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
Basic1			163,809				161,545				159,226				146,119				145,338
Diluted1			174,288				172,094				169,587				157,430				156,724
Net earnings per common share2
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    outstanding2			174,288				172,094				169,587				157,430				156,724
Net earnings per diluted share3		$	0.16			$	0.19			$	0.18			$	0.14			$	0.15
FFO per diluted share3			0.35				0.36				0.54				0.32				0.33
Core FFO per diluted share3			0.37				0.36				0.35				0.35				0.33
AFFO per diluted share3			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 Coverage1	94.2%
Rent Coverage Ratio2	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