Document

EX-99.2 3 bnl-20260331xexx992.htm EX-99.2 Document

Exhibit 99.2

Table of Contents


Section			Page
About the Data			3
Company Overview			4
Quarterly Financial Summary			5
Balance Sheet			6
Income Statement Summary			7
Funds From Operations (FFO), Core Funds From Operations (Core FFO), and Adjusted Funds From Operations (AFFO)			8
Lease Revenues Detail			9
Same Store Rent Growth			10
Capital Structure			11
Equity Rollforward			12
Debt Outstanding			13
Interest Rate Swaps			14
EBITDA, EBITDAre, and Other Non-GAAP Operating Measures			15
Net Debt Metrics & Covenants			16
Debt & Swap Maturities			17
Investment Activity			18
Built-to-Suit Development Projects			19
Transitional Capital			21
Dispositions & Portfolio at a Glance: Key Metrics			22
Diversification: Tenants			23
Diversification: Property Type			26
Key Statistics by Property Type			28
Diversification: Tenant Industry			29
Diversification: Geography			30
Lease Expirations			31
Portfolio Occupancy			32
Definitions and Explanations			33


BROADSTONE NET LEASE, INC. \| www.broadstone.com \| © 2026 Broadstone Net Lease, LLC. All rights reserved.			2

About the Data

This data and other information described herein are as of and for the three months ended March 31, 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.


BROADSTONE NET LEASE, INC. \| www.broadstone.com \| © 2026 Broadstone Net Lease, LLC. All rights reserved.			3

Company Overview

Broadstone Net Lease, Inc. (NYSE:BNL) (the “Company”, “BNL”, “us”, “our”, and “we”) is an industrial-focused, diversified net lease real estate investment trust (“REIT”) that invests in primarily single-tenant commercial real estate properties that are net leased on a long-term basis to a diversified group of tenants. 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


BROADSTONE NET LEASE, INC. \| www.broadstone.com \| © 2026 Broadstone Net Lease, LLC. All rights reserved.			4

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


BROADSTONE NET LEASE, INC. \| www.broadstone.com \| © 2026 Broadstone Net Lease, LLC. All rights reserved.			5

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


BROADSTONE NET LEASE, INC. \| www.broadstone.com \| © 2026 Broadstone Net Lease, LLC. All rights reserved.			6

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.


BROADSTONE NET LEASE, INC. \| www.broadstone.com \| © 2026 Broadstone Net Lease, LLC. All rights reserved.			7

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

(unaudited, in thousands except per share data)


	Three Months Ended
	March 31, 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.


BROADSTONE NET LEASE, INC. \| www.broadstone.com \| © 2026 Broadstone Net Lease, LLC. All rights reserved.			8

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


BROADSTONE NET LEASE, INC. \| www.broadstone.com \| © 2026 Broadstone Net Lease, LLC. All rights reserved.			9

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	29	(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.


BROADSTONE NET LEASE, INC. \| www.broadstone.com \| © 2026 Broadstone Net Lease, LLC. All rights reserved.			10

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


BROADSTONE NET LEASE, INC. \| www.broadstone.com \| © 2026 Broadstone Net Lease, LLC. All rights reserved.			11

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


BROADSTONE NET LEASE, INC. \| www.broadstone.com \| © 2026 Broadstone Net Lease, LLC. All rights reserved.			12

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


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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)	46
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.


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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


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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

Not Applicable

Unencumbered coverage ratio

≥ 1.75 to 1.00

4.01

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

Aggregate debt ratio

≤ 0.60 to 1.00

Not Applicable

0.43

Consolidated income available for debt to annual debt service charge

≥ 1.50 to 1.00

Not Applicable

4.43

Total unencumbered assets to total unsecured debt

≥ 1.50 to 1.00

Not Applicable

2.34

Secured debt ratio

≤ 0.40 to 1.00

Not Applicable

0.01


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Debt Maturities

(dollars in millions)

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


Weighted Average Debt Maturity: 4.1 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


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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.


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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.


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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.


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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.


BROADSTONE NET LEASE, INC. \| www.broadstone.com \| © 2026 Broadstone Net Lease, LLC. All rights reserved.			21

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.


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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.


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Top 20 Tenants (a)


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(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.


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Diversification: Property Type

(rent percentages based on ABR)


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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	%


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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	%


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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	%


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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	%


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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	%


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Occupancy

Occupancy by Rentable Square Footage

Change in Occupancy


			Number of properties
Vacant properties at January 1, 2026			1
Lease expirations (a)			17
Leasing activities			(16)
Vacant properties at March 31, 2026			2

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


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Definitions and Explanations

Adjusted NOI, Annualized Adjusted NOI, Adjusted Cash NOI and Annualized Adjusted Cash NOI: Our reported results and net earnings per diluted share are presented in accordance with accounting principles generally accepted in the United States of America (GAAP). Adjusted NOI and Adjusted Cash NOI are non-GAAP financial measures that we believe are useful to assess property-level performance. We compute Adjusted NOI by adjusting Adjusted EBITDAre (defined below) to exclude general and administrative expenses incurred at the corporate level. Given the net lease nature of our portfolio, we do not incur general and administrative expenses at the property level. To compute Adjusted Cash NOI, we adjust Adjusted NOI to exclude non-cash items included in total revenues and property expenses, such as straight-line rental revenue and other amortization and non-cash items, based on an estimate calculated as if all investment and disposition activity that took place during the quarter had occurred on the first day of the quarter. We then annualize quarterly Adjusted NOI and Adjusted Cash NOI by multiplying each amount by four to compute Annualized Adjusted NOI and Annualized Adjusted Cash NOI, respectively, which are also non-GAAP financial measures. We believe Adjusted NOI and Adjusted Cash NOI provide useful and relevant information because they reflect only those income and expense items that are incurred at the property level and present such items on an unlevered basis. We believe that the exclusion of certain non-cash revenues and expenses from Adjusted Cash NOI is a useful supplemental measure for investors to consider because it will help them to better assess our operating performance without the distortions created by non-cash revenues or expenses. You should not unduly rely on Annualized Adjusted NOI and Annualized Adjusted Cash NOI as they are based on assumptions and estimates that may prove to be inaccurate. Our actual reported Adjusted NOI and Adjusted Cash NOI for future periods may be significantly different from our Annualized Adjusted NOI and Annualized Adjusted Cash NOI. Additionally, our computation of Adjusted NOI and Adjusted Cash NOI may differ from the methodology for calculating these metrics used by companies in our industry, and, therefore, may not be comparable to similarly titled measures reported by other companies.

Adjusted Secured Overnight Financing Rate (SOFR): We define Adjusted SOFR as the current one month term SOFR plus an adjustment of 0.10% per the terms of our credit facilities.

Annualized Base Rent (ABR): We define ABR as the annualized contractual cash rent due for the last month of the reporting period, excluding the impacts of short-term rent deferrals, abatements, or free rent, and adjusted to remove rent from properties sold during the month and to include a full month of contractual cash rent for investments made during the month.

Cash Capitalization Rate: Cash Capitalization Rate represents either (1) for acquisitions and new 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.


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Definitions and Explanations (continued)

Gross Debt: We define Gross Debt as total debt plus debt issuance costs and original issuance discount.

Net Debt: Net Debt is a non-GAAP financial measure. We define Net Debt as our Gross Debt less cash and cash equivalents and restricted cash.

Occupancy: Occupancy or a specified percentage of our portfolio that is “occupied” or “leased” means as of a specified date the quotient of (1) the total rentable square footage of our properties minus the square footage of our properties that are vacant and from which we are not receiving any rental payment, and (2) the total square footage of our properties.

Rent Coverage Ratio: Rent Coverage Ratio means the ratio of tenant-reported or, when available, management’s estimate, based on tenant-reported financial information, of annual earnings before interest, taxes, depreciation, amortization, and cash rent attributable to the leased property (or properties, in the case of a master lease) to the annualized base rental obligation as of a specified date.

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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