Exhibit 99.2

toneet Lease, Inc. (NYSE: BNL) is a Real Estate Investment Trust (REIT) that acquires, owns, and manages single-tenant commercial real estate properties that are net leased on a long-term basis to a diversified group of tenants. www.broadstone.com

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
Capital Structure	10
Equity Rollforward	11
Debt Outstanding	12
Interest Rate Swaps	13
EBITDA, EBITDAre, and Other Non-GAAP Operating Measures	14
Net Debt Metrics & Covenants	15
Debt & Swap Maturities	16
Investment Activity	17
Transitional Capital & Developments	18
Dispositions	19
Portfolio at a Glance: Key Metrics	20
Diversification: Tenants and Brands	21-24
Diversification: Property Type	25-26
Key Statistics by Property Type	27
Diversification: Tenant Industry	28
Diversification: Geography	29
Lease Expirations	30
Portfolio Occupancy	31
Definitions and Explanations	32-33

BROADSTONE NET LEASE, INC. | www.broadstone.com | © 2024 Broadstone Net Lease, LLC. All rights reserved. 2

About the Data

This data and other information described herein are as of and for the three months ended September 30, 2024 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, 2023, 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 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 | © 2024 Broadstone Net Lease, LLC. All rights reserved. 3

Company Overview

Broadstone Net Lease, Inc. (NYSE:BNL) (the “Company”, “BNL”, “us”, “our”, and “we”) is an industrial-focused, diversified net lease real estate investment trust (“REIT”) that invests in primarily single-tenant commercial real estate properties that are net leased on a long-term basis to a diversified group of tenants. Since our inception, we have selectively invested in real estate across the industrial, restaurant, retail, healthcare, and office property types. We target properties with credit worthy tenants in industries characterized by positive business drivers and trends, where the properties are an integral part of the tenants’ businesses and there are opportunities to secure long-term net leases. Through long-term net leases, our tenants are able to retain operational control of their strategically important locations, while allocating their debt and equity capital to fund core business operations rather than real estate ownership.

Executive Team John D. Moragne Chief Executive Officer and Member, Board of Directors Ryan M. Albano President and Chief Operating Officer Kevin M. Fennell Executive Vice President, Chief Financial Officer and Treasurer John D. Callan, Jr. Senior Vice President, General Counsel, and Secretary Michael B. Caruso Senior Vice President, Underwriting & Strategy Will D. Garner Senior Vice President, Acquisitions Jennie L. O’Brien Senior Vice President and Chief Accounting Officer Molly Kelly Wiegel Senior Vice President, Human Resources & Administration Board of Directors Laurie A. Hawkes Chairman of the Board John D. Moragne Chief Executive Officer Denise Brooks-Williams Michael A. Coke Jessica Duran Laura Felice David M. Jacobstein Shekar Narasimhan James H. Watters

Company Contact Information

Brent Maedl
Director, Corporate Finance & Investor Relations

brent.maedl@broadstone.com

585-382-8507

Transfer Agent

Computershare Trust Company, N.A.

150 Royall Street

Canton, Massachusetts 02021

800-736-3001

BROADSTONE NET LEASE, INC. | www.broadstone.com | © 2024 Broadstone Net Lease, LLC. All rights reserved. 4

Quarterly Financial Summary

(unaudited, dollars in thousands except per share data)

	Q3 2024			Q2 2024			Q1 2024			Q4 2023			Q3 2023
Financial Summary
Investment in rental property	$	5,018,626		$	4,840,961		$	4,666,969		$	4,915,911		$	4,939,598
Less accumulated depreciation		(644,214	)		(627,871	)		(606,225	)		(626,597	)		(601,895	)
Property under development		—			165,014			133,064			94,964			49,819
Investment in rental property, net		4,374,412			4,378,104			4,193,808			4,384,278			4,387,522
Cash and cash equivalents		8,999			18,282			221,740			19,494			35,061
Restricted cash		2,219			1,614			1,038			1,138			15,436
Total assets		5,263,286			5,264,557			5,269,655			5,268,735			5,335,043
Unsecured revolving credit facility		125,482			79,096			73,820			90,434			74,060
Mortgages, net		77,416			77,970			78,517			79,068			79,613
Unsecured term loans, net		896,887			896,574			896,260			895,947			895,633
Senior unsecured notes, net		845,875			845,687			845,498			845,309			845,121
Total liabilities		2,124,927			2,067,147			2,051,951			2,074,394			2,059,570
Total Broadstone Net Lease, Inc.    equity		2,999,074			3,054,802			3,073,622			3,049,241			3,120,776
Total equity (book value)		3,138,359			3,197,410			3,217,704			3,194,341			3,275,473
Revenues		108,397			105,907			105,366			105,000			109,543
General and administrative -    other		6,893			7,831			7,957			7,982			8,603
Stock based compensation		1,829			2,073			1,475			1,401			1,540
General and administrative		8,722			9,904			9,432			9,383			10,143
Total operating expenses		54,811			56,463			79,264			84,457			54,383
Interest expense		18,178			17,757			18,578			18,972			19,665
Net income		37,268			35,937			68,177			6,797			52,145
Net earnings per common share,    diluted	$	0.19		$	0.19		$	0.35		$	0.03		$	0.26
FFO		73,818			73,725			73,135			69,443			75,478
FFO per share, diluted	$	0.37		$	0.37		$	0.37		$	0.35		$	0.39
Core FFO		73,971			73,001			74,072			75,275			74,754
Core FFO per share, diluted	$	0.37		$	0.37		$	0.38		$	0.38		$	0.38
AFFO		70,185			70,401			70,873			71,278			69,958
AFFO per share, diluted	$	0.35		$	0.36		$	0.36		$	0.36		$	0.36
Net cash provided by operating    activities		67,303			74,172			70,867			60,582			73,888
Capital expenditures and improvements		1,180			134			132			568			1,106
Capital expenditures and improvements - revenue generating		6,351			38			3,000			16,229			4,755
Net cash provided by (used in) investing    activities		(65,618	)		(225,708	)		204,285			(49,536	)		42,528
Net cash provided by (used in) financing    activities		(10,363	)		(51,346	)		(73,006	)		(40,911	)		(102,184	)
Distributions declared		56,354			57,710			57,292			56,433			54,274
Distributions declared per diluted    share	$	0.290		$	0.290		$	0.285		$	0.285		$	0.280

BROADSTONE NET LEASE, INC. | www.broadstone.com | © 2024 Broadstone Net Lease, LLC. All rights reserved. 5

Balance Sheet

(unaudited, in thousands)

	September 30, 2024			June 30, 2024			March 31, 2024			December 31, 2023			September 30, 2023
Assets
Accounted for using the operating method:
Land	$	784,545		$	773,224		$	724,199		$	748,529		$	752,708
Land improvements		357,090			324,138			316,170			328,746			330,214
Buildings and improvements		3,834,310			3,708,366			3,591,260			3,803,156			3,819,745
Equipment		15,824			8,248			8,247			8,265			9,608
Total accounted for using the    operating method		4,991,769			4,813,976			4,639,876			4,888,696			4,912,275
Less accumulated depreciation		(644,214	)		(627,871	)		(606,225	)		(626,597	)		(601,895	)
Accounted for using the    operating method, net		4,347,555			4,186,105			4,033,651			4,262,099			4,310,380
Accounted for using the direct    financing method		26,285			26,413			26,522			26,643			26,751
Accounted for using the sales-type    method		572			572			571			572			572
Property under development		—			165,014			133,064			94,964			49,819
Investment in rental property, net		4,374,412			4,378,104			4,193,808			4,384,278			4,387,522
Investment in rental property and intangible lease assets held for sale, net		38,779			—			—			—			—
Cash and cash equivalents		8,999			18,282			221,740			19,494			35,061
Accrued rental income		158,350			153,551			149,203			152,724			152,268
Tenant and other receivables, net		2,124			2,604			836			1,487			1,372
Prepaid expenses and other assets		36,230			33,255			33,149			36,661			42,309
Interest rate swap, assets		27,812			56,444			57,900			46,096			79,086
Goodwill		339,769			339,769			339,769			339,769			339,769
Intangible lease assets, net		276,811			282,548			273,250			288,226			297,656
Total assets	$	5,263,286		$	5,264,557		$	5,269,655		$	5,268,735		$	5,335,043
Liabilities and equity
Unsecured revolving credit facility	$	125,482		$	79,096		$	73,820		$	90,434		$	74,060
Mortgages, net		77,416			77,970			78,517			79,068			79,613
Unsecured term loans, net		896,887			896,574			896,260			895,947			895,633
Senior unsecured notes, net		845,875			845,687			845,498			845,309			845,121
Interest rate swap, liabilities		13,050			—			—			—			—
Accounts payable and other liabilities		47,651			42,635			40,655			47,534			44,886
Dividends payable		58,163			58,028			56,871			56,869			55,770
Accrued interest payable		9,642			14,033			9,377			5,702			9,186
Intangible lease liabilities, net		50,761			53,124			50,953			53,531			55,301
Total liabilities		2,124,927			2,067,147			2,051,951			2,074,394			2,059,570
Equity
Broadstone Net Lease, Inc.    equity:
Preferred stock, $0.001 par value		—			—			—			—			—
Common stock, $0.00025 par value		47			47			47			47			47
Additional paid-in capital		3,450,116			3,444,265			3,446,910			3,440,639			3,430,725
Cumulative distributions in excess of    retained earnings		(467,922	)		(449,893	)		(430,169	)		(440,731	)		(393,571	)
Accumulated other comprehensive    Income		16,833			60,383			56,834			49,286			83,575
Total Broadstone Net Lease, Inc.    equity		2,999,074			3,054,802			3,073,622			3,049,241			3,120,776
Non-controlling interests		139,285			142,608			144,082			145,100			154,697
Total equity		3,138,359			3,197,410			3,217,704			3,194,341			3,275,473
Total liabilities and equity	$	5,263,286		$	5,264,557		$	5,269,655		$	5,268,735		$	5,335,043

BROADSTONE NET LEASE, INC. | www.broadstone.com | © 2024 Broadstone Net Lease, LLC. All rights reserved. 6

Income Statement Summary

(unaudited, in thousands except per share data)

	Three Months Ended
	September 30, 2024			June 30, 2024			March 31, 2024			December 31, 2023			September 30, 2023
Revenues
Lease revenues, net	$	108,397		$	105,907		$	105,366		$	105,000		$	109,543
Operating expenses
Depreciation and amortization		38,016			37,404			37,772			39,278			38,533
Property and operating    expense		7,014			5,303			5,660			5,995			5,707
General and administrative		8,722			9,904			9,432			9,383			10,143
Provision for impairment of    investment in rental    properties		1,059			3,852			26,400			29,801			—
Total operating expenses		54,811			56,463			79,264			84,457			54,383
Other income (expenses)
Interest income		70			649			233			141			127
Interest expense		(18,178	)		(17,757	)		(18,578	)		(18,972	)		(19,665	)
Gain on sale of real estate		2,441			3,384			59,132			6,270			15,163
Income taxes		291			(531	)		(408	)		268			(104	)
Other income (expenses)		(942	)		748			1,696			(1,453	)		1,464
Net income		37,268			35,937			68,177			6,797			52,145
Net income attributable to    non-controlling interests		(1,660	)		(608	)		(3,063	)		(319	)		(2,463	)
Net income attributable to    Broadstone Net Lease, Inc.	$	35,608		$	35,329		$	65,114		$	6,478		$	49,682
Weighted average number of common shares outstanding
Basic1		187,496			187,436			187,290			186,829			186,766
Diluted1		196,932			196,470			196,417			196,373			196,372
Net earnings per common share2
Basic	$	0.19		$	0.19		$	0.35		$	0.03		$	0.27
Diluted	$	0.19		$	0.19		$	0.35		$	0.03		$	0.26

1Excludes 1,024,429 weighted average shares of unvested restricted common stock for the three months ended September 30, 2024.

2Excludes $0.3 million from the numerator for the three months ended September 30, 2024, related to dividends declared on shares of unvested restricted common stock.

BROADSTONE NET LEASE, INC. | www.broadstone.com | © 2024 Broadstone Net Lease, LLC. All rights reserved. 7

Funds From Operations (FFO), Core Funds From Operations (Core FFO), and Adjusted Funds From Operations (AFFO)

(unaudited, in thousands except per share data)

	Three Months Ended
	September 30, 2024			June 30, 2024			March 31, 2024			December 31, 2023			September 30, 2023
Net income	$	37,268		$	35,937		$	68,177		$	6,797		$	52,145
Real property depreciation and    amortization		37,932			37,320			37,690			39,115			38,496
Gain on sale of real estate		(2,441	)		(3,384	)		(59,132	)		(6,270	)		(15,163	)
Provision for impairment of investment    in rental properties		1,059			3,852			26,400			29,801			—
FFO	$	73,818		$	73,725		$	73,135		$	69,443		$	75,478
Net write-offs of accrued rental income		—			—			2,556			4,161			—
Other non-core income from real estate transactions1		(887	)		—			—			—			—
Severance and employee transition costs		98			24			77			218			740
Other (income) expenses2		942			(748	)		(1,696	)		1,453			(1,464	)
Core FFO	$	73,971		$	73,001		$	74,072		$	75,275		$	74,754
Straight-line rent adjustment		(5,309	)		(5,051	)		(4,980	)		(5,404	)		(6,785	)
Adjustment to provision for credit    losses		—			(17	)		—			—			—
Amortization of debt issuance costs		983			983			983			983			983
Non-capitalized transaction costs3		25			445			182			—			—
Loss on interest rate swaps and    other non-cash interest expense		(5	)		62			159			319			522
Amortization of lease intangibles		(1,309	)		(1,095	)		(1,018	)		(1,014	)		(1,056	)
Stock-based compensation		1,829			2,073			1,475			1,401			1,540
Deferred taxes		—			—			—			(282	)		—
AFFO	$	70,185		$	70,401		$	70,873		$	71,278		$	69,958
Diluted weighted average shares    outstanding4		196,932			196,470			196,417			196,373			196,372
Net earnings per diluted share5	$	0.19		$	0.19		$	0.35		$	0.03		$	0.26
FFO per diluted share5		0.37			0.37			0.37			0.35			0.39
Core FFO per diluted share5		0.37			0.37			0.38			0.38			0.38
AFFO per diluted share5		0.35			0.36			0.36			0.36			0.36

1 Amount includes income for the settlement of a permanent land easement for an insignificant portion of two of our properties during the three months ended September 30, 2024.

2 Amount includes $0.9 million of unrealized and realized foreign exchange loss for the three months ended September 30, 2024, primarily associated with our Canadian dollar denominated revolver borrowings.

3 Includes $0.03 million of acquisition costs related to deals that failed to transact for the three months ended September 30, 2024.

4Excludes 1,024,429 weighted average shares of unvested restricted common stock for the three months ended September 30, 2024.

5Excludes $0.3 million from the numerator for the three months ended September 30, 2024, related to dividends declared on shares of unvested restricted common stock.

BROADSTONE NET LEASE, INC. | www.broadstone.com | © 2024 Broadstone Net Lease, LLC. All rights reserved. 8

Lease Revenues Detail

(unaudited, in thousands)

	Three Months Ended
	September 30, 2024			June 30, 2024			March 31, 2024			December 31, 2023			September 30, 2023
Contractual rental amounts billed for    operating leases	$	96,596		$	95,736		$	97,549		$	97,182		$	96,333
Adjustment to recognize contractual    operating lease billings on a straight-    line basis		5,438			5,177			5,104			5,513			6,891
Net write-offs of accrued rental income		—			—			(2,556	)		(4,161	)		—
Variable rental amounts earned		644			659			598			971			513
Earned income from direct financing    leases		691			689			682			685			687
Interest income from sales-type    leases		14			15			14			15			14
Operating expenses billed to tenants		5,537			4,651			5,105			5,513			5,181
Other income from real estate    transactions		907			12			66			—			19
Adjustment to revenue recognized for    uncollectible rental amounts billed, net		(1,430	)		(1,032	)		(1,196	)		(718	)		(95	)
Total Lease revenues, net	$	108,397		$	105,907		$	105,366		$	105,000		$	109,543

BROADSTONE NET LEASE, INC. | www.broadstone.com | © 2024 Broadstone Net Lease, LLC. All rights reserved. 9

Capital Structure

(in thousands, except per share data)

EQUITY
Shares of Common Stock		188,507
OP Units		8,755
Common Stock & OP Units		197,262
Price Per Share / Unit at September 30, 2024	$	18.95
IMPLIED EQUITY MARKET CAPITALIZATION	$	3,738,118
% of Total Capitalization		65.7	%
DEBT
Unsecured Revolving Credit Facility - 2026	$	125,482
Unsecured Term Loans		900,000
Unsecured Term Loan - 2026		400,000
Unsecured Term Loan - 2027		200,000
Unsecured Term Loan - 2029		300,000
Senior Unsecured Notes		850,000
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
Mortgage Debt - Various		77,492
TOTAL DEBT	$	1,952,974
% of Total Capitalization		34.3	%
Floating Rate Debt %		2.6	%
Fixed Rate Debt %		97.4	%
Secured Debt %		4.0	%
Unsecured Debt %		96.0	%
Total Capitalization	$	5,691,092
Less: Cash and Cash Equivalents		(8,999	)
Enterprise Value	$	5,682,093

BROADSTONE NET LEASE, INC. | www.broadstone.com | © 2024 Broadstone Net Lease, LLC. All rights reserved. 10

Equity Rollforward

(in thousands)

	Shares of Common Stock			OP Units			Total Diluted Shares
Balance, January 1, 2024		187,614			8,928			196,542
Grants of restricted stock awards - employees		778			—			778
Vesting of performance-based restricted stock units – employees		44			—			44
Retirement of common shares under equity incentive plan		(71	)		—			(71	)
Forfeiture of restricted stock awards		(25	)		—			(25	)
OP unit conversion		95			(95	)		—
Balance, March 31, 2024		188,435			8,833			197,268
Grants of restricted stock awards - employees		55			—			55
Forfeiture of restricted stock awards		(5	)		—			(5	)
OP unit conversion		32			(32	)		—
Balance, June 30, 2024		188,517			8,801			197,318
Grants of restricted stock awards - employees		1			—			1
Forfeiture of restricted stock awards		(57	)		—			(57	)
OP unit conversion		46			(46	)		—
Balance, September 30, 2024		188,507			8,755			197,262

BROADSTONE NET LEASE, INC. | www.broadstone.com | © 2024 Broadstone Net Lease, LLC. All rights reserved. 11

Debt Outstanding

(in thousands)

	September 30,			December 31,
	2024			2023			Interest Rate	Maturity Date
Unsecured revolving credit facility	$	125,482		$	90,434		Applicable reference rate + 0.85%1	Mar. 20264
Unsecured term loans:
2026 Unsecured Term Loan		400,000			400,000		one-month adjusted SOFR + 1.00%2	Feb. 2026
2027 Unsecured Term Loan		200,000			200,000		daily simple adjusted SOFR + 0.95%3	Aug. 2027
2029 Unsecured Term Loan		300,000			300,000		daily simple adjusted SOFR + 1.25%3	Aug. 2029
Total unsecured term loans		900,000			900,000
Unamortized debt issuance costs, net		(3,113	)		(4,053	)
Total unsecured term loans, net		896,887			895,947
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
Total senior unsecured notes		850,000			850,000
Unamortized debt issuance costs and    original issuance discount, net		(4,125	)		(4,691	)
Total senior unsecured notes, net		845,875			845,309
Total unsecured debt, net	$	1,868,244		$	1,831,690

1 At September 30, 2024 a balance of $51.5 million was subject to daily simple SOFR, and at December 31, 2023 a balance of $15.0 million was subject to one-month SOFR. The remaining balances include $100 million CAD borrowings remeasured to $74.0 million and $75.4 million USD, respectively, which were subject to the daily simple CORRA of 4.30% at September 30, 2024 and the one-month Canadian Dollar Offered Rate of 5.36% at December 31, 2023.

2 At September 30, 2024 and December 31, 2023, one-month SOFR was 4.85% and 5.35%, respectively.

3 At September 30, 2024 and December 31, 2023, borrowings were subject to overnight SOFR of 4.96% and one-month SOFR of 5.35%, respectively.

4 Our 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.

	Origination	Maturity	Interest	September 30,			December 31,
Lender	Date	Date	Rate	2024			2023
Wilmington Trust National Association	Apr. 2019	Feb. 2028	4.92%	$	43,189		$	44,207
Wilmington Trust National Association	Jun. 2018	Aug. 2025	4.36%		18,396			18,725
PNC Bank	Oct. 2016	Nov. 2026	3.62%		15,907			16,241
Total mortgages					77,492			79,173
Debt issuance costs, net					(76	)		(105	)
Mortgages, net				$	77,416		$	79,068

Year of Maturity	Revolving Credit Facility		Mortgages		Term Loans		Senior Notes		Total
2024	$	—	$	580	$	—	$	—	$	580
2025		—		20,195		—		—		20,195
2026		125,482		16,843		400,000		—		542,325
2027		—		1,596		200,000		150,000		351,596
2028		—		38,278		—		225,000		263,278
Thereafter		—		—		300,000		475,000		775,000
Total	$	125,482	$	77,492	$	900,000	$	850,000	$	1,952,974

BROADSTONE NET LEASE, INC. | www.broadstone.com | © 2024 Broadstone Net Lease, LLC. All rights reserved. 12

Interest Rate Swaps

(dollars in thousands)

						September 30, 2024
Counterparty	Maturity Date1	Fixed Rate2			Variable Rate Index	Notional Amount			Fair Value
Effective Swaps:
Wells Fargo Bank, N.A.	October 2024		2.72	%	daily compounded SOFR	$	15,000		$	—
Capital One, National Association	December 2024		1.58	%	daily compounded SOFR		15,000			85
Bank of Montreal	January 2025		1.91	%	daily compounded SOFR		25,000			183
Truist Financial Corporation	April 2025		2.20	%	daily compounded SOFR		25,000			274
Bank of Montreal	July 2025		2.32	%	daily compounded SOFR		25,000			337
Truist Financial Corporation	July 2025		1.99	%	daily compounded SOFR		25,000			398
Truist Financial Corporation	December 2025		2.30	%	daily compounded SOFR		25,000			451
Bank of Montreal	January 2026		1.92	%	daily compounded SOFR		25,000			570
Bank of Montreal	January 2026		2.05	%	daily compounded SOFR		40,000			848
Capital One, National Association	January 2026		2.08	%	daily compounded SOFR		35,000			730
Truist Financial Corporation	January 2026		1.93	%	daily compounded SOFR		25,000			567
Capital One, National Association	April 2026		2.68	%	daily compounded SOFR		15,000			217
Capital One, National Association	July 2026		1.32	%	daily compounded SOFR		35,000			1,349
Bank of Montreal	December 2026		2.33	%	daily compounded SOFR		10,000			249
Bank of Montreal	December 2026		1.99	%	daily compounded SOFR		25,000			808
Toronto-Dominion Bank	March 2027		2.46	%	daily compounded CORRA		14,796	3		202
Wells Fargo Bank, N.A.	April 2027		2.72	%	daily compounded SOFR		25,000			435
Bank of Montreal	December 2027		2.37	%	daily compounded SOFR		25,000			780
Capital One, National Association	December 2027		2.37	%	daily compounded SOFR		25,000			776
Wells Fargo Bank, N.A.	January 2028		2.37	%	daily compounded SOFR		75,000			2,333
Bank of Montreal	May 2029		2.09	%	daily compounded SOFR		25,000			1,344
Regions Bank	May 2029		2.11	%	daily compounded SOFR		25,000			1,317
Regions Bank	June 2029		2.03	%	daily compounded SOFR		25,000			1,406
U.S. Bank National Association	June 2029		2.03	%	daily compounded SOFR		25,000			1,407
Regions Bank	August 2029		2.58	%	one-month SOFR		100,000			2,782
Toronto-Dominion Bank	August 2029		2.58	%	one-month SOFR		45,000			1,282
U.S. Bank National Association	August 2029		2.65	%	one-month SOFR		15,000			379
U.S. Bank National Association	August 2029		2.58	%	one-month SOFR		100,000			2,798
U.S. Bank National Association	August 2029		1.35	%	daily compounded SOFR		25,000			2,231
Regions Bank	March 2032		2.69	%	daily compounded CORRA		14,796	3		295
U.S. Bank National Association	March 2032		2.70	%	daily compounded CORRA		14,796	3		291
Bank of Montreal	March 2034		2.81	%	daily compounded CORRA		29,593	4		688
						$	973,981		$	27,812
Forward Starting Swaps:5
Bank of Montreal	March 2030		3.80	%	daily simple SOFR	$	80,000		$	(2,535	)
JPMorgan Chase Bank, N.A.	March 2030		3.79	%	daily simple SOFR		50,000			(1,545	)
U.S. Bank National Association	June 2030		3.73	%	daily simple SOFR		70,000			(2,021	)
Truist Financial Corporation	June 2030		3.73	%	daily simple SOFR		55,000			(1,598	)
Manufacturers & Traders Trust Company	September 2030		3.71	%	daily simple SOFR		50,000			(1,378	)
Regions Bank	September 2030		3.69	%	daily simple SOFR		15,000			(409	)
Truist Financial Corporation	September 2030		3.70	%	daily simple SOFR		15,000			(409	)
Toronto-Dominion Bank	December 2030		3.66	%	daily simple SOFR		70,000			(1,756	)
Regions Bank	December 2030		3.66	%	daily simple SOFR		55,000			(1,399	)
						$	460,000		$	(13,050	)
Total Swaps						$	1,433,981		$	14,762

1 The weighted average maturity date of effective swaps and effective swaps and forward starting swaps combined was 3.4 years and 4.1 years, respectively, at September 30, 2024.

2 At September 30, 2024, the weighted average interest rate on all outstanding borrowings was 3.78%, inclusive of a weighted average fixed rate on effective interest rate swaps of 2.28%.

3 The contractual notional amount is $20.0 million CAD.

4 The contractual notional amount is $40.0 million CAD.

5 Forward starting swaps have effective dates that are 5 years prior to each respective maturity date.

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EBITDA, EBITDAre, and Other-Non GAAP Operating Measures

(unaudited, in thousands)

	Three Months Ended
	September 30, 2024			June 30, 2024			March 31, 2024			December 31, 2023			September 30, 2023
Net income	$	37,268		$	35,937		$	68,177		$	6,797		$	52,145
Depreciation and amortization		38,016			37,404			37,772			39,278			38,533
Interest expense		18,178			17,757			18,578			18,972			19,665
Income taxes		291			531			408			(268	)		104
EBITDA	$	93,753		$	91,629		$	124,935		$	64,779		$	110,447
Provision for impairment of investment in    rental properties		1,059			3,852			26,400			29,801			—
Gain on sale of real estate		(2,441	)		(3,384	)		(59,132	)		(6,270	)		(15,163	)
EBITDAre	$	92,371		$	92,097		$	92,203		$	88,310		$	95,284
Adjustment for current quarter investment activity 1		4,080			1,241			—			153			26
Adjustment for current quarter disposition activity 2		(66	)		(87	)		(4,712	)		(156	)		(400	)
Adjustment to exclude non-recurring and other expenses 3		(201	)		26			(125	)		128			740
Adjustment to exclude net write-offs of accrued rental income		—			—			2,556			4,161			—
Adjustment to exclude realized / unrealized foreign exchange (gain) loss		942			(748	)		(1,696	)		1,453			(1,433	)
Other income from real estate transactions 4		(887	)		—			—			—			—
Adjusted EBITDAre	$	96,239		$	92,529		$	88,226		$	94,049		$	94,217
Estimated revenues from developments 5		—			3,458			2,771			—			—
Pro Forma Adjusted EBITDAre	$	96,239		$	95,987		$	90,997		$	94,049		$	94,217
Annualized EBITDAre	$	369,484		$	368,388		$	368,812		$	353,240		$	381,136
Annualized Adjusted EBITDAre		384,956			370,116			352,904			376,196			376,868
Pro Forma Annualized Adjusted EBITDAre		384,956			383,948			363,988			376,196			376,868

1 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.

2Reflects an adjustment to give effect to all dispositions during the quarter as if they had been sold as of the beginning of the quarter.

3 Amounts include $0.2 million of forfeited stock-based compensation expense during the three months ended September 30, 2024.

4 Amount includes income for the settlement of a permanent land easement for an insignificant portion of two of our properties during the three months ended September 30, 2024.

5 Represents estimated contractual revenues based on in-process development spend to-date.

	Three Months Ended
	September 30, 2024			June 30, 2024			March 31, 2024			December 31, 2023			September 30, 2023
Adjusted EBITDAre	$	96,239		$	92,529		$	88,226		$	94,049		$	94,217
General and administrative		8,924			9,878			9,557			9,254			9,404
Adjusted Net Operating Income ("NOI")	$	105,163		$	102,407		$	97,783		$	103,303		$	103,621
Straight-line rental revenue, net		(6,128	)		(5,191	)		(4,929	)		(5,438	)		(6,744	)
Other amortization and non-cash charges		(1,309	)		(1,095	)		(1,018	)		(1,014	)		(1,087	)
Adjusted Cash NOI	$	97,726		$	96,121		$	91,836		$	96,851		$	95,789
Annualized Adjusted NOI	$	420,652		$	409,628		$	391,132		$	413,212		$	414,483
Annualized Adjusted Cash NOI		390,904			384,484			367,344			387,404			383,157

BROADSTONE NET LEASE, INC. | www.broadstone.com | © 2024 Broadstone Net Lease, LLC. All rights reserved. 14

Net Debt Metrics

(in thousands)

	September 30, 2024			June 30, 2024			March 31, 2024			December 31, 2023			September 30, 2023
Debt
Unsecured revolving credit facility	$	125,482		$	79,096		$	73,820		$	90,434		$	74,060
Unsecured term loans, net		896,887			896,574			896,260			895,947			895,633
Senior unsecured notes, net		845,875			845,687			845,498			845,309			845,121
Mortgages, net		77,416			77,970			78,517			79,068			79,613
Debt issuance costs		7,314			7,825			8,337			8,848			9,360
Gross Debt		1,952,974			1,907,152			1,902,432			1,919,606			1,903,787
Cash and cash equivalents		(8,999	)		(18,282	)		(221,740	)		(19,494	)		(35,061	)
Restricted cash		(2,219	)		(1,614	)		(1,038	)		(1,138	)		(15,436	)
Net Debt	$	1,941,756		$	1,887,256		$	1,679,654		$	1,898,974		$	1,853,290
Estimated net proceeds from forward equity agreements 1		(38,983	)		—			—			—			—
Pro Forma Net Debt	$	1,902,773		$	1,887,256		$	1,679,654		$	1,898,974		$	1,853,290
Leverage Ratios:
Net Debt to Annualized EBITDAre	5.3x			5.1x			4.6x			5.4x			4.9x
Net Debt to Annualized Adjusted    EBITDAre	5.0x			5.1x			4.8x			5.0x			4.9x
Pro Forma Net Debt to Annualized    Adjusted EBITDAre	4.9x			4.9x			4.6x			5.0x			4.9x

1 Represents pro forma adjustment for estimated net proceeds from forward sale agreements that have not settled as if they have been physically settled for cash as of the period presented.

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 2031 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, 2024, 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		2031 Senior Unsecured Public Notes
Leverage ratio	≤ 0.60 to 1.00		0.32		0.33	Not Applicable
Secured indebtedness ratio	≤ 0.40 to 1.00		0.01		0.01	Not Applicable
Unencumbered coverage ratio	≥ 1.75 to 1.00		3.69	Not Applicable		Not Applicable
Fixed charge coverage ratio	≥ 1.50 to 1.00		4.55		4.55	Not Applicable
Total unsecured indebtedness to    total unencumbered eligible    property value	≤ 0.60 to 1.00		0.37		0.35	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			0.36
Consolidated income available for    debt to annual debt service    charge	≥ 1.50 to 1.00	Not Applicable		Not Applicable			5.27
Total unencumbered assets to    total unsecured debt	≥ 1.50 to 1.00	Not Applicable		Not Applicable			2.84
Secured debt ratio	≤ 0.40 to 1.00	Not Applicable		Not Applicable			0.01

BROADSTONE NET LEASE, INC. | www.broadstone.com | © 2024 Broadstone Net Lease, LLC. All rights reserved. 15

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: 3.8 years1

1 Our Revolving Credit Facility reflected above assumes exercise of two six-month extension options subject to certain conditions, including the payment of an extension fee equal to 0.0625% of the revolving commitments.

Swap Maturities

(dollars in millions)

Weighted Average Effective Swap Maturity: 3.4 years

Weighted Average Effective & Forward Starting Swap Maturity: 4.1 years

BROADSTONE NET LEASE, INC. | www.broadstone.com | © 2024 Broadstone Net Lease, LLC. All rights reserved. 16

Investment Activity

(square feet and dollars in thousands)

The following tables summarize the Company’s investment activity during 2024.

	Q3 2024			Q2 2024			Q1 2024			YTD 2024
Acquisitions:
Number of transactions		2			6			—			8
Number of properties		2			21			—			23
Square feet		357			1,094			—			1,451
Acquisition price	$	69,250		$	165,053		$	—		$	234,303
Industrial		59,000			103,735			—			162,735
Retail		10,250			52,359			—			62,609
Restaurant		—			8,959			—			8,959
Initial cash capitalization rate		7.2	%		7.3	%		—			7.3	%
Straight-line yield		8.0	%		8.1	%		—			8.1	%
Weighted avg. lease term (years)		9.4			11.5			—			10.9
Weighted average annual rent increase		2.8	%		2.3	%		—			2.4	%
Development funding opportunities:
Number of new properties		—			—			—			—
Development funding	$	24,667		$	30,583		$	37,107		$	92,357
Revenue generating capital expenditures:
Number of existing properties		—			—			1			1
Investments	$	—		$	—		$	3,000		$	3,000
Healthcare - Animal Health Services		—			—			3,000			3,000
Initial cash capitalization rate		—			—			8.0	%		8.0	%
Weighted avg. lease term (years)		—			—			8.0			8.0
Weighted average annual rent increase		—			—			2.5	%		2.5	%
Transitional capital:
Number of transactions		—			1			—			1
Investments1	$	—		$	52,200		$	—		$	52,200
Cash capitalization rate		—			8.0	%		—			8.0	%
Total investments	$	93,917		$	247,836		$	40,107		$	381,860
Total initial cash capitalization rate2		7.2	%		7.3	%		8.0	%		7.3	%
Total weighted average lease term (years)2		9.4			11.5			8.0			10.8
Total weighted average annual rent increase2		2.8	%		2.3	%		2.5	%		2.4	%

1 Refer below for property-level statistics relating to our transitional capital investments.

2 Due to the nature of (1) transitional capital representing a contractual yield on invested capital, and (2) development funding opportunities not generating revenue during construction, these are excluded from the calculation of total capitalization rates, weighted average lease terms, and rent increases.

BROADSTONE NET LEASE, INC. | www.broadstone.com | © 2024 Broadstone Net Lease, LLC. All rights reserved. 17

Transitional Capital

The following table summarizes the Company’s transitional capital investments, which are excluded from real estate investment portfolio statistics:

	Q3 2024
Transitional Capital:
Type	Preferred Equity
Investment (’000s)1	$	52,200
Stabilized cash capitalization rate2		8.0	%
Annualized initial cash NOI yield		7.6	%
Remaining term (years)3		2.8
Property type	Retail Center
Underlying property metrics
Number of retail spaces		28
Rentable square footage (“SF”) (’000s)		332
Weighted average remaining lease term (years)		3.8
Occupancy rate (based on SF)4		98.7	%
Quarterly rent collection		95.2	%

1 Agreement includes commitment to fund up to an additional $7.8 million of preferred capital.

2 Represents stated yield with unpaid amounts accruing with preferential payment.

3 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.

4 Includes executed leases where rent has not yet commenced.

Developments

(square feet and dollars in thousands)

The following table summarizes the Company’s completed developments as of September 30, 2024:

Property	Property Type	Rentable Square Feet		Lease Commencement Date5	Investment Funded		Estimated Investment to be Funded6		Total Project Investment		Cash Capitalization Rate5			Straight-line Yield5
UNFI (Sarasota - FL)	Industrial		1,016	9/2024	$	185,964	$	18,869	$	204,833		7.2	%		8.6	%

5 Refer to definitions and explanations appearing at the end of this supplemental document.

6 Revenue on additional fundings will receive a cash capitalization rate of 6.8%.

BROADSTONE NET LEASE, INC. | www.broadstone.com | © 2024 Broadstone Net Lease, LLC. All rights reserved. 18

Dispositions

(square feet and dollars in thousands)

The following table summarizes the Company’s property disposition activity during 2024.

Q1 2024
Property Type	Number of Properties		Square Feet		Acquisition Price		Disposition Price		Net Book Value
Healthcare		37		706	$	250,079		251,700	$	199,098
Total Properties		37		706	$	250,079	$	251,700	$	199,098
Weighted average cash cap rate										7.9	%
Q2 2024
Property Type	Number of Properties		Square Feet		Acquisition Price		Disposition Price		Net Book Value
Industrial		1		187	$	11,330	$	11,750	$	10,753
Office		1		46		11,745		2,100		3,003
Healthcare		1		34		10,000		10,500		7,620
Total Properties		3		267	$	33,075	$	24,350	$	21,376
Weighted average cash cap rate										7.3	%
Q3 2024
Property Type	Number of Properties		Square Feet		Acquisition Price		Disposition Price		Net Book Value
Office		1		18	$	4,316	$	4,508	$	2,524
Healthcare		5		92		32,295		27,304		27,272
Total Properties		6		110	$	36,611	$	31,812	$	29,796
Weighted average cash cap rate										8.0	%
2024 Dispositions
Property Type	Number of Properties		Square Feet		Acquisition Price		Disposition Price		Net Book Value
Industrial		1		187	$	11,330	$	11,750	$	10,753
Office		2		64		16,061		6,608		5,527
Healthcare		43		832		292,374		289,504		233,990
Total Properties		46		1,083	$	319,765	$	307,862	$	250,270
Weighted average cash cap rate										7.8	%

BROADSTONE NET LEASE, INC. | www.broadstone.com | © 2024 Broadstone Net Lease, LLC. All rights reserved. 19

Portfolio at a Glance: Key Metrics1

	September 30, 2024			June 30, 2024			March 31, 2024			December 31, 2023			September 30, 2023
Properties		773			777			759			796			800
U.S. States		44			44			44			44			44
Canadian Provinces		4			4			4			4			4
Total annualized base rent	$398.2M			$385.5M			$374.1M			$392.2M			$390.0M
Total rentable square footage (“SF”)	39.7M			38.5M			37.6M			38.3M			38.2M
Tenants		203			207			200			220			220
Brands		191			196			188			208			208
Industries		55			53			53			53			54
Occupancy (based on SF)		99.0	%		99.3	%		99.2	%		99.4	%		99.4	%
Rent Collection		99.1	%		99.0	%		99.0	%		99.2	%		99.9	%
Top 10 tenant concentration		21.4	%		20.2	%		20.6	%		19.6	%		19.3	%
Top 20 tenant concentration		34.9	%		33.4	%		34.0	%		32.3	%		32.0	%
Investment grade (tenant/guarantor)		17.0	%		15.5	%		15.7	%		15.3	%		15.3	%
Financial reporting coverage2		94.0	%		94.8	%		95.3	%		93.8	%		93.7	%
Rent coverage ratio (restaurants only)	3.3x			3.3x			3.3x			3.4x			3.4x
Weighted average annual rent increases		2.0	%		2.0	%		2.0	%		2.0	%		2.0	%
Weighted average remaining lease term	10.3 years			10.4 years			10.6 years			10.5 years			10.5 years
Master leases (based on ABR)
Total portfolio		40.2	%		41.7	%		43.0	%		41.5	%		41.6	%
Multi-site tenants		69.0	%		71.0	%		71.0	%		69.0	%		69.3	%

1 Property metrics exclude transitional capital investments.

2 Includes 8.6% 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, 2024.

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Diversification: Tenants & Brands

Top 20 Tenants

Tenant	Property Type	# 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	$	15,917		4.0	%		2,250		5.7	%
United Natural Foods, Inc.	Cold Storage		1		13,367		3.4	%		1,016		2.6	%
AHF, LLC*	Distribution & Warehouse/Manufacturing		8		9,612		2.4	%		2,284		5.8	%
Joseph T. Ryerson & Son, Inc	Distribution & Warehouse		11		7,870		2.0	%		1,599		4.0	%
Jack’s Family Restaurants LP*	Quick Service Restaurants		43		7,456		1.8	%		147		0.4	%
Tractor Supply Company	General Merchandise		23		6,353		1.6	%		462		1.2	%
Axcelis Technologies, Inc.	Flex and R&D		1		6,263		1.6	%		417		1.1	%
J. Alexander’s, LLC*	Casual Dining		16		6,207		1.6	%		131		0.3	%
Salm Partners, LLC*	Food Processing		2		6,168		1.5	%		426		1.1	%
Nestle’ Dreyer's Ice Cream Company	Cold Storage		2		6,151		1.5	%		504		1.1	%
Total Top 10 Tenants			114	$	85,364		21.4	%		9,236		23.3	%
Hensley & Company*	Distribution & Warehouse		3	$	6,109		1.5	%		577		1.5	%
Dollar General Corporation	General Merchandise		60		5,983		1.5	%		562		1.4	%
BluePearl Holdings, LLC**	Animal Health Services		13		5,750		1.4	%		159		0.4	%
Red Lobster Hospitality & Red Lobster Restaurants LLC*	Casual Dining		18		5,563		1.4	%		147		0.4	%
Krispy Kreme Doughnut Corporation	Quick Service Restaurants/ Food Processing		27		5,538		1.4	%		156		0.4	%
Outback Steakhouse of Florida LLC*	Casual Dining		22		5,454		1.4	%		140		0.4	%
Big Tex Trailer Manufacturing Inc.*	Automotive/Distribution & Warehouse/Manufacturing/ Corporate Headquarters		17		5,157		1.3	%		1,302		3.3	%
Carvana, LLC*	Industrial Services		2		4,672		1.2	%		230		0.6	%
Jelly Belly Candy Company	Distribution & Warehouse/Food Processing/General Merchandise		5		4,650		1.2	%		576		1.4	%
Klosterman Bakery*	Food Processing		11		4,634		1.2	%		548		1.3	%
Total Top 20 Tenants			292	$	138,874		34.9	%		13,633		34.4	%

*Subject to a master lease.

**Includes properties leased by multiple tenants, some, not all, of which are subject to master leases.

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Top 20 Tenant Descriptions1

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Top 20 Tenant Descriptions1 (continued)

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Top 20 Brands

Brand	Property Type	# 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	$	15,917		4.0	%		2,250		5.7	%
United Natural Foods, Inc.	Cold Storage		1		13,367		3.4	%		1,016		2.6	%
AHF Products*	Distribution & Warehouse/ Manufacturing		8		9,612		2.4	%		2,284		5.8	%
Ryerson	Distribution & Warehouse		11		7,870		2.0	%		1,599		4.0	%
Jack's Family Restaurants*	Quick Service Restaurants		43		7,456		1.9	%		147		0.4	%
Tractor Supply Company	General Merchandise		23		6,353		1.6	%		462		1.2	%
Axcelis	Flex and R&D		1		6,263		1.6	%		417		1.1	%
Salm Partners, LLC*	Food Processing		2		6,168		1.5	%		426		1.0	%
Nestle’	Cold Storage		2		6,150		1.5	%		503		1.2	%
Hensley*	Distribution & Warehouse		3		6,110		1.5	%		578		1.4	%
Total Top 10 Brands			101	$	85,266		21.4	%		9,682		24.4	%
Dollar General	General Merchandise		60	$	5,983		1.5	%		562		1.4	%
BluePearl Veterinary Partners**	Animal Health Services		13		5,750		1.4	%		159		0.4	%
Bob Evans Farms*	Casual Dining/Food Processing		21		5,568		1.4	%		281		0.7	%
Red Lobster*	Casual Dining		18		5,563		1.4	%		147		0.4	%
Krispy Kreme	Quick Service Restaurants/ Food Processing		27		5,538		1.4	%		156		0.4	%
Big Tex Trailers*	Automotive/Distribution & Warehouse/Manufacturing/ Corporate Headquarters		17		5,157		1.3	%		1,302		3.3	%
Outback Steakhouse*	Casual Dining		20		4,718		1.2	%		126		0.3	%
Carvana*	Industrial Services		2		4,672		1.2	%		230		0.6	%
Jelly Belly	Distribution & Warehouse/Food Processing/General Merchandise		5		4,650		1.2	%		576		1.4	%
Klosterman Bakery*	Food Processing		11		4,635		1.1	%		548		1.4	%
Total Top 20 Brands			295	$	137,500		34.5	%		13,769		34.7	%

*Subject to a master lease.

**Includes properties leased by multiple tenants, some, not all, of which are subject to master leases.

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Diversification: Property Type

(rent percentages based on ABR)

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Diversification: Property Type (continued)

Property Type	# Properties		ABR (’000s)		ABR as a % of Total Portfolio			Square Feet (’000s)		SF as a % of Total Portfolio
Industrial
Manufacturing		80	$	69,796		17.5	%		12,319		31.0	%
Distribution & Warehouse		49		56,238		14.1	%		9,596		24.2	%
Food Processing		34		49,209		12.4	%		5,736		14.4	%
Cold Storage		4		23,344		5.9	%		1,739		4.4	%
Flex and R&D		6		16,298		4.1	%		1,157		2.9	%
Industrial Services		29		14,795		3.8	%		725		1.9	%
Untenanted		1		—		—			178		0.4	%
Industrial Total		203		229,680		57.8	%		31,450		79.2	%
Restaurant
Casual Dining		102		27,107		6.8	%		674		1.7	%
Quick Service Restaurants		151		26,433		6.6	%		514		1.3	%
Restaurant Total		253		53,540		13.4	%		1,188		3.0	%
Retail
General Merchandise		138		29,549		7.4	%		2,195		5.5	%
Automotive		65		12,069		3.0	%		764		1.9	%
Home Furnishings		13		7,353		1.9	%		797		2.0	%
Child Care		2		725		0.2	%		20		0.1	%
Retail Total		218		49,696		12.5	%		3,776		9.5	%
Healthcare
Animal Health Services		27		11,216		2.8	%		399		1.0	%
Surgical		6		7,777		2.0	%		231		0.6	%
Clinical		17		7,756		1.9	%		336		0.8	%
Life Science		8		7,727		1.9	%		519		1.3	%
Healthcare Services		25		7,515		1.9	%		273		0.7	%
Untenanted		2		—		—			225		0.6	%
Healthcare Total		85		41,991		10.5	%		1,983		5.0	%
Office
Strategic Operations		5		10,516		2.6	%		615		1.5	%
Corporate Headquarters		7		8,610		2.2	%		409		1.0	%
Call Center		2		4,126		1.0	%		287		0.8	%
Office Total		14		23,252		5.8	%		1,311		3.3	%
Total		773	$	398,159		100.0	%		39,708		100.0	%

BROADSTONE NET LEASE, INC. | www.broadstone.com | © 2024 Broadstone Net Lease, LLC. All rights reserved. 26

Key Statistics by Property Type

	Q3 2024			Q2 2024			Q1 2024			Q4 2023			Q3 2023
Industrial
Number of properties		203			202			192			192			193
Square feet (000s)		31,450			30,153			29,500			29,442			29,387
Weighted average lease term (years)		11.3			11.2			11.5			11.7			11.5
Weighted average annual rent escalation		2.1	%		2.0	%		2.0	%		2.0	%		2.0	%
Percentage of total ABR		57.8	%		54.6	%		54.2	%		51.5	%		51.2	%
Restaurant
Number of properties		253			253			248			248			248
Square feet (000s)		1,188			1,188			1,164			1,164			1,172
Weighted average lease term (years)		13.0			13.3			13.6			13.9			13.9
Weighted average annual rent escalation		1.8	%		1.8	%		1.8	%		1.8	%		1.8	%
Percentage of total ABR		13.4	%		14.0	%		14.2	%		13.6	%		13.7	%
Retail
Number of properties		218			217			211			211			214
Square feet (000s)		3,776			3,700			3,439			3,439			3,455
Weighted average lease term (years)		9.0			9.3			9.1			9.4			9.7
Weighted average annual rent escalation		1.4	%		1.3	%		1.3	%		1.6	%		1.6	%
Percentage of total ABR		12.5	%		12.6	%		11.9	%		11.4	%		11.6	%
Healthcare
Number of properties		85			90			92			129			129
Square feet (000s)		1,983			2,081			2,146			2,852			2,851
Weighted average lease term (years)		6.4			7.3			7.2			6.6			6.8
Weighted average annual rent escalation		2.3	%		2.4	%		2.4	%		2.4	%		2.4	%
Percentage of total ABR		10.5	%		12.7	%		13.4	%		17.6	%		17.6	%
Office
Number of properties		14			15			16			16			16
Square feet (000s)		1,311			1,328			1,374			1,374			1,375
Weighted average lease term (years)		4.8			5.1			5.3			5.3			5.6
Weighted average annual rent escalation		2.5	%		2.5	%		2.5	%		2.5	%		2.5	%
Percentage of total ABR		5.8	%		6.1	%		6.3	%		5.9	%		5.9	%

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Diversification: Tenant Industry

Industry	# Properties		ABR (’000s)		ABR as a % of Total Portfolio			Square Feet (’000s)		SF as a % of Total Portfolio
Restaurants		256	$	54,381		13.7	%		1,231		3.1	%
Packaged Foods & Meats		35		47,606		12.0	%		5,541		14.0	%
Healthcare Facilities		58		27,600		6.9	%		980		2.5	%
Food Distributors		7		26,263		6.6	%		2,534		6.4	%
Auto Parts & Equipment		46		20,673		5.2	%		3,168		8.0	%
Specialty Stores		36		18,739		4.7	%		1,637		4.1	%
Distributors		27		17,711		4.4	%		2,757		6.9	%
Home Furnishing Retail		18		13,018		3.3	%		1,858		4.7	%
Specialized Consumer Services		46		12,157		3.1	%		716		1.8	%
Metal & Glass Containers		8		10,696		2.7	%		2,206		5.6	%
Industrial Machinery		20		9,859		2.5	%		1,949		4.9	%
General Merchandise Stores		96		9,810		2.5	%		880		2.2	%
Healthcare Services		18		9,778		2.5	%		515		1.3	%
Forest Products		8		9,612		2.4	%		2,284		5.8	%
Electronic Components		2		7,112		1.8	%		466		1.2	%
Other (40 industries)		89		103,144		25.7	%		10,583		26.5	%
Untenanted properties		3		—		—			403		1.0	%
Total		773	$	398,159		100.0	%		39,708		100.0	%

BROADSTONE NET LEASE, INC. | www.broadstone.com | © 2024 Broadstone Net Lease, LLC. All rights reserved. 28

Diversification: Geography

(rent percentages based on ABR)

State / Province	# Properties		ABR (’000s)		ABR as a % of Total Portfolio			Square Feet (’000s)		SF as a % of Total Portfolio			State / Province	# Properties		ABR (’000s)		ABR as a % of Total Portfolio			Square Feet (’000s)		SF as a % of Total Portfolio
TX		67	$	37,631		9.5	%		3,615		9.1	%	MS		12	$	4,097		1.0	%		607		1.5	%
MI		52		36,023		9.0	%		4,018		10.2	%	LA		5		3,942		1.0	%		211		0.5	%
FL		38		27,007		6.8	%		1,805		4.5	%	SC		14		3,495		0.9	%		323		0.8	%
CA		17		24,092		6.1	%		2,282		5.7	%	NE		6		3,363		0.8	%		509		1.3	%
IL		29		22,624		5.7	%		2,364		6.0	%	WA		14		3,254		0.8	%		148		0.4	%
WI		30		19,445		4.9	%		1,945		4.9	%	IA		4		2,869		0.7	%		622		1.6	%
OH		47		16,530		4.2	%		1,582		4.0	%	NM		9		2,749		0.7	%		107		0.3	%
MN		21		15,855		4.0	%		2,500		6.3	%	CO		4		2,568		0.6	%		126		0.3	%
TN		48		15,106		3.8	%		1,084		2.7	%	UT		3		2,510		0.6	%		280		0.7	%
IN		28		14,925		3.7	%		1,832		4.6	%	MD		3		2,102		0.5	%		205		0.5	%
AL		52		12,191		3.1	%		863		2.2	%	CT		2		1,892		0.5	%		55		0.1	%
GA		33		11,980		3.0	%		1,576		4.0	%	MT		7		1,602		0.4	%		43		0.1	%
NC		28		10,459		2.6	%		1,038		2.6	%	DE		4		1,162		0.3	%		133		0.3	%
PA		22		9,942		2.5	%		1,836		4.6	%	ND		2		1,024		0.3	%		24		0.1	%
KY		23		9,059		2.3	%		927		2.3	%	VT		2		432		0.1	%		24		0.1	%
MO		19		8,941		2.2	%		1,260		3.2	%	WY		1		307		0.1	%		21		0.1	%
OK		25		8,900		2.2	%		1,006		2.5	%	NV		1		273		0.1	%		6		0.0	%
AZ		8		8,792		2.2	%		895		2.3	%	OR		1		136		0.0	%		9		0.0	%
AR		12		8,624		2.2	%		360		0.9	%	SD		1		81		0.0	%		9		0.0	%
NY		24		6,712		1.7	%		514		1.3	%	Total U.S.		766	$	389,942		98.0	%		39,279		98.8	%
MA		3		6,686		1.7	%		444		1.1	%	BC		2	$	4,827		1.2	%		253		0.7	%
KS		10		5,523		1.4	%		643		1.6	%	ON		3		2,069		0.5	%		101		0.3	%
WV		17		5,089		1.3	%		884		2.2	%	AB		1		973		0.2	%		51		0.1	%
VA		15		5,035		1.3	%		178		0.4	%	MB		1		348		0.1	%		24		0.1	%
NJ		3		4,913		1.2	%		366		0.9	%	Total Canada		7	$	8,217		2.0	%		429		1.2	%
													Grand Total		773	$	398,159		100.0	%		39,708		100.0	%

BROADSTONE NET LEASE, INC. | www.broadstone.com | © 2024 Broadstone Net Lease, LLC. All rights reserved. 29

Lease Expirations

(rent percentages based on ABR)

Expiration Year	# of Properties		ABR ('000s)		ABR as a % of Total Portfolio			Square Feet ('000s)		SF as a % of Total Portfolio
2024		1	$	867		0.2	%		166		0.4	%
2025		17		6,084		1.5	%		358		0.9	%
2026		23		11,751		3.0	%		915		2.3	%
2027		28		25,709		6.5	%		2,257		5.7	%
2028		29		19,704		4.9	%		1,793		4.5	%
2029		64		20,420		5.1	%		2,679		6.7	%
2030		92		49,073		12.3	%		4,802		12.1	%
2031		32		8,453		2.1	%		843		2.1	%
2032		62		32,587		8.2	%		3,469		8.7	%
2033		49		18,841		4.7	%		1,409		3.5	%
2034		37		14,057		3.5	%		1,237		3.1	%
2035		19		13,938		3.5	%		2,021		5.1	%
2036		90		29,801		7.5	%		2,894		7.3	%
2037		26		23,883		6.0	%		1,870		4.7	%
2038		39		13,919		3.5	%		1,226		3.1	%
2039		11		20,806		5.2	%		1,758		4.4	%
2040		31		5,987		1.5	%		312		0.8	%
2041		39		16,739		4.2	%		1,367		3.4	%
2042		58		43,893		11.0	%		4,803		12.1	%
2043		12		10,987		2.8	%		796		2.0	%
Thereafter		11		10,660		2.8	%		2,330		6.1	%
Total leased properties		770		398,159		100.0	%		39,305		99.0	%
Untenanted properties		3		—		—			403		1.0	%
Total properties		773	$	398,159		100.0	%		39,708		100.0	%

BROADSTONE NET LEASE, INC. | www.broadstone.com | © 2024 Broadstone Net Lease, LLC. All rights reserved. 30

Occupancy

Occupancy by Rentable Square Footage

Change in Occupancy

	Number of properties
Vacant properties at January 1, 2024		2
Lease expirations1		3
Leasing activities		(2	)
Vacant dispositions		—
Vacant properties at March 31, 2024		3
Lease expirations1		1
Leasing activities		—
Vacant dispositions		(1	)
Vacant properties at June 30, 2024		3
Lease expirations1		4
Leasing activities		(3	)
Vacant dispositions		(1	)
Vacant properties at September 30, 2024		3

1Includes scheduled and unscheduled expirations (including leases rejected in bankruptcy), as well as future expirations resolved and effective in the periods indicated above.

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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 developments, 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 acquisitions costs, or (2) for dispositions, the estimated cash yield to be generated based on a 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, and Annualized Adjusted EBITDAre: EBITDA, EBITDAre, Adjusted 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 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, the gain on insurance recoveries, cost of debt extinguishments, unrealized and realized gains or losses on foreign currency transactions, 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, 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.

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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.

Straight-line Yield: 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 straight-line annual rental income computed in accordance with GAAP, divided by the purchase price, excluding capitalized costs for the property. For developments, the denominator is the total project investment.

Definitions Related to Development Properties:

•Lease Commencement Date: The month in which the development was substantially completed and was made available for occupancy.

BROADSTONE NET LEASE, INC. | www.broadstone.com | © 2024 Broadstone Net Lease, LLC. All rights reserved. 33