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Broadstone Net Lease, Inc. — Q2 2026 Investor Presentation (company IR deck)
Broadstone Net Lease, Inc. (BNL) · 0 slides · Filed Oct 28, 2026
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Slide 1 — Investor
Investor Presentation August 2026 Broadstone Net Lease, Inc. | NYSE: BNL Palmer Logistics Midlothian, TX
Slide 2 — DISCLAIMERS
2 Investor Presentation | August 2026 DISCLAIMERS CAUTIONARY STATEMENTS CONCERNING FORWARD-LOOKING STATEMENTS This presentation contains “forward-looking” statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, regarding, among other 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,” “expects,” “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, general economic conditions, including but not limited to fluctuations in the rate of inflation and/or interest rates, local real estate conditions, tenant financial health, property acquisitions, and the timing and uncertainty of completing these 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 presentation, whether as a result of new information, future events, changes in assumptions or otherwise. TRADEMARK 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. NON-GAAP FINANCIAL INFORMATION This presentation contains certain financial information that is not presented in conformity with accounting principles generally accepted in the United States of America (GAAP), including funds from operations (“FFO”), core funds from operations (“Core FFO”), adjusted funds from operations (“AFFO”), earnings before interest, taxes, depreciation and amortization (“EBITDA”), EBITDA further adjusted to exclude gains (losses) on sales of depreciable property and provisions for impairment on investments in real estate (“EBITDAre”), Adjusted EBITDAre, Annualized Adjusted EBITDAre and Net Debt. 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. We believe that EBITDA 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 believe that the presentation of Pro Forma Net Debt to Annualized Adjusted EBITDAre 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. Such non-GAAP measures should not be considered in isolation or as an indicator of the Company's performance. Furthermore, they should not be seen as a substitute for metrics prepared in accordance with GAAP. Reconciliations of these measures to their most directly comparable GAAP measures for the periods that are presented in this presentation can be found in the section entitled “Management’s Discussion and Analysis of Financial Condition and Results of Operations – Non- GAAP Measures” in the Company’s Form 10-Q for the fiscal quarter ended June 30, 2026, filed with the SEC on July 29, 2026.
Slide 3 — BROADSTONE
3 INVESTOR PRESENTATION December 2025 Sierra Nevada Corporation Dayton, OH BROADSTONE AT-A-GLANCE
Slide 4 — SECOND QUARTER 2026 HIGHLIGHTS
4 Investor Presentation | August 2026 SECOND QUARTER 2026 HIGHLIGHTS Data as of June 29, 2026, unless otherwise noted 1. Pro Forma Net Debt / Annualized Adjusted EBITDAre reflects the completed August 6, 2026, overnight equity offering of 12.65 million shares at $20.50 per share ($259.3 million gross or $250.2 million net of underwriting discounts and offering expenses). Pro forma leverage also includes routine adjustments for unsettled forward equity and estimated contractual revenues from in-process development spend to-date. As reported, Q2 2026 Pro Forma Net Debt / Annualized Adjusted EBITDAre was 5.9x 2. Dividend yield assumed the most recent dividend is annualized and our stock price as of August 10, 2026 2Q 2026 Operating Results AFFO Per Share $0.39 AFFO YoY Per Share Growth Rate +2.6% Same-Store Growth (3 Months Ended 6/30) +2.2% Same-Store Growth (6 Months Ended 6/30) +2.6% Putting our balance sheet to work Balance Sheet & Capital Markets Activity 5.3x Pro forma Leverage1 Declared quarterly dividend on July 29, 2026 $0.2925 Per Share 5.7% Dividend Yield2 2Q 2026 Build-to-Suit New Starts 2 New BTS ~$71mm Total New Commitments +190k Square Feet 6.7% Est. Initial Yield 8.1% Est. Straight-line Yield +$4.7mm Incremental ABR BBB / Baa2 Issuer Ratings ~$840mm Revolver Availability & Undrawn Term Loan Capacity 2026 Guidance Update AFFO Per Share: $1.55 – $1.57 Increased by $0.01 Implied AFFO Growth of 4.0% – 5.4% Investments: $600mm – $800mm Increased by $137.5mm Dispositions: $100mm – $150mm Increased by $37.5mm Subsequent to Quarter-End New Build-to- Suit Start 1 New BTS ~$303mm Total New Commitments +112k Square Feet 8.5% Est. Initial Yield 11.6% Est. Straight-line Yield +$25.6mm Incremental ABR 9.7% Est. Year-Two Yield Delivering as a powered shell in Q1 2027 with up to 100MW of Power leased to a Fortune 20 Investment- Grade Tenant
Slide 5 — 63.2% Industrial4
5 Investor Presentation | August 2026 IN-PLACE PORTFOLIO AT-A-GLANCE Data as of June 30, 2026 1. % of square footage 2. “WALT,” or weighted average lease term 3. Includes 14.0% of tenants who are public filers 4. % of ABR 63.2% Industrial4 29.3% Retail4 7.5% Other4 99.9% Rent Collections in Q2 2026 9.3 Years WALT2 2.1% Annual Escalations 206 / 195 / 56 Tenants / Brands / Industries 3.8% / 20.8% Top Tenant4 / Top 10 Tenants4 96.0% Financial Reporting Visibility3,4 766 Properties 44 States & 4 Canadian Provinces 41.7mm Rentable Square Feet $439.8mm Annualized Base Rent 100.0% Occupancy1
Slide 6 — Thoughtfully Constructed and Diversified Portfolio with Best-in-Class Metrics
6 Investor Presentation | August 2026 Data as of June 30, 2026, unless otherwise noted; market data as of August 10, 2026, and since January 1, 2023 1. As of July 29, 2026; BTS commitments and economics provided on slides 11 and 12 2. Pro Forma Net Debt / Annualized Adjusted EBITDAre reflects the completed August 6, 2026, overnight equity offering of 12.65 million shares at $20.50 per share ($259.3 million gross or $250.2 million net of underwriting discounts and offering expenses). Pro forma leverage also includes routine adjustments for unsettled forward equity and estimated contractual revenues from in-process development spend to-date. As reported, Q2 2026 Pro Forma Net Debt / Annualized Adjusted EBITDAre was 5.9x Thoughtfully Constructed and Diversified Portfolio with Best-in-Class Metrics Diversified strategy with exposure to desirable net lease sectors including industrial and retail Tenant and industry diversification has acted as a proven defensive hedge against economic distress Top tier portfolio metrics: 2.1% weighted average annual rent escalations, 9.3 years WALT, and 20.8% top 10 tenant concentration Active Portfolio Management with Exceptional Results Throughout Multiple Economic Cycles Consistently strong rent collections through multiple real estate economic cycles with 99.9% rent collections in Q2 2026 Experienced team and infrastructure in-place to support the entire investment lifecycle, resulting in 108% recapture rate on 2026 maturities that have been extended year-to-date Creative, solutions-oriented team actively manages credit and headline events, supporting proactive dispositions that mitigate credit risk, resulting in only 31bps of lost rent in 2025 and 0bps in lost rent in 2026 year-to-date Differentiated ‘Core Building Blocks’ Strategy, Delivering a 60.5% Total Shareholder Return Since 2023 Core Building Blocks consist of strong in-place portfolio growth anchored by best-in-class annual rent escalations, build-to-suit developments, and stabilized acquisitions, providing varying levers of value creation During 1H 2026, BNL invested $263 million, including $61 million in stabilized acquisitions and $177 million in on-going build-to-suit developments. Year-to-date, we have started $434 million in new build-to-suit starts, with our total committed pipeline of $645 million providing visibility to ~$51 million of new ABR through 4Q 20271. Scalable Platform with Flexible and Fortified Investment Grade Balance Sheet to Support Growth Optimal size with an efficient in-place platform that can drive meaningful growth Investment grade balance sheet (S&P – BBB, Moody’s – Baa2) with a robust liquidity profile and limited debt maturities through 2027 Pro-forma net debt to annualized adjusted EBITDAre of 5.3x2, targeting up to approximately 6.0x pro-forma on a sustained basis Experienced Management Team with Deep Pool of Talent Experienced, cycle-tested management team constructed over 10 years with long-term relationships and expertise Diverse board of directors with meaningful public REIT experience and substantial personal investment in the Company Established REIT with Longstanding Track Record of Success 18+ year operating history pursuing a diversified net lease strategy with a leading team, proven through multiple cycles Continued growth of the portfolio and consistent performance has delivered predictable cash flow, driving 4.2% AFFO per share growth in 2025 and 4.7% expected AFFO per share growth in 2026 at the midpoint of guidance INVESTMENT THESIS | BROADSTONE NET LEASE (NYSE: BNL)
Slide 7 — 21.4%
Investor Presentation | August 2026 7 Source: market data as of August 10, 2026, and since January 1, 2023, unless otherwise noted 1. 2026E AFFO per share multiple assumes midpoint of guidance for BNL and consensus estimates for peers as of August 10, 2026; 2027E AFFO per share multiple assumes consensus estimates for all peers, including BNL BEST-IN-CLASS SHAREHOLDER RETURNS ‘Core Building Blocks’ strategy initiated in 2023 has delivered best-in-class shareholder returns in the net lease space with a multiple that remains ~1.0x below peer average 13.6% 15.3% 18.6% 19.1% 22.5% 23.2% 29.5% 48.9% 50.2% 60.5% 21.4% YTD 2026 total shareholder return 5.7% Dividend yield RMZ 13.1x 14.0x 12.4x 13.4x BNL Peer Average BNL Peer Average 2026 2027 An improving multiple remains ~1.0x below peer average1
Slide 8 — INVESTMENT
8 INVESTOR PRESENTATION December 2025 INVESTMENT STRATEGY Deacero Dayton, TX
Slide 9 — +2.1%
Investor Presentation | August 2026 9 Differentiated strategy with in-place portfolio and BTS pipeline providing visibility to embedded growth through 2027 Existing portfolio NOI growth driven by: o Stable rent collections o Contractual rent escalations o Minimal credit loss o Strong lease rollover outcomes o Accretive capital recycling ~2.1% in-place portfolio rental escalations provide a solid base for AFFO growth in future periods and are among the strongest in the net lease REIT space Additional opportunities to partner with tenants on revenue generating investments in our existing properties: o Value-add investments focused on industrial tenants who seek to expand existing operations and upgrade facilities, enhancing tenant commitment to the space and increasing renewal probabilities 3 STABILIZED ACQUISITIONS 2 BUILD-TO-SUIT DEVELOPMENTS 1 IN-PLACE PORTFOLIO Provide financing solutions across the entire capital stack in exchange for attractive opportunities with higher yields relative to the stabilized transaction market Key differentiator in the net lease space as development activity creates embedded growth in earnings across future years Provides access to higher quality opportunities, typically with stronger real estate and credit fundamentals Creating meaningful value with stabilized valuations often ~75-200 basis points tighter than our development yields Experience creatively structuring transactions and providing holistic solutions External growth through new property acquisitions via sale-leasebacks and lease assumptions Primarily targeting stabilized industrial and retail acquisitions that exceed accretion thresholds over cost of capital Emphasis placed on directly sourced, relationship-based deal flow to drive stronger risk-adjusted returns vs. broadly marketed transactions CORE BUILDING BLOCKS OF AFFO GROWTH CORE BUILDING BLOCKS OF GROWTH +2.1% Average annual rent escalations provides strong base to build from before factoring in external growth opportunities +$61mm 2026 acquisitions at a ~9.0% initial cash cap rate +$645mm In-process build-to-suit developments, resulting in +$50.7mm of incremental ABR through 4Q27 Data as of July 29, 2026
Slide 10 — 99.9%
Investor Presentation | August 2026 10 3bps 24bps 113bps 31bps 0bps Other Industries Home Furnishings GVMC Clinical (Exc. GVMC) Note: historical lost rent as a percentage of cash rent 1. Green Valley Medical Center (GVMC) was sold in December 2024 2. 2025 assumes $917k of bad debt and $371k in lost rent in connection with Zips lease restructuring 3. Assumes the midpoint of 2026 AFFO per share guidance of $1.56 Diligent portfolio efforts over the last three years has led to limited lost rent, realizing 31bps of lost rent in 2025 and 0bps year-to-date 2026 1 ($ in millions | bps of cash rent) Industry 2022 2023 2024 20252 2026 YTD Total | % Clinical (Exc. GVMC1) - | - - | - $1.4 | 36bps $1.0 | 25bps - | - $2.4 | 36% GVMC1 - | - $0.8 | 19bps $2.8 | 71bps - | - - | - $3.6 | 52% Home Furnishings - | - - | - $0.1 | 3bps $0.1 | 2bps - | - $0.2 | 3% Other Industries $0.1 | 3bps $0.2 | 5bps $0.1 | 4bps $0.2 | 4bps - | - $0.6 | 9% Total $0.1 | 3bps $1.0 | 24bps $4.4 | 113bps $1.3 | 31bps - | - $6.8 | 100% 1 99.9% Rent collections in Q2 2026 $0 Year-to-date 2026 have realized no lost rent LOST RENT | STRONG PORTFOLIO MANAGEMENT Announced Clinical Exit in 2023 Of lost rent, or ~$600K in total since 2022, has been a result of tenants operating outside of the clinical healthcare and home furnishings industry 3bps 6.9% AFFO Per Share Growth: 4.2% 0.7% 1.4% Total Lost Rent by Segment 88% Clinical 4.7%3
Slide 11 — +$50.7mm
Investor Presentation | August 2026 11 $201.0 $105.8 $5.7 $115.4 $73.7 $19.9 $32.1 $175.0 $9.5 $8.1 $12.4 $14.5 $13.0 $46.8 $31.0 $39.8 $303.0 UNFI Sierra Nevada 7-Brew Southwire Fiat Chrysler AGCO Palmer Logistics Triboro Sprouts Hobby Lobby Academy Sports (Granbury) Academy Sports (Waco) Academy Sports (Magnolia) Amazon Tesla Austin Tesla Vegas Colorado Construction Rent Data as of July 29, 2026 Sources: Internal Calculations, Public Filings Note: Pricing, construction timeline, and reporting figures could be subject to change. Initial Yield includes Capitalized Interest at customary rates throughout development period 1. Pro Forma Net Debt / Annualized Adjusted EBITDAre reflects the completed August 6, 2026, overnight equity offering of 12.65 million shares at $20.50 per share ($259.3 million gross or $250.2 million net of underwriting discounts and offering expenses). Pro forma leverage also includes routine adjustments for unsettled forward equity and estimated contractual revenues from in-process development spend to-date. As reported, Q2 2026 Pro Forma Net Debt / Annualized Adjusted EBITDAre was 5.9x Since 2023, have established a robust pipeline of build-to-suit opportunities while growing core tenant and developer relationships 2024 | +$13.7mm 2025 | +$5.2mm 2026 | +$25.8mm 2027 | +$33.8mm * Excludes Project Triboro Q1’24 Q2’24 Q3’24 Q4’24 Q1’25 Q2’25 Q3’25 Q4’25 Q1’26 Q2’26 Q3’26 Q4’26 Q1’27 Q2’27 Q3’27 Q4’27 Funding Schedule $36.9 $30.6 $24.7 $23.0 $26.5 $63.3 $41.0 $78.5 $69.8 $76.8 $162.5 $84.6 $194.6 $16.1 $9.1 $6.8 Incremental ABR ($, mm) ‒ ‒ +$13.4 +$0.3 +$0.7 +$0.3 ‒ +$4.2 +$3.7 +$5.2 +$2.7 +$14.2 +$25.8 +$3.5 ‒ +$4.5 +$50.7mm In new ABR through 4Q27, providing multi-year visibility into rent growth (excludes Project Triboro) Limited development risk given in-place lease and contract structures 5.3x Pro forma leverage1 COMPLETED & ACTIVE BUILD-TO-SUIT PIPELINE Project Triboro +$1.2B Of completed and/or in- process build-to-suits Amazon Tesla Tesla Fortune 20 Company 2Q26
Slide 12 — IN-PROCESS BUILD-TO-SUIT DEVELOPMENTS ECONOMICS & TIMING
12 Investor Presentation | August 2026 IN-PROCESS BUILD-TO-SUIT DEVELOPMENTS ECONOMICS & TIMING Data as of July 29, 2026 Sources: Internal Calculations, Public Filings Note: Pricing, construction timeline, and reporting figures could be subject to change. Initial Yield includes capitalized interest at customary rates throughout development Tenant Project Rent Commencement Total Investment ($, mm) % Funded Initial Yield1 (Inc. cap. int.) Straight line Yield Term (years) Annual Rent Increases Palmer Logistics Warehouse / distribution center in Dallas MSA Aug’ 26 $32.1 96% 7.6% 9.2% 12 3.5% Sprouts Retail grocery store in Dallas, TX Oct’ 26 $9.5 62% 7.2% 7.7% 15 0.9% AGCO Distribution center in Visalia, CA Aug’ 26 $19.9 85% 7.0% 8.5% 12 3.5% Southwire Cross-docked wire/cable distribution facility Nov’ 26 $115.4 76% 7.8% 8.8% 10 2.8% Hobby Lobby Multi-tenant retail building in TX with Academy Sports (below) Sept’ 26 $8.1 34% 7.1% 7.4% 15 0.7% Academy Sports Multi-tenant retail building in TX with Hobby Lobby (above) Nov’ 26 $12.4 66% 7.1% 7.4% 15 0.6% Academy Sports Retail location in Waco, TX Sept’ 26 $14.5 66% 7.2% 7.5% 15 0.6% Amazon Distribution center in Sarasota, FL May’ 27 $46.8 44% 7.5% 8.8% 15 2.3% Academy Sports Retail location in Magnolia, TX Nov’ 26 $13.0 43% 7.3% 7.5% 15 0.5% Tesla Recycling warehouse located in Austin, TX Oct’ 27 $31.0 26% 6.7% 7.9% 12 3.0% Tesla Sales, service, and delivery facility in Las Vegas, NV Nov’ 27 $39.8 48% 6.7% 8.3% 15 3.0% Fortune 20 Investment- Grade Company Advanced technology facility in Colorado Mar’ 27 $303.0 23% 8.5% 11.6% 15 3.0% Total / Weighted Average $645.4 7.9% 9.9% 13.7 2.7%
Slide 13 — REMAINING IN-PROCESS INDUSTRIAL BUILD-TO-SUIT DEVELOPMENTS
13 Investor Presentation | August 2026 REMAINING IN-PROCESS INDUSTRIAL BUILD-TO-SUIT DEVELOPMENTS Sources: Internal Calculations, Public Filings, CoStar, Placer.ai, Company Websites Note: shows in-process build-to-suit developments as of July 29, 2026 Southwire AGCO Palmer Logistics Amazon.com Services, LLC Tesla Building Type Industrial Manufacturing / DC Industrial Warehouse / DC Industrial Warehouse / DC Industrial Warehouse / DC Industrial Manufacturing Location Bremen, GA Visalia, CA Midlothian, TX Sarasota, FL Austin, TX Building and Market Highlights 1.2mm sqft. cross-docked distribution facility featuring: • 40’ clear heights • 200 dock doors • Interstate 20 access - Top 25 highway • 45 miles from Atlanta International Airport 115k sqft. state-of-the-art warehouse facility in California’s central Valley, a strong agricultural hub, featuring: • 38’ clear heights • 12 dock doors • Located on Highway 99, providing easy access throughout Central California 270k sqft. warehouse and distribution asset located in the Dallas MSA featuring: • 36’ clear heights • 45 dock doors • Equidistant from downtown Dallas and downtown Fort Worth ~230k sqft sub-same-day (“SSD”) facility, which is unique to Amazon, combining the functions of a fulfillment center and a delivery dispatch station • 36’ clear heights; 275 van parking spaces • Property is 1-mile from the Sarasota Airport, adjacent for our UNFI asset, and across the street from an existing Amazon fulfillment center 130k sqft recycling warehouse, approximately 10 miles from downtown Austin, TX • 37’ clear heights • Easy connectivity to I-35 and 7 miles from the airport • Strategically positioned ~3 miles from the company’s corporate headquarters and other key Tesla operations Tenant Description Leading wire and cable manufacturer with over 70 years of expertise, supplying nearly half of all newly built homes in the U.S. AGCO (NYSE: AGCO) is a top five, investment grade, agricultural equipment company, which manufactures and distributes equipment and replacement parts worldwide, including but not limited to tractors, combines, and tillage equipment Third-party logistics (3PL) operator, offering value-add solutions consisting primarily of storage and handling of customers’ products (e.g., chemicals, pharmaceuticals, and electronics) Tenant is a multinational technology company engaged in e-commerce, cloud computing, digital streaming, and artificial intelligence. Tenant is a globally integrated electric vehicle, energy storage, and artificial intelligence driven company, with the automotive sector being its core business and the segment occupying our asset. Value-Add New Relationship 12 miles from corporate headquarters and main manufacturing plant New Developer Relationship New state-of-the art mission critical asset replacing an existing site, investment grade tenant, and new relationship Cementing an Existing Relationship Continued work with Sansone provides opportunities for further investments (previous UNFI BTS and additional industrial and retail opportunities underway) Strengthen Relationship with Development Partner Continued work with Seefried provides opportunities for further investments (in- process AGCO development) New Developer Relationship Opportunity to expand developer relationship while capturing a house-hold name tenant in a top-25 United States industrial market BNL Site:
Slide 14 — REMAINING IN-PROCESS RETAIL BUILD-TO-SUIT DEVELOPMENTS (CONT.)
14 Investor Presentation | August 2026 REMAINING IN-PROCESS RETAIL BUILD-TO-SUIT DEVELOPMENTS (CONT.) Sources: Internal Calculations, Public Filings, CoStar, Placer.ai, Company Websites Note: shows in-process build-to-suit developments as of July 29, 2026 Sprouts Hobby Lobby – Academy Sports Academy Sports Academy Sports Tesla Building Type Retail General Merchandise Retail General Merchandise Retail General Merchandise Retail General Merchandise Retail Specialty Retail Location Bedford, TX Granbury, TX Waco, TX Magnolia, TX Las Vegas, NV Building and Market Highlights 22k sqft. grocery store located in the Dallas, TX MSA, a top-10 market in the U.S. featuring: • ~250k people within a 5-mile radius with an average annual income over $100k • Limited local competition with only one competing supermarket within one mile Two (2) 55k sqft leased to leading retailers in an expanding sub-market outside of Fort Worth: • 15% population growth since 2020 and an estimated 20% more growth by 2029 • Located in a new retail plaza with LOIs signed for leading restaurants to be outparcels (not BNL owned) 68k sqft retail store in a strong retail corridor in Waco, TX • Convenient access to I-35, a main thoroughfare that runs throughout Texas • 4 miles from Baylor University’s campus, representing a built-in consumer base of ~20k students • Projected ~5% population growth through 2030 in the Waco MSA 55k sqft retail store in the growing metro of Magnolia, TX, approximately 35 miles outside of downtown Houston • 23% population growth since 2020 with another ~24% growth expected by 2029 • Affluent area, with 1- and 3-mile average household incomes of $150k+ and $130k+ 60k sqft sales, service, and delivery (“SSD”) facility in a top-30 metro area • Frontage along I-215 (~195k vehicles per day) and located ~8 miles from the Harry Reid International Airport provides unparalleled access to both local and tourist traffic • The Las Vegas metro has over 1,400 public charging ports, making it one of the better-served EV markets in the Southeast Tenant Description Sprouts (NASDAQ: SFM) is a U.S. grocery store chain specializing in fresh, natural, and organic food with over 450 stores in 24 states Hobby Lobby is a leading arts and crafts and home décor store in the U.S. with over 950 stores. Academy Sports (NASDAQ: ASO) is a leading sporting goods and outdoor recreation retailer with over 300 stores in the Southeastern U.S. Academy Sports (NASDAQ: ASO) is a leading sporting goods and outdoor recreation retailer with over 300 stores in the Southeastern U.S. Academy Sports (NASDAQ: ASO) is a leading sporting goods and outdoor recreation retailer with over 300 stores in the Southeastern U.S. Tenant is a globally integrated electric vehicle, energy storage, and artificial intelligence driven company, with the automotive sector being its core business and the segment occupying our asset. Value-Add New Developer Relationship Opportunity to expand relationship as tenant looks to diversify landlords programmatically Repeat Business With Key Retail Developer Relationship First official BTS with a preferred retailer developer of Academy, who previously transacted with us on a stabilized opportunity Strengthen Relationship with Development Partner Opportunity to expand relationship with a preferred development partner of Academy, helping them achieve growth goals New Developer Relationship Opportunity to expand developer relationships while capturing a familiar tenant in a strong and growing submarket Continued Developer Partnership Following Tesla Industrial Deal Opportunity to expand developer relationship while capturing a retail location of a house-hold name tenant in an EV-friendly and growing metro area New Development
Slide 15 — TRANSITIONAL CAPITAL | CREATING SOLUTIONS WITH OUR PARTNERS
15 Investor Presentation | August 2026 TRANSITIONAL CAPITAL | CREATING SOLUTIONS WITH OUR PARTNERS Transitional Capital has helped strengthen our relationships with preferred partners and has proven to be a sound capital allocation decision. While it has been a helpful tool, transitional capital will remain a selective investment structure used to unlock unique opportunities. TRANSITIONAL CAPITAL Investment structure that allows us to provide mutually beneficial solutions to our preferred partners How BNL Benefits from Transitional Capital How our Preferred Partners Benefit Provides exclusive access to unique opportunities with significant value creation potential Opportunity to deploy capital and earn an above market yield given the nature of the investment and the flexibility provided Builds a pipeline of opportunities with the potential to convert into BTS developments and stabilized core investments with additional time Structured with multiple exit paths that provide value and risk management flexibility for our investment at all stages of the conversion cycle Allows our partners to move with certainty, speed, and confidence Flexible source of patient capital that lowers our partner’s balance sheet burden and supports its pursuit of a higher number of opportunities that could in turn benefit BNL in the future Simplifies the number of parties at the table and sources of capital that could have misaligned incentives Creates a true partnership with incentive alignment in the form of profit, cost and risk sharing Transitional Capital Stabilized Investment Earning an Attractive Yield & Building A Prospective Pipeline Recapitalized & Paid Back Sell to Another Interested Party Transitional Capital structured to provide maximum flexibility and optionality on the conversion path to a stabilized core investment Partial Conversion Into A Stabilized Investment TRANSITIONAL CAPITAL CONVERSION CYCLE Thoughtful structuring provides the optionality to exit at multiple stages along the way, often creating value at each step of the conversion cycle
Slide 16 — PROJECT TRIBORO | ATTRACTIVE DEVELOPMENT OPPORTUNITY
16 Investor Presentation | August 2026 PROJECT TRIBORO | ATTRACTIVE DEVELOPMENT OPPORTUNITY Note: 1. Source: CoStar Development paths range from multiple industrial build-to-suits to a hyperscale data center campus, providing significant opportunity for high- value investment INVESTMENT | PROJECT TRIBORO Opportunity sourced with one of our preferred partners, Sansone Group, who we have partnered with on several opportunities to date and continue to evaluate a pipeline of prospective future projects Project Triboro is an industrial development opportunity located within the I-87 / 78 corridor just outside of Scranton, PA, and encompasses 550+ acres of developable land that is fully entitled across four pads To date, we have invested ~$120mm in the form of transitional capital in consolidated joint ventures with Sansone to acquire the land and have commenced site work while simultaneously completing a strategic alternatives assessment for the site Optionality on the site: (1) As underwritten – four industrial BTS buildings (800K–1.0M SF each), ~$520M total development, development yields north of 7.5%, stabilized yields around 6.0%, and deliveries potentially commencing as early as mid-2028; (2) Near-term land monetization – unsolicited interest at valuations representing a potential multiple of our ~$120M invested capital, with BNL participating in upside per JV terms; or (3) Highest and best use today is a 3 - 4 phase hyperscale data center ($2.5B+ total cost), economics likely closely aligned with our recently announced Colorado transaction. Included as a transitional capital investment currently earning a preferred return of 7.8% Control & Decision-Making Rights across all key decisions per the executed joint venture agreement Land Value Backstop with unsolicited offers over 2.0x current invested dollars Fully Entitled site for industrial development, which significantly compresses the timeline to delivery and provides a strong backstop Heavy Water & Power Access with committed 300MW of power within the first 36 months and up to 1GW thereafter Location / Proximity to major northeast metros provides significant logistical advantages for industrial users Favorable Industrial Supply & Demand Imbalance exists with speed to deliver the largest question among users Data Center Potential with 1GW+ of power commitments garnering the attention of hyper- scalers, some of whom have submitted the unsolicited purchase offers
Slide 17 — BUILD-TO-SUIT RISK MITIGATION & STRUCTURING
17 Investor Presentation | August 2026 BUILD-TO-SUIT RISK MITIGATION & STRUCTURING Land Owner Construction Monitor Developer Architect of Record Tenant General Contractor Our growing network of partners brings industry-leading expertise to the table, ensuring each project is delivered seamlessly to the highest standard Thoughtful structuring, incentive alignment, and contractual risk mitigation ensure exposure to typical development related risk is limited Contractual Agreements Limit Traditional Development Risk Gross maximum price agreements, date certain leases, and routine monthly construction updates limit downside risk while allowing BNL to capture higher yields than sale leasebacks Long-term leases signed prior to starting development, giving BNL comfort as a long-term holder as opposed to having to flip investment for a profit like a traditional developer Emphasis On Detailed Underwriting Balance of real estate fundamentals and tenant credit to ensure we are allocating capital to the best risk-adjusted opportunities to drive accretive REIT-level earnings growth and visibility to long-term value creation Prioritize working with general contractors with strong liquidity and a track record of project execution Accounting & Financial Statement Impact All costs incurred throughout construction (namely interest expense, real estate taxes, insurance, etc.) are capitalized into the basis and depreciated over the useful life of the asset (no AFFO impact during construction) Rent commences upon substantial completion and delivery of the asset STRUCTURING, CONTACTS & KEY PARTIES INVOLVED RISK MITIGATION 1 2 3 4 5 6 7 8 1 2 3 4 5 6 7 0 Quarter: Land Purchase Construction (Site Work & Vertical) Rent Commencement Illustrative BTS Cash Flows
Slide 18 — $3.2B | 76%
Investor Presentation | August 2026 18 $228 $90 $18 $238 $237 $5 $127 $70 $4 $3 $2 $14 $16 $196 $83 $5 $98 $25 $183 $859 $77 $318 $645 $63 $163 $369 $62 $94 $114 $295 $180 $98 $607 $1,032 $100 $654 $907 $166 $405 $748 2018 2019 2020 2021 2022 2023 2024 2025 2026 Data as of June 30, 2026, unless otherwise noted; revenue generating capex investments have been grouped with “stabilized investments” and our transitional capital opportunities are divided such that Industrial Park (Olyphant, PA) investments are within “Industrial BTS Draws” and Retail Center (St. Louis, MO) investments are in “Stabilized Retail Investments” 1. % of previous year end, Gross asset value “GAV” means undepreciated book value, which represents the fair value of the assets as of the date acquired, less any subsequent write-downs due to impairment 2. Represents the estimated first year cash yield, calculated as specified cash base rent for the first full year after investment divided by property purchase price 3. “Relationship” includes all deals sourced directly or specifically brought to us as part of a smaller marketed transaction, as opposed to a broadly marketed one; volume includes total estimated project costs for in-place build-to-suits and transitional capital investments to date 4. Subsequent to quarter-end investment activity of ~$97.8mm, all of which is related to ongoing BTS developments and the majority of which is related to the purchase of land for our Colorado BTS announced on July 8, 2026 PROVEN & DISCIPLINED INVESTMENT APPROACH Stabilized acquisitions have historically been, and will continue to be, core to our business and growth model; Higher degree of selectivity in recent years given market dislocation and growing focus on built-to-suit developments % of GAV1 23.5% 32.8% 2.5% 16.2% 19.8% 3.1% 7.5% 13.9% N/A Investment Cap Rate2 6.9% 6.6% 6.9% 6.3% 6.4% 7.2% 7.3% 7.0% $3.2B | 76% Of investment volume closed since 2019 has been industrial Stabilized Investments BTS Fundings Industrial Retail Other COVID Pandemic & Preparing for IPO Hyper-selectivity in response to market dislocation resulting from rate hikes Stabilized Investments BTS Fundings Stabilized Investments BTS Fundings $864mm | 55% Of stabilized investment volume and percent of total investments since commencing the BTS strategy in 2023 88% Of investment volume since 2023 has been sourced through existing relationships3 2026 Expected Investments Subsequent to Quarter- End Activity Remaining Guidance Annual Capital Deployment ($ in millions) Guidance: $600 - $800 4
Slide 19 — 5.7%
Investor Presentation | August 2026 19 Source: Public filings and market data as of August 10, 2026 1. 2026E AFFO per share growth assumes midpoint of guidance for BNL and consensus estimates for peers as of August 10, 2026 2. Assumes annualized 2Q’26 dividend for BNL and peers RETURNING GROWTH TO SHAREHOLDERS Dividend reflects our commitment to driving long-term shareholder value and total returns through a combination of AFFO and dividend growth DIVIDEND YIELD VS. PEERS 2026E AFFO PAYOUT RATIO VS. PEERS $1.025 $1.080 $1.120 $1.155 $1.160 $1.170 2021 2022 2023 2024 2025 2026E 5.7% Dividend yield Mid-70% Targeted dividend payout ratio +14.1% Dividend growth 2021 – 2026E 2026E AFFO Per Share Growth1 3.9% 4.5% 4.7% 3.7% 5.4% 5.8% 3.8% 6.1% 7.9% Cumulative Dividend Per Share Growth (2021 – 2026E2) 14.1% 22.8% 14.1% 14.3% (10.6%) 14.2% 10.0% 23.0% 28.0% 79.9% 77.0% 74.6% 73.7% 71.5% 69.8% 68.1% 63.9% 62.1% Peer Average, 70.7% FCPT GTY BNL O WPC ADC NNN NTST EPRT 6.0% 6.0% 5.7% 5.3% 5.3% 5.3% 4.4% 4.3% 4.2% Peer Average, 5.1% FCPT GTY BNL NNN WPC O NTST ADC EPRT 2
Slide 20 — IN-PLACE
20 INVESTOR PRESENTATION December 2025 IN-PLACE PORTFOLIO Salm Partners Green Bay, WI
Slide 21 — SIGNIFICANT GEOGRAPHIC DIVERSITY
21 Investor Presentation | August 2026 SIGNIFICANT GEOGRAPHIC DIVERSITY Data as of June 30, 2026 TOTAL PROPERTIES: 766 TOTAL STATES/PROVINCES: 44 + 4 Canadian provinces State ABR as a % of Total Portfolio 1 TX 10.0% 2 MI 8.4% 3 FL 5.7% 4 OH 5.7% 5 CA 5.2% 6 WI 5.1% 7 IL 5.1% 8 MN 4.7% 9 GA 3.9% 10 PA 3.7% Top 10 States 57.5%
Slide 22 — CROSS-DIVERSIFICATION
22 Investor Presentation | August 2026 CROSS-DIVERSIFICATION Data as of June 30, 2026 Geographic, property type, and industry diversification helps mitigate state specific risk STATE EXPOSURE AT-A-GLANCE STATE DIVERSIFICATION BY PROPERTY TYPE STATE DIVERSIFICATION BY INDUSTRY State: Texas Concentration: 1 ABR: % | $ 10.0% | $44.1mm Tenants: 37 Properties: 71 Property Types: 3 Industries: 21 MSAs: 20 $12.5 $11.3 $8.2 $1.9 $1.7 $1.6 $1.5 $5.5 Dallas Houston Austin San Antonio Sherman Tyler Mt. Pleasant All Other ($ in millions) $44.1mm ABR Industrial, $20.6 Retail, $13.6 Other, $9.9 ($ in millions) $44.1mm ABR TENANT INDUSTRY PROPERTY TYPE ABR % STATE ABR Restaurants 6.9 15.6% Steel 4.7 10.7% Application Software 4.2 9.5% Managed Health Care 3.9 8.9% Specialty Stores 3.2 7.2% Home Furnishing Retail 3.2 7.2% Auto Parts & Equipment 3.0 6.8% Home Furnishings 2.9 6.6% Packaged Foods & Meats 1.7 3.8% Distributors 1.6 3.6% Automotive Retail 1.4 3.2% Healthcare Facilities 1.4 3.1% Industrial Machinery 1.0 2.3% Construction & Engineering 0.9 2.1% Building Products 0.8 1.7% Metal & Glass Containers 0.7 1.5% General Merchandise Stores 0.6 1.4% Diversified Support Services 0.5 1.2% Soft Drinks 0.5 1.2% Office Services & Supplies 0.5 1.2% Healthcare Services 0.4 1.0% TOTAL $44.1 100.0%
Slide 23 — PORTFOLIO OVERVIEW
23 Investor Presentation | August 2026 Industrial 63.2% Distribution & Warehouse 20.3% Manufacturing 19.0% Food Processing 12.5% Flex and R&D 5.6% Industrial Services 3.0% Cold Storage 2.8% PORTFOLIO OVERVIEW Data as of June 30, 2026 * Subject to master lease. ** Includes properties leased by multiple tenants, some, not all, of which are subject to master leases Other 7.5% Office 5.2% Clinical &Surgical 2.3% Retail 29.3% General Merchandise 7.9% Quick Service Restaurants 6.4% Casual Dining 6.1% Automotive 2.7% Animal Services 2.5% Home Furnishings 1.6% Healthcare Services 1.4% Education 0.7% Tenant Property Type # of Properties ABR as a % of Total Portfolio Roskam Foods* Industrial / Other 7 3.8% UNFI Industrial 1 3.4% Sierra Nevada Industrial 3 2.1% Ryerson Industrial 11 1.9% AHF Products* Industrial 7 1.8% Dollar General Retail 74 1.8% Jack’s Family Restaurants* Retail 43 1.8% Tractor Supply Company Retail 23 1.4% J. Alexander* Retail 16 1.4% Salm Partners* Industrial 2 1.4% Top 10 Tenants 187 20.8% Fiat Chrysler Automotive Industrial 2 1.4% Nestle’ Dreyer's Ice Cream Industrial 2 1.4% Hensley* Industrial 3 1.4% BluePearl Veterinary Partners** Retail 13 1.4% Axcelis Technologies Industrial 1 1.4% Owens & Minor Industrial 2 1.4% Red Lobster* Retail 18 1.3% Outback Steakhouse* Retail 22 1.3% Academy Sports Retail 9 1.3% Krispy Kreme Industrial / Retail 27 1.3% Top 20 Tenants 286 34.4% $439.8mm Annualized Base Rent TOP 20 TENANTS PROPERTY TYPE DIVERSIFICATION (BY ABR)
Slide 24 — TOP 10 TENANT DESCRIPTIONS
24 Investor Presentation | August 2026 TOP 10 TENANT DESCRIPTIONS Source: Company Websites and Public Filings Tenant Business Description Roskam Foods (Roskam Baking Company, LLC) Founded in 1923 and headquartered in Grand Rapids, Michigan, Roskam Baking Company is a food manufacturer with over 2 million square feet of manufacturing space and over 30 manufacturing and packaging lines. Roskam manufactures a diverse product line such as organic, gluten free, non-GMO, and specialty allergen free products. Roskam has been owned by private equity firm Entrepreneurial Equity Partners since 2022. UNFI (United Natural Foods, Inc) (NYSE: UNFI; Moody’s/S&P: B3/B) United Natural Foods, Inc. (NYSE: UNFI) is the largest publicly traded wholesale distributor with over 250,000 natural, organic, and conventional products reaching over 30,000 retailers. UNFI also provides a range of value-added services and segmented marketing expertise, including proprietary technology, data, market insights, and shelf management to help customers and suppliers build their businesses and brands. Sierra Nevada Corporation (Sierra Nevada Company, LLC) Sierra Nevada Corporation was founded in 1963 and headquartered in Nevada. SNC is a leading defense contractor that specializes in aerospace, security, and national defense solutions, renowned for innovation and reliability. Ryerson (Joseph T Ryerson & Son, Inc) (NYSE: RYI; Moody’s/S&P: Ba3/BB-) Founded in 1842, Ryerson (NYSE: RYI) produces approximately 75,000 specifically tailored metal products made from steel, stainless steel, aluminum, and alloys. Ryerson employs over 4,200 employees and operates approximately 100 facilities across North America and China. AHF Products (AHF, LLC) (Moody’s/S&P: B3/B) With more than a century of operating history, AHF Products’ brands have been recognized as leaders in the hardwood flooring for residential customers industry. Headquartered in Mountville, Pennsylvania, AHF Products operates 8 manufacturing facilities across the United States and 1 in Cambodia with over 2,000 employees.
Slide 25 — TOP 10 TENANT DESCRIPTIONS (CONT.)
25 Investor Presentation | August 2026 Tenant Business Description Dollar General (Dollar General Corporation) (NYSE: DG; Moody’s/S&P: Baa3/BBB) Founded in 1939, Dollar General (NYSE: DG) is the largest discount retailer in the United States by store count. Brands operated include Dollar General, DG Market, DGX, and pOpshelf totaling more than 20,000 stores spanning 48 states and Mexico. Jack’s Family Restaurants (Jack’s Family Restaurants LP) Founded in 1960, Jack’s Family Restaurants is a regional quick service restaurant chain that offers southern-inspired food. Jack’s Family Restaurants operates approximately 200 locations across Alabama, Georgia, Mississippi, and Tennessee. Jack’s has been owned by private equity firm AEA Investors LP since 2019. Tractor Supply Co. (Tractor Supply Company) (NASDAQ: TSCO; Moody’s/S&P: Baa1/BBB) For 85 years, Tractor Supply Company (NASDAQ: TSCO) has operated hardware store locations, selling lawn care supplies, power tools, fencing, irrigation system parts, and more. Tractor Supply Company operates nearly 2,300 stores across 49 states. J. Alexander’s (J. Alexander’s, LLC) J. Alexander’s is a contemporary American restaurant, known for its high-quality dining experience and wood-fired cuisine. J. Alexander’s operates 37 locations spanning 15 states. In 2021, SPB Hospitality acquired J. Alexander’s Holdings, Inc (formerly NYSE: JAX). SPB Hospitality is a premier operator with over 200 locations spanning 39 states and the District of Columbia. Salm Partners (Salm Partners, LLC) Salm Partners is the nation’s largest co-manufacturer of fully cooked sausages and hotdogs. Founded in 2004 in Denmark, Wisconsin, Salm Partners’ 2 large-scale production facilities now provide for 15% of the fully cooked sausage in the United States. Salm Partners serves both foodservice providers and food distributors. TOP 10 TENANT DESCRIPTIONS (CONT.) Source: Company Websites and Public Filings
Slide 26 — PORTFOLIO AT-A-GLANCE: INDUSTRIAL
26 Investor Presentation | August 2026 31.2% 43.2% 46.3% 47.4% 51.5% 51.5% 59.6% 61.9% 63.2% 2018 2019 2020 2021 2022 2023 2024 2025 2026 Q4 Q4 Q4 Q4 Q4 Q4 Q4 Q4 Q2 Distribution & Warehouse 32.1% Manufacturing 30.1% Food Processing 19.7% Flex and R&D 8.9% Industrial Services 4.7% Cold Storage 4.5% PORTFOLIO AT-A-GLANCE: INDUSTRIAL Data as of June 30, 2026 1. Excludes one property that is classified as a corporate headquarters ($0.2mm ABR) PROPERTY TYPE BREAKDOWN PROPERTY TYPE OVERVIEW 63.2% ABR Industrial exposure has grown from 31.2% at 4Q’18 to 63.2% at 1Q’26 208 Properties $278.1mm ABR 34.0mm SF 105 Tenants 2.3% Wtd. Avg. Rent Escalations 10.0 Years WALT Rank Tenant Property Use # Prop. ABR ($mm) % ABR 1 Roskam Baking1 Food Processing 6 $16.3 3.7% 2 UNFI Distribution & Warehouse 1 $14.7 3.4% 3 Sierra Nevada Manufacturing 3 $9.0 2.1% 4 Ryerson Distribution & Warehouse 11 $8.1 1.9% 5 AHF Products Distribution & Warehouse / Manufacturing 7 $8.1 1.8% 6 Salm Partners Food Processing 2 $6.4 1.4% 7 Fiat Chrysler Automotive Distribution & Warehouse 2 $6.4 1.4% 8 Nestle' USA, Inc. Cold Storage / Food Processing 2 $6.4 1.4% 9 Hensley Distribution & Warehouse 3 $6.4 1.4% 10 Axcelis Flex and R&D 1 $6.0 1.4% Top 10 Industrial Tenants 38 $87.8 19.9% TOP TENANTS REVENUE GENERATING CAPEX – CASE STUDY BNL acquired two food-grade manufacturing facilities through a sale-leaseback in Q3’21 master leased to Salm Partners, a leading sausage producer Completed two expansions with tenant for a total of $49.2mm to expand its current operations, increasing square footage by ~150k and ABR by $3.2mm Strong relationships with existing tenants have yielded opportunities such as these to accretively invest capital in our assets, improving their quality, and has resulted in repeat deal flow through sponsors and from tenants
Slide 27 — PORTFOLIO AT-A-GLANCE: RETAIL
27 Investor Presentation | August 2026 PORTFOLIO AT-A-GLANCE: RETAIL Data as of June 30, 2026 1. Gardner White has assumed all assets previously tenanted by American Signature at current rents, resulting in no lost rent or leakage at any site PROPERTY TYPE BREAKDOWN PROPERTY TYPE OVERVIEW 29.3% ABR 530 Properties $128.6mm ABR 6.1mm SF 86 Tenants 1.7% Wtd. Avg. Rent Escalations 9.2 Years WALT Rank Tenant Property Use # Prop. ABR ($mm) % ABR 1 Dollar General General Merchandise 74 $7.8 1.8% 2 Jack's Family Restaurants QSR 43 $7.8 1.8% 3 Tractor Supply Co. General Merchandise 23 $6.6 1.4% 4 J. Alexander's Casual Dining 16 $6.4 1.4% 5 BluePearl Animal Services 13 $6.1 1.4% 6 Red Lobster Hospitality Casual Dining 18 $5.7 1.3% 7 Outback Steakhouse Casual Dining 22 $5.6 1.3% 8 Academy Sports General Merchandise 9 $5.6 1.3% 9 Krispy Kreme QSR 25 $4.8 1.1% 10 Gardner White1 Home Furnishings 6 $4.2 1.0% Top 10 Retail Tenants 249 $60.6 13.8% TOP TENANTS RETAIL BTS DEVELOPMENTS General Merchandise, 27.1% Casual Dining, 21.7% Quick Service Restaurant, 21.0% Automotive, 9.1% Animal Services, 8.3% Home Furnishings, 5.6% Healthcare Services, 4.8% Education, 2.3% While large, industrial BTS transactions are more impactful to growth in ABR and NOI, BNL views retail BTS’s as an attractive piece of our differentiated BTS strategy, especially when done programmatically While historically retail BTS deals have been in the QSR space, BNL has made progress expanding into General Merchandise retail BTS, with tenants such as Sprouts, Hobby Lobby, and Academy Sports (please see previous slides for additional detail) BNL continues to expand its developer and broker relationships, which has resulted in an attractive pipeline of opportunities to further expand retail development starts Tenant Location Completion Date Cost ($mm) ABR ($mm) 7 Brew Tulsa, OK October 2023 $1.7 $0.1 Taco Bell Stillwell, OK December 2023 $2.0 $0.1 7 Brew Charleston, SC May 2025 $1.7 $0.1 7 Brew Highpoint, NC June 2025 $2.0 $0.2 7 Brew Jacksonville, FL November 2025 $2.0 $0.2 Completed Retail BTS $9.4 $0.7
Slide 28 — 9.3 Years
Investor Presentation | August 2026 28 Data as of June 30, 2026, unless otherwise noted 1. Measured as of December 31, 2024 2. Measured as of December 31, 2025 3. Redevelopment reflects two assets, one of which was previously tenanted by Claire’s who’s lease expired July 1, 2026, and was added to our redevelopment pipeline subsequent to the Q1’26. ROUTINE PORTFOLIO MONITORING Proactive approach drives strong releasing outcomes across the portfolio with limited remaining expirations in 2026 9.3 Years Weighted average remaining lease term on whole portfolio LONG WALT WITH MINIMAL NEAR-TERM EXPIRATIONS Active Negotiations Proactive Evaluations Routine Monitoring & Opportunistic Evaluation 2025 FULL YEAR REVIEW | Lease Rollover Results CURRENT YEAR | Projected for 2026 3 2.1% 0.8% 0.4% Industrial Other Retail 3.3% of ABR Expiring2 55% $2.6mm 45% $2.1mm Not Renewed Renewed 0.5% 0.4% 0.3% Industrial Other Retail 1.2% of ABR Expiring1 13 leases (5 tenants), comprised of retail (103% recapture) and other (109% recapture) property types. 82% of ABR tied to single asset. 11+ months notice provided adequate time to sell the asset at expiration. 107% Weighted average recapture rate on leases that expired in 2025 Of 2026 ABR expirations2 have executed their renewal, agreed to our terms, or are expected to renew 65% 108% Recapture on year-to-date executed 2026 renewals 1.9% 6.7% 4.4% 4.3% 9.9% 2.2% 7.7% 4.5% 4.0% 3.8% 8.7% 6.8% 3.4% 5.3% 4.1% 6.1% 10.4% 1.9% 0.4% 3.5% 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 2041 2042 2043 2044 Thereafter Industrial Other Retail WALT: 10.0 3.5 9.2 1.7% 0.3% 0.1% 1.1% 0.0%
Slide 29 — SAME-STORE RENT GROWTH | TOP-TIER IN-PLACE GROWTH
29 Investor Presentation | August 2026 SAME-STORE RENT GROWTH | TOP-TIER IN-PLACE GROWTH Data as of June 30, 2026; Same-Store Rent disclosure and full definitions are provided in the appendix CONTRACTUAL ANNUAL RENT ESCALATIONS SAME-STORE RENT | Q2 2026 v. Q2 2025 SAME-STORE RENT | YTD 2026 v. YTD 2025 0.5% 3.5% 1.5% Same-Store Average, 2.6% Other Industrial Retail (1.6%) 3.3% 1.2% Same-Store Average, 2.2% Other Industrial Retail Same-store growths of +2.2% for the second quarter of 2026 and 2.6% for YTD 2026 highlight the strength of our in-place portfolio Picture Same-store rent results reflect strong contractual escalations and the ability to improve economics through revenue generating capital expenditures and releasing activity San Jose, CA Tucson, AZ 2.4% 2.3% 1.7% Portfolio, 2.1% Other Industrial Retail Contractual Fixed Increases 85.6% CPI- Related 11.2% Flat 3.2% 96.8% of leases have contractual increases, including 80.2% that have annual escalations
Slide 30 — TOP-TIER PORTFOLIO METRICS
30 Investor Presentation | August 2026 Source: Market data as August 10, 2026, and peer portfolio data as of Q2 2026 1. 2026E AFFO per share for expected growth and multiple assumes midpoint of guidance for BNL and consensus estimates for peers as of August 10, 2026; 2027E AFFO per share multiple assumes consensus estimates for all peers, including BNL Peer Portfolio Composition NTST GTY FCPT ADC NNN EPRT O WPC BNL Industrial Exposure 0.0% 0.0% 0.0% 0.0% 0.0% 5.9% 16.2% 63.8% 63.2% Rent Escalations N/R 1.8% 1.5% N/R 1.5% 1.9% N/R 2.6% 2.1% Wtd. Average Lease Term 10.0 10.3 6.6 7.7 10.1 14.3 8.6 12.2 9.3 Investment Grade 40.7% N/R 51.0% 65.8% 13.0% N/R 34.3% 22.7% 20.1% Additional Countries - - - - - - 9 23 1 GAV ($B) $2.8 $2.3 $3.6 $10.1 $11.8 $7.2 $66.0 $15.5 $5.4 Property Count 859 1,224 1,336 2,825 3,774 2,493 15,588 1,748 766 Tenant Count 156 N/R N/R N/R 400 N/R 1,798 384 206 Square Footage (millions) 15.4 N/R 9.0 59.6 40.4 28.5 353.0 188.5 41.7 2025A AFFO Growth 4.0% 3.8% 2.9% 4.6% 2.7% 8.6% 2.1% 5.7% 4.2% 2026E AFFO Growth1 6.1% 4.5% 3.9% 5.8% 3.8% 7.9% 3.7% 5.4% 4.7% 2026E AFFO Multiple1 14.4x 12.8x 13.2x 16.2x 12.8x 14.8x 13.9x 13.5x 13.1x 2027E AFFO Multiple1 13.7x 12.3x 12.7x 15.5x 12.5x 13.8x 13.5x 13.0x 12.4x Portfolio 2 2 6 6 1 2 5 4 7 Above average growth with a discounted multiple Small relative asset base supports future embedded growth Industrial differentiation with sound portfolio fundamentals Current portfolio, strategy, and growth potential positively differentiate BNL from the net lease peer group 4 TOP-TIER PORTFOLIO METRICS A differentiated industrial-focused portfolio, relatively small asset base conducive to growth, and a discounted multiple despite performance Valuation 5 5.9% 16.2% 63.8% 63.2% 5.5% 13.9% 7.5% 100.0% 100.0% 100.0% 100.0% 100.0% 94.1% 78.3% 22.3% 29.3% 8
Slide 31 — BALANCE SHEET
31 INVESTOR PRESENTATION December 2025 Palmer Logistics Midlothian, TX BALANCE SHEET MANAGEMENT
Slide 32 — WELL-CAPITALIZED INVESTMENT GRADE BALANCE SHEET
32 Investor Presentation | August 2026 WELL-CAPITALIZED INVESTMENT GRADE BALANCE SHEET Data as of June 30, 2026, unless otherwise noted 1. Graph includes undrawn $300.0mm senior unsecured delayed draw term loan facility that was executed subsequent to quarter-end and as announced on July 29, 2026 2. Revolving Credit Facility, 2028 Unsecured Term Loan, 2029 Unsecured Term Loan, and Undrawn Unsecured Term Loan reflected above assume exercise of available extension options subject to certain conditions, including the payment of extension fees. Investment grade rated balance sheet, well-laddered maturities, and strong liquidity support durable growth ($ in thousands) June 30, 2026 Equity Common Stock 191,808 OP Units 8,296 Common Stock & OP Units 200,104 Price Per Share / Unit $20.67 Equity Market Capitalization $4,136,152 % of Total Capitalization 60.6% Debt Unsecured Revolving Credit Facility $447,376 Unsecured Term Loan Facilities 1,000,000 Senior Unsecured Notes 1,200,000 Mortgage Debt – Various 40,640 Total Debt $2,688,016 % of Total Capitalization 39.4% Enterprise Value Total Capitalization $6,824,168 Less: Cash and Cash Equivalents (11,095) Enterprise Value $6,813,073 58.1% 2.5% 14.6% 17.6% 0.6% 6.6% Common Stock OP Units Unsecured Term Loans Senior Unsecured Notes Mortgage Debt Unsecured Revolving Credit Facility Total Capitalization: $6.8B TOTAL CAPITALIZATION DETAIL TOTAL CAPITALIZATION (As of June 30, 2026) DEBT MATURITY SCHEDULE1 Unsecured Credit Facilities Undrawn Revolver Capacity Senior Unsecured Notes Mortgages Unsecured Revolving Credit Facility Weighted Average Debt Maturity: 3.9 yrs2 $1 $352 $263 $0 $1,600 $675 $650 $0 $0 2026 2027 2028 2029 2030 2031 2032 2033 2034+ Undrawn Credit Facilities
Slide 33 — ≤ 6.0x
Investor Presentation | August 2026 33 45% 1.0% 39% ≤ 60% ≤ 40% ≤ 60% Unencumbered Property Secured Indebtedness Leverage Ratio Covenant Requirement Q2 2026 3.73x 3.91x ≥1.50x ≥1.75x Fixed Charge Coverage Ratio Unencumbered Coverage Ratio Data as of June 30, 2026, unless otherwise noted 1. Calculated in accordance with senior unsecured notes 2. Calculated in accordance with revolving credit facility, unsecured term loans and senior unsecured notes. 3. Pro Forma Net Debt / Annualized Adjusted EBITDAre reflects the completed August 6, 2026, overnight equity offering of 12.65 million shares at $20.50 per share ($259.3 million gross or $250.2 million net of underwriting discounts and offering expenses). Pro forma leverage also includes routine adjustments for unsettled forward equity and estimated contractual revenues from in-process development spend to-date. As reported, Q2 2026 Pro Forma Net Debt / Annualized Adjusted EBITDAre was 5.9x 4. Includes available revolver balance and unsettled equity as of quarter-end June 30, 2026, as well as subsequent to quarter-end capital markets activity. LEVERAGE CAPACITY & DEBT STRUCTURE AMPLE COVENANT CUSHION PRO FORMA3 LEVERAGE EVOLUTION PUTTING OUR BALANCE SHEET TO WORK ≤ 6.0x Pro forma leverage target on a sustained basis ~$840mm In revolver and undrawn term loan capacity to fund investment activity with ample covenant headroom Well-laddered maturities and diversified debt funding sources Disciplined balance sheet positioning since 2023 created capacity to fund a high-quality build-to-suit pipeline; pro forma leverage of 5.3x reflects recent equity offering and provides ample capacity to fund continued external growth KEY CREDIT METRICS (as of June 30, 2026) 3.7x Fixed Charge Coverage Ratio 1.0% Secured Indebtedness Ratio 5.3x Pro Forma Net Debt / Annualized Adjusted EBITDAre3 BBB / Baa2 Issuer Ratings Stable / Stable Ratings Outlook ~$1.2B of Corporate Liquidity4 1 2 2 2 1 Flexible capital structure designed to support growth while maintaining disciplined leverage Targeting up to 6.0x pro forma leverage on a sustained basis, supported by disciplined capital management Ability to monetize and recycle build-to-suit developments provides an additional lever to manage capital sources Well-laddered debt maturities and diversified funding sources reduce refinancing risks and enhance liquidity Consistent focus on preserving credit strength while supporting investments and shareholder returns 5.2x 5.4x 5.8x 5.8x 5.3x3 5.3x 5.7x 6.0x 6.1x 6.4x Q2 Q3 Q4 Q1 Q2 2025 2026 Net Debt / Annualized Adj. EBITDAre Pro Forma Net Debt / Annualized Adj. EBITDAre
Slide 34 — CORPORATE
34 INVESTOR PRESENTATION December 2025 CORPORATE GOVERNANCE
Slide 35 — BROADSTONE’S BOARD OF DIRECTORS
Investor Presentation | August 2026 35 0-3 years 22% 3-10 years 44% 10+ years 33% Data as of June 30, 2026 James H. Watters Director (Independent) Board member since 2007 Senior Vice President and Treasurer, Finance and Administration, Rochester Institute of Technology (RIT) Laurie A. Hawkes Chairman (Independent) Board member since 2016 Former President, U.S. Realty Advisors and co-founder and former director, President & COO, American Residential Properties, Inc. (NYSE: ARPI) John D. Moragne Chief Executive Officer and Director Board member since 2023 Michael A. Coke Director (Independent) Board member since 2021 President & Co-founder, Terreno Realty Corp. (NYSE: TRNO) Jessica Duran Director (Independent) Board member since 2023 Managing Director & CFO, TSG Consumer Partners Laura Felice Director (Independent) Board member since 2023 Executive Vice President & CFO, BJ’s Wholesale Club Holdings, Inc. (NYSE: BJ) Richard Imperiale Director (Independent) Board member since 2025 Founding member & Chief Investment Officer, Uniplan Investment Council, Inc. and portfolio manager, Uniplan REIT Strategy David M. Jacobstein Director (Independent) Board member since 2013 Former President & COO, Developers Diversified Realty Corp. now known as SITE Centers (NYSE: SITC) Joseph Saffire Director (Independent) Board member since 2025 Former CEO and director, Life Storage, now merged into Extra Space Storage, Inc. (NYSE: EXR) Tenure BROADSTONE’S BOARD OF DIRECTORS A highly-respected and high-performing board comprised of seasoned executives with deep expertise and experience in real estate, publicly-traded REITs, and the industries we serve. Average Tenure: 6.7 years Key Governance Highlights 8 of 9 directors are independent Chairman is an independent non-executive director Board is not classified Board and each of its standing committees conduct an annual self-evaluation Robust minimum stock ownership requirement for directors Opted out of MUTA
Slide 36 — CORPORATE RESPONSIBILITY
36 Investor Presentation | August 2026 CORPORATE RESPONSIBILITY Environmental Stewardship Social Responsibility Community Engagement & Giving Commitment to a Culture of Inclusion & Belonging Employee Learning & Development As a real estate owner, we aim to maintain environmentally sustainable practices. “Go Green” Initiative Subcommittee Environmental Considerations In Our Offices Tenant & Portfolio Practices BNL works to foster a culture that is dynamic, collaborative, collegial, and based on trust. Benefits & Wellness Programs Employee Satisfaction & Appreciation Commitment to Corporate Responsibility We are committed to being a responsible corporate citizen by conducting our operations in a sustainable and ethical manner. We strive to foster a culture that is inclusive, collaborative, and based on trust, and invest heavily in the health and well-being of our employees. We also strive to conduct our operations in an environmentally responsible way and with a governance structure that requires the highest ethical standards. We believe these commitments benefit both the company and society and are consistent with our focus on long-term positive impact and value for our shareholders, employees, tenants, partners, and the communities in which we live, work, and invest.
Slide 37 — APPENDIX
Wegmans Sterling, VA APPENDIX
Slide 38 — Broadstone Value-Add
38 Investor Presentation | August 2026 1. As of June 30, 2026; UNFI development began May 2023 and reached substantial completion in September 2024 Broadstone Value-Add Sourcing Off-Market - Direct Total Funded Amount1 $201.0 Million Annual Base Rent1 $14.7 Million Size 1 Million SF; 114 Acres Initial Cash Yield 7.2% Straight Line Yield 8.6% Initial Lease Term 15 years Annual Rent Escalation 2.5% Tenant: United Natural Foods, Inc. (NYSE: UNFI) Moody’s/S&P: B3 / B Mission critical tri-climate distribution and cold storage facility purpose-built to consolidate two Southeast locations Adjacent to core distribution channels including the Sarasota International Airport, U.S. Highway 301, and Interstate 75 Sole capital provider with limited development risk given contract structure and in-place lease drives yields beyond traditional acquisitions
Slide 39 — Broadstone Value-Add
39 Investor Presentation | August 2026 1. As of June 30, 2026; development on both Sierra Nevada hangars began in October 2024, with the first rent-commencing in November 2025 and the second in April 2026 Broadstone Value-Add Sourcing Direct – Existing Tenant Total Funded Amount1 $105.8 Million Annual Base Rent1 $8.0 Million Size 244k SF; 20.5 Acres Initial Cash Yield 7.6% Straight Line Yield 9.4% Initial Lease Term 15 years Annual Rent Escalation 3.0% Tenant: Sierra Nevada Company, LLC Dayton, OH Mission critical facility located on the Dayton International Airport property, within strategic proximity of the Wright-Patterson Air Force Base Operations at the site are tied to a long-term government agreement with the US Air Force, contracting SNC for its replacement fleet of E- 4B Nightwatch (“Doomsday”) planes Sole capital provider, funding the construction of two (2) maintenance, repair, and overhaul (“MRO”) hangars for an existing, well-known portfolio tenant
Slide 40 — PORTFOLIO AT-A-GLANCE: OTHER
40 Investor Presentation | August 2026 PORTFOLIO AT-A-GLANCE: OTHER Data as of June 30, 2026 PROPERTY TYPE BREAKDOWN PROPERTY TYPE OVERVIEW 7.5% ABR 28 Properties $33.0mm ABR 1.6mm SF 24 Tenants 2.4% Wtd. Avg. Rent Escalations 3.5 Years WALT Rank Tenant Property Use # Prop. ABR ($mm) % ABR 1 Arkansas Surgical Hospital Clinical & Surgical 1 $4.8 1.1% 2 Aventiv Office 1 $4.2 1.0% 3 Centene Management Company Office 1 $3.9 0.9% 4 Harris Beach Office 1 $3.1 0.7% 5 Verizon Office 1 $2.7 0.6% 6 USMM Office 1 $2.3 0.5% 7 Crowley Maritime Office 1 $1.8 0.4% 8 Select Portfolio Servicing Office 1 $1.7 0.4% 9 Florida Institute of Technology Office 1 $1.6 0.4% 10 Edward Health Clinical & Surgical 3 $1.1 0.3% Top 10 Other Tenants 12 $27.2 6.3% TOP TENANTS OTHER NON-CORE ASSETS Includes remaining Office, Clinical and Surgical assets that fall outside our targeted sectors for future investment Will evaluate opportunistic sales, releasing, or redevelopment as part of our routine portfolio management with no urgency to sell Total exposure will naturally decline through a combination of regular-way disposition activity and growth in our core property types, Industrial and Retail Office, 69.5% Clinical, 30.5%
Slide 41 — GAAP RECONCILIATIONS
41 Investor Presentation | August 2026 GAAP RECONCILIATIONS 1. 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. 2. Excludes 1,102,192 weighted average shares of unvested restricted common stock for the three months ended June 30, 2026. 3. 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. FUNDS FROM OPERATIONS (FFO), CORE FFO, AND ADJUSTED FUNDS FROM OPERATIONS (AFFO) Three Months Ended June 30, 2026 March 31, 2026 December 31, 2025 September 30, 2025 June 30, 2025 Net income $ 40,255 46,392 35,028 $ 27,065 $ 19,830 Real property depreciation and amortization 49,021 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 properties 3,546 — 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 costs 24 — — — — Cost of debt extinguishment — — — — — Severance and employee transition costs 11 — — 1 53 Other (income) expenses 1 (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 costs 1,641 1,627 1,566 1,357 1,328 Non-capitalized transaction costs 1,632 6 157 125 142 Realized gain or loss on interest rate swaps and other non-cash interest expense 36 45 14 6,116 7 Amortization of lease intangibles (1,018) (1,015) (1,017) (1,198) (1,191) Stock-based compensation 2,972 2,566 2,492 2,488 2,471 Deferred taxes — — 75 — — AFFO $ 78,210 $ 76,850 $ 75,846 $ 74,314 $ 74,308 Diluted weighted average shares outstanding 2 200,261 199,754 197,935 197,632 197,138 Net earnings per diluted share 3 $ 0.21 $ 0.24 $ 0.17 $ 0.14 $ 0.10 FFO per diluted share 3 0.40 0.40 0.37 0.36 0.37 Core FFO per diluted share 3 0.39 0.40 0.39 0.35 0.39 AFFO per diluted share 3 0.39 0.38 0.38 0.37 0.38
Slide 42 — GAAP RECONCILIATIONS
42 Investor Presentation | August 2026 GAAP RECONCILIATIONS 1. 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. 2. 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. 3. 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. 4. Amount includes non-capitalized demolition costs recognized in connection with demolition of a property being redeveloped for the three months ended June 30, 2026 5. Represents estimated contractual revenues based on in-process build-to-suit spend to-date. EBITDA, EBITDAre, ADJUSTED EBITDAre, NET DEBT TO ANNUALIZED ADJUSTED EBITDAre June 30, 2026 March 31, 2026 December 31, 2025 September 30, 2025 June 30, 2025 Debt Unsecured revolving credit facility $ 447,376 $ 397,640 $ 266,036 $ 95,824 $ 197,880 Unsecured term loans, net 995,423 994,820 994,219 994,550 994,028 Senior unsecured notes, net 1,191,552 1,191,143 1,190,738 1,190,315 846,441 Mortgages, net 40,640 56,197 56,689 57,168 75,685 Debt issuance costs 13,025 14,056 15,072 15,171 9,578 Gross Debt 2,688,016 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 Debt 2,675,099 2,632,177 2,489,112 2,269,708 2,101,636 Estimated net proceeds from forward equity agreements 1 (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 EBITDAre 6.3x 6.2x 6.3x 5.7x 5.5x Net Debt to Annualized Adjusted EBITDAre 6.4x 6.1x 6.0x 5.7x 5.3x Pro Forma Net Debt to Annualized Adjusted EBITDAre 5.9x 5.8x 5.8x 5.4x 5.2x Three Months Ended June 30, 2026 March 31, 2026 December 31, 2025 September 30, 2025 June 30, 2025 Net income $ 40,255 $ 46,392 $ 35,028 $ 27,065 $ 19,830 Depreciation and amortization 49,102 41,526 41,768 40,246 42,575 Interest expense 25,785 25,260 25,051 28,230 21,112 Income taxes 346 311 392 208 199 EBITDA $ 115,488 $ 113,489 $ 102,239 $ 95,749 $ 83,716 Provision for impairment of investment in rental properties 3,546 — 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 2 540 2,548 1,821 1,797 573 Adjustment for current quarter disposition activity 3 (327) (80) (286) (257) (490) Adjustment to exclude non-recurring and other expenses 4 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 5 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 EBITDAre 419,920 429,425 418,312 401,008 392,968 Pro Forma Annualized Adjusted EBITDAre 434,984 442,371 429,780 411,184 399,484
Slide 43 — SAME-STORE RENTAL REVENUE | THREE MONTHS ENDED JUNE 30, 2026
43 Investor Presentation | August 2026 SAME-STORE RENTAL REVENUE | THREE MONTHS ENDED JUNE 30, 2026 1. Includes initial base rents in addition to the incremental rents for our revenue generating capital expenditures. 2. 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. 3. 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%. 4. Includes Transitional Capital investments that have been stabilized as of January 1, 2025. 5. Property count excludes Transitional Capital properties. 6. Properties that have initial base rents during periods presented and are no longer in current property portfolio on June 30, 2026. 7. Includes operating expenses billed to tenants and other income from real estate transactions, including lease termination fee. SAME STORE, AND NON-SAME-STORE PROPERTIES Same Store Rental Revenue: Represents cash base rents, net of uncollectible amounts, and excludes the amortization of above/below market leases, straight-line rent, operating expenses billed to 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. Three Months Ended June 30, Number of Properties 2026 2025 $ Change % Change Same Store Properties: Contractual rent increases Total 689 $ 86,992 $ 85,383 $ 1,609 1.9 % Industrial 180 50,400 49,348 1,052 2.1 % Retail 486 29,139 28,750 389 1.4 % Other 23 7,453 7,285 168 2.3 % Revenue generating capital expenditures during periods 1 6 2,485 2,290 195 Leasing activity 17 2,111 1,541 570 Cash basis tenants 2 9 2,075 2,109 (34) Properties under redevelopment 1 — 343 (343) Transitional capital 4 — 1,281 1,175 106 Currently vacant 1 — 89 (89) Same store rental revenue 723 94,944 3 92,930 3 2,014 2.2 % Industrial 189 54,939 53,165 1,774 3.3 % Retail 505 32,052 31,679 373 1.2 % Other 29 7,953 8,086 (133) (1.6)% Non-Same Store Properties: Investments during periods 43 5 15,381 5,199 Contractual rental amounts - current property portfolio 766 110,325 98,129 Sold during periods presented 38 6 448 4,067 Contractual rental amounts 804 110,773 102,196 Straight-line and other non-cash adjustments N/A 6,576 5,937 Other revenue 7 N/A 4,985 4,858 Constant currency adjustment N/A (25) (5) Total Lease revenues, net $ 122,309 $ 112,986
Slide 44 — SAME-STORE RENTAL REVENUE | SIX MONTHS ENDED JUNE 30, 2026
44 Investor Presentation | August 2026 SAME-STORE RENTAL REVENUE | SIX MONTHS ENDED JUNE 30, 2026 1. Includes initial base rents in addition to the incremental rents for our revenue generating capital expenditures. 2. 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. 3. 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%. 4. Includes Transitional Capital investments that have been stabilized as of January 1, 2025. 5. Property count excludes Transitional Capital properties. 6. Properties that have initial base rents during periods presented and are no longer in current property portfolio on June 30, 2026. 7. Includes operating expenses billed to tenants and other income from real estate transactions, including lease termination fee. SAME-STORE, AND NON-SAME-STORE PROPERTIES Six Months Ended June 30, Number of Properties 2026 2025 $ Change % Change Same Store Properties: Contractual rent increases Total 689 $ 173,727 $ 170,553 $ 3,174 1.9 % Industrial 180 100,653 98,583 2,070 2.1 % Retail 486 58,192 57,425 767 1.3 % Other 23 14,882 14,545 337 2.3 % Revenue generating capital expenditures during periods 1 6 4,953 4,544 409 Leasing activity 17 4,106 2,782 1,324 Cash basis tenants 2 9 4,211 4,159 52 Properties under redevelopment 1 352 686 (334) Transitional capital 4 — 2,533 2,247 286 Currently vacant 1 — 178 (178) Same store rental revenue 723 189,882 3 185,149 3 4,733 2.6 % Industrial 189 109,597 105,864 3,733 3.5 % Retail 505 64,060 63,142 918 1.5 % Other 29 16,225 16,143 82 0.5 % Non-Same Store Properties: Investments during periods 43 5 27,843 9,081 Contractual rental amounts - current property portfolio 766 217,725 194,230 Sold during periods presented 38 6 1,950 7,059 Contractual rental amounts 804 219,675 201,289 Straight-line and other non-cash adjustments N/A 13,264 10,614 Other revenue 7 N/A 10,718 9,879 Constant currency adjustment N/A 53 (105) Total Lease revenues, net $ 243,710 $ 221,677