustment for current quarter disposition activity2
(327)(80)(490)
Adjustment to exclude non-recurring and other expenses3
36 — (332)
Adjustment to exclude net write-offs of accrued rental income— — 3 
Adjustment to exclude realized / unrealized foreign exchange (gain) loss(1,288)(1,446)3,445 
Adjustment to exclude cost of debt extinguishment0— — 
Adjustment to exclude other income from real estate transactions(25)(33)(46)
Adjusted EBITDAre$104,980 $107,356 $98,242 
Estimated revenues from developments4
3,766 3,237 1,629 
Pro Forma Adjusted EBITDAre$108,746 $110,593 $99,871 
Annualized EBITDAre424,176425,467380,356
Annualized Adjusted EBITDAre419,920429,425392,968
Pro Forma Annualized Adjusted EBITDAre434,984442,371399,484
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 non-capitalized demolition costs recognized in connection with demolition of a property being redeveloped for the three months ended June 30, 2026
4Represents estimated contractual revenues based on in-process development spend to-date.
10

(in thousands)June 30,
2026		March 31,
2026		June 30,
2025
Debt
Unsecured revolving credit facility$447,376 $397,640 $197,880 
Unsecured term loans, net995,423 994,820 994,028 
Senior unsecured notes, net1,191,552 1,191,143 846,441 
Mortgages, net40,640 56,197 75,685 
Debt issuance costs13,025 14,056 9,578 
Gross Debt2,688,016 2,653,856 2,123,612 
Cash and cash equivalents(11,095)(20,310)(20,784)
Restricted cash(1,822)(1,369)(1,192)
Net Debt$2,675,099 $2,632,177 $2,101,636 
Estimated net proceeds from forward equity agreements1
(124,313)(80,551)(37,722)
Pro Forma Net Debt$2,550,786 $2,551,626 $2,063,914 
Leverage Ratios:
Net Debt to Annualized EBITDAre6.3x6.2x5.5x
Net Debt to Annualized Adjusted EBITDAre6.4x6.1x5.3x
Pro Forma Net Debt to Annualized Adjusted EBITDAre5.9x5.8x5.2x
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.
11

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.
12

Exhibit 99.2
q22026_supplementalcovera.jpg


Table of Contents
SectionPage
image02a.jpg
image03a.jpg
image04a.jpg
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
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
BROADSTONE NET LEASE, INC. | www.broadstone.com | © 2026 Broadstone Net Lease, LLC. All rights reserved.
2

About the Data
This data and other information described herein are as of and for the three months ended June 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.
BROADSTONE NET LEASE, INC. | www.broadstone.com | © 2026 Broadstone Net Lease, LLC. All rights reserved.
3

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 credit worthy 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 TeamBoard 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, Underwriting & Strategy
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 & Investor Relations
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)
Q2 2026Q1 2026Q4 2025Q3 2025Q2 2025
Financial Summary
Investment in rental property$5,421,933 $5,432,912 $5,328,283 $5,147,649 $5,058,791 
Less accumulated depreciation(823,101)(803,658)(772,589)(745,326)(721,195)
Property under development385,067 329,260 265,812 179,172 116,635 
Investment in rental property, net4,983,899 4,958,514 4,821,506 4,581,495 4,454,231 
Cash and cash equivalents11,095 20,310 30,540 81,966 20,784 
Restricted cash1,822 1,369 3,102 1,354 1,192 
Total assets5,865,290 5,845,027 5,717,267 5,519,271 5,326,679 
Unsecured revolving credit facility447,376 397,640 266,036 95,824 197,880 
Mortgages, net40,640 56,197 56,689 57,168 75,685 
Unsecured term loans, net995,423 994,820 994,219 994,550 994,028 
Senior unsecured notes, net1,191,552 1,191,143 1,190,738 1,190,315 846,441 
Total liabilities2,857,183 2,823,678 2,683,806 2,506,762 2,290,858 
Total Broadstone Net Lease, Inc. equity2,881,003 2,892,460 2,901,995 2,884,658 2,906,693 
Total equity (book value)3,008,107 3,021,349 3,033,461 3,012,509 3,035,821 
Revenues122,309 121,401 118,295 114,167 112,986 
General and administrative - other8,925 7,783 7,174 7,486 7,100 
Stock based compensation2,972 2,566 2,492 2,488 2,471 
General and administrative11,897 10,349 9,666 9,974 9,571 
Total operating expenses70,362 58,055 62,384 63,417 69,088 
Interest expense25,785 25,260 25,051 28,230 21,112 
Net income40,255 46,392 35,028 27,065 19,830 
Net earnings per common share, diluted$0.21 $0.24 $0.17 $0.14 $0.10 
FFO79,832 80,697 73,010 70,969 73,695 
FFO per share, diluted$0.40 $0.40 $0.37 $0.36 $0.37 
Core FFO78,528 79,251 77,699 70,386 77,150 
Core FFO per share, diluted$0.39 $0.40 $0.39 $0.35 $0.39 
AFFO78,211 76,850 75,846 74,314 74,308 
AFFO per share, diluted$0.39 $0.38 $0.38 $0.37 $0.38 
Net cash provided by operating activities58,169 76,092 84,567 64,190 79,280 
Capital expenditures and improvements3,058 588 248 542 614 
Capital expenditures and improvements - revenue generating9,515 775 6,337 5,624 1,994 
Net cash (used in) provided by investing activities(43,512)(162,411)(284,626)(174,054)(131,258)
Net cash provided by (used in) financing activities(23,419)74,356 150,380 171,208 62,921 
Distributions declared61,113 59,884 57,919 57,284 57,284 
Distributions declared per diluted share$0.2925 $0.2925 $0.290 $0.290 $0.290 
BROADSTONE NET LEASE, INC. | www.broadstone.com | © 2026 Broadstone Net Lease, LLC. All rights reserved.
5

Balance Sheet
(unaudited, in thousands)
June 30,
2026		March 31,
2026		December 31,
2025		September 30, 2025June 30, 2025
Assets
Accounted for using the operating method:
Land$818,423 $822,795 $781,117 $778,177 $784,092 
Land improvements390,778 381,795 373,405 359,210 360,774 
Buildings and improvements4,161,424 4,173,302 4,118,578 3,954,112 3,871,441 
Equipment11,810 15,324 15,281 16,070 16,070 
Total accounted for using the operating method5,382,435 5,393,216 5,288,381 5,107,569 5,032,377 
Less accumulated depreciation(823,101)(803,658)(772,589)(745,326)(721,195)
Accounted for using the operating method, net4,559,334 4,589,558 4,515,792 4,362,243 4,311,182 
Accounted for using the direct financing method25,117 25,303 25,497 25,673 25,845 
Accounted for using the sales-type method14,381 14,393 14,405 14,407 569 
Property under development385,067 329,260 265,812 179,172 116,635 
Investment in rental property, net4,983,899 4,958,514 4,821,506 4,581,495 4,454,231 
Cash and cash equivalents11,095 20,310 30,540 81,966 20,784 
Accrued rental income187,235 184,668 178,880 174,867 172,310 
Tenant and other receivables, net6,223 3,633 4,404 3,573 3,605 
Prepaid expenses and other assets63,259 56,183 55,910 59,866 55,815 
Interest rate swap, assets23,271 19,975 18,248 19,590 23,490 
Goodwill339,769 339,769 339,769 339,769 339,769 
Intangible lease assets, net250,539 261,975 268,010 258,145 256,675 
Total assets$5,865,290 $5,845,027 $5,717,267 $5,519,271 $5,326,679 
Liabilities and equity
Unsecured revolving credit facility$447,376 $397,640 $266,036 $95,824 $197,880 
Mortgages, net40,640 56,197 56,689 57,168 75,685 
Unsecured term loans, net995,423 994,820 994,219 994,550 994,028 
Senior unsecured notes, net1,191,552 1,191,143 1,190,738 1,190,315 846,441 
Interest rate swap, liabilities— 637 1,501 1,994 7,625 
Accounts payable and other liabilities72,493 61,738 60,081 55,662 57,409 
Dividends payable61,113 59,884 59,513 58,665 58,451 
Accrued interest payable10,356 21,759 13,502 9,488 8,542 
Intangible lease liabilities, net38,230 39,860 41,527 43,096 44,797 
Total liabilities2,857,183 2,823,678 2,683,806 2,506,762 2,290,858 
Equity
Broadstone Net Lease, Inc. equity:
Preferred stock, $0.001 par value— — — — — 
Common stock, $0.00025 par value48 48 48 47 47 
Additional paid-in capital3,504,576 3,502,465 3,502,380 3,463,010 3,459,939 
Cumulative distributions in excess of retained earnings(648,741)(630,951)(620,221)(597,571)(571,302)
Accumulated other comprehensive income25,120 20,898 19,788 19,172 18,009 
Total Broadstone Net Lease, Inc. equity2,881,003 2,892,460 2,901,995 2,884,658 2,906,693 
Non-controlling interests127,104 128,889 131,466 127,851 129,128 
Total equity3,008,107 3,021,349 3,033,461 3,012,509 3,035,821 
Total liabilities and equity$5,865,290 $5,845,027 $5,717,267 $5,519,271 $5,326,679 
BROADSTONE NET LEASE, INC. | www.broadstone.com | © 2026 Broadstone Net Lease, LLC. All rights reserved.
6

Income Statement Summary
(unaudited, in thousands except per share data)
Three Months Ended
June 30,
2026		March 31,
2026		December 31, 2025September 30, 2025June 30, 2025
Revenues
Lease revenues, net$122,309 $121,401 $118,295 $114,167 $112,986 
Operating expenses
Depreciation and amortization49,102 41,526 41,768 40,246 42,575 
Property and operating expense5,817 6,180 6,282 6,198 5,003 
General and administrative11,897 10,349 9,666 9,974 9,571 
Provision for impairment of investment in rental properties3,546 — 4,668 6,999 11,939 
Total operating expenses70,362 58,055 62,384 63,417 69,088 
Other income (expenses)
Interest income135 49 (14)182 122 
Interest expense(25,785)(25,260)(25,051)(28,230)(21,112)
Gain on sale of real estate12,990 7,122 8,371 3,259 566 
Income taxes(346)(311)(392)(208)(199)
Other income (expenses)1,314 1,446 (3,797)1,312 (3,445)
Net income40,255 46,392 35,028 27,065 19,830 
Net (income) loss attributable to non-controlling interests(456)(27)(1,902)(599)330 
Net income attributable to Broadstone Net Lease, Inc.$39,799 $46,365 $33,126 $26,466 $20,160 
Weighted average number of common shares outstanding
Basic (a)
190,692190,435188,480188,099188,041
Diluted (a)
200,261199,754197,935197,632197,138
Net earnings per share attributable to common stockholders (b)
Basic$0.21 $0.24 $0.17 $0.14 $0.11 
Diluted$0.21 $0.24 $0.17 $0.14 $0.10 
(a)Excludes 1,102,192 weighted average shares of unvested restricted common stock for the three months ended June 30, 2026
(b)Excludes $0.3 million from the numerator for the three months ended June 30, 2026, related to dividends declared on shares of unvested restricted common stock.
BROADSTONE NET LEASE, INC. | www.broadstone.com | © 2026 Broadstone Net Lease, LLC. All rights reserved.
7

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
June 30,
2026		March 31,
2026		December 31, 2025September 30, 2025June 30, 2025
Net income$40,255 46,392 35,028 $27,065 $19,830 
Real property depreciation and amortization49,021 41,443 41,686 40,164 42,492 
Gain on sale of real estate(12,990)(7,122)(8,371)(3,259)(566)
Provision for impairment of investment  in rental properties3,546 — 4,667 6,999 11,939 
FFO adjustment allocable to joint venture noncontrolling interests— (16)— — — 
FFO$79,832 $80,697 $73,010 $70,969 $73,695 
Net write-offs of accrued rental income— — 1,103 755 3 
Other non-core income from real estate transactions(25)— (211)(27)(46)
Non-capitalized demolition and other costs24 — — — — 
Cost of debt extinguishment— — — — — 
Severance and employee transition costs11 — — 1 53 
Other (income) expenses (a)
(1,314)(1,446)3,797 (1,312)3,445 
Core FFO $78,528 $79,251 $77,699 $70,386 $77,150 
Straight-line rent adjustment(5,567)(5,630)(5,140)(4,960)(5,586)
Adjustment to provision for credit losses(14)— — — (13)
Amortization of debt issuance costs1,641 1,627 1,566 1,357 1,328 
Non-capitalized transaction costs1,632 6 157 125 142 
Realized gain or loss on interest rate swaps and other non-cash interest expense36 45 14 6,116 7 
Amortization of lease intangibles(1,017)(1,015)(1,017)(1,198)(1,191)
Stock-based compensation2,972 2,566 2,492 2,488 2,471 
Deferred taxes— — 75 — — 
AFFO$78,211 $76,850 $75,846 $74,314 $74,308 
Diluted weighted average shares outstanding (b)
200,261 199,754 197,935 197,632 197,138 
Net earnings per diluted share (c)
$0.21 $0.24 $0.17 $0.14 $0.10 
FFO per diluted share (c)
0.40 0.40 0.37 0.36 0.37 
Core FFO per diluted share (c)
0.39 0.40 0.39 0.35 0.39 
AFFO per diluted share (c)
0.39 0.38 0.38 0.37 0.38 
(a)Amount includes $1.3 million of unrealized and realized foreign exchange gain, primarily associated with our Canadian dollar denominated revolver borrowings for the three months ended June 30, 2026.
(b)Excludes 1,102,192 weighted average shares of unvested restricted common stock for the three months ended June 30, 2026.
(c)Excludes $0.3 million from the numerator for the three months ended June 30, 2026, related to dividends declared on shares of unvested restricted common stock.
BROADSTONE NET LEASE, INC. | www.broadstone.com | © 2026 Broadstone Net Lease, LLC. All rights reserved.
8

Lease Revenues Detail
(unaudited, in thousands)
Three Months Ended
June 30,
2026		March 31,
2026		December 31, 2025September 30, 2025June 30, 2025
Contractual rental amounts billed for operating leases$109,473 $107,519 $106,196 $102,270 $101,014 
Adjustment to recognize contractual operating lease billings on a straight-line basis
5,802 5,848 5,317 5,134 5,753 
Net write-offs of accrued rental income— — (1,103)(755)— 
Variable rental amounts earned816 757 1,210 732 718 
Earned income from direct financing leases662 667 671 675 679 
Interest income from sales-type leases473 474 474 326 14 
Operating expenses billed to tenants5,012 5,700 5,138 5,752 4,795 
Other income from real estate transactions4 32 392 43 63 
Adjustment to revenue recognized for uncollectible rental amounts billed, net
67 404 — (10)(50)
Total lease revenues, net$122,309 $121,401 $118,295 $114,167 $112,986 
BROADSTONE NET LEASE, INC. | www.broadstone.com | © 2026 Broadstone Net Lease, LLC. All rights reserved.
9

Same Store Rent Growth
(unaudited, in thousands)
Three Months Ended June 30,
Number of Properties20262025$ Change% Change
Same Store Properties:
Contractual rent increases
Total689 $86,992 $85,383 $1,609 1.9 %
Industrial180 50,400 49,348 1,052 2.1 %
Retail486 29,139 28,750 389 1.4 %
Other23 7,453 7,285 168 2.3 %
Revenue generating capital expenditures during periods (a)
6 2,485 2,290 195 
Leasing activity17 2,111 1,541 570 
Cash basis tenants (b)
9 2,075 2,109 (34)
Properties under redevelopment1 — 343 (343)
Transitional capital (d)
— 1,281 1,175 106 
Currently vacant1 — 89 (89)
Same store rental revenue723 94,944 
(c)
92,930 
(c)
2,014 2.2 %
Industrial189 54,939 53,165 1,774 3.3 %
Retail505 32,052 31,679 373 1.2 %
Other29 7,953 8,086 (133)(1.6)%
Non-Same Store Properties:
Investments during periods43 
(e)
15,381 5,199 
Contractual rental amounts - current property portfolio
766 110,325 98,129 
Sold during periods presented
38 
(f)
448 4,067 
Contractual rental amounts804 110,773 102,196 
Straight-line and other non-cash adjustmentsN/A6,576 5,937 
Other revenue (g)
N/A4,985 4,858 
Constant currency adjustmentN/A(25)(5)
Total Lease revenues, net$122,309 $112,986 
(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. Stabilized annual cash rents on these new leases are estimated to be $3.8 million compared to the leases under the previous tenants of $2.9 million. Assuming new leases were stabilized as of January 1, 2026 with no impact to prior periods, pro forma same store rent growth for the three months ended June 30, 2026, would be 2.2%.
(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 June 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.
10

Six Months Ended June 30,
Number of Properties20262025$ Change% Change
Same Store Properties:
Contractual rent increases
Total689 $173,727 $170,553 $3,174 1.9 %
Industrial180 100,653 98,583 2,070 2.1 %
Retail486 58,192 57,425 767 1.3 %
Other23 14,882 14,545 337 2.3 %
Revenue generating capital expenditures during periods (a)
6 4,953 4,544 409 
Leasing activity17 4,106 2,782 1,324 
Cash basis tenants (b)
9 4,211 4,159 52 
Properties under redevelopment1 352 686 (334)
Transitional capital (d)
— 2,533 2,247 286 
Currently vacant1 — 178 (178)
Same store rental revenue723 189,882 
(c)
185,149 
(c)
4,733 2.6 %
Industrial189 109,597 105,864 3,733 3.5 %
Retail505 64,060 63,142 918 1.5 %
Other29 16,225 16,143 82 0.5 %
Non-Same Store Properties:
Investments during periods43 
(e)
27,843 9,081 
Contractual rental amounts - current property portfolio
766 217,725 194,230 
Sold during periods presented
38 
(f)
1,950 7,059 
Contractual rental amounts804 219,675 201,289 
Straight-line and other non-cash adjustmentsN/A13,264 10,614 
Other revenue (g)
N/A10,718 9,879 
Constant currency adjustmentN/A53 (105)
Total Lease revenues, net$243,710 $221,677 
(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. Stabilized annual cash rents on these new leases are estimated to be $3.8 million compared to the leases under the previous tenants of $2.9 million. Assuming new leases were stabilized as of January 1, 2026 with no impact to prior periods, pro forma same store rent growth for the six months ended June 30, 2026, would be 2.6%.
(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 June 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

a2026q2_capitalizationxsupa.jpg

(in thousands, except per share data)
EQUITYJune 30,
2026
Shares of Common Stock191,808 
OP Units8,296 
Common Stock & OP Units200,104 
Price Per Share / Unit at June 30, 2026
$20.67 
IMPLIED EQUITY MARKET CAPITALIZATION$4,136,152 
% of Total Capitalization60.6%
DEBT
Unsecured Revolving Credit Facility $447,376 
Unsecured Term Loans1,000,000 
Unsecured Term Loan - 2027200,000 
Unsecured Term Loan - 2028500,000 
Unsecured Term Loan - 2029300,000 
Senior Unsecured Notes1,200,000 
Senior Unsecured Notes - 2027150,000 
Senior Unsecured Notes - 2028225,000 
Senior Unsecured Notes - 2030100,000 
Senior Unsecured Public Notes - 2031375,000 
Senior Unsecured Public Notes - 2032
350,000 
Mortgage Debt - Various40,640 
TOTAL DEBT$2,688,016 
% of Total Capitalization39.4%
Floating Rate Debt %24.1%
Fixed Rate Debt %75.9%
Secured Debt %1.5%
Unsecured Debt %98.5%
Total Capitalization$6,824,168 
Less: Cash and Cash Equivalents(11,095)
Enterprise Value$6,813,073 
BROADSTONE NET LEASE, INC. | www.broadstone.com | © 2026 Broadstone Net Lease, LLC. All rights reserved.
12

Equity Rollforward
(in thousands)
Shares of Common StockOP UnitsTotal Diluted Shares
Balance, January 1, 2026191,4238,296199,719
Grants of restricted stock awards
619—619
Retirement of common shares under equity incentive plan(271)—(271)
Balance, March 31, 2026191,7718,296200,067
Grants of restricted stock awards
42—42
Forfeiture of restricted stock awards(5)—(5)
Balance, June 30, 2026191,8088,296200,104
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)June 30,
2026		December 31,
2025		Interest RateMaturity Date
Unsecured revolving credit facility$447,376 $266,036 
applicable reference rate + 0.85% (a)
Mar. 2029
(d)
Unsecured term loans:
2027 Unsecured Term Loan200,000 200,000 
daily simple SOFR + 0.95% (c)
Aug. 2027
2028 Unsecured Term Loan500,000 500,000 
one-month SOFR + 0.95% (b)
Mar. 2028
(e)
2029 Unsecured Term Loan300,000 300,000 
daily simple SOFR + 0.95% (c)
Feb. 2029
(f)
Total unsecured term loans1,000,000 1,000,000 
Unamortized debt issuance costs, net(4,577)(5,781)
Total unsecured term loans, net995,423 994,219 
Senior unsecured notes:
2027 Senior Unsecured Notes - Series A150,000 150,000 4.84%Apr. 2027
2028 Senior Unsecured Notes - Series B225,000 225,000 5.09%Jul. 2028
2030 Senior Unsecured Notes - Series C100,000 100,000 5.19%Jul. 2030
2031 Senior Unsecured Public Notes375,000 375,000 2.60%Sep. 2031
2032 Senior Unsecured Public Notes350,000 350,000 5.00%Nov. 2032
Total senior unsecured notes1,200,000 1,200,000 
Unamortized debt issuance costs and original issuance discounts, net(8,448)(9,262)
Total senior unsecured notes, net1,191,552 1,190,738 
Total unsecured debt, net$2,634,351 $2,450,993 
(a)At June 30, 2026 and December 31, 2025, a balance of $377.0 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 June 30, 2026 and December 31, 2025, respectively, and was subject to daily simple CORRA of 2.34% and 2.30% at June 30, 2026 and December 31, 2025, respectively. At June 30, 2026, we had $542.1 million of available capacity under our unsecured revolving credit facility.
(b)At June 30, 2026 and December 31, 2025, one-month SOFR was 3.65% and 3.69%, respectively.
(c)At June 30, 2026 and December 31, 2025, overnight SOFR was 3.68% and 3.87%, 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.
(in thousands, except interest rates)Origination
Date		Maturity
Date		Interest
Rate		June 30,
2026		December 31,
2025
Lender
Wilmington Trust National AssociationApr. 2019Feb. 20284.92%$40,640 $41,393 
(a) (b) (c) (d)
PNC BankOct. 2016Nov. 20263.62%— 15,324 
(b) (c) (e)
Total mortgages40,640 56,717 
Debt issuance costs, net— (28)
Mortgages, net$40,640 $56,689 
(a)Non-recourse debt includes the indemnification/guaranty of the Company pertaining to fraud, environmental claims, insolvency, and other matters.
(b)Debt secured by related rental property and lease rents.
(c)Debt secured by guaranty of the OP.
(d)Mortgage was assumed as part of the acquisition of the related property. The debt was recorded at fair value at the time of assumption.
(e)The mortgage payable to PNC Bank, with a stated maturity of November 2026, was repaid in full in June 2026, prior to its scheduled maturity date.
Year of MaturityRevolving
Credit Facility		MortgagesTerm LoansSenior NotesTotal
2026$— $764 $— $— $764 
2027— 1,603 200,000 150,000 351,603 
2028— 38,273 500,000 225,000 763,273 
2029447,376 — 300,000 — 747,376 
2030— — — 100,000 100,000 
Thereafter— — — 725,000 725,000 
Total$447,376 $40,640 $1,000,000 $1,200,000 $2,688,016 
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)June 30, 2026
CounterpartyMaturity DateFixed
Rate		Variable Rate IndexNotional
Amount		Fair
Value
Capital One, National AssociationJuly 20261.32%daily compounded SOFR$35,000 $— 
Bank of Montreal December 20262.33%daily compounded SOFR10,000 79 
Bank of MontrealDecember 20261.99%daily compounded SOFR25,000 241 
Toronto-Dominion BankMarch 20272.46%daily compounded CORRA14,075 
(a)
20 
Wells Fargo Bank, N.A.April 20272.72%daily compounded SOFR25,000 243 
Bank of MontrealDecember 20272.37%daily compounded SOFR25,000 622 
Capital One, National AssociationDecember 20272.37%daily compounded SOFR25,000 621 
Wells Fargo Bank, N.A.January 20282.37%daily compounded SOFR75,000 1,878 
Bank of MontrealMay 20292.09%daily compounded SOFR25,000 1,320 
Regions BankMay 20292.11%daily compounded SOFR25,000 1,304 
Regions BankJune 20292.03%daily compounded SOFR25,000 1,365 
U.S. Bank National AssociationJune 20292.03%daily compounded SOFR25,000 1,365 
Regions BankAugust 20292.58%one-month SOFR100,000 3,766 
Toronto-Dominion BankAugust 20292.58%one-month SOFR45,000 1,712 
U.S. Bank National AssociationAugust 20292.65%one-month SOFR15,000 539 
U.S. Bank National AssociationAugust 20292.58%one-month SOFR100,000 3,775 
U.S. Bank National AssociationAugust 20291.35%daily compounded SOFR25,000 1,951 
Toronto-Dominion BankDecember 20303.66%daily simple SOFR70,000 505 
Regions BankDecember 20303.66%daily simple SOFR55,000 387 
Regions BankMarch 20322.69%daily compounded CORRA14,075 
(a)
345 
U.S. Bank National AssociationMarch 20322.70%daily compounded CORRA14,075 
(a)
342 
Bank of MontrealMarch 20342.81%daily compounded CORRA28,151 
(b)
891 
Total Swaps$800,376 $23,271 
(a)The contractual notional amount is $20.0 million CAD.
(b)The contractual notional amount is $40.0 million CAD.


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15

EBITDA, EBITDAre, and Other Non-GAAP Operating Measures
(unaudited, in thousands)
Three Months Ended
June 30,
2026		March 31,
2026		December 31, 2025September 30,
2025		June 30, 2025
Net income$40,255 $46,392 $35,028 $27,065 $19,830 
Depreciation and amortization49,102 41,526 41,768 40,246 42,575 
Interest expense25,785 25,260 25,051 28,230 21,112 
Income taxes346 311 392 208 199 
EBITDA$115,488 $113,489 $102,239 $95,749 $83,716 
Provision for impairment of investment in rental properties3,546 — 4,667 6,999 11,939 
Gain on sale of real estate(12,990)(7,122)(8,371)(3,259)(566)
EBITDAre$106,044 $106,367 $98,535 $99,489 $95,089 
Adjustment for current quarter investment activity (a)
540 2,548 1,821 1,797 573 
Adjustment for current quarter disposition activity (b)
(327)(80)(286)(257)(490)
Adjustment to exclude non-recurring and other expenses (c)
36 — 2,515 (177)(332)
Adjustment to exclude net write-offs of accrued rental income— — 1,103 755 3 
Adjustment to exclude realized / unrealized foreign exchange (gain) loss(1,288)(1,446)1,282 (1,312)3,445 
Adjustment to exclude cost of debt extinguishment— — — — — 
Adjustment to exclude other income from real estate transactions(25)(33)(392)(43)(46)
Adjusted EBITDAre$104,980 $107,356 $104,578 $100,252 $98,242 
Estimated revenues from developments (d)
3,766 3,237 2,867 2,544 1,629 
Pro Forma Adjusted EBITDAre$108,746 $110,593 $107,445 $102,796 $99,871 
Annualized EBITDAre$424,176 $425,467 $394,140 $397,956 $380,356 
Annualized Adjusted EBITDAre419,920 429,425 418,312 401,008 392,968 
Pro Forma Annualized Adjusted EBITDAre434,984 442,371 429,780 411,184 399,484 
(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 non-capitalized demolition costs recognized in connection with demolition of a property being redeveloped for the three months ended June 30, 2026
(d)Represents estimated contractual revenues based on in-process build-to-suit spend to-date.
Three Months Ended
June 30,
2026		March 31,
2026		December 31, 2025September 30,
2025		June 30, 2025
Adjusted EBITDAre$104,980 $107,356 $104,578 $100,252 $98,242 
General and administrative (excluding certain expenses reflected above)11,886 10,349 9,666 9,984 9,524 
Adjusted Net Operating Income ("NOI")$116,866 $117,705 $114,244 $110,236 $107,766 
Straight-line rental revenue, net(5,828)(5,928)(5,676)(5,282)(5,693)
Other amortization and non-cash charges(1,017)(1,015)(1,017)(1,364)(1,569)
Adjusted Cash NOI$110,021 $110,762 $107,551 $103,590 $100,504 
Annualized Adjusted NOI$467,464 $470,822 $456,976 $440,944 $431,064 
Annualized Adjusted Cash NOI440,084 443,049 430,204 414,360 402,016 
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16

Net Debt Metrics
(in thousands)
June 30,
2026		March 31,
2026		December 31, 2025September 30, 2025June 30, 2025
Debt
Unsecured revolving credit facility$447,376 $397,640 $266,036 $95,824 $197,880 
Unsecured term loans, net995,423 994,820 994,219 994,550 994,028 
Senior unsecured notes, net1,191,552 1,191,143 1,190,738 1,190,315 846,441 
Mortgages, net40,640 56,197 56,689 57,168 75,685 
Debt issuance costs13,025 14,056 15,072 15,171 9,578 
Gross Debt2,688,016 2,653,856 2,522,754 2,353,028 2,123,612 
Cash and cash equivalents(11,095)(20,310)(30,540)(81,966)(20,784)
Restricted cash(1,822)(1,369)(3,102)(1,354)(1,192)
Net Debt2,675,099 2,632,177 2,489,112 2,269,708 2,101,636 
Estimated net proceeds from forward equity agreements (a)
(124,313)(80,551)(10,964)(37,257)(37,722)
Pro Forma Net Debt$2,550,786 $2,551,626 $2,478,148 $2,232,451 $2,063,914 
Leverage Ratios:
Net Debt to Annualized EBITDAre6.3x6.2x6.3x5.7x5.5x
Net Debt to Annualized Adjusted EBITDAre6.4x6.1x6.0x5.7x5.3x
Pro Forma Net Debt to Annualized Adjusted EBITDAre5.9x5.8x5.8x5.4x5.2x
(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 June 30, 2026, the Company believes it is in compliance with the covenants.
CovenantsRequiredRevolving Credit Facility and Unsecured Term LoansSenior Unsecured
Notes Series
A, B, & C
Senior Unsecured Public Notes
Leverage ratio≤ 0.60 to 1.000.370.39Not Applicable
Secured indebtedness ratio≤ 0.40 to 1.000.010.01Not Applicable
Unencumbered coverage ratio≥ 1.75 to 1.003.91Not ApplicableNot Applicable
Fixed charge coverage ratio≥ 1.50 to 1.003.733.73Not Applicable
Total unsecured indebtedness to total unencumbered eligible property value≤ 0.60 to 1.000.390.45Not Applicable
Dividends and other restricted paymentsOnly applicable in case of defaultNot ApplicableNot ApplicableNot Applicable
Aggregate debt ratio≤ 0.60 to 1.00Not ApplicableNot Applicable0.43
Consolidated income available for debt to annual debt service charge≥ 1.50 to 1.00Not ApplicableNot Applicable4.30
Total unencumbered assets to total unsecured debt≥ 1.50 to 1.00Not ApplicableNot Applicable2.32
Secured debt ratio≤ 0.40 to 1.00Not ApplicableNot Applicable0.01
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: 3.9 years (a)
a2026q2_debtmaturitiesxsupa.jpg


(a)Our Revolving Credit Facility, 2028 Unsecured Term Loan, and 2029 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: 2.9 years
a2026q2_swapmaturitiesxsupa.jpg
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18

Investment Activity
(square feet and dollars in thousands)
The following table summarizes the Company’s investment activity during 2026.
Q2 2026Q1 2026YTD 2026
Acquisitions:
Number of transactions—11
Number of properties—11
Square feet— 316316
Acquisition price— $61,195 
(b)
$61,195 
Industrial— $61,195 $61,195 
Retail— — — 
Initial cash capitalization rate— 9.0%
(b)
9.0%
Straight-line yield— 9.4%
(b)
9.4%
Weighted average lease term (years)— 4.0
(b)
4.0
Weighted average annual rent increase— 0.8%
(b)
0.8%
Build-to-suit and redevelopment projects:
Total investments$77,624 $99,447 $177,071 
Build-to-suits$77,325 $99,447 $176,772 
Redevelopments$299 $— $299 
Revenue generating capital expenditures:
Number of existing properties213
Investments$404 $893 $1,297 
Initial cash capitalization rate11.3%8.3%9.2%
Weighted average lease term (years)13.612.913.2
Weighted average annual rent increase2.2%2.8%2.5%
Transitional capital:
Investments
$13,462$10,351$23,813
Total investments$91,490 $171,886 $263,376 
Total initial cash capitalization rate (a)
11.3%9.0%9.0%
Total weighted average lease term (years) (a)
13.64.14.1
Total weighted average annual rent increase (a)
2.2%0.8%0.8%
(a)Transitional capital, which represents a contractual yield on invested capital, and build-to-suit and redevelopment 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.

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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 June 30, 2026:
Build-to-suit developments
PropertyProjected Rentable Square Feet
Start Date (a)
Target Stabilization Date/Stabilized Date (a)
Lease Term (Years)Annual Rent Escalations
Estimated Total Project Investment (a)
Cumulative InvestmentQTD Q2 2026 InvestmentEstimated Remaining Investment
Estimated Cash Capitalization Rate (a)
Estimated Straight-line Yield (a)
In-process retail BTS:
Sprouts (Bedford, TX)22 Jul. 2025Oct. 202615.00.9 %$9,533 $4,994 $3,422 $4,539 7.2 %7.7 %
Hobby Lobby (Granbury, TX)55 Oct. 2025Sep. 202615.00.7 %8,129 2,710 349 5,419 7.1 %7.4 %
Academy Sports (Granbury, TX)55 Oct. 2025Nov. 202615.00.6 %12,393 5,311 732 7,082 7.1 %7.4 %
Academy Sports (Waco, TX)68 Dec. 2025Sep. 202615.00.6 %14,488 9,061 2,846 5,427 7.2 %7.5 %
Academy Sports (Magnolia, TX)55 Feb. 2026Nov. 202615.00.5 %12,975 4,622 1,819 8,353 7.3 %7.5 %
Tesla, Inc. (Las Vegas, NV)60 Jun. 2026Nov. 202715.03.0 %39,794 19,191 19,191 20,603 6.7 %8.3 %
In-process industrial BTS:
Southwire (Bremen, GA)1,178 Dec. 2024Nov. 202610.02.8 %115,411 83,514 25,634 31,897 7.8 %8.8 %
AGCO (Visalia, CA)115 Jun. 2025Aug. 202612.03.5 %19,879 16,909 659 2,970 7.0 %8.5 %
Palmer Logistics (Midlothian, TX) (b)
270 Jul. 2025Aug. 202612.33.5 %32,063 27,404 6,012 4,659 7.6 %9.2 %
Amazon.com Services, LLC (Sarasota, FL)230 Feb. 2026May. 202715.02.3 %46,790 19,594 1,030 27,196 7.5 %8.8 %
Tesla, Inc. (Austin, TX)130 Apr. 2026Oct. 202712.03.0 %30,983 7,902 7,902 23,081 6.7 %7.9 %
2,238 12.62.5 %342,438 201,212 69,596 141,226 7.4 %8.5 %
Stabilized industrial BTS:
Sierra Nevada (Dayton, OH)122 Oct. 2024Nov. 202515.03.0 %53,625 53,625 — — 7.5 %9.3 %
Sierra Nevada (Dayton, OH)122 Oct. 2024Mar. 202615.03.0 %52,203 52,203 3,783 — 7.6 %9.4 %
Fiat Chrysler Automobile (Forsyth, GA)422 Apr. 2025May. 202615.03.0 %73,738 51,148 3,390 22,590 6.6 %8.2 %
Stabilized retail BTS:
7Brew (Jacksonville, FL)1 Jun. 2025Nov. 202515.01.9 %2,005 2,005 — — 8.0 %8.8 %
Total / weighted average2,905 13.42.7 %$524,009 $360,193 $76,769 $163,816 7.3 %8.6 %
Redevelopment projects
PropertyProjected 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 InvestmentQTD Q2 2026 InvestmentEstimated Remaining Investment
Original Property ABR (a)
Estimated Stabilized ABR (a)
In-process industrial redevelopment:
1501 Mittel (Chicago, IL MSA)156 Apr. 2026May. 2027— — — $17,906 $3,105 $299 $14,801 $1,409 $2,733 
(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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20


The following table summarizes the timing of the Company’s construction investment, quarterly rent, and ABR for in-process and stabilized developments as of June 30, 2026:
image3a.jpg
(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.

BROADSTONE NET LEASE, INC. | www.broadstone.com | © 2026 Broadstone Net Lease, LLC. All rights reserved.
21

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 YieldRemaining Initial Term (Years)
Sunset Hills Retail Center - St. Louis, MO (c) (d)
$57,418 8.0%7.6%1.0
Project Triboro Industrial Park - Olyphant, PA (e)
119,368 7.8%—2.3

(a)Each of the Company’s transitional capital investments at June 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 June 30, 2026 is $2.6 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 June 30, 2026: 28 retail spaces, 0.3 million rentable square feet, 6.9 years of weighted average remaining lease term, 98.3% occupancy rate (based on square feet and including leases that have been executed but rent has not yet commenced), and 99.2% 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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22

Dispositions
(square feet and dollars in thousands)
The following table summarizes the Company’s property disposition activity during 2026.
Q1 2026
Property TypeNumber of PropertiesSquare FeetAcquisition PriceDisposition PriceNet Book
Value
Industrial178$6,500 $12,094 $4,095 
Total Properties1786,500 12,094 4,095 
Weighted average cash cap rate5.6 %
Q2 2026
Property TypeNumber of PropertiesSquare FeetAcquisition PriceDisposition PriceNet Book
Value
Industrial3565$49,495 $54,764 $41,232 
Retail622$17,454 $7,275 $6,727 
Total Properties958766,949 62,039 47,959 
Weighted average cash cap rate on tenanted properties6.4 %
YTD 2026
Property TypeNumber of PropertiesSquare FeetAcquisition PriceDisposition PriceNet Book
Value
Industrial4643$55,995 $66,858 $45,327 
Retail622$17,454 $7,275 $6,727 
Total Properties1066573,449 74,133 52,054 
Weighted average cash cap rate on tenanted properties6.2 %

BROADSTONE NET LEASE, INC. | www.broadstone.com | © 2026 Broadstone Net Lease, LLC. All rights reserved.
23

Portfolio at a Glance: Key Metrics (a)
 June 30,
2026		March 31,
2026		December 31, 2025September 30, 2025June 30, 2025
Properties766773771759766
U.S. States4444444444
Canadian Provinces44444
Total annualized base rent$439.8 M$438.8M$428.8 M$412.9 M$404.2 M
Total rentable square footage (“SF”)41.7 M41.9M41.6 M40.7 M40.1 M
Tenants206 209 206 204 205 
Brands195 198 197 195 195 
Industries56 57 57 56 56 
Occupancy (based on SF)100.0 %99.8 %99.8 %99.5 %99.1 %
Rent Collection99.9 %100.0 %100.0 %100.0 %99.6 %
Top 10 tenant concentration20.8 %21.3 %21.1 %21.3 %21.8 %
Top 20 tenant concentration34.4 %34.6 %34.3 %34.7 %35.2 %
Investment grade (tenant/guarantor) (b)
20.1 %19.1 %20.2 %20.9 %20.7 %
Financial reporting coverage (c)
96.0 %96.0 %95.4 %96.6 %92.4 %
Rent coverage ratio (restaurants only)3.2x3.2x3.2x3.2x3.3x
Weighted average annual rent increases2.1 %2.1 %2.1 %2.0 %2.0 %
Weighted average remaining lease term9.3 years9.5 years9.6 years9.5 years9.7 years
Master leases (based on ABR)
Total portfolio38.0 %38.0 %38.6 %39.0 %40.1 %
Multi-site tenants64.0 %64.0 %64.9 %66.5 %68.3 %
(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 14.0% related to tenants not required to provide financial information under the terms of our lease, but whose financial statements are available publicly at June 30, 2026.
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24

Diversification: Tenants
Top 20 Tenants
TenantProperty 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 Processing7$16,560 3.8 %2,2505.4 %
United Natural Foods, Inc.Distribution & Warehouse114,746 3.4 %1,0162.4 %
Sierra Nevada Company, LLCManufacturing39,029 2.1 %2800.7 %
Joseph T. Ryerson & Son, Inc.Distribution & Warehouse118,146 1.9 %1,5993.8 %
AHF, LLC*Distribution & Warehouse/Manufacturing78,092 1.8 %1,9824.8 %
Dollar General CorporationGeneral Merchandise747,835 1.8 %7171.7 %
Jack's Family Restaurants LP*Quick Service Restaurants437,757 1.8 %1470.4 %
Tractor Supply CompanyGeneral Merchandise236,566 1.4 %4621.1 %
J. Alexander's, LLC*Casual Dining166,395 1.4 %1310.3 %
Salm Partners, LLC*Food Processing26,386 1.4 %4261.0 %
Total Top 10 Tenants187$91,512 20.8 %9,01021.6 %
FCA US, LLCDistribution & Warehouse2$6,381 1.4 %5381.3 %
Nestle' USA, Inc.Cold Storage/Food Processing26,374 1.4 %5031.2 %
Hensley & Company*Distribution & Warehouse36,354 1.4 %5771.4 %
BluePearl Holdings, LLC**Animal Services136,065 1.4 %1590.4 %
Axcelis Technologies, Inc.Flex and R&D16,018 1.4 %4181.0 %
Owens & Minor Distribution, Inc.Distribution & Warehouse25,960 1.4 %5231.2 %
Red Lobster Hospitality, LLC & Red Lobster Restaurants, LLC*Casual Dining185,674 1.3 %1470.4 %
Outback Steakhouse of Florida, LLC*(a)
Casual Dining225,635 1.3 %1400.3 %
Academy LTDGeneral Merchandise95,600 1.3 %5351.3 %
Krispy Kreme Doughnut CorporationQuick Service Restaurants/Food Processing275,538 1.3 %1560.4 %
Total Top 20 Tenants286$151,111 34.4 %12,70630.5 %
(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.
BROADSTONE NET LEASE, INC. | www.broadstone.com | © 2026 Broadstone Net Lease, LLC. All rights reserved.
25


Top 20 Tenants (a)

image1a.jpg


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26

imagea.jpg
(a)This document contains references to copyrights, trademarks, trade names, and service marks that belong to other companies. Broadstone Net Lease is not affiliated with or associated with and is not endorsed by and does not endorse such companies or their products or services.
BROADSTONE NET LEASE, INC. | www.broadstone.com | © 2026 Broadstone Net Lease, LLC. All rights reserved.
27

Diversification: Property Type
(rent percentages based on ABR)
a2026q2_propertytypediversa.jpg
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28

Diversification: Property Type (continued)
Property Type# of PropertiesABR
(’000s)		ABR as a %
of Total
Portfolio		Square Feet (’000s)SF as a %
of Total
Portfolio
Industrial
Distribution & Warehouse52$89,334 20.3%12,04728.9%
Manufacturing8083,589 19.0%12,80730.7%
Food Processing3654,877 12.5%6,05014.5%
Flex and R&D924,709 5.6%1,7114.1%
Industrial Services2113,171 3.0%5291.3%
Cold Storage412,441 2.8%8742.1%
In-Process Developments6— — ——
Industrial Total208278,121 63.2%34,01881.6%
Retail
General Merchandise15634,892 7.9%2,6456.3%
Quick Service Restaurants15427,930 6.4%5161.2%
Casual Dining9527,046 6.1%6371.5%
Animal Services2711,767 2.7%4211.0%
Automotive5710,662 2.5%7331.8%
Home Furnishings137,191 1.6%7971.9%
Healthcare Services186,149 1.4%2200.6%
Education43,003 0.7%1190.3%
In-Process Developments5— ———
Untenanted1— —10—
Retail Total530128,640 29.3%6,09814.6%
Other
Office1322,936 5.2%1,2383.0%
Clinical & Surgical1510,070 2.3%3270.8%
Other Total2833,006 7.5%1,5653.8%
Total766$439,767 100.0%41,681100.0%
BROADSTONE NET LEASE, INC. | www.broadstone.com | © 2026 Broadstone Net Lease, LLC. All rights reserved.
29

Key Statistics by Property Type
Q2 2026Q1 2026Q4 2025 Q3 2025Q2 2025
Industrial
Number of properties208209208207215
Square feet (000s)34,01834,16133,80333,08132,694
Weighted average lease term (years)10.010.210.510.310.5
Weighted average annual rent escalation2.3%2.2%2.2%2.2%2.1%
Percentage of total ABR63.2%62.8%61.9%61.2%60.7%
Retail
Number of properties530535534523521
Square feet (000s)6,0986,1206,1205,9345,790
Weighted average lease term (years)9.29.49.49.59.8
Weighted average annual rent escalation1.7%1.7%1.7%1.7%1.7%
Percentage of total ABR29.3%29.4%30.1%30.6%31.0%
Other
Number of properties2829292930
Square feet (000s)1,5651,6381,6381,6381,647
Weighted average lease term (years)3.53.63.84.14.2
Weighted average annual rent escalation2.4%2.4%2.4%2.4%2.4%
Percentage of total ABR7.5%7.8%8.0%8.2%8.3%
BROADSTONE NET LEASE, INC. | www.broadstone.com | © 2026 Broadstone Net Lease, LLC. All rights reserved.
30

Diversification: Tenant Industry 
Tenant Industry# of PropertiesABR
(’000s)		ABR as a %
of Total
Portfolio		Square Feet (’000s)SF as a %
of Total
Portfolio
Packaged Foods & Meats39$57,802 13.1%6,33815.2%
Restaurants25255,819 12.7%1,1962.9%
Food Distributors728,689 6.5%2,5346.1%
Specialty Stores4322,351 5.1%1,9324.6%
Distributors2922,175 5.0%3,3578.1%
Healthcare Facilities4221,837 5.0%7481.8%
Auto Parts & Equipment3919,156 4.4%2,9537.1%
Aerospace & Defense613,704 3.1%6421.5%
Home Furnishing Retail1712,184 2.8%1,6924.1%
General Merchandise Stores11011,678 2.7%1,0352.5%
Metal & Glass Containers811,054 2.5%2,2065.3%
Healthcare Services1711,021 2.5%5681.4%
Specialized Consumer Services3810,737 2.4%6841.6%
Life Sciences Tools & Services69,907 2.3%6001.4%
Industrial Machinery189,457 2.2%1,8234.4%
Other (41 industries)
94122,196 27.7%13,36332.0%
Untenanted properties1— —10—
Total766$439,767 100.0%41,681100.0%
BROADSTONE NET LEASE, INC. | www.broadstone.com | © 2026 Broadstone Net Lease, LLC. All rights reserved.
31

Diversification: Geography
(rent percentages based on ABR)
a2026q2_propertymapwithcona.jpg
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
TX71$44,057 10.0 %4,08909.8 %MS12$4,217 1.0%6071.5%
MI5136,7308.4 %4,0109.6 %LA53,857 0.9%2110.5%
FL2725,2745.7 %1,5433.7 %SC133,450 0.8%3040.7%
OH4925,1235.7 %1,8334.4 %NE63,448 0.8%4921.2%
CA1622,9295.2 %2,2155.3 %NJ23,404 0.8%2660.6%
WI2522,3375.1 %2,2235.3 %IA42,976 0.7%6221.5%
IL2922,2175.1 %2,2915.5 %NM92,830 0.6%1070.3%
MN2120,5404.7 %3,0517.3 %UT32,810 0.6%2800.6%
GA3517,0713.9 %1,9974.8 %WA132,714 0.6%690.2%
PA3216,0563.7 %2,1725.2 %CO42,633 0.6%1260.3%
IN2714,8383.4 %1,6874.0 %MD32,215 0.5%2050.5%
TN4713,5223.1 %7831.9 %CT22,000 0.5%550.1%
AL5313,1913.0 %9502.3 %MT71,749 0.4%430.1%
MA411,9422.7 %7591.8 %DE41,175 0.3%1330.3%
KY229,2372.0 %9232.2 %ND21,073 0.2%240.1%
WV189,1822.0 %1,2333.0 %VT2445 0.1%240.1%
MO199,1782.0 %1,2603.0 %WY1338 0.1%210.1%
AZ79,0802.0 %7471.8 %NV2282 0.1%6—
NC258,9802.0 %8302.0 %OR1136 —9—
OK248,6732.0 %1,0012.4 %Total U.S.759$431,798 98.2 %41,25199.0%
AR107,7781.8 %3400.8 %BC2$4,615 1.0%2530.6%
NY287,4101.7 %5621.4 %ON32,047 0.5%1010.2%
VA155,1181.2 %1780.5 %AB1963 0.2%510.1%
KS74,9361.1 %6301.5 %MB1344 0.1%250.1%
SD24,6471.1 %3400.8 %Total Canada7$7,969 1.8%4301.0%
Grand Total766$439,767 100.0%41,681100.0%
BROADSTONE NET LEASE, INC. | www.broadstone.com | © 2026 Broadstone Net Lease, LLC. All rights reserved.
32

Lease Expirations
(rent percentages based on ABR)
a2026q2_leaseexpxsupplemena.jpg

Expiration Year# of Properties# of Leases
ABR
(’000s)
ABR as a % of Total Portfolio
Square Feet (’000s)
SF as a % of Total Portfolio
202688$8,375 1.9%9762.4%
2027252529,622 6.7%2,4295.8%
2028252619,114 4.3%1,5963.8%
2029603618,976 4.3%2,6026.2%
2030875343,352 9.9%3,7869.1%
203143389,923 2.3%8942.1%
2032655034,066 7.7%3,4918.4%
2033512520,245 4.6%1,5043.6%
2034392817,360 3.9%1,4263.4%
2035221716,981 3.9%2,2195.3%
2036962538,324 8.7%3,8579.3%
2037231330,100 6.8%2,7866.7%
2038393914,834 3.4%1,3373.2%
2039211723,037 5.2%1,7434.2%
2040321317,534 4.0%9232.2%
2041421126,981 6.1%1,9964.8%
2042581345,543 10.4%4,80311.6%
2043328,160 1.9%5171.2%
2044331,660 0.4%1030.2%
2045437,350 1.7%6981.7%
Thereafter828,230 1.9%1,9854.8%
Total leased properties754447439,767 100.0%41,671100.0%
In-process developments1111— ———
Untenanted properties1—— —10—
Total properties766458$439,767 100.0%41,681100.0%
BROADSTONE NET LEASE, INC. | www.broadstone.com | © 2026 Broadstone Net Lease, LLC. All rights reserved.
33

Occupancy
Occupancy by Rentable Square Footage
image2a.jpg
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
(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

Source: View Original Filing on SEC EDGAR

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