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Broadstone Net Lease, Inc. — Latest 8 K 1 (company IR deck)
Broadstone Net Lease, Inc. (BNL) · 53 slides · Filed Oct 28, 2026
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Slide 1 — BROADSTONE NET LEASE, INC.
UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 _____________________ FORM 8-K _____________________ CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest event reported): October 28, 2026 ________________________________________________________ BROADSTONE NET LEASE, INC. (Exact name of Registrant as Specified in Its Charter) ________________________________________________________ Maryland 001-39529 26-1516177 (State or Other Jurisdiction of Incorporation) (Commission File Number) (IRS Employer Identification No.) 207 High Point Drive Suite 300 Victor, New York 14564 (Address of Principal Executive Offices) (Zip Code) Registrant’s Telephone Number, Including Area Code:585 287-6500 (Former Name or Former Address, if Changed Since Last Report) ________________________________________________________ Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions: o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) Securities registered pursuant to Section 12(b) of the Act: Title of each class Trading Symbol(s) Name of each exchange on which registered Common Stock, $0.00025 par value BNL The New York Stock Exchange Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter). Emerging growth company ☐ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Slide 2 — On October 28, 2026, Broadstone Net Lease, Inc. (the “Company”) issued a press release announcing its financial results for the quarter ended
Item 2.02 Results of Operations and Financial Condition. On October 28, 2026, Broadstone Net Lease, Inc. (the “Company”) issued a press release announcing its financial results for the quarter ended September 30, 2026. A copy of the press release is attached hereto as Exhibit 99.1 and is incorporated herein by reference. Additionally, on October 28, 2026, the Company made available on its website an updated presentation containing quarterly supplemental information pertaining to its operations and financial results including the quarter ended September 30, 2026. A copy of the quarterly supplemental information is attached hereto as Exhibit 99.2 and is incorporated herein by reference. The press release and quarterly supplemental information are also available on the Company’s website. The information contained in this Item 2.02, including the information contained in the press release attached as Exhibit 99.1 hereto and quarterly supplemental information attached as Exhibit 99.2 hereto, are being “furnished” and shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall such information be deemed to be incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing. References to the Company’s website in this Current Report on Form 8-K and in the attached Exhibit 99.1 and Exhibit 99.2 to this Current Report on Form 8-K do not incorporate by reference the information on such website into this Current Report on Form 8-K and the Company disclaims any such incorporation by reference. Item 9.01 Financial Statements and Exhibits. (d) Exhibits INDEX TO EXHIBITS Exhibit No. Description 99.1 Press Release dated October 28, 2026 99.2 Quarterly Supplemental Information for the Quarter Ended September 30, 2026 104 Cover Page Interactive Data File - the cover page XBRL tags are embedded within the Inline XBRL document.
Slide 3 — SIGNATURES
SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. BROADSTONE NET LEASE, INC. Date: October 28, 2026 By: /s/ John D. Callan Name: John D. Callan Title: Senior Vice President, General Counsel and Secretary
Slide 4 — EXHIBIT 99.1
EXHIBIT 99.1 For Immediate Release October 28, 2026 Company Contact: Brent Maedl Director, Corporate Finance & Business Analytics [email protected] 585.382.8507 Broadstone Net Lease Announces Third Quarter 2026 Results VICTOR, N.Y. – Broadstone Net Lease, Inc. (NYSE: BNL) (“BNL”, the “Company”, “we”, “our”, or “us”), today announced its operating results for the quarter ended September 30, 2026. MANAGEMENT COMMENTARY “We delivered a strong third quarter, generating AFFO growth of 5.4% year-over-year, as our portfolio continued to perform well and our pipeline matured as expected,” said John Moragne, BNL’s Chief Executive Officer. “During the quarter, we were thrilled to return to the public equity markets and complete our $259 million public equity offering - a milestone we are proud of after four years away. Combined with a committed build-to-suit pipeline of $456 million as of today, we have our capital already at work and our path forward clearly defined. With a strengthened balance sheet and the continued confidence of our tenant and developer partners, we believe we remain on track to deliver on our full-year guidance and are energized by what lies ahead.” THIRD QUARTER 2026 HIGHLIGHTS OPERATING RESULTS • Generated net income of $28.1 million, or $0.14 per diluted share, consistent with the same period in the prior year. • Generated AFFO of $77.8 million, or $0.39 per diluted share, representing a 5.4% increase compared to the previous year. • Achieved same store rental revenue growth of 0.7% compared to the same period in the previous year, driven by strong contractual rent increases and leasing activity in prior periods. • Incurred $10.8 million of general and administrative expenses. Incurred core general and administrative expenses of $7.4 million, which primarily excludes stock-based compensation and severance. • As of the date of this release, we collected 99.9% of base rents due for the quarter for all properties under lease. INVESTMENT & DISPOSITION ACTIVITY • Invested $236.6 million, including $63.8 million in new property acquisitions, $137.1 million in build-to-suit developments, $35.1 million in transitional capital, and $0.6 million in redevelopments. The completed acquisition had an initial cash capitalization rate, lease term, and annual rent increase of 7.7%, 15.0 years, and 2.0%, respectively, resulting in a straight-line yield of 8.8%. • Started three build-to-suit developments totaling $325.8 million in estimated total project investments, with a weighted average initial cap rate of 8.4%, and straight-line yield of 11.3% with rent commencement expected in March and June of 2027. For additional information, please reference the Real Estate Portfolio and Investment Update section below. • During the third quarter, we stabilized six build-to-suit developments totaling $95.3 million of estimated total project investment at a weighted average cash capitalization rate of 7.3%. For additional information, please reference the Real Estate Portfolio and Investment Update section below. • Sold three properties for gross proceeds of $12.5 million at a capitalization rate of 6.6% on tenanted properties. • Subsequent to quarter-end, we invested $12.2 million in connection with our in-process build-to-suit investments. As of the date of this release, we have a total of approximately $337.6 million in remaining estimated investments for build-to-suit developments to be funded through the fourth quarter of 2027.
Slide 5 — SUMMARIZED FINANCIAL RESULTS
CAPITAL MARKETS ACTIVITY • In August 2026, we completed a public offering to sell an aggregate of 12,650,000 shares of common stock at a price of $20.50 per share for estimated gross proceeds of approximately $259.3 million, in connection with forward sale agreements. We expect to settle the common equity offering program by the September 2027 maturity date. • During the third quarter, we sold, on a forward basis, 1.8 million shares of our common stock at a weighted average gross price per share of $21.43 for estimated gross proceeds of approximately $38.9 million under our at-the-market common equity offering (“ATM Program”), none of which has settled. Inclusive of the forward equity offering, the total outstanding expected net proceeds from forward sale agreements, if settled as of September 30, 2026, are approximately $409.3 million. • During the third quarter, we entered into a new $300 million senior unsecured delayed-draw term loan with an initial maturity date of January 30, 2030. Please reference the Balance Sheet Capital Markets Activities section below for additional details. • As of September 30, 2026, the treasury stock method resulted in a diluted share impact from our outstanding forward sale agreements of approximately 945,000 shares given current forward sale prices relative to market pricing during the quarter; as these agreements are settled, their full share count will be reflected in our diluted weighted average shares outstanding. • Declared an increase in our quarterly dividend from $0.2925 to $0.295 per share, or a 0.9% increase over the prior period. SUMMARIZED FINANCIAL RESULTS For the Three Months Ended For the Nine Months Ended (in thousands, except per share data) September 30, 2026 June 30, 2026 September 30, 2025 September 30, 2026 September 30, 2025 Revenues $ 121,867 $ 122,309 $ 114,167 $ 365,577 $ 335,843 Net income, including non-controlling interests $ 28,139 $ 40,255 $ 27,065 $ 114,786 $ 64,388 Net earnings per share – diluted $ 0.14 $ 0.21 $ 0.14 $ 0.58 $ 0.33 FFO $ 76,654 $ 79,832 $ 70,969 $ 237,183 $ 217,291 FFO per share $ 0.38 $ 0.40 $ 0.36 $ 1.18 $ 1.10 Core FFO $ 79,422 $ 78,528 $ 70,386 $ 237,201 $ 222,816 Core FFO per share $ 0.39 $ 0.39 $ 0.35 $ 1.18 $ 1.12 AFFO $ 77,805 $ 78,211 $ 74,314 $ 232,867 $ 220,434 AFFO per share $ 0.39 $ 0.39 $ 0.37 $ 1.16 $ 1.11 Diluted Weighted Average Shares Outstanding 201,119 200,261 197,632 200,474 197,476 FFO, Core FFO, and AFFO are measures that are not calculated in accordance with accounting principles generally accepted in the United States of America (“GAAP”). See the Reconciliation of Non-GAAP Measures later in this press release. REAL ESTATE PORTFOLIO AND INVESTMENT UPDATE As of September 30, 2026, we owned a diversified portfolio of 767 individual net leased commercial properties with 760 properties located in 44 U.S. states and seven properties located in four Canadian provinces, comprising approximately 42.3 million rentable square feet of operational space. As of September 30, 2026, all but one of our properties were subject to a lease, and our properties were occupied by 206 different commercial tenants, with no single tenant accounting for more than 3.7% of our annualized base rent (“ABR”). Properties subject to a lease represent approximately 100.0% of our portfolio’s rentable square footage. The ABR weighted average lease term and ABR weighted average annual rent increase, pursuant to leases on properties in the portfolio as of September 30, 2026, was 9.3 years and 2.1%, respectively. During the quarter, we started three new build-to-suit developments totaling $325.8 million in new commitments, including two retail projects and the continued funding of our previously announced $303 million advanced technology facility in Colorado for a Fortune 20 Investment-Grade Company. Combined with projects already underway, our total in-process build-to-suit pipeline now stands at $456.3 million as of the date of this release, reflecting the depth of our developer relationships and the continued execution of our differentiated strategy. During the third quarter, we stabilized six build-to-suit developments totaling $95.3 million of estimated total project investment at a weighted average cash capitalization rate of 7.3%. Additionally, subsequent to quarter end, our $115.4 2
Slide 6 — million, 1.2 million-square-foot facility in Bremen, Georgia, reached stabilization this month at an initial cash capitalization rate of 7.8%.
million, 1.2 million-square-foot facility in Bremen, Georgia, reached stabilization this month at an initial cash capitalization rate of 7.8%. BALANCE SHEET AND CAPITAL MARKETS ACTIVITIES As of September 30, 2026, we had total outstanding debt of $2.9 billion, Net Debt of $2.9 billion, Pro Forma Net Debt of $2.5 billion, and a Pro Forma Net Debt to Annualized Adjusted EBITDAre ratio of 5.4x. We had $428.8 million of available capacity on our unsecured revolving credit facility and $200.0 million available on our delayed draw term loan as of quarter end. In August 2026, we completed a public offering to sell an aggregate of 12,650,000 shares of common stock at a price of $20.50 per share for estimated gross proceeds of approximately $259.3 million, in connection with forward sale agreements. We expect to settle the forward sale agreements by the September 2027 maturity date. We sold on a forward basis, 1.8 million shares of common stock at a weighted average gross price per share of $21.43 for estimated gross proceeds of approximately $38.9 million under our ATM Program, none of which has been settled. Since the fourth quarter of 2025, we have sold, on a forward basis, 8.3 million shares of common stock at a weighted average gross price per share of $20.00 for estimated gross proceeds of approximately $166.9 million. These sales may be settled, at our discretion, any time before twelve-months of each respective sale date. Inclusive of the forward equity offering, the total outstanding expected net proceeds from forward sale agreements, if settled as of September 30, 2026, are approximately $409.3 million. As of the date of this release, we have approximately $200.0 million of capacity remaining under our $400 million ATM Program. We entered into a new $300 million senior unsecured delayed draw term loan facility (the "Term Loan"). The Term Loan has a twelve-month delayed draw period and an initial maturity of January 30, 2030, with two twelve-month extension options. We expect to use proceeds from the Term Loan for investment activity and general corporate purposes. DISTRIBUTIONS At its October 22, 2026 meeting, our board of directors declared a quarterly dividend of $0.295 per common share and OP Unit to holders of record as of December 31, 2026, payable on or before January 15, 2027. 3
Slide 7 — DEVELOPMENT PROJECTS
DEVELOPMENT PROJECTS The following tables summarize our in-process and stabilized build-to-suit ("BTS") projects as of the date of this release October 28, 2026. Build-to-suit developments Property Projected Rentable Square Feet Start Date Target Stabilization Date/Stabilized Date Lease Term (Years) Annual Rent Escalations Estimated Total Project Investment Cumulative Investment Estimated Remaining Investment Estimated Cash Capitalization Rate Estimated Straight-line Yield In-process retail BTS: Academy Sports (Magnolia, TX) 55 Feb. 2026 Nov. 2026 15.0 0.5 % $ 12,975 $ 10,262 $ 2,713 7.3 % 7.5 % Tesla, Inc. (Las Vegas, NV) 60 Jun. 2026 Nov. 2027 15.0 3.0 % 39,794 19,573 20,221 6.7 % 8.3 % Hobby Lobby (Manor, TX) 55 Aug. 2026 Jun. 2027 15.0 0.5 % 10,339 1,759 8,580 7.1 % 7.4 % Academy Sports (Manor, TX) 55 Aug. 2026 Jun. 2027 15.0 0.4 % 12,437 2,321 10,116 7.1 % 7.3 % In-process industrial BTS: Amazon.com Services, LLC (Sarasota, FL) 230 Feb. 2026 May. 2027 15.0 2.3 % 46,790 30,413 16,377 7.5 % 8.8 % Tesla, Inc. (Austin, TX) 130 Apr. 2026 Oct. 2027 12.0 3.0 % 30,983 8,963 22,020 6.7 % 7.9 % Fortune 20 Investment-Grade Company (Colorado) 112 Jul. 2026 Mar. 2027 15.0 3.0 % 303,000 76,751 226,249 8.5 % 11.6 % 697 14.8 2.7 % $ 456,318 $ 150,042 $ 306,276 8.0 % 10.4 % Stabilized industrial BTS: Sierra Nevada (Dayton, OH) 122 Oct. 2024 Nov. 2025 15.0 3.0 % 53,625 53,625 — 7.5 % 9.3 % Sierra Nevada (Dayton, OH) 122 Oct. 2024 Mar. 2026 15.0 3.0 % 52,203 52,203 — 7.6 % 9.4 % Fiat Chrysler Automobile (Forsyth, GA) 422 Apr. 2025 May. 2026 15.0 3.0 % 72,215 70,402 1,813 6.6 % 8.2 % AGCO (Visalia, CA) 115 Jun. 2025 Aug. 2026 12.0 3.5 % 19,010 17,340 1,670 7.0 % 8.5 % Palmer Logistics (Midlothian, TX) 270 Jul. 2025 Aug. 2026 12.3 3.5 % 31,723 31,723 — 7.6 % 9.2 % Southwire (Bremen, GA) 1,178 Dec. 2024 Oct. 2026 10.0 2.6 % 115,411 100,495 14,916 7.8 % 8.8 % Stabilized retail BTS: 7Brew (Jacksonville, FL) 1 Jun. 2025 Nov. 2025 15.0 1.9 % 2,005 2,005 — 8.0 % 8.8 % Sprouts (Bedford, TX) 22 Jul. 2025 Sep. 2026 15.0 0.9 % 9,533 7,003 2,530 7.2 % 7.7 % Hobby Lobby (Granbury, TX) 55 Oct. 2025 Sep. 2026 15.0 0.7 % 8,129 5,472 2,657 7.1 % 7.4 % Academy Sports (Granbury, TX) 55 Oct. 2025 Sep. 2026 15.0 0.6 % 12,393 9,068 3,325 7.1 % 7.4 % Academy Sports (Waco, TX) 68 Dec. 2025 Sep. 2026 15.0 0.6 % 14,488 10,063 4,425 7.2 % 7.5 % Total / weighted average 3,127 14.0 2.7 % $ 847,053 $ 509,441 $ 337,612 7.7 % 9.6 % 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. Development represents our common and preferred equity investments in a consolidated joint venture, and excludes amounts attributed to non-controlling interest holders. (1) (2) 1 2 4
Slide 8 — 2026 GUIDANCE
2026 GUIDANCE For 2026, BNL expects to report AFFO of between $1.55 to $1.57 per diluted share. The guidance is based on the following key assumptions: (i) investments in real estate properties between $700 and $800 million, revised up from $600 and $800 million (ii) dispositions of real estate properties between $150 and $200 million, revised up from $100 and $150 million (iii) total core general and administrative expenses between $30 million and $31 million. Additionally, the Company's full year AFFO per share guidance now includes less than $0.005 per share of estimated dilution from approximately 350 to 600 thousand weighted average shares outstanding due to the impact of outstanding forward equity calculated in accordance with the treasury stock method. Our per share results are sensitive to both the timing and amount of real estate investments, property dispositions, and capital markets activities that occur throughout the year. The Company does not provide guidance for the most comparable GAAP financial measure, net income, or a reconciliation of the forward-looking non-GAAP financial measure of AFFO to net income computed in accordance with GAAP, because it is unable to reasonably predict, without unreasonable efforts, certain items that would be contained in the GAAP measure, including items that are not indicative of the Company’s ongoing operations, including, without limitation, potential impairments of real estate assets, net gain/loss on dispositions of real estate assets, changes in allowance for credit losses, and stock-based compensation expense. These items are uncertain, depend on various factors, and could have a material impact on the Company’s GAAP results for the guidance periods. CONFERENCE CALL AND WEBCAST The Company will host its earnings conference call and audio webcast on Thursday, October 29, 2026, at 11:00 a.m. Eastern Time. To access the live webcast, which will be available in listen-only mode, please visit: https://events.q4inc.com/attendee/263549073. If you prefer to listen via phone, U.S. participants may dial: 1-833-461-5787 (toll free) or 1-585-542-9983 (local), meeting ID: 263 549 073. Analysts may pre-register with the following link: https://events.q4inc.com/analyst/263549073?pwd=dCiOjN8z. A unique code will be provided to use when dialing in. A replay of the conference call webcast will be available approximately one hour after the conclusion of the live broadcast. To listen to a replay of the call via the web, which will be available for one year, please visit: https://investors.bnl.broadstone.com. About Broadstone Net Lease, Inc. BNL is an industrial-focused, diversified net lease REIT that invests in primarily single-tenant commercial real estate properties that are net leased on a long- term basis to a diversified group of tenants. Utilizing an investment strategy underpinned by strong fundamental credit analysis and prudent real estate underwriting, as of September 30, 2026, BNL’s diversified portfolio consisted of 767 individual commercial properties with 760 properties located in 44 U.S. states and seven properties located in four Canadian provinces across the industrial, retail, and other property types. 5
Slide 9 — Forward-Looking Statements
Forward-Looking Statements This press release contains “forward-looking” statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, regarding, among other things, our plans, strategies, and prospects, both business and financial. Such forward- looking statements can generally be identified by our use of forward-looking terminology such as “outlook,” “potential,” “may,” “will,” “should,” “could,” “seeks,” “approximately,” “projects,” “predicts,” “expect,” “intends,” “anticipates,” “estimates,” “plans,” “would be,” “believes,” “continues,” or the negative version of these words or other comparable words. Forward-looking statements, including our 2026 guidance and assumptions, rent commencement timing, and build-to-suit developments, involve known and unknown risks and uncertainties, which may cause BNL’s actual future results to differ materially from expected results, including, without limitation, risks and uncertainties related to general economic conditions, including but not limited to increases in the rate of inflation and/or fluctuation of interest rates, local real estate conditions, tenant financial health, property investments and acquisitions, and the timing and uncertainty of completing these property investments and acquisitions, and uncertainties regarding future distributions to our stockholders. These and other risks, assumptions, and uncertainties are described in Item 1A “Risk Factors” of the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2025, filed with the SEC on February 19, 2026 which you are encouraged to read, and is available on the SEC’s website at www.sec.gov. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those indicated or anticipated by such forward-looking statements. Accordingly, you are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date they are made. The Company assumes no obligation to, and does not currently intend to, update any forward-looking statements after the date of this press release, whether as a result of new information, future events, changes in assumptions, or otherwise. Notice Regarding Non-GAAP Financial Measures In addition to our reported results and net earnings per diluted share, which are financial measures presented in accordance with GAAP, this press release contains and may refer to certain non-GAAP financial measures, including Funds from Operations (“FFO”), Core Funds From Operations (“Core FFO”), AFFO, Net Debt, and Net Debt to Annualized Adjusted EBITDAre. We believe the use of FFO, Core FFO, and AFFO are useful to investors because they are widely accepted industry measures used by analysts and investors to compare the operating performance of REITs. FFO, Core FFO, and AFFO should not be considered alternatives to net income as a performance measure or to cash flows from operations, as reported on our statement of cash flows, or as a liquidity measure, and should be considered in addition to, and not in lieu of, GAAP financial measures. We believe presenting Net Debt to Annualized Adjusted EBITDAre is useful to investors because it provides information about gross debt less cash and cash equivalents, which could be used to repay debt, compared to our performance as measured using Annualized Adjusted EBITDAre. You should not consider our Annualized Adjusted EBITDAre as an alternative to net income or cash flows from operating activities determined in accordance with GAAP. A reconciliation of non-GAAP measures to the most directly comparable GAAP financial measure and statements of why management believes these measures are useful to investors are included below. 6
Slide 10 — Broadstone Net Lease, Inc. and Subsidiaries
Broadstone Net Lease, Inc. and Subsidiaries Condensed Consolidated Balance Sheets (in thousands, except per share amounts) September 30, 2026 December 31, 2025 Assets Accounted for using the operating method: Land $ 827,700 $ 781,117 Land improvements 405,038 373,405 Buildings and improvements 4,257,756 4,118,578 Equipment 11,810 15,281 Total accounted for using the operating method 5,502,304 5,288,381 Less accumulated depreciation (849,551) (772,589) Accounted for using the operating method, net 4,652,753 4,515,792 Accounted for using the direct financing method 24,911 25,497 Accounted for using the sales-type method 14,369 14,405 Property under development 484,117 265,812 Investment in rental property, net 5,176,150 4,821,506 Cash and cash equivalents 12,189 30,540 Accrued rental income 189,975 178,880 Tenant and other receivables, net 3,799 4,404 Prepaid expenses and other assets 66,183 55,910 Interest rate swap, assets 36,026 18,248 Goodwill 339,769 339,769 Intangible lease assets, net 248,222 268,010 Total assets $ 6,072,313 $ 5,717,267 Liabilities and equity Unsecured revolving credit facility $ 555,438 $ 266,036 Mortgages, net 40,262 56,689 Unsecured term loans, net 1,095,298 994,219 Senior unsecured notes, net 1,191,962 1,190,738 Interest rate swap, liabilities — 1,501 Accounts payable and other liabilities 74,376 60,081 Dividends payable 60,257 59,513 Accrued interest payable 21,136 13,502 Intangible lease liabilities, net 36,346 41,527 Total liabilities 3,075,075 2,683,806 Commitments and contingencies (Note 16) Equity Broadstone Net Lease, Inc. equity: Preferred stock, $0.001 par value; 20,000 shares authorized, no shares issued or outstanding — — Common stock, $0.00025 par value; 500,000 shares authorized, 191,951 and 191,423 shares issued and outstanding at September 30, 2026 and December 31, 2025, respectively 48 48 Additional paid-in capital 3,507,541 3,502,380 Cumulative distributions in excess of retained earnings (677,162) (620,221) Accumulated other comprehensive income 38,400 19,788 Total Broadstone Net Lease, Inc. equity 2,868,827 2,901,995 Non-controlling interests 128,411 131,466 Total equity 2,997,238 3,033,461 Total liabilities and equity $ 6,072,313 $ 5,717,267
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Slide 12 — Broadstone Net Lease, Inc. and Subsidiaries
Broadstone Net Lease, Inc. and Subsidiaries Condensed Consolidated Statements of Income and Comprehensive Income (in thousands, except per share amounts) For the Three Months Ended For the Nine Months Ended September 30, 2026 June 30, 2026 September 30, 2026 September 30, 2025 Revenues Lease revenues, net $ 121,867 $ 122,309 $ 365,577 $ 335,843 Operating expenses Depreciation and amortization 50,785 49,102 141,413 122,318 Property and operating expense 7,341 5,817 19,339 16,688 General and administrative 10,777 11,897 33,023 29,216 Provision for impairment of investment in rental properties 1,474 3,546 5,019 35,067 Total operating expenses 70,377 70,362 198,794 203,289 Other income (expenses) Interest income 118 135 304 403 Interest expense (26,738) (25,785) (77,783) (69,416) Gain on sale of real estate 3,596 12,990 23,707 4,230 Income taxes (256) (346) (914) (763) Other income (expenses) (71) 1,314 2,689 (2,620) Net income 28,139 40,255 114,786 64,388 Net income attributable to non-controlling interests (1,022) (456) (1,505) (1,019) Net income attributable to Broadstone Net Lease, Inc. $ 27,117 $ 39,799 $ 113,281 $ 63,369 Weighted average number of common shares outstanding Basic 190,820 190,692 190,650 188,002 Diluted 201,119 200,261 200,474 197,476 Net earnings per share attributable to common stockholders Basic $ 0.14 $ 0.21 $ 0.59 $ 0.33 Diluted $ 0.14 $ 0.21 $ 0.58 $ 0.33 Comprehensive income Net income $ 28,139 $ 40,255 $ 114,786 $ 64,388 Other comprehensive income Change in fair value of interest rate swaps 12,754 3,934 19,279 (35,336) Realized loss on interest rate swaps 22 22 75 6,091 Comprehensive income 40,915 44,211 134,140 35,143 Comprehensive income (loss) attributable to non-controlling interests (1,545) (620) (2,301) 232 Comprehensive income attributable to Broadstone Net Lease, Inc. $ 39,370 $ 43,591 $ 131,839 $ 35,375 8
Slide 13 — Reconciliation of Non-GAAP Measures
Reconciliation of Non-GAAP Measures The following is a reconciliation of net income to FFO, Core FFO, and AFFO for the three months ended September 30, 2026 and June 30, 2026 and for the nine months ended September 30, 2026 and 2025. Also presented is the weighted average number of shares of our common stock and OP Units used for the diluted per share computation: For the Three Months Ended For the Nine Months Ended (in thousands, except per share data) September 30, 2026 June 30, 2026 September 30, 2026 September 30, 2025 Net income $ 28,139 $ 40,255 $ 114,786 $ 64,388 Real property depreciation and amortization 50,703 49,021 141,167 122,066 Gain on sale of real estate (3,596) (12,990) (23,707) (4,230) Provision for impairment of investment in rental properties 1,474 3,546 5,019 35,067 FFO adjustment allocable to joint venture noncontrolling interests (66) — (82) — FFO $ 76,654 $ 79,832 $ 237,183 $ 217,291 Net write-offs of accrued rental income 2,881 — 2,881 2,987 Other non-core income from real estate transactions (703) (25) (728) (137) Non-capitalized demolition and other costs 328 24 352 — Cost of debt extinguishment — — — 166 Severance and employee transition costs 191 11 202 55 Other (income) expenses 71 (1,314) (2,689) 2,454 Core FFO $ 79,422 $ 78,528 $ 237,201 $ 222,816 Straight-line rent adjustment (5,432) (5,567) (16,629) (16,452) Adjustment to provision for credit losses — (14) (14) (13) Amortization of debt issuance costs 1,629 1,641 4,897 3,922 Non-capitalized transaction costs 1 1,632 1,640 383 Realized gain or loss on interest rate swaps and other non-cash interest expense 36 36 117 6,126 Amortization of lease intangibles (1,014) (1,017) (3,046) (3,453) Stock-based compensation 3,163 2,972 8,701 7,105 AFFO $ 77,805 $ 78,211 $ 232,867 $ 220,434 Diluted weighted average shares outstanding 201,119 200,261 200,474 197,476 Net earnings per diluted share $ 0.14 $ 0.21 $ 0.58 $ 0.33 FFO per diluted share 0.38 0.40 1.18 1.10 Core FFO per diluted share 0.39 0.39 1.18 1.12 AFFO per diluted share 0.39 0.39 1.16 1.11 Amount includes $0.3 million associated with the return of funds held in escrow for property work not completed, $0.2 million associated with end of lease activities, and $0.2 million from lease assignment activities, all of which are not core to our business operations for the three and nine months ended September 30, 2026. Amount includes $(0.1) million and $1.3 million of unrealized foreign exchange (loss) gain for the three months ended September 30, 2026 and June 30, 2026, respectively, and $2.7 million and $(2.4) million of unrealized foreign exchange gain (loss) for the nine months ended September 30, 2026 and September 30, 2025, respectively, primarily associated with our Canadian dollar denominated revolving borrowings. Excludes 1,099,586 and 1,102,192 weighted average shares of unvested restricted common stock for the three months ended September 30, 2026 and June 30, 2026, respectively. Excludes 1,095,453 and 1,053,536 weighted average shares of unvested restricted common stock for the nine months ended September 30, 2026 and September 30, 2025, respectively. Excludes $0.3 million from the numerator for the three months ended September 30, 2026 and June 30, 2026. Excludes $1.0 million and $0.9 million from the numerator for the nine months ended September 30, 2026 and September 30, 2025, respectively. 1 2 3 4 4 4 4 1 2 3 4 9
Slide 14 — 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
Our reported results and net earnings per diluted share are presented in accordance with GAAP. We also disclose FFO, Core FFO, and AFFO, each of which are non-GAAP measures. We believe the use of FFO, Core FFO, and AFFO are useful to investors because they are widely accepted industry measures used by analysts and investors to compare the operating performance of REITs. FFO, Core FFO, and AFFO should not be considered alternatives to net income as a performance measure or to cash flows from operations, as reported on our statement of cash flows, or as a liquidity measure and should be considered in addition to, and not in lieu of, GAAP financial measures. We compute FFO in accordance with the standards established by the Board of Governors of Nareit, the worldwide representative voice for REITs and publicly traded real estate companies with an interest in the U.S. real estate and capital markets. Nareit defines FFO as GAAP net income or loss adjusted to exclude net gains (losses) from sales of certain depreciated real estate assets, depreciation and amortization expense from real estate assets, and impairment charges related to certain previously depreciated real estate assets. FFO is used by management, investors, and analysts to facilitate meaningful comparisons of operating performance between periods and among our peers, primarily because it excludes the effect of real estate depreciation and amortization and net gains (losses) on sales, which are based on historical costs and implicitly assume that the value of real estate diminishes predictably over time, rather than fluctuating based on existing market conditions. We compute Core FFO by adjusting FFO, as defined by Nareit, to exclude certain GAAP income and expense amounts that we believe are infrequently recurring, unusual in nature, or not related to its core real estate operations, including write-offs or recoveries of accrued rental income, cost of debt extinguishment, lease termination fees and other non-core income from real estate transactions, non-capitalized demolition and other redevelopment costs, unrealized and realized gains or losses on foreign currency transactions, gain on insurance recoveries, severance and employee transition costs, and other extraordinary items. Exclusion of these items from similar FFO-type metrics is common within the equity REIT industry, and management believes that presentation of Core FFO provides investors with a metric to assist in their evaluation of our operating performance across multiple periods and in comparison to the operating performance of our peers, because it removes the effect of unusual items that are not expected to impact our operating performance on an ongoing basis. We compute AFFO, by adjusting Core FFO for certain revenues and expenses that are non-cash or unique in nature, including straight-line rents, adjustment to provision for credit losses, amortization of lease intangibles, amortization of debt issuance costs, amortization of net mortgage premiums, non-capitalized transaction costs such as acquisition costs related to deals that failed to transact, (gain) loss on interest rate swaps and other non-cash interest expense, deferred taxes, stock-based compensation, and other specified non-cash items. We believe that excluding such items assists management and investors in distinguishing whether changes in our operations are due to growth or decline of operations at our properties or from other factors. We use AFFO as a measure of our performance when we formulate corporate goals, and is a factor in determining management compensation. We believe that AFFO is a useful supplemental measure for investors to consider because it will help them to better assess our operating performance without the distortions created by non-cash revenues or expenses. Specific to our adjustment for straight-line rents, our leases include cash rents that increase over the term of the lease to compensate us for anticipated increases in market rental rates over time. Our leases do not include significant front-loading or back-loading of payments, or significant rent-free periods. Therefore, we find it useful to evaluate rent on a contractual basis as it allows for comparison of existing rental rates to market rental rates. FFO, Core FFO, and AFFO may not be comparable to similarly titled measures employed by other REITs, and comparisons of our FFO, Core FFO, and AFFO with the same or similar measures disclosed by other REITs may not be meaningful. Neither the SEC nor any other regulatory body has passed judgment on the acceptability of the adjustments to FFO that we use to calculate Core FFO and AFFO. In the future, the SEC, Nareit or another regulatory body may decide to standardize the allowable adjustments across the REIT industry and in response to such standardization we may have to adjust our calculation and characterization of Core FFO and AFFO accordingly. 10
Slide 15 — The following is a reconciliation of net income to EBITDA, EBITDAre, Adjusted EBITDAre, and Pro Forma Adjusted EBITDAre, debt to Net Debt and Pro
The following is a reconciliation of net income to EBITDA, EBITDAre, Adjusted EBITDAre, and Pro Forma Adjusted EBITDAre, debt to Net Debt and Pro Forma Net Debt, Net Debt to Annualized Adjusted EBITDAre, and Pro Forma Net Debt to Annualized Adjusted EBITDAre as of and for the three months ended September 30, 2026, June 30, 2026, and September 30, 2025: For the Three Months Ended (in thousands) September 30, 2026 June 30, 2026 September 30, 2025 Net income $ 28,139 $ 40,255 $ 27,065 Depreciation and amortization 50,785 49,102 40,246 Interest expense 26,738 25,785 28,230 Income taxes 256 346 208 EBITDA $ 105,918 $ 115,488 $ 95,749 Provision for impairment of investment in rental properties 1,474 3,546 6,999 Gain on sale of real estate (3,596) (12,990) (3,259) EBITDAre $ 103,796 $ 106,044 $ 99,489 Adjustment for current quarter investment activity 2,620 540 1,797 Adjustment for current quarter disposition activity (70) (327) (257) Adjustment to exclude non-recurring and other expenses 510 36 (177) Adjustment to exclude net write-offs of accrued rental income 2,881 — 755 Adjustment to exclude realized / unrealized foreign exchange (gain) loss 71 (1,288) (1,312) Adjustment to exclude other income from real estate transactions (703) (25) (43) Adjusted EBITDAre $ 109,105 $ 104,980 $ 100,252 Estimated revenues from developments 5,696 3,766 2,544 Pro Forma Adjusted EBITDAre $ 114,801 $ 108,746 $ 102,796 Annualized EBITDAre 415,184 424,176 397,956 Annualized Adjusted EBITDAre 436,420 419,920 401,008 Pro Forma Annualized Adjusted EBITDAre 459,204 434,984 411,184 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. 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. Amount includes $0.3 million of non-capitalized demolition costs recognized in connection with demolition of a property being redeveloped and $0.2 million of severance and employee transition costs for the three months ended September 30, 2026. Amount includes less than $0.2 million of accelerated lease intangible amortization for the three months ended September 30, 2025. Amount includes $0.3 million associated with the return of funds held in escrow for property work not completed, $0.2 million associated with end of lease activities, and $0.2 million from lease assignment activities, all of which are not core to our business operations for the three months ended September 30, 2026. Represents estimated contractual revenues based on in-process development spend to-date. 1 2 3 4 5 1 2 3 4 5 11
Slide 16 — (in thousands)
(in thousands) September 30, 2026 June 30, 2026 September 30, 2025 Debt Unsecured revolving credit facility $ 555,438 $ 447,376 $ 95,824 Unsecured term loans, net 1,095,298 995,423 994,550 Senior unsecured notes, net 1,191,962 1,191,552 1,190,315 Mortgages, net 40,262 40,640 57,168 Debt issuance costs 12,740 13,025 15,171 Gross Debt 2,895,700 2,688,016 2,353,028 Cash and cash equivalents (12,189) (11,095) (81,966) Restricted cash (1,588) (1,822) (1,354) Net Debt $ 2,881,923 $ 2,675,099 $ 2,269,708 Estimated net proceeds from forward sale agreements (409,329) (124,313) (37,257) Pro Forma Net Debt $ 2,472,594 $ 2,550,786 $ 2,232,451 Leverage Ratios: Net Debt to Annualized EBITDAre 6.9x 6.3x 5.7x Net Debt to Annualized Adjusted EBITDAre 6.6x 6.4x 5.7x Pro Forma Net Debt to Annualized Adjusted EBITDAre 5.4x 5.9x 5.4x 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. 1 1 12
Slide 17 — 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 define Net Debt as gross debt (total reported debt plus debt issuance costs and original issuance discount) less cash and cash equivalents and restricted cash. We believe that the presentation of Net Debt to Annualized EBITDAre and Net Debt to Annualized Adjusted EBITDAre is useful to investors and analysts because these ratios provide information about gross debt less cash and cash equivalents, which could be used to repay debt, compared to our performance as measured using EBITDAre. We compute EBITDA as earnings before interest, income taxes and depreciation and amortization. EBITDA is a measure commonly used in our industry. We believe that this ratio provides investors and analysts with a measure of our performance that includes our operating results unaffected by the differences in capital structures, capital investment cycles and useful life of related assets compared to other companies in our industry. We compute EBITDAre in accordance with the definition adopted by Nareit, as EBITDA excluding gains (losses) from the sales of depreciable property and provisions for impairment on investment in real estate. We believe EBITDA and EBITDAre are useful to investors and analysts because they provide important supplemental information about our operating performance exclusive of certain non-cash and other costs. EBITDA and EBITDAre are not measures of financial performance under GAAP, and our EBITDA and EBITDAre may not be comparable to similarly titled measures of other companies. You should not consider our EBITDA and EBITDAre as alternatives to net income or cash flows from operating activities determined in accordance with GAAP. We are focused on a disciplined and targeted investment strategy, together with active asset management that includes selective sales of properties. We manage our leverage profile using a ratio of Net Debt to Annualized Adjusted EBITDAre, and Pro Forma Net Debt to Annualized Adjusted EBITDAre, each discussed further below, which we believe is a useful measure of our ability to repay debt and a relative measure of leverage, and is used in communications with our lenders and rating agencies regarding our credit rating. As we fund new investments using our unsecured Revolving Credit Facility, our leverage profile and Net Debt will be immediately impacted by current quarter investments. However, the full benefit of EBITDAre from new investments will not be received in the same quarter in which the properties are acquired. Additionally, EBITDAre for the quarter includes amounts generated by properties that have been sold during the quarter. Accordingly, the variability in EBITDAre caused by the timing of our investments and dispositions can temporarily distort our leverage ratios. We adjust EBITDAre (“Adjusted EBITDAre”) for the most recently completed quarter (i) to recalculate as if all investments and dispositions had occurred at the beginning of the quarter, (ii) to exclude certain GAAP income and expense amounts that are either non-cash, such as cost of debt extinguishment, realized or unrealized gains and losses on foreign currency transactions, or gains on insurance recoveries, or that we believe are one time, or unusual in nature because they relate to unique circumstances or transactions that had not previously occurred and which we do not anticipate occurring in the future, and (iii) to eliminate the impact of lease termination fees and other items that are not a result of normal operations. While investments in build-to-suit developments have an immediate impact to Net Debt, we do not make an adjustment to EBITDAre until the quarter in which the lease commences. We define our Pro Forma Adjusted EBITDAre as Adjusted EBITDAre adjusted to show the impact of estimated contractual revenues based on in-process development spend to-date. Our Pro Forma Net Debt is defined as Net Debt adjusted for estimated net proceeds from forward sale agreements that have not settled as if they have been physically settled for cash as of the period presented. We then annualize quarterly Adjusted EBITDAre and Pro Forma Adjusted EBITDAre by multiplying them by four (“Annualized Adjusted EBITDAre” and “Annualized Pro Forma Adjusted EBITDAre”). You should not unduly rely on this measure as it is based on assumptions and estimates that may prove to be inaccurate. Our actual reported EBITDAre for future periods may be significantly different from our Annualized Adjusted EBITDAre. Adjusted EBITDAre and Annualized Adjusted EBITDAre are not measurements of performance under GAAP, and our Adjusted EBITDAre and Annualized Adjusted EBITDAre may not be comparable to similarly titled measures of other companies. You should not consider our Adjusted EBITDAre and Annualized Adjusted EBITDAre as alternatives to net income or cash flows from operating activities determined in accordance with GAAP. 13
Slide 18 — Exhibit 99.2
Exhibit 99.2
Slide 19 — Table of Contents
Table of Contents Section Page About the Data 3 Company Overview 4 Quarterly Financial Summary 5 Balance Sheet 6 Income Statement Summary 7 Funds From Operations (FFO), Core Funds From Operations (Core FFO), and Adjusted Funds From Operations (AFFO) 8 Lease Revenues Detail 9 Same Store Rent Growth 10 Capital Structure 12 Equity Rollforward & Outstanding Forward Sales 13 Debt Outstanding 14 Interest Rate Swaps 15 EBITDA, EBITDAre, and Other Non-GAAP Operating Measures 16 Net Debt Metrics & Covenants 17 Debt & Swap Maturities 18 Investment Activity 19 Development Projects 20 Transitional Capital 22 Dispositions 23 Portfolio at a Glance: Key Metrics 24 Diversification: Tenants 25 Diversification: Property Type 28 Key Statistics by Property Type 30 Diversification: Tenant Industry 31 Diversification: Geography 32 Lease Expirations 33 Portfolio Occupancy 34 Definitions and Explanations 35 BROADSTONE NET LEASE, INC. | www.broadstone.com | © 2026 Broadstone Net Lease, LLC. All rights reserved. 2
Slide 20 — About the Data
About the Data This data and other information described herein are as of and for the three months ended September 30, 2026 unless otherwise indicated. Future performance may not be consistent with past performance and is subject to change and inherent risks and uncertainties. This information should be read in conjunction with Broadstone Net Lease, Inc.’s Annual Report on Form 10-K for the year ended December 31, 2025, including the financial statements and the management’s discussion and analysis of financial condition and results of operations sections. Forward Looking Statements Information set forth herein contains forward-looking statements, which reflect our current views regarding our business, financial performance, growth prospects and strategies, market opportunities, and market trends. Forward-looking statements include all statements that are not historical facts. In some cases, you can identify these forward-looking statements by the use of words such as “outlook,” “believes,” “expects,” “potential,” “continues,” “may,” “will,” “should,” “could,” “would be,” “seeks,” “approximately,” “projects,” “predicts,” “intends,” “plans,” “estimates,” “anticipates,” or the negative version of these words or other comparable words. All of the forward-looking statements herein are subject to various risks and uncertainties. Assumptions relating to the foregoing involve judgments with respect to, among other things, future economic, competitive and market conditions, and future business decisions, all of which are difficult or impossible to predict accurately and many of which are beyond our control. Although we believe that the expectations reflected in such forward-looking statements are based on reasonable assumptions, our actual results, performance, and achievements could differ materially from those expressed in or by the forward-looking statements and may be affected by a variety of risks and other factors. Accordingly, there are or will be important factors that could cause actual outcomes or results to differ materially from such forward-looking statements. These factors include, but are not limited to, risks and uncertainties related to general economic conditions, including but not limited to increases in the rate of inflation and/or fluctuations in interest rates, local real estate conditions, tenant financial health, and property acquisitions and the timing of these investments and acquisitions. These and other risks, assumptions, and uncertainties are described in our filings with the SEC, which are available on the SEC’s website at www.sec.gov. You are cautioned not to place undue reliance on any forward-looking statements included herein. All forward-looking statements are made as of the date of this document and the risk that actual results, performance, and achievements will differ materially from the expectations expressed or referenced herein will increase with the passage of time. We undertake no obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments, or otherwise, except as required by law. IP Disclaimer This document contains references to copyrights, trademarks, trade names, and service marks that belong to other companies. Broadstone Net Lease is not affiliated or associated with, and is not endorsed by and does not endorse, such companies or their products or services. BROADSTONE NET LEASE, INC. | www.broadstone.com | © 2026 Broadstone Net Lease, LLC. All rights reserved. 3
Slide 21 — Company Overview
Company Overview Broadstone Net Lease, Inc. (NYSE:BNL) (the “Company”, “BNL”, “us”, “our”, and “we”) is an industrial-focused, diversified net lease real estate investment trust (“REIT”) that invests in primarily single-tenant commercial real estate properties that are net leased on a long-term basis to a diversified group of tenants. We primarily, and selectively, invest in real estate across industrial and retail property types. We target properties with creditworthy tenants in industries characterized by positive business drivers and trends, where the properties are an integral part of the tenants’ businesses and there are opportunities to secure long-term net leases. Through long-term net leases, our tenants are able to retain operational control of their strategically important locations, while allocating their debt and equity capital to fund core business operations rather than real estate ownership. Executive Team Board of Directors John D. Moragne Chief Executive Officer and Member, Board of Directors Ryan M. Albano President and Chief Operating Officer Kevin M. Fennell Executive Vice President, Chief Financial Officer and Treasurer John D. Callan, Jr. Senior Vice President, General Counsel, and Secretary Michael B. Caruso Senior Vice President, Real Estate Operations Will D. Garner Senior Vice President, Acquisitions Jennie L. O’Brien Senior Vice President and Chief Accounting Officer Molly Kelly Wiegel Senior Vice President, Human Resources & Administration Laurie A. Hawkes Chairman of the Board John D. Moragne Chief Executive Officer Michael A. Coke Jessica Duran Laura Felice Richard Imperiale David M. Jacobstein Joseph Saffire James H. Watters Company Contact Information Brent Maedl Director, Corporate Finance & Business Analytics [email protected] 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
Slide 22 — Quarterly Financial Summary
Quarterly Financial Summary (unaudited, dollars in thousands except per share data) Q3 2026 Q2 2026 Q1 2026 Q4 2025 Q3 2025 Financial Summary Investment in rental property $ 5,541,584 $ 5,421,933 $ 5,432,912 $ 5,328,283 $ 5,147,649 Less accumulated depreciation (849,551) (823,101) (803,658) (772,589) (745,326) Property under development 484,117 385,067 329,260 265,812 179,172 Investment in rental property, net 5,176,150 4,983,899 4,958,514 4,821,506 4,581,495 Cash and cash equivalents 12,189 11,095 20,310 30,540 81,966 Restricted cash 1,588 1,822 1,369 3,102 1,354 Total assets 6,072,313 5,865,290 5,845,027 5,717,267 5,519,271 Unsecured revolving credit facility 555,438 447,376 397,640 266,036 95,824 Mortgages, net 40,262 40,640 56,197 56,689 57,168 Unsecured term loans, net 1,095,298 995,423 994,820 994,219 994,550 Senior unsecured notes, net 1,191,962 1,191,552 1,191,143 1,190,738 1,190,315 Total liabilities 3,075,075 2,857,183 2,823,678 2,683,806 2,506,762 Total Broadstone Net Lease, Inc. equity 2,868,827 2,881,003 2,892,460 2,901,995 2,884,658 Total equity (book value) 2,997,238 3,008,107 3,021,349 3,033,461 3,012,509 Revenues 121,867 122,309 121,401 118,295 114,167 General and administrative - other 7,614 8,925 7,783 7,174 7,486 Stock based compensation 3,163 2,972 2,566 2,492 2,488 General and administrative 10,777 11,897 10,349 9,666 9,974 Total operating expenses 70,377 70,362 58,055 62,384 63,417 Interest expense 26,738 25,785 25,260 25,051 28,230 Net income 28,139 40,255 46,392 35,028 27,065 Net earnings per common share, diluted $ 0.14 $ 0.21 $ 0.24 $ 0.17 $ 0.14 FFO 76,654 79,832 80,697 73,010 70,969 FFO per share, diluted $ 0.38 $ 0.40 $ 0.40 $ 0.37 $ 0.36 Core FFO 79,422 78,528 79,251 77,699 70,386 Core FFO per share, diluted $ 0.39 $ 0.39 $ 0.40 $ 0.39 $ 0.35 AFFO 77,805 78,211 76,850 75,846 74,314 AFFO per share, diluted $ 0.39 $ 0.39 $ 0.38 $ 0.38 $ 0.37 Net cash provided by operating activities 87,636 58,169 76,092 84,567 64,190 Capital expenditures and improvements 1,142 3,058 588 248 542 Capital expenditures and improvements - revenue generating 21,868 9,515 775 6,337 5,624 Net cash (used in) provided by investing activities (232,728) (43,512) (162,411) (284,626) (174,054) Net cash provided by (used in) financing activities 145,952 (23,419) 74,356 150,380 171,208 Distributions declared 60,257 61,113 59,884 57,919 57,284 Distributions declared per diluted share $ 0.2925 $ 0.2925 $ 0.2925 $ 0.290 $ 0.290 BROADSTONE NET LEASE, INC. | www.broadstone.com | © 2026 Broadstone Net Lease, LLC. All rights reserved. 5
Slide 23 — Balance Sheet
Balance Sheet (unaudited, in thousands) September 30, 2026 June 30, 2026 March 31, 2026 December 31, 2025 September 30, 2025 Assets Accounted for using the operating method: Land $ 827,700 $ 818,423 $ 822,795 $ 781,117 $ 778,177 Land improvements 405,038 390,778 381,795 373,405 359,210 Buildings and improvements 4,257,756 4,161,424 4,173,302 4,118,578 3,954,112 Equipment 11,810 11,810 15,324 15,281 16,070 Total accounted for using the operating method 5,502,304 5,382,435 5,393,216 5,288,381 5,107,569 Less accumulated depreciation (849,551) (823,101) (803,658) (772,589) (745,326) Accounted for using the operating method, net 4,652,753 4,559,334 4,589,558 4,515,792 4,362,243 Accounted for using the direct financing method 24,911 25,117 25,303 25,497 25,673 Accounted for using the sales-type method 14,369 14,381 14,393 14,405 14,407 Property under development 484,117 385,067 329,260 265,812 179,172 Investment in rental property, net 5,176,150 4,983,899 4,958,514 4,821,506 4,581,495 Cash and cash equivalents 12,189 11,095 20,310 30,540 81,966 Accrued rental income 189,975 187,235 184,668 178,880 174,867 Tenant and other receivables, net 3,799 6,223 3,633 4,404 3,573 Prepaid expenses and other assets 66,183 63,259 56,183 55,910 59,866 Interest rate swap, assets 36,026 23,271 19,975 18,248 19,590 Goodwill 339,769 339,769 339,769 339,769 339,769 Intangible lease assets, net 248,222 250,539 261,975 268,010 258,145 Total assets $ 6,072,313 $ 5,865,290 $ 5,845,027 $ 5,717,267 $ 5,519,271 Liabilities and equity Unsecured revolving credit facility $ 555,438 $ 447,376 $ 397,640 $ 266,036 $ 95,824 Mortgages, net 40,262 40,640 56,197 56,689 57,168 Unsecured term loans, net 1,095,298 995,423 994,820 994,219 994,550 Senior unsecured notes, net 1,191,962 1,191,552 1,191,143 1,190,738 1,190,315 Interest rate swap, liabilities — — 637 1,501 1,994 Accounts payable and other liabilities 74,376 72,493 61,738 60,081 55,662 Dividends payable 60,257 61,113 59,884 59,513 58,665 Accrued interest payable 21,136 10,356 21,759 13,502 9,488 Intangible lease liabilities, net 36,346 38,230 39,860 41,527 43,096 Total liabilities 3,075,075 2,857,183 2,823,678 2,683,806 2,506,762 Equity Broadstone Net Lease, Inc. equity: Preferred stock, $0.001 par value — — — — — Common stock, $0.00025 par value 48 48 48 48 47 Additional paid-in capital 3,507,541 3,504,576 3,502,465 3,502,380 3,463,010 Cumulative distributions in excess of retained earnings (677,162) (648,741) (630,951) (620,221) (597,571) Accumulated other comprehensive income 38,400 25,120 20,898 19,788 19,172 Total Broadstone Net Lease, Inc. equity 2,868,827 2,881,003 2,892,460 2,901,995 2,884,658 Non-controlling interests 128,411 127,104 128,889 131,466 127,851 Total equity 2,997,238 3,008,107 3,021,349 3,033,461 3,012,509 Total liabilities and equity $ 6,072,313 $ 5,865,290 $ 5,845,027 $ 5,717,267 $ 5,519,271 BROADSTONE NET LEASE, INC. | www.broadstone.com | © 2026 Broadstone Net Lease, LLC. All rights reserved. 6
Slide 24 — Income Statement Summary
Income Statement Summary (unaudited, in thousands except per share data) Three Months Ended September 30, 2026 June 30, 2026 March 31, 2026 December 31, 2025 September 30, 2025 Revenues Lease revenues, net $ 121,867 $ 122,309 $ 121,401 $ 118,295 $ 114,167 Operating expenses Depreciation and amortization 50,785 49,102 41,526 41,768 40,246 Property and operating expense 7,341 5,817 6,180 6,282 6,198 General and administrative 10,777 11,897 10,349 9,666 9,974 Provision for impairment of investment in rental properties 1,474 3,546 — 4,668 6,999 Total operating expenses 70,377 70,362 58,055 62,384 63,417 Other income (expenses) Interest income 118 135 49 (14) 182 Interest expense (26,738) (25,785) (25,260) (25,051) (28,230) Gain on sale of real estate 3,596 12,990 7,122 8,371 3,259 Income taxes (256) (346) (311) (392) (208) Other income (expenses) (71) 1,314 1,446 (3,797) 1,312 Net income 28,139 40,255 46,392 35,028 27,065 Net income attributable to non-controlling interests (1,022) (456) (27) (1,902) (599) Net income attributable to Broadstone Net Lease, Inc. $ 27,117 $ 39,799 $ 46,365 $ 33,126 $ 26,466 Weighted average number of common shares outstanding Basic 190,820 190,692 190,435 188,480 188,099 Diluted 201,119 200,261 199,754 197,935 197,632 Net earnings per share attributable to common stockholders Basic $ 0.14 $ 0.21 $ 0.24 $ 0.17 $ 0.14 Diluted $ 0.14 $ 0.21 $ 0.24 $ 0.17 $ 0.14 (a) Excludes 1,099,586 weighted average shares of unvested restricted common stock for the three months ended September 30, 2026 (b) Excludes $0.3 million from the numerator for the three months ended September 30, 2026, related to dividends declared on shares of unvested restricted common stock. (a) (a) (b) BROADSTONE NET LEASE, INC. | www.broadstone.com | © 2026 Broadstone Net Lease, LLC. All rights reserved. 7
Slide 25 — Funds From Operations (FFO), Core Funds From Operations (Core FFO), and Adjusted Funds From Operations
Funds From Operations (FFO), Core Funds From Operations (Core FFO), and Adjusted Funds From Operations (AFFO) (unaudited, in thousands except per share data) Three Months Ended September 30, 2026 June 30, 2026 March 31, 2026 December 31, 2025 September 30, 2025 Net income $ 28,139 $ 40,255 $ 46,392 $ 35,028 $ 27,065 Real property depreciation and amortization 50,703 49,021 41,443 41,686 40,164 Gain on sale of real estate (3,596) (12,990) (7,122) (8,371) (3,259) Provision for impairment of investment in rental properties 1,474 3,546 — 4,667 6,999 FFO adjustment allocable to joint venture noncontrolling interests (66) — (16) — — FFO $ 76,654 $ 79,832 $ 80,697 $ 73,010 $ 70,969 Net write-offs of accrued rental income 2,881 — — 1,103 755 Other non-core income from real estate transactions (703) (25) — (211) (27) Non-capitalized demolition and other costs 328 24 — — — Severance and employee transition costs 191 11 — — 1 Other (income) expenses 71 (1,314) (1,446) 3,797 (1,312) Core FFO $ 79,422 $ 78,528 $ 79,251 $ 77,699 $ 70,386 Straight-line rent adjustment (5,432) (5,567) (5,630) (5,140) (4,960) Adjustment to provision for credit losses — (14) — — — Amortization of debt issuance costs 1,629 1,641 1,627 1,566 1,357 Non-capitalized transaction costs 1 1,632 6 157 125 Realized gain or loss on interest rate swaps and other non- cash interest expense 36 36 45 14 6,116 Amortization of lease intangibles (1,014) (1,017) (1,015) (1,017) (1,198) Stock-based compensation 3,163 2,972 2,566 2,492 2,488 Deferred taxes — — — 75 — AFFO $ 77,805 $ 78,211 $ 76,850 $ 75,846 $ 74,314 Diluted weighted average shares outstanding 201,119 200,261 199,754 197,935 197,632 Net earnings per diluted share $ 0.14 $ 0.21 $ 0.24 $ 0.17 $ 0.14 FFO per diluted share 0.38 0.40 0.40 0.37 0.36 Core FFO per diluted share 0.39 0.39 0.40 0.39 0.35 AFFO per diluted share 0.39 0.39 0.38 0.38 0.37 (a) Amount includes $0.3 million associated with the return of funds held in escrow for property work not completed, $0.2 million associated with end of lease activities, and $0.2 million from lease assignment activities, all of which are not core to our business operations for the three months ended September 30, 2026. (b) Amount includes $0.1 million of unrealized and realized foreign exchange loss, primarily associated with our Canadian dollar denominated revolver borrowings for the three months ended September 30, 2026. (c) Excludes 1,099,586 weighted average shares of unvested restricted common stock for the three months ended September 30, 2026. (d) Excludes $0.3 million from the numerator for the three months ended September 30, 2026, related to dividends declared on shares of unvested restricted common stock. (a) (b) (c) (d) (d) (d) (d) BROADSTONE NET LEASE, INC. | www.broadstone.com | © 2026 Broadstone Net Lease, LLC. All rights reserved. 8
Slide 26 — Lease Revenues Detail
Lease Revenues Detail (unaudited, in thousands) Three Months Ended September 30, 2026 June 30, 2026 March 31, 2026 December 31, 2025 September 30, 2025 Contractual rental amounts billed for operating leases $ 110,191 $ 109,473 $ 107,519 $ 106,196 $ 102,270 Adjustment to recognize contractual operating lease billings on a straight-line basis 5,672 5,802 5,848 5,317 5,134 Net write-offs of accrued rental income (2,881) — — (1,103) (755) Variable rental amounts earned 716 816 757 1,210 732 Earned income from direct financing leases 657 662 667 671 675 Interest income from sales-type leases 473 473 474 474 326 Operating expenses billed to tenants 6,435 5,012 5,700 5,138 5,752 Other income from real estate transactions 722 4 32 392 43 Adjustment to revenue recognized for uncollectible rental amounts billed, net (118) 67 404 — (10) Total lease revenues, net $ 121,867 $ 122,309 $ 121,401 $ 118,295 $ 114,167 BROADSTONE NET LEASE, INC. | www.broadstone.com | © 2026 Broadstone Net Lease, LLC. All rights reserved. 9
Slide 27 — Same Store Rent Growth
Same Store Rent Growth (unaudited, in thousands) Three Months Ended September 30, Number of Properties 2026 2025 $ Change % Change Same Store Properties: Contractual rent increases Total 676 $ 86,133 $ 84,523 $ 1,610 1.9 % Industrial 178 49,715 48,692 1,023 2.1 % Retail 475 28,908 28,488 420 1.5 % Other 23 7,510 7,343 167 2.3 % Revenue generating capital expenditures during periods 6 2,503 2,439 64 Leasing activity 22 3,045 2,715 330 Cash basis tenants 12 1,244 1,452 (208) Properties under redevelopment 2 — 1,152 (1,152) Transitional capital — 1,309 1,252 57 Currently vacant 1 — 59 (59) Same store rental revenue 719 94,234 93,592 642 0.7 % Industrial 189 54,246 54,178 68 0.1 % Retail 502 31,972 31,737 235 0.7 % Other 28 8,016 7,677 339 4.4 % Non-Same Store Properties: Investments during periods 48 16,795 6,656 Contractual rental amounts - current property portfolio 767 111,029 100,248 Sold during periods presented 41 71 1,967 Contractual rental amounts 808 111,100 102,215 Straight-line and other non-cash adjustments N/A 3,596 6,100 Other revenue N/A 7,187 5,795 Constant currency adjustment N/A (16) 57 Total Lease revenues, net $ 121,867 $ 114,167 (a) Includes initial base rents in addition to the incremental rents for our revenue generating capital expenditures. (b) Represents tenants as of the most recent period ended whereby collection of rent over the entire lease term is not considered probable. Revenue is recognized based on cash received. (c) Leasing to new tenants may be impacted by free rent periods in which no cash is being received. (d) Includes Transitional Capital investments that have been stabilized as of January 1, 2025. (e) Property count excludes Transitional Capital properties. (f) Properties that have initial base rents during periods presented and are no longer in current property portfolio on September 30, 2026. (g) Includes operating expenses billed to tenants and other income from real estate transactions, including lease termination fee. (a) (b) (d) (c) (c) (e) (f) (g) BROADSTONE NET LEASE, INC. | www.broadstone.com | © 2026 Broadstone Net Lease, LLC. All rights reserved. 10
Slide 28 — BROADSTONE NET LEASE, INC. | www.broadstone.com | © 2026 Broadstone
Nine Months Ended September 30, Number of Properties 2026 2025 $ Change % Change Same Store Properties: Contractual rent increases Total 676 $ 257,419 $ 252,653 $ 4,766 1.9 % Industrial 178 148,550 145,464 3,086 2.1 % Retail 475 86,477 85,301 1,176 1.4 % Other 23 22,392 21,888 504 2.3 % Revenue generating capital expenditures during periods 6 7,456 6,984 472 Leasing activity 22 8,932 7,278 1,654 Cash basis tenants 12 4,068 4,262 (194) Properties under redevelopment 2 1,991 3,433 (1,442) Transitional capital — 3,842 3,499 343 Currently vacant 1 — 237 (237) Same store rental revenue 719 283,708 278,346 5,362 1.9 % Industrial 189 163,920 160,463 3,457 2.2 % Retail 502 95,901 94,750 1,151 1.2 % Other 28 23,887 23,133 754 3.3 % Non-Same Store Properties: Investments during periods 48 44,638 15,737 Contractual rental amounts - current property portfolio 767 328,346 294,083 Sold during periods presented 41 2,428 9,421 Contractual rental amounts 808 330,774 303,504 Straight-line and other non-cash adjustments N/A 16,860 16,714 Other revenue N/A 17,905 15,674 Constant currency adjustment N/A 38 (49) Total Lease revenues, net $ 365,577 $ 335,843 (a) Includes initial base rents in addition to the incremental rents for our revenue generating capital expenditures. (b) Represents tenants as of the most recent period ended whereby collection of rent over the entire lease term is not considered probable. Revenue is recognized based on cash received. (c) Leasing to new tenants may be impacted by free rent periods in which no cash is being received. (d) Includes Transitional Capital investments that have been stabilized as of January 1, 2025. (e) Property count excludes Transitional Capital properties. (f) Properties that have initial base rents during periods presented and are no longer in current property portfolio on September 30, 2026. (g) Includes operating expenses billed to tenants and other income from real estate transactions, including lease termination fee. (a) (b) (d) (c) (c) (e) (f) (g) BROADSTONE NET LEASE, INC. | www.broadstone.com | © 2026 Broadstone Net Lease, LLC. All rights reserved. 11
Slide 29 — Capital Structure
Capital Structure (in thousands, except per share data) EQUITY September 30, 2026 Shares of Common Stock 191,951 OP Units 8,154 Common Stock & OP Units 200,105 Price Per Share / Unit at September 30, 2026 $ 18.50 IMPLIED EQUITY MARKET CAPITALIZATION $ 3,701,943 % of Total Capitalization 56.1 % DEBT Unsecured Revolving Credit Facility $ 555,438 Unsecured Term Loans 1,100,000 Unsecured Term Loan - 2027 200,000 Unsecured Term Loan - 2028 500,000 Unsecured Term Loan - 2029 300,000 Unsecured Term Loan - 2030 100,000 Senior Unsecured Notes 1,200,000 Senior Unsecured Notes - 2027 150,000 Senior Unsecured Notes - 2028 225,000 Senior Unsecured Notes - 2030 100,000 Senior Unsecured Public Notes - 2031 375,000 Senior Unsecured Public Notes - 2032 350,000 Mortgage Debt - Various 40,262 TOTAL DEBT $ 2,895,700 % of Total Capitalization 43.9% Floating Rate Debt % 30.7 % Fixed Rate Debt % 69.3% Secured Debt % 1.4 % Unsecured Debt % 98.6% Total Capitalization $ 6,597,643 Less: Cash and Cash Equivalents (12,189) Enterprise Value $ 6,585,454 BROADSTONE NET LEASE, INC. | www.broadstone.com | © 2026 Broadstone Net Lease, LLC. All rights reserved. 12
Slide 30 — Equity Rollforward
Equity Rollforward (in thousands) Shares of Common Stock OP Units Total Diluted Shares Balance, January 1, 2026 191,423 8,296 199,719 Grants of restricted stock awards 619 — 619 Retirement of common shares under equity incentive plan (271) — (271) Balance, March 31, 2026 191,771 8,296 200,067 Grants of restricted stock awards 42 — 42 Forfeiture of restricted stock awards (5) — (5) Balance, June 30, 2026 191,808 8,296 200,104 Grants of restricted stock awards 1 — 1 Forfeiture of restricted stock awards — — — OP unit conversion 142 (142) — Balance, September 30, 2026 191,951 8,154 200,105 Outstanding Forward Sales (in thousands) The following table summarizes the outstanding forward offerings of both the at-the-market common equity offering program (the “ATM Program”) and the August 2026 forward equity offering as of September 30, 2026: As of September 30, 2026 Outstanding Forward Equity Offerings Shares Remaining Anticipated Net Proceeds Remaining Q4 2025 ATM Program 621 $ 10,833 Q1 2026 ATM Program 3,718 68,508 Q2 2026 ATM Program 2,190 44,085 Q3 2026 ATM Program 1,814 38,197 Q3 2026 Forward Equity Offering 12,650 247,706 Total 20,993 $ 409,329 BROADSTONE NET LEASE, INC. | www.broadstone.com | © 2026 Broadstone Net Lease, LLC. All rights reserved. 13
Slide 31 — Debt Outstanding
Debt Outstanding (in thousands) Outstanding Balance (in thousands, except interest rates) September 30, 2026 December 31, 2025 Interest Rate Maturity Date Unsecured revolving credit facility $ 555,438 $ 266,036 applicable reference rate + 0.80% Mar. 2029 Unsecured term loans: 2027 Unsecured Term Loan 200,000 200,000 daily simple SOFR + 0.90% Aug. 2027 2028 Unsecured Term Loan 500,000 500,000 one-month SOFR + 0.90% Mar. 2028 2029 Unsecured Term Loan 300,000 300,000 daily simple SOFR + 0.90% Feb. 2029 2030 Unsecured Term Loan 100,000 — one-month SOFR + 0.90% Jan. 2030 Total unsecured term loans 1,100,000 1,000,000 Unamortized debt issuance costs, net (4,702) (5,781) Total unsecured term loans, net 1,095,298 994,219 Senior unsecured notes: 2027 Senior Unsecured Notes - Series A 150,000 150,000 4.84% Apr. 2027 2028 Senior Unsecured Notes - Series B 225,000 225,000 5.09% Jul. 2028 2030 Senior Unsecured Notes - Series C 100,000 100,000 5.19% Jul. 2030 2031 Senior Unsecured Public Notes 375,000 375,000 2.60% Sep. 2031 2032 Senior Unsecured Public Notes 350,000 350,000 5.00% Nov. 2032 Total senior unsecured notes 1,200,000 1,200,000 Unamortized debt issuance costs and original issuance discounts, net (8,038) (9,262) Total senior unsecured notes, net 1,191,962 1,190,738 Total unsecured debt, net $ 2,842,698 $ 2,450,993 (a) At September 30, 2026 and December 31, 2025, a balance of $485.0 million and $193.0 million, respectively, was subject to daily simple SOFR. The remaining balance of $100.0 million Canadian Dollars (“CAD”) borrowings remeasured to $70.4 million United States Dollars (“USD”) and $73.0 million USD, at September 30, 2026 and December 31, 2025, respectively, and was subject to daily simple CORRA of 2.31% and 2.30% at September 30, 2026 and December 31, 2025, respectively. At September 30, 2026, we had $428.8 million of available capacity under our unsecured revolving credit facility. (b) At September 30, 2026 and December 31, 2025, overnight SOFR was 3.90% and 3.87%, respectively. (c) At September 30, 2026 and December 31, 2025, one-month SOFR was 3.91% and 3.69%, respectively. (d) The unsecured revolving credit facility contains two six-month extension options subject to certain conditions, including the payment of an extension fee equal to 0.0625% of the revolving commitments. (e) The 2028 Unsecured Term Loan contains two twelve-month extension options subject to certain conditions, including the payment of an extension fee equal to 0.125% of the aggregate principal amount of the loans outstanding under the 2028 term loan facility. (f) The 2029 Unsecured Term Loan contains two twelve-month extension options subject to certain conditions, including the payment of an extension fee equal to 0.10% of the aggregate principal amount of the loans outstanding under the 2029 term loan facility. (g) The 2030 Unsecured Term Loan contains two twelve-month extension options subject to certain conditions, including the payment of an extension fee equal to 0.125% of the aggregate principal amount of the loans outstanding under the 2030 term loan facility. (in thousands, except interest rates) Origination Date Maturity Date Interest Rate September 30, 2026 December 31, 2025 Lender Wilmington Trust National Association Apr. 2019 Feb. 2028 4.92% $ 40,262 $ 41,393 PNC Bank Oct. 2016 Nov. 2026 3.62% — 15,324 Total mortgages 40,262 56,717 Debt issuance costs, net — (28) Mortgages, net $ 40,262 $ 56,689 (a) Non-recourse debt includes the indemnification/guaranty of the Company pertaining to fraud, environmental claims, insolvency, and other matters. (b) Debt secured by related rental property and lease rents. (c) Debt secured by guaranty of the OP. (d) Mortgage was assumed as part of the acquisition of the related property. The debt was recorded at fair value at the time of assumption. (e) Mortgage was paid in full in June 2026. Year of Maturity Revolving Credit Facility Mortgages Term Loans Senior Notes Total 2026 $ — $ 388 $ — $ — $ 388 2027 — 1,596 200,000 150,000 351,596 2028 — 38,278 500,000 225,000 763,278 2029 555,438 — 300,000 — 855,438 2030 — — 100,000 100,000 200,000 Thereafter — — — 725,000 725,000 Total $ 555,438 $ 40,262 $ 1,100,000 $ 1,200,000 $ 2,895,700 (a) (d) (b) (c) (e) (b) (f) (c) (g) (a) (b) (c) (d) (b) (c) (e) BROADSTONE NET LEASE, INC. | www.broadstone.com | © 2026 Broadstone Net Lease, LLC. All rights reserved. 14
Slide 32 — Interest Rate Swaps
Interest Rate Swaps (dollars in thousands) (in thousands, except interest rates) September 30, 2026 Counterparty Maturity Date Fixed Rate Variable Rate Index Notional Amount Fair Value Bank of Montreal December 2026 2.33% daily compounded SOFR $ 10,000 $ 43 Bank of Montreal December 2026 1.99% daily compounded SOFR 25,000 129 Toronto-Dominion Bank March 2027 2.46% daily compounded CORRA 14,088 26 Wells Fargo Bank, N.A. April 2027 2.72% daily compounded SOFR 25,000 198 Bank of Montreal December 2027 2.37% daily compounded SOFR 25,000 687 Capital One, National Association December 2027 2.37% daily compounded SOFR 25,000 686 Wells Fargo Bank, N.A. January 2028 2.37% daily compounded SOFR 75,000 2,086 Bank of Montreal May 2029 2.09% daily compounded SOFR 25,000 1,696 Regions Bank May 2029 2.11% daily compounded SOFR 25,000 1,681 Regions Bank June 2029 2.03% daily compounded SOFR 25,000 1,740 U.S. Bank National Association June 2029 2.03% daily compounded SOFR 25,000 1,741 Regions Bank August 2029 2.58% one-month SOFR 100,000 5,583 Toronto-Dominion Bank August 2029 2.58% one-month SOFR 45,000 2,531 U.S. Bank National Association August 2029 2.65% one-month SOFR 15,000 815 U.S. Bank National Association August 2029 2.58% one-month SOFR 100,000 5,597 U.S. Bank National Association August 2029 1.35% daily compounded SOFR 25,000 2,328 Toronto-Dominion Bank December 2030 3.66% daily simple SOFR 70,000 2,702 Regions Bank December 2030 3.66% daily simple SOFR 55,000 2,108 Regions Bank March 2032 2.69% daily compounded CORRA 14,088 795 U.S. Bank National Association March 2032 2.70% daily compounded CORRA 14,088 794 Bank of Montreal March 2034 2.81% daily compounded CORRA 28,174 2,060 Total Swaps $ 765,438 $ 36,026 (a) The contractual notional amount is $20.0 million CAD. (b) The contractual notional amount is $40.0 million CAD. (a) (a) (a) (b) BROADSTONE NET LEASE, INC. | www.broadstone.com | © 2026 Broadstone Net Lease, LLC. All rights reserved. 15
Slide 33 — EBITDA, EBITDAre, and Other Non-GAAP Operating Measures
EBITDA, EBITDAre, and Other Non-GAAP Operating Measures (unaudited, in thousands) Three Months Ended September 30, 2026 June 30, 2026 March 31, 2026 December 31, 2025 September 30, 2025 Net income $ 28,139 $ 40,255 $ 46,392 $ 35,028 $ 27,065 Depreciation and amortization 50,785 49,102 41,526 41,768 40,246 Interest expense 26,738 25,785 25,260 25,051 28,230 Income taxes 256 346 311 392 208 EBITDA $ 105,918 $ 115,488 $ 113,489 $ 102,239 $ 95,749 Provision for impairment of investment in rental properties 1,474 3,546 — 4,667 6,999 Gain on sale of real estate (3,596) (12,990) (7,122) (8,371) (3,259) EBITDAre $ 103,796 $ 106,044 $ 106,367 $ 98,535 $ 99,489 Adjustment for current quarter investment activity 2,620 540 2,548 1,821 1,797 Adjustment for current quarter disposition activity (70) (327) (80) (286) (257) Adjustment to exclude non-recurring and other expenses 510 36 — 2,515 (177) Adjustment to exclude net write-offs of accrued rental income 2,881 — — 1,103 755 Adjustment to exclude realized / unrealized foreign exchange (gain) loss 71 (1,288) (1,446) 1,282 (1,312) Adjustment to exclude other income from real estate transactions (703) (25) (33) (392) (43) Adjusted EBITDAre $ 109,105 $ 104,980 $ 107,356 $ 104,578 $ 100,252 Estimated revenues from developments 5,696 3,766 3,237 2,867 2,544 Pro Forma Adjusted EBITDAre $ 114,801 $ 108,746 $ 110,593 $ 107,445 $ 102,796 Annualized EBITDAre $ 415,184 $ 424,176 $ 425,467 $ 394,140 $ 397,956 Annualized Adjusted EBITDAre 436,420 419,920 429,425 418,312 401,008 Pro Forma Annualized Adjusted EBITDAre 459,204 434,984 442,371 429,780 411,184 (a) Reflects an adjustment to give effect to all investments during the quarter, including developments that have reached rent commencement, as if they had been made as of the beginning of the quarter. (b) Reflects an adjustment to give effect to all dispositions during the quarter as if they had been sold as of the beginning of the quarter. (c) Amount includes $0.3 million of non-capitalized demolition costs recognized in connection with demolition of a property being redeveloped and $0.2 million of severance and employee transition costs for the three months ended September 30, 2026. (d) Amount includes $0.3 million associated with the return of funds held in escrow for property work not completed, $0.2 million associated with end of lease activities, and $0.2 million from lease assignment activities, all of which are not core to our business operations for the three months ended September 30, 2026. (e) Represents estimated contractual revenues based on in-process development spend to-date. Three Months Ended September 30, 2026 June 30, 2026 March 31, 2026 December 31, 2025 September 30, 2025 Adjusted EBITDAre $ 109,105 $ 104,980 $ 107,356 $ 104,578 $ 100,252 General and administrative (excluding certain expenses reflected above) 10,586 11,886 10,349 9,666 9,984 Adjusted Net Operating Income ("NOI") $ 119,691 $ 116,866 $ 117,705 $ 114,244 $ 110,236 Straight-line rental revenue, net (5,759) (5,828) (5,928) (5,676) (5,282) Other amortization and non-cash charges (1,014) (1,017) (1,015) (1,017) (1,364) Adjusted Cash NOI $ 112,918 $ 110,021 $ 110,762 $ 107,551 $ 103,590 Annualized Adjusted NOI $ 478,764 $ 467,464 $ 470,822 $ 456,976 $ 440,944 Annualized Adjusted Cash NOI 451,672 440,084 443,049 430,204 414,360 (a) (b) (c) (d) (e) BROADSTONE NET LEASE, INC. | www.broadstone.com | © 2026 Broadstone Net Lease, LLC. All rights reserved. 16
Slide 34 — Net Debt Metrics
Net Debt Metrics (in thousands) September 30, 2026 June 30, 2026 March 31, 2026 December 31, 2025 September 30, 2025 Debt Unsecured revolving credit facility $ 555,438 $ 447,376 $ 397,640 $ 266,036 $ 95,824 Unsecured term loans, net 1,095,298 995,423 994,820 994,219 994,550 Senior unsecured notes, net 1,191,962 1,191,552 1,191,143 1,190,738 1,190,315 Mortgages, net 40,262 40,640 56,197 56,689 57,168 Debt issuance costs 12,740 13,025 14,056 15,072 15,171 Gross Debt $ 2,895,700 $ 2,688,016 $ 2,653,856 $ 2,522,754 $ 2,353,028 Cash and cash equivalents (12,189) (11,095) (20,310) (30,540) (81,966) Restricted cash (1,588) (1,822) (1,369) (3,102) (1,354) Net Debt $ 2,881,923 $ 2,675,099 $ 2,632,177 $ 2,489,112 $ 2,269,708 Estimated net proceeds from forward sale agreements (409,329) (124,313) (80,551) (10,964) (37,257) Pro Forma Net Debt $ 2,472,594 $ 2,550,786 $ 2,551,626 $ 2,478,148 $ 2,232,451 Leverage Ratios: Net Debt to Annualized EBITDAre 6.9x 6.3x 6.2x 6.3x 5.7x Net Debt to Annualized Adjusted EBITDAre 6.6x 6.4x 6.1x 6.0x 5.7x Pro Forma Net Debt to Annualized Adjusted EBITDAre 5.4x 5.9x 5.8x 5.8x 5.4x (a) Represents pro forma adjustment for estimated net proceeds from forward sale agreements that have not settled as if they have been physically settled for cash as of the period presented. Covenants The following is a summary of key financial covenants for the Company’s unsecured debt instruments. The covenants associated with the Revolving Credit Facility, Unsecured Term Loans with commercial banks, and the Series A-C Senior Unsecured Notes, are reported to the respective lenders via quarterly covenant reporting packages. The covenants associated with the Senior Unsecured Public Notes are not required to be reported externally to third parties, and are instead calculated in connection with borrowing activity and for financial reporting purposes only. These calculations, which are not based on U.S. GAAP measurements, are presented to investors to show that as of September 30, 2026, the Company believes it is in compliance with the covenants. Covenants Required Revolving Credit Facility and Unsecured Term Loans Senior Unsecured Notes Series A, B, & C Senior Unsecured Public Notes Leverage ratio ≤ 0.60 to 1.00 0.38 0.41 Not Applicable Secured indebtedness ratio ≤ 0.40 to 1.00 0.01 0.01 Not Applicable Unencumbered coverage ratio ≥ 1.75 to 1.00 3.66 Not Applicable Not Applicable Fixed charge coverage ratio ≥ 1.50 to 1.00 3.69 3.69 Not Applicable Total unsecured indebtedness to total unencumbered eligible property value ≤ 0.60 to 1.00 0.39 0.47 Not Applicable Dividends and other restricted payments Only applicable in case of default Not Applicable Not Applicable Not Applicable Aggregate debt ratio ≤ 0.60 to 1.00 Not Applicable Not Applicable 0.45 Consolidated income available for debt to annual debt service charge ≥ 1.50 to 1.00 Not Applicable Not Applicable 4.39 Total unencumbered assets to total unsecured debt ≥ 1.50 to 1.00 Not Applicable Not Applicable 2.23 Secured debt ratio ≤ 0.40 to 1.00 Not Applicable Not Applicable 0.01 (a) BROADSTONE NET LEASE, INC. | www.broadstone.com | © 2026 Broadstone Net Lease, LLC. All rights reserved. 17
Slide 35 — Debt Maturities
Debt Maturities (dollars in millions) The Company utilizes diversified sources of debt capital including unsecured bank debt, unsecured notes, and secured mortgages (where appropriate). Weighted Average Debt Maturity: 3.7 years (a) Our Revolving Credit Facility, 2028 Unsecured Term Loan, 2029 Unsecured Term Loan, and 2030 Unsecured Term Loan reflected above assumes exercise of available extension options subject to certain conditions, including the payment of extension fees. Swap Maturities (dollars in millions) Weighted Average Effective Swap Maturity: 2.8 years (a) BROADSTONE NET LEASE, INC. | www.broadstone.com | © 2026 Broadstone Net Lease, LLC. All rights reserved. 18
Slide 36 — Investment Activity
Investment Activity (square feet and dollars in thousands) The following table summarizes the Company’s investment activity during 2026. Q3 2026 Q2 2026 Q1 2026 YTD 2026 Acquisitions: Number of transactions 1 — 1 2 Number of properties 1 — 1 2 Square feet 544 — 316 860 Acquisition price $ 63,800 — $ 61,195 $ 124,995 Industrial $ 63,800 — $ 61,195 $ 124,995 Retail — — — — Initial cash capitalization rate 7.7% — 9.0% 8.3% Straight-line yield 8.8% — 9.4% 9.1% Weighted average lease term (years) 15.0 — 4.0 9.2 Weighted average annual rent increase 2.0% — 0.8% 1.4% Development projects: Total investments $ 137,695 $ 77,624 $ 99,447 $ 314,766 Build-to-suits $ 137,115 $ 77,325 $ 99,447 $ 313,887 Redevelopments $ 580 $ 299 $ — $ 879 Revenue generating capital expenditures: Number of existing properties — 2 1 3 Investments — $ 404 $ 893 $ 1,297 Initial cash capitalization rate — 11.3% 8.3% 9.2% Weighted average lease term (years) — 13.6 12.9 13.2 Weighted average annual rent increase — 2.2% 2.8% 2.5% Transitional capital: Investments $ 35,114 $ 13,462 $ 10,351 $ 58,927 Total investments $ 236,609 $ 91,490 $ 171,886 $ 499,985 Total initial cash capitalization rate 7.7% 11.3% 9.0% 8.3% Total weighted average lease term (years) 15.0 13.6 4.1 9.2 Total weighted average annual rent increase 2.0% 2.2% 0.8% 1.4% (a) Transitional capital, which represents a contractual yield on invested capital, and development projects, which do not generate revenue until stabilization, are excluded from the calculations of total cash capitalization, weighted average lease terms, and weighted average rent increases. (b) In connection with this acquisition, the Company expects to fund approximately $7.0 million to re‑parcel up to 80% of the property into two distinct parcels and complete related infrastructure improvements. The sale leaseback investment includes two separate leases, one for each future parcel, consisting of (i) a 12‑year long‑term lease with initial cash rents of $1.5 million and annual rent escalations of 3.0%, and (ii) a one‑year lease with cash rents of $4.0 million. The Company is currently evaluating future options related to the property associated with the short‑term lease, with the objective of maximizing long‑term shareholder value, including potential accretive alternatives, such as redevelopment. (b) (b) (b) (b) (b) (a) (a) (a) BROADSTONE NET LEASE, INC. | www.broadstone.com | © 2026 Broadstone Net Lease, LLC. All rights reserved. 19
Slide 37 — Development Projects
Development Projects (square feet and dollars in thousands) The following tables summarize the Company’s in-process build-to-suit ("BTS") and redevelopment projects as of September 30, 2026: Build-to-suit developments Property Projected Rentable Square Feet Start Date Target Stabilization Date/Stabilized Date Lease Term (Years) Annual Rent Escalations Estimated Total Project Investment Cumulative Investment QTD Q3 2026 Investment Estimated Remaining Investment Estimated Cash Capitalization Rate Estimated Straight-line Yield In-process retail BTS: Academy Sports (Magnolia, TX) 55 Feb. 2026 Nov. 2026 15.0 0.5 % $ 12,975 $ 8,955 $ 4,333 $ 4,020 7.3 % 7.5 % Tesla, Inc. (Las Vegas, NV) 60 Jun. 2026 Nov. 2027 15.0 3.0 % 39,794 19,492 301 20,302 6.7 % 8.3 % Hobby Lobby (Manor, TX) 55 Aug. 2026 Jun. 2027 15.0 0.5 % 10,339 1,628 1,628 8,711 7.1 % 7.4 % Academy Sports (Manor, TX) 55 Aug. 2026 Jun. 2027 15.0 0.4 % 12,437 2,163 2,163 10,274 7.1 % 7.3 % In-process industrial BTS: Southwire (Bremen, GA) 1,178 Dec. 2024 Oct. 2026 10.0 2.6 % 115,411 94,521 11,007 20,890 7.8 % 8.8 % Amazon.com Services, LLC (Sarasota, FL) 230 Feb. 2026 May. 2027 15.0 2.3 % 46,790 27,342 7,748 19,448 7.5 % 8.8 % Tesla, Inc. (Austin, TX) 130 Apr. 2026 Oct. 2027 12.0 3.0 % 30,983 8,963 1,061 22,020 6.7 % 7.9 % Fortune 20 Investment- Grade Company (Colorado) 112 Jul. 2026 Mar. 2027 15.0 3.0 % 303,000 76,247 76,247 226,753 8.5 % 11.6 % 1,875 13.8 2.7 % 571,729 239,311 104,488 332,418 8.0 % 10.1 % Stabilized industrial BTS: Sierra Nevada (Dayton, OH) 122 Oct. 2024 Nov. 2025 15.0 3.0 % 53,625 53,625 — — 7.5 % 9.3 % Sierra Nevada (Dayton, OH) 122 Oct. 2024 Mar. 2026 15.0 3.0 % 52,203 52,203 — — 7.6 % 9.4 % Fiat Chrysler Automobile (Forsyth, GA) 422 Apr. 2025 May. 2026 15.0 3.0 % 72,215 70,402 19,253 1,813 6.6 % 8.2 % AGCO (Visalia, CA) 115 Jun. 2025 Aug. 2026 12.0 3.5 % 19,010 17,360 452 1,650 7.0 % 8.5 % Palmer Logistics (Midlothian, TX) 270 Jul. 2025 Aug. 2026 12.3 3.5 % 31,723 31,723 4,319 — 7.6 % 9.2 % Stabilized retail BTS: 7Brew (Jacksonville, FL) 1 Jun. 2025 Nov. 2025 15.0 1.9 % 2,005 2,005 — — 8.0 % 8.8 % Sprouts (Bedford, TX) 22 Jul. 2025 Sep. 2026 15.0 0.9 % 9,533 6,566 1,572 2,967 7.2 % 7.7 % Hobby Lobby (Granbury, TX) 55 Oct. 2025 Sep. 2026 15.0 0.7 % 8,129 5,307 2,597 2,822 7.1 % 7.4 % Academy Sports (Granbury, TX) 55 Oct. 2025 Sep. 2026 15.0 0.6 % 12,393 8,848 3,537 3,545 7.1 % 7.4 % Academy Sports (Waco, TX) 68 Dec. 2025 Sep. 2026 15.0 0.6 % 14,488 9,911 850 4,577 7.2 % 7.5 % Total / weighted average 3,127 14.0 2.7 % $ 847,053 $ 497,261 $ 137,068 $ 349,792 7.7 % 9.6 % Redevelopment projects Property Projected Rentable Square Feet Start Date Target Stabilization Date % Leased Lease Term (Years) Annual Rent Escalations Estimated Total Project Investment Cumulative Investment QTD Q3 2026 Investment Estimated Remaining Investment Original Property ABR Estimated Stabilized ABR In-process industrial redevelopment: 1501 Mittel (Chicago, IL MSA) 156 Apr. 2026 Aug. 2027 — — — $ 17,906 $ 3,685 $ 580 $ 14,221 $ 1,409 $ 2,733 2400 West Central Rd (Chicago, IL MSA) 432 Jul. 2026 Jul. 2028 — — — 28,443 10,234 — 18,209 3,319 3,297 588 $ 46,349 $ 13,919 $ 580 $ 32,430 (a) Refer to definitions and explanations appearing at the end of this supplemental document. (b) Development represents our common and preferred equity investments in a consolidated joint venture, and excludes amounts attributed to non-controlling interest holders. (c) Redevelopment projects without executed leases are excluded from these metrics; we expect to include once a tenant is secured and a lease is in place. (a) (a) (a) (a) (a) (b) (a) (a) (c) (c) (c) (a) (a) (a) BROADSTONE NET LEASE, INC. | www.broadstone.com | © 2026 Broadstone Net Lease, LLC. All rights reserved. 20
Slide 38 — BROADSTONE NET LEASE, INC. | www.broadstone.com | © 2026 Broadstone
The following table summarizes the timing of the Company’s construction investment, quarterly rent, and ABR for in-process and stabilized developments as of September 30, 2026: (a) Represents aggregated Estimated Total Project Investment for all projects based on estimated timeline of investment dollars on a quarterly basis. Timing of investment amounts are expected to vary based on actual construction at the properties and will be updated if there are any significant changes to expected costs from quarter to quarter. (b) Amounts calculated based on aggregate of each project’s estimated rent upon stabilization in accordance with the timing of Target Stabilization Date. We expect to update our timing estimates on a quarterly basis. BROADSTONE NET LEASE, INC. | www.broadstone.com | © 2026 Broadstone Net Lease, LLC. All rights reserved. 21
Slide 39 — Transitional Capital
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 Investment (’000s) Stabilized Cash Capitalization Rate Annualized Initial Cash NOI Yield Remaining Initial Term (Years) Sunset Hills Retail Center - St. Louis, MO $ 57,643 8.0% 7.6% 0.8 Project Triboro Industrial Park - Olyphant, PA 154,257 7.8% — 2.1 (a) Each of the Company’s transitional capital investments at September 30, 2026 are in the form of preferred equity. (b) Represents stated yield with unpaid amounts accruing with preferential payment. (c) Agreement includes an additional $7.8 million commitment of preferred capital at the Company's sole discretion. The remaining commitment at September 30, 2026 is $2.4 million. Agreement contains two one-year extension options subject to a 0.50% extension fee. Repayment at end of term subject to a $3.5 million repayment fee. (d) Underlying property metrics at September 30, 2026: 28 retail spaces, 0.3 million rentable square feet, 6.7 years of weighted average remaining lease term, 97.6% occupancy rate (based on square feet and including leases that have been executed but rent has not yet commenced), and 99.4% rent collection (on a quarterly basis). (e) This investment represents preferred equity in four consolidated joint ventures that have acquired land designated for industrial build-to-suit development. Agreements contain two one-year extension options subject to a 0.25% fee for the first option, and a 0.50% fee for the second option, and the right to transfer or sell our preferred equity at any time. (a) (b) (c) (d) (e) BROADSTONE NET LEASE, INC. | www.broadstone.com | © 2026 Broadstone Net Lease, LLC. All rights reserved. 22
Slide 40 — Dispositions
Dispositions (square feet and dollars in thousands) The following table summarizes the Company’s property disposition activity during 2026. Q1 2026 Property Type Number of Properties Square Feet Acquisition Price Disposition Price Net Book Value Industrial 1 78 $ 6,500 $ 12,094 $ 4,095 Total Properties 1 78 6,500 12,094 4,095 Weighted average cash cap rate 5.6 % Q2 2026 Property Type Number of Properties Square Feet Acquisition Price Disposition Price Net Book Value Industrial 3 565 $ 49,495 $ 54,764 $ 41,232 Retail 6 22 17,454 7,275 6,727 Total Properties 9 587 66,949 62,039 47,959 Weighted average cash cap rate 6.4 % Q3 2026 Property Type Number of Properties Square Feet Acquisition Price Disposition Price Net Book Value Industrial 1 23 $ 7,258 $ 8,325 $ 6,889 Retail 2 8 2,766 4,204 1,925 Total Properties 3 31 10,024 12,529 8,814 Weighted average cash cap rate 6.6 % YTD 2026 Property Type Number of Properties Square Feet Acquisition Price Disposition Price Net Book Value Industrial 5 666 $ 63,253 $ 75,183 $ 52,216 Retail 8 30 20,220 11,479 8,652 Total Properties 13 696 $ 83,473 $ 86,662 $ 60,868 Weighted average cash cap rate 6.3 % BROADSTONE NET LEASE, INC. | www.broadstone.com | © 2026 Broadstone Net Lease, LLC. All rights reserved. 23
Slide 41 — Portfolio at a Glance: Key Metrics
Portfolio at a Glance: Key Metrics September 30, 2026 June 30, 2026 March 31, 2026 December 31, 2025 September 30, 2025 Properties 767 766 773 771 759 U.S. States 44 44 44 44 44 Canadian Provinces 4 4 4 4 4 Total annualized base rent $449.5 M $439.8 M $438.8M $428.8 M $412.9 M Total rentable square footage (“SF”) 42.3 M 41.7 M 41.9M 41.6 M 40.7 M Tenants 206 206 209 206 204 Brands 195 195 198 197 195 Industries 57 56 57 57 56 Occupancy (based on SF) 100.0 % 100.0 % 99.8 % 99.8 % 99.5 % Rent Collection 99.9 % 99.9 % 100.0 % 100.0 % 100.0 % Top 10 tenant concentration 20.6 % 20.8 % 21.3 % 21.1 % 21.3 % Top 20 tenant concentration 34.1 % 34.4 % 34.6 % 34.3 % 34.7 % Investment grade (tenant/guarantor) 19.9 % 20.1 % 19.1 % 20.2 % 20.9 % Financial reporting coverage 95.5 % 96.0 % 96.0 % 95.4 % 96.6 % Rent coverage ratio (restaurants only) 3.2x 3.2x 3.2x 3.2x 3.2x Weighted average annual rent increases 2.1 % 2.1 % 2.1 % 2.1 % 2.0 % Weighted average remaining lease term 9.3 years 9.3 years 9.5 years 9.6 years 9.5 years Master leases (based on ABR) Total portfolio 38.0 % 38.0 % 38.0 % 38.6 % 39.0 % Multi-site tenants 64.0 % 64.0 % 64.0 % 64.9 % 66.5 % (a) Property metrics exclude transitional capital investments. (b) Investment grade tenants are our tenants with a credit rating, and tenants that are subsidiaries or affiliates of companies with a credit rating, as of balance sheet date, of a Baa3/BBB- or higher from one of the three major rating agencies (Moody’s/S&P/Fitch). (c) Includes 11.0% related to tenants not required to provide financial information under the terms of our lease, but whose financial statements are available publicly at September 30, 2026. (a) (b) (c) BROADSTONE NET LEASE, INC. | www.broadstone.com | © 2026 Broadstone Net Lease, LLC. All rights reserved. 24
Slide 42 — Diversification: Tenants
Diversification: Tenants Top 20 Tenants Tenant Property Type # of Properties ABR (’000s) ABR as a % of Total Portfolio Square Feet (’000s) SF as a % of Total Portfolio Roskam Baking Company, LLC* Food Processing 7 $ 16,560 3.7 % 2,250 5.3 % United Natural Foods, Inc. Distribution & Warehouse 1 14,746 3.3 % 1,016 2.4 % Sierra Nevada Company, LLC Manufacturing 3 9,003 2.0 % 280 0.7 % Joseph T. Ryerson & Son, Inc. Distribution & Warehouse 11 8,238 1.8 % 1,599 3.8 % AHF, LLC* Distribution & Warehouse/Manufacturing 7 8,093 1.8 % 1,982 4.7 % Dollar General Corporation General Merchandise 74 7,844 1.7 % 717 1.7 % Jack's Family Restaurants LP* Quick Service Restaurants 43 7,757 1.7 % 147 0.3 % Academy LTD General Merchandise 11 7,563 1.7 % 659 1.6 % Tractor Supply Company General Merchandise 23 6,566 1.5 % 462 1.1 % J. Alexander's, LLC* Casual Dining 16 6,395 1.4 % 131 0.3 % Total Top 10 Tenants 196 $ 92,765 20.6 % 9,243 21.9 % Salm Partners, LLC* Food Processing 2 $ 6,387 1.4 % 426 1.0 % FCA US, LLC Distribution & Warehouse 2 6,381 1.4 % 538 1.3 % Nestle' USA, Inc. Cold Storage/Food Processing 2 6,373 1.4 % 503 1.2 % Hensley & Company* Distribution & Warehouse 3 6,355 1.4 % 577 1.4 % BluePearl Holdings, LLC† Animal Services 13 6,065 1.4 % 159 0.4 % Axcelis Technologies, Inc. Flex and R&D 1 6,018 1.4 % 417 1.0 % Owens & Minor Distribution, Inc. Distribution & Warehouse 2 5,960 1.3 % 523 1.2 % Red Lobster Hospitality, LLC & Red Lobster Restaurants, LLC* Casual Dining 18 5,788 1.3 % 147 0.3 % Outback Steakhouse of Florida, LLC* Casual Dining 22 5,635 1.3 % 140 0.3 % Krispy Kreme Doughnut Corporation Quick Service Restaurants/Food Processing 27 5,538 1.2 % 156 0.4 % Total Top 20 Tenants 288 $ 153,265 34.1 % 12,829 30.4 % (a) Tenant’s properties include 20 Outback Steakhouse restaurants and two Carrabba’s Italian Grill restaurants. * Subject to a master lease. † Includes properties leased by multiple tenants, some, not all, of which are subject to master leases. (a) BROADSTONE NET LEASE, INC. | www.broadstone.com | © 2026 Broadstone Net Lease, LLC. All rights reserved. 25
Slide 43 — Top 20 Tenants
Top 20 Tenants (a) BROADSTONE NET LEASE, INC. | www.broadstone.com | © 2026 Broadstone Net Lease, LLC. All rights reserved. 26
Slide 44 — BROADSTONE NET LEASE, INC. | www.broadstone.com | © 2026 Broadstone
(a) This document contains references to copyrights, trademarks, trade names, and service marks that belong to other companies. Broadstone Net Lease is not affiliated or associated with and is not endorsed by and does not endorse such companies or their products or services. BROADSTONE NET LEASE, INC. | www.broadstone.com | © 2026 Broadstone Net Lease, LLC. All rights reserved. 27
Slide 45 — Diversification: Property Type
Diversification: Property Type (rent percentages based on ABR) BROADSTONE NET LEASE, INC. | www.broadstone.com | © 2026 Broadstone Net Lease, LLC. All rights reserved. 28
Slide 46 — Diversification: Property Type (continued)
Diversification: Property Type (continued) Property Type # of Properties ABR (’000s) ABR as a % of Total Portfolio Square Feet (’000s) SF as a % of Total Portfolio Industrial Distribution & Warehouse 54 $ 95,196 21.2% 12,449 29.5% Manufacturing 80 84,085 18.7% 12,807 30.3% Food Processing 36 55,016 12.2% 6,050 14.3% Flex and R&D 9 24,870 5.5% 1,711 4.0% Industrial Services 20 12,766 2.9% 505 1.2% Cold Storage 4 12,440 2.8% 874 2.1% In-Process Developments 6 — — — — Industrial Total 209 284,373 63.3% 34,396 81.4% Retail General Merchandise 159 38,149 8.5% 2,847 6.7% Quick Service Restaurants 154 28,002 6.2% 516 1.2% Casual Dining 95 27,159 6.0% 637 1.5% Animal Services 27 11,776 2.6% 421 1.0% Automotive 56 10,599 2.4% 730 1.7% Home Furnishings 12 7,053 1.6% 792 1.9% Healthcare Services 18 6,254 1.4% 220 0.6% Education 4 3,013 0.7% 118 0.3% In-Process Developments 4 — — — — Untenanted 1 — — 10 — Retail Total 530 132,005 29.4% 6,291 14.9% Other Office 13 23,078 5.1% 1,238 2.9% Clinical & Surgical 15 10,092 2.2% 327 0.8% Other Total 28 33,170 7.3% 1,565 3.7% Total 767 $ 449,548 100.0% 42,252 100.0% BROADSTONE NET LEASE, INC. | www.broadstone.com | © 2026 Broadstone Net Lease, LLC. All rights reserved. 29
Slide 47 — Key Statistics by Property Type
Key Statistics by Property Type Q3 2026 Q2 2026 Q1 2026 Q4 2025 Q3 2025 Industrial Number of properties 209 208 209 208 207 Square feet (000s) 34,396 34,018 34,161 33,803 33,081 Weighted average lease term (years) 10.0 10.0 10.2 10.5 10.3 Weighted average annual rent escalation 2.2% 2.3% 2.2% 2.2% 2.2% Percentage of total ABR 63.3% 63.2% 62.8% 61.9% 61.2% Retail Number of properties 530 530 535 534 523 Square feet (000s) 6,291 6,098 6,120 6,120 5,934 Weighted average lease term (years) 9.4 9.2 9.4 9.4 9.5 Weighted average annual rent escalation 1.7% 1.7% 1.7% 1.7% 1.7% Percentage of total ABR 29.4% 29.3% 29.4% 30.1% 30.6% Other Number of properties 28 28 29 29 29 Square feet (000s) 1,565 1,565 1,638 1,638 1,638 Weighted average lease term (years) 3.3 3.5 3.6 3.8 4.1 Weighted average annual rent escalation 2.4% 2.4% 2.4% 2.4% 2.4% Percentage of total ABR 7.3% 7.5% 7.8% 8.0% 8.2% BROADSTONE NET LEASE, INC. | www.broadstone.com | © 2026 Broadstone Net Lease, LLC. All rights reserved. 30
Slide 48 — Diversification: Tenant Industry
Diversification: Tenant Industry Tenant Industry # of Properties ABR (’000s) ABR as a % of Total Portfolio Square Feet (’000s) SF as a % of Total Portfolio Packaged Foods & Meats 39 $ 57,897 12.9% 6,338 15.0% Restaurants 252 56,006 12.5% 1,196 2.8% Food Distributors 7 28,708 6.4% 2,534 6.0% Distributors 29 22,391 5.0% 3,357 7.9% Healthcare Facilities 42 21,867 4.9% 748 1.8% Specialty Stores 44 21,585 4.8% 1,584 3.8% Auto Parts & Equipment 38 19,181 4.3% 2,950 7.1% Aerospace & Defense 6 13,702 3.0% 642 1.6% Home Furnishing Retail 16 12,046 2.7% 1,687 4.0% General Merchandise Stores 110 11,686 2.6% 1,035 2.4% Metal & Glass Containers 8 11,176 2.5% 2,206 5.2% Healthcare Services 17 11,071 2.5% 568 1.3% Specialized Consumer Services 38 10,796 2.4% 684 1.6% Life Sciences Tools & Services 6 10,017 2.2% 600 1.4% Industrial Machinery 18 9,521 2.1% 1,823 4.3% Other (42 industries) 96 131,898 29.2% 14,290 33.8% Untenanted properties 1 — — 10 — Total 767 $ 449,548 100.0% 42,252 100.0% BROADSTONE NET LEASE, INC. | www.broadstone.com | © 2026 Broadstone Net Lease, LLC. All rights reserved. 31
Slide 49 — Diversification: Geography
Diversification: Geography (rent percentages based on ABR) State / Province # of Properties ABR (’000s) ABR as a % of Total Portfolio Square Feet (’000s) SF as a % of Total Portfolio State / Province # of Properties ABR (’000s) ABR as a % of Total Portfolio Square Feet (’000s) SF as a % of Total Portfolio TX 71 $ 49,305 11.0 % 4,534 10.7 % MS 12 $ 4,244 0.9% 607 1.4% MI 50 36,728 8.2 % 4,005 9.5 % LA 5 3,857 0.9% 211 0.5% FL 27 25,364 5.6 % 1,543 3.7 % NE 6 3,526 0.8% 492 1.2% OH 49 25,156 5.6 % 1,833 4.3 % SC 13 3,456 0.8% 304 0.7% CA 16 24,530 5.5 % 2,330 5.5 % NJ 2 3,404 0.8% 266 0.6% WI 25 22,347 5.0 % 2,223 5.3 % IA 4 2,976 0.7% 622 1.5% MN 21 20,670 4.6 % 3,051 7.2 % NM 9 2,842 0.6% 107 0.3% IL 29 18,934 4.2 % 1,764 4.2 % UT 3 2,829 0.6% 280 0.6% GA 35 17,116 3.8 % 1,997 4.7 % WA 13 2,733 0.6% 69 0.2% PA 32 16,091 3.6 % 2,172 5.1 % CO 5 2,658 0.6% 126 0.3% IN 27 14,985 3.3 % 1,687 4.0 % MD 3 2,215 0.5% 205 0.5% MO 20 14,130 3.1 % 1,804 4.3 % CT 2 2,000 0.4% 55 0.1% TN 47 13,667 3.0 % 783 1.9 % MT 7 1,749 0.4% 43 0.1% AL 53 13,197 2.9 % 950 2.2 % DE 4 1,188 0.3% 133 0.3% MA 4 11,942 2.7 % 759 1.8 % ND 2 1,089 0.2% 24 0.1% KY 22 9,279 2.1 % 923 2.2 % VT 2 445 0.1% 24 0.1% WV 18 9,194 2.0 % 1,233 2.9 % WY 1 338 0.1% 21 0.1% AZ 7 9,121 2.0 % 747 1.8 % NV 2 282 0.1% 6 — NC 25 9,034 2.0 % 830 2.0 % OR 1 136 — 9 — OK 24 8,746 2.0 % 1,001 2.4 % Total U.S. 760 $ 441,572 98.2 % 41,823 99.0% AR 10 7,784 1.7 % 340 0.8 % BC 2 $ 4,619 1.0% 253 0.6% NY 28 7,499 1.7 % 562 1.3 % ON 3 2,049 0.5% 101 0.2% VA 15 5,124 1.1 % 178 0.3 % AB 1 964 0.2% 51 0.1% KS 7 5,015 1.1 % 630 1.5 % MB 1 344 0.1% 24 0.1% SD 2 4,647 1.0 % 340 0.8 % Total Canada 7 $ 7,976 1.8% 429 1.0% Grand Total 767 $ 449,548 100.0% 42,252 100.0% BROADSTONE NET LEASE, INC. | www.broadstone.com | © 2026 Broadstone Net Lease, LLC. All rights reserved. 32
Slide 50 — Lease Expirations
Lease Expirations (rent percentages based on ABR) Expiration Year # of Properties # of Leases ABR (’000s) ABR as a % of Total Portfolio Square Feet (’000s) SF as a % of Total Portfolio 2026 4 4 $ 1,572 0.3% 80 0.2% 2027 28 24 31,938 7.1% 2,877 6.8% 2028 25 26 19,199 4.3% 1,596 3.8% 2029 62 37 19,407 4.3% 2,618 6.2% 2030 66 54 39,948 8.9% 3,451 8.2% 2031 39 34 9,598 2.1% 863 2.0% 2032 64 49 34,125 7.6% 3,475 8.2% 2033 51 25 20,245 4.5% 1,504 3.6% 2034 39 28 17,504 3.9% 1,426 3.4% 2035 22 17 17,145 3.8% 2,219 5.3% 2036 98 27 42,699 9.5% 4,358 10.3% 2037 18 12 27,745 6.2% 2,332 5.5% 2038 41 41 18,715 4.2% 1,722 4.1% 2039 21 17 23,095 5.1% 1,743 4.1% 2040 32 13 17,534 3.9% 923 2.2% 2041 69 15 35,852 8.0% 2,826 6.7% 2042 59 15 47,827 10.7% 4,926 11.6% 2043 3 2 8,160 1.8% 517 1.2% 2044 3 3 1,660 0.4% 103 0.2% 2045 4 3 7,350 1.6% 698 1.7% Thereafter 8 2 8,230 1.8% 1,985 4.7% Total leased properties 756 448 449,548 100.0% 42,242 100.0% In-process developments 10 8 — — — — Untenanted properties 1 — — — 10 — Total properties 767 456 $ 449,548 100.0% 42,252 100.0% BROADSTONE NET LEASE, INC. | www.broadstone.com | © 2026 Broadstone Net Lease, LLC. All rights reserved. 33
Slide 51 — Occupancy
Occupancy Occupancy by Rentable Square Footage Change in Occupancy Number of properties Vacant properties at January 1, 2026 1 Lease expirations 17 Leasing activities (16) Vacant properties at March 31, 2026 2 Lease expirations 8 Leasing activities (2) Properties under redevelopment (1) Vacant dispositions (6) Vacant properties at June 30, 2026 1 Lease expirations 29 Leasing activities (28) Properties under redevelopment (1) Vacant dispositions — Vacant properties at September 30, 2026 1 (a) Includes scheduled and unscheduled expirations (including leases rejected in bankruptcy), as well as future expirations resolved and effective in the periods indicated above. (a) (a) (a) BROADSTONE NET LEASE, INC. | www.broadstone.com | © 2026 Broadstone Net Lease, LLC. All rights reserved. 34
Slide 52 — BROADSTONE NET LEASE, INC. | www.broadstone.com | © 2026 Broadstone
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
Slide 53 — BROADSTONE NET LEASE, INC. | www.broadstone.com | © 2026 Broadstone
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