Broadstone Net Lease, Inc. · NYSE:BNL
Broadstone Net Lease — Investor Presentation (August 2025)
33 slides from Broadstone Net Lease's investor presentation, August 2025
Slide 1: Investor Presentation August 2025
August 2025 Investor Presentation Broadstone Net Lease, Inc. | NYSE: BNL
Slide 2: Disclaimer
DISCLAIMER CAUTIONARY STATEMENTS CONCERNING FORWARD-LOOKING STATEMENTS This presentation 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 thing
Slide 3: Broadstone At-A-Glance
BROADSTONE AT-A-GLANCE 3 INVESTOR PRESENTATION August 2025
Slide 4: Broadstone At-A-Glance – A Differentiated Triple Net REIT
BROADSTONE AT-A-GLANCE – A DIFFERNTIATED TRIPLE NET REIT $404.2 Million 40.1 Million Annualized Base Rent Rentable Square Footage 60.7% Industrial 31.0% Retail 99.1% Occupancy 1 8.3% Other 99.6% 9.7 Years WALT 2 Rent Collections in Q2 2.0% Annual Escalation 92.4% Financial Reporting3,4 766 Propertie
Slide 5: Discounted Valuation Despite Top-Tier Growth Expectations
DISCOUNTED VALUATION DESPITE TOP-TIER GROWTH EXPECTATIONS 2025 AFFO CONSENSUS GROWTH 2025 AFFO MULTIPLE Despite top-tier 2025 growth expectations, 8.2% visibility to 6.9% ABR growth through 2026 from build-to-suit commitments, and a dividend yield of 7.2%, valuation remains deeply discounted 17.2x 1
Slide 6: Investment Strategy
INVESTMENT STRATEGY 6 INVESTOR PRESENTATION August 2025
Slide 7: Investment Thesis
INVESTMENT THESIS Established REIT with Longstanding Track Record of Success Delivering Shareholder Value 17+ year operating history pursuing a diversified net lease strategy with a leading team, now proven through two cycles Publicly traded on the NYSE (BNL) with experience operating under subs
Slide 8: 'Core Building Blocks' of AFFO Growth
‘CORE BUILDING BLOCKS’ OF AFFO GROWTH Differentiated strategy provides resilience and varying levers to drive long-term sustainable growth EMBEDDED SAME - REVENUE GENERATING BUILD-TO-SUIT CURRENT YIELDING 1 STORE NOI GROWTH 2 CAPITAL EXPENDITURES 3 DEVELOPMENTS 4 ACQUISITION ACTIVITY Existing port
Slide 9: Build-to-Suit Pipeline Economics & Timing
BUILD-TO-SUIT PIPELINE ECONOMICS & TIMING Rent Total Investment % Initial Yield1 Straight line Term Annual Rent Tenant Project Commencement ($, mm) Funded (Inc. cap. int.) Yield (years) Increases UNFI Tri-climate, cross-docked distribution facility Sept’ 24 $201.0 100% 7.2% 8.6% 15 2.5% May’ 25 $1.7
Slide 10: Build-to-Suit Pipeline
BUILD-TO-SUIT PIPELINE Sierra Nevada (2) Southwire 7 Brew Fiat Chrysler Automobile Industrial Industrial Retail Industrial Building Type Manufacturing Manufacturing / DC Quick Service Restaurant Warehouse / DC Location Dayton, OH Bremen, GA Jacksonville, FL Forsyth, GA Two 122k sqft. airplane MRO 1.
Slide 11: Build-to-Suit Pipeline
BUILD-TO-SUIT PIPELINE Sprouts Palmer Logistics AGCO Retail Industrial Industrial Building Type General Merchandise Warehouse / DC Warehouse / DC Location Bedford, TX Midlothian, TX Visalia, CA 22k sqft. grocery store located in the 270k sqft. warehouse and distribution 115k sqft. state-of-the-art w
Slide 12: Proven & Disciplined Investment Approach
PROVEN & DISCIPLINED INVESTMENT APPROACH Investment activity heavily weighted to industrial opportunities given risk-adjusted returns, but maintain acquisition flexibility to execute on diversified pipeline of assets Volume ($mm) Industrial Investments 2019 – 2025 YTD $2.5 Billion $1,032 73% of Tota
Slide 13: Diversified Portfolio
DIVERSIFIED PORTFOLIO 13 INVESTOR PRESENTATION August 2025
Slide 14: Significant Geographic Diversity
SIGNIFICANT GEOGRAPHIC DIVERSITY TOTAL PROPERTIES: 766 TOTAL STATES/PROVINCES: 44 + 4 Canadian provinces ABR as a % of State Total Portfolio 1 TX 9.5% 2 MI 9.1% 3 FL 6.6% 4 IL 5.7% 5 CA 5.5% 6 WI 4.7% 7 OH 4.2% 8 MN 4.0% 9 TN 3.8% 10 IN 3.5% Top 10 States 56.6% Data as of June 30, 2025 14 INVESTOR P
Slide 15: Portfolio Diversification
PORTFOLIO DIVERSIFICATION TOP 20 TENANTS PROPERTY TYPE DIVERSIFICATION (BY ABR) ABR as a # of Tenant Property Type % of Total Properties Portfolio Roskam Foods* Industrial / Other 7 4.0% UNFI Industrial 1 3.6% Industrial 60.7% Distribution & Warehouse 19.1% AHF Products* Industrial 8 2.4% Manufactur
Slide 16: Cross-Diversification
CROSS-DIVERSIFICATION Geographic, Property Type, and Industry Diversification helps mitigate state specific risk STATE EXPOSURE AT-A-GLANCE State: Texas ($ in millions) Dallas Concentration: 1 $1.0 $5.5 Austin ABR: % | $ 9.5% | $38.4mm $1.4 $12.2 Houston Tenants: 38 Sherman $1.5 $38.4mm Tyler $1.6 A
Slide 17: Top 10 Tenant Descriptions
TOP 10 TENANT DESCRIPTIONS TENANT BUSINESS DESCRIPTION Founded in 1923 and headquartered in Grand Rapids, Michigan, Roskam Baking Company is a food manufacturer with over 2 million square feet of manufacturing space and over 30 manufacturing and packaging lines. Roskam manufactures a diverse product
Slide 18: Top 10 Tenant Descriptions (Cont.)
TOP 10 TENANT DESCRIPTIONS (CONT.) TENANT BUSINESS DESCRIPTION Founded in 1939, Dollar General (NYSE: DG) is the largest discount retailer in the United States by store count. Brands operated Dollar General include Dollar General, DG Market, DGX, and pOpshelf totaling more than 20,000 stores spannin
Slide 19: Portfolio At-A-Glance: Industrial
PORTFOLIO AT-A-GLANCE: INDUSTRIAL PROPERTY TYPE BREAKDOWN PROPERTY TYPE OVERVIEW 215 $245.3mm 32.7mm Cold Storage Properties ABR SF 4.1% Industrial Services 6.1% Distribution & 102 2.1% Wtd. Avg. 10.5 Years Flex and Warehouse R&D 8.9% Tenants Rent Escalations WALT 31.5% Industrial exposure has grown
Slide 20: Build-to-Suit Development: United Natural Foods
Sourcing Initial Cash Yield Off-Market - Direct 7.2% Total Funded Amount1 Straight Line Yield $201.0 Million 8.6% Annual Base Rent1 Initial Lease Term $14.4 Million 15 years Completed Size Annual Rent Escalation Tenant: 1 Million SF; 114 2.5% Build-to-Suit Development United Natural Foods, Inc. (NYS
Slide 21: Portfolio At-A-Glance: Retail
PORTFOLIO AT-A-GLANCE: RETAIL PROPERTY TYPE BREAKDOWN PROPERTY TYPE OVERVIEW 521 $125.3mm 5.8mm Quick Service Properties ABR SF Restaurant, 21.9% Automotive, 9.3% Animal 83 1.7% Wtd. Avg. 9.8 Years Services, 9.2% Tenants Rent Escalations WALT Home 31.0% Furnishings, ABR 5.9% Healthcare Casual Servic
Slide 22: Top-Tier Portfolio Metrics
TOP-TIER PORTFOLIO METRICS RENT COLLECTION RENT ESCALATION 1 1 99.2% 99.6% 2.4% Contractual Fixed Increases 99.0% 99.1% 99.1% 85.9% 2.1% Portfolio, 2.0% 1.7% CPI- Related 11.6% Flat 2.5% Other Industrial Retail Q2 Q3 Q4 Q1 Q2 79.6% Leases with 2024 2025 Annual Increases LONG WALT WITH MINIMAL NEAR-T
Slide 23: Top-Tier Portfolio Metrics
TOP-TIER PORTFOLIO METRICS Portfolio composition and underlying metrics rank toward the top of the net lease space INDUSTRIAL EXPOSURE WEIGHTED AVERAGE LEASE TERM REMAINING 63.1% 60.7% 14.0 12.3 10.0 9.9 9.7 9.7 9.1 8.0 7.3 14.4% 3.6% 0.0% 0.0% 0.0% 0.0% 0.0% WPC BNL O EPRT GTY FCPT ADC NNN NTST EPR
Slide 24: Balance Sheet Management
BALANCE SHEET MANAGEMENT 24 INVESTOR PRESENTATION August 2025
Slide 25: Well Capitalized Balance Sheet
WELL CAPITALIZED BALANCE SHEET Investment grade rated balance sheet with well-laddered maturities and strong liquidity TOTAL CAPITALIZATION DETAIL TOTAL CAPITALIZATION ON JUNE 30, 2025 ($ in thousands) June 30, 2025 1.4% 3.8% Equity Common Stock Common Stock 189,130 OP Units 16.1% OP Units 8,402 Com
Slide 26: Emphasis Placed on Liquidity
EMPHASIS PLACED ON LIQUIDITY Conservative leverage profile & ample liquidity to navigate current and future economic uncertainly KEY CREDIT METRICS AS OF JUNE 30, 2025 PRO FORMA LEVERAGE PROFILE EVOLUTION2 Pro Forma Net Debt / Annualized Adj. EBITDAre 5.2x 4.2x BBB / Baa2 Net Debt / Annualized Adj.
Slide 27: Corporate Governance
CORPORATE GOVERNANCE 27 INVESTOR PRESENTATION August 2025
Slide 28: Board of Directors & Governance
BOARD OF DIRECTORS & GOVERNANCE BOARD OF DIRECTORS KEY GOVERNANCE HIGHLIGHTS Name, tenure Experience Laurie Hawkes (Chairman) Co-Founder and Former President & COO, 40-50 Director since 2016 American Residential Properties 22% Chairman since 2021 Former President, U.S. Realty Advisors, LLC 89% 6
Slide 29: Corporate Responsibility
CORPORATE RESPONSIBILITY Commitment to Corporate Responsibility We are committed to being a responsible corporate citizen by conducting our operations in a sustainable and ethical manner. We strive to foster a culture that is inclusive, collaborative, and based on trust, and invest heavily in the he
Slide 30: Appendix
APPENDIX Broadstone Net Lease, Inc. | NYSE: BNL
Slide 31: Remaining Portfolio: Other
REMAINING PORTFOLIO: OTHER PROPERTY TYPE BREAKDOWN PROPERTY TYPE OVERVIEW 30 $33.7mm 1.6mm Properties ABR SF Clinical, 26 2.4% Wtd. Avg. 4.2 Years 33.6% Tenants Rent Escalations WALT 8.3% ABR Office, 66.4% TOP TENANTS OTHER NON-CORE ASSETS Rank Tenant Property Use # Prop. ABR ($M) % ABR Includes r
Slide 32: GAAP Reconciliations: FFO, Core FFO and AFFO
GAAP RECONCILIATIONS FUNDS FROM OPERATIONS (FFO), CORE FFO, AND ADJUSTED FUNDS FROM OPERATIONS (AFFO) Three Months Ended June 30, 2025 March 31, 2025 December 31, 2024 September 30, 2024 June 30, 2024 Net income $ 19,830 $ 17,493 $ 27,607 $ 37,268 $ 35,937 Real property depreciation and amortization
Slide 33: GAAP Reconciliations: EBITDAre and Net Debt
GAAP RECONCILIATIONS EBITDA, EBITDAre, ADJUSTED EBITDAre, NET DEBT TO ANNUALIZED ADJUSTED EBITDAre June 30, 2025 March 31, 2025 December 31, 2024 September 30, 2024 June 30, 2024 Debt Unsecured revolving credit facility $ 197,880 $ 174,122 $ 93,014 $ 125,482 $ 79,096 Unsecured term loans, net 994,02
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