Form 8-K

8-K — Broadstone Net Lease, Inc.

Accession: 0001424182-26-000061

Filed: 2026-07-29

Period: 2026-07-29

CIK: 0001424182

SIC: 6798 (REAL ESTATE INVESTMENT TRUSTS)

Item: Results of Operations and Financial Condition

Item: Financial Statements and Exhibits

Documents

8-K — bnl-20260729.htm (Primary)

EX-99.1 (bnl-20260630xexx991.htm)

EX-99.2 (bnl-20260630xexx992.htm)

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8-K

8-K (Primary)

Filename: bnl-20260729.htm · Sequence: 1

bnl-20260729

FALSE000142418200014241822026-07-292026-07-29

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

_____________________

FORM 8-K

_____________________

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): July 29, 2026

________________________________________________________

BROADSTONE NET LEASE, INC.

(Exact name of Registrant as Specified in Its Charter)

________________________________________________________

Maryland 001-39529 26-1516177

(State or Other Jurisdiction

of Incorporation) (Commission File Number) (IRS Employer

Identification No.)

207 High Point Drive

Suite 300

Victor, New York

14564

(Address of Principal Executive Offices) (Zip Code)

Registrant’s Telephone Number, Including Area Code:585 287-6500

(Former Name or Former Address, if Changed Since Last Report)

________________________________________________________

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class Trading

Symbol(s) Name of each exchange on which registered

Common Stock, $0.00025 par value BNL The New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02 Results of Operations and Financial Condition.

On July 29, 2026, Broadstone Net Lease, Inc. (the “Company”) issued a press release announcing its financial results for the quarter ended June 30, 2026. A copy of the press release is attached hereto as Exhibit 99.1 and is incorporated herein by reference. Additionally, on July 29, 2026, the Company made available on its website an updated presentation containing quarterly supplemental information pertaining to its operations and financial results including the quarter ended June 30, 2026. A copy of the quarterly supplemental information is attached hereto as Exhibit 99.2 and is incorporated herein by reference. The press release and quarterly supplemental information are also available on the Company’s website.

The information contained in this Item 2.02, including the information contained in the press release attached as Exhibit 99.1 hereto and quarterly supplemental information attached as Exhibit 99.2 hereto, are being “furnished” and shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall such information be deemed to be incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing. References to the Company’s website in this Current Report on Form 8-K and in the attached Exhibit 99.1 and Exhibit 99.2 to this Current Report on Form 8-K do not incorporate by reference the information on such website into this Current Report on Form 8-K and the Company disclaims any such incorporation by reference.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits

INDEX TO EXHIBITS

Exhibit No. Description

99.1

Press Release dated July 29, 2026

99.2

Quarterly Supplemental Information for the Quarter Ended June 30, 2026

104 Cover Page Interactive Data File - the cover page XBRL tags are embedded within the Inline XBRL document.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

BROADSTONE NET LEASE, INC.

Date: July 29, 2026 By: /s/ John D. Callan

Name: John D. Callan

Title: Senior Vice President, General Counsel and Secretary

EX-99.1

Filename: bnl-20260630xexx991.htm · Sequence: 2

Document

EXHIBIT 99.1

For Immediate Release

July 29, 2026

Company Contact:

Brent Maedl

Director, Corporate Finance & Investor Relations

brent.maedl@broadstone.com

585.382.8507

Broadstone Net Lease Announces Second Quarter 2026 Results

VICTOR, N.Y. – Broadstone Net Lease, Inc. (NYSE: BNL) (“BNL”, the “Company”, “we”, “our”, or “us”), today announced its operating results for the quarter ended June 30, 2026.

MANAGEMENT COMMENTARY

“Our second quarter results underscore the earnings power of our portfolio and the continued strength of our investment activity," said John Moragne, BNL’s Chief Executive Officer. "The highlight of the quarter, and arguably of our history as a public company, was the announcement of our $303 million build-to-suit development for a Fortune 20 Investment-Grade Company, a transaction that validates everything we have been building toward and demonstrates what is possible when you combine our differentiated strategy with the execution capabilities of our team and the depth of our developer relationships. With 2.1% in-place rent increases across the portfolio, a committed build-to-suit pipeline of $645 million, and sound balance sheet management, we have the visibility and confidence to raise the midpoint of our full-year AFFO per share guidance range to $1.56, and we enter the back half of 2026 with real conviction in what lies ahead."

SECOND QUARTER 2026 HIGHLIGHTS

OPERATING

RESULTS

•Generated net income of $40.3 million, or $0.21 per diluted share, representing a 110.0% increase compared to the same period in the prior year.

•Generated AFFO of $78.2 million, or $0.39 per diluted share, representing a 2.6% increase compared to the previous year.

•Achieved same store rental revenue growth of 2.2% compared to the same period in the previous year, driven by strong contractual rent increases and leasing activity in prior periods.

•Incurred $11.9 million of general and administrative expenses. Incurred core general and administrative expenses of $7.3 million, which primarily excludes stock-based compensation and non-capitalized transaction costs.

•Collected 99.9% of base rents due for the quarter for all properties under lease.

INVESTMENT & DISPOSITION ACTIVITY

•During the second quarter, invested $91.5 million, including $77.3 million in build-to-suit developments, $13.5 million in transitional capital, and $0.7 million in revenue generating capital expenditures and redevelopments.

•During the second quarter, we started two build-to-suit developments totaling $70.8 million in estimated total project costs, with a weighted average initial cap rate of 6.7%, and straight-line yield of 8.1% with rent commencement expected in October and November of 2027. Subsequent to quarter-end and as previously announced, we started a $303 million build-to-suit with a Fortune 20 Investment Grade tenant. For additional information, please reference the Real Estate Portfolio and Investment Update section below.

•Subsequent to quarter-end, we invested $97.8 million in connection with our in-process build-to-suit investments. As of the date of this release, we have a total of approximately $149.3 million in remaining estimated investments for build-to-suit developments to be funded through the fourth quarter of 2026.

•During the second quarter, we sold nine properties for gross proceeds of $62.0 million at a capitalization rate of 6.4% on tenanted properties. Subsequent to quarter-end, we sold two properties for gross proceeds of $4.2 million, bringing our year-to-date total to 12 properties for gross proceeds of $78.3 million at capitalization rate of 6.2%.

CAPITAL MARKETS ACTIVITY

•During the second quarter of 2026, we sold, on a forward basis, 2.2 million shares of our common stock at a weighted average gross price per share of $20.77 for estimated gross proceeds of approximately $45.5 million under our at-the-market common equity offering (“ATM Program”), none of which has settled.

•Subsequent to quarter-end, we entered into a new $300 million senior unsecured delayed-draw term loan maturing January 30, 2030, and amended the pricing grids on the Company’s existing term loans and revolving credit facility to reduce the applicable margin by 5 basis points. Please reference the Balance Sheet Capital Markets Activities section below for additional details.

•Declared a quarterly dividend of $0.2925 per share which is unchanged.

SUMMARIZED FINANCIAL RESULTS

For the Three Months Ended For the Six Months Ended

(in thousands, except per share data) June 30,

2026 March 31,

2026 June 30,

2025 June 30,

2026 June 30,

2025

Revenues $ 122,309 $ 121,401 $ 112,986 $ 243,710 $ 221,677

Net income, including non-controlling interests $ 40,255 $ 46,392 $ 19,830 $ 86,647 $ 37,323

Net earnings per share – diluted $ 0.21 $ 0.24 $ 0.10 $ 0.45 $ 0.19

FFO $ 79,832 $ 80,697 $ 73,695 $ 160,529 $ 146,322

FFO per share $ 0.40 $ 0.40 $ 0.37 $ 0.80 $ 0.74

Core FFO $ 78,528 $ 79,251 $ 77,150 $ 157,779 $ 152,430

Core FFO per share $ 0.39 $ 0.40 $ 0.39 $ 0.79 $ 0.77

AFFO $ 78,211 $ 76,850 $ 74,308 $ 155,061 $ 146,120

AFFO per share $ 0.39 $ 0.38 $ 0.38 $ 0.77 $ 0.74

Diluted Weighted Average Shares Outstanding 200,261 199,754 197,138 200,006 196,975

FFO, Core FFO, and AFFO are measures that are not calculated in accordance with accounting principles generally accepted in the United States of America (“GAAP”). See the Reconciliation of Non-GAAP Measures later in this press release.

REAL ESTATE PORTFOLIO AND INVESTMENT UPDATE

As of June 30, 2026, we owned a diversified portfolio of 766 individual net leased commercial properties with 759 properties located in 44 U.S. states and seven properties located in four Canadian provinces, comprising approximately 41.7 million rentable square feet of operational space. As of June 30, 2026, all but one of our properties were subject to a lease, and our properties were occupied by 206 different commercial tenants, with no single tenant accounting for more than 3.8% of our annualized base rent (“ABR”). Properties subject to a lease represent 100.0% of our portfolio’s rentable square footage. The ABR weighted average lease term and ABR weighted average annual rent increase, pursuant to leases on properties in the portfolio as of June 30, 2026, was 9.3 years and 2.1%, respectively.

Subsequent to quarter-end and as previously announced on July 8, 2026, we entered into a joint venture to develop an advanced technology facility in Colorado for a Fortune 20 Investment Grade Company, adding an estimated $303 million investment to our committed build-to-suit pipeline. The property will be delivered as a powered shell with 100 megawatts of contracted utility capacity under a 15-year triple-net lease with two five-year extension options and 3% annual rent increases, generating a year-one cash yield of approximately 8.5%, a year-two cash yield of approximately 9.7%, and a straight-line yield of approximately 11.6%. Substantial completion and rent commencement are anticipated by March 2027, at which point the Fortune 20 investment-grade tenant is expected to become BNL's largest tenant. The transaction is expected to be meaningfully accretive to 2027 and 2028 earnings The joint venture owns and controls the land for the full campus, and the site is designed to accommodate a second 100-megawatt powered shell building in which the tenant holds the right of first refusal, providing meaningful future development optionality. For a detailed funding schedule for our committed build-to-suit pipeline, please reference our financial supplemental and investor presentation.

BALANCE SHEET AND CAPITAL MARKETS ACTIVITIES

As of June 30, 2026, we had total outstanding debt of $2.7 billion, Net Debt of $2.7 billion, a Net Debt to Annualized Adjusted EBITDAre ratio of 6.4x, and a Pro Forma Net Debt to Annualized Adjusted EBITDAre ratio of 5.9x. We had $542.1 million of available capacity on our unsecured revolving credit facility as of quarter end, and no material maturities until 2027.

During the second quarter, we sold on a forward basis, 2.2 million shares of common stock at a weighted average gross price per share of $20.77 for estimated gross proceeds of approximately $45.5 million under our ATM Program, none of which has been settled. Subsequent to quarter-end, we sold on a forward basis 1.6 million shares of common stock at a weighted average gross price per share of $21.45 for estimated gross proceeds of approximately $35.0 million under our ATM program. Since the fourth quarter of 2025, we have sold, on a forward basis, 8.2 million shares of common stock at a weighted average gross price per share of $19.97 for estimated gross proceeds of approximately $163.0 million. These sales may be settled, at our discretion, any time before twelve-months of each respective sale date. As of the date of this release, we have approximately $197.0 million of capacity remaining under our $400 million ATM Program.

Subsequent to quarter-end, we entered into a new $300 million senior unsecured delayed draw term loan facility (the "Term Loan"). The Term Loan has a twelve-month delayed draw period and matures on January 30, 2030, with two twelve-month extension options. We expect to use proceeds from the Term Loan for investment activity and general corporate purposes. Additionally, we amended the pricing grids on our existing $1.0 billion in senior unsecured term loans and $1.0 billion senior unsecured revolving credit facility (the "Revolving Credit Facility"). Based on our current credit ratings, the applicable SOFR-based margin was lowered to 0.90% from 0.95% for all outstanding term loan borrowings and the new Term Loan, and 0.800% from 0.85% for all Revolving Credit Facility borrowings.

DISTRIBUTIONS

At its July 23, 2026 meeting, our board of directors declared a quarterly dividend of $0.2925 per common share and OP Unit to holders of record as of September 30, 2026, payable on or before October 15, 2026.

DEVELOPMENT PROJECTS

The following tables summarize our in-process build-to-suit ("BTS") and redevelopments as of July 29, 2026.

Build-to-suit developments

Property Projected Rentable Square Feet Start Date Target Stabilization Date/Stabilized Date Lease Term (Years) Annual Rent Escalations Estimated Total Project Investment Cumulative Investment Estimated Remaining Investment Estimated Cash Capitalization Rate

Estimated Straight-line Yield (1)

In-process retail BTS:

Sprouts (Bedford, TX) 22 Jul. 2025 Oct. 2026 15.0 0.9 % $ 9,533 $ 5,917 $ 3,616 7.2 % 7.7 %

Hobby Lobby (Granbury, TX) 55 Oct. 2025 Sep. 2026 15.0 0.7 % 8,129 2,770 5,359 7.1 % 7.4 %

Academy Sports (Granbury, TX) 55 Oct. 2025 Nov. 2026 15.0 0.6 % 12,393 8,180 4,213 7.1 % 7.4 %

Academy Sports (Waco, TX) 68 Dec. 2025 Sep. 2026 15.0 0.6 % 14,488 9,518 4,970 7.2 % 7.5 %

Academy Sports (Magnolia, TX) 55 Feb. 2026 Nov. 2026 15.0 0.5 % 12,975 5,569 7,406 7.3 % 7.5 %

Tesla, Inc. (Las Vegas, NV) 60 Jun. 2026 Nov. 2027 15.0 3.0 % 39,794 19,191 20,603 6.7 % 8.3 %

In-process industrial BTS:

Southwire (Bremen, GA) 1,178 Dec. 2024 Nov. 2026 10.0 2.8 % 115,411 88,031 27,380 7.8 % 8.8 %

AGCO (Visalia, CA) 115 Jun. 2025 Aug. 2026 12.0 3.5 % 19,879 16,909 2,970 7.0 % 8.5 %

Palmer Logistics (Midlothian, TX) (2)

270 Jul. 2025 Aug. 2026 12.3 3.5 % 32,063 30,695 1,368 7.6 % 9.2 %

Amazon.com Services, LLC (Sarasota, FL) 230 Feb. 2026 May. 2027 15.0 2.3 % 46,790 20,795 25,995 7.5 % 8.8 %

Tesla, Inc. (Austin, TX) 130 Apr. 2026 Oct. 2027 12.0 3.0 % 30,983 7,902 23,081 6.7 % 7.9 %

Fortune 20 Investment-Grade Company (Colorado) 112 Jul. 2026 Mar. 2027 15.0 3.0 % 303,000 69,778 233,222 8.5 % 11.6 %

2,350 13.7 2.7 % $ 645,438 $ 285,255 $ 360,183 7.9 % 9.9 %

Stabilized industrial BTS:

Sierra Nevada (Dayton, OH) 122 Oct. 2024 Nov. 2025 15.0 3.0 % 53,625 53,625 — 7.5 % 9.3 %

Sierra Nevada (Dayton, OH) 122 Oct. 2024 Mar. 2026 15.0 3.0 % 52,203 52,203 — 7.6 % 9.4 %

Fiat Chrysler Automobile (Forsyth, GA) 422 Apr. 2025 May. 2026 15.0 3.0 % 73,738 64,933 8,805 6.6 % 8.2 %

Stabilized retail BTS:

7Brew (Jacksonville, FL) 1 Jun. 2025 Nov. 2025 15.0 1.9 % 2,005 2,005 — 8.0 % 8.8 %

Total / weighted average 3,017 14.0 2.8 % $ 827,009 $ 458,021 $ 368,988 7.7 % 9.7 %

1 Represents our pro-rata share of the estimated first year yield to be generated on a real estate investment, which was computed at the time of investment based on the estimated annual straight-line rental income computed in accordance with GAAP, divided by the estimated total project investment.

2 Development represents our common and preferred equity investments in a consolidated joint venture, and excludes amounts attributed to non-controlling interest holders.

2026 GUIDANCE

For 2026, BNL expects to report AFFO of between $1.55 to $1.57 per diluted share, revised up from $1.53 to $1.57 per diluted share, as a result of our portfolio's strong year-to-date performance and accretive investment activity.

The guidance is based on the following key assumptions:

(i)investments in real estate properties between $600 and $800 million, revised up from $500 to $625 million;

(ii)dispositions of real estate properties between $100 and $150 million; revised up from $75 to $100 million;

(iii)total core general and administrative expenses between $30 million and $31 million.

Our per share results are sensitive to both the timing and amount of real estate investments, property dispositions, and capital markets activities that occur throughout the year.

The Company does not provide guidance for the most comparable GAAP financial measure, net income, or a reconciliation of the forward-looking non-GAAP financial measure of AFFO to net income computed in accordance with GAAP, because it is unable to reasonably predict, without unreasonable efforts, certain items that would be contained in the GAAP measure, including items that are not indicative of the Company’s ongoing operations, including, without limitation, potential impairments of real estate assets, net gain/loss on dispositions of real estate assets, changes in allowance for credit losses, and stock-based compensation expense. These items are uncertain, depend on various factors, and could have a material impact on the Company’s GAAP results for the guidance periods.

CONFERENCE CALL AND WEBCAST

The Company will host its earnings conference call and audio webcast on Thursday, July 30, 2026, at 11:00 a.m. Eastern Time.

To access the live webcast, which will be available in listen-only mode, please visit: https://events.q4inc.com/attendee/863656141. If you prefer to listen via phone, U.S. participants may dial: 1-833-461-5787 (toll free) or 1-585-542-9983 (local), meeting ID: 863 656 141. Analysts may pre-register with the following link: https://events.q4inc.com/analyst/863656141?pwd=10S710iX. A unique code will be provided to use when dialing in.

A replay of the conference call webcast will be available approximately one hour after the conclusion of the live broadcast. To listen to a replay of the call via the web, which will be available for one year, please visit: https://investors.bnl.broadstone.com.

About Broadstone Net Lease, Inc.

BNL is an industrial-focused, diversified net lease 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. Utilizing an investment strategy underpinned by strong fundamental credit analysis and prudent real estate underwriting, as of June 30, 2026, BNL’s diversified portfolio consisted of 766 individual net leased commercial properties with 759 properties located in 44 U.S. states and seven properties located in four Canadian provinces across the industrial, retail, and other property types.

Forward-Looking Statements

This press release 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, regarding, among other things, our plans, strategies, and prospects, both business and financial. Such forward-looking statements can generally be identified by our use of forward-looking terminology such as “outlook,” “potential,” “may,” “will,” “should,” “could,” “seeks,” “approximately,” “projects,” “predicts,” “expect,” “intends,” “anticipates,” “estimates,” “plans,” “would be,” “believes,” “continues,” or the negative version of these words or other comparable words. Forward-looking statements, including our 2026 guidance and assumptions, rent commencement timing, and build-to-suit developments, involve known and unknown risks and uncertainties, which may cause BNL’s actual future results to differ materially from expected results, including, without limitation, risks and uncertainties related to general economic conditions, including but not limited to increases in the rate of inflation and/or fluctuation of interest rates, local real estate conditions, tenant financial health, property investments and acquisitions, and the timing and uncertainty of completing these property investments and acquisitions, and uncertainties regarding future distributions to our stockholders. These and other risks, assumptions, and uncertainties are described in Item 1A “Risk Factors” of the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2025, filed with the SEC on February 19, 2026 which you are encouraged to read, and is available on the SEC’s website at www.sec.gov. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those indicated or anticipated by such forward-looking statements. Accordingly, you are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date they are made. The Company assumes no obligation to, and does not currently intend to, update any forward-looking statements after the date of this press release, whether as a result of new information, future events, changes in assumptions, or otherwise.

Notice Regarding Non-GAAP Financial Measures

In addition to our reported results and net earnings per diluted share, which are financial measures presented in accordance with GAAP, this press release contains and may refer to certain non-GAAP financial measures, including Funds from Operations (“FFO”), Core Funds From Operations (“Core FFO”), AFFO, Net Debt, and Net Debt to Annualized Adjusted EBITDAre. 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 believe presenting Net Debt to Annualized Adjusted EBITDAre is useful to investors because it provides information about gross debt less cash and cash equivalents, which could be used to repay debt, compared to our performance as measured using Annualized Adjusted EBITDAre. You should not consider our Annualized Adjusted EBITDAre as an alternative to net income or cash flows from operating activities determined in accordance with GAAP. A reconciliation of non-GAAP measures to the most directly comparable GAAP financial measure and statements of why management believes these measures are useful to investors are included below.

Broadstone Net Lease, Inc. and Subsidiaries

Condensed Consolidated Balance Sheets

(in thousands, except per share amounts)

June 30, 2026 December 31, 2025

Assets

Accounted for using the operating method:

Land $ 818,423 $ 781,117

Land improvements 390,778 373,405

Buildings and improvements 4,161,424 4,118,578

Equipment 11,810 15,281

Total accounted for using the operating method 5,382,435 5,288,381

Less accumulated depreciation (823,101) (772,589)

Accounted for using the operating method, net 4,559,334 4,515,792

Accounted for using the direct financing method 25,117 25,497

Accounted for using the sales-type method 14,381 14,405

Property under development 385,067 265,812

Investment in rental property, net 4,983,899 4,821,506

Cash and cash equivalents 11,095 30,540

Accrued rental income 187,235 178,880

Tenant and other receivables, net 6,223 4,404

Prepaid expenses and other assets 63,259 55,910

Interest rate swap, assets 23,271 18,248

Goodwill 339,769 339,769

Intangible lease assets, net 250,539 268,010

Total assets $ 5,865,290 $ 5,717,267

Liabilities and equity

Unsecured revolving credit facility $ 447,376 $ 266,036

Mortgages, net 40,640 56,689

Unsecured term loans, net 995,423 994,219

Senior unsecured notes, net 1,191,552 1,190,738

Interest rate swap, liabilities — 1,501

Accounts payable and other liabilities 72,493 60,081

Dividends payable 61,113 59,513

Accrued interest payable 10,356 13,502

Intangible lease liabilities, net 38,230 41,527

Total liabilities 2,857,183 2,683,806

Commitments and contingencies (Note 16)

Equity

Broadstone Net Lease, Inc. equity:

Preferred stock, $0.001 par value; 20,000 shares authorized, no shares issued or outstanding

— —

Common stock, $0.00025 par value; 500,000 shares authorized, 191,808 and 191,423 shares issued and outstanding at June 30, 2026 and December 31, 2025, respectively

48 48

Additional paid-in capital 3,504,576 3,502,380

Cumulative distributions in excess of retained earnings (648,741) (620,221)

Accumulated other comprehensive income 25,120 19,788

Total Broadstone Net Lease, Inc. equity 2,881,003 2,901,995

Non-controlling interests 127,104 131,466

Total equity 3,008,107 3,033,461

Total liabilities and equity $ 5,865,290 $ 5,717,267

Broadstone Net Lease, Inc. and Subsidiaries

Condensed Consolidated Statements of Income and Comprehensive (Loss) Income

(in thousands, except per share amounts)

For the Three Months Ended For the Six Months Ended

June 30,

2026 March 31,

2026 June 30,

2025

Revenues

Lease revenues, net $ 122,309 $ 121,401 $ 243,710 $ 221,677

Operating expenses

Depreciation and amortization 49,102 41,526 90,628 82,072

Property and operating expense 5,817 6,180 11,997 10,491

General and administrative 11,897 10,349 22,246 19,242

Provision for impairment of investment in rental properties 3,546 — 3,546 28,068

Total operating expenses 70,362 58,055 128,417 139,873

Other income (expenses)

Interest income 135 49 186 221

Interest expense (25,785) (25,260) (51,045) (41,186)

Gain on sale of real estate 12,990 7,122 20,111 971

Income taxes (346) (311) (658) (555)

Other income (expenses) 1,314 1,446 2,760 (3,932)

Net income 40,255 46,392 86,647 37,323

Net (income) loss attributable to non-controlling interests (456) (27) (483) (420)

Net income attributable to Broadstone Net Lease, Inc. $ 39,799 $ 46,365 $ 86,164 $ 36,903

Weighted average number of common shares outstanding

Basic 190,692 190,435 190,565 187,953

Diluted 200,261 199,754 200,006 196,975

Net earnings per share attributable to common stockholders

Basic $ 0.21 $ 0.24 $ 0.45 $ 0.19

Diluted $ 0.21 $ 0.24 $ 0.45 $ 0.19

Comprehensive income

Net income $ 40,255 $ 46,392 $ 86,647 $ 37,323

Other comprehensive income

Change in fair value of interest rate swaps 3,934 2,591 6,525 (30,355)

Realized loss (gain) on interest rate swaps 22 31 53 (12)

Comprehensive income 44,211 49,014 93,225 6,956

Comprehensive (income) loss attributable to non-controlling interests (620) (136) (756) 878

Comprehensive income attributable to Broadstone Net Lease, Inc. $ 43,591 $ 48,878 $ 92,469 $ 7,834

Reconciliation of Non-GAAP Measures

The following is a reconciliation of net income to FFO, Core FFO, and AFFO for the three months ended June 30, 2026 and March 31, 2026 and for the six months ended June 30, 2026 and 2025. Also presented is the weighted average number of shares of our common stock and OP Units used for the diluted per share computation:

For the Three Months Ended For the Six Months Ended

(in thousands, except per share data) June 30,

2026 March 31,

2026 June 30,

2025

Net income $ 40,255 $ 46,392 $ 86,647 $ 37,323

Real property depreciation and amortization 49,021 41,443 90,463 81,902

Gain on sale of real estate (12,990) (7,122) (20,111) (971)

Provision for impairment of investment in rental properties 3,546 — 3,546 28,068

FFO adjustment allocable to joint venture noncontrolling interests $ — $ (16) $ (16) $ —

FFO $ 79,832 $ 80,697 $ 160,529 $ 146,322

Net write-offs of accrued rental income — — — 2,231

Other non-core income from real estate transactions (25) — (25) (109)

Non-capitalized demolition and other costs 24 — 24 —

Cost of debt extinguishment — — — 166

Severance and employee transition costs 11 — 11 54

Other (income) expenses 1

(1,314) (1,446) (2,760) 3,766

Core FFO $ 78,528 $ 79,251 $ 157,779 $ 152,430

Straight-line rent adjustment (5,567) (5,630) (11,197) (11,492)

Adjustment to provision for credit losses (14) — (14) (13)

Amortization of debt issuance costs 1,641 1,627 3,268 2,565

Non-capitalized transaction costs 1,632 6 1,638 258

Realized gain or loss on interest rate swaps and other non-cash interest expense 36 45 81 9

Amortization of lease intangibles (1,017) (1,015) (2,032) (2,255)

Stock-based compensation 2,972 2,566 5,538 4,618

AFFO $ 78,211 $ 76,850 $ 155,061 $ 146,120

Diluted weighted average shares outstanding 2

200,261 199,754 200,006 196,975

Net earnings per diluted share 3

$ 0.21 $ 0.24 $ 0.45 $ 0.19

FFO per diluted share 3

0.40 0.40 0.80 0.74

Core FFO per diluted share 3

0.39 0.40 0.79 0.77

AFFO per diluted share 3

0.39 0.38 0.77 0.74

1Amount includes $1.3 million and $1.4 million of unrealized foreign exchange gain for the three months ended June 30, 2026 and March 31, 2026, respectively, and $2.7 million and ($3.8) million of unrealized foreign exchange gain (loss) for the six months ended June 30, 2026 and June 30, 2025, respectively, primarily associated with our Canadian dollar denominated revolving borrowings.

2Excludes 1,102,192 and 1,084,415 weighted average shares of unvested restricted common stock for the three months ended June 30, 2026 and March 31, 2026, respectively. Excludes 1,093,353 and 1,044,640 weighted average shares of unvested restricted common stock for the six months ended June 30, 2026 and June 30, 2025, respectively.

3Excludes $0.3 million from the numerator for the three months ended June 30, 2026 and March 31, 2026, respectively. Excludes $0.6 million from the numerator for the six months ended June 30, 2026 and June 30, 2025, respectively.

Our reported results and net earnings per diluted share are presented in accordance with GAAP. We also disclose FFO, Core FFO, and AFFO, each of which 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 FFO in accordance with the standards established 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, and impairment charges related to certain previously depreciated real estate assets. FFO is used by management, investors, and analysts to facilitate meaningful comparisons of operating performance between periods and among our peers, primarily because it excludes the effect of real estate depreciation and amortization and net gains (losses) on sales, which are based on historical costs and implicitly assume that the value of real estate diminishes predictably over time, rather than fluctuating based on existing market conditions.

We compute Core FFO by adjusting FFO, as defined by Nareit, 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, cost of debt extinguishment, lease termination fees and other non-core income from real estate transactions, non-capitalized demolition and other redevelopment costs, unrealized and realized gains or losses on foreign currency transactions, gain on insurance recoveries, severance and employee transition costs, and other extraordinary items. Exclusion of these items from similar FFO-type metrics is common within the equity REIT industry, and management believes that presentation of Core FFO provides investors with a metric to assist in their evaluation of our operating performance across multiple periods and in comparison to the operating performance of our peers, because it removes the effect of unusual items that are not expected to impact our operating performance on an ongoing basis.

We compute AFFO, by adjusting Core FFO for certain revenues and expenses that are non-cash or unique in nature, including straight-line rents, adjustment to provision for credit losses, 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. We believe that 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. We use AFFO as a measure of our performance when we formulate corporate goals, and is a factor in determining management compensation. We believe that AFFO 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.

Specific to our adjustment for straight-line rents, our leases include cash rents that increase over the term of the lease to compensate us for anticipated increases in market rental rates over time. Our leases do not include significant front-loading or back-loading of payments, or significant rent-free periods. Therefore, we find it useful to evaluate rent on a contractual basis as it allows for comparison of existing rental rates to market rental rates.

FFO, Core FFO, and AFFO may not be comparable to similarly titled measures employed by other REITs, and comparisons of our FFO, Core FFO, and AFFO with the same or similar measures disclosed by other REITs may not be meaningful.

Neither the SEC nor any other regulatory body has passed judgment on the acceptability of the adjustments to FFO that we use to calculate Core FFO and AFFO. In the future, the SEC, Nareit or another regulatory body may decide to standardize the allowable adjustments across the REIT industry and in response to such standardization we may have to adjust our calculation and characterization of Core FFO and AFFO accordingly.

The following is a reconciliation of net income to EBITDA, EBITDAre, Adjusted EBITDAre, and Pro Forma Adjusted EBITDAre, debt to Net Debt and Pro Forma Net Debt, Net Debt to Annualized Adjusted EBITDAre, and Pro Forma Net Debt to Annualized Adjusted EBITDAre as of and for the three months ended June 30, 2026, March 31, 2026, and June 30, 2025:

For the Three Months Ended

(in thousands) June 30,

2026 March 31,

2026 June 30,

2025

Net income $ 40,255 $ 46,392 $ 19,830

Depreciation and amortization 49,102 41,526 42,575

Interest expense 25,785 25,260 21,112

Income taxes 346 311 199

EBITDA $ 115,488 $ 113,489 $ 83,716

Provision for impairment of investment in rental properties 3,546 — 11,939

Gain on sale of real estate (12,990) (7,122) (566)

EBITDAre $ 106,044 $ 106,367 $ 95,089

Adjustment for current quarter investment activity1

540 2,548 573

Adjustment for current quarter disposition activity2

(327) (80) (490)

Adjustment to exclude non-recurring and other expenses3

36 — (332)

Adjustment to exclude net write-offs of accrued rental income — — 3

Adjustment to exclude realized / unrealized foreign exchange (gain) loss (1,288) (1,446) 3,445

Adjustment to exclude cost of debt extinguishment 0 — —

Adjustment to exclude other income from real estate transactions (25) (33) (46)

Adjusted EBITDAre $ 104,980 $ 107,356 $ 98,242

Estimated revenues from developments4

3,766 3,237 1,629

Pro Forma Adjusted EBITDAre $ 108,746 $ 110,593 $ 99,871

Annualized EBITDAre 424,176 425,467 380,356

Annualized Adjusted EBITDAre 419,920 429,425 392,968

Pro Forma Annualized Adjusted EBITDAre 434,984 442,371 399,484

1Reflects an adjustment to give effect to all investments during the quarter, including developments that have reached rent commencement, as if they had been made as of the beginning of the quarter.

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

3Amount includes non-capitalized demolition costs recognized in connection with demolition of a property being redeveloped for the three months ended June 30, 2026

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

(in thousands) June 30,

2026 March 31,

2026 June 30,

2025

Debt

Unsecured revolving credit facility $ 447,376 $ 397,640 $ 197,880

Unsecured term loans, net 995,423 994,820 994,028

Senior unsecured notes, net 1,191,552 1,191,143 846,441

Mortgages, net 40,640 56,197 75,685

Debt issuance costs 13,025 14,056 9,578

Gross Debt 2,688,016 2,653,856 2,123,612

Cash and cash equivalents (11,095) (20,310) (20,784)

Restricted cash (1,822) (1,369) (1,192)

Net Debt $ 2,675,099 $ 2,632,177 $ 2,101,636

Estimated net proceeds from forward equity agreements1

(124,313) (80,551) (37,722)

Pro Forma Net Debt $ 2,550,786 $ 2,551,626 $ 2,063,914

Leverage Ratios:

Net Debt to Annualized EBITDAre 6.3x 6.2x 5.5x

Net Debt to Annualized Adjusted EBITDAre 6.4x 6.1x 5.3x

Pro Forma Net Debt to Annualized Adjusted EBITDAre 5.9x 5.8x 5.2x

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

We define Net Debt as gross debt (total reported debt plus debt issuance costs and original issuance discount) less cash and cash equivalents and restricted cash. We believe that the presentation of Net Debt to Annualized EBITDAre and Net Debt to Annualized Adjusted EBITDAre is useful to investors and analysts because these ratios provide information about gross debt less cash and cash equivalents, which could be used to repay debt, compared to our performance as measured using EBITDAre.

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, as EBITDA excluding gains (losses) 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. EBITDA and EBITDAre are not measures of financial performance under GAAP, and our EBITDA and EBITDAre may not be comparable to similarly titled measures of other companies. You should not consider our EBITDA and EBITDAre as alternatives to net income or cash flows from operating activities determined in accordance with GAAP.

We are focused on a disciplined and targeted investment strategy, together with active asset management that includes selective sales of properties. We manage our leverage profile using a ratio of Net Debt to Annualized Adjusted EBITDAre, and Pro Forma Net Debt to Annualized Adjusted EBITDAre, each discussed further below, which we believe is a useful measure of our ability to repay debt and a relative measure of leverage, and is used in communications with our lenders and rating agencies regarding our credit rating. As we fund new investments using our unsecured Revolving Credit Facility, our leverage profile and Net Debt will be immediately impacted by current quarter investments. However, the full benefit of EBITDAre from new investments will not be received in the same quarter in which the properties are acquired. Additionally, EBITDAre for the quarter includes amounts generated by properties that have been sold during the quarter. Accordingly, the variability in EBITDAre caused by the timing of our investments and dispositions can temporarily distort our leverage ratios. We adjust EBITDAre (“Adjusted EBITDAre”) for the most recently completed quarter (i) to recalculate as if all investments and dispositions had occurred at the beginning of the quarter, (ii) to exclude certain GAAP income and expense amounts that are either non-cash, such as cost of debt extinguishment, 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 (iii) to eliminate the impact of lease termination fees and other items that are not a result of normal operations. While investments in build-to-suit developments have an immediate impact to Net Debt, we do not make an adjustment to EBITDAre until the quarter in which the lease commences. We define our Pro Forma Adjusted EBITDAre as Adjusted EBITDAre adjusted to show the impact of estimated contractual revenues based on in-process development spend to-date. Our Pro Forma Net Debt is defined as Net Debt adjusted for estimated net proceeds from forward sale agreements that have not settled as if they have been physically settled for cash as of the period presented. We then annualize quarterly Adjusted EBITDAre and Pro Forma Adjusted EBITDAre by multiplying them by four (“Annualized Adjusted EBITDAre” and “Annualized Pro Forma Adjusted EBITDAre”). You should not unduly rely on this measure as it is based on assumptions and estimates that may prove to be inaccurate. Our actual reported EBITDAre for future periods may be significantly different from our Annualized Adjusted EBITDAre. Adjusted EBITDAre and Annualized Adjusted EBITDAre are not measurements of performance under GAAP, and our Adjusted EBITDAre and Annualized Adjusted EBITDAre may not be comparable to similarly titled measures of other companies. You should not consider our Adjusted EBITDAre and Annualized Adjusted EBITDAre as alternatives to net income or cash flows from operating activities determined in accordance with GAAP.

EX-99.2

Filename: bnl-20260630xexx992.htm · Sequence: 3

Document

Exhibit 99.2

Table of Contents

Section Page

About the Data

Company Overview

Quarterly Financial Summary

Balance Sheet

Income Statement Summary

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

Lease Revenues Detail

Same Store Rent Growth

Capital Structure

Equity Rollforward

Debt Outstanding

Interest Rate Swaps

EBITDA, EBITDAre, and Other Non-GAAP Operating Measures

Net Debt Metrics & Covenants

Debt & Swap Maturities

Investment Activity

Development Projects

Transitional Capital

Dispositions

Portfolio at a Glance: Key Metrics

Diversification: Tenants

Diversification: Property Type

Key Statistics by Property Type

Diversification: Tenant Industry

Diversification: Geography

Lease Expirations

Portfolio Occupancy

Definitions and Explanations

About the Data

This data and other information described herein are as of and for the three months ended June 30, 2026 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, 2025, 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 fluctuations in 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.

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. We primarily, and selectively, invest in real estate across industrial and retail 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 Board of Directors

John D. Moragne

Chief Executive Officer and Member, Board of Directors

Ryan M. Albano

President and Chief Operating Officer

Kevin M. Fennell

Executive Vice President, Chief Financial Officer and Treasurer

John D. Callan, Jr.

Senior Vice President, General Counsel, and Secretary

Michael B. Caruso

Senior Vice President, Underwriting & Strategy

Will D. Garner

Senior Vice President, Acquisitions

Jennie L. O’Brien

Senior Vice President and Chief Accounting Officer

Molly Kelly Wiegel

Senior Vice President, Human Resources & Administration

Laurie A. Hawkes

Chairman of the Board

John D. Moragne

Chief Executive Officer

Michael A. Coke

Jessica Duran

Laura Felice

Richard Imperiale

David M. Jacobstein

Joseph Saffire

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

Quarterly Financial Summary

(unaudited, dollars in thousands except per share data)

Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025

Financial Summary

Investment in rental property $ 5,421,933 $ 5,432,912 $ 5,328,283 $ 5,147,649 $ 5,058,791

Less accumulated depreciation (823,101) (803,658) (772,589) (745,326) (721,195)

Property under development 385,067 329,260 265,812 179,172 116,635

Investment in rental property, net 4,983,899 4,958,514 4,821,506 4,581,495 4,454,231

Cash and cash equivalents 11,095 20,310 30,540 81,966 20,784

Restricted cash 1,822 1,369 3,102 1,354 1,192

Total assets 5,865,290 5,845,027 5,717,267 5,519,271 5,326,679

Unsecured revolving credit facility 447,376 397,640 266,036 95,824 197,880

Mortgages, net 40,640 56,197 56,689 57,168 75,685

Unsecured term loans, net 995,423 994,820 994,219 994,550 994,028

Senior unsecured notes, net 1,191,552 1,191,143 1,190,738 1,190,315 846,441

Total liabilities 2,857,183 2,823,678 2,683,806 2,506,762 2,290,858

Total Broadstone Net Lease, Inc. equity 2,881,003 2,892,460 2,901,995 2,884,658 2,906,693

Total equity (book value) 3,008,107 3,021,349 3,033,461 3,012,509 3,035,821

Revenues 122,309 121,401 118,295 114,167 112,986

General and administrative - other 8,925 7,783 7,174 7,486 7,100

Stock based compensation 2,972 2,566 2,492 2,488 2,471

General and administrative 11,897 10,349 9,666 9,974 9,571

Total operating expenses 70,362 58,055 62,384 63,417 69,088

Interest expense 25,785 25,260 25,051 28,230 21,112

Net income 40,255 46,392 35,028 27,065 19,830

Net earnings per common share, diluted $ 0.21 $ 0.24 $ 0.17 $ 0.14 $ 0.10

FFO 79,832 80,697 73,010 70,969 73,695

FFO per share, diluted $ 0.40 $ 0.40 $ 0.37 $ 0.36 $ 0.37

Core FFO 78,528 79,251 77,699 70,386 77,150

Core FFO per share, diluted $ 0.39 $ 0.40 $ 0.39 $ 0.35 $ 0.39

AFFO 78,211 76,850 75,846 74,314 74,308

AFFO per share, diluted $ 0.39 $ 0.38 $ 0.38 $ 0.37 $ 0.38

Net cash provided by operating activities 58,169 76,092 84,567 64,190 79,280

Capital expenditures and improvements 3,058 588 248 542 614

Capital expenditures and improvements - revenue generating 9,515 775 6,337 5,624 1,994

Net cash (used in) provided by investing activities (43,512) (162,411) (284,626) (174,054) (131,258)

Net cash provided by (used in) financing activities (23,419) 74,356 150,380 171,208 62,921

Distributions declared 61,113 59,884 57,919 57,284 57,284

Distributions declared per diluted share $ 0.2925 $ 0.2925 $ 0.290 $ 0.290 $ 0.290

Balance Sheet

(unaudited, in thousands)

June 30,

2026 March 31,

2026 December 31,

2025 September 30, 2025 June 30, 2025

Assets

Accounted for using the operating method:

Land $ 818,423 $ 822,795 $ 781,117 $ 778,177 $ 784,092

Land improvements 390,778 381,795 373,405 359,210 360,774

Buildings and improvements 4,161,424 4,173,302 4,118,578 3,954,112 3,871,441

Equipment 11,810 15,324 15,281 16,070 16,070

Total accounted for using the operating method 5,382,435 5,393,216 5,288,381 5,107,569 5,032,377

Less accumulated depreciation (823,101) (803,658) (772,589) (745,326) (721,195)

Accounted for using the operating method, net 4,559,334 4,589,558 4,515,792 4,362,243 4,311,182

Accounted for using the direct financing method 25,117 25,303 25,497 25,673 25,845

Accounted for using the sales-type method 14,381 14,393 14,405 14,407 569

Property under development 385,067 329,260 265,812 179,172 116,635

Investment in rental property, net 4,983,899 4,958,514 4,821,506 4,581,495 4,454,231

Cash and cash equivalents 11,095 20,310 30,540 81,966 20,784

Accrued rental income 187,235 184,668 178,880 174,867 172,310

Tenant and other receivables, net 6,223 3,633 4,404 3,573 3,605

Prepaid expenses and other assets 63,259 56,183 55,910 59,866 55,815

Interest rate swap, assets 23,271 19,975 18,248 19,590 23,490

Goodwill 339,769 339,769 339,769 339,769 339,769

Intangible lease assets, net 250,539 261,975 268,010 258,145 256,675

Total assets $ 5,865,290 $ 5,845,027 $ 5,717,267 $ 5,519,271 $ 5,326,679

Liabilities and equity

Unsecured revolving credit facility $ 447,376 $ 397,640 $ 266,036 $ 95,824 $ 197,880

Mortgages, net 40,640 56,197 56,689 57,168 75,685

Unsecured term loans, net 995,423 994,820 994,219 994,550 994,028

Senior unsecured notes, net 1,191,552 1,191,143 1,190,738 1,190,315 846,441

Interest rate swap, liabilities — 637 1,501 1,994 7,625

Accounts payable and other liabilities 72,493 61,738 60,081 55,662 57,409

Dividends payable 61,113 59,884 59,513 58,665 58,451

Accrued interest payable 10,356 21,759 13,502 9,488 8,542

Intangible lease liabilities, net 38,230 39,860 41,527 43,096 44,797

Total liabilities 2,857,183 2,823,678 2,683,806 2,506,762 2,290,858

Equity

Broadstone Net Lease, Inc. equity:

Preferred stock, $0.001 par value — — — — —

Common stock, $0.00025 par value 48 48 48 47 47

Additional paid-in capital 3,504,576 3,502,465 3,502,380 3,463,010 3,459,939

Cumulative distributions in excess of retained earnings (648,741) (630,951) (620,221) (597,571) (571,302)

Accumulated other comprehensive income 25,120 20,898 19,788 19,172 18,009

Total Broadstone Net Lease, Inc. equity 2,881,003 2,892,460 2,901,995 2,884,658 2,906,693

Non-controlling interests 127,104 128,889 131,466 127,851 129,128

Total equity 3,008,107 3,021,349 3,033,461 3,012,509 3,035,821

Total liabilities and equity $ 5,865,290 $ 5,845,027 $ 5,717,267 $ 5,519,271 $ 5,326,679

Income Statement Summary

(unaudited, in thousands except per share data)

Three Months Ended

June 30,

2026 March 31,

2026 December 31, 2025 September 30, 2025 June 30, 2025

Revenues

Lease revenues, net $ 122,309 $ 121,401 $ 118,295 $ 114,167 $ 112,986

Operating expenses

Depreciation and amortization 49,102 41,526 41,768 40,246 42,575

Property and operating expense 5,817 6,180 6,282 6,198 5,003

General and administrative 11,897 10,349 9,666 9,974 9,571

Provision for impairment of investment in rental properties 3,546 — 4,668 6,999 11,939

Total operating expenses 70,362 58,055 62,384 63,417 69,088

Other income (expenses)

Interest income 135 49 (14) 182 122

Interest expense (25,785) (25,260) (25,051) (28,230) (21,112)

Gain on sale of real estate 12,990 7,122 8,371 3,259 566

Income taxes (346) (311) (392) (208) (199)

Other income (expenses) 1,314 1,446 (3,797) 1,312 (3,445)

Net income 40,255 46,392 35,028 27,065 19,830

Net (income) loss attributable to non-controlling interests (456) (27) (1,902) (599) 330

Net income attributable to Broadstone Net Lease, Inc. $ 39,799 $ 46,365 $ 33,126 $ 26,466 $ 20,160

Weighted average number of common shares outstanding

Basic (a)

190,692 190,435 188,480 188,099 188,041

Diluted (a)

200,261 199,754 197,935 197,632 197,138

Net earnings per share attributable to common stockholders (b)

Basic $ 0.21 $ 0.24 $ 0.17 $ 0.14 $ 0.11

Diluted $ 0.21 $ 0.24 $ 0.17 $ 0.14 $ 0.10

(a)Excludes 1,102,192 weighted average shares of unvested restricted common stock for the three months ended June 30, 2026

(b)Excludes $0.3 million from the numerator for the three months ended June 30, 2026, related to dividends declared on shares of unvested restricted common stock.

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

June 30,

2026 March 31,

2026 December 31, 2025 September 30, 2025 June 30, 2025

Net income $ 40,255 46,392 35,028 $ 27,065 $ 19,830

Real property depreciation and amortization 49,021 41,443 41,686 40,164 42,492

Gain on sale of real estate (12,990) (7,122) (8,371) (3,259) (566)

Provision for impairment of investment in rental properties 3,546 — 4,667 6,999 11,939

FFO adjustment allocable to joint venture noncontrolling interests — (16) — — —

FFO $ 79,832 $ 80,697 $ 73,010 $ 70,969 $ 73,695

Net write-offs of accrued rental income — — 1,103 755 3

Other non-core income from real estate transactions (25) — (211) (27) (46)

Non-capitalized demolition and other costs 24 — — — —

Cost of debt extinguishment — — — — —

Severance and employee transition costs 11 — — 1 53

Other (income) expenses (a)

(1,314) (1,446) 3,797 (1,312) 3,445

Core FFO $ 78,528 $ 79,251 $ 77,699 $ 70,386 $ 77,150

Straight-line rent adjustment (5,567) (5,630) (5,140) (4,960) (5,586)

Adjustment to provision for credit losses (14) — — — (13)

Amortization of debt issuance costs 1,641 1,627 1,566 1,357 1,328

Non-capitalized transaction costs 1,632 6 157 125 142

Realized gain or loss on interest rate swaps and other non-cash interest expense 36 45 14 6,116 7

Amortization of lease intangibles (1,017) (1,015) (1,017) (1,198) (1,191)

Stock-based compensation 2,972 2,566 2,492 2,488 2,471

Deferred taxes — — 75 — —

AFFO $ 78,211 $ 76,850 $ 75,846 $ 74,314 $ 74,308

Diluted weighted average shares outstanding (b)

200,261 199,754 197,935 197,632 197,138

Net earnings per diluted share (c)

$ 0.21 $ 0.24 $ 0.17 $ 0.14 $ 0.10

FFO per diluted share (c)

0.40 0.40 0.37 0.36 0.37

Core FFO per diluted share (c)

0.39 0.40 0.39 0.35 0.39

AFFO per diluted share (c)

0.39 0.38 0.38 0.37 0.38

(a)Amount includes $1.3 million of unrealized and realized foreign exchange gain, primarily associated with our Canadian dollar denominated revolver borrowings for the three months ended June 30, 2026.

(b)Excludes 1,102,192 weighted average shares of unvested restricted common stock for the three months ended June 30, 2026.

(c)Excludes $0.3 million from the numerator for the three months ended June 30, 2026, related to dividends declared on shares of unvested restricted common stock.

Lease Revenues Detail

(unaudited, in thousands)

Three Months Ended

June 30,

2026 March 31,

2026 December 31, 2025 September 30, 2025 June 30, 2025

Contractual rental amounts billed for operating leases $ 109,473 $ 107,519 $ 106,196 $ 102,270 $ 101,014

Adjustment to recognize contractual operating lease billings on a straight-line basis

5,802 5,848 5,317 5,134 5,753

Net write-offs of accrued rental income — — (1,103) (755) —

Variable rental amounts earned 816 757 1,210 732 718

Earned income from direct financing leases 662 667 671 675 679

Interest income from sales-type leases 473 474 474 326 14

Operating expenses billed to tenants 5,012 5,700 5,138 5,752 4,795

Other income from real estate transactions 4 32 392 43 63

Adjustment to revenue recognized for uncollectible rental amounts billed, net

67 404 — (10) (50)

Total lease revenues, net $ 122,309 $ 121,401 $ 118,295 $ 114,167 $ 112,986

Same Store Rent Growth

(unaudited, in thousands)

Three Months Ended June 30,

Number of Properties 2026 2025 $ Change % Change

Same Store Properties:

Contractual rent increases

Total 689 $ 86,992 $ 85,383 $ 1,609 1.9 %

Industrial 180 50,400 49,348 1,052 2.1 %

Retail 486 29,139 28,750 389 1.4 %

Other 23 7,453 7,285 168 2.3 %

Revenue generating capital expenditures during periods (a)

6 2,485 2,290 195

Leasing activity 17 2,111 1,541 570

Cash basis tenants (b)

9 2,075 2,109 (34)

Properties under redevelopment 1 — 343 (343)

Transitional capital (d)

— 1,281 1,175 106

Currently vacant 1 — 89 (89)

Same store rental revenue 723 94,944

(c)

92,930

(c)

2,014 2.2 %

Industrial 189 54,939 53,165 1,774 3.3 %

Retail 505 32,052 31,679 373 1.2 %

Other 29 7,953 8,086 (133) (1.6) %

Non-Same Store Properties:

Investments during periods 43

(e)

15,381 5,199

Contractual rental amounts - current property portfolio

766 110,325 98,129

Sold during periods presented

(f)

448 4,067

Contractual rental amounts 804 110,773 102,196

Straight-line and other non-cash adjustments N/A 6,576 5,937

Other revenue (g)

N/A 4,985 4,858

Constant currency adjustment N/A (25) (5)

Total Lease revenues, net $ 122,309 $ 112,986

(a)Includes initial base rents in addition to the incremental rents for our revenue generating capital expenditures.

(b)Represents tenants as of the most recent period ended whereby collection of rent over the entire lease term is not considered probable. Revenue is recognized based on cash received.

(c)Leasing to new tenants may be impacted by free rent periods in which no cash is being received. Stabilized annual cash rents on these new leases are estimated to be $3.8 million compared to the leases under the previous tenants of $2.9 million. Assuming new leases were stabilized as of January 1, 2026 with no impact to prior periods, pro forma same store rent growth for the three months ended June 30, 2026, would be 2.2%.

(d)Includes Transitional Capital investments that have been stabilized as of January 1, 2025.

(e)Property count excludes Transitional Capital properties.

(f)Properties that have initial base rents during periods presented and are no longer in current property portfolio on June 30, 2026.

(g)Includes operating expenses billed to tenants and other income from real estate transactions, including lease termination fee.

Six Months Ended June 30,

Number of Properties 2026 2025 $ Change % Change

Same Store Properties:

Contractual rent increases

Total 689 $ 173,727 $ 170,553 $ 3,174 1.9 %

Industrial 180 100,653 98,583 2,070 2.1 %

Retail 486 58,192 57,425 767 1.3 %

Other 23 14,882 14,545 337 2.3 %

Revenue generating capital expenditures during periods (a)

6 4,953 4,544 409

Leasing activity 17 4,106 2,782 1,324

Cash basis tenants (b)

9 4,211 4,159 52

Properties under redevelopment 1 352 686 (334)

Transitional capital (d)

— 2,533 2,247 286

Currently vacant 1 — 178 (178)

Same store rental revenue 723 189,882

(c)

185,149

(c)

4,733 2.6 %

Industrial 189 109,597 105,864 3,733 3.5 %

Retail 505 64,060 63,142 918 1.5 %

Other 29 16,225 16,143 82 0.5 %

Non-Same Store Properties:

Investments during periods 43

(e)

27,843 9,081

Contractual rental amounts - current property portfolio

766 217,725 194,230

Sold during periods presented

(f)

1,950 7,059

Contractual rental amounts 804 219,675 201,289

Straight-line and other non-cash adjustments N/A 13,264 10,614

Other revenue (g)

N/A 10,718 9,879

Constant currency adjustment N/A 53 (105)

Total Lease revenues, net $ 243,710 $ 221,677

(a)Includes initial base rents in addition to the incremental rents for our revenue generating capital expenditures.

(b)Represents tenants as of the most recent period ended whereby collection of rent over the entire lease term is not considered probable. Revenue is recognized based on cash received.

(d)Includes Transitional Capital investments that have been stabilized as of January 1, 2025.

(e)Property count excludes Transitional Capital properties.

(f)Properties that have initial base rents during periods presented and are no longer in current property portfolio on June 30, 2026.

(g)Includes operating expenses billed to tenants and other income from real estate transactions, including lease termination fee.

Capital Structure

(in thousands, except per share data)

EQUITY June 30,

2026

Shares of Common Stock 191,808

OP Units 8,296

Common Stock & OP Units 200,104

Price Per Share / Unit at June 30, 2026

$ 20.67

IMPLIED EQUITY MARKET CAPITALIZATION $ 4,136,152

% of Total Capitalization 60.6 %

DEBT

Unsecured Revolving Credit Facility $ 447,376

Unsecured Term Loans 1,000,000

Unsecured Term Loan - 2027 200,000

Unsecured Term Loan - 2028 500,000

Unsecured Term Loan - 2029 300,000

Senior Unsecured Notes 1,200,000

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

Senior Unsecured Public Notes - 2032

350,000

Mortgage Debt - Various 40,640

TOTAL DEBT $ 2,688,016

% of Total Capitalization 39.4 %

Floating Rate Debt % 24.1 %

Fixed Rate Debt % 75.9 %

Secured Debt % 1.5 %

Unsecured Debt % 98.5 %

Total Capitalization $ 6,824,168

Less: Cash and Cash Equivalents (11,095)

Enterprise Value $ 6,813,073

Equity Rollforward

(in thousands)

Shares of Common Stock OP Units Total Diluted Shares

Balance, January 1, 2026 191,423 8,296 199,719

Grants of restricted stock awards

619 — 619

Retirement of common shares under equity incentive plan (271) — (271)

Balance, March 31, 2026 191,771 8,296 200,067

Grants of restricted stock awards

42 — 42

Forfeiture of restricted stock awards (5) — (5)

Balance, June 30, 2026 191,808 8,296 200,104

Debt Outstanding

(in thousands)

Outstanding Balance

(in thousands, except interest rates) June 30,

2026 December 31,

2025 Interest Rate Maturity Date

Unsecured revolving credit facility $ 447,376 $ 266,036

applicable reference rate + 0.85% (a)

Mar. 2029

(d)

Unsecured term loans:

2027 Unsecured Term Loan 200,000 200,000

daily simple SOFR + 0.95% (c)

Aug. 2027

2028 Unsecured Term Loan 500,000 500,000

one-month SOFR + 0.95% (b)

Mar. 2028

(e)

2029 Unsecured Term Loan 300,000 300,000

daily simple SOFR + 0.95% (c)

Feb. 2029

(f)

Total unsecured term loans 1,000,000 1,000,000

Unamortized debt issuance costs, net (4,577) (5,781)

Total unsecured term loans, net 995,423 994,219

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

2032 Senior Unsecured Public Notes 350,000 350,000 5.00% Nov. 2032

Total senior unsecured notes 1,200,000 1,200,000

Unamortized debt issuance costs and original issuance discounts, net (8,448) (9,262)

Total senior unsecured notes, net 1,191,552 1,190,738

Total unsecured debt, net $ 2,634,351 $ 2,450,993

(a)At June 30, 2026 and December 31, 2025, a balance of $377.0 million and $193.0 million, respectively, was subject to daily simple SOFR. The remaining balance of $100.0 million Canadian Dollars (“CAD”) borrowings remeasured to $70.4 million United States Dollars (“USD”) and $73.0 million USD, at June 30, 2026 and December 31, 2025, respectively, and was subject to daily simple CORRA of 2.34% and 2.30% at June 30, 2026 and December 31, 2025, respectively. At June 30, 2026, we had $542.1 million of available capacity under our unsecured revolving credit facility.

(b)At June 30, 2026 and December 31, 2025, one-month SOFR was 3.65% and 3.69%, respectively.

(c)At June 30, 2026 and December 31, 2025, overnight SOFR was 3.68% and 3.87%, respectively.

(d)The 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.

(e)The 2028 Unsecured Term Loan contains two twelve-month extension options subject to certain conditions, including the payment of an extension fee equal to 0.125% of the aggregate principal amount of the loans outstanding under the 2028 term loan facility.

(f)The 2029 Unsecured Term Loan contains two twelve-month extension options subject to certain conditions, including the payment of an extension fee equal to 0.10% of the aggregate principal amount of the loans outstanding under the 2029 term loan facility.

(in thousands, except interest rates) Origination

Date Maturity

Date Interest

Rate June 30,

2026 December 31,

2025

Lender

Wilmington Trust National Association Apr. 2019 Feb. 2028 4.92% $ 40,640 $ 41,393

(a) (b) (c) (d)

PNC Bank Oct. 2016 Nov. 2026 3.62% — 15,324

(b) (c) (e)

Total mortgages 40,640 56,717

Debt issuance costs, net — (28)

Mortgages, net $ 40,640 $ 56,689

(a)Non-recourse debt includes the indemnification/guaranty of the Company pertaining to fraud, environmental claims, insolvency, and other matters.

(b)Debt secured by related rental property and lease rents.

(c)Debt secured by guaranty of the OP.

(d)Mortgage was assumed as part of the acquisition of the related property. The debt was recorded at fair value at the time of assumption.

(e)The mortgage payable to PNC Bank, with a stated maturity of November 2026, was repaid in full in June 2026, prior to its scheduled maturity date.

Year of Maturity Revolving

Credit Facility Mortgages Term Loans Senior Notes Total

2026 $ — $ 764 $ — $ — $ 764

2027 — 1,603 200,000 150,000 351,603

2028 — 38,273 500,000 225,000 763,273

2029 447,376 — 300,000 — 747,376

2030 — — — 100,000 100,000

Thereafter — — — 725,000 725,000

Total $ 447,376 $ 40,640 $ 1,000,000 $ 1,200,000 $ 2,688,016

Interest Rate Swaps

(dollars in thousands)

(in thousands, except interest rates) June 30, 2026

Counterparty Maturity Date Fixed

Rate Variable Rate Index Notional

Amount Fair

Value

Capital One, National Association July 2026 1.32% daily compounded SOFR $ 35,000 $ —

Bank of Montreal December 2026 2.33% daily compounded SOFR 10,000 79

Bank of Montreal December 2026 1.99% daily compounded SOFR 25,000 241

Toronto-Dominion Bank March 2027 2.46% daily compounded CORRA 14,075

(a)

Wells Fargo Bank, N.A. April 2027 2.72% daily compounded SOFR 25,000 243

Bank of Montreal December 2027 2.37% daily compounded SOFR 25,000 622

Capital One, National Association December 2027 2.37% daily compounded SOFR 25,000 621

Wells Fargo Bank, N.A. January 2028 2.37% daily compounded SOFR 75,000 1,878

Bank of Montreal May 2029 2.09% daily compounded SOFR 25,000 1,320

Regions Bank May 2029 2.11% daily compounded SOFR 25,000 1,304

Regions Bank June 2029 2.03% daily compounded SOFR 25,000 1,365

U.S. Bank National Association June 2029 2.03% daily compounded SOFR 25,000 1,365

Regions Bank August 2029 2.58% one-month SOFR 100,000 3,766

Toronto-Dominion Bank August 2029 2.58% one-month SOFR 45,000 1,712

U.S. Bank National Association August 2029 2.65% one-month SOFR 15,000 539

U.S. Bank National Association August 2029 2.58% one-month SOFR 100,000 3,775

U.S. Bank National Association August 2029 1.35% daily compounded SOFR 25,000 1,951

Toronto-Dominion Bank December 2030 3.66% daily simple SOFR 70,000 505

Regions Bank December 2030 3.66% daily simple SOFR 55,000 387

Regions Bank March 2032 2.69% daily compounded CORRA 14,075

(a)

345

U.S. Bank National Association March 2032 2.70% daily compounded CORRA 14,075

(a)

342

Bank of Montreal March 2034 2.81% daily compounded CORRA 28,151

(b)

891

Total Swaps $ 800,376 $ 23,271

(a)The contractual notional amount is $20.0 million CAD.

(b)The contractual notional amount is $40.0 million CAD.

EBITDA, EBITDAre, and Other Non-GAAP Operating Measures

(unaudited, in thousands)

Three Months Ended

June 30,

2026 March 31,

2026 December 31, 2025 September 30,

2025 June 30, 2025

Net income $ 40,255 $ 46,392 $ 35,028 $ 27,065 $ 19,830

Depreciation and amortization 49,102 41,526 41,768 40,246 42,575

Interest expense 25,785 25,260 25,051 28,230 21,112

Income taxes 346 311 392 208 199

EBITDA $ 115,488 $ 113,489 $ 102,239 $ 95,749 $ 83,716

Provision for impairment of investment in rental properties 3,546 — 4,667 6,999 11,939

Gain on sale of real estate (12,990) (7,122) (8,371) (3,259) (566)

EBITDAre $ 106,044 $ 106,367 $ 98,535 $ 99,489 $ 95,089

Adjustment for current quarter investment activity (a)

540 2,548 1,821 1,797 573

Adjustment for current quarter disposition activity (b)

(327) (80) (286) (257) (490)

Adjustment to exclude non-recurring and other expenses (c)

36 — 2,515 (177) (332)

Adjustment to exclude net write-offs of accrued rental income — — 1,103 755 3

Adjustment to exclude realized / unrealized foreign exchange (gain) loss (1,288) (1,446) 1,282 (1,312) 3,445

Adjustment to exclude cost of debt extinguishment — — — — —

Adjustment to exclude other income from real estate transactions (25) (33) (392) (43) (46)

Adjusted EBITDAre $ 104,980 $ 107,356 $ 104,578 $ 100,252 $ 98,242

Estimated revenues from developments (d)

3,766 3,237 2,867 2,544 1,629

Pro Forma Adjusted EBITDAre $ 108,746 $ 110,593 $ 107,445 $ 102,796 $ 99,871

Annualized EBITDAre $ 424,176 $ 425,467 $ 394,140 $ 397,956 $ 380,356

Annualized Adjusted EBITDAre 419,920 429,425 418,312 401,008 392,968

Pro Forma Annualized Adjusted EBITDAre 434,984 442,371 429,780 411,184 399,484

(a)Reflects an adjustment to give effect to all investments during the quarter, including developments that have reached rent commencement, as if they had been made as of the beginning of the quarter.

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

(c)Amount includes non-capitalized demolition costs recognized in connection with demolition of a property being redeveloped for the three months ended June 30, 2026

(d)Represents estimated contractual revenues based on in-process build-to-suit spend to-date.

Three Months Ended

June 30,

2026 March 31,

2026 December 31, 2025 September 30,

2025 June 30, 2025

Adjusted EBITDAre $ 104,980 $ 107,356 $ 104,578 $ 100,252 $ 98,242

General and administrative (excluding certain expenses reflected above) 11,886 10,349 9,666 9,984 9,524

Adjusted Net Operating Income ("NOI") $ 116,866 $ 117,705 $ 114,244 $ 110,236 $ 107,766

Straight-line rental revenue, net (5,828) (5,928) (5,676) (5,282) (5,693)

Other amortization and non-cash charges (1,017) (1,015) (1,017) (1,364) (1,569)

Adjusted Cash NOI $ 110,021 $ 110,762 $ 107,551 $ 103,590 $ 100,504

Annualized Adjusted NOI $ 467,464 $ 470,822 $ 456,976 $ 440,944 $ 431,064

Annualized Adjusted Cash NOI 440,084 443,049 430,204 414,360 402,016

Net Debt Metrics

(in thousands)

June 30,

2026 March 31,

2026 December 31, 2025 September 30, 2025 June 30, 2025

Debt

Unsecured revolving credit facility $ 447,376 $ 397,640 $ 266,036 $ 95,824 $ 197,880

Unsecured term loans, net 995,423 994,820 994,219 994,550 994,028

Senior unsecured notes, net 1,191,552 1,191,143 1,190,738 1,190,315 846,441

Mortgages, net 40,640 56,197 56,689 57,168 75,685

Debt issuance costs 13,025 14,056 15,072 15,171 9,578

Gross Debt 2,688,016 2,653,856 2,522,754 2,353,028 2,123,612

Cash and cash equivalents (11,095) (20,310) (30,540) (81,966) (20,784)

Restricted cash (1,822) (1,369) (3,102) (1,354) (1,192)

Net Debt 2,675,099 2,632,177 2,489,112 2,269,708 2,101,636

Estimated net proceeds from forward equity agreements (a)

(124,313) (80,551) (10,964) (37,257) (37,722)

Pro Forma Net Debt $ 2,550,786 $ 2,551,626 $ 2,478,148 $ 2,232,451 $ 2,063,914

Leverage Ratios:

Net Debt to Annualized EBITDAre 6.3x 6.2x 6.3x 5.7x 5.5x

Net Debt to Annualized Adjusted EBITDAre 6.4x 6.1x 6.0x 5.7x 5.3x

Pro Forma Net Debt to Annualized Adjusted EBITDAre 5.9x 5.8x 5.8x 5.4x 5.2x

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

Covenants

The following is a summary of key financial covenants for the Company’s unsecured debt instruments. The covenants associated with the Revolving Credit Facility, Unsecured Term Loans with commercial banks, and the Series A-C Senior Unsecured Notes, are reported to the respective lenders via quarterly covenant reporting packages. The covenants associated with the 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 June 30, 2026, 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

Senior Unsecured Public Notes

Leverage ratio ≤ 0.60 to 1.00 0.37 0.39 Not Applicable

Secured indebtedness ratio ≤ 0.40 to 1.00 0.01 0.01 Not Applicable

Unencumbered coverage ratio ≥ 1.75 to 1.00 3.91 Not Applicable Not Applicable

Fixed charge coverage ratio ≥ 1.50 to 1.00 3.73 3.73 Not Applicable

Total unsecured indebtedness to total unencumbered eligible property value ≤ 0.60 to 1.00 0.39 0.45 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 0.43

Consolidated income available for debt to annual debt service charge ≥ 1.50 to 1.00 Not Applicable Not Applicable 4.30

Total unencumbered assets to total unsecured debt ≥ 1.50 to 1.00 Not Applicable Not Applicable 2.32

Secured debt ratio ≤ 0.40 to 1.00 Not Applicable Not Applicable 0.01

Debt Maturities

(dollars in millions)

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

Weighted Average Debt Maturity: 3.9 years (a)

(a)Our Revolving Credit Facility, 2028 Unsecured Term Loan, and 2029 Unsecured Term Loan reflected above assumes exercise of available extension options subject to certain conditions, including the payment of extension fees.

Swap Maturities

(dollars in millions)

Weighted Average Effective Swap Maturity: 2.9 years

Investment Activity

(square feet and dollars in thousands)

The following table summarizes the Company’s investment activity during 2026.

Q2 2026 Q1 2026 YTD 2026

Acquisitions:

Number of transactions — 1 1

Number of properties — 1 1

Square feet — 316 316

Acquisition price — $ 61,195

(b)

$ 61,195

Industrial — $ 61,195 $ 61,195

Retail — — —

Initial cash capitalization rate — 9.0 %

(b)

9.0 %

Straight-line yield — 9.4 %

(b)

9.4 %

Weighted average lease term (years) — 4.0

(b)

4.0

Weighted average annual rent increase — 0.8 %

(b)

0.8 %

Build-to-suit and redevelopment projects:

Total investments $ 77,624 $ 99,447 $ 177,071

Build-to-suits $ 77,325 $ 99,447 $ 176,772

Redevelopments $ 299 $ — $ 299

Revenue generating capital expenditures:

Number of existing properties 2 1 3

Investments $ 404 $ 893 $ 1,297

Initial cash capitalization rate 11.3% 8.3% 9.2%

Weighted average lease term (years) 13.6 12.9 13.2

Weighted average annual rent increase 2.2% 2.8% 2.5%

Transitional capital:

Investments

$ 13,462 $ 10,351 $ 23,813

Total investments $ 91,490 $ 171,886 $ 263,376

Total initial cash capitalization rate (a)

11.3 % 9.0 % 9.0 %

Total weighted average lease term (years) (a)

13.6 4.1 4.1

Total weighted average annual rent increase (a)

2.2 % 0.8 % 0.8 %

(a)Transitional capital, which represents a contractual yield on invested capital, and build-to-suit and redevelopment projects, which do not generate revenue until stabilization, are excluded from the calculations of total cash capitalization, weighted average lease terms, and weighted average rent increases.

(b)In connection with this acquisition, the Company expects to fund approximately $7.0 million to re‑parcel up to 80% of the property into two distinct parcels and complete related infrastructure improvements. The sale leaseback investment includes two separate leases, one for each future parcel, consisting of (i) a 12‑year long‑term lease with initial cash rents of $1.5 million and annual rent escalations of 3.0%, and (ii) a one‑year lease with cash rents of $4.0 million. The Company is currently evaluating future options related to the property associated with the short‑term lease, with the objective of maximizing long‑term shareholder value, including potential accretive alternatives, such as redevelopment.

Development Projects

(square feet and dollars in thousands)

The following tables summarize the Company’s in-process build-to-suit ("BTS") and redevelopment projects as of June 30, 2026:

Build-to-suit developments

Property Projected Rentable Square Feet

Start Date (a)

Target Stabilization Date/Stabilized Date (a)

Lease Term (Years) Annual Rent Escalations

Estimated Total Project Investment (a)

Cumulative Investment QTD Q2 2026 Investment Estimated Remaining Investment

Estimated Cash Capitalization Rate (a)

Estimated Straight-line Yield (a)

In-process retail BTS:

Sprouts (Bedford, TX) 22 Jul. 2025 Oct. 2026 15.0 0.9 % $ 9,533 $ 4,994 $ 3,422 $ 4,539 7.2 % 7.7 %

Hobby Lobby (Granbury, TX) 55 Oct. 2025 Sep. 2026 15.0 0.7 % 8,129 2,710 349 5,419 7.1 % 7.4 %

Academy Sports (Granbury, TX) 55 Oct. 2025 Nov. 2026 15.0 0.6 % 12,393 5,311 732 7,082 7.1 % 7.4 %

Academy Sports (Waco, TX) 68 Dec. 2025 Sep. 2026 15.0 0.6 % 14,488 9,061 2,846 5,427 7.2 % 7.5 %

Academy Sports (Magnolia, TX) 55 Feb. 2026 Nov. 2026 15.0 0.5 % 12,975 4,622 1,819 8,353 7.3 % 7.5 %

Tesla, Inc. (Las Vegas, NV) 60 Jun. 2026 Nov. 2027 15.0 3.0 % 39,794 19,191 19,191 20,603 6.7 % 8.3 %

In-process industrial BTS:

Southwire (Bremen, GA) 1,178 Dec. 2024 Nov. 2026 10.0 2.8 % 115,411 83,514 25,634 31,897 7.8 % 8.8 %

AGCO (Visalia, CA) 115 Jun. 2025 Aug. 2026 12.0 3.5 % 19,879 16,909 659 2,970 7.0 % 8.5 %

Palmer Logistics (Midlothian, TX) (b)

270 Jul. 2025 Aug. 2026 12.3 3.5 % 32,063 27,404 6,012 4,659 7.6 % 9.2 %

Amazon.com Services, LLC (Sarasota, FL) 230 Feb. 2026 May. 2027 15.0 2.3 % 46,790 19,594 1,030 27,196 7.5 % 8.8 %

Tesla, Inc. (Austin, TX) 130 Apr. 2026 Oct. 2027 12.0 3.0 % 30,983 7,902 7,902 23,081 6.7 % 7.9 %

2,238 12.6 2.5 % 342,438 201,212 69,596 141,226 7.4 % 8.5 %

Stabilized industrial BTS:

Sierra Nevada (Dayton, OH) 122 Oct. 2024 Nov. 2025 15.0 3.0 % 53,625 53,625 — — 7.5 % 9.3 %

Sierra Nevada (Dayton, OH) 122 Oct. 2024 Mar. 2026 15.0 3.0 % 52,203 52,203 3,783 — 7.6 % 9.4 %

Fiat Chrysler Automobile (Forsyth, GA) 422 Apr. 2025 May. 2026 15.0 3.0 % 73,738 51,148 3,390 22,590 6.6 % 8.2 %

Stabilized retail BTS:

7Brew (Jacksonville, FL) 1 Jun. 2025 Nov. 2025 15.0 1.9 % 2,005 2,005 — — 8.0 % 8.8 %

Total / weighted average 2,905 13.4 2.7 % $ 524,009 $ 360,193 $ 76,769 $ 163,816 7.3 % 8.6 %

Redevelopment projects

Property Projected Rentable Square Feet

Start Date (a)

Target Stabilization Date (a)

% Leased (c)

Lease Term (Years) (c)

Annual Rent Escalations (c)

Estimated Total Project Investment (a)

Cumulative Investment QTD Q2 2026 Investment Estimated Remaining Investment

Original Property ABR (a)

Estimated Stabilized ABR (a)

In-process industrial redevelopment:

1501 Mittel (Chicago, IL MSA) 156 Apr. 2026 May. 2027 — — — $ 17,906 $ 3,105 $ 299 $ 14,801 $ 1,409 $ 2,733

(a)Refer to definitions and explanations appearing at the end of this supplemental document.

(b)Development represents our common and preferred equity investments in a consolidated joint venture, and excludes amounts attributed to non-controlling interest holders.

(c)Redevelopment projects without executed leases are excluded from these metrics; we expect to include once a tenant is secured and a lease is in place.

The following table summarizes the timing of the Company’s construction investment, quarterly rent, and ABR for in-process and stabilized developments as of June 30, 2026:

(a)Represents aggregated Estimated Total Project Investment for all projects based on estimated timeline of investment dollars on a quarterly basis. Timing of investment amounts are expected to vary based on actual construction at the properties and will be updated if there are any significant changes to expected costs from quarter to quarter.

(b)Amounts calculated based on aggregate of each project’s estimated rent upon stabilization in accordance with the timing of Target Stabilization Date. We expect to update our timing estimates on a quarterly basis.

Transitional Capital

(dollars in thousands)

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

Property (a)

Investment (’000s)

Stabilized Cash Capitalization Rate (b)

Annualized Initial Cash NOI Yield Remaining Initial Term (Years)

Sunset Hills Retail Center - St. Louis, MO (c) (d)

$ 57,418 8.0 % 7.6 % 1.0

Project Triboro Industrial Park - Olyphant, PA (e)

119,368 7.8 % — 2.3

(a)Each of the Company’s transitional capital investments at June 30, 2026 are in the form of preferred equity.

(b)Represents stated yield with unpaid amounts accruing with preferential payment.

(c)Agreement includes an additional $7.8 million commitment of preferred capital at the Company's sole discretion. The remaining commitment at June 30, 2026 is $2.6 million. Agreement contains two one-year extension options subject to a 0.50% extension fee. Repayment at end of term subject to a $3.5 million repayment fee.

(d)Underlying property metrics at June 30, 2026: 28 retail spaces, 0.3 million rentable square feet, 6.9 years of weighted average remaining lease term, 98.3% occupancy rate (based on square feet and including leases that have been executed but rent has not yet commenced), and 99.2% rent collection (on a quarterly basis).

(e)This investment represents preferred equity in four consolidated joint ventures that have acquired land designated for industrial build-to-suit development. Agreements contain two one-year extension options subject to a 0.25% fee for the first option, and a 0.50% fee for the second option, and the right to transfer or sell our preferred equity at any time.

Dispositions

(square feet and dollars in thousands)

The following table summarizes the Company’s property disposition activity during 2026.

Q1 2026

Property Type Number of Properties Square Feet Acquisition Price Disposition Price Net Book

Value

Industrial 1 78 $ 6,500 $ 12,094 $ 4,095

Total Properties 1 78 6,500 12,094 4,095

Weighted average cash cap rate 5.6 %

Q2 2026

Property Type Number of Properties Square Feet Acquisition Price Disposition Price Net Book

Value

Industrial 3 565 $ 49,495 $ 54,764 $ 41,232

Retail 6 22 $ 17,454 $ 7,275 $ 6,727

Total Properties 9 587 66,949 62,039 47,959

Weighted average cash cap rate on tenanted properties 6.4 %

YTD 2026

Property Type Number of Properties Square Feet Acquisition Price Disposition Price Net Book

Value

Industrial 4 643 $ 55,995 $ 66,858 $ 45,327

Retail 6 22 $ 17,454 $ 7,275 $ 6,727

Total Properties 10 665 73,449 74,133 52,054

Weighted average cash cap rate on tenanted properties 6.2 %

Portfolio at a Glance: Key Metrics (a)

June 30,

2026 March 31,

2026 December 31, 2025 September 30, 2025 June 30, 2025

Properties 766 773 771 759 766

U.S. States 44 44 44 44 44

Canadian Provinces 4 4 4 4 4

Total annualized base rent $439.8 M $438.8M $428.8 M $412.9 M $404.2 M

Total rentable square footage (“SF”) 41.7 M 41.9M 41.6 M 40.7 M 40.1 M

Tenants 206 209 206 204 205

Brands 195 198 197 195 195

Industries 56 57 57 56 56

Occupancy (based on SF) 100.0 % 99.8 % 99.8 % 99.5 % 99.1 %

Rent Collection 99.9 % 100.0 % 100.0 % 100.0 % 99.6 %

Top 10 tenant concentration 20.8 % 21.3 % 21.1 % 21.3 % 21.8 %

Top 20 tenant concentration 34.4 % 34.6 % 34.3 % 34.7 % 35.2 %

Investment grade (tenant/guarantor) (b)

20.1 % 19.1 % 20.2 % 20.9 % 20.7 %

Financial reporting coverage (c)

96.0 % 96.0 % 95.4 % 96.6 % 92.4 %

Rent coverage ratio (restaurants only) 3.2x 3.2x 3.2x 3.2x 3.3x

Weighted average annual rent increases 2.1 % 2.1 % 2.1 % 2.0 % 2.0 %

Weighted average remaining lease term 9.3 years 9.5 years 9.6 years 9.5 years 9.7 years

Master leases (based on ABR)

Total portfolio 38.0 % 38.0 % 38.6 % 39.0 % 40.1 %

Multi-site tenants 64.0 % 64.0 % 64.9 % 66.5 % 68.3 %

(a)Property metrics exclude transitional capital investments.

(b)Investment grade tenants are our tenants with a credit rating, and tenants that are subsidiaries or affiliates of companies with a credit rating, as of balance sheet date, of a Baa3/BBB- or higher from one of the three major rating agencies (Moody’s/S&P/Fitch).

(c)Includes 14.0% related to tenants not required to provide financial information under the terms of our lease, but whose financial statements are available publicly at June 30, 2026.

Diversification: Tenants

Top 20 Tenants

Tenant Property Type # of

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 $ 16,560 3.8 % 2,250 5.4 %

United Natural Foods, Inc. Distribution & Warehouse 1 14,746 3.4 % 1,016 2.4 %

Sierra Nevada Company, LLC Manufacturing 3 9,029 2.1 % 280 0.7 %

Joseph T. Ryerson & Son, Inc. Distribution & Warehouse 11 8,146 1.9 % 1,599 3.8 %

AHF, LLC* Distribution & Warehouse/Manufacturing 7 8,092 1.8 % 1,982 4.8 %

Dollar General Corporation General Merchandise 74 7,835 1.8 % 717 1.7 %

Jack's Family Restaurants LP* Quick Service Restaurants 43 7,757 1.8 % 147 0.4 %

Tractor Supply Company General Merchandise 23 6,566 1.4 % 462 1.1 %

J. Alexander's, LLC* Casual Dining 16 6,395 1.4 % 131 0.3 %

Salm Partners, LLC* Food Processing 2 6,386 1.4 % 426 1.0 %

Total Top 10 Tenants 187 $ 91,512 20.8 % 9,010 21.6 %

FCA US, LLC Distribution & Warehouse 2 $ 6,381 1.4 % 538 1.3 %

Nestle' USA, Inc. Cold Storage/Food Processing 2 6,374 1.4 % 503 1.2 %

Hensley & Company* Distribution & Warehouse 3 6,354 1.4 % 577 1.4 %

BluePearl Holdings, LLC** Animal Services 13 6,065 1.4 % 159 0.4 %

Axcelis Technologies, Inc. Flex and R&D 1 6,018 1.4 % 418 1.0 %

Owens & Minor Distribution, Inc. Distribution & Warehouse 2 5,960 1.4 % 523 1.2 %

Red Lobster Hospitality, LLC & Red Lobster Restaurants, LLC* Casual Dining 18 5,674 1.3 % 147 0.4 %

Outback Steakhouse of Florida, LLC*(a)

Casual Dining 22 5,635 1.3 % 140 0.3 %

Academy LTD General Merchandise 9 5,600 1.3 % 535 1.3 %

Krispy Kreme Doughnut Corporation Quick Service Restaurants/Food Processing 27 5,538 1.3 % 156 0.4 %

Total Top 20 Tenants 286 $ 151,111 34.4 % 12,706 30.5 %

(a)Tenant’s properties include 20 Outback Steakhouse restaurants and two Carrabba’s Italian Grill restaurants.

•Subject to a master lease.

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

Top 20 Tenants (a)

(a)This document contains references to copyrights, trademarks, trade names, and service marks that belong to other companies. Broadstone Net Lease is not affiliated with or associated with and is not endorsed by and does not endorse such companies or their products or services.

Diversification: Property Type

(rent percentages based on ABR)

Diversification: Property Type (continued)

Property Type # of Properties ABR

(’000s) ABR as a %

of Total

Portfolio Square Feet (’000s) SF as a %

of Total

Portfolio

Industrial

Distribution & Warehouse 52 $ 89,334 20.3 % 12,047 28.9 %

Manufacturing 80 83,589 19.0 % 12,807 30.7 %

Food Processing 36 54,877 12.5 % 6,050 14.5 %

Flex and R&D 9 24,709 5.6 % 1,711 4.1 %

Industrial Services 21 13,171 3.0 % 529 1.3 %

Cold Storage 4 12,441 2.8 % 874 2.1 %

In-Process Developments 6 — — — —

Industrial Total 208 278,121 63.2 % 34,018 81.6 %

Retail

General Merchandise 156 34,892 7.9 % 2,645 6.3 %

Quick Service Restaurants 154 27,930 6.4 % 516 1.2 %

Casual Dining 95 27,046 6.1 % 637 1.5 %

Animal Services 27 11,767 2.7 % 421 1.0 %

Automotive 57 10,662 2.5 % 733 1.8 %

Home Furnishings 13 7,191 1.6 % 797 1.9 %

Healthcare Services 18 6,149 1.4 % 220 0.6 %

Education 4 3,003 0.7 % 119 0.3 %

In-Process Developments 5 — — — —

Untenanted 1 — — 10 —

Retail Total 530 128,640 29.3 % 6,098 14.6 %

Other

Office 13 22,936 5.2 % 1,238 3.0 %

Clinical & Surgical 15 10,070 2.3 % 327 0.8 %

Other Total 28 33,006 7.5 % 1,565 3.8 %

Total 766 $ 439,767 100.0 % 41,681 100.0 %

Key Statistics by Property Type

Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025

Industrial

Number of properties 208 209 208 207 215

Square feet (000s) 34,018 34,161 33,803 33,081 32,694

Weighted average lease term (years) 10.0 10.2 10.5 10.3 10.5

Weighted average annual rent escalation 2.3 % 2.2 % 2.2 % 2.2 % 2.1 %

Percentage of total ABR 63.2 % 62.8 % 61.9 % 61.2 % 60.7 %

Retail

Number of properties 530 535 534 523 521

Square feet (000s) 6,098 6,120 6,120 5,934 5,790

Weighted average lease term (years) 9.2 9.4 9.4 9.5 9.8

Weighted average annual rent escalation 1.7 % 1.7 % 1.7 % 1.7 % 1.7 %

Percentage of total ABR 29.3 % 29.4 % 30.1 % 30.6 % 31.0 %

Other

Number of properties 28 29 29 29 30

Square feet (000s) 1,565 1,638 1,638 1,638 1,647

Weighted average lease term (years) 3.5 3.6 3.8 4.1 4.2

Weighted average annual rent escalation 2.4 % 2.4 % 2.4 % 2.4 % 2.4 %

Percentage of total ABR 7.5 % 7.8 % 8.0 % 8.2 % 8.3 %

Diversification: Tenant Industry

Tenant Industry # of Properties ABR

(’000s) ABR as a %

of Total

Portfolio Square Feet (’000s) SF as a %

of Total

Portfolio

Packaged Foods & Meats 39 $ 57,802 13.1 % 6,338 15.2 %

Restaurants 252 55,819 12.7 % 1,196 2.9 %

Food Distributors 7 28,689 6.5 % 2,534 6.1 %

Specialty Stores 43 22,351 5.1 % 1,932 4.6 %

Distributors 29 22,175 5.0 % 3,357 8.1 %

Healthcare Facilities 42 21,837 5.0 % 748 1.8 %

Auto Parts & Equipment 39 19,156 4.4 % 2,953 7.1 %

Aerospace & Defense 6 13,704 3.1 % 642 1.5 %

Home Furnishing Retail 17 12,184 2.8 % 1,692 4.1 %

General Merchandise Stores 110 11,678 2.7 % 1,035 2.5 %

Metal & Glass Containers 8 11,054 2.5 % 2,206 5.3 %

Healthcare Services 17 11,021 2.5 % 568 1.4 %

Specialized Consumer Services 38 10,737 2.4 % 684 1.6 %

Life Sciences Tools & Services 6 9,907 2.3 % 600 1.4 %

Industrial Machinery 18 9,457 2.2 % 1,823 4.4 %

Other (41 industries)

94 122,196 27.7 % 13,363 32.0 %

Untenanted properties 1 — — 10 —

Total 766 $ 439,767 100.0 % 41,681 100.0 %

Diversification: Geography

(rent percentages based on ABR)

State /

Province # of

Properties ABR

(’000s) ABR as

a % of

Total

Portfolio Square

Feet

(’000s) SF as a

% of

Total

Portfolio State /

Province # of

Properties ABR

(’000s) ABR as

a % of

Total

Portfolio Square

Feet

(’000s) SF as a

% of

Total

Portfolio

TX 71 $ 44,057 10.0 % 4,089 0 9.8 % MS 12 $ 4,217 1.0 % 607 1.5 %

MI 51 36,730 8.4 % 4,010 9.6 % LA 5 3,857 0.9 % 211 0.5 %

FL 27 25,274 5.7 % 1,543 3.7 % SC 13 3,450 0.8 % 304 0.7 %

OH 49 25,123 5.7 % 1,833 4.4 % NE 6 3,448 0.8 % 492 1.2 %

CA 16 22,929 5.2 % 2,215 5.3 % NJ 2 3,404 0.8 % 266 0.6 %

WI 25 22,337 5.1 % 2,223 5.3 % IA 4 2,976 0.7 % 622 1.5 %

IL 29 22,217 5.1 % 2,291 5.5 % NM 9 2,830 0.6 % 107 0.3 %

MN 21 20,540 4.7 % 3,051 7.3 % UT 3 2,810 0.6 % 280 0.6 %

GA 35 17,071 3.9 % 1,997 4.8 % WA 13 2,714 0.6 % 69 0.2 %

PA 32 16,056 3.7 % 2,172 5.2 % CO 4 2,633 0.6 % 126 0.3 %

IN 27 14,838 3.4 % 1,687 4.0 % MD 3 2,215 0.5 % 205 0.5 %

TN 47 13,522 3.1 % 783 1.9 % CT 2 2,000 0.5 % 55 0.1 %

AL 53 13,191 3.0 % 950 2.3 % MT 7 1,749 0.4 % 43 0.1 %

MA 4 11,942 2.7 % 759 1.8 % DE 4 1,175 0.3 % 133 0.3 %

KY 22 9,237 2.0 % 923 2.2 % ND 2 1,073 0.2 % 24 0.1 %

WV 18 9,182 2.0 % 1,233 3.0 % VT 2 445 0.1 % 24 0.1 %

MO 19 9,178 2.0 % 1,260 3.0 % WY 1 338 0.1 % 21 0.1 %

AZ 7 9,080 2.0 % 747 1.8 % NV 2 282 0.1 % 6 —

NC 25 8,980 2.0 % 830 2.0 % OR 1 136 — 9 —

OK 24 8,673 2.0 % 1,001 2.4 % Total U.S. 759 $ 431,798 98.2 % 41,251 99.0 %

AR 10 7,778 1.8 % 340 0.8 % BC 2 $ 4,615 1.0 % 253 0.6 %

NY 28 7,410 1.7 % 562 1.4 % ON 3 2,047 0.5 % 101 0.2 %

VA 15 5,118 1.2 % 178 0.5 % AB 1 963 0.2 % 51 0.1 %

KS 7 4,936 1.1 % 630 1.5 % MB 1 344 0.1 % 25 0.1 %

SD 2 4,647 1.1 % 340 0.8 % Total Canada 7 $ 7,969 1.8 % 430 1.0 %

Grand Total 766 $ 439,767 100.0 % 41,681 100.0 %

Lease Expirations

(rent percentages based on ABR)

Expiration Year # of Properties # of Leases

ABR

(’000s)

ABR as a % of Total Portfolio

Square Feet (’000s)

SF as a % of Total Portfolio

2026 8 8 $ 8,375 1.9 % 976 2.4 %

2027 25 25 29,622 6.7 % 2,429 5.8 %

2028 25 26 19,114 4.3 % 1,596 3.8 %

2029 60 36 18,976 4.3 % 2,602 6.2 %

2030 87 53 43,352 9.9 % 3,786 9.1 %

2031 43 38 9,923 2.3 % 894 2.1 %

2032 65 50 34,066 7.7 % 3,491 8.4 %

2033 51 25 20,245 4.6 % 1,504 3.6 %

2034 39 28 17,360 3.9 % 1,426 3.4 %

2035 22 17 16,981 3.9 % 2,219 5.3 %

2036 96 25 38,324 8.7 % 3,857 9.3 %

2037 23 13 30,100 6.8 % 2,786 6.7 %

2038 39 39 14,834 3.4 % 1,337 3.2 %

2039 21 17 23,037 5.2 % 1,743 4.2 %

2040 32 13 17,534 4.0 % 923 2.2 %

2041 42 11 26,981 6.1 % 1,996 4.8 %

2042 58 13 45,543 10.4 % 4,803 11.6 %

2043 3 2 8,160 1.9 % 517 1.2 %

2044 3 3 1,660 0.4 % 103 0.2 %

2045 4 3 7,350 1.7 % 698 1.7 %

Thereafter 8 2 8,230 1.9 % 1,985 4.8 %

Total leased properties 754 447 439,767 100.0 % 41,671 100.0 %

In-process developments 11 11 — — — —

Untenanted properties 1 — — — 10 —

Total properties 766 458 $ 439,767 100.0 % 41,681 100.0 %

Occupancy

Occupancy by Rentable Square Footage

Change in Occupancy

Number of properties

Vacant properties at January 1, 2026

Lease expirations (a)

Leasing activities (16)

Vacant properties at March 31, 2026

Lease expirations (a)

Leasing activities (2)

Properties under redevelopment (1)

Vacant dispositions (6)

Vacant properties at June 30, 2026

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

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 build-to-suit developments, our pro-rata share of 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 acquisition costs, or (2) for dispositions, the property’s ABR in effect immediately prior to the disposition, divided by the disposition price, or (3) for transitional capital, the contractual cash yield to be generated on total invested capital.

EBITDA, EBITDAre, Adjusted EBITDAre, Pro Forma Adjusted EBITDAre, Annualized EBITDAre, Annualized Adjusted EBITDAre, and Pro Forma Annualized Adjusted EBITDAre: EBITDA, EBITDAre, Adjusted EBITDAre, Pro Forma Adjusted EBITDAre, Annualized EBITDAre, Annualized Adjusted EBITDAre, and Pro Forma Annualized Adjusted EBITDAre are non-GAAP financial measures. We compute EBITDA as earnings before interest, income taxes and depreciation and amortization. EBITDA is a measure commonly used in our industry. We believe that this ratio provides investors and analysts with a measure of our performance that includes our operating results unaffected by the differences in capital structures, capital investment cycles and useful life of related assets compared to other companies in our industry. We compute EBITDAre in accordance with the definition adopted by Nareit. Nareit defines EBITDAre as EBITDA excluding gains (loss) from the sales of depreciable property and provisions for impairment on investment in real estate. We believe EBITDA and EBITDAre are useful to investors and analysts because they provide important supplemental information about our operating performance exclusive of certain non-cash and other costs. Adjusted EBITDAre represents EBITDAre, adjusted to reflect revenue producing investments and dispositions for the quarter as if such investments and dispositions had occurred at the beginning of the quarter, and to exclude certain GAAP income and expense amounts that are either non-cash, such as cost of debt extinguishments, realized or unrealized gains and losses on foreign currency transactions, or gains on insurance recoveries, or that we believe are one time, or unusual in nature because they relate to unique circumstances or transactions that had not previously occurred and which we do not anticipate occurring in the future, and to eliminate the impact of lease termination fees, and other items that are not a result of normal operations. While investments in build-to-suit developments have an immediate impact to Net Debt, we do not make an adjustment to EBITDAre until the quarter in which the lease commences. We define our Pro Forma Adjusted EBITDAre as Adjusted EBITDAre adjusted to show the impact of estimated contractual revenues based on in-process development spend to-date. Our Pro Forma Net Debt is defined as Net Debt adjusted for estimated net proceeds from forward sale agreements that have not settled as if they have been physically settled for cash as of the period presented. We then annualize quarterly Adjusted EBITDAre and Pro Forma Adjusted EBITDAre by multiplying them by four (“Annualized Adjusted EBITDAre” and “Annualized Pro Forma Adjusted EBITDAre”). You should not unduly rely on this measure as it is based on assumptions and estimates that may prove to be inaccurate. Our actual reported EBITDAre for future periods may be significantly different from our Annualized Adjusted EBITDAre. Adjusted EBITDAre and Annualized Adjusted EBITDAre are not measurements of performance under GAAP, and our Adjusted EBITDAre and Annualized Adjusted EBITDAre may not be comparable to similarly titled measures of other companies. You should not consider our Adjusted EBITDAre and Annualized Adjusted EBITDAre as alternatives to net income or cash flows from operating activities determined in accordance with GAAP.

Funds From Operations (FFO), Core Funds From Operations (Core FFO), and Adjusted Funds From Operations (AFFO): FFO, Core FFO, and AFFO are non-GAAP measures. We believe the use of FFO, Core FFO, and AFFO are useful to investors because they are widely accepted industry measures used by analysts and investors to compare the operating performance of REITs. FFO, Core FFO, and AFFO should not be considered alternatives to net income as a performance measure or to cash flows from operations, as reported on our statement of cash flows, or as a liquidity measure and should be considered in addition to, and not in lieu of, GAAP financial measures. We compute Core FFO by adjusting FFO to exclude certain GAAP income and expense amounts that we believe are infrequently recurring, unusual in nature, or not related to its core real estate operations, including write-offs or recoveries of accrued rental income, lease termination fees and other non-core income from real estate transactions, non-capitalized demolition and other redevelopment costs, severance and employee transition costs, and other extraordinary items. We compute AFFO by adjusting Core FFO for certain revenues and expenses that are non-cash or unique in nature, including straight-line rents, amortization of lease intangibles, amortization of debt issuance costs, adjustment to provision for credit losses, 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.

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 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 that we owned for the entire year-to-date period for both current and prior year except for properties during the current or prior year that were under development. For purposes of comparability, same store rental revenue is presented on a constant currency basis by applying the exchange rate as of the balance sheet date to base currency rental revenue.

Straight-line Yield: Straight-line yield represents our pro-rata share of 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.

Definitions Related to Development Properties:

•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.

•Estimated Stabilized ABR: The Estimated Stabilized ABR represents estimated ABR expected at the completion of our redevelopment projects based on current expected market rates or executed leases.

•Estimated 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 estimated annual straight-line rental income computed in accordance with GAAP, divided by the Estimated Total Project Investment.

•Estimated Total Project Investment: Represents the estimated costs to be incurred to complete development of each project, inclusive of any economic incentive amounts expected to be received. 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. Redevelopment projects include remaining GAAP basis of the property from the initial purchase, which includes impacts of depreciation, accelerated depreciation, or impairments.

•Original Property ABR: The Original Property ABR represents total ABR at the time of our expiring leases for our redevelopment projects.

•Start Date: The Start Date represents the period in which we have acquired access to the land and begun physical construction on a property. For redevelopments, this date also represents the date of the expiring leases from our Original Property ABR.

•Target Stabilization Date: The Target Stabilization Date is our current estimate of the period in which we will have substantially completed a project and we expect to begin collecting rents. We expect to update our timing estimates on a quarterly basis.

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