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 & Developments	17
Dispositions & Portfolio at a Glance: Key Metrics	18
Diversification: Tenants and Brands	19-22
Diversification: Property Type	23-24
Key Statistics by Property Type	25
Diversification: Tenant Industry	26
Diversification: Geography	27
Lease Expirations	28
Portfolio Occupancy	29
Definitions and Explanations	30-31

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 March 31, 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, healthcare, retail, 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 and Chief Financial Officer John D. Callan, Jr. Senior Vice President, General Counsel, and Secretary Michael B. Caruso Senior Vice President, Underwriting & Strategy Timothy D. Dieffenbacher Senior Vice President, Chief Accounting Officer, and Treasurer Will D. Garner Senior Vice President, Acquisitions Jennie L. O’Brien Senior Vice President, Accounting, and Controller 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)

	Q1 2024			Q4 2023			Q3 2023			Q2 2023			Q1 2023
Financial Summary
Investment in rental property	$	4,666,969		$	4,915,911		$	4,939,598		$	4,981,430		$	5,002,330
Less accumulated depreciation		(606,225	)		(626,597	)		(601,895	)		(578,616	)		(558,410	)
Property under development		133,064			94,964			49,819			37,449			—
Investment in rental property, net		4,193,808			4,384,278			4,387,522			4,440,263			4,443,920
Cash and cash equivalents		221,740			19,494			35,061			20,763			15,412
Restricted cash		1,038			1,138			15,436			15,502			3,898
Total assets		5,269,655			5,268,735			5,335,043			5,368,150			5,335,868
Unsecured revolving credit facility		73,820			90,434			74,060			122,912			108,330
Mortgages, net		78,517			79,068			79,613			80,141			85,853
Unsecured term loans, net		896,260			895,947			895,633			895,319			895,006
Senior unsecured notes, net		845,498			845,309			845,121			844,932			844,744
Total liabilities		2,051,951			2,074,394			2,059,570			2,106,553			2,103,551
Total Broadstone Net Lease, Inc.    equity		3,073,622			3,049,241			3,120,776			3,107,536			3,079,207
Total equity (book value)		3,217,704			3,194,341			3,275,473			3,261,597			3,232,317
Revenues		105,366			105,000			109,543			109,353			118,992
General and administrative -    other		7,957			7,982			8,603			7,944			8,924
Stock based compensation		1,475			1,401			1,540			1,539			1,492
General and administrative		9,432			9,383			10,143			9,483			10,416
Total operating expenses		79,264			84,457			54,383			53,502			59,559
Interest expense		18,578			18,972			19,665			20,277			21,139
Net income		68,177			6,797			52,145			62,996			41,374
Net earnings per common share,    diluted	$	0.35		$	0.03		$	0.26		$	0.32		$	0.21
FFO		73,135			69,443			75,478			72,524			81,177
FFO per share, diluted	$	0.37		$	0.35		$	0.39		$	0.37		$	0.41
Core FFO		74,072			75,275			74,754			74,381			74,473
Core FFO per share, diluted	$	0.38		$	0.38		$	0.38		$	0.38		$	0.38
AFFO		70,873			71,278			69,958			69,004			67,485
AFFO per share, diluted	$	0.36		$	0.36		$	0.36		$	0.35		$	0.34
Net cash provided by operating    activities		70,867			60,582			73,888			62,228			74,376
Capital expenditures and improvements		132			568			1,106			1,011			758
Capital expenditures and improvements -     revenue generating		3,000			16,229			4,755			7,000			14,825
Net cash provided by (used in) investing    activities		204,285			(49,536	)		42,528			1,713			29,633
Net cash used in financing    activities		(73,006	)		(40,911	)		(102,184	)		(46,986	)		(144,739	)
Distributions declared		57,292			56,433			54,274			55,419			54,887
Distributions declared per diluted    share	$	0.285		$	0.285		$	0.280		$	0.280		$	0.275

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

Balance Sheet

(unaudited, in thousands)

	March 31, 2024			December 31, 2023			September 30, 2023			June 30, 2023			March 31, 2023
Assets
Accounted for using the operating method:
Land	$	724,199		$	748,529		$	752,708		$	754,402		$	760,142
Land improvements		316,170			328,746			330,214			332,757			337,296
Buildings and improvements		3,591,260			3,803,156			3,819,745			3,857,236			3,866,952
Equipment		8,247			8,265			9,608			9,608			10,422
Total accounted for using the    operating method		4,639,876			4,888,696			4,912,275			4,954,003			4,974,812
Less accumulated depreciation		(606,225	)		(626,597	)		(601,895	)		(578,616	)		(558,410	)
Accounted for using the    operating method, net		4,033,651			4,262,099			4,310,380			4,375,387			4,416,402
Accounted for using the direct    financing method		26,522			26,643			26,751			26,855			26,947
Accounted for using the sales-type    method		571			572			572			572			571
Property under development		133,064			94,964			49,819			37,449			—
Investment in rental property, net		4,193,808			4,384,278			4,387,522			4,440,263			4,443,920
Cash and cash equivalents		221,740			19,494			35,061			20,763			15,412
Accrued rental income		149,203			152,724			152,268			148,697			142,031
Tenant and other receivables, net		836			1,487			1,372			1,895			2,004
Prepaid expenses and other assets		33,149			36,661			42,309			42,322			29,764
Interest rate swap, assets		57,900			46,096			79,086			65,143			45,490
Goodwill		339,769			339,769			339,769			339,769			339,769
Intangible lease assets, net		273,250			288,226			297,656			309,298			317,478
Total assets	$	5,269,655		$	5,268,735		$	5,335,043		$	5,368,150		$	5,335,868
Liabilities and equity
Unsecured revolving credit facility	$	73,820		$	90,434		$	74,060		$	122,912		$	108,330
Mortgages, net		78,517			79,068			79,613			80,141			85,853
Unsecured term loans, net		896,260			895,947			895,633			895,319			895,006
Senior unsecured notes, net		845,498			845,309			845,121			844,932			844,744
Accounts payable and other liabilities		40,655			47,534			44,886			44,147			46,090
Dividends payable		56,871			56,869			55,770			55,640			54,515
Accrued interest payable		9,377			5,702			9,186			5,889			9,654
Intangible lease liabilities, net		50,953			53,531			55,301			57,573			59,359
Total liabilities		2,051,951			2,074,394			2,059,570			2,106,553			2,103,551
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		3,446,910			3,440,639			3,430,725			3,430,692			3,434,534
Cumulative distributions in excess of    retained earnings		(430,169	)		(440,731	)		(393,571	)		(391,631	)		(398,890	)
Accumulated other comprehensive    Income		56,834			49,286			83,575			68,428			43,516
Total Broadstone Net Lease, Inc.    equity		3,073,622			3,049,241			3,120,776			3,107,536			3,079,207
Non-controlling interests		144,082			145,100			154,697			154,061			153,110
Total equity		3,217,704			3,194,341			3,275,473			3,261,597			3,232,317
Total liabilities and equity	$	5,269,655		$	5,268,735		$	5,335,043		$	5,368,150		$	5,335,868

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
	March 31, 2024			December 31, 2023			September 30, 2023			June 30, 2023			March 31, 2023
Revenues
Lease revenues, net	$	105,366		$	105,000		$	109,543		$	109,353		$	118,992
Operating expenses
Depreciation and amortization		37,772			39,278			38,533			39,031			41,784
Property and operating    expense		5,660			5,995			5,707			4,988			5,886
General and administrative		9,432			9,383			10,143			9,483			10,416
Provision for impairment of    investment in rental    properties		26,400			29,801			—			—			1,473
Total operating expenses		79,264			84,457			54,383			53,502			59,559
Other income (expenses)
Interest income		233			141			127			82			162
Interest expense		(18,578	)		(18,972	)		(19,665	)		(20,277	)		(21,139	)
Gain on sale of real estate		59,132			6,270			15,163			29,462			3,415
Income taxes		(408	)		268			(104	)		(448	)		(479	)
Other income (expenses)		1,696			(1,453	)		1,464			(1,674	)		(18	)
Net income		68,177			6,797			52,145			62,996			41,374
Net income attributable to    non-controlling interests		(3,063	)		(319	)		(2,463	)		(2,982	)		(2,070	)
Net income attributable to    Broadstone Net Lease, Inc.	$	65,114		$	6,478		$	49,682		$	60,014		$	39,304
Weighted average number of common shares outstanding
Basic1		187,290			186,829			186,766			186,733			186,130
Diluted1		196,417			196,373			196,372			196,228			196,176
Net earnings per common share2
Basic	$	0.35		$	0.03		$	0.27		$	0.32		$	0.21
Diluted	$	0.35		$	0.03		$	0.26		$	0.32		$	0.21

1Excludes 663,196 weighted average shares of unvested restricted common stock for the three months ended March 31, 2024.

2Excludes $0.4 million from the numerator for the three months ended March 31, 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
	March 31, 2024			December 31, 2023			September 30, 2023			June 30, 2023			March 31, 2023
Net income	$	68,177		$	6,797		$	52,145		$	62,996		$	41,374
Real property depreciation and    amortization		37,690			39,115			38,496			38,990			41,745
Gain on sale of real estate		(59,132	)		(6,270	)		(15,163	)		(29,462	)		(3,415	)
Provision for impairment of investment    in rental properties		26,400			29,801			—			—			1,473
FFO	$	73,135		$	69,443		$	75,478		$	72,524		$	81,177
Net write-offs of accrued rental income		2,556			4,161			—			—			297
Lease termination fees		—			—			—			—			(7,500	)
Cost of debt extinguishment		—			—			—			3			—
Severance and executive transition costs		77			218			740			183			481
Other (income) expenses1		(1,696	)		1,453			(1,464	)		1,671			18
Core FFO	$	74,072		$	75,275		$	74,754		$	74,381		$	74,473
Straight-line rent adjustment		(4,980	)		(5,404	)		(6,785	)		(7,276	)		(7,271	)
Adjustment to provision for credit    losses		—			—			—			(10	)		—
Amortization of debt issuance costs		983			983			983			986			986
Amortization of net mortgage    premiums		—			—			—			(52	)		(26	)
Non-capitalized transaction costs2		182			—			—			—			—
Loss on interest rate swaps and    other non-cash interest expense		159			319			522			521			522
Amortization of lease intangibles		(1,018	)		(1,014	)		(1,056	)		(1,085	)		(2,691	)
Stock-based compensation		1,475			1,401			1,540			1,539			1,492
Deferred taxes		—			(282	)		—			—			—
AFFO	$	70,873		$	71,278		$	69,958		$	69,004		$	67,485
Diluted weighted average shares    outstanding3		196,417			196,373			196,372			196,228			196,176
Net earnings per diluted share4	$	0.35		$	0.03		$	0.26		$	0.32		$	0.21
FFO per diluted share4		0.37			0.35			0.39			0.37			0.41
Core FFO per diluted share4		0.38			0.38			0.38			0.38			0.38
AFFO per diluted share4		0.36			0.36			0.36			0.35			0.34

1 Amount includes ($1.7) million of unrealized and realized foreign exchange (gain) loss for the three months ended March 31, 2024, primarily associated with our Canadian dollar denominated revolver borrowings.

2 Includes $0.2 million of acquisition costs related to deals that failed to transact.

3Excludes 663,196 weighted average shares of unvested restricted common stock for the three months ended March 31, 2024.

4Excludes $0.4 million from the numerator for the three months ended March 31, 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
	March 31, 2024			December 31, 2023			September 30, 2023			June 30, 2023			March 31, 2023
Contractual rental amounts billed for    operating leases	$	97,549		$	97,182		$	96,333		$	96,456		$	98,102
Adjustment to recognize contractual    operating lease billings on a straight-    line basis		5,104			5,513			6,891			7,380			7,370
Net write-offs of accrued rental income		(2,556	)		(4,161	)		—			—			(105	)
Variable rental amounts earned		598			971			513			452			341
Earned income from direct financing    leases		682			685			687			689			691
Interest income from sales-type    leases		14			15			14			15			14
Operating expenses billed to tenants		5,105			5,513			5,181			4,594			5,075
Other income from real estate    transactions		66			—			19			3			7,392
Adjustment to revenue recognized for    uncollectible rental amounts billed, net		(1,196	)		(718	)		(95	)		(236	)		112
Total Lease revenues, net	$	105,366		$	105,000		$	109,543		$	109,353		$	118,992

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		188,435
OP Units		8,928
Common Stock & OP Units		197,363
Price Per Share / Unit at March 31, 2024	$	15.67
IMPLIED EQUITY MARKET CAPITALIZATION	$	3,092,678
% of Total Capitalization		61.9	%
DEBT
Unsecured Revolving Credit Facility - 2026	$	73,820
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		78,612
TOTAL DEBT	$	1,902,432
% of Total Capitalization		38.1	%
Floating Rate Debt %		0.0	%
Fixed Rate Debt %		100.0	%
Secured Debt %		4.1	%
Unsecured Debt %		95.9	%
Total Capitalization	$	4,995,110
Less: Cash and Cash Equivalents		(221,740	)
Enterprise Value	$	4,773,370

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

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

Debt Outstanding

(in thousands)

	Outstanding Balance
	March 31, 2024			December 31, 2023
							Interest Rate	Maturity Date
Unsecured revolving credit facility	$	73,820		$	90,434		Applicable reference rate + 0.85%1	Mar. 20263
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		one-month adjusted SOFR + 0.95%2	Aug. 2027
2029 Unsecured Term Loan		300,000			300,000		one-month adjusted SOFR + 1.25%2	Aug. 2029
Total unsecured term loans		900,000			900,000
Unamortized debt issuance costs, net		(3,740	)		(4,053	)
Total unsecured term loans, net		896,260			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		(4,502	)		(4,691	)
Total senior unsecured notes, net		845,498			845,309
Total unsecured debt, net	$	1,815,578		$	1,831,690

1 At March 31, 2024 and December 31, 2023, a balance of $0.0 million and $15.0 million, respectively was subject to the one-month SOFR. The remaining balances include $100 million CAD borrowings remeasured to $73.8 million and $75.4 million USD, respectively, which were subject to the one-month Canadian Dollar Offered Rate.

2 At March 31, 2024 and December 31, 2023, one-month SOFR was 5.33% and 5.35%, respectively.

3 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
	Date	Date	Interest	March 31, 2024			December 31, 2023
Lender	(Month/Year)	(Month/Year)	Rate
Wilmington Trust National Association	Apr-19	Feb-28	4.92%	$	43,868		$	44,207
Wilmington Trust National Association	Jun-18	Aug-25	4.36%		18,615			18,725
PNC Bank	Oct-16	Nov-26	3.62%		16,129			16,241
Total mortgages					78,612			79,173
Debt issuance costs, net					(95	)		(105	)
Mortgages, net				$	78,517		$	79,068

Year of Maturity	Revolving Credit Facility		Mortgages		Term Loans		Senior Notes		Total
2024	$	—	$	1,700	$	—	$	—	$	1,700
2025		—		20,195		—		—		20,195
2026		73,820		16,843		400,000		—		490,663
2027		—		1,596		200,000		150,000		351,596
2028		—		38,278		—		225,000		263,278
Thereafter		—		—		300,000		475,000		775,000
Total	$	73,820	$	78,612	$	900,000	$	850,000	$	1,902,432

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

Interest Rate Swaps

(in thousands, except interest rates)

						March 31, 2024
Counterparty	Maturity Date	Fixed Rate			Variable Rate Index	Notional Amount			Fair Value
Wells Fargo Bank, N.A.	October 2024		2.72	%	daily compounded SOFR	$	15,000		$	194
Capital One, National Association	December 2024		1.58	%	daily compounded SOFR		15,000			363
Bank of Montreal	January 2025		1.91	%	daily compounded SOFR		25,000			612
Truist Financial Corporation	April 2025		2.20	%	daily compounded SOFR		25,000			701
Bank of Montreal	July 2025		2.32	%	daily compounded SOFR		25,000			793
Truist Financial Corporation	July 2025		1.99	%	daily compounded SOFR		25,000			894
Truist Financial Corporation	December 2025		2.30	%	daily compounded SOFR		25,000			1,007
Bank of Montreal	January 2026		1.92	%	daily compounded SOFR		25,000			1,171
Bank of Montreal	January 2026		2.05	%	daily compounded SOFR		40,000			1,787
Capital One, National Association	January 2026		2.08	%	daily compounded SOFR		35,000			1,547
Truist Financial Corporation	January 2026		1.93	%	daily compounded SOFR		25,000			1,168
Capital One, National Association	April 2026		2.68	%	daily compounded SOFR		15,000			554
Capital One, National Association	July 2026		1.32	%	daily compounded SOFR		35,000			2,396
Bank of Montreal	December 2026		2.33	%	daily compounded SOFR		10,000			528
Bank of Montreal	December 2026		1.99	%	daily compounded SOFR		25,000			1,540
Toronto-Dominion Bank	March 2027		2.46	%	one-month CDOR		14,764	(1)		694
Wells Fargo Bank, N.A.	April 2027		2.72	%	daily compounded SOFR		25,000			1,118
Bank of Montreal	December 2027		2.37	%	daily compounded SOFR		25,000			1,568
Capital One, National Association	December 2027		2.37	%	daily compounded SOFR		25,000			1,563
Wells Fargo Bank, N.A.	January 2028		2.37	%	daily compounded SOFR		75,000			4,697
Bank of Montreal	May 2029		2.09	%	daily compounded SOFR		25,000			2,254
Regions Bank	May 2029		2.11	%	daily compounded SOFR		25,000			2,223
Regions Bank	June 2029		2.03	%	daily compounded SOFR		25,000			2,319
U.S. Bank National Association	June 2029		2.03	%	daily compounded SOFR		25,000			2,324
Regions Bank	August 2029		2.58	%	one-month SOFR		100,000			6,265
Toronto-Dominion Bank	August 2029		2.58	%	one-month SOFR		45,000			2,860
U.S. Bank National Association	August 2029		2.65	%	one-month SOFR		15,000			900
U.S. Bank National Association	August 2029		2.58	%	one-month SOFR		100,000			6,294
U.S. Bank National Association	August 2029		1.35	%	daily compounded SOFR		25,000			3,211
Regions Bank	March 2032		2.69	%	one-month CDOR		14,764	(1)		1,043
U.S. Bank National Association	March 2032		2.70	%	one-month CDOR		14,764	(1)		1,043
Bank of Montreal	March 2034		2.81	%	one-month CDOR		29,528	(2)		2,269
						$	973,820		$	57,900

1 The contractual notional amount is $20.0 million CAD.

2 The contractual notional amount is $40.0 million CAD.

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EBITDA, EBITDAre, and Other-Non GAAP Operating Measures

(unaudited, in thousands)

	Three Months Ended
	March 31, 2024			December 31, 2023			September 30, 2023			June 30, 2023			March 31, 2023
Net income	$	68,177		$	6,797		$	52,145		$	62,996		$	41,374
Depreciation and amortization		37,772			39,278			38,533			39,031			41,784
Interest expense		18,578			18,972			19,665			20,277			21,139
Income taxes		408			(268	)		104			448			479
EBITDA	$	124,935		$	64,779		$	110,447		$	122,752		$	104,776
Provision for impairment of investment in    rental properties		26,400			29,801			—			—			1,473
Gain on sale of real estate		(59,132	)		(6,270	)		(15,163	)		(29,462	)		(3,415	)
EBITDAre	$	92,203		$	88,310		$	95,284		$	93,290		$	102,834
Adjustment for current quarter investment activity 1		—			153			26			342			406
Adjustment for current quarter disposition activity 2		(4,712	)		(156	)		(400	)		(444	)		(365	)
Adjustment to exclude non-recurring and other expenses 3		(125	)		128			740			183			(1,023	)
Adjustment to exclude net write-offs of accrued rental income		2,556			4,161			—			—			297
Adjustment to exclude realized / unrealized foreign exchange (gain) loss		(1,696	)		1,453			(1,433	)		1,681			18
Adjustment to exclude cost of debt extinguishments		—			—			—			3			—
Adjustment to exclude lease termination fees		—			—			—			—			(7,500	)
Adjusted EBITDAre	$	88,226		$	94,049		$	94,217		$	95,055		$	94,667
Estimated revenues from developments4		2,771			—			—			—			—
Pro Forma Adjusted EBITDAre	$	90,997		$	94,049		$	94,217		$	95,055		$	94,667
Annualized EBITDAre	$	368,812		$	353,240		$	381,136		$	373,160		$	411,336
Annualized Adjusted EBITDAre		352,904			376,196			376,868			380,220			378,668
Pro Forma Annualized Adjusted EBITDAre		363,988			376,196			376,868			380,220			378,668

1 Reflects an adjustment to give effect to all investments during the quarter 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 $0.1 million of employee severance and executive transition costs and ($0.2) million of forfeited stock-based compensation during the three months ended March 31, 2024.

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

	Three Months Ended
	March 31, 2024			December 31, 2023			September 30, 2023			June 30, 2023			March 31, 2023
Adjusted EBITDAre	$	88,226		$	94,049		$	94,217		$	95,055		$	94,667
General and administrative		9,557			9,254			9,404			9,300			9,935
Adjusted Net Operating Income ("NOI")	$	97,783		$	103,303		$	103,621		$	104,355		$	104,602
Straight-line rental revenue, net		(4,929	)		(5,438	)		(6,744	)		(7,277	)		(7,425	)
Other amortization and non-cash charges		(1,018	)		(1,014	)		(1,087	)		(1,095	)		(1,668	)
Adjusted Cash NOI	$	91,836		$	96,851		$	95,789		$	95,983		$	95,509
Annualized Adjusted NOI	$	391,132		$	413,212		$	414,483		$	417,420		$	418,408
Annualized Adjusted Cash NOI		367,344			387,404			383,157			383,932			382,036

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

Net Debt Metrics

(in thousands)

	March 31, 2024			December 31, 2023			September 30, 2023			June 30, 2023			March 31, 2023
Debt
Unsecured revolving credit facility	$	73,820		$	90,434		$	74,060		$	122,912		$	108,330
Unsecured term loans, net		896,260			895,947			895,633			895,319			895,006
Senior unsecured notes, net		845,498			845,309			845,121			844,932			844,744
Mortgages, net		78,517			79,068			79,613			80,141			85,853
Debt issuance costs		8,337			8,848			9,360			9,872			10,390
Gross Debt		1,902,432			1,919,606			1,903,787			1,953,176			1,944,323
Cash and cash equivalents		(221,740	)		(19,494	)		(35,061	)		(20,763	)		(15,412	)
Restricted cash		(1,038	)		(1,138	)		(15,436	)		(15,502	)		(3,898	)
Net Debt	$	1,679,654		$	1,898,974		$	1,853,290		$	1,916,911		$	1,925,013
Leverage Ratios:
Net Debt to Annualized EBITDAre	4.6x			5.4x			4.9x			5.1x			4.7x
Net Debt to Annualized Adjusted    EBITDAre	4.8x			5.0x			4.9x			5.0x			5.1x
Pro Forma Net Debt to Annualized    Adjusted EBITDAre	4.6x			5.0x			4.9x			5.0x			5.1x

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 March 31, 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		3.68	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		0.35		0.37	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			0.35
Consolidated income available for    debt to annual debt service    charge	≥ 1.50 to 1.00	Not Applicable		Not Applicable			5.08
Total unencumbered assets to    total unsecured debt	≥ 1.50 to 1.00	Not Applicable		Not Applicable			2.89
Secured debt ratio	≤ 0.40 to 1.00	Not Applicable		Not Applicable			0.01

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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: 4.4 years2

 

1 Our 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.

2 Assumes exercise of Revolving Credit Facility extension options.

Swap Maturities

(dollars in millions)

 

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Investment Activity

(square feet and dollars in thousands)

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

	Q1 2024
Acquisitions:
Number of transactions		—
Number of properties		—
Square feet		—
Acquisition price	$	—
Initial cash capitalization rate		—
Straight-line yield		—
Weighted avg. lease term (years)		—
Weighted average annual rent increase		—
Revenue generating capital expenditures:
Number of existing properties		1
Investments1	$	3,000
Healthcare - Animal Health Services		3,000
Initial cash capitalization rate		8.0	%
Weighted avg. lease term (years)		8.0
Weighted average annual rent increase		2.5	%
Development funding opportunities:
Number of new properties		—
Total development funding opportunities		37,107
Total investments	$	40,107
Total initial cash capitalization rate2		8.0	%
Total weighted average lease term (years)2		8.0
Total weighted average annual rent increase2		2.5	%

1 Total unfunded investment commitments at March 31, 2024, include up to $74.1 million in development fundings and $6.2 million in revenue generating capital expenditures.

2 Due to the nature of development funding opportunities not generating revenue during construction, these developments are excluded from the calculation of total capitalization rates, weighted average lease terms, and rent increases.

Developments3

(square feet and dollars in thousands)

The following table summarizes the Company’s developments under construction as of March 31, 2024:

Property	Property Type	Projected Rentable Square Feet	Start Date3	Target Completion Date3	Initial Purchase Price3	Estimated Project Development Costs3	Estimated Total Project Investment3	QTD Q1 2024 Investment	Cumulative Investment at 3/31/24	Estimated Cash Capitalization Rate3	Estimated Straight-line Yield3
Under Construction:
UNFI (Sarasota - FL)	Industrial	1,016	5/2023	10/2024	$17,300	$187,500	$204,800	$36,856	$130,714	7.2%	8.3%
Total		1,016			$17,300	$187,500	$204,800	$36,856	$130,714	7.2%	8.3%

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

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

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	%

Portfolio at a Glance: Key Metrics

	March 31, 2024			December 31, 2023			September 30, 2023			June 30, 2023			March 31, 2023
Properties		759			796			800			801			801
U.S. States		44			44			44			44			44
Canadian Provinces		4			4			4			4			4
Total Annualized Base Rent	$374.1M			$392.2M			$390.0M			$391.0M			$389.5M
Total Rentable Sq. Footage	37.6M			38.3M			38.2M			38.5M			39.1M
Tenants		200			220			220			221			221
Brands		188			208			208			209			209
Industries		53			53			54			54			54
Occupancy (based on SF)		99.2	%		99.4	%		99.4	%		99.4	%		99.4	%
Rent Collection		99.0	%		99.2	%		99.9	%		99.9	%		100.0	%
Top 10 Tenant Concentration		20.6	%		19.6	%		19.3	%		19.4	%		19.2	%
Top 20 Tenant Concentration		34.0	%		32.3	%		32.0	%		32.1	%		31.4	%
Investment Grade (tenant/guarantor)		15.7	%		15.3	%		15.3	%		15.3	%		15.6	%
Financial Reporting Coverage1		95.3	%		93.8	%		93.7	%		94.2	%		94.3	%
Rent Coverage Ratio (Restaurants Only)	3.3x			3.4x			3.4x			3.3x			3.2x
Weighted Average Annual Rent Increases		2.0	%		2.0	%		2.0	%		2.0	%		2.0	%
Weighted Average Remaining Lease Term	10.6 years			10.5 years			10.5 years			10.7 years			10.8 years
Master Leases (based on ABR)
Total Portfolio		43.0	%		41.5	%		41.6	%		41.5	%		41.2	%
Multi-site tenants		71.0	%		69.0	%		69.3	%		69.3	%		69.3	%

1Includes 8.2% related to tenants not required to provide financial information under the terms of our lease, but whose financial statements are available publicly at March 31, 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		4.3	%		2,250		6.0	%
AHF, LLC*	Distribution & Warehouse/Manufacturing		8		9,378		2.5	%		2,284		6.1	%
Joseph T. Ryerson & Son, Inc	Distribution & Warehouse		11		7,780		2.1	%		1,599		4.2	%
Jack’s Family Restaurants LP*	Quick Service Restaurants		43		7,456		2.0	%		147		0.4	%
Axcelis Technologies, Inc.	Flex and R&D		1		6,263		1.7	%		417		1.1	%
J. Alexander’s, LLC*	Casual Dining		16		6,207		1.7	%		131		0.3	%
Hensley & Company*	Distribution & Warehouse		3		6,109		1.6	%		577		1.5	%
Salm Partners, LLC*	Food Processing		2		6,062		1.6	%		426		1.1	%
Red Lobster Hospitality & Red Lobster Restaurants LLC*	Casual Dining		18		6,060		1.6	%		147		0.4	%
Dollar General Corporation	General Merchandise		60		5,980		1.5	%		562		1.6	%
Total Top 10 Tenants			169	$	77,212		20.6	%		8,540		22.7	%
BluePearl Holdings, LLC**	Animal Health Services		13	$	5,742		1.5	%		165		0.4	%
Krispy Kreme Doughnut Corporation	Quick Service Restaurants/ Food Processing		27		5,538		1.5	%		156		0.4	%
Outback Steakhouse of Florida LLC*1	Casual Dining		22		5,454		1.5	%		140		0.4	%
Tractor Supply Company	General Merchandise		21		5,389		1.4	%		417		1.1	%
Big Tex Trailer Manufacturing Inc.*	Automotive/Distribution & Warehouse/Manufacturing/ Corporate Headquarters		17		5,157		1.4	%		1,302		3.5	%
Nestle’ Dreyer's Ice Cream Company2	Cold Storage		1		4,611		1.3	%		309		0.8	%
Carvana, LLC*	Industrial Services		2		4,590		1.2	%		230		0.6	%
Arkansas Surgical Hospital	Surgical		1		4,588		1.2	%		129		0.3	%
Klosterman Bakery*	Food Processing		11		4,568		1.2	%		549		1.5	%
Chiquita Holdings Limited	Food Processing		1		4,418		1.2	%		336		0.9	%
Total Top 20 Tenants			285	$	127,267		34.0	%		12,273		32.6	%

1Nestle’s ABR excludes $1.6 million of rent paid under a sub-lease for an additional property, which will convert to a prime lease no later than August 2024

*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		4.3	%		2,250		6.0	%
AHF Products*	Distribution & Warehouse/ Manufacturing		8		9,378		2.5	%		2,284		6.1	%
Ryerson	Distribution & Warehouse		11		7,780		2.1	%		1,599		4.2	%
Jack's Family Restaurants*	Quick Service Restaurants		43		7,456		2.0	%		147		0.4	%
Axcelis	Flex and R&D		1		6,263		1.7	%		417		1.1	%
Hensley*	Distribution & Warehouse		3		6,109		1.6	%		577		1.5	%
Salm Partners, LLC*	Food Processing		2		6,062		1.6	%		426		1.1	%
Red Lobster*	Casual Dining		18		6,060		1.6	%		147		0.4	%
Dollar General	General Merchandise		60		5,980		1.6	%		562		1.5	%
BluePearl Veterinary Partners**	Animal Health Services		13		5,742		1.5	%		165		0.5	%
Total Top 10 Brands			166	$	76,747		20.5	%		8,574		22.8	%
Krispy Kreme	Quick Service Restaurants/ Food Processing		27	$	5,538		1.5	%		156		0.4	%
Bob Evans Farms*1	Casual Dining/Food Processing		21		5,498		1.5	%		281		0.7	%
Tractor Supply Company	General Merchandise		21		5,389		1.4	%		417		1.1	%
Big Tex Trailers*	Automotive/Distribution & Warehouse/Manufacturing/ Corporate Headquarters		17		5,157		1.4	%		1,302		3.5	%
Outback Steakhouse*	Casual Dining		20		4,718		1.3	%		126		0.3	%
Nestle’	Cold Storage		1		4,611		1.2	%		309		0.8	%
Carvana*	Industrial Services		2		4,590		1.2	%		230		0.6	%
Arkansas Surgical Hospital	Surgical		1		4,588		1.2	%		129		0.3	%
Klosterman Bakery*	Food Processing		11		4,568		1.2	%		549		1.5	%
Taco Bell**	Quick Service Restaurants		32		4,423		1.2	%		83		0.3	%
Total Top 20 Brands			319	$	125,827		33.6	%		12,156		32.3	%

1Nestle’s ABR excludes $1.6 million of rent paid under a sub-lease for an additional property, which will convert to a prime lease no later than August 2024

*Subject to a master lease.

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

BROADSTONE NET LEASE, INC. | www.broadstone.com | © 2024 Broadstone Net Lease, LLC. All rights reserved. 22

Diversification: Property Type

(rent percentages based on ABR)

 

BROADSTONE NET LEASE, INC. | www.broadstone.com | © 2024 Broadstone Net Lease, LLC. All rights reserved. 23

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		79	$	65,478		17.5	%		12,103		32.2	%
Distribution & Warehouse		45		52,448		14.0	%		9,212		24.5	%
Food Processing		33		46,789		12.5	%		5,501		14.6	%
Flex and R&D		6		16,199		4.3	%		1,157		3.1	%
Industrial Services		23		11,918		3.2	%		607		1.6	%
Cold Storage		4		9,977		2.7	%		723		1.9	%
Untenanted		2		-		0.0	%		197		0.5	%
Industrial Total		192		202,809		54.2	%		29,500		78.4	%
Restaurant
Casual Dining		100		27,204		7.3	%		662		1.8	%
Quick Service Restaurants		148		25,996		6.9	%		502		1.3	%
Restaurant Total		248		53,200		14.2	%		1,164		3.1	%
Healthcare
Healthcare Services		28		11,811		3.2	%		462		1.2	%
Animal Health Services		27		11,113		3.0	%		405		1.1	%
Clinical		21		10,572		2.7	%		474		1.1	%
Surgical		7		8,466		2.3	%		256		0.7	%
Life Science		9		8,045		2.2	%		549		1.5	%
Healthcare Total		92		50,007		13.4	%		2,146		5.6	%
Retail
General Merchandise		132		24,860		6.6	%		1,865		5.0	%
Automotive		64		11,829		3.2	%		757		2.0	%
Home Furnishings		13		7,265		1.9	%		797		2.1	%
Child Care		2		725		0.2	%		20		0.1	%
Retail Total		211		44,679		11.9	%		3,439		9.2	%
Office
Strategic Operations		6		10,754		2.9	%		632		1.7	%
Corporate Headquarters		7		8,553		2.3	%		409		1.1	%
Call Center		2		4,049		1.1	%		287		0.8	%
Untenanted		1		-		0.0	%		46		0.1	%
Office Total		16		23,356		6.3	%		1,374		3.7	%
Total		759	$	374,051		100.0	%		37,623		100.0	%

BROADSTONE NET LEASE, INC. | www.broadstone.com | © 2024 Broadstone Net Lease, LLC. All rights reserved. 24

Key Statistics by Property Type

	Q1 2024			Q4 2023			Q3 2023			Q2 2023			Q1 2023
Industrial
Number of properties		192			192			193			195			193
Square feet (000s)		29,500			29,442			29,387			29,686			30,142
Weighted average lease term (years)		11.5			11.7			11.5			11.8			11.9
Weighted average annual rent escalation		2.0	%		2.0	%		2.0	%		2.0	%		2.0	%
Percentage of total ABR		54.2	%		51.5	%		51.2	%		51.6	%		51.8	%
Restaurant
Number of properties		248			248			248			247			247
Square feet (000s)		1,164			1,164			1,172			1,172			1,172
Weighted average lease term (years)		13.6			13.9			13.9			14.1			14.3
Weighted average annual rent escalation		1.8	%		1.8	%		1.8	%		1.8	%		1.8	%
Percentage of total ABR		14.2	%		13.6	%		13.7	%		13.5	%		13.4	%
Healthcare
Number of properties		92			129			129			129			130
Square feet (000s)		2,146			2,852			2,851			2,852			2,870
Weighted average lease term (years)		7.2			6.6			6.8			6.8			7.0
Weighted average annual rent escalation		2.4	%		2.4	%		2.4	%		2.3	%		2.3	%
Percentage of total ABR		13.4	%		17.6	%		17.6	%		17.5	%		17.4	%
Retail
Number of properties		211			211			214			214			215
Square feet (000s)		3,439			3,439			3,455			3,455			3,459
Weighted average lease term (years)		9.1			9.4			9.7			10.0			10.2
Weighted average annual rent escalation		1.3	%		1.6	%		1.6	%		1.6	%		1.6	%
Percentage of total ABR		11.9	%		11.4	%		11.6	%		11.6	%		11.6	%
Office
Number of properties		16			16			16			16			16
Square feet (000s)		1,374			1,374			1,375			1,374			1,415
Weighted average lease term (years)		5.3			5.3			5.6			5.9			6.0
Weighted average annual rent escalation		2.5	%		2.5	%		2.5	%		2.5	%		2.5	%
Percentage of total ABR		6.3	%		5.9	%		5.9	%		5.8	%		5.8	%

BROADSTONE NET LEASE, INC. | www.broadstone.com | © 2024 Broadstone Net Lease, LLC. All rights reserved. 25

Diversification: Tenant Industry

Industry	# Properties		ABR (’000s)		ABR as a % of Total Portfolio			Square Feet (’000s)		SF as a % of Total Portfolio
Restaurants		251	$	54,041		14.4	%		1,207		3.2	%
Packaged Foods & Meats		29		41,172		11.0	%		4,771		12.7	%
Healthcare Facilities		67		35,731		9.6	%		1,356		3.6	%
Distributors		27		17,518		4.7	%		2,757		7.3	%
Auto Parts & Equipment		44		15,791		4.2	%		2,710		7.2	%
Food Distributors		8		14,404		3.9	%		1,712		4.6	%
Specialty Stores		31		14,113		3.8	%		1,338		3.6	%
Home Furnishing Retail		18		12,914		3.5	%		1,858		4.9	%
Specialized Consumer Services		45		11,867		3.2	%		709		1.9	%
Metal & Glass Containers		8		10,578		2.8	%		2,206		5.9	%
General Merchandise Stores		96		9,807		2.6	%		880		2.3	%
Industrial Machinery		20		9,749		2.6	%		1,949		5.2	%
Healthcare Services		18		9,722		2.6	%		515		1.4	%
Forest Products		8		9,378		2.5	%		2,284		6.1	%
Electronic Components		2		7,112		1.9	%		466		1.2	%
Other (38 industries)		84		100,154		26.7	%		10,607		28.1	%
Untenanted properties		3		—		—			298		0.8	%
Total		759	$	374,051		100.0	%		37,623		100.0	%

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

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		65	$	34,925		9.3	%		3,505		9.3	%	LA		4	$	3,414		0.9	%		194		0.5	%
MI		54		33,000		8.9	%		3,799		10.0	%	MS		11		3,370		0.9	%		430		1.1	%
IL		29		22,556		6.0	%		2,364		6.3	%	NE		6		3,286		0.9	%		509		1.4	%
WI		31		20,187		5.4	%		2,132		5.7	%	SC		13		3,014		0.8	%		308		0.8	%
CA		13		19,673		5.3	%		1,718		4.6	%	IA		4		2,869		0.8	%		622		1.7	%
OH		47		16,356		4.4	%		1,582		4.2	%	NM		9		2,779		0.7	%		107		0.3	%
MN		21		15,755		4.2	%		2,500		6.6	%	CO		4		2,545		0.7	%		126		0.3	%
FL		38		15,067		4.0	%		789		2.1	%	UT		3		2,492		0.7	%		280		0.7	%
TN		48		14,974		4.0	%		1,084		2.9	%	WA		12		2,332		0.6	%		103		0.3	%
IN		28		14,756		3.9	%		1,832		4.9	%	MD		3		2,226		0.6	%		205		0.5	%
AL		52		12,212		3.3	%		863		2.3	%	CT		2		1,837		0.5	%		55		0.1	%
AZ		8		12,053		3.2	%		895		2.4	%	ND		3		1,726		0.5	%		48		0.1	%
GA		33		11,962		3.2	%		1,576		4.2	%	MT		7		1,602		0.4	%		43		0.1	%
NC		28		10,430		2.8	%		1,038		2.8	%	DE		4		1,180		0.3	%		133		0.4	%
KY		24		9,843		2.6	%		962		2.6	%	VT		2		426		0.1	%		24		0.1	%
PA		22		9,824		2.6	%		1,836		4.9	%	WY		1		307		0.1	%		21		0.1	%
OK		24		8,535		2.3	%		990		2.6	%	NV		1		273		0.1	%		6		0.0	%
AR		11		7,899		2.1	%		283		0.8	%	OR		1		136		0.0	%		9		0.0	%
MA		3		6,686		1.8	%		444		1.2	%	SD		1		81		0.0	%		9		0.0	%
NY		25		6,630		1.8	%		560		1.5	%	Total U.S.		752	$	365,931		97.8	%		37,193		98.9	%
MO		12		6,231		1.7	%		1,138		3.0	%	BC		2	$	4,804		1.3	%		253		0.6	%
KS		10		5,544		1.5	%		643		1.7	%	ON		3		2,024		0.5	%		101		0.3	%
VA		15		5,019		1.3	%		178		0.5	%	AB		1		952		0.3	%		51		0.1	%
WV		17		5,006		1.3	%		884		2.3	%	MB		1		340		0.1	%		25		0.1	%
NJ		3		4,913		1.3	%		366		1.0	%	Total Canada		7	$	8,120		2.2	%		430		1.1	%
													Grand Total		759	$	374,051		100.0	%		37,623		100.0	%

BROADSTONE NET LEASE, INC. | www.broadstone.com | © 2024 Broadstone Net Lease, LLC. All rights reserved. 27

Lease Expirations

(rent percentages based on ABR)

 

Expiration Year	# Properties		# Leases		ABR ('000s)		ABR as a % of Total Portfolio			Square Feet ('000s)		SF as a % of Total Portfolio
2024		3		3	$	2,915		0.8	%		278		0.7	%
2025		16		17		5,931		1.6	%		351		0.9	%
2026		25		26		13,966		3.7	%		1,017		2.7	%
2027		28		29		25,377		6.8	%		2,178		5.8	%
2028		28		29		19,828		5.2	%		1,799		4.7	%
2029		63		63		19,327		5.2	%		2,592		6.9	%
2030		90		90		48,899		13.1	%		4,802		12.8	%
2031		31		31		8,058		2.2	%		783		2.1	%
2032		62		63		32,527		8.7	%		3,469		9.2	%
2033		50		50		19,721		5.3	%		1,593		4.2	%
2034		35		35		9,174		2.5	%		780		2.1	%
2035		19		19		13,983		3.7	%		2,021		5.4	%
2036		87		87		27,302		7.3	%		2,781		7.4	%
2037		20		20		16,493		4.4	%		1,110		2.9	%
2038		39		39		13,868		3.7	%		1,226		3.3	%
2039		11		11		8,181		2.2	%		928		2.5	%
2040		31		31		5,917		1.6	%		312		0.8	%
2041		38		38		16,556		4.4	%		1,363		3.6	%
2042		58		58		44,073		11.8	%		4,803		12.8	%
2043		12		12		12,440		3.3	%		853		2.3	%
Thereafter		10		10		9,515		2.5	%		2,286		6.1	%
Untenanted properties		3		—		—		—			298		0.8	%
Total		759		761	$	374,051		100.0	%		37,623		100.0	%

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

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

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

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

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.

EBITDA, EBITDAre, Adjusted EBITDAre, and Annualized Adjusted EBITDAre: EBITDA, EBITDAre, Adjusted EBITDAre, and 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 then annualize quarterly Adjusted EBITDAre by multiplying it by four to compute Annualized Adjusted EBITDAre. Our reported EBITDA, EBITDAre, Adjusted EBITDAre, and Annualized Adjusted EBITDAre may not be comparable to similarly titled measures of other companies. You should not consider these measures 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, the gain on insurance recoveries, cost of debt extinguishments, unrealized and realized gains or losses on foreign currency transactions, severance and executive 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.

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

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 Pool: For purposes of determining properties used to calculate our same store rental revenue, all properties that we owned for the entire year-to-date period for both current and prior year are included except for properties during the current or prior year that were:

•Vacant at any time; or

•Under development or invested in through revenue generating capital expenditures

Same Store Rental Revenue: 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 included in our Same Store Pool.

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, we include capitalized interest in the denominator for cash interest paid.

Definitions Related to Development Properties:

•Completion Date: The month in which the development was fully completed and was made available for occupancy.

•Initial Purchase Price: Initial Purchase Price represents the initial contractual price of the property, typically representing purchase of undeveloped land or properties, including closing costs.

•Estimated Project Development Costs: Represents the estimated costs to be incurred to complete development of each project. 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.

•Estimated Total Project Investment: Represents the sum of the Initial Purchase Price and the Estimated Project Development Costs.

•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.

•Start Date: The Start Date represents the period in which we have begun physical construction on a property.

•Target Completion Date: The Target Completion Date is our current estimate of the period in which we will have substantially completed a project and the project is made available for occupancy. We expect to update our timing estimates on a quarterly basis.

BROADSTONE NET LEASE, INC. | www.broadstone.com | © 2024 Broadstone Net Lease, LLC. All rights reserved. 31