Exhibit 99.2

Q1 2022 QUARTERLY SUPPLEMENTAL INFORMATION Broadstone Net Lease, Inc. (NYSE: BNL) is a Real Estate Investment Trust (REIT) that acquires, owns, and manages single-tenant commercial real estate properties that are net leased on a long-term basis to a diversified group of tenants. www.broadstone.com

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
EBITDA, EBITDAre, and Other Non-GAAP Operating Measures | 9
Lease Revenues Detail | 10
Capital Structure | 11
Equity Rollforward | 12
Debt Outstanding | 13
Net Debt Metrics | 14
Covenants | 14
Debt Maturities | 15
Acquisitions | 16
Dispositions | 16
Portfolio at a Glance: Key Metrics | 17
Diversification: Tenants and Brands | 18-19
Diversification: Property Type | 20-21
Key Statistics by Property Type | 22
Diversification: Tenant Industry | 23
Diversification: Geography | 24
Lease Expirations | 25
Portfolio Occupancy | 26
Definitions and Explanations | 27-28

BROADSTONE NET LEASE, INC. | www.broadstone.com | © 2022 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, 2022 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 Quarterly Report on Form 10-Q for the three months ended March 31, 2022, 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," "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 the COVID-19 pandemic and its related impacts on us and our tenants, general economic conditions, including but not limited to increases in the rate of inflation and/or interest rates, local real estate conditions, tenant financial health, and property acquisitions and the timing of these 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.

BROADSTONE NET LEASE, INC. | www.broadstone.com | © 2022 Broadstone Net Lease, LLC. All rights reserved. 3

Company Overview

Broadstone Net Lease, Inc. (NYSE:BNL) (the "Company," "BNL," "us," "our" and "we") is a real estate investment trust ("REIT") that acquires, owns, and manages primarily single-tenant commercial real estate properties that are net leased on a long-term basis to a diversified group of tenants. Since our inception, we have selectively invested in real estate across the industrial, healthcare, restaurant, retail, and office 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 Christopher J. Czarnecki Chief Executive Officer, President, and Director Ryan M. Albano Executive Vice President and Chief Financial Officer John D. Moragne Executive Vice President and Chief Operating Officer John D. Callan, Jr. Senior Vice President, General Counsel, and Secretary Michael B. Caruso Senior Vice President, Corporate Finance & Investor Relations Timothy D. Dieffenbacher Senior Vice President, Chief Accounting Officer, and Treasurer Kevin M. Fennell Senior Vice President, Capital Markets & Credit Risk Laurier James Lessard, Jr. Senior Vice President, Asset Management Roderick A. Pickney Senior Vice President, Acquisitions Molly Kelly Wiegel Senior Vice President, Human Resources Andrea T. Wright Senior Vice President, Property Management |  | Board of Directors Laurie A. Hawkes Chairman of the Board Christopher J. Czarnecki Chief Executive Officer and President Denise Brooks-Williams Michael A. Coke David M. Jacobstein Agha S. Khan Shekar Narasimhan Geoffrey H. Rosenberger James H. Waters

Company Contact Information Michael Caruso SVP, Corporate Finance & Investor Relations michael.caruso@broadstone.com 585-402-7842 Transfer Agent Computershare Trust Company, N.A. 150 Royall Street Canton, Massachusetts 02021 800-736-3001 |

BROADSTONE NET LEASE, INC. | www.broadstone.com | © 2022 Broadstone Net Lease, LLC. All rights reserved. 4

Quarterly Financial Summary

(unaudited, dollars in thousands, except per share data)

|  | Q1 2022 |  |  | Q4 2021 |  |  | Q3 2021 |  |  | Q2 2021 |  |  | Q1 2021 |
Financial Summary |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Investment in rental property |  | $ | 4,431,929 |  |  | $ | 4,234,544 |  |  | $ | 4,110,958 |  |  | $ | 3,954,597 |  |  | $ | 3,794,850 |
Less accumulated depreciation |  |  | (454,122 | ) |  |  | (430,141 | ) |  |  | (407,354 | ) |  |  | (390,236 | ) |  |  | (369,683 | )
Investment in rental property, net |  |  | 3,977,807 |  |  |  | 3,804,403 |  |  |  | 3,703,604 |  |  |  | 3,564,361 |  |  |  | 3,425,167 |
Cash and cash equivalents |  |  | 54,103 |  |  |  | 21,669 |  |  |  | 16,182 |  |  |  | 78,987 |  |  |  | 10,205 |
Restricted cash |  |  | 11,444 |  |  |  | 6,100 |  |  |  | 3,895 |  |  |  | 8,021 |  |  |  | 8,145 |
Total assets |  |  | 4,852,520 |  |  |  | 4,618,648 |  |  |  | 4,501,972 |  |  |  | 4,423,611 |  |  |  | 4,206,045 |
Unsecured revolving credit facility |  |  | 266,118 |  |  |  | 102,000 |  |  |  | — |  |  |  | — |  |  |  | 15,000 |
Mortgage, net |  |  | 96,141 |  |  |  | 96,846 |  |  |  | 97,530 |  |  |  | 105,748 |  |  |  | 106,559 |
Unsecured term loans, net |  |  | 586,884 |  |  |  | 646,671 |  |  |  | 646,458 |  |  |  | 910,994 |  |  |  | 910,732 |
Senior unsecured notes, net |  |  | 843,990 |  |  |  | 843,801 |  |  |  | 843,665 |  |  |  | 472,637 |  |  |  | 472,551 |
Total liabilities |  |  | 1,961,200 |  |  |  | 1,877,510 |  |  |  | 1,785,847 |  |  |  | 1,700,103 |  |  |  | 1,713,348 |
Total Broadstone Net Lease, Inc. stockholders' equity |  |  | 2,724,641 |  |  |  | 2,577,292 |  |  |  | 2,552,004 |  |  |  | 2,554,653 |  |  |  | 2,312,532 |
Total equity (book value) |  |  | 2,891,320 |  |  |  | 2,741,138 |  |  |  | 2,716,125 |  |  |  | 2,723,508 |  |  |  | 2,492,697 |
Revenues |  |  | 93,841 |  |  |  | 92,642 |  |  |  | 122,777 |  |  |  | 84,759 |  |  |  | 82,698 |
General and administrative - other |  |  | 7,899 |  |  |  | 7,501 |  |  |  | 7,628 |  |  |  | 7,704 |  |  |  | 8,864 |
Stock based compensation |  |  | 929 |  |  |  | 1,025 |  |  |  | 924 |  |  |  | 951 |  |  |  | 1,769 |
General and administrative |  |  | 8,828 |  |  |  | 8,526 |  |  |  | 8,552 |  |  |  | 8,655 |  |  |  | 10,633 |
Total operating expenses |  |  | 48,162 |  |  |  | 46,649 |  |  |  | 76,065 |  |  |  | 44,452 |  |  |  | 47,963 |
Interest expense |  |  | 16,896 |  |  |  | 16,997 |  |  |  | 15,611 |  |  |  | 15,430 |  |  |  | 16,108 |
Net income |  |  | 28,441 |  |  |  | 32,226 |  |  |  | 30,522 |  |  |  | 22,820 |  |  |  | 23,960 |
Net earnings per common share, diluted |  | $ | 0.16 |  |  | $ | 0.19 |  |  | $ | 0.18 |  |  | $ | 0.14 |  |  | $ | 0.15 |
FFO |  |  | 61,504 |  |  |  | 62,152 |  |  |  | 91,947 |  |  |  | 50,184 |  |  |  | 51,929 |
FFO per share, diluted |  | $ | 0.35 |  |  | $ | 0.36 |  |  | $ | 0.54 |  |  | $ | 0.32 |  |  | $ | 0.33 |
Core FFO |  |  | 64,076 |  |  |  | 62,232 |  |  |  | 59,769 |  |  |  | 55,816 |  |  |  | 52,606 |
Core FFO per share, diluted |  | $ | 0.37 |  |  | $ | 0.36 |  |  | $ | 0.35 |  |  | $ | 0.35 |  |  | $ | 0.33 |
AFFO |  |  | 60,401 |  |  |  | 58,692 |  |  |  | 55,836 |  |  |  | 52,024 |  |  |  | 49,410 |
AFFO per share, diluted |  | $ | 0.35 |  |  | $ | 0.34 |  |  | $ | 0.33 |  |  | $ | 0.33 |  |  | $ | 0.31 |
Net cash provided by operating activities |  |  | 59,104 |  |  |  | 57,619 |  |  |  | 88,303 |  |  |  | 47,235 |  |  |  | 51,780 |
Net cash (used in) provided by investing activities |  |  | (207,678 | ) |  |  | (133,925 | ) |  |  | (205,667 | ) |  |  | (175,051 | ) |  |  | (67,661 | )
Net cash provided by (used in) financing activities |  |  | 186,352 |  |  |  | 83,998 |  |  |  | 50,433 |  |  |  | 196,474 |  |  |  | (76,497 | )
Distributions declared |  |  | 48,115 |  |  |  | 45,857 |  |  |  | 43,423 |  |  |  | 43,484 |  |  |  | 39,653 |
Distributions declared per diluted share |  | $ | 0.265 |  |  | $ | 0.265 |  |  | $ | 0.255 |  |  | $ | 0.255 |  |  | $ | 0.250 |
Portfolio Metrics |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Properties |  |  | 752 |  |  |  | 726 |  |  |  | 696 |  |  |  | 684 |  |  |  | 661 |
Rentable square feet |  | 32.8M |  |  | 32.2M |  |  | 31.4M |  |  | 30.2M |  |  | 28.4M |
Occupancy |  |  | 99.8 | % |  |  | 99.8 | % |  |  | 99.8 | % |  |  | 99.7 | % |  |  | 99.7 | %
Weighted average remaining lease term (years) |  |  | 10.5 |  |  |  | 10.5 |  |  |  | 10.6 |  |  |  | 10.4 |  |  |  | 10.6 |

BROADSTONE NET LEASE, INC. | www.broadstone.com | © 2022 Broadstone Net Lease, LLC. All rights reserved. 5

Balance Sheet

(unaudited, in thousands)

|  | March 31, 2022 |  |  | December 31, 2021 |  |  | September 30, 2021 |  |  | June 30, 2021 |  |  | March 31, 2021 |
Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Accounted for using the operating method: |  |  |  |  |  |  |  |  |  |
Land |  | $ | 709,962 |  |  | $ | 655,374 |  |  | $ | 616,917 |  |  | $ | 597,779 |  |  | $ | 572,381 |
Land improvements |  |  | 300,300 |  |  |  | 295,329 |  |  |  | 291,045 |  |  |  | 291,981 |  |  |  | 282,426 |
Buildings and improvements |  |  | 3,381,990 |  |  |  | 3,242,618 |  |  |  | 3,161,728 |  |  |  | 3,023,490 |  |  |  | 2,898,615 |
Equipment |  |  | 10,422 |  |  |  | 11,870 |  |  |  | 11,870 |  |  |  | 11,870 |  |  |  | 11,870 |
Total accounted for using the operating method |  |  | 4,402,674 |  |  |  | 4,205,191 |  |  |  | 4,081,560 |  |  |  | 3,925,120 |  |  |  | 3,765,292 |
Less accumulated depreciation |  |  | (454,122 | ) |  |  | (430,141 | ) |  |  | (407,354 | ) |  |  | (390,236 | ) |  |  | (369,683 | )
Accounted for using the operating method, net |  |  | 3,948,552 |  |  |  | 3,775,050 |  |  |  | 3,674,206 |  |  |  | 3,534,884 |  |  |  | 3,395,609 |
Accounted for using the direct financing method |  |  | 28,684 |  |  |  | 28,782 |  |  |  | 28,830 |  |  |  | 28,911 |  |  |  | 28,991 |
Accounted for using the sales-type method |  |  | 571 |  |  |  | 571 |  |  |  | 568 |  |  |  | 566 |  |  |  | 567 |
Investment in rental property, net |  |  | 3,977,807 |  |  |  | 3,804,403 |  |  |  | 3,703,604 |  |  |  | 3,564,361 |  |  |  | 3,425,167 |
Cash and cash equivalents |  |  | 54,103 |  |  |  | 21,669 |  |  |  | 16,182 |  |  |  | 78,987 |  |  |  | 10,205 |
Accrued rental income |  |  | 120,117 |  |  |  | 116,874 |  |  |  | 112,163 |  |  |  | 109,278 |  |  |  | 105,674 |
Tenant and other receivables, net |  |  | 1,160 |  |  |  | 1,310 |  |  |  | 940 |  |  |  | 618 |  |  |  | 1,022 |
Prepaid expenses and other assets |  |  | 22,525 |  |  |  | 17,275 |  |  |  | 13,819 |  |  |  | 18,846 |  |  |  | 18,862 |
Interest rate swap, assets |  |  | 8,944 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 239 |
Goodwill |  |  | 339,769 |  |  |  | 339,769 |  |  |  | 339,769 |  |  |  | 339,769 |  |  |  | 339,769 |
Intangible lease assets, net |  |  | 311,277 |  |  |  | 303,642 |  |  |  | 301,046 |  |  |  | 296,134 |  |  |  | 288,592 |
Debt issuance costs – unsecured revolving credit facility, net |  |  | 7,427 |  |  |  | 4,065 |  |  |  | 4,658 |  |  |  | 5,250 |  |  |  | 5,842 |
Leasing fees, net |  |  | 9,391 |  |  |  | 9,641 |  |  |  | 9,791 |  |  |  | 10,368 |  |  |  | 10,673 |
Total assets |  | $ | 4,852,520 |  |  | $ | 4,618,648 |  |  | $ | 4,501,972 |  |  | $ | 4,423,611 |  |  | $ | 4,206,045 |
Liabilities and equity |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Unsecured revolving credit facility |  | $ | 266,118 |  |  | $ | 102,000 |  |  | $ | — |  |  | $ | — |  |  | $ | 15,000 |
Mortgages, net |  |  | 96,141 |  |  |  | 96,846 |  |  |  | 97,530 |  |  |  | 105,748 |  |  |  | 106,559 |
Unsecured term loans, net |  |  | 586,884 |  |  |  | 646,671 |  |  |  | 646,458 |  |  |  | 910,994 |  |  |  | 910,732 |
Senior unsecured notes, net |  |  | 843,990 |  |  |  | 843,801 |  |  |  | 843,665 |  |  |  | 472,637 |  |  |  | 472,551 |
Interest rate swap, liabilities |  |  | 1,154 |  |  |  | 27,171 |  |  |  | 36,196 |  |  |  | 46,335 |  |  |  | 43,662 |
Earnout liability |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 10,063 |  |  |  | 6,385 |
Accounts payable and other liabilities |  |  | 40,611 |  |  |  | 38,038 |  |  |  | 35,732 |  |  |  | 32,279 |  |  |  | 31,743 |
Dividends payable |  |  | 47,682 |  |  |  | 45,914 |  |  |  | 43,874 |  |  |  | 43,184 |  |  |  | 39,329 |
Accrued interest payable |  |  | 9,845 |  |  |  | 6,473 |  |  |  | 9,895 |  |  |  | 3,885 |  |  |  | 9,896 |
Intangible lease liabilities, net |  |  | 68,775 |  |  |  | 70,596 |  |  |  | 72,497 |  |  |  | 74,978 |  |  |  | 77,491 |
Total liabilities |  |  | 1,961,200 |  |  |  | 1,877,510 |  |  |  | 1,785,847 |  |  |  | 1,700,103 |  |  |  | 1,713,348 |
Equity |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Broadstone Net Lease, Inc. stockholders' equity: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Preferred stock, $0.001 par value |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Common stock, $0.00025 par value |  |  | 42 |  |  |  | 41 |  |  |  | 40 |  |  |  | 40 |  |  |  | 36 |
Additional paid-in capital |  |  | 3,056,560 |  |  |  | 2,924,168 |  |  |  | 2,895,219 |  |  |  | 2,890,131 |  |  |  | 2,625,320 |
Cumulative distributions in excess of retained earnings |  |  | (336,988 | ) |  |  | (318,476 | ) |  |  | (305,665 | ) |  |  | (293,622 | ) |  |  | (274,140 | )
Accumulated other comprehensive loss |  |  | 5,027 |  |  |  | (28,441 | ) |  |  | (37,590 | ) |  |  | (41,896 | ) |  |  | (38,684 | )
Total Broadstone Net Lease, Inc. stockholders’ equity |  |  | 2,724,641 |  |  |  | 2,577,292 |  |  |  | 2,552,004 |  |  |  | 2,554,653 |  |  |  | 2,312,532 |
Non-controlling interests |  |  | 166,679 |  |  |  | 163,846 |  |  |  | 164,121 |  |  |  | 168,855 |  |  |  | 180,165 |
Total equity |  |  | 2,891,320 |  |  |  | 2,741,138 |  |  |  | 2,716,125 |  |  |  | 2,723,508 |  |  |  | 2,492,697 |
Total liabilities and equity |  | $ | 4,852,520 |  |  | $ | 4,618,648 |  |  | $ | 4,501,972 |  |  | $ | 4,423,611 |  |  | $ | 4,206,045 |

BROADSTONE NET LEASE, INC. | www.broadstone.com | © 2022 Broadstone Net Lease, LLC. All rights reserved. 6

Income Statement Summary

(unaudited, in thousands, except per share data)

|  | Three Months Ended |
|  | March 31, 2022 |  |  | December 31, 2021 |  |  | September 30, 2021 |  |  | June 30, 2021 |  |  | March 31, 2021 |
Revenues |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Lease revenues, net |  | $ | 93,841 |  |  | $ | 92,642 |  |  | $ | 122,777 |  |  | $ | 84,759 |  |  | $ | 82,698 |
Operating expenses |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Depreciation and amortization |  |  | 34,290 |  |  |  | 33,476 |  |  |  | 36,682 |  |  |  | 31,225 |  |  |  | 30,713 |
Property and operating expense |  |  | 5,044 |  |  |  | 4,440 |  |  |  | 4,842 |  |  |  | 4,572 |  |  |  | 4,605 |
General and administrative |  |  | 8,828 |  |  |  | 8,526 |  |  |  | 8,552 |  |  |  | 8,655 |  |  |  | 10,633 |
Provision for impairment of investment in rental properties |  |  | — |  |  |  | 207 |  |  |  | 25,989 |  |  |  | — |  |  |  | 2,012 |
Total operating expenses |  |  | 48,162 |  |  |  | 46,649 |  |  |  | 76,065 |  |  |  | 44,452 |  |  |  | 47,963 |
Other income (expenses) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest income |  |  | — |  |  |  | 6 |  |  |  | — |  |  |  | 6 |  |  |  | 5 |
Interest expense |  |  | (16,896 | ) |  |  | (16,997 | ) |  |  | (15,611 | ) |  |  | (15,430 | ) |  |  | (16,108 | )
Cost of debt extinguishment |  |  | — |  |  |  | — |  |  |  | (242 | ) |  |  | — |  |  |  | (126 | )
Gain on sale of real estate |  |  | 1,196 |  |  |  | 3,732 |  |  |  | 1,220 |  |  |  | 3,838 |  |  |  | 4,733 |
Income taxes |  |  | (412 | ) |  |  | (457 | ) |  |  | (473 | ) |  |  | (301 | ) |  |  | (413 | )
Change in fair value of earnout liability |  |  | — |  |  |  | — |  |  |  | (1,059 | ) |  |  | (5,604 | ) |  |  | 1,124 |
Other (expenses) income |  |  | (1,126 | ) |  |  | (51 | ) |  |  | (25 | ) |  |  | 4 |  |  |  | 10 |
Net income |  |  | 28,441 |  |  |  | 32,226 |  |  |  | 30,522 |  |  |  | 22,820 |  |  |  | 23,960 |
Net income attributable to non-controlling interests |  |  | (1,683 | ) |  |  | (1,935 | ) |  |  | (1,824 | ) |  |  | (1,606 | ) |  |  | (1,737 | )
Net income attributable to Broadstone Net Lease, Inc. |  | $ | 26,758 |  |  | $ | 30,291 |  |  | $ | 28,698 |  |  | $ | 21,214 |  |  | $ | 22,223 |
Weighted average number of common shares outstanding |
Basic 1 |  |  | 163,809 |  |  |  | 161,545 |  |  |  | 159,226 |  |  |  | 146,119 |  |  |  | 145,338 |
Diluted 1 |  |  | 174,288 |  |  |  | 172,094 |  |  |  | 169,587 |  |  |  | 157,430 |  |  |  | 156,724 |
Net earnings per common share 2 |  |  |  |  |  |  |
Basic and diluted |  | $ | 0.16 |  |  | $ | 0.19 |  |  | $ | 0.18 |  |  | $ | 0.14 |  |  | $ | 0.15 |

1 Excludes 370,539, 373,678, 378,244, 386,772, and 334,413 weighted average shares of unvested restricted common stock for the three months ended March 31, 2022, December 31, 2021, September 30, 2021, June 30, 2021, and March 31, 2021, respectively.

2 Excludes $0.1 million from the numerator for the three months ended March 31, 2022, December 31, 2021, September 30, 2021, June 30, 2021, and March 31, 2021, related to dividends declared on shares of unvested restricted common stock.

BROADSTONE NET LEASE, INC. | www.broadstone.com | © 2022 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, 2022 |  |  | December 31, 2021 |  |  | September 30, 2021 |  |  | June 30, 2021 |  |  | March 31, 2021 |
Net income |  | $ | 28,441 |  |  | $ | 32,226 |  |  | $ | 30,522 |  |  | $ | 22,820 |  |  | $ | 23,960 |
Real property depreciation and amortization |  |  | 34,259 |  |  |  | 33,451 |  |  |  | 36,656 |  |  |  | 31,202 |  |  |  | 30,690 |
Gain on sale of real estate |  |  | (1,196 | ) |  |  | (3,732 | ) |  |  | (1,220 | ) |  |  | (3,838 | ) |  |  | (4,733 | )
Provision for impairment of investment in rental properties |  |  | — |  |  |  | 207 |  |  |  | 25,989 |  |  |  | — |  |  |  | 2,012 |
FFO |  | $ | 61,504 |  |  | $ | 62,152 |  |  | $ | 91,947 |  |  | $ | 50,184 |  |  | $ | 51,929 |
Net write-offs of accrued rental income |  |  | 1,326 |  |  |  | — |  |  |  | 1,496 |  |  |  | — |  |  |  | 442 |
Lease termination fee |  |  | — |  |  |  | — |  |  |  | (35,000 | ) |  |  | — |  |  |  | — |
Cost of debt extinguishment |  |  | — |  |  |  | — |  |  |  | 242 |  |  |  | — |  |  |  | 126 |
Severance |  |  | 120 |  |  |  | 29 |  |  |  | — |  |  |  | 32 |  |  |  | 1,243 |
Change in fair value of earnout liability |  |  | — |  |  |  | — |  |  |  | 1,059 |  |  |  | 5,604 |  |  |  | (1,124 | )
Other expenses (income) |  |  | 1,126 |  | 1 |  | 51 |  |  |  | 25 |  |  |  | (4 | ) |  |  | (10 | )
Core FFO |  | $ | 64,076 |  |  | $ | 62,232 |  |  | $ | 59,769 |  |  | $ | 55,816 |  |  | $ | 52,606 |
Straight-line rent adjustment |  |  | (4,934 | ) |  |  | (5,321 | ) |  |  | (4,930 | ) |  |  | (4,979 | ) |  |  | (5,074 | )
Adjustment to provision for credit losses |  |  | — |  |  |  | (37 | ) |  |  | — |  |  |  | — |  |  |  | (1 | )
Amortization of debt issuance costs |  |  | 856 |  |  |  | 1,022 |  |  |  | 962 |  |  |  | 956 |  |  |  | 914 |
Amortization of net mortgage premiums |  |  | (27 | ) |  |  | (26 | ) |  |  | (34 | ) |  |  | (37 | ) |  |  | (35 | )
Loss (gain) on interest rate swaps and other non-cash interest expense |  |  | 659 |  |  |  | 696 |  |  |  | 85 |  |  |  | (42 | ) |  |  | (41 | )
Amortization of lease intangibles |  |  | (1,158 | ) |  |  | (899 | ) |  |  | (940 | ) |  |  | (641 | ) |  |  | (728 | )
Stock-based compensation |  |  | 929 |  |  |  | 1,025 |  |  |  | 924 |  |  |  | 951 |  |  |  | 1,769 |
AFFO |  | $ | 60,401 |  |  | $ | 58,692 |  |  | $ | 55,836 |  |  | $ | 52,024 |  |  | $ | 49,410 |
Diluted weighted average shares outstanding 2 |  |  | 174,288 |  |  |  | 172,094 |  |  |  | 169,587 |  |  |  | 157,430 |  |  |  | 156,724 |
Net earnings per diluted share 3 |  | $ | 0.16 |  |  | $ | 0.19 |  |  | $ | 0.18 |  |  | $ | 0.14 |  |  | $ | 0.15 |
FFO per diluted share 3 |  |  | 0.35 |  |  |  | 0.36 |  |  |  | 0.54 |  |  |  | 0.32 |  |  |  | 0.33 |
Core FFO per diluted share 3 |  |  | 0.37 |  |  |  | 0.36 |  |  |  | 0.35 |  |  |  | 0.35 |  |  |  | 0.33 |
AFFO per diluted share 3 |  |  | 0.35 |  |  |  | 0.34 |  |  |  | 0.33 |  |  |  | 0.33 |  |  |  | 0.31 |

1 Amount includes $1.1 million of unrealized foreign exchange loss, primarily associated with our Canadian dollar denominated revolving borrowings.

2 Excludes 370,539, 373,678, 378,244, 386,772, and 334,413 weighted average shares of unvested restricted common stock for the three months ended March 31, 2022, December 31, 2021, September 30, 2021, June 30, 2021, and March 31, 2021, respectively.

3 Excludes $0.1 million from the numerator for the three months ended March 31, 2022, December 31, 2021, September 30, 2021, June 30, 2021, and March 31, 2021, related to dividends declared on shares of unvested restricted common stock.

BROADSTONE NET LEASE, INC. | www.broadstone.com | © 2022 Broadstone Net Lease, LLC. All rights reserved. 8

EBITDA, EBITDAre, and Other-Non GAAP Operating Measures

(unaudited, in thousands)

|  | Three Months Ended |
|  | March 31, 2022 |  |  | December 31, 2021 |  |  | September 30, 2021 |  |  | June 30, 2021 |  |  | March 31, 2021 |
Net income |  | $ | 28,441 |  |  | $ | 32,226 |  |  | $ | 30,522 |  |  | $ | 22,820 |  |  | $ | 23,960 |
Depreciation and amortization |  |  | 34,290 |  |  |  | 33,476 |  |  |  | 36,682 |  |  |  | 31,225 |  |  |  | 30,713 |
Interest expense |  |  | 16,896 |  |  |  | 16,997 |  |  |  | 15,611 |  |  |  | 15,430 |  |  |  | 16,108 |
Income taxes |  |  | 412 |  |  |  | 457 |  |  |  | 473 |  |  |  | 301 |  |  |  | 413 |
EBITDA |  | $ | 80,039 |  |  | $ | 83,156 |  |  | $ | 83,288 |  |  | $ | 69,776 |  |  | $ | 71,194 |
Provision for impairment of investment in rental properties |  |  | — |  |  |  | 207 |  |  |  | 25,989 |  |  |  | — |  |  |  | 2,012 |
Gain on sale of real estate |  |  | (1,196 | ) |  |  | (3,732 | ) |  |  | (1,220 | ) |  |  | (3,838 | ) |  |  | (4,733 | )
EBITDAre |  | $ | 78,843 |  |  | $ | 79,631 |  |  | $ | 108,057 |  |  | $ | 65,938 |  |  | $ | 68,473 |
Adjustment for current quarter acquisition activity 1 |  |  | 3,225 |  |  |  | 2,002 |  |  |  | 3,534 |  |  |  | 2,761 |  |  |  | 1,365 |
Adjustment for current quarter disposition activity 2 |  |  | (79 | ) |  |  | (180 | ) |  |  | (1,387 | ) |  |  | (353 | ) |  |  | (278 | )
Adjustment to exclude non-recurring and other expenses 3 |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 2,100 |
Adjustment to exclude change in fair value of earnout liability |  |  | — |  |  |  | — |  |  |  | 1,059 |  |  |  | 5,604 |  |  |  | (1,124 | )
Adjustment to exclude net write-offs of accrued rental income |  |  | 1,326 |  |  |  | — |  |  |  | 1,496 |  |  |  | — |  |  |  | 442 |
Adjustment to exclude realized / unrealized foreign exchange loss |  |  | 1,125 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Adjustment to exclude cost of debt extinguishments |  |  | — |  |  |  | — |  |  |  | 242 |  |  |  | — |  |  |  | 126 |
Adjustment to exclude lease termination fees |  |  | — |  |  |  | — |  |  |  | (35,000 | ) |  |  | — |  |  |  | — |
Adjusted EBITDAre |  | $ | 84,440 |  |  | $ | 81,453 |  |  | $ | 78,001 |  |  | $ | 73,950 |  |  | $ | 71,104 |
General and administrative |  |  | 8,825 |  |  |  | 8,523 |  |  |  | 8,537 |  |  |  | 8,650 |  |  |  | 10,632 |
Adjusted Net Operating Income ("NOI") |  | $ | 93,265 |  |  | $ | 89,976 |  |  | $ | 86,538 |  |  | $ | 82,600 |  |  | $ | 81,736 |
Straight-line rental revenue, net |  |  | (5,456 | ) |  |  | (5,611 | ) |  |  | (5,789 | ) |  |  | (5,245 | ) |  |  | (4,762 | )
Other amortization and non-cash charges |  |  | (1,157 | ) |  |  | (847 | ) |  |  | (616 | ) |  |  | (642 | ) |  |  | (737 | )
Adjusted Cash NOI |  | $ | 86,652 |  |  | $ | 83,518 |  |  | $ | 80,133 |  |  | $ | 76,713 |  |  | $ | 76,237 |
Annualized EBITDAre |  | $ | 315,375 |  |  | $ | 318,526 |  |  | $ | 432,221 |  |  | $ | 263,761 |  |  | $ | 273,888 |
Annualized Adjusted EBITDAre |  |  | 337,759 |  |  |  | 325,812 |  |  |  | 311,998 |  |  |  | 295,808 |  |  |  | 284,414 |
Annualized Adjusted NOI |  |  | 373,060 |  |  |  | 359,904 |  |  |  | 346,145 |  |  |  | 330,410 |  |  |  | 326,944 |
Annualized Adjusted Cash NOI |  |  | 346,606 |  |  |  | 334,072 |  |  |  | 320,524 |  |  |  | 306,863 |  |  |  | 304,948 |

1 Reflects an adjustment to give effect to all acquisition during the quarter as if they had been acquired as of the beginning of the quarter.

2 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.

3 Amounts include $1.2 million of severance and $0.9 million of accelerated stock-based compensation associated with the departure of executive officers during the three months ended March 31, 2021.

BROADSTONE NET LEASE, INC. | www.broadstone.com | © 2022 Broadstone Net Lease, LLC. All rights reserved. 9

Lease Revenues Detail

(unaudited, in thousands)

|  | Three Months Ended |
|  | March 31, 2022 |  |  | December 31, 2021 |  |  | September 30, 2021 |  |  | June 30, 2021 |  |  | March 31, 2021 |
Contractual rental amounts billed for operating leases |  | $ | 84,396 |  |  | $ | 81,482 |  |  | $ | 78,886 |  |  | $ | 75,011 |  |  | $ | 73,245 |
Adjustment to recognize contractual operating lease billings on a straight- line basis |  |  | 5,021 |  |  |  | 5,372 |  |  |  | 4,942 |  |  |  | 4,724 |  |  |  | 4,809 |
Net write-offs of accrued rental income |  |  | (1,326 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (442 | )
Variable rental amounts earned |  |  | 186 |  |  |  | 433 |  |  |  | 130 |  |  |  | 114 |  |  |  | 91 |
Earned income from direct financing leases |  |  | 723 |  |  |  | 725 |  |  |  | 726 |  |  |  | 728 |  |  |  | 730 |
Interest income from sales-type leases |  |  | 14 |  |  |  | 15 |  |  |  | 14 |  |  |  | 15 |  |  |  | 14 |
Operating expenses billed to tenants |  |  | 4,735 |  |  |  | 4,464 |  |  |  | 4,414 |  |  |  | 4,196 |  |  |  | 4,388 |
Other income from real estate transactions |  |  | 42 |  |  |  | 1 |  |  |  | 33,515 |  |  |  | 28 |  |  |  | 5 |
Adjustment to revenue recognized for uncollectible rental amounts billed, net |  |  | 50 |  |  |  | 150 |  |  |  | 150 |  |  |  | (57 | ) |  |  | (142 | )
Total Lease revenues, net |  | $ | 93,841 |  |  | $ | 92,642 |  |  | $ | 122,777 |  |  | $ | 84,759 |  |  | $ | 82,698 |

BROADSTONE NET LEASE, INC. | www.broadstone.com | © 2022 Broadstone Net Lease, LLC. All rights reserved. 10

Capital Structure

(unaudited, in thousands, except per share data)

EQUITY |  |  |
Shares of Common Stock |  |  | 168,750 |
OP Units |  |  | 10,323 |
Common Stock & OP Units |  |  | 179,073 |
Price Per Share / Unit at March 31, 2022 |  | $ | 21.78 |
IMPLIED EQUITY MARKET CAPITALIZATION |  | $ | 3,900,218 |
% of Total Capitalization |  |  | 68.4 | %
DEBT |  |  |
Unsecured Revolving Credit Facility - 2026 |  | $ | 266,118 |
Unsecured Term Loan Facilities |  |  | 590,000 |
Unsecured Term Loan - 2024 |  |  | 190,000 |
Unsecured Term Loan - 2026 |  |  | 400,000 |
Senior Unsecured Notes |  |  | 850,000 |
Senior Unsecured Notes - 2027 |  |  | 150,000 |
Senior Unsecured Notes - 2028 |  |  | 225,000 |
Senior Unsecured Notes - 2030 |  |  | 100,000 |
Senior Unsecured Notes - 2031 |  |  | 375,000 |
Mortgage Debt - Various |  |  | 96,434 |
TOTAL DEBT |  | $ | 1,802,552 |
% of Total Capitalization |  |  | 31.6 | %
% of Total Debt Floating Rate Debt |  |  | 8.0 | %
% of Total Debt Fixed Rate Debt |  |  | 92.0 | %
% of Total Debt Secured Debt |  |  | 5.3 | %
% of Total Debt Unsecured Debt |  |  | 94.7 | %
Total Capitalization |  | $ | 5,702,770 |
Less: Cash and Cash Equivalents |  |  | (54,103 | )
Enterprise Value |  | $ | 5,648,667 |

BROADSTONE NET LEASE, INC. | www.broadstone.com | © 2022 Broadstone Net Lease, LLC. All rights reserved. 11

Equity Rollforward

(unaudited, in thousands)

|  |  | Shares of Common Stock |  |  | OP Units |  |  | Total Diluted Shares |
Balance, January 1, 2022 |  |  |  | 162,383 |  |  |  | 10,323 |  |  |  | 172,706 |
ATM offering |  |  |  | 6,273 |  |  |  | — |  |  |  | 6,273 |
Board of directors fees |  |  |  | 12 |  |  |  | — |  |  |  | 12 |
Grants of restricted stock awards |  |  |  | 142 |  |  |  | — |  |  |  | 142 |
Retirement of restricted stock awards |  |  |  | (59 | ) |  |  | — |  |  |  | (59 | )
Forfeiture of restricted stock awards |  |  |  | (1 | ) |  |  | — |  |  |  | (1 | )
Balance, March 31, 2022 |  |  |  | 168,750 |  |  |  | 10,323 |  |  |  | 179,073 |
Percentage ownership of OP at March 31, 2022 |  |  | 94.2 | % |  |  | 5.8 | % |  |  | 100 | %

BROADSTONE NET LEASE, INC. | www.broadstone.com | © 2022 Broadstone Net Lease, LLC. All rights reserved. 12

Debt Outstanding

(unaudited, in thousands)

|  | Outstanding Balance |  |  |  |  |
|  | March 31, |  |  | December 31, |  |  |  |  |
|  | 2022 |  |  | 2021 |  |  | Interest Rate |  | Maturity Date
Unsecured revolving credit facility | $ | 266,118 |  |  | $ | 102,000 |  |  | Applicable reference rate + 0.85% |  | Mar. 2026
Unsecured term loans: |  |  |  |  |  |  |  |  |  |
2022 Unsecured Term Loan |  |  | — |  |  |  | 60,000 |  |  | one-month LIBOR + 1.00% |  | Feb. 2022
2024 Unsecured Term Loan |  | 190,000 |  |  |  | 190,000 |  |  | one-month LIBOR + 1.00% |  | Jun. 2024
2026 Unsecured Term Loan |  |  | 400,000 |  |  |  | 400,000 |  |  | one-month LIBOR + 1.00% |  | Feb. 2026
Total unsecured term loans |  |  | 590,000 |  |  |  | 650,000 |  |  |  |  |
Unamortized debt issuance costs, net |  |  | (3,116 | ) |  |  | (3,329 | ) |  |  |  |
Total unsecured term loans, net |  |  | 586,884 |  |  |  | 646,671 |  |  |  |  |
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
Total senior unsecured notes |  |  | 850,000 |  |  |  | 850,000 |  |  |  |  |
Unamortized debt issuance costs and original issuance discount, net |  |  | (6,010 | ) |  |  | (6,199 | ) |  |  |  |
Total senior unsecured notes, net |  |  | 843,990 |  |  |  | 843,801 |  |  |  |  |
Total unsecured debt, net |  | $ | 1,696,992 |  |  | $ | 1,592,472 |  |  |  |  |

|  | Origination |  | Maturity |  |  |  |  |  |  |  |
|  | Date |  | Date |  | Interest |  | March 31, |  |  | December 31, |
Lender |  | (Month/Year) |  | (Month/Year) |  | Rate |  | 2022 |  |  | 2021 |
Wilmington Trust National Association |  | Apr-19 |  | Feb-28 |  | 4.92% |  | $ | 46,447 |  |  | $ | 46,760 |
Wilmington Trust National Association |  | Jun-18 |  | Aug-25 |  | 4.36% |  |  | 19,454 |  |  |  | 19,557 |
PNC Bank |  | Oct-16 |  | Nov-26 |  | 3.62% |  |  | 16,989 |  |  |  | 17,094 |
T2 Durham I, LLC |  | Jul - 21 |  | Jul -24 |  | Greater of Prime + 1.25% or 5.00% |  |  | 7,500 |  |  |  | 7,500 |
Aegon |  | Apr-12 |  | Oct-23 |  | 6.38% |  |  | 6,044 |  |  |  | 6,249 |
Total mortgages |  |  |  |  |  |  |  |  | 96,434 |  |  |  | 97,160 |
Debt issuance costs, net |  |  |  |  |  |  |  |  | (293 | ) |  |  | (314 | )
Mortgages, net |  |  |  |  |  |  |  | $ | 96,141 |  |  | $ | 96,846 |

Year of Maturity |  | Revolving Credit Facility |  |  | Term Loans |  |  | Senior Notes |  |  | Mortgages |  |  | Total |
2022 |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 2,180 |  |  | $ | 2,180 |
2023 |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 7,582 |  |  |  | 7,582 |
2024 |  |  | — |  |  |  | 190,000 |  |  |  | — |  |  |  | 9,760 |  |  |  | 199,760 |
2025 |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 20,195 |  |  |  | 20,195 |
2026 |  |  | 266,118 |  |  |  | 400,000 |  |  |  | — |  |  |  | 16,843 |  |  |  | 682,961 |
Thereafter |  |  | — |  |  |  | — |  |  |  | 850,000 |  |  |  | 39,874 |  |  |  | 889,874 |
Total |  | $ | 266,118 |  |  | $ | 590,000 |  |  | $ | 850,000 |  |  | $ | 96,434 |  |  | $ | 1,802,552 |

BROADSTONE NET LEASE, INC. | www.broadstone.com | © 2022 Broadstone Net Lease, LLC. All rights reserved. 13

Net Debt Metrics

(unaudited, in thousands)

|  | March 31, 2022 |  |  | December 31, 2021 |  |  | September 30, 2021 |  |  | June 30, 2021 |  |  | March 31, 2021 |
Debt |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Unsecured revolving credit facility |  | $ | 266,118 |  |  | $ | 102,000 |  |  | $ | — |  |  | $ | — |  |  | $ | 15,000 |
Unsecured term loans, net |  |  | 586,884 |  |  |  | 646,671 |  |  |  | 646,458 |  |  |  | 910,994 |  |  |  | 910,732 |
Senior unsecured notes, net |  |  | 843,990 |  |  |  | 843,801 |  |  |  | 843,665 |  |  |  | 472,637 |  |  |  | 472,551 |
Mortgages, net |  |  | 96,141 |  |  |  | 96,846 |  |  |  | 97,530 |  |  |  | 105,748 |  |  |  | 106,559 |
Debt issuance costs |  |  | 9,419 |  |  |  | 9,842 |  |  |  | 10,215 |  |  |  | 6,625 |  |  |  | 6,988 |
Gross Debt |  |  | 1,802,552 |  |  |  | 1,699,160 |  |  |  | 1,597,868 |  |  |  | 1,496,004 |  |  |  | 1,511,830 |
Cash and cash equivalents |  |  | (54,103 | ) |  |  | (21,669 | ) |  |  | (16,182 | ) |  |  | (78,987 | ) |  |  | (10,205 | )
Restricted cash |  |  | (11,444 | ) |  |  | (6,100 | ) |  |  | (3,895 | ) |  |  | (8,021 | ) |  |  | (8,145 | )
Net Debt |  | $ | 1,737,005 |  |  | $ | 1,671,391 |  |  | $ | 1,577,791 |  |  | $ | 1,408,996 |  |  | $ | 1,493,480 |
Net Debt to Annualized EBITDAre |  | 5.51x |  |  | 5.25x |  |  | 3.65x |  |  | 5.34x |  |  | 5.45x |
Net Debt to Annualized Adjusted EBITDAre |  | 5.14x |  |  | 5.13x |  |  | 5.06x |  |  | 4.76x |  |  | 5.25x |

Covenants

(unaudited)

The following is a summary of key financial covenants for the Company's unsecured credit facility and unsecured term loans and senior notes. 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 lenders via quarterly covenant reporting packages. The covenants associated with the 2031 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, 2022, 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 |  |  | 2031 Senior Unsecured Public Notes |
Leverage ratio |  | ≤ 0.60 to 1.00 |  |  | 0.34 |  |  |  | 0.35 |  |  | Not Applicable |
Secured indebtedness ratio |  | ≤ 0.40 to 1.00 |  |  | 0.02 |  |  |  | 0.02 |  |  | Not Applicable |
Unencumbered coverage ratio |  | ≥ 1.75 to 1.00 |  |  | 7.23 |  |  | Not Applicable |  |  | Not Applicable |
Fixed charge coverage ratio |  | ≥ 1.50 to 1.00 |  |  | 4.27 |  |  |  | 4.27 |  |  | Not Applicable |
Total unsecured indebtedness to total unencumbered eligible property value |  | ≤ 0.60 to 1.00 |  |  | 0.35 |  |  |  | 0.37 |  |  | 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 |  |  |  | 0.37 |
Consolidated income available for debt to annual debt service charge |  | ≥ 1.50 to 1.00 |  | Not Applicable |  |  | Not Applicable |  |  |  | 5.03 |
Total unencumbered assets to total unsecured debt |  | ≥ 1.50 to 1.00 |  | Not Applicable |  |  | Not Applicable |  |  |  | 2.74 |
Secured debt ratio |  | ≤ 0.40 to 1.00 |  | Not Applicable |  |  | Not Applicable |  |  |  | 0.02 |

BROADSTONE NET LEASE, INC. | www.broadstone.com | © 2022 Broadstone Net Lease, LLC. All rights reserved. 14

Debt Maturities

(unaudited, dollars in millions)

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

BROADSTONE NET LEASE, INC. | www.broadstone.com | © 2022 Broadstone Net Lease, LLC. All rights reserved. 15

Portfolio Activity

Acquisitions

(unaudited, square feet and dollars in thousands)

The following table summarizes the Company's property acquisition activity during 2022.

QTD Q1 2022 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Property Type |  | Number of Properties |  |  | Square Feet |  |  | Weighted Average Lease Term (years) |  |  | Weighted Average Annual Rent Increase |  |  | Acquisition Price |
Restaurant |  |  | 16 |  |  |  | 131 |  |  |  | 19.5 |  |  |  | 1.1 | % |  | $ | 99,587 |
Retail |  |  | 9 |  |  |  | 224 |  |  |  | 19.4 |  |  |  | 1.9 | % |  |  | 82,975 |
Industrial |  |  | 2 |  |  |  | 264 |  |  |  | 18.5 |  |  |  | 2.1 | % |  |  | 27,411 |
Total Properties |  |  | 27 |  |  |  | 619 |  |  |  | 19.3 |  |  |  | 1.5 | % |  | $ | 209,973 |
Weighted average initial cash cap rate |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 5.7 | %
Weighted average initial GAAP cap rate |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 6.4 | %

Dispositions

(unaudited, square feet and dollars in thousands)

The following table summarizes the Company's property disposition activity during 2022.

QTD Q1 2022 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Property Type |  | Number of Properties |  |  | Square Feet |  |  | Acquisition Price |  |  | Disposition Price |  |  | Net Book Value |
Restaurant |  |  | 1 |  |  |  | 8 |  |  | $ | 3,891 |  |  |  | 5,212 |  |  | $ | 3,824 |
Total Properties |  |  | 1 |  |  |  | 8 |  |  | $ | 3,891 |  |  | $ | 5,212 |  |  | $ | 3,824 |
Weighted average cash cap rate |  |  |  |  |  |  |  |  |  |  |  |  | 5.7 | %

BROADSTONE NET LEASE, INC. | www.broadstone.com | © 2022 Broadstone Net Lease, LLC. All rights reserved. 16

Portfolio at a Glance: Key Metrics

Properties | 752 |  |
U.S. States | 43 |
Canadian Provinces | 4 |
Total Rentable Sq. Footage | 32.8M |
Tenants | 210 |
Brands | 198 |
Industries | 56 |
Occupancy (based on SF) | 99.8% |
Top Ten Tenant Concentration | 17.1% |
Top Twenty Tenant Concentration | 30.0% |
Investment Grade (tenant/guarantor) | 15.3% |
Financial Reporting Coverage 1 | 94.2% |
Rent Coverage Ratio 2 | 3.2x |
Weighted Average Annual Rent Increases | 2.0% |
Weighted Average Remaining Lease Term | 10.5 years |

1 Includes 9.1% related to tenants not required to provide financial information under the terms of our lease, but whose financial statements are available publicly.

2 Represents rent coverage ratio for Restaurant property type only.

BROADSTONE NET LEASE, INC. | www.broadstone.com | © 2022 Broadstone Net Lease, LLC. All rights reserved. 17

Diversification: Tenants & Brands

(unaudited)

Top 20 Tenants

Tenant |  | Property Type |  | # Properties |  |  | ABR ($'000s) |  |  | ABR as a % of Total Portfolio |  |  | Square Feet ('000s) |  |  | SF as a % of Total Portfolio |
Jack's Family Restaurants LP |  | Quick Service Restaurants |  |  | 43 |  |  | $ | 7,166 |  |  |  | 2.1 | % |  |  | 147 |  |  |  | 0.4 | %
Red Lobster Hospitality & Red Lobster Restaurants LLC |  | Casual Dining |  |  | 21 |  |  |  | 6,699 |  |  |  | 1.9 | % |  |  | 174 |  |  |  | 0.5 | %
Joseph T. Ryerson & Son, Inc |  | Distribution & Warehouse |  |  | 11 |  |  |  | 6,395 |  |  |  | 1.8 | % |  |  | 1,537 |  |  |  | 4.7 | %
J. Alexander's, LLC |  | Casual Dining |  |  | 16 |  |  |  | 6,025 |  |  |  | 1.7 | % |  |  | 131 |  |  |  | 0.4 | %
Axcelis Technologies, Inc. |  | Flex and R&D |  |  | 1 |  |  |  | 5,991 |  |  |  | 1.7 | % |  |  | 417 |  |  |  | 1.3 | %
Hensley & Company |  | Distribution & Warehouse |  |  | 3 |  |  |  | 5,871 |  |  |  | 1.7 | % |  |  | 577 |  |  |  | 1.8 | %
BluePearl Holdings, LLC |  | Animal Health Services |  |  | 13 |  |  |  | 5,444 |  |  |  | 1.6 | % |  |  | 165 |  |  |  | 0.5 | %
Dollar General Corporation |  | General Merchandise |  |  | 55 |  |  |  | 5,391 |  |  |  | 1.6 | % |  |  | 510 |  |  |  | 1.6 | %
Outback Steakhouse of Florida LLC |  | Casual Dining |  |  | 22 |  |  |  | 5,278 |  |  |  | 1.5 | % |  |  | 140 |  |  |  | 0.4 | %
Tractor Supply Company |  | General Merchandise |  |  | 21 |  |  |  | 5,269 |  |  |  | 1.5 | % |  |  | 417 |  |  |  | 1.3 | %
Total Top 10 Tenants |  |  |  |  | 206 |  |  | $ | 59,529 |  |  |  | 17.1 | % |  |  | 4,215 |  |  |  | 12.9 | %
Krispy Kreme Doughnut Corporation |  | Quick Service Restaurants/ Food Processing |  |  | 27 |  |  | $ | 5,034 |  |  |  | 1.4 | % |  |  | 156 |  |  |  | 0.5 | %
Big Tex Trailer Manufacturing, Inc. |  | Automotive/Distribution & Warehouse/Manufacturing/ Corporate Headquarters |  |  | 17 |  |  |  | 4,957 |  |  |  | 1.4 | % |  |  | 1,302 |  |  |  | 4.0 | %
Siemens Medical Solutions USA, Inc. & Siemens Corporation |  | Manufacturing/Flex and R&D |  |  | 2 |  |  |  | 4,936 |  |  |  | 1.4 | % |  |  | 545 |  |  |  | 1.7 | %
Santa Cruz Valley Hospital |  | Healthcare Facilities |  |  | 1 |  |  |  | 4,500 |  |  |  | 1.3 | % |  |  | 148 |  |  |  | 0.4 | %
Nestle' Dreyer's Ice Cream Company |  | Cold Storage |  |  | 1 |  |  |  | 4,476 |  |  |  | 1.3 | % |  |  | 310 |  |  |  | 0.9 | %
Arkansas Surgical Hospital |  | Surgical |  |  | 1 |  |  |  | 4,366 |  |  |  | 1.3 | % |  |  | 129 |  |  |  | 0.4 | %
American Signature, Inc. |  | Home Furnishings |  |  | 6 |  |  |  | 4,224 |  |  |  | 1.2 | % |  |  | 474 |  |  |  | 1.4 | %
Cascade Aerospace Inc. |  | Manufacturing |  |  | 1 |  |  |  | 4,150 |  |  |  | 1.2 | % |  |  | 231 |  |  |  | 0.7 | %
MEC Mountain Equipment Company Ltd. |  | General Merchandise |  |  | 6 |  |  |  | 4,147 |  |  |  | 1.2 | % |  |  | 199 |  |  |  | 0.6 | %
Aventiv Technologies, LLC |  | Corporate Headquarters |  |  | 1 |  |  |  | 3,896 |  |  |  | 1.2 | % |  |  | 154 |  |  |  | 0.5 | %
Total Top 20 Tenants |  |  |  |  | 269 |  |  | $ | 104,215 |  |  |  | 30.0 | % |  |  | 7,863 |  |  |  | 24.0 | %

BROADSTONE NET LEASE, INC. | www.broadstone.com | © 2022 Broadstone Net Lease, LLC. All rights reserved. 18

Top 20 Brands

(unaudited)

Brand |  | Property Type |  | # Properties |  |  | ABR ($'000s) |  |  | ABR as a % of Total Portfolio |  |  | Square Feet ('000s) |  |  | SF as a % of Total Portfolio |
Jack's Family Restaurants |  | Quick Service Restaurants |  |  | 43 |  |  | $ | 7,166 |  |  |  | 2.1 | % |  |  | 147 |  |  |  | 0.4 | %
Red Lobster |  | Casual Dining |  |  | 21 |  |  |  | 6,699 |  |  |  | 1.9 | % |  |  | 174 |  |  |  | 0.5 | %
Ryerson |  | Distribution & Warehouse |  |  | 11 |  |  |  | 6,395 |  |  |  | 1.8 | % |  |  | 1,537 |  |  |  | 4.7 | %
Axcelis |  | Flex and R&D |  |  | 1 |  |  |  | 5,991 |  |  |  | 1.7 | % |  |  | 417 |  |  |  | 1.3 | %
Hensley |  | Distribution & Warehouse |  |  | 3 |  |  |  | 5,871 |  |  |  | 1.7 | % |  |  | 577 |  |  |  | 1.8 | %
BluePearl Veterinary Partners |  | Animal Health Services |  |  | 13 |  |  |  | 5,444 |  |  |  | 1.6 | % |  |  | 165 |  |  |  | 0.5 | %
Dollar General |  | General Merchandise |  |  | 55 |  |  |  | 5,391 |  |  |  | 1.6 | % |  |  | 510 |  |  |  | 1.6 | %
Bob Evans Farms |  | Casual Dining/Food Processing |  |  | 21 |  |  |  | 5,285 |  |  |  | 1.5 | % |  |  | 281 |  |  |  | 0.8 | %
Tractor Supply Co. |  | General Merchandise |  |  | 21 |  |  |  | 5,269 |  |  |  | 1.5 | % |  |  | 417 |  |  |  | 1.3 | %
Krispy Kreme |  | Quick Service Restaurants/ Food Processing |  |  | 27 |  |  |  | 5,034 |  |  |  | 1.4 | % |  |  | 156 |  |  |  | 0.5 | %
Total Top 10 Brands |  |  |  |  | 216 |  |  | $ | 58,545 |  |  |  | 16.8 | % |  |  | 4,381 |  |  |  | 13.4 | %
Big Tex Trailers |  | Automotive/Distribution & Warehouse/Manufacturing/ Corporate Headquarters |  |  | 17 |  |  | $ | 4,957 |  |  |  | 1.4 | % |  |  | 1,302 |  |  |  | 4.0 | %
Siemens |  | Manufacturing/Flex and R&D |  |  | 2 |  |  |  | 4,936 |  |  |  | 1.4 | % |  |  | 545 |  |  |  | 1.7 | %
Outback Steakhouse |  | Casual Dining |  |  | 20 |  |  |  | 4,566 |  |  |  | 1.4 | % |  |  | 126 |  |  |  | 0.4 | %
Wendy's |  | Quick Service Restaurants |  |  | 31 |  |  |  | 4,554 |  |  |  | 1.3 | % |  |  | 89 |  |  |  | 0.3 | %
Santa Cruz Valley Hospital |  | Healthcare Facilities |  |  | 1 |  |  |  | 4,500 |  |  |  | 1.3 | % |  |  | 148 |  |  |  | 0.4 | %
Nestle' |  | Cold Storage |  |  | 1 |  |  |  | 4,476 |  |  |  | 1.3 | % |  |  | 310 |  |  |  | 0.9 | %
Arkansas Surgical Hospital |  | Surgical |  |  | 1 |  |  |  | 4,366 |  |  |  | 1.3 | % |  |  | 129 |  |  |  | 0.4 | %
Value City Furniture |  | Home Furnishings |  |  | 6 |  |  |  | 4,224 |  |  |  | 1.2 | % |  |  | 474 |  |  |  | 1.4 | %
Taco Bell |  | Quick Service Restaurants |  |  | 31 |  |  |  | 4,172 |  |  |  | 1.2 | % |  |  | 80 |  |  |  | 0.2 | %
Cascade Aerospace |  | Manufacturing |  |  | 1 |  |  |  | 4,150 |  |  |  | 1.2 | % |  |  | 231 |  |  |  | 0.7 | %
Total Top 20 Brands |  |  |  |  | 327 |  |  | $ | 103,446 |  |  |  | 29.8 | % |  |  | 7,815 |  |  |  | 23.8 | %

BROADSTONE NET LEASE, INC. | www.broadstone.com | © 2022 Broadstone Net Lease, LLC. All rights reserved. 19

Diversification: Property Type

(unaudited, rent percentages based on ABR)

BROADSTONE NET LEASE, INC. | www.broadstone.com | © 2022 Broadstone Net Lease, LLC. All rights reserved. 20

Diversification: Property Type (continued)

(unaudited)

Property Type |  | # Properties |  |  | ABR ($'000s) |  |  | ABR as a % of Total Portfolio |  |  | Square Feet ('000s) |  |  | SF as a % of Total Portfolio |
Industrial |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Manufacturing |  |  | 64 |  |  | $ | 50,797 |  |  |  | 14.6 | % |  |  | 9,147 |  |  |  | 27.9 | %
Distribution & Warehouse |  |  | 45 |  |  |  | 49,015 |  |  |  | 14.1 | % |  |  | 9,221 |  |  |  | 28.1 | %
Food Processing |  |  | 17 |  |  |  | 22,881 |  |  |  | 6.6 | % |  |  | 2,636 |  |  |  | 8.0 | %
Flex and R&D |  |  | 7 |  |  |  | 17,296 |  |  |  | 5.0 | % |  |  | 1,457 |  |  |  | 4.4 | %
Cold Storage |  |  | 4 |  |  |  | 12,702 |  |  |  | 3.6 | % |  |  | 933 |  |  |  | 2.9 | %
Services |  |  | 21 |  |  |  | 8,548 |  |  |  | 2.5 | % |  |  | 487 |  |  |  | 1.5 | %
Industrial Total |  |  | 158 |  |  |  | 161,239 |  |  |  | 46.4 | % |  |  | 23,881 |  |  |  | 72.8 | %
Healthcare |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Clinical |  |  | 51 |  |  |  | 25,735 |  |  |  | 7.4 | % |  |  | 1,049 |  |  |  | 3.2 | %
Healthcare Services |  |  | 28 |  |  |  | 12,511 |  |  |  | 3.6 | % |  |  | 463 |  |  |  | 1.4 | %
Animal Health Services |  |  | 27 |  |  |  | 10,352 |  |  |  | 3.0 | % |  |  | 405 |  |  |  | 1.2 | %
Surgical |  |  | 12 |  |  |  | 10,226 |  |  |  | 2.9 | % |  |  | 329 |  |  |  | 1.0 | %
Life Science |  |  | 9 |  |  |  | 7,688 |  |  |  | 2.2 | % |  |  | 549 |  |  |  | 1.7 | %
Untenanted |  |  | 1 |  |  |  | — |  |  |  | — |  |  |  | 18 |  |  |  | 0.1 | %
Healthcare Total |  |  | 128 |  |  |  | 66,512 |  |  |  | 19.1 | % |  |  | 2,813 |  |  |  | 8.6 | %
Restaurant |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Casual Dining |  |  | 102 |  |  |  | 27,008 |  |  |  | 7.8 | % |  |  | 683 |  |  |  | 2.1 | %
Quick Service Restaurants |  |  | 148 |  |  |  | 25,022 |  |  |  | 7.2 | % |  |  | 505 |  |  |  | 1.5 | %
Restaurant Total |  |  | 250 |  |  |  | 52,030 |  |  |  | 15.0 | % |  |  | 1,188 |  |  |  | 3.6 | %
Retail |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
General Merchandise |  |  | 120 |  |  |  | 22,784 |  |  |  | 6.5 | % |  |  | 1,633 |  |  |  | 5.0 | %
Automotive |  |  | 66 |  |  |  | 12,084 |  |  |  | 3.5 | % |  |  | 771 |  |  |  | 2.4 | %
Home Furnishings |  |  | 13 |  |  |  | 7,030 |  |  |  | 2.0 | % |  |  | 797 |  |  |  | 2.4 | %
Untenanted |  |  | 1 |  |  |  | — |  |  |  | — |  |  |  | 34 |  |  |  | 0.1 | %
Retail Total |  |  | 200 |  |  |  | 41,898 |  |  |  | 12.0 | % |  |  | 3,235 |  |  |  | 9.9 | %
Office |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Corporate Headquarters |  |  | 7 |  |  |  | 10,429 |  |  |  | 3.0 | % |  |  | 679 |  |  |  | 2.0 | %
Strategic Operations |  |  | 5 |  |  |  | 9,691 |  |  |  | 2.8 | % |  |  | 615 |  |  |  | 1.9 | %
Call Center |  |  | 4 |  |  |  | 5,887 |  |  |  | 1.7 | % |  |  | 391 |  |  |  | 1.2 | %
Office Total |  |  | 16 |  |  |  | 26,007 |  |  |  | 7.5 | % |  |  | 1,685 |  |  |  | 5.1 | %
Total |  |  | 752 |  |  | $ | 347,686 |  |  |  | 100.0 | % |  |  | 32,802 |  |  |  | 100.0 | %

BROADSTONE NET LEASE, INC. | www.broadstone.com | © 2022 Broadstone Net Lease, LLC. All rights reserved. 21

Key Statistics by Property Type

Industrial |  |  |
Number of properties |  |  | 158 |
Square feet (000s) |  |  | 23,881 |
Weighted average lease term (years) |  |  | 10.3 |
Weighted average annual rent escalation |  |  | 2.0 | %
Healthcare |  |  |
Number of properties |  |  | 128 |
Square feet (000s) |  |  | 2,813 |
Weighted average lease term (years) |  |  | 8.6 |
Weighted average annual rent escalation |  |  | 2.2 | %
Restaurants |  |  |
Number of properties |  |  | 250 |
Square feet (000s) |  |  | 1,188 |
Weighted average lease term (years) |  |  | 15.3 |
Weighted average annual rent escalation |  |  | 1.9 | %
Retail |  |  |
Number of properties |  |  | 200 |
Square feet (000s) |  |  | 3,235 |
Weighted average lease term (years) |  |  | 11.2 |
Weighted average annual rent escalation |  |  | 1.6 | %
Office |  |  |
Number of properties |  |  | 16 |
Square feet (000s) |  |  | 1,685 |
Weighted average lease term (years) |  |  | 6.3 |
Weighted average annual rent escalation |  |  | 2.5 | %

BROADSTONE NET LEASE, INC. | www.broadstone.com | © 2022 Broadstone Net Lease, LLC. All rights reserved. 22

Diversification: Tenant Industry
(unaudited)

Industry |  | # Properties |  |  | ABR ($'000s) |  |  | ABR as a % of Total Portfolio |  |  | Square Feet ('000s) |  |  | SF as a % of Total Portfolio |
Healthcare Facilities |  |  | 102 |  |  | $ | 53,325 |  |  |  | 15.3 | % |  |  | 2,029 |  |  |  | 6.2 | %
Restaurants |  |  | 253 |  |  |  | 52,801 |  |  |  | 15.2 | % |  |  | 1,230 |  |  |  | 3.7 | %
Packaged Foods & Meats |  |  | 11 |  |  |  | 16,654 |  |  |  | 4.8 | % |  |  | 1,820 |  |  |  | 5.5 | %
Distributors |  |  | 26 |  |  |  | 14,690 |  |  |  | 4.2 | % |  |  | 2,561 |  |  |  | 7.8 | %
Food Distributors |  |  | 8 |  |  |  | 14,403 |  |  |  | 4.1 | % |  |  | 1,786 |  |  |  | 5.4 | %
Specialty Stores |  |  | 31 |  |  |  | 13,855 |  |  |  | 4.0 | % |  |  | 1,338 |  |  |  | 4.1 | %
Auto Parts & Equipment |  |  | 39 |  |  |  | 12,634 |  |  |  | 3.6 | % |  |  | 2,387 |  |  |  | 7.3 | %
Specialized Consumer Services |  |  | 47 |  |  |  | 12,116 |  |  |  | 3.5 | % |  |  | 722 |  |  |  | 2.2 | %
Metal & Glass Containers |  |  | 8 |  |  |  | 9,898 |  |  |  | 2.8 | % |  |  | 2,206 |  |  |  | 6.7 | %
Healthcare Services |  |  | 18 |  |  |  | 9,172 |  |  |  | 2.6 | % |  |  | 515 |  |  |  | 1.6 | %
Home Furnishing |  |  | 5 |  |  |  | 8,955 |  |  |  | 2.6 | % |  |  | 1,785 |  |  |  | 5.4 | %
Home Furnishing Retail |  |  | 16 |  |  |  | 8,845 |  |  |  | 2.5 | % |  |  | 1,149 |  |  |  | 3.5 | %
Aerospace & Defense |  |  | 7 |  |  |  | 8,818 |  |  |  | 2.5 | % |  |  | 952 |  |  |  | 2.9 | %
General Merchandise Stores |  |  | 85 |  |  |  | 8,442 |  |  |  | 2.4 | % |  |  | 765 |  |  |  | 2.3 | %
Electronic Components |  |  | 2 |  |  |  | 6,806 |  |  |  | 2.0 | % |  |  | 466 |  |  |  | 1.4 | %
Other (41 industries) |  |  | 92 |  |  |  | 96,272 |  |  |  | 27.9 | % |  |  | 11,039 |  |  |  | 33.8 | %
Untenanted properties |  |  | 2 |  |  |  | — |  |  |  | — |  |  |  | 52 |  |  |  | 0.2 | %
Total |  |  | 752 |  |  | $ | 347,686 |  |  |  | 100.0 | % |  |  | 32,802 |  |  |  | 100.0 | %

BROADSTONE NET LEASE, INC. | www.broadstone.com | © 2022 Broadstone Net Lease, LLC. All rights reserved. 23

Diversification: Geography

(unaudited, rent percentages based on ABR)

State / Province |  | # Properties |  |  | ABR ($'000s) |  |  | ABR as a % of Total Portfolio |  |  | Square Feet ('000s) |  |  | SF as a % of Total Portfolio |  |  |  | State / Province |  | # Properties |  |  | ABR ($'000s) |  |  | ABR as a % of Total Portfolio |  |  | Square Feet ('000s) |  |  | SF as a % of Total Portfolio |
TX |  |  | 69 |  |  | $ | 36,443 |  |  |  | 10.5 | % |  |  | 3,502 |  |  |  | 10.7 | % |  |  | LA |  |  | 4 |  |  |  | 3,400 |  |  |  | 1.0 | % |  |  | 194 |  |  |  | 0.6 | %
IL |  |  | 27 |  |  |  | 21,099 |  |  |  | 6.1 | % |  |  | 2,002 |  |  |  | 6.1 | % |  |  | NE |  |  | 6 |  |  |  | 3,029 |  |  |  | 0.9 | % |  |  | 509 |  |  |  | 1.6 | %
WI |  |  | 35 |  |  |  | 19,744 |  |  |  | 5.7 | % |  |  | 2,069 |  |  |  | 6.3 | % |  |  | MD |  |  | 4 |  |  |  | 2,966 |  |  |  | 0.8 | % |  |  | 293 |  |  |  | 0.9 | %
MI |  |  | 48 |  |  |  | 16,700 |  |  |  | 4.8 | % |  |  | 1,545 |  |  |  | 4.7 | % |  |  | CO |  |  | 5 |  |  |  | 2,796 |  |  |  | 0.8 | % |  |  | 134 |  |  |  | 0.4 | %
FL |  |  | 44 |  |  |  | 16,313 |  |  |  | 4.7 | % |  |  | 849 |  |  |  | 2.6 | % |  |  | NM |  |  | 8 |  |  |  | 2,783 |  |  |  | 0.8 | % |  |  | 96 |  |  |  | 0.3 | %
OH |  |  | 38 |  |  |  | 15,655 |  |  |  | 4.5 | % |  |  | 1,416 |  |  |  | 4.3 | % |  |  | MS |  |  | 8 |  |  |  | 2,772 |  |  |  | 0.8 | % |  |  | 334 |  |  |  | 1.0 | %
CA |  |  | 10 |  |  |  | 15,612 |  |  |  | 4.5 | % |  |  | 1,493 |  |  |  | 4.6 | % |  |  | IA |  |  | 4 |  |  |  | 2,754 |  |  |  | 0.8 | % |  |  | 622 |  |  |  | 1.9 | %
MN |  |  | 20 |  |  |  | 13,733 |  |  |  | 3.9 | % |  |  | 2,244 |  |  |  | 6.8 | % |  |  | SC |  |  | 13 |  |  |  | 2,494 |  |  |  | 0.7 | % |  |  | 308 |  |  |  | 0.9 | %
AZ |  |  | 9 |  |  |  | 13,213 |  |  |  | 3.8 | % |  |  | 909 |  |  |  | 2.8 | % |  |  | WV |  |  | 16 |  |  |  | 2,480 |  |  |  | 0.7 | % |  |  | 109 |  |  |  | 0.3 | %
NC |  |  | 35 |  |  |  | 13,023 |  |  |  | 3.7 | % |  |  | 1,308 |  |  |  | 4.0 | % |  |  | UT |  |  | 3 |  |  |  | 2,379 |  |  |  | 0.7 | % |  |  | 280 |  |  |  | 0.9 | %
IN |  |  | 29 |  |  |  | 12,812 |  |  |  | 3.7 | % |  |  | 1,759 |  |  |  | 5.4 | % |  |  | CT |  |  | 2 |  |  |  | 1,699 |  |  |  | 0.5 | % |  |  | 55 |  |  |  | 0.2 | %
TN |  |  | 48 |  |  |  | 12,111 |  |  |  | 3.5 | % |  |  | 565 |  |  |  | 1.7 | % |  |  | MT |  |  | 7 |  |  |  | 1,563 |  |  |  | 0.4 | % |  |  | 43 |  |  |  | 0.1 | %
AL |  |  | 52 |  |  |  | 11,843 |  |  |  | 3.4 | % |  |  | 863 |  |  |  | 2.6 | % |  |  | NV |  |  | 2 |  |  |  | 1,336 |  |  |  | 0.4 | % |  |  | 80 |  |  |  | 0.2 | %
GA |  |  | 31 |  |  |  | 11,124 |  |  |  | 3.2 | % |  |  | 1,555 |  |  |  | 4.7 | % |  |  | DE |  |  | 4 |  |  |  | 1,154 |  |  |  | 0.3 | % |  |  | 133 |  |  |  | 0.4 | %
NY |  |  | 26 |  |  |  | 10,660 |  |  |  | 3.0 | % |  |  | 680 |  |  |  | 2.1 | % |  |  | ND |  |  | 2 |  |  |  | 943 |  |  |  | 0.3 | % |  |  | 28 |  |  |  | 0.1 | %
MA |  |  | 5 |  |  |  | 10,456 |  |  |  | 3.0 | % |  |  | 1,026 |  |  |  | 3.1 | % |  |  | VT |  |  | 2 |  |  |  | 414 |  |  |  | 0.1 | % |  |  | 24 |  |  |  | 0.1 | %
OK |  |  | 21 |  |  |  | 7,583 |  |  |  | 2.2 | % |  |  | 977 |  |  |  | 3.0 | % |  |  | WY |  |  | 1 |  |  |  | 307 |  |  |  | 0.1 | % |  |  | 21 |  |  |  | 0.1 | %
AR |  |  | 11 |  |  |  | 7,548 |  |  |  | 2.2 | % |  |  | 283 |  |  |  | 0.9 | % |  |  | SD |  |  | 1 |  |  |  | 81 |  |  |  | 0.1 | % |  |  | 9 |  |  |  | 0.0 | %
PA |  |  | 16 |  |  |  | 6,960 |  |  |  | 2.0 | % |  |  | 1,026 |  |  |  | 3.1 | % |  |  | Total US |  |  | 745 |  |  | $ | 339,389 |  |  |  | 97.6 | % |  |  | 32,372 |  |  |  | 98.7 | %
KY |  |  | 23 |  |  |  | 6,573 |  |  |  | 1.9 | % |  |  | 703 |  |  |  | 2.1 | % |  |  | BC |  |  | 2 |  |  | $ | 4,776 |  |  |  | 1.4 | % |  |  | 253 |  |  |  | 0.8 | %
KS |  |  | 11 |  |  |  | 5,488 |  |  |  | 1.6 | % |  |  | 647 |  |  |  | 2.0 | % |  |  | ON |  |  | 3 |  |  |  | 2,150 |  |  |  | 0.6 | % |  |  | 101 |  |  |  | 0.3 | %
VA |  |  | 17 |  |  |  | 5,388 |  |  |  | 1.5 | % |  |  | 204 |  |  |  | 0.6 | % |  |  | AB |  |  | 1 |  |  |  | 1,010 |  |  |  | 0.3 | % |  |  | 51 |  |  |  | 0.1 | %
NJ |  |  | 3 |  |  |  | 4,904 |  |  |  | 1.4 | % |  |  | 366 |  |  |  | 1.1 | % |  |  | MB |  |  | 1 |  |  |  | 361 |  |  |  | 0.1 | % |  |  | 25 |  |  |  | 0.1 | %
MO |  |  | 10 |  |  |  | 4,822 |  |  |  | 1.4 | % |  |  | 959 |  |  |  | 2.9 | % |  |  | Total Canada |  |  | 7 |  |  | $ | 8,297 |  |  |  | 2.4 | % |  |  | 430 |  |  |  | 1.3 | %
WA |  |  | 15 |  |  |  | 4,232 |  |  |  | 1.2 | % |  |  | 150 |  |  |  | 0.5 | % |  |  | Grand Total |  |  | 752 |  |  | $ | 347,686 |  |  |  | 100.0 | % |  |  | 32,802 |  |  |  | 100.0 | %

BROADSTONE NET LEASE, INC. | www.broadstone.com | © 2022 Broadstone Net Lease, LLC. All rights reserved. 24

Lease Expirations

(unaudited, rent percentages based on ABR)

Expiration Year |  | # Properties |  |  | ABR ($'000s) |  |  | ABR as a % of Total Portfolio |  |  | Square Feet ('000s) |  |  | SF as a % of Total Portfolio |
2022 |  |  | 1 |  |  | $ | 1,566 |  |  |  | 0.5 | % |  |  | 46 |  |  |  | 0.1 | %
2023 |  |  | 7 |  |  |  | 5,387 |  |  |  | 1.5 | % |  |  | 538 |  |  |  | 1.6 | %
2024 |  |  | 11 |  |  |  | 14,031 |  |  |  | 4.0 | % |  |  | 1,689 |  |  |  | 5.2 | %
2025 |  |  | 20 |  |  |  | 8,468 |  |  |  | 2.4 | % |  |  | 698 |  |  |  | 2.1 | %
2026 |  |  | 35 |  |  |  | 19,207 |  |  |  | 5.5 | % |  |  | 1,414 |  |  |  | 4.3 | %
2027 |  |  | 28 |  |  |  | 23,482 |  |  |  | 6.8 | % |  |  | 2,019 |  |  |  | 6.2 | %
2028 |  |  | 34 |  |  |  | 22,982 |  |  |  | 6.6 | % |  |  | 2,291 |  |  |  | 7.0 | %
2029 |  |  | 71 |  |  |  | 21,988 |  |  |  | 6.3 | % |  |  | 2,711 |  |  |  | 8.3 | %
2030 |  |  | 100 |  |  |  | 53,209 |  |  |  | 15.3 | % |  |  | 5,099 |  |  |  | 15.5 | %
2031 |  |  | 31 |  |  |  | 7,991 |  |  |  | 2.3 | % |  |  | 707 |  |  |  | 2.2 | %
2032 |  |  | 54 |  |  |  | 28,764 |  |  |  | 8.3 | % |  |  | 3,248 |  |  |  | 9.9 | %
2033 |  |  | 50 |  |  |  | 18,795 |  |  |  | 5.4 | % |  |  | 1,950 |  |  |  | 5.9 | %
2034 |  |  | 33 |  |  |  | 6,200 |  |  |  | 1.8 | % |  |  | 409 |  |  |  | 1.3 | %
2035 |  |  | 16 |  |  |  | 11,728 |  |  |  | 3.4 | % |  |  | 1,552 |  |  |  | 4.7 | %
2036 |  |  | 86 |  |  |  | 25,720 |  |  |  | 7.4 | % |  |  | 2,854 |  |  |  | 8.7 | %
2037 |  |  | 24 |  |  |  | 17,763 |  |  |  | 5.1 | % |  |  | 1,369 |  |  |  | 4.2 | %
2038 |  |  | 33 |  |  |  | 6,840 |  |  |  | 2.0 | % |  |  | 306 |  |  |  | 0.9 | %
2039 |  |  | 12 |  |  |  | 9,145 |  |  |  | 2.6 | % |  |  | 933 |  |  |  | 2.8 | %
2040 |  |  | 33 |  |  |  | 5,945 |  |  |  | 1.7 | % |  |  | 317 |  |  |  | 1.0 | %
2041 |  |  | 40 |  |  |  | 18,815 |  |  |  | 5.4 | % |  |  | 1,637 |  |  |  | 5.0 | %
Thereafter |  |  | 31 |  |  |  | 19,660 |  |  |  | 5.7 | % |  |  | 963 |  |  |  | 2.9 | %
Untenanted properties |  |  | 2 |  |  |  | — |  |  |  | — |  |  |  | 52 |  |  |  | 0.2 | %
Total |  |  | 752 |  |  | $ | 347,686 |  |  |  | 100.0 | % |  |  | 32,802 |  |  |  | 100.0 | %

BROADSTONE NET LEASE, INC. | www.broadstone.com | © 2022 Broadstone Net Lease, LLC. All rights reserved. 25

Portfolio Occupancy

(unaudited, based on square feet)

BROADSTONE NET LEASE, INC. | www.broadstone.com | © 2022 Broadstone Net Lease, LLC. All rights reserved. 26

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.

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 the short-term rent deferrals and abatements agreed to as a result of tenant requests for rent relief related to the COVID-19 pandemic, and adjusted to remove rent from properties sold during the month and to include a full month of contractual cash rent for properties acquired during the last month.

Cash Cap Rate: Cash Cap Rate represents the estimated first year cash yield to be generated on a real estate investment property, 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.

EBITDA, EBITDAre, Adjusted EBITDAre, and Annualized Adjusted EBITDAre: EBITDA, EBITDAre, Adjusted EBITDAre, and 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 acquisitions and dispositions for the quarter as if such acquisitions and dispositions had occurred as of 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 and unrealized gains and losses on foreign currency transactions, or the change in fair value of our earnout liability, 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. We then annualize quarterly Adjusted EBITDAre by multiplying it by four to compute Annualized Adjusted EBITDAre. Our reported EBITDA, EBITDAre, Adjusted EBITDAre, and Annualized Adjusted EBITDAre may not be comparable to similarly titled measures of other companies. You should not consider these measures 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, the change in fair value of our earnout liability, cost of debt extinguishments, unrealized and realized gains or losses on foreign currency transactions, severance, and other extraordinary items. We compute AFFO by adjusting Core FFO for certain non-cash revenues and expenses, including straight-line rents, amortization of lease intangibles, amortization of debt issuance costs, amortization of net mortgage premiums, (gain) loss on interest rate swaps and other non-cash interest expense, stock-based compensation, and other specified non-cash items.

BROADSTONE NET LEASE, INC. | www.broadstone.com | © 2022 Broadstone Net Lease, LLC. All rights reserved. 27

Definitions and Explanations (continued)

GAAP Cap Rate: GAAP Cap Rate represents the estimated first year GAAP yield to be generated on a real estate investment property, which was computed at the time of investment based on the first full year of rental income computed in accordance with GAAP, divided by the purchase price including capitalized acquisition costs for the property.

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" 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.

BROADSTONE NET LEASE, INC. | www.broadstone.com | © 2022 Broadstone Net Lease, LLC. All rights reserved. 28