ck1424182-ex992

Q2 2019 QUARTERLY SUPPLEMENTAL INFORMATION Broadstone Net Lease, Inc. is a publicly reporting, privately offered Real Estate Investment Trust (REIT) that acquires and holds freestanding, single-tenant, net-leased commercial properties. www.broadstone.com

This data and other information described herein are as of and for the three months ended June 30, 2019 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 the financial statements and the management's discussion and analysis of financial condition and results of operations sections contained in Broadstone Net Lease, Inc.'s Annual Report on Form 10-K for the year ended December 31, 2018 and Quarterly Reports on Form 10-Q for the periods ended June 30, 2019, March 31, 2019, September 30, 2018, and June 30, 2018.

This information contains “forward-looking” statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such forward-looking statements can generally be identified by our use of forward-looking terminology such as, but not limited to, “may,” “will,” “should,” “expect,” “intend,” “anticipate,” “estimate,” “would be,” “believe,” “continue,” or the negative or other variations of comparable terminology. Forward-looking statements are inherently subject to known and unknown risks, uncertainties, and assumptions which may cause our actual future results to differ materially from expected results, including risks related to the pending large portfolio acquisition, financing of the portfolio, and associated post-closing deleveraging activity as well as general economic conditions, local real estate conditions, tenant financial health, property acquisitions and the timing of these acquisitions, and the availability of capital to finance planned growth, among others, as described in our filings with the Securities and Exchange Commission. Consequently, forward-looking statements should be regarded solely as reflections of our current operating plans and estimates as of the dates indicated. Actual operating results may differ materially from what is expressed or forecast herein. We undertake no obligation to publicly release the results of any revisions to these forward-looking statements that may be made to reflect events or circumstances after the date these statements were made.

Broadstone Net Lease, Inc. (the “Company,” “BNL,” “us,” “our” and “we”) is an externally managed REIT, formed as a Maryland corporation in 2007 to acquire and hold single-tenant, net-leased commercial real estate properties throughout the United States that are leased to the properties’ operators under long-term leases. We focus on real estate that is operated by a single tenant which is an integral part of the tenant’s business. Our diversified portfolio of real estate includes retail properties, healthcare facilities, industrial manufacturing facilities, warehouse and distribution centers, and corporate offices, among others. We target properties with credit-worthy tenants that look to engage in a long-term lease relationship. Through long-term leases, our tenants are able to retain operational control of their mission critical locations, while utilizing their capital to fund their fundamental business operations.

	Q2 2019			Q1 2019			Q4 2018			Q3 2018			Q2 2018
Financial Summary
Investment in rental property, net	$	2,804,110		$	2,724,971		$	2,683,746		$	2,491,450		$	2,415,399
Total assets		3,212,318			3,131,943			3,096,797			2,905,345			2,815,258
Mortgage and notes payable, net		121,074			72,004			78,952			79,762			86,242
Unsecured term notes, net and revolver		1,345,976			1,361,995			1,366,873			1,225,473			1,199,864
Total liabilities		1,606,680			1,559,917			1,567,877			1,422,974			1,402,439
Total Broadstone Net Lease, Inc. stockholders' equity		1,498,704			1,462,386			1,417,099			1,369,667			1,300,542
Total equity (book value)		1,605,638			1,572,026			1,528,920			1,482,371			1,412,819
Revenues		69,053			68,430			63,094			61,764			57,032
Total operating expenses		37,758			38,268			34,471			34,772			30,636
Interest expense		16,732			15,828			14,740			14,484			12,454
Net income		17,342			15,022			14,660			23,064			18,386
Net earnings per common share, basic and diluted	$	0.70		$	0.62		$	0.63		$	1.03		$	0.86
FFO		39,842			38,949			36,475			44,969			34,362
FFO per share, basic and diluted	$	1.60		$	1.62		$	1.58		$	2.02		$	1.60
AFFO		34,365			34,169			32,551			31,315			29,928
AFFO per share, basic and diluted	$	1.38		$	1.42		$	1.41		$	1.40		$	1.39
Net cash provided by operating activities		33,080			31,639			34,494			34,842			26,438
Net cash used in investing activities		(56,257	)		(64,637	)		(235,869	)		(86,870	)		(100,196	)
Net cash provided by financing activities		22,735			27,169			192,336			59,234			69,830
Distributions declared		33,231			31,983			29,603			28,416			28,002
Distributions declared per diluted share	$	1.32		$	1.31		$	1.29		$	1.29		$	1.29

Portfolio Metrics
Properties		646			644			621			583			558
Rentable square feet	20.3M			19.7M			19.0M			18.0M			17.4M
% Leased		99.8	%		99.8	%		100.0	%		100.0	%		100.0	%
Physical occupancy		99.6	%		99.7	%		99.7	%		99.4	%		99.4	%
Weighted average remaining lease term (years)		11.9			12.0			12.1			12.8			12.9

	Three Months Ended
	June 30, 2019			March 31, 2019			December 31, 2018			September 30, 2018			June 30, 2018
Revenues
Lease revenues	$	69,053		$	68,430		$	63,094		$	61,764		$	57,032
Operating expenses
Depreciation and amortization		25,287			24,310			22,691			21,869			20,232
Asset management fees		5,318			5,120			5,054			4,663			4,313
Property management fees		1,935			1,885			1,737			1,680			1,595
Property and operating expense		3,252			4,390			3,231			2,777			2,530
General and administrative		1,661			1,103			1,712			1,664			1,456
State and franchise tax		305			443			46			58			510
Provision for impairment of investment in rental properties		—			1,017			—			2,061			—
Total operating expenses		37,758			38,268			34,471			34,772			30,636
Other income (expenses)
Preferred distribution income		—			—			—			65			187
Interest income		—			1			1			16			52
Interest expense		(16,732	)		(15,828	)		(14,740	)		(14,484	)		(12,454	)
Cost of debt extinguishment		(8	)		(713	)		—			(50	)		(51	)
Gain on sale of real estate		2,787			1,400			876			2,025			4,256
Gain on sale of investment in related party		—			—			—			8,500			—
Other (losses) gains		—			—			(100	)		—			—
Net income		17,342			15,022			14,660			23,064			18,386
Net income attributable to non-controlling interests		(1,208	)		(1,084	)		(1,099	)		(1,797	)		(1,412	)
Net income attributable to Broadstone Net Lease, Inc.	$	16,134		$	13,938		$	13,561		$	21,267		$	16,974

Weighted average number of common shares outstanding
Basic		23,204			22,335			21,416			20,554			19,829
Diluted		24,941			24,072			23,154			22,291			21,478
Net earnings per common share
Basic and diluted	$	0.70		$	0.62		$	0.63		$	1.03		$	0.86

	Three Months Ended
	June 30, 2019			March 31, 2019			December 31, 2018			September 30, 2018			June 30, 2018
Net income	$	17,342		$	15,022		$	14,660		$	23,064		$	18,386
Real property depreciation and amortization		25,287			24,310			22,691			21,869			20,232
Gain on sale of real estate		(2,787	)		(1,400	)		(876	)		(2,025	)		(4,256	)
Provision for impairment of investment in rental properties		—			1,017			—			2,061			—
FFO	$	39,842		$	38,949		$	36,475		$	44,969		$	34,362
Capital improvements/reserves		(48	)		(49	)		(49	)		(49	)		(49	)
Straight-line rent adjustment		(5,240	)		(5,143	)		(3,852	)		(5,337	)		(5,162	)
Cost of debt extinguishment		8			713			—			50			51
Gain on sale of investments in related party		—			—			—			(8,500	)		—
Other losses		—			—			100			—			—
Amortization of debt issuance costs		597			553			508			477			472
Amortization of net mortgage premiums		(36	)		(35	)		(35	)		(36	)		(35	)
Gain on interest rate swaps and other non-cash interest expense		(41	)		(81	)		(80	)		(4	)		—
Amortization of lease intangibles		(717	)		(738	)		(516	)		(255	)		289
AFFO	$	34,365		$	34,169		$	32,551		$	31,315		$	29,928

Diluted weighted average shares outstanding		24,941			24,072			23,154			22,291			21,478
Net earnings per diluted share	$	0.70		$	0.62		$	0.63		$	1.03		$	0.86
FFO per diluted share		1.60			1.62			1.58			2.02			1.60
AFFO per diluted share		1.38			1.42			1.41			1.40			1.39

	Three Months Ended
	June 30, 2019		March 31, 2019			December 31, 2018		September 30, 2018		June 30, 2018
Contractual rental amounts billed for operating leases	$	60,294	$	58,419		$	—	$	—	$	—
Straight-line rent adjustments		5,269		5,171			—		—		—
Adjustment to revenue recognized for uncollectible rental amounts billed		—		(440	)		—		—		—
Rental income from operating leases		—		—			58,597		58,189		53,590
Operating expenses billed to/reimbursed from tenants		2,486		4,275			3,457		2,529		2,486
Other income from real estate transactions		—		—			35		29		3
Total lease revenues from operating leases		68,049		67,425			62,089		60,747		56,079
Earned income from direct financing leases		1,004		1,005			1,005		1,017		953
Total lease revenues	$	69,053	$	68,430		$	63,094	$	61,764	$	57,032

The Company adopted ASC 842 as of January 1, 2019, and elected the optional transition method to apply the guidance of ASC 842 as of the adoption date. As a result, captions and amounts in the table above for the three months ended June 30, 2019 and March 31, 2019, are prepared in accordance with the provisions of ASC 842, and historical periods are presented in accordance with the provisions of prior GAAP.

	June 30, 2019			March 31, 2019			December 31, 2018			September 30, 2018			June 30, 2018
Assets
Accounted for using the operating method, net of accumulated depreciation	$	2,762,161		$	2,682,996		$	2,641,746		$	2,449,438		$	2,373,376
Accounted for using the direct financing method		41,949			41,975			42,000			42,012			42,023
Investment in rental property, net		2,804,110			2,724,971			2,683,746			2,491,450			2,415,399
Cash and cash equivalents		10,288			11,726			18,612			17,301			13,765
Accrued rental income		78,254			73,618			69,247			65,689			60,857
Tenant and other receivables, net		129			1,376			1,026			214			95
Prepaid expenses and other assets		7,176			7,404			4,316			14,746			9,935
Investment in related party		—			—			—			—			10,000
Interest rate swap, assets		2,687			8,737			17,633			35,525			30,169
Intangible lease assets, net		293,228			287,189			286,258			264,038			258,294
Debt issuance costs – unsecured revolver, net		2,978			3,277			2,261			2,453			2,644
Leasing fees, net		13,468			13,645			13,698			13,929			14,100
Total assets	$	3,212,318		$	3,131,943		$	3,096,797		$	2,905,345		$	2,815,258
Liabilities and equity
Unsecured revolver	$	123,600		$	139,900		$	141,100		$	—		$	272,500
Mortgages and notes payable, net		121,074			72,004			78,952			79,762			86,242
Unsecured term notes, net		1,222,376			1,222,095			1,225,773			1,225,473			927,364
Interest rate swap, liabilities		22,676			5,549			1,820			—			184
Accounts payable and other liabilities		32,370			26,846			24,394			24,373			26,784
Due to related parties		111			52			114			47			915
Accrued interest payable		2,578			8,391			9,777			7,018			3,008
Intangible lease liabilities, net		81,895			85,080			85,947			86,301			85,442
Total liabilities		1,606,680			1,559,917			1,567,877			1,422,974			1,402,439

Equity
Broadstone Net Lease, Inc. stockholders' equity:
Preferred stock, $0.001 par value		—			—			—			—			—
Common stock, $0.001 par value		24			23			22			21			20
Additional paid-in capital		1,702,911			1,630,417			1,557,421			1,479,339			1,409,541
Subscriptions receivable		—			(225	)		—			(1,690	)		(500	)
Cumulative distributions in excess of retained earnings		(185,647	)		(170,847	)		(155,150	)		(141,117	)		(135,829	)
Accumulated other comprehensive income		(18,584	)		3,018			14,806			33,114			27,310
Total Broadstone Net Lease, Inc. stockholders’ equity		1,498,704			1,462,386			1,417,099			1,369,667			1,300,542
Non-controlling interests		106,934			109,640			111,821			112,704			112,277
Total equity		1,605,638			1,572,026			1,528,920			1,482,371			1,412,819
Total liabilities and equity	$	3,212,318		$	3,131,943		$	3,096,797		$	2,905,345		$	2,815,258

The value of common stock and operating company unit equity is calculated by multiplying the total number of shares and units by BNL’s Determined Share Value of $86 as of June 30, 2019. The % of Capitalization Debt amounts exclude the effect of swaps in place as of, but effective subsequent to, June 30, 2019.

(unaudited, dollars in millions)

The Company raises equity on a monthly basis through private offerings to accredited investors. Beginning in November 2017, BNL implemented a cap on new and additional investments at its monthly equity closings. The cap applies to new or additional investments and does not apply to investments made pursuant to its DRIP or equity capital received (operating company units) in connection with UPREIT transactions. On July 3, 2019, the Company eliminated the equity cap for the month of July based on its then current leverage profile and pipeline of acquisitions. We anticipate reinstating the equity cap once we are comfortably within the leverage range of our investment grade rating.

	Outstanding Balance
	June 30,			December 31,
		2019			2018		Interest Rate	Maturity Date
2019 Unsecured Term Loan	$	—		$	300,000		one-month LIBOR + 1.40%	Feb. 2020
Unsecured Revolving Credit and Term Loan Agreement
Revolver		123,600			141,100		see note	Jan. 2022
2023 Unsecured Term Loan		265,000			265,000		one-month LIBOR + 1.35%	Jan. 2023
2024 Unsecured Term Loan		190,000			190,000		one-month LIBOR + 1.90%	Jun. 2024
		578,600			596,100
2026 Unsecured Term Loan		300,000			—		one-month LIBOR + 1.85%	Feb. 2026
Senior Notes
Series A		150,000			150,000		4.84%	Apr. 2027
Series B		225,000			225,000		5.09%	Jul. 2028
Series C		100,000			100,000		5.19%	Jul. 2030
		475,000			475,000
Total		1,353,600			1,371,100
Debt issuance costs, net		(7,624	)		(4,227	)
	$	1,345,976		$	1,366,873

At June 30, 2019, the Revolver borrowings of $123,600 bore interest at one-month LIBOR plus 1.20%. At December 31, 2018, borrowings under the Swingline portion of the Revolver totaled $15,000 and bore interest at 5.45%, and the remaining Revolver borrowings of $126,100 bore interest at one-month LIBOR plus 1.20%.

On July 1, 2019, subsequent to quarter end, we amended the terms of the 2024 Unsecured Term Loan, reducing the interest rate paid from one-month LIBOR plus 1.90%, to one-month LIBOR plus 1.25%.

The Company utilizes diversified sources of debt capital including unsecured bank debt, private placement debt, and secured mortgages (where appropriate).

The Company uses interest rate swaps, fixed-rate private placement notes, and fixed-rate mortgages to mitigate the impact of interest rate variability.

Interest rate exposure not inclusive of floating rate debt, as borrowings are short-term in nature. Interest Rate Swaps Notional excludes swaps in place as of, but effective subsequent to, June 30, 2019.

The following is a summary of key financial covenants for the Company’s unsecured credit facility. These calculations, which are not based on U.S. GAAP measurements, are presented to investors to show that as of June 30, 2019, the Company believes it is in compliance with the covenants.

The following table summarizes the Company’s property acquisition activity during 2019.

Q1 2019
Property Type	Number of Properties		Square Feet ('000s)		Weighted Average Lease Term (years)		Acquisition Price ($'000s)
Retail		24		204		11.0	$	32,313
Industrial		2		506		18.4		36,018
Healthcare		1		14		10.0		4,747
Total Properties		27		724		14.8	$	73,078
Weighted average initial cash cap rate								7.4	%

Q2 2019
Property Type	Number of Properties		Square Feet ('000s)		Weighted Average Lease Term (years)		Acquisition Price ($'000s)
Retail		3		27		15.9	$	9,692
Industrial		2		142		15.0		11,180
Other		2		575		15.3		106,589
Total Properties		7		744		15.3	$	127,461
Weighted average initial cash cap rate								7.4	%

The following table summarizes the Company’s property disposition activity during 2019.

Q1 2019
Property Type	Number of Properties		Square Feet ('000s)		Acquisition Price ($'000s)		Disposition Price ($'000s)		Net Book Value ($'000s)		Cash Cap Rate
Retail		2		12	$	7,148	$	6,381	$	5,855		7.1	%
Healthcare		2		10		3,664		4,910		3,357		7.1	%
Total Properties		4		22	$	10,812	$	11,291	$	9,212		7.1	%

Q2 2019
Property Type	Number of Properties		Square Feet ('000s)		Acquisition Price ($'000s)		Disposition Price ($'000s)		Net Book Value ($'000s)		Cash Cap Rate
Retail		3		25	$	8,373	$	8,185	$	8,452		7.2	%
Industrial		1		124		12,500		14,876		11,305		7.5	%
Healthcare		1		3		566		748		476		7.6	%
Total Properties		5		152	$	21,439	$	23,809	$	20,233		7.4	%

(unaudited, rent percentages based on contractual rent over the next twelve months)

Tenant	# Properties		NTM Rent ($'000s)		NTM Rent as a % of Total Portfolio			Square Feet ('000s)		SF as a % of Total Portfolio
Art Van Furniture		10	$	8,326		3.3	%		665		3.3	%
Red Lobster Hospitality		25	$	7,457		3.0	%		203		1.0	%
Jack's Family Restaurants		36	$	6,027		2.4	%		121		0.6	%
Axcelis		1	$	5,656		2.3	%		417		2.1	%
Outback Steakhouse		24	$	5,469		2.2	%		152		0.7	%
Krispy Kreme		27	$	5,034		2.0	%		156		0.8	%
BluePearl		12	$	4,951		2.0	%		154		0.8	%
Big Tex Trailer Manufacturing		17	$	4,718		1.9	%		1,302		6.4	%
Siemens		2	$	4,622		1.9	%		545		2.7	%
Nestle' Dreyer's Ice Cream Company		1	$	4,323		1.7	%		310		1.5	%
Arkansas Surgical Hospital		1	$	4,114		1.7	%		129		0.6	%
Nationwide Mutual Insurance Company		2	$	4,097		1.6	%		407		2.0	%
WendPartners & Subsidiaries		27	$	3,993		1.6	%		79		0.4	%
Bob Evans Restaurants		25	$	3,803		1.5	%		131		0.6	%
BEF Foods		2	$	3,743		1.5	%		330		1.6	%
Securus¹		1	$	3,710		1.5	%		154		0.8	%
Zips Car Wash		14	$	3,216		1.3	%		57		0.3	%
Centene Management Company		1	$	3,166		1.3	%		220		1.1	%
SiteOne Landscape Supply		9	$	2,829		1.1	%		97		0.5	%
K&N Management		4	$	2,797		1.1	%		41		0.2	%
Total Top 20 Tenants		241	$	92,051		36.9	%		5,670		28.0	%

Brand	# Properties		NTM Rent ($'000s)		NTM Rent as a % of Total Portfolio			Square Feet ('000s)		SF as a % of Total Portfolio
Art Van Furniture		10	$	8,326		3.3	%		665		3.3	%
Bob Evans Farms		27		7,546		3.0	%		462		2.3	%
Red Lobster		25		7,457		3.0	%		203		1.0	%
Wendy's		41		6,072		2.5	%		122		0.6	%
Jack's Family Restaurants		36		6,027		2.4	%		121		0.6	%
Axcelis		1		5,656		2.3	%		417		2.0	%
Taco Bell		41		5,322		2.1	%		103		0.5	%
Krispy Kreme		27		5,034		2.0	%		156		0.8	%
BluePearl Veterinary Partners		12		4,951		2.0	%		154		0.8	%
Outback Steakhouse		22		4,783		1.9	%		139		0.7	%
Big Tex Trailers		17		4,718		1.9	%		1,302		6.4	%
Siemens		2		4,622		1.9	%		545		2.7	%
Nestle		1		4,323		1.7	%		309		1.5	%
Arkansas Surgical Hospital		1		4,114		1.7	%		128		0.6	%
Nationwide Mutual Insurance Co.		2		4,097		1.6	%		407		2.0	%
Securus Technologies¹		1		3,710		1.5	%		154		0.8	%
Zips Car Wash		14		3,216		1.3	%		57		0.3	%
Centene Corp.		1		3,166		1.3	%		220		1.1	%
SiteOne Landscape Supply		9		2,829		1.1	%		97		0.5	%
Applebee's Neighborhood Grill & Bar		14		2,805		1.1	%		71		0.3	%
Total Top 20 Brands		304	$	98,774		39.6	%		5,832		28.8	%

¹ Lease associated with this property requires BNL to pay for certain costs that are not reimbursed by the tenant. Estimated next twelve months net operating income associated with the property is $2,556.

(unaudited, rent percentages based on contractual rent over the next twelve months)

Property Type	# Properties		NTM Rent ($'000s)		NTM Rent as a % of Total Portfolio			Square Feet ('000s)		SF as a % of Total Portfolio
Retail - Other		146	$	31,759		12.7	%		2,362		11.7	%
Retail - Casual Dining		107		24,286		9.8	%		686		3.4	%
Retail - QSR		154		24,168		9.7	%		475		2.3	%
Retail Total		407		80,213		32.2	%		3,523		17.4	%
Industrial - Warehouse/Distribution		26		32,795		13.2	%		4,040		19.9	%
Industrial - Manufacturing		46		23,943		9.6	%		5,280		26.0	%
Industrial - Flex		11		13,245		5.3	%		1,777		8.8	%
Industrial - Other		6		7,412		3.0	%		779		3.8	%
Industrial Total		89		77,395		31.1	%		11,876		58.5	%
Healthcare - Clinical		72		34,358		13.8	%		1,539		7.6	%
Healthcare - Surgical		16		9,302		3.7	%		354		1.7	%
Healthcare - Other		31		8,287		3.3	%		337		1.7	%
Healthcare Total		119		51,947		20.8	%		2,230		11.0	%
Office Total		15		22,999		9.2	%		1,504		7.4	%
Other Total		16		16,603		6.7	%		1,143		5.7	%
Total		646	$	249,157		100.0	%		20,276		100.0	%

Diversification: Tenant Industry
(unaudited, rent percentages based on contractual rent over the next twelve months)

Industry	# Properties		NTM Rent ($'000s)		NTM Rent as a % of Total Portfolio			Square Feet ('000s)		SF as a % of Total Portfolio
Restaurants		263	$	49,118		19.7	%		1,196		5.9	%
Healthcare Facilities		103		46,182		18.5	%		1,818		9.0	%
Home Furnishing Retail		19		12,073		4.9	%		1,300		6.4	%
Specialized Consumer Services		43		11,099		4.5	%		763		3.8	%
Auto Parts & Equipment		32		10,241		4.1	%		2,241		11.0	%
Packaged Foods & Meats		5		9,135		3.7	%		727		3.6	%
Air Freight & Logistics		13		7,455		3.0	%		519		2.6	%
Healthcare Services		12		6,819		2.7	%		428		2.1	%
Electronic Components		2		6,434		2.6	%		466		2.3	%
Industrial Machinery		15		5,428		2.2	%		1,096		5.4	%
Distributors		11		4,838		1.9	%		579		2.8	%
Industrial Conglomerates		2		4,622		1.9	%		545		2.7	%
Internet & Direct Marketing Retail		2		4,508		1.8	%		320		1.6	%
Multi-line Insurance		2		4,097		1.6	%		407		2.0	%
Life Sciences Tools & Services		5		3,979		1.6	%		301		1.5	%
All others (32)		114		63,129		25.3	%		7,523		37.1	%
Untenanted properties		3		—		—			47		0.2	%
Total		646	$	249,157		100.0	%		20,276		100.0	%

(unaudited, rent percentages based on contractual rent over the next twelve months)

State	# Properties		NTM Rent ($'000s)		NTM Rent as a % of Total Portfolio			Square Feet ('000s)		SF as a % of Total Portfolio			State	# Properties		NTM Rent ($'000s)		NTM Rent as a % of Total Portfolio			Square Feet ('000s)		SF as a % of Total Portfolio
TX		51	$	24,181		9.7	%		1,894		9.3	%	KY		18	$	3,698		1.5	%		179		0.9	%
FL		57		17,156		6.9	%		860		4.2	%	SC		18		3,476		1.4	%		357		1.8	%
MI		35		16,933		6.8	%		1,439		7.1	%	NJ		3		3,315		1.3	%		275		1.4	%
WI		32		14,539		5.8	%		1,382		6.8	%	KS		10		2,946		1.2	%		84		0.4	%
IL		26		13,596		5.5	%		1,127		5.6	%	LA		2		2,726		1.1	%		161		0.8	%
OH		35		12,194		4.9	%		992		4.9	%	NM		7		2,425		1.0	%		77		0.4	%
IN		28		11,320		4.5	%		1,365		6.7	%	AZ		3		2,147		0.9	%		138		0.7	%
NC		28		10,280		4.1	%		1,101		5.4	%	IA		3		1,911		0.8	%		428		2.1	%
PA		17		9,509		3.8	%		1,077		5.3	%	CT		2		1,624		0.7	%		55		0.3	%
MN		21		9,349		3.8	%		1,232		6.1	%	WV		8		1,607		0.6	%		36		0.2	%
NY		16		9,086		3.6	%		578		2.8	%	MS		2		1,607		0.6	%		239		1.2	%
TN		37		8,889		3.6	%		372		1.8	%	NE		5		1,591		0.6	%		164		0.8	%
CA		9		8,340		3.4	%		674		3.3	%	UT		3		1,564		0.6	%		142		0.7	%
AL		45		7,855		3.2	%		177		0.9	%	CO		3		1,393		0.6	%		94		0.5	%
MA		3		7,347		3.0	%		727		3.6	%	MD		3		1,344		0.5	%		99		0.5	%
AR		11		7,334		2.9	%		284		1.4	%	NV		2		1,286		0.5	%		80		0.4	%
GA		27		6,255		2.5	%		708		3.5	%	MT		5		766		0.3	%		14		0.1	%
OK		27		5,890		2.4	%		609		3.0	%	DE		3		657		0.3	%		35		0.2	%
VA		14		4,533		1.8	%		110		0.5	%	WY		1		298		0.1	%		21		0.1	%
WA		15		4,038		1.6	%		150		0.7	%	ND		1		238		0.1	%		3		<0.1	%
MO		9		3,815		1.5	%		733		3.6	%	OR		1		99		<0.1	%		4		<0.1	%
													Total		646	$	249,157		100.0	%		20,276		100.0	%

(unaudited, rent percentages based on contractual rent over the next twelve months)

Expiration Year	# Properties		NTM Rent ($'000s)		NTM Rent as a % of Total Portfolio			Square Feet ('000s)		SF as a % of Total Portfolio
2019		1	$	25	<0.1		%		11		0.1	%
2020		5		1,273		0.5	%		112		0.5	%
2021		11		1,926		0.8	%		99		0.5	%
2022		4		3,273		1.3	%		124		0.6	%
2023		13		6,938		2.8	%		703		3.5	%
2024		15		13,692		5.5	%		1,668		8.2	%
2025		18		4,393		1.8	%		271		1.3	%
2026		29		12,581		5.0	%		825		4.1	%
2027		34		20,329		8.2	%		1,984		9.8	%
2028		36		23,507		9.4	%		2,030		10.0	%
2029		62		18,597		7.5	%		2,485		12.3	%
Thereafter		415		142,623		57.2	%		9,917		48.9	%
Untenanted properties		3		—		—			47		0.2	%
Total		646	$	249,157		100.0	%		20,276		100.0	%

Year-to-date total return through June 30, 2019, assuming dividend reinvestment, was 3.17%.

On August 5, 2019, the Determined Share Value of our common stock was decreased 1.2%, from $86.00 to $85.00 per share. Year-to-date total return, assuming dividend reinvestment, through August 31, 2019, is projected to be 3.04%.

Important Disclosures and Definitions Regarding Broadstone Net Lease, Inc. (BNL)

Not an offer to sell securities: Offers to sell interests in BNL are made exclusively through BNL’s Private Placement Memorandum (PPM). Offers, solicitations, and sales are not made in jurisdictions where not lawful or prohibited. Securities are not offered to residents of Arizona.

BNL’s securities are privately offered: BNL’s securities have not been registered under the Securities Act of 1933, as amended (the “Securities Act”). BNL conducts its private offering in reliance upon the exemptions from Securities Act registration provided by Rule 506(c) under Regulation D promulgated under the Securities Act and Section 4(a)(2) of the Securities Act and certain state securities laws. BNL’s securities have not been approved or disapproved by the U.S. Securities and Exchange Commission (the “SEC”), the attorney general of the State of New York, any other state securities commission or any other regulatory authority, nor have any of the foregoing passed upon the accuracy or adequacy of the information presented. Any representation to the contrary is a criminal offense.

BNL files public reports with the SEC: BNL has registered its shares of common stock pursuant to Section 12(g) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). BNL is subject to the registration requirements of Section 12(g) of the Exchange Act because as of December 31, 2016, the aggregate value of its assets exceeded the applicable threshold and its common stock was held of record by 2,000 or more persons. As a result of the registration of its common stock pursuant to the Exchange Act, BNL is subject to the requirements of the Exchange Act and the rules promulgated thereunder. In particular, BNL is required to file Quarterly Reports on Form 10-Q, Annual Reports on Form 10-K, and Current Reports on Form 8-K and otherwise comply with the disclosure obligations of the Exchange Act applicable to issuers filing registration statements to register a class of securities pursuant to Section 12(g) of the Exchange Act.

Investment Company Act: BNL’s securities are not subject to the protections of the Investment Company Act of 1940, as amended.

Accredited investors only: BNL’s securities are only offered and sold to “accredited investors,” as defined under the U.S. securities laws, pursuant to BNL’s PPM and related subscription documents. Individuals are accredited investors only if they meet certain minimum net worth

or sustained annual income thresholds. Entities are accredited investors only if they hold sufficient assets or are completely owned by accredited investors. Please see the definition on the SEC website. http://www.sec.gov/answers/accred.htm

Transfers restricted; No trading market: Transfers of BNL’s securities are restricted by federal and state securities laws and certain provisions of our organizational documents. There is no trading market for the shares and there can be no assurance that such a market will develop in the foreseeable future. BNL’s securities may not be transferred, resold, or otherwise disposed of by an investor unless, in the opinion of counsel acceptable to us, registration under federal and applicable state securities laws is not required or compliance is made with the registration requirements of such laws.

Liquidity of BNL’s securities is limited: Redemptions of BNL’s securities are limited in amount and require that the shares have been held for required periods. Provisions of state law, REIT requirements, and other matters may limit redemptions.

Investments involve significant risks: An investment in BNL’s securities involves significant risks. Only investors who can bear the economic risk of an investment of this type for an indefinite period of time and the risk of loss of their entire investment should invest in BNL’s securities. Factors that may cause our actual results, performance, or achievements to differ materially from our stated expectations include, among others: general economic conditions; local real estate conditions in the markets where our properties are located; financial difficulties of our tenants; loss of key personnel; interest rates rising; compliance with REIT requirements; and continued access to capital to fund growth. See the section entitled “Risk Factors” in our PPM for additional information.

This is not investment, financial, legal, or tax advice: This information is not investment, financial, legal, or tax advice and has been prepared without reference to any reader’s investment profile or financial circumstances. You should obtain financial and tax advice and conduct diligent investigation of information material to you before making any investment decision.

Performance data; Stock price: The value of investments and the income or distributions from investments may fall or rise. BNL’s stock price is not set by any market in the common stock but by our independent directors based on the net asset value of our portfolio of properties determined as described in the PPM. We are not required by law to follow any particular methodology in setting the stock price (referred to in our organizational documents as the “Determined Share Value”). There may be variations from time to time in how our independent directors apply or weight the criteria described in the PPM in setting the stock price.

No guarantee of future performance: The information contained herein represents the past performance of BNL. Past performance is not a

guarantee of future performance. The current performance of BNL may be lower or higher than the past performance. Distributions are made at the discretion of BNL’s board of directors and past practices are not guarantees of the timing or amount of future distributions.

Funds From Operations (FFO) and Adjusted Funds From Operations (AFFO): Our reported results and net earnings per dilutive share are presented in accordance with accounting principles generally accepted in the United States of America (GAAP). We also disclose FFO and AFFO, each of which are non-GAAP measures. We believe the use of 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 and AFFO should not be considered alternatives to net income as a performance measure or to cash flows from operations, as reported on our statement of cash flows, or as a liquidity measure and should be considered in addition to, and not in lieu of, GAAP financial measures.

We compute FFO in accordance with the standards established by the Funds From Operations White Paper — 2018 Restatement approved by the Board of Governors of Nareit, the worldwide representative voice for REITs and publicly traded real estate companies with an interest in the U.S. real estate and capital markets. Nareit defines FFO as GAAP net income or loss adjusted to exclude net gains (losses) from sales of certain depreciated real estate assets, depreciation and amortization expense from real estate assets, gains and losses from change in control, and impairment charges related to certain previously depreciated real estate assets. To derive AFFO, we modify the Nareit computation of FFO to include other adjustments to GAAP net income related to certain non-cash revenues and expenses, including straight-line rents, cost of debt extinguishments, amortization of debt issuance costs, amortization of net mortgage premiums, amortization of lease intangibles, (gain) loss on interest rate swaps and other non-cash interest expense, extraordinary items and other specified non-cash items. We believe that such items are not a result of normal operations and thus we believe excluding such items assists management and investors in distinguishing whether changes in our operations are due to growth or decline of operations at our properties or from other factors.


Section	Page
Company Overview	4
Quarterly Financial Summary	5
Income Statement Summary	6
Funds From Operations (FFO)	7
Adjusted Funds From Operations (AFFO)	7
Lease Revenues	7
Balance Sheet	8
Capital Structure	9
Equity Summary	9
Debt Outstanding	10
Debt Maturities and Interest Rate Exposure	11
Credit Facility and Notes Covenants	12
Acquisitions	13
Dispositions	13
Portfolio at a Glance: Key Metrics	14
Diversification: Tenants and Brands	15
Diversification: Property Type	16
Diversification: Tenant Industry	16
Diversification: Geography	17
Lease Expirations	18
Occupancy	19
Dividends	19
Disclosures	20

EQUITY ($ in thousands, except per share amounts)
Shares of Common Stock		23,730
Membership Units		1,737
Common Stock & OP Units		25,467
Price Per Share / Unit	$	86.00
IMPLIED EQUITY MARKET CAPITALIZATION	$	2,190,135
% of Total Capitalization		59.8	%
DEBT ($ in thousands)
Unsecured Revolving Credit Facility - 2022	$	123,600
Unsecured Term Loan Facilities		755,000
Unsecured Term Loan - 2023		265,000
Unsecured Term Loan - 2024		190,000
Unsecured Term Loan - 2026		300,000
Senior Unsecured Notes		475,000
Senior Unsecured Notes - 2027		150,000
Senior Unsecured Notes - 2028		225,000
Senior Unsecured Notes - 2030		100,000
Mortgage Debt - Various		121,490
TOTAL DEBT	$	1,475,090
% of Total Capitalization		40.2	%
% of Total Capitalization Floating Rate Debt		1.3	%
% of Total Capitalization Fixed Rate Debt		38.9	%

ENTERPRISE VALUE ($ in thousands)
Total Capitalization	$	3,665,225
Less: Cash and Cash Equivalents		(10,288	)
Enterprise Value	$	3,654,937

Covenants	Required	Actual as of June 30, 2019
Leverage ratio	≤ 0.60 to 1.00		0.45
Secured indebtedness ratio	≤ 0.40 to 1.00		0.04
Unencumbered coverage ratio	≥ 1.75 to 1.00		3.49
Fixed charge coverage ratio	≥ 1.50 to 1.00		2.92
Total unsecured indebtedness to total unencumbered eligible property value	≤ 0.60 to 1.00		0.46
Dividends and other restricted payments	Only applicable in case of default	Not Applicable

Properties	646
States	42
Total Building Sq. Footage	20.3M
Enterprise Value	$3.7B
Tenants	166
Brands	148
Industries	47
% Leased (based on SF)	99.8%
Physical Occupancy (based on SF)	99.6%
Top Twenty Tenant Concentration	36.9%
Investment Grade (tenant/guarantor)	14.2%
Financial Reporting Coverage	86.1%
Weighted Average Annual Rent Increases	2.0%
Weighted Average Remaining Lease Term	11.9 years

Year of Maturity	Term Loans		Revolver		Senior Notes		Mortgages and Notes Payable		Total
2019	$	—	$	—	$	—	$	1,685	$	1,685
2020		—		—		—		3,492		3,492
2021		—		—		—		18,322		18,322
2022		—		123,600		—		3,237		126,837
2023		265,000		—		—		8,677		273,677
Thereafter		490,000		—		475,000		86,077		1,051,077
Total	$	755,000	$	123,600	$	475,000	$	121,490	$	1,475,090