Broadstone Net Lease (BNL) investor relations material

Executive summary

• Achieved a milestone quarter with strong portfolio performance, highlighted by a $303 million build-to-suit joint venture in Colorado for a Fortune 20 tenant and significant progress in the build-to-suit platform.

• Portfolio comprised 766 properties across 44 U.S. states and 4 Canadian provinces, with nearly 100% occupancy and a weighted average lease term of 9.3 years as of June 30, 2026.

• Focus remains on industrial and retail net lease properties, with 63.2% of ABR from industrial and 29.3% from retail.

• Raised full-year investment guidance by over $100 million at the midpoint and increased AFFO per share guidance midpoint to $1.56, reflecting nearly 5% earnings growth over 2025.

• Maintained near-full occupancy with 99.9% of base rents collected and continued active capital recycling through property dispositions.

Financial highlights

• Q2 2026 revenues were $122.3 million, up 8.2% year-over-year; net income for Q2 2026 was $40.3 million ($0.21 per diluted share), up 110% year-over-year.

• AFFO for Q2 2026 was $78.2 million ($0.39 per share), a 2.6% increase year-over-year.

• FFO for the six months ended June 30, 2026 was $160.5 million; AFFO was $155.1 million.

• Sold 12 properties year-to-date for $78.3 million at a weighted average cap rate of 6.2%.

• Total assets as of June 30, 2026 were $5.87 billion; total equity was $3.01 billion.

Outlook and guidance

• Raised full-year 2026 AFFO per share guidance midpoint to $1.56 (range $1.55–$1.57), reflecting strong YTD performance.

• Investment guidance for 2026 increased to $600–$800 million; disposition guidance raised to $100–$150 million.

• Management expects continued revenue and earnings support from same-store NOI growth, development, and acquisitions, despite macroeconomic headwinds and elevated interest rates.

• Lowered full-year bad debt assumption to 50 basis points from 75 basis points.

• Expect $46 million of incremental ABR from in-process developments stabilizing between Q3 2026 and H1 2027.