Form 8-K

8-K — Broadstone Net Lease, Inc.

Accession: 0001424182-26-000034

Filed: 2026-04-29

Period: 2026-04-29

CIK: 0001424182

SIC: 6798 (REAL ESTATE INVESTMENT TRUSTS)

Item: Results of Operations and Financial Condition

Item: Financial Statements and Exhibits

Documents

8-K — bnl-20260429.htm (Primary)

EX-99.1 (bnl-20260331xexx991.htm)

EX-99.2 (bnl-20260331xexx992.htm)

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8-K

8-K (Primary)

Filename: bnl-20260429.htm · Sequence: 1

bnl-20260429

FALSE000142418200014241822026-04-292026-04-29

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): April 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 April 29, 2026, Broadstone Net Lease, Inc. (the “Company”) issued a press release announcing its financial results for the quarter ended March 31, 2026. A copy of the press release is attached hereto as Exhibit 99.1 and is incorporated herein by reference. Additionally, on April 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 March 31, 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 April 29, 2026

99.2

Quarterly Supplemental Information for the Quarter Ended March 31, 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: April 29, 2026 By: /s/ John D. Callan

Name: John D. Callan

Title: Senior Vice President, General Counsel and Secretary

EX-99.1

Filename: bnl-20260331xexx991.htm · Sequence: 2

Document

EXHIBIT 99.1

For Immediate Release

April 29, 2026

Company Contact:

Brent Maedl

Director, Corporate Finance & Investor Relations

brent.maedl@broadstone.com

585.382.8507

Broadstone Net Lease Announces First Quarter 2026 Results and Adds $30 million to its Committed Pipeline of Build-to-Suit Developments

VICTOR, N.Y. – Broadstone Net Lease, Inc. (NYSE: BNL) (“BNL”, the “Company”, “we”, “our”, or “us”), today announced its operating results for the year and quarter ended March 31, 2026.

MANAGEMENT COMMENTARY

“We are off to a great start for the year, delivering 5.6% year-over-year AFFO growth during the quarter," said John Moragne, BNL's Chief Executive Officer. "We strengthened our committed build-to-suit pipeline, invested over $60 million in high yielding stabilized acquisitions, and realized no lost rent, highlighting another quarter of diligent execution across the organization. We remain focused on adding to our growing pipeline of build-to-suits and driving long-term sustainable shareholder value."

FIRST QUARTER 2026 HIGHLIGHTS

OPERATING

RESULTS

•Generated net income of $46.4 million, or $0.24 per diluted share.

•Generated AFFO of $76.9 million, or $0.38 per diluted share, representing a 5.6% increase compared to the previous year.

•Achieved same store rental revenue growth of 2.8% compared to the previous year, driven by strong contractual rent increases and leasing activity in prior periods.

•Incurred $10.3 million of general and administrative expenses, representing a 7.0% increase compared to the same period in the prior year. Incurred core general and administrative expenses of $7.8 million, which excludes $2.5 million of stock-based compensation, representing a 5.4% increase compared to the same period in the prior year.

•Collected 100.0% of base rents due for the quarter for all properties under lease.

•During the quarter, following the previously announced assumption by Gardner White of all six former American Signature sites, we entered into a new 10-year master lease covering all six locations.

INVESTMENT & DISPOSITION ACTIVITY

•During the first quarter, invested $171.9 million, including $61.2 million in new property acquisitions, $99.4 million in build-to-suit developments, including $21.4 million for two new build-to-suit developments started during the quarter, $10.4 million in transitional capital, and $0.9 million revenue generating capital expenditures. The completed acquisition and revenue generating capital expenditures had a weighted average initial cash capitalization rate, lease term, and annual rent increase of 9.0%, 4.1 years, and 0.8%, respectively, and the completed acquisition had a weighted average straight-line yield of 9.4%. For additional information, please reference the Real Estate Portfolio and Investment Update section below.

•As of the date of this release, we have a total of approximately $179.8 million in remaining estimated investments for build-to-suit developments to be funded through the fourth quarter of 2026. Additionally, we have $5.4 million of commitments to fund revenue generating capital expenditures with existing tenants.

•During the first quarter, we sold one property for gross proceeds of $12.1 million at a capitalization rate of 5.6%. Subsequent to quarter-end, we sold three properties for gross proceeds of $54.8 million.

CAPITAL MARKETS ACTIVITY

•During the first quarter of 2026, we sold, on a forward basis, 3,718,219 shares of our common stock at a weighted average gross price per share of $19.13 for estimated gross proceeds of approximately $71.1 million under our at-the-market common equity offering (“ATM Program”), none of which has settled. These sales may be settled, at our discretion, at any time prior to December 2026. After considering the shares sold subject to forward sale agreements we have $281.0 million of capacity remaining under the ATM Program as of March 31, 2026.

•Declared a quarterly dividend of $0.2925 per share.

SUMMARIZED FINANCIAL RESULTS

For the Three Months Ended

(in thousands, except per share data) March 31,

2026 December 31,

2025 March 31,

2025

Revenues $ 121,401 $ 118,295 $ 108,690

Net income, including non-controlling interests $ 46,392 $ 35,028 $ 17,493

Net earnings per share – diluted $ 0.24 $ 0.17 $ 0.09

FFO $ 80,697 $ 73,010 $ 72,627

FFO per share $ 0.40 $ 0.37 $ 0.37

Core FFO $ 79,251 $ 77,699 $ 75,280

Core FFO per share $ 0.40 $ 0.39 $ 0.38

AFFO $ 76,850 $ 75,846 $ 71,812

AFFO per share $ 0.38 $ 0.38 $ 0.36

Diluted Weighted Average Shares Outstanding 199,754 197,935 196,898

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 March 31, 2026, we owned a diversified portfolio of 773 individual net leased commercial properties with 766 properties located in 44 U.S. states and seven properties located in four Canadian provinces, comprising approximately 41.9 million rentable square feet of operational space. As of March 31, 2026, all but two of our properties were subject to a lease, and our properties were occupied by 209 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 99.8% 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 March 31, 2026, was 9.5 years and 2.1%, respectively.

During the quarter, we invested $61.2 million in a 60-acre industrial campus approximately 20-miles north of Boston, Massachusetts, tenanted by Charles River Laboratories, a leading global pharmaceutical and biotechnology contract research organization. The sale leaseback investment includes: a long-term, 12-year net lease with initial cash rents of $1.5 million and annual rent increases of 3.0%, and a short-term, 1-year net lease with cash rents of $4.0 million, for a blended 9.0% initial cash cap rate and 4.0 years of weighted average lease term. We intend to redevelop approximately 48-acres of the 60-acre campus that are subject to the short-term lease in partnership with the Sansone Group as part of our build-to-suit development program. Additionally, we reached stabilization on the second of two maintenance, repair and overhaul hangars, commonly referred to as MROs, at Dayton International Airport, supporting Sierra Nevada Corporation’s work with the U.S. Air Force at nearby Wright-Patterson Air Force Base. Contractual rent commencement for the second facility started on April 1, 2026.

Subsequent to quarter end, we commenced one additional build-to-suit development for Tesla, Inc, with an estimated total project investment of $30.4 million. The project includes a presort battery recycling facility that will be located approximately 3 miles from the Gigafactory in Austin, Texas. We expect the project to reach stabilization in the fourth quarter of 2027.

BALANCE SHEET AND CAPITAL MARKETS ACTIVITIES

As of the March 31, 2026, we had total outstanding debt of $2.7 billion, Net Debt of $2.6 billion, a Net Debt to Annualized Adjusted EBITDAre ratio of 6.1x, and a Pro Forma Net Debt to Annualized Adjusted EBITDAre ratio of 5.8x. We had $591.9 million of available capacity on our unsecured revolving credit facility as of quarter end, and no material maturities until 2027.

During the first quarter, we sold on a forward basis, 3,718,219 shares of common stock at a weighted average gross price per share of $19.13 for estimated gross proceeds of approximately 71,115,296 under our ATM Program, none of which has been settled. In total, on a forward basis, we have sold 4,339,706 of shares common stock at a weighted average gross price per share of $19.02 for estimated gross proceeds of $82.5 million. These sales may be settled, at our discretion, at any time

prior to December 31, 2026. As of the date of this release, we have approximately $281.0 million of capacity remaining under our $400 million 2024 ATM Program.

DISTRIBUTIONS

At its April 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 June 30, 2026, payable on or before July 15, 2026.

BUILD-TO-SUIT DEVELOPMENT PROJECTS

The following table summarizes our in-process and stabilized developments as of April 29, 2026.

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:

Sprouts (Bedford, TX) 22 Jul. 2025 Aug. 2026 15.0 0.9 % $ 9,533 $ 3,589 $ 5,944 7.2 % 7.7 %

Hobby Lobby (Granbury, TX) 55 Oct. 2025 Sep. 2026 15.0 0.7 % 8,129 2,548 5,581 7.1 % 7.4 %

Academy Sports (Granbury, TX) 55 Oct. 2025 Nov. 2026 15.0 0.6 % 12,393 4,988 7,405 7.1 % 7.4 %

Academy Sports (Waco, TX) 68 Dec. 2025 Sep. 2026 15.0 0.6 % 14,487 6,303 8,184 7.2 % 7.5 %

Academy Sports (Magnolia, TX) 55 Feb. 2026

Nov. 2026

15.0 0.5 % 12,975 3,895 9,080 7.3 % 7.5 %

In-process industrial:

Southwire (Bremen, GA) 1,178 Dec. 2024 Nov. 2026 10.0 2.8 % 115,411 65,292 50,119 7.8 % 8.8 %

Fiat Chrysler Automobile (Forsyth, GA) 422 Apr. 2025 Aug. 2026 15.0 2.8 % 78,242 49,492 28,750 6.9 % 8.3 %

AGCO (Visalia, CA) 115 Jun. 2025 Aug. 2026 12.0 3.5 % 19,577 16,637 2,940 7.0 % 8.5 %

Palmer Logistics (Midlothian, TX) 2

270 Jul. 2025 Jul. 2026 12.3 3.5 % 32,063 24,915 7,148 7.6 % 9.2 %

Amazon.com Services, LLC (Sarasota, FL)

230 Feb. 2026 May. 2027 15.0 2.3 % 49,705 18,822 30,883 7.5 % 8.8 %

Tesla Inc. (Austin, TX)

130

Apr. 2026

Oct. 2027

12.0 3.0 % 30,439 7,622 22,817 6.7 % 7.9 %

2,600 12.9 2.5 % 382,954 204,103 178,851 7.3 % 8.4 %

Stabilized industrial:

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 % 52,546 51,571 975 7.6 % 9.4 %

Stabilized retail:

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

Total / weighted average 2,845 13.4 2.6 % $ 491,130 $ 311,304 $ 179,826 7.4 % 8.6 %

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 $1.53 to $1.57 per diluted share, which remains unchanged.

The guidance is based on the following key assumptions:

(i)investments in real estate properties between $500 million and $625 million;

(ii)dispositions of real estate properties between $75 million and $100 million; and

(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, April 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/613304153. If you prefer to listen via phone, U.S. participants may dial: 1-404-975-4839 (toll free) or 1-646-844-6383 (local), access code 797103. International access numbers are viewable here: https://www.netroadshow.com/conferencing/global-numbers?confId=97882.

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 March 31, 2026, BNL’s diversified portfolio consisted of 773 individual net leased commercial properties with 766 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)

March 31, 2026 December 31, 2025

Assets

Accounted for using the operating method:

Land $ 822,795 $ 781,117

Land improvements 381,795 373,405

Buildings and improvements 4,173,302 4,118,578

Equipment 15,324 15,281

Total accounted for using the operating method 5,393,216 5,288,381

Less accumulated depreciation (803,658) (772,589)

Accounted for using the operating method, net 4,589,558 4,515,792

Accounted for using the direct financing method 25,303 25,497

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

Property under development 329,260 265,812

Investment in rental property, net 4,958,514 4,821,506

Cash and cash equivalents 20,310 30,540

Accrued rental income 184,668 178,880

Tenant and other receivables, net 3,633 4,404

Prepaid expenses and other assets 56,183 55,910

Interest rate swap, assets 19,975 18,248

Goodwill 339,769 339,769

Intangible lease assets, net 261,975 268,010

Total assets $ 5,845,027 $ 5,717,267

Liabilities and equity

Unsecured revolving credit facility $ 397,640 $ 266,036

Mortgages, net 56,197 56,689

Unsecured term loans, net 994,820 994,219

Senior unsecured notes, net 1,191,143 1,190,738

Interest rate swap, liabilities 637 1,501

Accounts payable and other liabilities 61,738 60,081

Dividends payable 59,884 59,513

Accrued interest payable 21,759 13,502

Intangible lease liabilities, net 39,860 41,527

Total liabilities 2,823,678 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, 191,771 and 191,423 shares issued and outstanding at March 31, 2026 and December 31, 2025, respectively

48 48

Additional paid-in capital 3,502,465 3,502,380

Cumulative distributions in excess of retained earnings (630,951) (620,221)

Accumulated other comprehensive income 20,898 19,788

Total Broadstone Net Lease, Inc. equity 2,892,460 2,901,995

Non-controlling interests 128,889 131,466

Total equity 3,021,349 3,033,461

Total liabilities and equity $ 5,845,027 $ 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

March 31,

2026 December 31, 2025 March 31,

2025

Revenues

Lease revenues, net $ 121,401 $ 118,295 $ 108,690

Operating expenses

Depreciation and amortization 41,526 41,768 39,497

Property and operating expense 6,180 6,282 5,488

General and administrative 10,349 9,666 9,672

Provision for impairment of investment in rental properties — 4,668 16,128

Total operating expenses 58,055 62,384 70,785

Other income (expenses)

Interest income 49 (14) 99

Interest expense (25,260) (25,051) (20,074)

Gain on sale of real estate 7,122 8,371 405

Income taxes (311) (392) (355)

Other income (expenses) 1,446 (3,797) (487)

Net income 46,392 35,028 17,493

Net income attributable to non-controlling interests (27) (1,902) (750)

Net income attributable to Broadstone Net Lease, Inc. $ 46,365 $ 33,126 $ 16,743

Weighted average number of common shares outstanding

Basic 190,435 188,480 187,865

Diluted 199,754 197,935 196,898

Net earnings per share attributable to common stockholders

Basic $ 0.24 $ 0.17 $ 0.09

Basic and Diluted $ 0.24 $ 0.17 $ 0.09

Comprehensive income (loss)

Net income $ 46,392 $ 35,028 $ 17,493

Other comprehensive income (loss)

Change in fair value of interest rate swaps 2,591 (849) (19,892)

Realized loss (gain) on interest rate swaps 31 — (6)

Comprehensive income (loss) 49,014 34,179 (2,405)

Comprehensive (income) loss attributable to non-controlling interests (136) (1,867) 103

Comprehensive income (loss) attributable to Broadstone Net Lease, Inc. $ 48,878 $ 32,312 $ (2,302)

Reconciliation of Non-GAAP Measures

The following is a reconciliation of net income to FFO, Core FFO, and AFFO for the three months ended March 31, 2026, December 31, 2025 and March 31, 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

(in thousands, except per share data) March 31,

2026 December 31, 2025 March 31,

2025

Net income $ 46,392 $ 35,028 $ 17,493

Real property depreciation and amortization 41,443 41,686 39,411

Gain on sale of real estate (7,122) (8,371) (405)

Provision for impairment of investment in rental properties — 4,667 16,128

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

FFO $ 80,697 $ 73,010 $ 72,627

Net write-offs of accrued rental income — 1,103 2,228

Other non-core income from real estate transactions — (211) (63)

Cost of debt extinguishment — — 165

Severance and employee transition costs — — 1

Other (income) expenses 1

(1,446) 3,797 322

Core FFO $ 79,251 $ 77,699 $ 75,280

Straight-line rent adjustment (5,630) (5,140) (5,907)

Adjustment to provision for credit losses — — —

Amortization of debt issuance costs 1,627 1,566 1,237

Non-capitalized transaction costs 6 157 117

Realized gain or loss on interest rate swaps and other non-cash interest expense 45 14 2

Amortization of lease intangibles (1,015) (1,017) (1,064)

Stock-based compensation 2,566 2,492 2,147

Deferred taxes $ — $ 75 $ —

AFFO $ 76,850 $ 75,846 $ 71,812

Diluted weighted average shares outstanding 2

199,754 197,935 196,898

Net earnings per diluted share 3

$ 0.24 $ 0.17 $ 0.09

FFO per diluted share 3

0.40 0.37 0.37

Core FFO per diluted share 3

0.40 0.39 0.38

AFFO per diluted share 3

0.38 0.38 0.36

1Amount includes $1.4 million, ($1.3) million, and ($0.3) million of unrealized foreign exchange gain (loss) for the three months ended March 31, 2026, December 31, 2025 and March 31, 2025, respectively, primarily associated with our Canadian dollar denominated revolving borrowings. Amount includes a $2.5 million write-off of a non-real estate note receivable during the year ended December, 31, 2025.

2Excludes 1,084,415, 1,070,383 and 1,016,888 weighted average shares of unvested restricted common stock for the three months ended March 31, 2026, December 31, 2025 and March 31, 2025, respectively.

3Excludes $0.3 million from the numerator for the three months ended March 31, 2026, December 31, 2025 and March 31, 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 extinguishments, lease termination fees and other non-core income from real estate 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 March 31, 2026, December 31, 2025, and March 31, 2025:

For the Three Months Ended

(in thousands) March 31,

2026 December 31, 2025 March 31,

2025

Net income $ 46,392 $ 35,028 $ 17,493

Depreciation and amortization 41,526 41,768 39,497

Interest expense 25,260 25,051 20,074

Income taxes 311 392 355

EBITDA $ 113,489 $ 102,239 $ 77,419

Provision for impairment of investment in rental properties — 4,667 16,128

Gain on sale of real estate (7,122) (8,371) (405)

EBITDAre $ 106,367 $ 98,535 $ 93,142

Adjustment for current quarter investment activity1

2,548 1,821 978

Adjustment for current quarter disposition activity2

(80) (286) (135)

Adjustment to exclude non-recurring and other expenses — 2,515 44

Adjustment to exclude net write-offs of accrued rental income — 1,103 2,228

Adjustment to exclude realized / unrealized foreign exchange (gain) loss (1,446) 1,282 322

Adjustment to exclude cost of debt extinguishment 0 — 166

Adjustment to exclude other income from real estate transactions (33) (392) (63)

Adjusted EBITDAre $ 107,356 $ 104,578 $ 96,682

Estimated revenues from developments3

3,237 2,867 631

Pro Forma Adjusted EBITDAre $ 110,593 $ 107,445 $ 97,313

Annualized EBITDAre 425,467 394,140 372,568

Annualized Adjusted EBITDAre 429,425 418,312 386,728

Pro Forma Annualized Adjusted EBITDAre 442,371 429,780 389,252

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.

3Represents estimated contractual revenues based on in-process development spend to-date.

(in thousands) March 31,

2026 December 31, 2025 March 31,

2025

Debt

Unsecured revolving credit facility $ 397,640 $ 266,036 $ 174,122

Unsecured term loans, net 994,820 994,219 893,505

Senior unsecured notes, net 1,191,143 1,190,738 846,252

Mortgages, net 56,197 56,689 76,260

Debt issuance costs 14,056 15,072 10,300

Gross Debt 2,653,856 2,522,754 2,000,439

Cash and cash equivalents (20,310) (30,540) (9,605)

Restricted cash (1,369) (3,102) (1,428)

Net Debt $ 2,632,177 $ 2,489,112 $ 1,989,406

Estimated net proceeds from forward equity agreements1

(80,551) (10,964) (38,124)

Pro Forma Net Debt $ 2,551,626 $ 2,478,148 $ 1,951,282

Leverage Ratios:

Net Debt to Annualized EBITDAre 6.2x 6.3x 5.3x

Net Debt to Annualized Adjusted EBITDAre 6.1x 6.0x 5.1x

Pro Forma Net Debt to Annualized Adjusted EBITDAre 5.8x 5.8x 5.0x

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 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 (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-20260331xexx992.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

Built-to-Suit 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 March 31, 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)

Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025

Financial Summary

Investment in rental property $ 5,432,912 $ 5,328,283 $ 5,147,649 $ 5,058,791 $ 5,032,276

Less accumulated depreciation (803,658) (772,589) (745,326) (721,195) (694,990)

Property under development 329,260 265,812 179,172 116,635 35,492

Investment in rental property, net 4,958,514 4,821,506 4,581,495 4,454,231 4,372,778

Cash and cash equivalents 20,310 30,540 81,966 20,784 9,605

Restricted cash 1,369 3,102 1,354 1,192 1,428

Total assets 5,845,027 5,717,267 5,519,271 5,326,679 5,237,186

Unsecured revolving credit facility 397,640 266,036 95,824 197,880 174,122

Mortgages, net 56,197 56,689 57,168 75,685 76,260

Unsecured term loans, net 994,820 994,219 994,550 994,028 893,505

Senior unsecured notes, net 1,191,143 1,190,738 1,190,315 846,441 846,252

Total liabilities 2,823,678 2,683,806 2,506,762 2,290,858 2,156,372

Total Broadstone Net Lease, Inc. equity 2,892,460 2,901,995 2,884,658 2,906,693 2,949,734

Total equity (book value) 3,021,349 3,033,461 3,012,509 3,035,821 3,080,814

Revenues 121,401 118,295 114,167 112,986 108,690

General and administrative - other 7,783 7,174 7,486 7,100 7,525

Stock based compensation 2,566 2,492 2,488 2,471 2,147

General and administrative 10,349 9,666 9,974 9,571 9,672

Total operating expenses 58,055 62,384 63,417 69,088 70,785

Interest expense 25,260 25,051 28,230 21,112 20,074

Net income 46,392 35,028 27,065 19,830 17,493

Net earnings per common share, diluted $ 0.24 $ 0.17 $ 0.14 $ 0.10 $ 0.09

FFO 80,697 73,010 70,969 73,695 72,627

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

Core FFO 79,251 77,699 70,386 77,150 75,280

Core FFO per share, diluted $ 0.40 $ 0.39 $ 0.35 $ 0.39 $ 0.38

AFFO 76,850 75,846 74,314 74,308 71,812

AFFO per share, diluted $ 0.38 $ 0.38 $ 0.37 $ 0.38 $ 0.36

Net cash provided by operating activities 76,092 84,567 64,190 79,280 71,459

Capital expenditures and improvements 588 248 542 614 1,106

Capital expenditures and improvements - revenue generating 775 6,337 5,624 1,994 13,242

Net cash (used in) provided by investing activities (162,411) (284,626) (174,054) (131,258) (85,335)

Net cash provided by (used in) financing activities 74,356 150,380 171,208 62,921 8,916

Distributions declared 59,884 57,919 57,284 57,284 58,874

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

Balance Sheet

(unaudited, in thousands)

March 31,

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

Assets

Accounted for using the operating method:

Land $ 822,795 $ 781,117 $ 778,177 $ 784,092 $ 780,817

Land improvements 381,795 373,405 359,210 360,774 360,197

Buildings and improvements 4,173,302 4,118,578 3,954,112 3,871,441 3,848,623

Equipment 15,324 15,281 16,070 16,070 16,070

Total accounted for using the operating method 5,393,216 5,288,381 5,107,569 5,032,377 5,005,707

Less accumulated depreciation (803,658) (772,589) (745,326) (721,195) (694,990)

Accounted for using the operating method, net 4,589,558 4,515,792 4,362,243 4,311,182 4,310,717

Accounted for using the direct financing method 25,303 25,497 25,673 25,845 25,999

Accounted for using the sales-type method 14,393 14,405 14,407 569 570

Property under development 329,260 265,812 179,172 116,635 35,492

Investment in rental property, net 4,958,514 4,821,506 4,581,495 4,454,231 4,372,778

Cash and cash equivalents 20,310 30,540 81,966 20,784 9,605

Accrued rental income 184,668 178,880 174,867 172,310 166,436

Tenant and other receivables, net 3,633 4,404 3,573 3,605 2,581

Prepaid expenses and other assets 56,183 55,910 59,866 55,815 52,260

Interest rate swap, assets 19,975 18,248 19,590 23,490 29,681

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

Intangible lease assets, net 261,975 268,010 258,145 256,675 264,076

Total assets $ 5,845,027 $ 5,717,267 $ 5,519,271 $ 5,326,679 $ 5,237,186

Liabilities and equity

Unsecured revolving credit facility $ 397,640 $ 266,036 $ 95,824 $ 197,880 $ 174,122

Mortgages, net 56,197 56,689 57,168 75,685 76,260

Unsecured term loans, net 994,820 994,219 994,550 994,028 893,505

Senior unsecured notes, net 1,191,143 1,190,738 1,190,315 846,441 846,252

Interest rate swap, liabilities 637 1,501 1,994 7,625 3,353

Accounts payable and other liabilities 61,738 60,081 55,662 57,409 48,424

Dividends payable 59,884 59,513 58,665 58,451 58,220

Accrued interest payable 21,759 13,502 9,488 8,542 9,399

Intangible lease liabilities, net 39,860 41,527 43,096 44,797 46,837

Total liabilities 2,823,678 2,683,806 2,506,762 2,290,858 2,156,372

Equity

Broadstone Net Lease, Inc. equity:

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

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

Additional paid-in capital 3,502,465 3,502,380 3,463,010 3,459,939 3,456,041

Cumulative distributions in excess of retained earnings (630,951) (620,221) (597,571) (571,302) (536,074)

Accumulated other comprehensive income 20,898 19,788 19,172 18,009 29,720

Total Broadstone Net Lease, Inc. equity 2,892,460 2,901,995 2,884,658 2,906,693 2,949,734

Non-controlling interests 128,889 131,466 127,851 129,128 131,080

Total equity 3,021,349 3,033,461 3,012,509 3,035,821 3,080,814

Total liabilities and equity $ 5,845,027 $ 5,717,267 $ 5,519,271 $ 5,326,679 $ 5,237,186

Income Statement Summary

(unaudited, in thousands except per share data)

Three Months Ended

March 31,

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

Revenues

Lease revenues, net $ 121,401 $ 118,295 $ 114,167 $ 112,986 $ 108,690

Operating expenses

Depreciation and amortization 41,526 41,768 40,246 42,575 39,497

Property and operating expense 6,180 6,282 6,198 5,003 5,488

General and administrative 10,349 9,666 9,974 9,571 9,672

Provision for impairment of investment in rental properties — 4,668 6,999 11,939 16,128

Total operating expenses 58,055 62,384 63,417 69,088 70,785

Other income (expenses)

Interest income 49 (14) 182 122 99

Interest expense (25,260) (25,051) (28,230) (21,112) (20,074)

Gain on sale of real estate 7,122 8,371 3,259 566 405

Income taxes (311) (392) (208) (199) (355)

Other income (expenses) 1,446 (3,797) 1,312 (3,445) (487)

Net income 46,392 35,028 27,065 19,830 17,493

Net income attributable to non-controlling interests (27) (1,902) (599) 330 (750)

Net income attributable to Broadstone Net Lease, Inc. $ 46,365 $ 33,126 $ 26,466 $ 20,160 $ 16,743

Weighted average number of common shares outstanding

Basic 190,435 188,480 188,099 188,041 187,865

Diluted 199,754 197,935 197,632 197,138 196,898

Net earnings per share attributable to common stockholders

Basic $ 0.24 $ 0.17 $ 0.14 $ 0.11 $ 0.09

Diluted $ 0.24 $ 0.17 $ 0.14 $ 0.10 $ 0.09

(a)Excludes 1,084,415 weighted average shares of unvested restricted common stock for the three months ended March 31, 2026

(b)Excludes $0.3 million from the numerator for the three months ended March 31, 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

March 31,

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

Net income $ 46,392 35,028 $ 27,065 $ 19,830 $ 17,493

Real property depreciation and amortization 41,443 41,686 40,164 42,492 39,411

Gain on sale of real estate (7,122) (8,371) (3,259) (566) (405)

Provision for impairment of investment in rental properties — 4,667 6,999 11,939 16,128

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

FFO $ 80,697 $ 73,010 $ 70,969 $ 73,695 $ 72,627

Net write-offs of accrued rental income — 1,103 755 3 2,228

Other non-core income from real estate transactions — (211) (27) (46) (63)

Cost of debt extinguishment — — — — 165

Severance and employee transition costs — — 1 53 1

Other (income) expenses (a)

(1,446) 3,797 (1,312) 3,445 322

Core FFO $ 79,251 $ 77,699 $ 70,386 $ 77,150 $ 75,280

Straight-line rent adjustment (5,630) (5,140) (4,960) (5,586) (5,907)

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

Amortization of debt issuance costs 1,627 1,566 1,357 1,328 1,237

Non-capitalized transaction costs 6 157 125 142 117

Realized gain or loss on interest rate swaps and other non-cash interest expense 45 14 6,116 7 2

Amortization of lease intangibles (1,015) (1,017) (1,198) (1,191) (1,064)

Stock-based compensation 2,566 2,492 2,488 2,471 2,147

Deferred taxes — 75 — — —

AFFO $ 76,850 $ 75,846 $ 74,314 $ 74,308 $ 71,812

Diluted weighted average shares outstanding (b)

199,754 197,935 197,632 197,138 196,898

Net earnings per diluted share (c)

$ 0.24 $ 0.17 $ 0.14 $ 0.10 $ 0.09

FFO per diluted share (c)

0.40 0.37 0.36 0.37 0.37

Core FFO per diluted share (c)

0.40 0.39 0.35 0.39 0.38

AFFO per diluted share (c)

0.38 0.38 0.37 0.38 0.36

(a)Amount includes $1.4 million of unrealized and realized foreign exchange gain, primarily associated with our Canadian dollar denominated revolver borrowings for the three months ended March 31, 2026.

(b)Excludes 1,084,415 weighted average shares of unvested restricted common stock for the three months ended March 31, 2026.

(c)Excludes $0.3 million from the numerator for the three months ended March 31, 2026, related to dividends declared on shares of unvested restricted common stock.

Lease Revenues Detail

(unaudited, in thousands)

Three Months Ended

March 31,

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

Contractual rental amounts billed for operating leases $ 107,519 $ 106,196 $ 102,270 $ 101,014 $ 99,314

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

5,848 5,317 5,134 5,753 6,064

Net write-offs of accrued rental income — (1,103) (755) — (2,228)

Variable rental amounts earned 757 1,210 732 718 680

Earned income from direct financing leases 667 671 675 679 682

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

Operating expenses billed to tenants 5,700 5,138 5,752 4,795 4,944

Other income from real estate transactions 32 392 43 63 77

Adjustment to revenue recognized for uncollectible rental amounts billed, net

404 — (10) (50) (857)

Total lease revenues, net $ 121,401 $ 118,295 $ 114,167 $ 112,986 $ 108,690

Same Store Rent Growth

(unaudited, in thousands)

Three Months Ended

March 31,

Number of Properties 2026 2025 $ Change % Change

Same Store Properties:

Contractual rent increases

Total 695 $ 88,640 $ 86,998 $ 1,642 1.9 %

Industrial 183 51,689 50,605 1,084 2.1 %

Retail 487 29,087 28,709 378 1.3 %

Other 25 7,864 7,684 180 2.3 %

Revenue generating capital expenditures during periods (a)

5 2,088 1,900 188

Leasing activity 15 1,601 855 746

Cash basis tenants (b)

15 2,368 2,382 (14)

Transitional capital (d)

— 1,252 1,072 180

Currently vacant 2 116 227 (111)

Same store rental revenue 732 96,065

(c)

93,434

(c)

2,631 2.8 %

Industrial 192 55,554 53,578 1,976 3.7 %

Retail 512 32,238 31,796 442 1.4 %

Other 29 8,273 8,059 214 2.7 %

Non-Same Store Properties:

Investments during periods 41

(e)

12,462 3,882

Contractual rental amounts - current property portfolio

773 108,527 97,316

Sold during periods presented

(f)

485 1,791

Contractual rental amounts 802 109,012 99,107

Straight-line and other non-cash adjustments N/A 6,688 4,677

Other revenue (g)

N/A 5,702 5,021

Constant currency adjustment N/A (1) (115)

Total Lease revenues, net $ 121,401 $ 108,690

(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 March 31, 2026, would be 2.8%.

(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 March 31, 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

Shares of Common Stock 191,771

OP Units 8,296

Common Stock & OP Units 200,067

Price Per Share / Unit at March 31, 2026 $ 18.27

IMPLIED EQUITY MARKET CAPITALIZATION $ 3,655,224

% of Total Capitalization 57.9 %

DEBT

Unsecured Revolving Credit Facility $ 397,640

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 56,216

TOTAL DEBT $ 2,653,856

% of Total Capitalization 42.1 %

Floating Rate Debt % 21.9 %

Fixed Rate Debt % 78.1 %

Secured Debt % 2.1 %

Unsecured Debt % 97.9 %

Total Capitalization $ 6,309,080

Less: Cash and Cash Equivalents (20,310)

Enterprise Value $ 6,288,770

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)

Forfeiture of restricted stock awards — — —

OP unit conversion — — —

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

Debt Outstanding

(in thousands)

Outstanding Balance

(in thousands, except interest rates) March 31,

2026 December 31,

2025 Interest Rate Maturity Date

Unsecured revolving credit facility $ 397,640 $ 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 (5,180) (5,781)

Total unsecured term loans, net 994,820 994,219

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 (8,857) (9,262)

Total senior unsecured notes, net 1,191,143 1,190,738

Total unsecured debt, net $ 2,583,603 $ 2,450,993

(a)At March 31, 2026 and December 31, 2025, a balance of $326.0 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 $71.6 million United States Dollars (“USD”) and $73.0 million USD, at March 31, 2026 and December 31, 2025, respectively, and was subject to daily simple CORRA of 2.27% and 2.30% at March 31, 2026 and December 31, 2025, respectively.

(b)At March 31, 2026 and December 31, 2025, one-month SOFR was 3.66% and 3.69%, respectively.

(c)At March 31, 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 March 31,

2026 December 31,

2025

Lender

Wilmington Trust National Association Apr. 2019 Feb. 2028 4.92% $ 41,013 $ 41,393

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

PNC Bank Oct. 2016 Nov. 2026 3.62% 15,203 15,324

(b) (c)

Total mortgages 56,216 56,717

Debt issuance costs, net (19) (28)

Mortgages, net $ 56,197 $ 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.

Year of Maturity Revolving

Credit Facility Mortgages Term Loans Senior Notes Total

2026 $ — $ 16,342 $ — $ — $ 16,342

2027 — 1,597 200,000 150,000 351,597

2028 — 38,277 500,000 225,000 763,277

2029 397,640 — 300,000 — 697,640

2030 — — — 100,000 100,000

Thereafter — — — 725,000 725,000

Total $ 397,640 $ 56,216 $ 1,000,000 $ 1,200,000 $ 2,653,856

Interest Rate Swaps

(dollars in thousands)

(in thousands, except interest rates) March 31, 2026

Counterparty Maturity Date Fixed

Rate Variable Rate Index Notional

Amount Fair

Value

Capital One, National Association April 2026 2.68% daily compounded SOFR 15,000 3

Capital One, National Association July 2026 1.32% daily compounded SOFR 35,000 216

Bank of Montreal December 2026 2.33% daily compounded SOFR 10,000 107

Bank of Montreal December 2026 1.99% daily compounded SOFR 25,000 330

Toronto-Dominion Bank March 2027 2.46% daily compounded CORRA 14,328

(a)

Wells Fargo Bank, N.A. April 2027 2.72% daily compounded SOFR 25,000 259

Bank of Montreal December 2027 2.37% daily compounded SOFR 25,000 568

Capital One, National Association December 2027 2.37% daily compounded SOFR 25,000 566

Wells Fargo Bank, N.A. January 2028 2.37% daily compounded SOFR 75,000 1,707

Bank of Montreal May 2029 2.09% daily compounded SOFR 25,000 1,161

Regions Bank May 2029 2.11% daily compounded SOFR 25,000 1,144

Regions Bank June 2029 2.03% daily compounded SOFR 25,000 1,208

U.S. Bank National Association June 2029 2.03% daily compounded SOFR 25,000 1,209

Regions Bank August 2029 2.58% one-month SOFR 100,000 2,947

Toronto-Dominion Bank August 2029 2.58% one-month SOFR 45,000 1,345

U.S. Bank National Association August 2029 2.65% one-month SOFR 15,000 415

U.S. Bank National Association August 2029 2.58% one-month SOFR 100,000 2,956

U.S. Bank National Association August 2029 1.35% daily compounded SOFR 25,000 1,825

Toronto-Dominion Bank December 2030 3.66% daily simple SOFR 70,000 (351)

Regions Bank December 2030 3.66% daily simple SOFR 55,000 (286)

Regions Bank March 2032 2.69% daily compounded CORRA 14,328

(a)

422

U.S. Bank National Association March 2032 2.70% daily compounded CORRA 14,328

(a)

420

Bank of Montreal March 2034 2.81% daily compounded CORRA 28,656

(b)

1,121

Total Swaps 816,640 19,338

(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

March 31,

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

Net income $ 46,392 $ 35,028 $ 27,065 $ 19,830 $ 17,493

Depreciation and amortization 41,526 41,768 40,246 42,575 39,497

Interest expense 25,260 25,051 28,230 21,112 20,074

Income taxes 311 392 208 199 355

EBITDA $ 113,489 $ 102,239 $ 95,749 $ 83,716 $ 77,419

Provision for impairment of investment in rental properties — 4,667 6,999 11,939 16,128

Gain on sale of real estate (7,122) (8,371) (3,259) (566) (405)

EBITDAre $ 106,367 $ 98,535 $ 99,489 $ 95,089 $ 93,142

Adjustment for current quarter investment activity (a)

2,548 1,821 1,797 573 978

Adjustment for current quarter disposition activity (b)

(80) (286) (257) (490) (135)

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

— 2,515 (177) (332) 44

Adjustment to exclude net write-offs of accrued rental income — 1,103 755 3 2,228

Adjustment to exclude realized / unrealized foreign exchange (gain) loss (1,446) 1,282 (1,312) 3,445 322

Adjustment to exclude cost of debt extinguishment — — — — 166

Adjustment to exclude other income from real estate transactions (33) (392) (43) (46) (63)

Adjusted EBITDAre $ 107,356 $ 104,578 $ 100,252 $ 98,242 $ 96,682

Estimated revenues from developments (c)

3,237 2,867 2,544 1,629 631

Pro Forma Adjusted EBITDAre $ 110,593 $ 107,445 $ 102,796 $ 99,871 $ 97,313

Annualized EBITDAre $ 425,467 $ 394,140 $ 397,956 $ 380,356 $ 372,568

Annualized Adjusted EBITDAre 429,425 418,312 401,008 392,968 386,728

Pro Forma Annualized Adjusted EBITDAre 442,371 429,780 411,184 399,484 389,252

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

Three Months Ended

March 31,

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

Adjusted EBITDAre $ 107,356 $ 104,578 $ 100,252 $ 98,242 $ 96,682

General and administrative (excluding certain expenses reflected above) 10,349 9,666 9,984 9,524 9,628

Adjusted Net Operating Income ("NOI") $ 117,705 $ 114,244 $ 110,236 $ 107,766 $ 106,310

Straight-line rental revenue, net (5,928) (5,676) (5,282) (5,693) (6,084)

Other amortization and non-cash charges (1,015) (1,017) (1,364) (1,569) (1,007)

Adjusted Cash NOI $ 110,762 $ 107,551 $ 103,590 $ 100,504 $ 99,219

Annualized Adjusted NOI $ 470,822 $ 456,976 $ 440,944 $ 431,064 $ 425,240

Annualized Adjusted Cash NOI 443,049 430,204 414,360 402,016 396,876

Net Debt Metrics

(in thousands)

March 31,

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

Debt

Unsecured revolving credit facility $ 397,640 $ 266,036 $ 95,824 $ 197,880 $ 174,122

Unsecured term loans, net 994,820 994,219 994,550 994,028 893,505

Senior unsecured notes, net 1,191,143 1,190,738 1,190,315 846,441 846,252

Mortgages, net 56,197 56,689 57,168 75,685 76,260

Debt issuance costs 14,056 15,072 15,171 9,578 10,300

Gross Debt 2,653,856 2,522,754 2,353,028 2,123,612 2,000,439

Cash and cash equivalents (20,310) (30,540) (81,966) (20,784) (9,605)

Restricted cash (1,369) (3,102) (1,354) (1,192) (1,428)

Net Debt 2,632,177 2,489,112 2,269,708 2,101,636 1,989,406

Estimated net proceeds from forward equity agreements (a)

(80,551) (10,964) (37,257) (37,722) (38,124)

Pro Forma Net Debt $ 2,551,626 $ 2,478,148 $ 2,232,451 $ 2,063,914 $ 1,951,282

Leverage Ratios:

Net Debt to Annualized EBITDAre 6.2x 6.3x 5.7x 5.5x 5.3x

Net Debt to Annualized Adjusted EBITDAre 6.1x 6.0x 5.7x 5.3x 5.1x

Pro Forma Net Debt to Annualized Adjusted EBITDAre 5.8x 5.8x 5.4x 5.2x 5.0x

(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 March 31, 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 0.38 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 4.01 Not Applicable Not Applicable

Fixed charge coverage ratio ≥ 1.50 to 1.00 3.81 3.80 Not Applicable

Total unsecured indebtedness to total unencumbered eligible property value ≤ 0.60 to 1.00 0.39 0.44 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 4.43

Total unencumbered assets to total unsecured debt ≥ 1.50 to 1.00 Not Applicable Not Applicable 2.34

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: 4.1 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: 3.1 years

Investment Activity

(square feet and dollars in thousands)

The following tables summarize the Company’s investment activity during 2026.

Q1 2026

Acquisitions:

Number of transactions 1

Number of properties 1

Square feet 316

Acquisition price $ 61,195

(b)

Industrial $ 61,195

Retail —

Initial cash capitalization rate 9.0 %

(b)

Straight-line yield 9.4 %

(b)

Weighted average lease term (years) 4.0

(b)

Weighted average annual rent increase 0.8 %

(b)

Build-to-suit developments:

Investments $ 99,447

Revenue generating capital expenditures:

Number of existing properties 1

Investments $ 893

Initial cash capitalization rate 8.3%

Weighted average lease term (years) 12.9

Weighted average annual rent increase 2.8%

Transitional capital:

Investments

$ 10,351

Total investments $ 171,886

Total initial cash capitalization rate (a)

9.0 %

Total weighted average lease term (years) (a)

4.1

Total weighted average annual rent increase (a)

0.8 %

(a)Transitional capital, which represents a contractual yield on invested capital, and build-to-suit developments, 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.

Build-to-Suit Development Projects

(square feet and dollars in thousands)

The following table summarizes the Company’s in-process developments as of March 31, 2026:

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 Q1 2026 Investment Estimated Remaining Investment

Estimated Cash Capitalization Rate (a)

Estimated Straight-line Yield

In-process retail:

Sprouts (Bedford, TX) 22 Jul. 2025 Aug. 2026 15.0 0.9 % $ 9,533 $ 1,573 $ 947 $ 7,960 7.2 % 7.7 %

Hobby Lobby (Granbury, TX) 55 Oct. 2025 Sep. 2026 15.0 0.7 % 8,129 2,362 955 5,767 7.1 % 7.4 %

Academy Sports (Granbury, TX) 55 Oct. 2025 Nov. 2026 15.0 0.6 % 12,393 4,579 1,787 7,814 7.1 % 7.4 %

Academy Sports (Waco, TX) 68 Dec. 2025 Sep. 2026 15.0 0.6 % 14,487 6,215 392 8,272 7.2 % 7.5 %

Academy Sports (Magnolia, TX) 55 Feb. 2026 Nov. 2026 15.0 0.5 % 12,975 2,803 2,803 10,172 7.3 % 7.5 %

In-process industrial:

Southwire (Bremen, GA) 1,178 Dec. 2024 Nov. 2026 10.0 2.8 % 115,411 57,880 15,273 57,531 7.8 % 8.8 %

Fiat Chrysler Automobile (Forsyth, GA) 422 Apr. 2025 Aug. 2026 15.0 2.8 % 78,242 47,758 13,431 30,484 6.9 % 8.3 %

AGCO (Visalia, CA) 115 Jun. 2025 Aug. 2026 12.0 3.5 % 19,577 16,249 1,713 3,328 7.0 % 8.5 %

Palmer Logistics (Midlothian, TX) (b)

270 Jul. 2025 Jul. 2026 12.3 3.5 % 32,063 21,392 8,517 10,671 7.6 % 9.2 %

Amazon.com Services, LLC (Sarasota, FL) 230 Feb. 2026 May. 2027 15.0 2.3 % 49,705 18,564 18,564 31,141 7.5 % 8.8 %

2,470 13.0 2.5 % 352,515 179,375 64,382 173,140 7.4 % 8.5 %

Stabilized industrial:

Sierra Nevada (Dayton, OH) 122 Oct. 2024 Nov. 2025 15.0 3.0 % 53,625 53,625 (521) — 7.5 % 9.3 %

Sierra Nevada (Dayton, OH) 122 Oct. 2024 Mar. 2026 15.0 3.0 % 52,546 48,420 5,593 4,126 7.6 % 9.4 %

Stabilized retail:

7Brew (Jacksonville, FL) 1 Jun. 2025 Nov. 2025 15.0 1.9 % 2,005 2,005 392 — 8.0 % 8.8 %

Total / weighted average 2,715 13.5 2.6 % $ 460,691 $ 283,425 $ 69,846 $ 177,266 7.4 % 8.7 %

(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.

The following table summarizes the timing of the Company’s construction investment, quarterly rent, and ABR for in-process and stabilized developments as of March 31, 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)

$ 57,028 8.0 % 7.6 % 1.3

Project Triboro Industrial Park - Olyphant, PA (e)

106,297 7.8 % — % 2.6

(a)Each of the Company’s transitional capital investments at March 31, 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 March 31, 2026 is $3.0 million. Repayment at end of term subject to a $3.5 million repayment fee.

(d)Underlying property metrics at March 31, 2026: 28 retail spaces, 0.3 million rentable square feet, 5.8 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 99.0% 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

Other 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 %

Portfolio at a Glance: Key Metrics (a)

March 31,

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

Properties 773 771 759 766 769

U.S. States 44 44 44 44 44

Canadian Provinces 4 4 4 4 4

Total annualized base rent $438.8 M $428.8 M $412.9 M $404.2 M $401.3 M

Total rentable square footage (“SF”) 41.9 M 41.6 M 40.7 M 40.1 M 39.8 M

Tenants 209 206 204 205 204

Brands 198 197 195 195 192

Industries 57 57 56 56 55

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

Rent Collection 100.0 % 100.0 % 100.0 % 99.6 % 99.1 %

Top 10 tenant concentration 21.3 % 21.1 % 21.3 % 21.8 % 21.9 %

Top 20 tenant concentration 34.6 % 34.3 % 34.7 % 35.2 % 35.3 %

Investment grade (tenant/guarantor) (b)

19.1 % 20.2 % 20.9 % 20.7 % 20.1 %

Financial reporting coverage (c)

96.0 % 95.4 % 96.6 % 92.4 % 94.1 %

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

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

Weighted average remaining lease term 9.5 years 9.6 years 9.5 years 9.7 years 10.0 years

Master leases (based on ABR)

Total portfolio 38.0 % 38.6 % 39.0 % 40.1 % 40.9 %

Multi-site tenants 64.0 % 64.9 % 66.5 % 68.3 % 68.7 %

(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 14.2% related to tenants not required to provide financial information under the terms of our lease, but whose financial statements are available publicly at March 31, 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 %

AHF, LLC* Distribution & Warehouse/Manufacturing 8 $ 9,852 2.2 % 2,284 5.4 %

Sierra Nevada Company, LLC Manufacturing 3 $ 9,094 2.1 % 280 0.7 %

Joseph T. Ryerson & Son, Inc. Distribution & Warehouse 11 $ 8,145 1.9 % 1,599 3.8 %

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 1.5 % 462 1.1 %

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

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

Total Top 10 Tenants 188 $ 93,324 21.3 % 9,389 22.4 %

Hensley & Company* Distribution & Warehouse 3 $ 6,355 1.4 % 577 1.4 %

Salm Partners, LLC* Food Processing 2 6,276 1.4 % 426 1.0 %

BluePearl Holdings, LLC** Animal Services 13 6,057 1.4 % 159 0.4 %

Axcelis Technologies, Inc. Flex and R&D 1 6,018 1.4 % 417 1.0 %

Owens & Minor Distribution, Inc. Distribution & Warehouse 2 5,960 1.3 % 523 1.2 %

Red Lobster Hospitality, LLC & Red Lobster Restaurants, LLC* Casual Dining 18 5,674 1.3 % 147 0.3 %

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 %

Charles River Laboratories, Inc. Flex and R&D 1 5,487 1.2 % 316 0.8 %

Total Top 20 Tenants 286 $ 151,924 34.6 % 12,785 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 53 $ 86,997 19.8 % 12,057 28.8 %

Manufacturing 80 83,760 19.1 % 12,867 30.7 %

Food Processing 36 54,537 12.4 % 6,050 14.4 %

Flex and R&D 9 24,709 5.6 % 1,710 4.1 %

Industrial Services 21 13,116 3.0 % 529 1.3 %

Cold Storage 4 12,441 2.9 % 874 2.0 %

In-Process Development 5 — — % — — %

Untenanted 1 — — % 74 0.2 %

Industrial Total 209 275,560 62.8 % 34,161 81.5 %

Retail

General Merchandise 156 34,868 7.9 % 2,645 6.3 %

Quick Service Restaurants 154 27,882 6.4 % 516 1.2 %

Casual Dining 95 26,973 6.1 % 637 1.5 %

Animal Services 27 11,667 2.7 % 421 1.0 %

Automotive 63 11,428 2.6 % 755 1.8 %

Home Furnishings 13 7,177 1.6 % 797 1.9 %

Healthcare Services 18 6,131 1.4 % 220 0.6 %

Education 4 2,952 0.7 % 119 0.3 %

In-Process Development 4 — — % — — %

Untenanted 1 — — % 10 — %

Retail Total 535 129,078 29.4 % 6,120 14.6 %

Other

Office 14 24,229 5.5 % 1,311 3.1 %

Clinical & Surgical 15 9,976 2.3 % 327 0.8 %

Other Total 29 34,205 7.8 % 1,638 3.9 %

Total 773 $ 438,843 100.0 % 41,919 100.0 %

Key Statistics by Property Type

Q1 2026 Q4 2025

Q3 2025

Q2 2025

Q1 2025

Industrial

Number of properties 209 208 207 215 211

Square feet (000s) 34,161 33,803 33,081 32,694 32,231

Weighted average lease term (years) 10.2 10.5 10.3 10.5 10.7

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

Percentage of total ABR 62.8 % 61.9 % 61.2 % 60.7 % 59.8 %

Retail

Number of properties 535 534 523 521 526

Square feet (000s) 6,120 6,120 5,934 5,790 5,820

Weighted average lease term (years) 9.4 9.4 9.5 9.8 10.0

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

Percentage of total ABR 29.4 % 30.1 % 30.6 % 31.0 % 31.3 %

Other

Number of properties 29 29 29 30 32

Square feet (000s) 1,638 1,638 1,638 1,647 1,714

Weighted average lease term (years) 3.6 3.8 4.1 4.2 4.8

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

Percentage of total ABR 7.8 % 8.0 % 8.2 % 8.3 % 8.9 %

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 $ 57,405 13.1 % 6,338 15.1 %

Restaurants 252 55,699 12.7 % 1,196 2.9 %

Food Distributors 7 28,567 6.5 % 2,534 6.0 %

Specialty Stores 43 22,259 5.1 % 1,932 4.6 %

Distributors 29 22,100 5.0 % 3,357 8.0 %

Healthcare Facilities 42 21,643 4.9 % 748 1.8 %

Auto Parts & Equipment 38 19,092 4.4 % 2,953 7.0 %

Aerospace & Defense 6 14,207 3.2 % 695 1.7 %

Home Furnishing Retail 17 12,170 2.8 % 1,692 4.0 %

General Merchandise Stores 110 11,666 2.7 % 1,035 2.5 %

Specialized Consumer Services 44 11,539 2.6 % 707 1.7 %

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

Healthcare Services 17 10,941 2.5 % 568 1.4 %

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

Forest Products 8 9,852 2.2 % 2,284 5.4 %

Other (42 industries)

105 120,742 27.5 % 12,990 31.0 %

Untenanted properties 2 — — % 84 0.2 %

Total 773 $ 438,843 100.0 % 41,919 100.0 %

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 70 $ 43,833 10.0 % 4,090 0 9.8 % MS 12 $ 4,215 1.0 % 607 1.4 %

MI 51 36,689 8.4 % 4,009 9.6 % LA 5 3,857 0.9 % 210 0.5 %

FL 29 25,548 5.8 % 1,549 3.7 % SC 13 3,450 0.8 % 304 0.7 %

OH 49 25,067 5.7 % 1,833 4.4 % NE 6 3,439 0.8 % 492 1.2 %

IL 29 23,353 5.3 % 2,364 5.6 % NJ 2 3,404 0.8 % 266 0.6 %

CA 16 22,786 5.2 % 2,215 5.3 % IA 4 2,976 0.7 % 622 1.5 %

WI 25 22,227 5.1 % 2,223 5.3 % UT 3 2,810 0.6 % 280 0.7 %

MN 21 20,361 4.6 % 3,051 7.3 % NM 9 2,797 0.6 % 107 0.2 %

PA 33 16,292 3.7 % 2,305 5.5 % WA 13 2,714 0.6 % 69 0.2 %

TN 48 15,459 3.5 % 1,084 2.6 % CO 4 2,633 0.6 % 126 0.3 %

IN 27 14,400 3.3 % 1,687 4.0 % MD 3 2,212 0.5 % 205 0.5 %

AL 53 13,189 3.0 % 950 2.3 % CT 2 1,945 0.4 % 55 0.1 %

GA 35 12,320 2.8 % 1,576 3.8 % 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 %

NC 26 10,156 2.3 % 961 2.3 % ND 2 1,073 0.2 % 24 0.1 %

KY 23 9,367 2.1 % 927 2.2 % VT 2 439 0.1 % 24 0.1 %

WV 18 9,111 2.1 % 1,232 2.9 % WY 1 338 0.1 % 21 0.1 %

MO 19 9,092 2.1 % 1,260 3.0 % NV 1 282 0.1 % 6 0.0 %

AZ 7 9,080 2.1 % 747 1.8 % OR 1 136 0.0 % 9 0.0 %

OK 24 8,659 2.0 % 1,001 2.4 % Total U.S. 766 $ 430,809 98.2 % 41,489 99.0 %

AR 10 7,772 1.8 % 340 0.8 % BC 2 $ 4,686 1.1 % 253 0.6 %

NY 28 7,410 1.7 % 562 1.3 % ON 3 2,044 0.4 % 101 0.2 %

KS 10 5,371 1.2 % 643 1.5 % AB 1 961 0.2 % 51 0.1 %

VA 15 5,095 1.2 % 178 0.4 % MB 1 343 0.1 % 25 0.1 %

SD 2 4,586 1.0 % 340 0.8 % Total Canada 7 $ 8,034 1.8 % 430 1.0 %

Grand Total 773 $ 438,843 100.0 % 41,919 100.0 %

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 11 11 $ 10,092 2.3 % 1,069 2.6 %

2027 25 27 29,941 6.8 % 2,488 5.9 %

2028 26 27 19,185 4.4 % 1,606 3.8 %

2029 60 35 18,701 4.3 % 2,587 6.2 %

2030 92 55 44,067 10.0 % 3,805 9.1 %

2031 42 37 9,827 2.2 % 892 2.1 %

2032 65 50 33,952 7.7 % 3,491 8.3 %

2033 50 24 19,948 4.5 % 1,495 3.6 %

2034 39 28 17,318 3.9 % 1,426 3.4 %

2035 22 17 16,951 3.9 % 2,219 5.3 %

2036 96 30 37,918 8.6 % 3,857 9.2 %

2037 23 13 29,777 6.8 % 2,786 6.6 %

2038 39 39 14,815 3.4 % 1,336 3.2 %

2039 21 17 23,998 5.5 % 1,869 4.5 %

2040 33 13 17,591 4.0 % 927 2.2 %

2041 41 10 22,197 5.1 % 1,575 3.8 %

2042 58 13 45,515 10.4 % 4,803 11.5 %

2043 3 2 8,050 1.8 % 517 1.2 %

2044 3 3 1,660 0.4 % 103 0.2 %

2045 4 3 7,350 1.7 % 698 1.7 %

Thereafter 9 2 9,990 2.3 % 2,286 5.4 %

Total leased properties 762 456 438,843 100.0 % 41,835 99.8 %

In-process developments 9 10 — — % — — %

Untenanted properties 2 — — — % 84 0.2 %

Total properties 773 466 $ 438,843 100.0 % 41,919 100.0 %

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

(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, 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 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.

•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 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.

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

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

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Apr. 29, 2026

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Entity Address, Address Line One

207 High Point Drive

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Suite 300

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-Name Exchange Act

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-Section 12

-Subsection b-2

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Indicate if registrant meets the emerging growth company criteria.

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Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b-2

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- Definition

Commission file number. The field allows up to 17 characters. The prefix may contain 1-3 digits, the sequence number may contain 1-8 digits, the optional suffix may contain 1-4 characters, and the fields are separated with a hyphen.

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No definition available.

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- Definition

Two-character EDGAR code representing the state or country of incorporation.

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No definition available.

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- Definition

The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC.

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Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b-2

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The Tax Identification Number (TIN), also known as an Employer Identification Number (EIN), is a unique 9-digit value assigned by the IRS.

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Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

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-Subsection b-2

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Local phone number for entity.

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No definition available.

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- Definition

Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 13e

-Subsection 4c

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- Definition

Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act.

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Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

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- Definition

Title of a 12(b) registered security.

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-Publisher SEC

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- Definition

Name of the Exchange on which a security is registered.

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-Publisher SEC

-Name Exchange Act

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-Section 12

-Subsection d1-1

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Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as soliciting material pursuant to Rule 14a-12 under the Exchange Act.

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Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

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Trading symbol of an instrument as listed on an exchange.

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No definition available.

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- Definition

Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as written communications pursuant to Rule 425 under the Securities Act.

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Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Securities Act

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