Broadstone Net Lease (BNL) Investor presentation summary

Financial performance and guidance

• AFFO per share guidance for 2026 raised to $1.55–$1.57, reflecting 4.0%–5.4% implied growth, with same-store rent growth of 2.2% in Q2 and 2.6% YTD 2026.

• Investments for 2026 increased to $600–$800 million, with dispositions raised to $100–$150 million.

• Quarterly dividend declared at $0.2925 per share, yielding 5.2% annualized, with a targeted payout ratio in the mid-70% range.

• Pro forma net debt to annualized adjusted EBITDAre at 5.9x, with $840 million in revolver and undrawn term loan capacity.

• 2026 AFFO per share growth expected at 4.7% at midpoint of guidance.

Portfolio overview and growth strategy

• Portfolio consists of 766 properties across 44 states and 4 Canadian provinces, totaling 41.7 million rentable square feet and $439.8 million in annualized base rent.

• 100% occupancy and 99.9% rent collections in Q2 2026, with a weighted average lease term of 9.3 years and 2.1% annual escalations.

• Industrial assets comprise 63.2% of ABR, retail 29.3%, and other 7.5%.

• Top 10 tenants account for 20.8% of ABR, with significant tenant and industry diversification.

• Geographic diversification led by Texas (10% of ABR), with no state exceeding 10%.

Build-to-suit and investment activity

• $645 million in in-process build-to-suit developments expected to generate $50.7 million in incremental ABR through Q4 2027.

• Recent build-to-suit projects include facilities for Amazon, Tesla, Palmer Logistics, Southwire, and a Fortune 20 company.

• Initial yields on new developments range from 6.7% to 8.5%, with weighted average lease terms of 13.7 years.

• $263 million invested in 1H 2026, including $61 million in stabilized acquisitions and $177 million in ongoing build-to-suit projects.

• Project Triboro offers optionality for industrial or data center development, with $120 million invested and potential for significant value creation.