Exhibit 99.2

toneet 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
Lease Revenues Detail | 9
Capital Structure | 10
Equity Rollforward | 11
Debt Outstanding | 12
Interest Rate Swaps | 13
EBITDA, EBITDAre, and Other Non-GAAP Operating Measures | 14
Net Debt Metrics & Covenants | 15
Debt & Swap Maturities | 16
Investment Activity | 17
Transitional Capital & Developments | 18
Dispositions & Portfolio at a Glance: Key Metrics | 19
Diversification: Tenants and Brands | 20-23
Diversification: Property Type | 24-25
Key Statistics by Property Type | 26
Diversification: Tenant Industry | 27
Diversification: Geography | 28
Lease Expirations | 29
Portfolio Occupancy | 30
Definitions and Explanations | 31-32

BROADSTONE NET LEASE, INC. | www.broadstone.com | © 2024 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 June 30, 2024 unless otherwise indicated. Future performance may not be consistent with past performance and is subject to change and inherent risks and uncertainties. This information should be read in conjunction with Broadstone Net Lease, Inc.’s Annual Report on Form 10-K for the year ended December 31, 2023, including the financial statements and the management’s discussion and analysis of financial condition and results of operations sections.

Forward Looking Statements

Information set forth herein contains forward-looking statements, which reflect our current views regarding our business, financial performance, growth prospects and strategies, market opportunities, and market trends. Forward-looking statements include all statements that are not historical facts. In some cases, you can identify these forward-looking statements by the use of words such as “outlook,” “believes,” “expects,” “potential,” “continues,” “may,” “will,” “should,” “could,” “would be,” “seeks,” “approximately,” “projects,” “predicts,” “intends,” “plans,” “estimates,” “anticipates,” or the negative version of these words or other comparable words. All of the forward-looking statements herein are subject to various risks and uncertainties. Assumptions relating to the foregoing involve judgments with respect to, among other things, future economic, competitive and market conditions, and future business decisions, all of which are difficult or impossible to predict accurately and many of which are beyond our control. Although we believe that the expectations reflected in such forward-looking statements are based on reasonable assumptions, our actual results, performance, and achievements could differ materially from those expressed in or by the forward-looking statements and may be affected by a variety of risks and other factors. Accordingly, there are or will be important factors that could cause actual outcomes or results to differ materially from such forward-looking statements. These factors include, but are not limited to, risks and uncertainties related to general economic conditions, including but not limited to increases in the rate of inflation and/or interest rates, local real estate conditions, tenant financial health, and property acquisitions and the timing of these investments and acquisitions. These and other risks, assumptions, and uncertainties are described in our filings with the SEC, which are available on the SEC’s website at www.sec.gov.

You are cautioned not to place undue reliance on any forward-looking statements included herein. All forward-looking statements are made as of the date of this document and the risk that actual results, performance, and achievements will differ materially from the expectations expressed or referenced herein will increase with the passage of time. We undertake no obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments, or otherwise, except as required by law.

IP Disclaimer

This document contains references to copyrights, trademarks, trade names, and service marks that belong to other companies. Broadstone Net Lease is not affiliated or associated with, and is not endorsed by and does not endorse, such companies or their products or services.

BROADSTONE NET LEASE, INC. | www.broadstone.com | © 2024 Broadstone Net Lease, LLC. All rights reserved. 3

Company Overview

Broadstone Net Lease, Inc. (NYSE:BNL) (the “Company”, “BNL”, “us”, “our”, and “we”) is an industrial-focused, diversified net lease real estate investment trust (“REIT”) that invests in primarily single-tenant commercial real estate properties that are net leased on a long-term basis to a diversified group of tenants. Since our inception, we have selectively invested in real estate across the industrial, restaurant, healthcare, 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 John D. Moragne Chief Executive Officer and Member, Board of Directors Ryan M. Albano President and Chief Operating Officer Kevin M. Fennell Executive Vice President and Chief Financial Officer John D. Callan, Jr. Senior Vice President, General Counsel, and Secretary Michael B. Caruso Senior Vice President, Underwriting & Strategy Timothy D. Dieffenbacher Senior Vice President, Chief Accounting Officer, and Treasurer Will D. Garner Senior Vice President, Acquisitions Jennie L. O’Brien Senior Vice President, Accounting, and Controller Molly Kelly Wiegel Senior Vice President, Human Resources & Administration |  | Board of Directors Laurie A. Hawkes Chairman of the Board John D. Moragne Chief Executive Officer Denise Brooks-Williams Michael A. Coke Jessica Duran Laura Felice David M. Jacobstein Shekar Narasimhan James H. Watters

Company Contact Information Brent Maedl Director, Corporate Finance & Investor Relations brent.maedl@broadstone.com 585-382-8507 Transfer Agent Computershare Trust Company, N.A. 150 Royall Street Canton, Massachusetts 02021 800-736-3001 |

BROADSTONE NET LEASE, INC. | www.broadstone.com | © 2024 Broadstone Net Lease, LLC. All rights reserved. 4

Quarterly Financial Summary

(unaudited, dollars in thousands except per share data)

|  | Q2 2024 |  |  | Q1 2024 |  |  | Q4 2023 |  |  | Q3 2023 |  |  | Q2 2023 |
Financial Summary |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Investment in rental property |  | $ | 4,840,961 |  |  | $ | 4,666,969 |  |  | $ | 4,915,911 |  |  | $ | 4,939,598 |  |  | $ | 4,981,430 |
Less accumulated depreciation |  |  | (627,871 | ) |  |  | (606,225 | ) |  |  | (626,597 | ) |  |  | (601,895 | ) |  |  | (578,616 | )
Property under development |  |  | 165,014 |  |  |  | 133,064 |  |  |  | 94,964 |  |  |  | 49,819 |  |  |  | 37,449 |
Investment in rental property, net |  |  | 4,378,104 |  |  |  | 4,193,808 |  |  |  | 4,384,278 |  |  |  | 4,387,522 |  |  |  | 4,440,263 |
Cash and cash equivalents |  |  | 18,282 |  |  |  | 221,740 |  |  |  | 19,494 |  |  |  | 35,061 |  |  |  | 20,763 |
Restricted cash |  |  | 1,614 |  |  |  | 1,038 |  |  |  | 1,138 |  |  |  | 15,436 |  |  |  | 15,502 |
Total assets |  |  | 5,264,557 |  |  |  | 5,269,655 |  |  |  | 5,268,735 |  |  |  | 5,335,043 |  |  |  | 5,368,150 |
Unsecured revolving credit facility |  |  | 79,096 |  |  |  | 73,820 |  |  |  | 90,434 |  |  |  | 74,060 |  |  |  | 122,912 |
Mortgages, net |  |  | 77,970 |  |  |  | 78,517 |  |  |  | 79,068 |  |  |  | 79,613 |  |  |  | 80,141 |
Unsecured term loans, net |  |  | 896,574 |  |  |  | 896,260 |  |  |  | 895,947 |  |  |  | 895,633 |  |  |  | 895,319 |
Senior unsecured notes, net |  |  | 845,687 |  |  |  | 845,498 |  |  |  | 845,309 |  |  |  | 845,121 |  |  |  | 844,932 |
Total liabilities |  |  | 2,067,147 |  |  |  | 2,051,951 |  |  |  | 2,074,394 |  |  |  | 2,059,570 |  |  |  | 2,106,553 |
Total Broadstone Net Lease, Inc. equity |  |  | 3,054,802 |  |  |  | 3,073,622 |  |  |  | 3,049,241 |  |  |  | 3,120,776 |  |  |  | 3,107,536 |
Total equity (book value) |  |  | 3,197,410 |  |  |  | 3,217,704 |  |  |  | 3,194,341 |  |  |  | 3,275,473 |  |  |  | 3,261,597 |
Revenues |  |  | 105,907 |  |  |  | 105,366 |  |  |  | 105,000 |  |  |  | 109,543 |  |  |  | 109,353 |
General and administrative - other |  |  | 7,831 |  |  |  | 7,957 |  |  |  | 7,982 |  |  |  | 8,603 |  |  |  | 7,944 |
Stock based compensation |  |  | 2,073 |  |  |  | 1,475 |  |  |  | 1,401 |  |  |  | 1,540 |  |  |  | 1,539 |
General and administrative |  |  | 9,904 |  |  |  | 9,432 |  |  |  | 9,383 |  |  |  | 10,143 |  |  |  | 9,483 |
Total operating expenses |  |  | 56,463 |  |  |  | 79,264 |  |  |  | 84,457 |  |  |  | 54,383 |  |  |  | 53,502 |
Interest expense |  |  | 17,757 |  |  |  | 18,578 |  |  |  | 18,972 |  |  |  | 19,665 |  |  |  | 20,277 |
Net income |  |  | 35,937 |  |  |  | 68,177 |  |  |  | 6,797 |  |  |  | 52,145 |  |  |  | 62,996 |
Net earnings per common share, diluted |  | $ | 0.19 |  |  | $ | 0.35 |  |  | $ | 0.03 |  |  | $ | 0.26 |  |  | $ | 0.32 |
FFO |  |  | 73,725 |  |  |  | 73,135 |  |  |  | 69,443 |  |  |  | 75,478 |  |  |  | 72,524 |
FFO per share, diluted |  | $ | 0.37 |  |  | $ | 0.37 |  |  | $ | 0.35 |  |  | $ | 0.39 |  |  | $ | 0.37 |
Core FFO |  |  | 73,001 |  |  |  | 74,072 |  |  |  | 75,275 |  |  |  | 74,754 |  |  |  | 74,381 |
Core FFO per share, diluted |  | $ | 0.37 |  |  | $ | 0.38 |  |  | $ | 0.38 |  |  | $ | 0.38 |  |  | $ | 0.38 |
AFFO |  |  | 70,401 |  |  |  | 70,873 |  |  |  | 71,278 |  |  |  | 69,958 |  |  |  | 69,004 |
AFFO per share, diluted |  | $ | 0.36 |  |  | $ | 0.36 |  |  | $ | 0.36 |  |  | $ | 0.36 |  |  | $ | 0.35 |
Net cash provided by operating activities |  |  | 74,172 |  |  |  | 70,867 |  |  |  | 60,582 |  |  |  | 73,888 |  |  |  | 62,228 |
Capital expenditures and improvements |  |  | 134 |  |  |  | 132 |  |  |  | 568 |  |  |  | 1,106 |  |  |  | 1,011 |
Capital expenditures and improvements - revenue generating |  |  | 38 |  |  |  | 3,000 |  |  |  | 16,229 |  |  |  | 4,755 |  |  |  | 7,000 |
Net cash provided by (used in) investing activities |  |  | (225,708 | ) |  |  | 204,285 |  |  |  | (49,536 | ) |  |  | 42,528 |  |  |  | 1,713 |
Net cash provided by (used in) financing activities |  |  | (51,346 | ) |  |  | (73,006 | ) |  |  | (40,911 | ) |  |  | (102,184 | ) |  |  | (46,986 | )
Distributions declared |  |  | 57,710 |  |  |  | 57,292 |  |  |  | 56,433 |  |  |  | 54,274 |  |  |  | 55,419 |
Distributions declared per diluted share |  | $ | 0.290 |  |  | $ | 0.285 |  |  | $ | 0.285 |  |  | $ | 0.280 |  |  | $ | 0.280 |

BROADSTONE NET LEASE, INC. | www.broadstone.com | © 2024 Broadstone Net Lease, LLC. All rights reserved. 5

Balance Sheet

(unaudited, in thousands)

|  | June 30, 2024 |  |  | March 31, 2024 |  |  | December 31, 2023 |  |  | September 30, 2023 |  |  | June 30, 2023 |
Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Accounted for using the operating method: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Land |  | $ | 773,224 |  |  | $ | 724,199 |  |  | $ | 748,529 |  |  | $ | 752,708 |  |  | $ | 754,402 |
Land improvements |  |  | 324,138 |  |  |  | 316,170 |  |  |  | 328,746 |  |  |  | 330,214 |  |  |  | 332,757 |
Buildings and improvements |  |  | 3,708,366 |  |  |  | 3,591,260 |  |  |  | 3,803,156 |  |  |  | 3,819,745 |  |  |  | 3,857,236 |
Equipment |  |  | 8,248 |  |  |  | 8,247 |  |  |  | 8,265 |  |  |  | 9,608 |  |  |  | 9,608 |
Total accounted for using the operating method |  |  | 4,813,976 |  |  |  | 4,639,876 |  |  |  | 4,888,696 |  |  |  | 4,912,275 |  |  |  | 4,954,003 |
Less accumulated depreciation |  |  | (627,871 | ) |  |  | (606,225 | ) |  |  | (626,597 | ) |  |  | (601,895 | ) |  |  | (578,616 | )
Accounted for using the operating method, net |  |  | 4,186,105 |  |  |  | 4,033,651 |  |  |  | 4,262,099 |  |  |  | 4,310,380 |  |  |  | 4,375,387 |
Accounted for using the direct financing method |  |  | 26,413 |  |  |  | 26,522 |  |  |  | 26,643 |  |  |  | 26,751 |  |  |  | 26,855 |
Accounted for using the sales-type method |  |  | 572 |  |  |  | 571 |  |  |  | 572 |  |  |  | 572 |  |  |  | 572 |
Property under development |  |  | 165,014 |  |  |  | 133,064 |  |  |  | 94,964 |  |  |  | 49,819 |  |  |  | 37,449 |
Investment in rental property, net |  |  | 4,378,104 |  |  |  | 4,193,808 |  |  |  | 4,384,278 |  |  |  | 4,387,522 |  |  |  | 4,440,263 |
Cash and cash equivalents |  |  | 18,282 |  |  |  | 221,740 |  |  |  | 19,494 |  |  |  | 35,061 |  |  |  | 20,763 |
Accrued rental income |  |  | 153,551 |  |  |  | 149,203 |  |  |  | 152,724 |  |  |  | 152,268 |  |  |  | 148,697 |
Tenant and other receivables, net |  |  | 2,604 |  |  |  | 836 |  |  |  | 1,487 |  |  |  | 1,372 |  |  |  | 1,895 |
Prepaid expenses and other assets |  |  | 33,255 |  |  |  | 33,149 |  |  |  | 36,661 |  |  |  | 42,309 |  |  |  | 42,322 |
Interest rate swap, assets |  |  | 56,444 |  |  |  | 57,900 |  |  |  | 46,096 |  |  |  | 79,086 |  |  |  | 65,143 |
Goodwill |  |  | 339,769 |  |  |  | 339,769 |  |  |  | 339,769 |  |  |  | 339,769 |  |  |  | 339,769 |
Intangible lease assets, net |  |  | 282,548 |  |  |  | 273,250 |  |  |  | 288,226 |  |  |  | 297,656 |  |  |  | 309,298 |
Total assets |  | $ | 5,264,557 |  |  | $ | 5,269,655 |  |  | $ | 5,268,735 |  |  | $ | 5,335,043 |  |  | $ | 5,368,150 |
Liabilities and equity |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Unsecured revolving credit facility |  | $ | 79,096 |  |  | $ | 73,820 |  |  | $ | 90,434 |  |  | $ | 74,060 |  |  | $ | 122,912 |
Mortgages, net |  |  | 77,970 |  |  |  | 78,517 |  |  |  | 79,068 |  |  |  | 79,613 |  |  |  | 80,141 |
Unsecured term loans, net |  |  | 896,574 |  |  |  | 896,260 |  |  |  | 895,947 |  |  |  | 895,633 |  |  |  | 895,319 |
Senior unsecured notes, net |  |  | 845,687 |  |  |  | 845,498 |  |  |  | 845,309 |  |  |  | 845,121 |  |  |  | 844,932 |
Accounts payable and other liabilities |  |  | 42,635 |  |  |  | 40,655 |  |  |  | 47,534 |  |  |  | 44,886 |  |  |  | 44,147 |
Dividends payable |  |  | 58,028 |  |  |  | 56,871 |  |  |  | 56,869 |  |  |  | 55,770 |  |  |  | 55,640 |
Accrued interest payable |  |  | 14,033 |  |  |  | 9,377 |  |  |  | 5,702 |  |  |  | 9,186 |  |  |  | 5,889 |
Intangible lease liabilities, net |  |  | 53,124 |  |  |  | 50,953 |  |  |  | 53,531 |  |  |  | 55,301 |  |  |  | 57,573 |
Total liabilities |  |  | 2,067,147 |  |  |  | 2,051,951 |  |  |  | 2,074,394 |  |  |  | 2,059,570 |  |  |  | 2,106,553 |
Equity |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Broadstone Net Lease, Inc. equity: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Preferred stock, $0.001 par value |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Common stock, $0.00025 par value |  |  | 47 |  |  |  | 47 |  |  |  | 47 |  |  |  | 47 |  |  |  | 47 |
Additional paid-in capital |  |  | 3,444,265 |  |  |  | 3,446,910 |  |  |  | 3,440,639 |  |  |  | 3,430,725 |  |  |  | 3,430,692 |
Cumulative distributions in excess of retained earnings |  |  | (449,893 | ) |  |  | (430,169 | ) |  |  | (440,731 | ) |  |  | (393,571 | ) |  |  | (391,631 | )
Accumulated other comprehensive Income |  |  | 60,383 |  |  |  | 56,834 |  |  |  | 49,286 |  |  |  | 83,575 |  |  |  | 68,428 |
Total Broadstone Net Lease, Inc. equity |  |  | 3,054,802 |  |  |  | 3,073,622 |  |  |  | 3,049,241 |  |  |  | 3,120,776 |  |  |  | 3,107,536 |
Non-controlling interests |  |  | 142,608 |  |  |  | 144,082 |  |  |  | 145,100 |  |  |  | 154,697 |  |  |  | 154,061 |
Total equity |  |  | 3,197,410 |  |  |  | 3,217,704 |  |  |  | 3,194,341 |  |  |  | 3,275,473 |  |  |  | 3,261,597 |
Total liabilities and equity |  | $ | 5,264,557 |  |  | $ | 5,269,655 |  |  | $ | 5,268,735 |  |  | $ | 5,335,043 |  |  | $ | 5,368,150 |

BROADSTONE NET LEASE, INC. | www.broadstone.com | © 2024 Broadstone Net Lease, LLC. All rights reserved. 6

Income Statement Summary

(unaudited, in thousands except per share data)

|  | Three Months Ended |
|  | June 30, 2024 |  |  | March 31, 2024 |  |  | December 31, 2023 |  |  | September 30, 2023 |  |  | June 30, 2023 |
Revenues |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Lease revenues, net |  | $ | 105,907 |  |  | $ | 105,366 |  |  | $ | 105,000 |  |  | $ | 109,543 |  |  | $ | 109,353 |
Operating expenses |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Depreciation and amortization |  |  | 37,404 |  |  |  | 37,772 |  |  |  | 39,278 |  |  |  | 38,533 |  |  |  | 39,031 |
Property and operating expense |  |  | 5,303 |  |  |  | 5,660 |  |  |  | 5,995 |  |  |  | 5,707 |  |  |  | 4,988 |
General and administrative |  |  | 9,904 |  |  |  | 9,432 |  |  |  | 9,383 |  |  |  | 10,143 |  |  |  | 9,483 |
Provision for impairment of investment in rental properties |  |  | 3,852 |  |  |  | 26,400 |  |  |  | 29,801 |  |  |  | — |  |  |  | — |
Total operating expenses |  |  | 56,463 |  |  |  | 79,264 |  |  |  | 84,457 |  |  |  | 54,383 |  |  |  | 53,502 |
Other income (expenses) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest income |  |  | 649 |  |  |  | 233 |  |  |  | 141 |  |  |  | 127 |  |  |  | 82 |
Interest expense |  |  | (17,757 | ) |  |  | (18,578 | ) |  |  | (18,972 | ) |  |  | (19,665 | ) |  |  | (20,277 | )
Gain on sale of real estate |  |  | 3,384 |  |  |  | 59,132 |  |  |  | 6,270 |  |  |  | 15,163 |  |  |  | 29,462 |
Income taxes |  |  | (531 | ) |  |  | (408 | ) |  |  | 268 |  |  |  | (104 | ) |  |  | (448 | )
Other income (expenses) |  |  | 748 |  |  |  | 1,696 |  |  |  | (1,453 | ) |  |  | 1,464 |  |  |  | (1,674 | )
Net income |  |  | 35,937 |  |  |  | 68,177 |  |  |  | 6,797 |  |  |  | 52,145 |  |  |  | 62,996 |
Net income attributable to non-controlling interests |  |  | (608 | ) |  |  | (3,063 | ) |  |  | (319 | ) |  |  | (2,463 | ) |  |  | (2,982 | )
Net income attributable to Broadstone Net Lease, Inc. |  | $ | 35,329 |  |  | $ | 65,114 |  |  | $ | 6,478 |  |  | $ | 49,682 |  |  | $ | 60,014 |
Weighted average number of common shares outstanding |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Basic 1 |  |  | 187,436 |  |  |  | 187,290 |  |  |  | 186,829 |  |  |  | 186,766 |  |  |  | 186,733 |
Diluted 1 |  |  | 196,470 |  |  |  | 196,417 |  |  |  | 196,373 |  |  |  | 196,372 |  |  |  | 196,228 |
Net earnings per common share 2 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Basic |  | $ | 0.19 |  |  | $ | 0.35 |  |  | $ | 0.03 |  |  | $ | 0.27 |  |  | $ | 0.32 |
Diluted |  | $ | 0.19 |  |  | $ | 0.35 |  |  | $ | 0.03 |  |  | $ | 0.26 |  |  | $ | 0.32 |

1 Excludes 1,034 weighted average shares of unvested restricted common stock for the three months ended June 30, 2024.

2 Excludes $0.3 million from the numerator for the three months ended June 30, 2024, related to dividends declared on shares of unvested restricted common stock.

BROADSTONE NET LEASE, INC. | www.broadstone.com | © 2024 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 |
|  | June 30, 2024 |  |  | March 31, 2024 |  |  | December 31, 2023 |  |  | September 30, 2023 |  |  | June 30, 2023 |
Net income |  | $ | 35,937 |  |  | $ | 68,177 |  |  | $ | 6,797 |  |  | $ | 52,145 |  |  | $ | 62,996 |
Real property depreciation and amortization |  |  | 37,320 |  |  |  | 37,690 |  |  |  | 39,115 |  |  |  | 38,496 |  |  |  | 38,990 |
Gain on sale of real estate |  |  | (3,384 | ) |  |  | (59,132 | ) |  |  | (6,270 | ) |  |  | (15,163 | ) |  |  | (29,462 | )
Provision for impairment of investment in rental properties |  |  | 3,852 |  |  |  | 26,400 |  |  |  | 29,801 |  |  |  | — |  |  |  | — |
FFO |  | $ | 73,725 |  |  | $ | 73,135 |  |  | $ | 69,443 |  |  | $ | 75,478 |  |  | $ | 72,524 |
Net write-offs of accrued rental income |  |  | — |  |  |  | 2,556 |  |  |  | 4,161 |  |  |  | — |  |  |  | — |
Lease termination fees |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Cost of debt extinguishment |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 3 |
Severance and executive transition costs |  |  | 24 |  |  |  | 77 |  |  |  | 218 |  |  |  | 740 |  |  |  | 183 |
Other (income) expenses 1 |  |  | (748 | ) |  |  | (1,696 | ) |  |  | 1,453 |  |  |  | (1,464 | ) |  |  | 1,671 |
Core FFO |  | $ | 73,001 |  |  | $ | 74,072 |  |  | $ | 75,275 |  |  | $ | 74,754 |  |  | $ | 74,381 |
Straight-line rent adjustment |  |  | (5,051 | ) |  |  | (4,980 | ) |  |  | (5,404 | ) |  |  | (6,785 | ) |  |  | (7,276 | )
Adjustment to provision for credit losses |  |  | (17 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (10 | )
Amortization of debt issuance costs |  |  | 983 |  |  |  | 983 |  |  |  | 983 |  |  |  | 983 |  |  |  | 986 |
Amortization of net mortgage premiums |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (52 | )
Non-capitalized transaction costs 2 |  |  | 445 |  |  |  | 182 |  |  |  | — |  |  |  | — |  |  |  | — |
Loss on interest rate swaps and other non-cash interest expense |  |  | 62 |  |  |  | 159 |  |  |  | 319 |  |  |  | 522 |  |  |  | 521 |
Amortization of lease intangibles |  |  | (1,095 | ) |  |  | (1,018 | ) |  |  | (1,014 | ) |  |  | (1,056 | ) |  |  | (1,085 | )
Stock-based compensation |  |  | 2,073 |  |  |  | 1,475 |  |  |  | 1,401 |  |  |  | 1,540 |  |  |  | 1,539 |
Deferred taxes |  |  | — |  |  |  | — |  |  |  | (282 | ) |  |  | — |  |  |  | — |
AFFO |  | $ | 70,401 |  |  | $ | 70,873 |  |  | $ | 71,278 |  |  | $ | 69,958 |  |  | $ | 69,004 |
Diluted weighted average shares outstanding 3 |  |  | 196,470 |  |  |  | 196,417 |  |  |  | 196,373 |  |  |  | 196,372 |  |  |  | 196,228 |
Net earnings per diluted share 4 |  | $ | 0.19 |  |  | $ | 0.35 |  |  | $ | 0.03 |  |  | $ | 0.26 |  |  | $ | 0.32 |
FFO per diluted share 4 |  |  | 0.37 |  |  |  | 0.37 |  |  |  | 0.35 |  |  |  | 0.39 |  |  |  | 0.37 |
Core FFO per diluted share 4 |  |  | 0.37 |  |  |  | 0.38 |  |  |  | 0.38 |  |  |  | 0.38 |  |  |  | 0.38 |
AFFO per diluted share 4 |  |  | 0.36 |  |  |  | 0.36 |  |  |  | 0.36 |  |  |  | 0.36 |  |  |  | 0.35 |

1 Amount includes $0.7 million of unrealized and realized foreign exchange gain for the three months ended June 30, 2024, primarily associated with our Canadian dollar denominated revolver borrowings.

2 Includes $0.4 million of acquisition costs related to deals that failed to transact for the three months ended June 30, 2024.

3 Excludes 1,034 weighted average shares of unvested restricted common stock for the three months ended June 30, 2024.

4 Excludes $0.3 million from the numerator for the three months ended June 30, 2024, related to dividends declared on shares of unvested restricted common stock.

BROADSTONE NET LEASE, INC. | www.broadstone.com | © 2024 Broadstone Net Lease, LLC. All rights reserved. 8

Lease Revenues Detail

(unaudited, in thousands)

|  | Three Months Ended |
|  | June 30, 2024 |  |  | March 31, 2024 |  |  | December 31, 2023 |  |  | September 30, 2023 |  |  | June 30, 2023 |
Contractual rental amounts billed for operating leases |  | $ | 95,736 |  |  | $ | 97,549 |  |  | $ | 97,182 |  |  | $ | 96,333 |  |  | $ | 96,456 |
Adjustment to recognize contractual operating lease billings on a straight- line basis |  |  | 5,177 |  |  |  | 5,104 |  |  |  | 5,513 |  |  |  | 6,891 |  |  |  | 7,380 |
Net write-offs of accrued rental income |  |  | — |  |  |  | (2,556 | ) |  |  | (4,161 | ) |  |  | — |  |  |  | — |
Variable rental amounts earned |  |  | 659 |  |  |  | 598 |  |  |  | 971 |  |  |  | 513 |  |  |  | 452 |
Earned income from direct financing leases |  |  | 689 |  |  |  | 682 |  |  |  | 685 |  |  |  | 687 |  |  |  | 689 |
Interest income from sales-type leases |  |  | 15 |  |  |  | 14 |  |  |  | 15 |  |  |  | 14 |  |  |  | 15 |
Operating expenses billed to tenants |  |  | 4,651 |  |  |  | 5,105 |  |  |  | 5,513 |  |  |  | 5,181 |  |  |  | 4,594 |
Other income from real estate transactions |  |  | 12 |  |  |  | 66 |  |  |  | — |  |  |  | 19 |  |  |  | 3 |
Adjustment to revenue recognized for uncollectible rental amounts billed, net |  |  | (1,032 | ) |  |  | (1,196 | ) |  |  | (718 | ) |  |  | (95 | ) |  |  | (236 | )
Total Lease revenues, net |  | $ | 105,907 |  |  | $ | 105,366 |  |  | $ | 105,000 |  |  | $ | 109,543 |  |  | $ | 109,353 |

BROADSTONE NET LEASE, INC. | www.broadstone.com | © 2024 Broadstone Net Lease, LLC. All rights reserved. 9

Capital Structure

(in thousands, except per share data)

EQUITY |  |  |
Shares of Common Stock |  |  | 188,517 |
OP Units |  |  | 8,801 |
Common Stock & OP Units |  |  | 197,318 |
Price Per Share / Unit at June 30, 2024 |  | $ | 15.87 |
IMPLIED EQUITY MARKET CAPITALIZATION |  | $ | 3,131,439 |
% of Total Capitalization |  |  | 62.1 | %
DEBT |  |  |
Unsecured Revolving Credit Facility - 2026 |  | $ | 79,096 |
Unsecured Term Loans |  |  | 900,000 |
Unsecured Term Loan - 2026 |  |  | 400,000 |
Unsecured Term Loan - 2027 |  |  | 200,000 |
Unsecured Term Loan - 2029 |  |  | 300,000 |
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 Public Notes - 2031 |  |  | 375,000 |
Mortgage Debt - Various |  |  | 78,055 |
TOTAL DEBT |  | $ | 1,907,151 |
% of Total Capitalization |  |  | 37.9 | %
Floating Rate Debt % |  |  | 0.3 | %
Fixed Rate Debt % |  |  | 99.7 | %
Secured Debt % |  |  | 4.1 | %
Unsecured Debt % |  |  | 95.9 | %
Total Capitalization |  | $ | 5,038,590 |
Less: Cash and Cash Equivalents |  |  | (18,282 | )
Enterprise Value |  | $ | 5,020,308 |

BROADSTONE NET LEASE, INC. | www.broadstone.com | © 2024 Broadstone Net Lease, LLC. All rights reserved. 10

Equity Rollforward

(in thousands)

|  |  | Shares of Common Stock |  |  | OP Units |  |  | Total Diluted Shares |
Balance, January 1, 2024 |  |  |  | 187,614 |  |  |  | 8,928 |  |  |  | 196,542 |
Grants of restricted stock awards - employees |  |  |  | 778 |  |  |  | — |  |  |  | 778 |
Vesting of performance-based restricted stock units – employees |  |  |  | 44 |  |  |  | — |  |  |  | 44 |
Retirement of common shares under equity incentive plan |  |  |  | (71 | ) |  |  | — |  |  |  | (71 | )
Forfeiture of restricted stock awards |  |  |  | (25 | ) |  |  | — |  |  |  | (25 | )
OP unit conversion |  |  |  | 95 |  |  |  | (95 | ) |  |  | — |
Balance, March 31, 2024 |  |  |  | 188,435 |  |  |  | 8,833 |  |  |  | 197,268 |
Grants of restricted stock awards - employees |  |  |  | 55 |  |  |  | — |  |  |  | 55 |
Forfeiture of restricted stock awards |  |  |  | (5 | ) |  |  | — |  |  |  | (5 | )
OP unit conversion |  |  |  | 32 |  |  |  | (32 | ) |  |  | — |
Balance, June 30, 2024 |  |  |  | 188,517 |  |  |  | 8,801 |  |  |  | 197,318 |

BROADSTONE NET LEASE, INC. | www.broadstone.com | © 2024 Broadstone Net Lease, LLC. All rights reserved. 11

Debt Outstanding

(in thousands)

|  | Outstanding Balance |  |  |  |  |
|  | June 30, |  |  | December 31, |  |  |  |  |
|  | 2024 |  |  | 2023 |  |  | Interest Rate |  | Maturity Date
Unsecured revolving credit facility | $ | 79,096 |  |  | $ | 90,434 |  |  | Applicable reference rate + 0.85%1 |  | Mar. 2026 3
Unsecured term loans: |  |  |  |  |  |  |  |  |  |
2026 Unsecured Term Loan |  |  | 400,000 |  |  |  | 400,000 |  |  | one-month adjusted SOFR + 1.00%2 |  | Feb. 2026
2027 Unsecured Term Loan |  |  | 200,000 |  |  |  | 200,000 |  |  | one-month adjusted SOFR + 0.95%2 |  | Aug. 2027
2029 Unsecured Term Loan |  |  | 300,000 |  |  |  | 300,000 |  |  | one-month adjusted SOFR + 1.25%2 |  | Aug. 2029
Total unsecured term loans |  |  | 900,000 |  |  |  | 900,000 |  |  |  |  |
Unamortized debt issuance costs, net |  |  | (3,426 | ) |  |  | (4,053 | ) |  |  |  |
Total unsecured term loans, net |  |  | 896,574 |  |  |  | 895,947 |  |  |  |  |
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 |  |  | (4,313 | ) |  |  | (4,691 | ) |  |  |  |
Total senior unsecured notes, net |  |  | 845,687 |  |  |  | 845,309 |  |  |  |  |
Total unsecured debt, net |  | $ | 1,821,357 |  |  | $ | 1,831,690 |  |  |  |  |

1 At June 30, 2024 and December 31, 2023, a balance of $6.0 million and $15.0 million, respectively was subject to the one-month SOFR. The remaining balances include $100 million CAD borrowings remeasured to $73.1 million and $75.4 million USD, respectively, which were subject to the daily simple CORRA and the one-month Canadian Dollar Offered Rate, respectively.

2 At June 30, 2024 and December 31, 2023, one-month SOFR was 5.34% and 5.35%, respectively.

3 Our unsecured revolving credit facility contains two six-month extension options subject to certain conditions, including the payment of an extension fee equal to 0.0625% of the revolving commitments.

|  | Origination |  | Maturity |  |  |  |  |  |  |  |
|  | Date |  | Date |  | Interest |  | June 30, |  |  | December 31, |
Lender |  | (Month/Year) |  | (Month/Year) |  | Rate |  | 2024 |  |  | 2023 |
Wilmington Trust National Association |  | Apr-19 |  | Feb-28 |  | 4.92% |  | $ | 43,531 |  |  | $ | 44,207 |
Wilmington Trust National Association |  | Jun-18 |  | Aug-25 |  | 4.36% |  |  | 18,506 |  |  |  | 18,725 |
PNC Bank |  | Oct-16 |  | Nov-26 |  | 3.62% |  |  | 16,018 |  |  |  | 16,241 |
Total mortgages |  |  |  |  |  |  |  |  | 78,055 |  |  |  | 79,173 |
Debt issuance costs, net |  |  |  |  |  |  |  |  | (85 | ) |  |  | (105 | )
Mortgages, net |  |  |  |  |  |  |  | $ | 77,970 |  |  | $ | 79,068 |

Year of Maturity |  | Revolving Credit Facility |  |  | Mortgages |  |  | Term Loans |  |  | Senior Notes |  |  | Total |
2024 |  | $ | — |  |  | $ | 1,143 |  |  | $ | — |  |  | $ | — |  |  | $ | 1,143 |
2025 |  |  | — |  |  |  | 20,195 |  |  |  | — |  |  |  | — |  |  |  | 20,195 |
2026 |  |  | 79,096 |  |  |  | 16,843 |  |  |  | 400,000 |  |  |  | — |  |  |  | 495,939 |
2027 |  |  | — |  |  |  | 1,596 |  |  |  | 200,000 |  |  |  | 150,000 |  |  |  | 351,596 |
2028 |  |  | — |  |  |  | 38,278 |  |  |  | — |  |  |  | 225,000 |  |  |  | 263,278 |
Thereafter |  |  | — |  |  |  | — |  |  |  | 300,000 |  |  |  | 475,000 |  |  |  | 775,000 |
Total |  | $ | 79,096 |  |  | $ | 78,055 |  |  | $ | 900,000 |  |  | $ | 850,000 |  |  | $ | 1,907,151 |

BROADSTONE NET LEASE, INC. | www.broadstone.com | © 2024 Broadstone Net Lease, LLC. All rights reserved. 12

Interest Rate Swaps

(dollars in thousands)

|  |  |  |  |  |  | June 30, 2024 |
Counterparty |  | Maturity Date 1 |  | Fixed Rate 2 |  |  | Variable Rate Index |  | Notional Amount |  |  | Fair Value |
Effective Swaps: |  |  |  |  |  |  |  |  |  |  |  |  |
Wells Fargo Bank, N.A. |  | October 2024 |  |  | 2.72 | % |  | daily compounded SOFR |  | $ | 15,000 |  |  | $ | 103 |
Capital One, National Association |  | December 2024 |  |  | 1.58 | % |  | daily compounded SOFR |  |  | 15,000 |  |  |  | 239 |
Bank of Montreal |  | January 2025 |  |  | 1.91 | % |  | daily compounded SOFR |  |  | 25,000 |  |  |  | 428 |
Truist Financial Corporation |  | April 2025 |  |  | 2.20 | % |  | daily compounded SOFR |  |  | 25,000 |  |  |  | 553 |
Bank of Montreal |  | July 2025 |  |  | 2.32 | % |  | daily compounded SOFR |  |  | 25,000 |  |  |  | 670 |
Truist Financial Corporation |  | July 2025 |  |  | 1.99 | % |  | daily compounded SOFR |  |  | 25,000 |  |  |  | 751 |
Truist Financial Corporation |  | December 2025 |  |  | 2.30 | % |  | daily compounded SOFR |  |  | 25,000 |  |  |  | 911 |
Bank of Montreal |  | January 2026 |  |  | 1.92 | % |  | daily compounded SOFR |  |  | 25,000 |  |  |  | 1,054 |
Bank of Montreal |  | January 2026 |  |  | 2.05 | % |  | daily compounded SOFR |  |  | 40,000 |  |  |  | 1,611 |
Capital One, National Association |  | January 2026 |  |  | 2.08 | % |  | daily compounded SOFR |  |  | 35,000 |  |  |  | 1,395 |
Truist Financial Corporation |  | January 2026 |  |  | 1.93 | % |  | daily compounded SOFR |  |  | 25,000 |  |  |  | 1,051 |
Capital One, National Association |  | April 2026 |  |  | 2.68 | % |  | daily compounded SOFR |  |  | 15,000 |  |  |  | 517 |
Capital One, National Association |  | July 2026 |  |  | 1.32 | % |  | daily compounded SOFR |  |  | 35,000 |  |  |  | 2,216 |
Bank of Montreal |  | December 2026 |  |  | 2.33 | % |  | daily compounded SOFR |  |  | 10,000 |  |  |  | 509 |
Bank of Montreal |  | December 2026 |  |  | 1.99 | % |  | daily compounded SOFR |  |  | 25,000 |  |  |  | 1,473 |
Toronto-Dominion Bank |  | March 2027 |  |  | 2.46 | % |  | one-month CDOR |  |  | 14,619 |  | 3 |  | 588 |
Wells Fargo Bank, N.A. |  | April 2027 |  |  | 2.72 | % |  | daily compounded SOFR |  |  | 25,000 |  |  |  | 1,102 |
Bank of Montreal |  | December 2027 |  |  | 2.37 | % |  | daily compounded SOFR |  |  | 25,000 |  |  |  | 1,557 |
Capital One, National Association |  | December 2027 |  |  | 2.37 | % |  | daily compounded SOFR |  |  | 25,000 |  |  |  | 1,550 |
Wells Fargo Bank, N.A. |  | January 2028 |  |  | 2.37 | % |  | daily compounded SOFR |  |  | 75,000 |  |  |  | 4,665 |
Bank of Montreal |  | May 2029 |  |  | 2.09 | % |  | daily compounded SOFR |  |  | 25,000 |  |  |  | 2,267 |
Regions Bank |  | May 2029 |  |  | 2.11 | % |  | daily compounded SOFR |  |  | 25,000 |  |  |  | 2,237 |
Regions Bank |  | June 2029 |  |  | 2.03 | % |  | daily compounded SOFR |  |  | 25,000 |  |  |  | 2,329 |
U.S. Bank National Association |  | June 2029 |  |  | 2.03 | % |  | daily compounded SOFR |  |  | 25,000 |  |  |  | 2,334 |
Regions Bank |  | August 2029 |  |  | 2.58 | % |  | one-month SOFR |  |  | 100,000 |  |  |  | 6,462 |
Toronto-Dominion Bank |  | August 2029 |  |  | 2.58 | % |  | one-month SOFR |  |  | 45,000 |  |  |  | 2,946 |
U.S. Bank National Association |  | August 2029 |  |  | 2.65 | % |  | one-month SOFR |  |  | 15,000 |  |  |  | 932 |
U.S. Bank National Association |  | August 2029 |  |  | 2.58 | % |  | one-month SOFR |  |  | 100,000 |  |  |  | 6,490 |
U.S. Bank National Association |  | August 2029 |  |  | 1.35 | % |  | daily compounded SOFR |  |  | 25,000 |  |  |  | 3,192 |
Regions Bank |  | March 2032 |  |  | 2.69 | % |  | one-month CDOR |  |  | 14,619 |  | 3 |  | 931 |
U.S. Bank National Association |  | March 2032 |  |  | 2.70 | % |  | one-month CDOR |  |  | 14,619 |  | 3 |  | 930 |
Bank of Montreal |  | March 2034 |  |  | 2.81 | % |  | one-month CDOR |  |  | 29,239 |  | 4 |  | 2,082 |
|  |  |  |  |  |  |  |  | $ | 973,096 |  |  | $ | 56,075 |
Forward Starting Swaps:5 |  |  |  |  |  |  |  |  |  |  |  |  |
Bank of Montreal |  | March 2030 |  |  | 3.80 | % |  | daily simple SOFR |  | $ | 80,000 |  |  | $ | — |
JPMorgan Chase Bank, N.A. |  | March 2030 |  |  | 3.79 | % |  | daily simple SOFR |  |  | 50,000 |  |  |  | 35 |
U.S. Bank National Association |  | June 2030 |  |  | 3.73 | % |  | daily simple SOFR |  |  | 70,000 |  |  |  | 76 |
Truist Financial Corporation |  | June 2030 |  |  | 3.73 | % |  | daily simple SOFR |  |  | 55,000 |  |  |  | 48 |
Manufacturers & Traders Trust Company |  | September 2030 |  |  | 3.71 | % |  | daily simple SOFR |  |  | 50,000 |  |  |  | 29 |
Regions Bank |  | September 2030 |  |  | 3.69 | % |  | daily simple SOFR |  |  | 15,000 |  |  |  | 13 |
Truist Financial Corporation |  | September 2030 |  |  | 3.70 | % |  | daily simple SOFR |  |  | 15,000 |  |  |  | 14 |
Toronto-Dominion Bank |  | December 2030 |  |  | 3.66 | % |  | daily simple SOFR |  |  | 70,000 |  |  |  | 101 |
Regions Bank |  | December 2030 |  |  | 3.66 | % |  | daily simple SOFR |  |  | 55,000 |  |  |  | 53 |
|  |  |  |  |  |  |  |  | $ | 460,000 |  |  | $ | 369 |
Total Swaps |  |  |  |  |  |  |  |  | $ | 1,433,096 |  |  | $ | 56,444 |

1 The weighted average maturity date of effective swaps and effective swaps and forward starting swaps combined was 3.6 years and 4.4 years, respectively, at June 30, 2024.

2 At June 30, 2024, the weighted average interest rate on all outstanding borrowings was 3.73%, inclusive of a weighted average fixed rate on effective interest rate swaps of 2.28%.

3 The contractual notional amount is $20.0 million CAD.

4 The contractual notional amount is $40.0 million CAD.

5 Forward starting swaps have effective dates that are 5 years prior to each respective maturity date.

BROADSTONE NET LEASE, INC. | www.broadstone.com | © 2024 Broadstone Net Lease, LLC. All rights reserved. 13

EBITDA, EBITDAre, and Other-Non GAAP Operating Measures

(unaudited, in thousands)

|  | Three Months Ended |
|  | June 30, 2024 |  |  | March 31, 2024 |  |  | December 31, 2023 |  |  | September 30, 2023 |  |  | June 30, 2023 |
Net income |  | $ | 35,937 |  |  | $ | 68,177 |  |  | $ | 6,797 |  |  | $ | 52,145 |  |  | $ | 62,996 |
Depreciation and amortization |  |  | 37,404 |  |  |  | 37,772 |  |  |  | 39,278 |  |  |  | 38,533 |  |  |  | 39,031 |
Interest expense |  |  | 17,757 |  |  |  | 18,578 |  |  |  | 18,972 |  |  |  | 19,665 |  |  |  | 20,277 |
Income taxes |  |  | 531 |  |  |  | 408 |  |  |  | (268 | ) |  |  | 104 |  |  |  | 448 |
EBITDA |  | $ | 91,629 |  |  | $ | 124,935 |  |  | $ | 64,779 |  |  | $ | 110,447 |  |  | $ | 122,752 |
Provision for impairment of investment in rental properties |  |  | 3,852 |  |  |  | 26,400 |  |  |  | 29,801 |  |  |  | — |  |  |  | — |
Gain on sale of real estate |  |  | (3,384 | ) |  |  | (59,132 | ) |  |  | (6,270 | ) |  |  | (15,163 | ) |  |  | (29,462 | )
EBITDAre |  | $ | 92,097 |  |  | $ | 92,203 |  |  | $ | 88,310 |  |  | $ | 95,284 |  |  | $ | 93,290 |
Adjustment for current quarter investment activity 1 |  |  | 1,241 |  |  |  | — |  |  |  | 153 |  |  |  | 26 |  |  |  | 342 |
Adjustment for current quarter disposition activity 2 |  |  | (87 | ) |  |  | (4,712 | ) |  |  | (156 | ) |  |  | (400 | ) |  |  | (444 | )
Adjustment to exclude non-recurring and other expenses 3 |  |  | 26 |  |  |  | (125 | ) |  |  | 128 |  |  |  | 740 |  |  |  | 183 |
Adjustment to exclude net write-offs of accrued rental income |  |  | — |  |  |  | 2,556 |  |  |  | 4,161 |  |  |  | — |  |  |  | — |
Adjustment to exclude realized / unrealized foreign exchange (gain) loss |  |  | (748 | ) |  |  | (1,696 | ) |  |  | 1,453 |  |  |  | (1,433 | ) |  |  | 1,681 |
Adjustment to exclude cost of debt extinguishments |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 3 |
Adjusted EBITDAre |  | $ | 92,529 |  |  | $ | 88,226 |  |  | $ | 94,049 |  |  | $ | 94,217 |  |  | $ | 95,055 |
Estimated revenues from developments 4 |  |  | 3,458 |  |  |  | 2,771 |  |  |  | — |  |  |  | — |  |  |  | — |
Pro Forma Adjusted EBITDAre |  | $ | 95,987 |  |  | $ | 90,997 |  |  | $ | 94,049 |  |  | $ | 94,217 |  |  | $ | 95,055 |
Annualized EBITDAre |  | $ | 368,388 |  |  | $ | 368,812 |  |  | $ | 353,240 |  |  | $ | 381,136 |  |  | $ | 373,160 |
Annualized Adjusted EBITDAre |  |  | 370,116 |  |  |  | 352,904 |  |  |  | 376,196 |  |  |  | 376,868 |  |  |  | 380,220 |
Pro Forma Annualized Adjusted EBITDAre |  |  | 383,948 |  |  |  | 363,988 |  |  |  | 376,196 |  |  |  | 376,868 |  |  |  | 380,220 |

1 Reflects an adjustment to give effect to all investments during the quarter as if they had been made 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 $0.02 million of employee severance and executive transition costs during the three months ended June 30, 2024.

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

|  | Three Months Ended |
|  | June 30, 2024 |  |  | March 31, 2024 |  |  | December 31, 2023 |  |  | September 30, 2023 |  |  | June 30, 2023 |
Adjusted EBITDAre |  | $ | 92,529 |  |  | $ | 88,226 |  |  | $ | 94,049 |  |  | $ | 94,217 |  |  | $ | 95,055 |
General and administrative |  |  | 9,878 |  |  |  | 9,557 |  |  |  | 9,254 |  |  |  | 9,404 |  |  |  | 9,300 |
Adjusted Net Operating Income ("NOI") |  | $ | 102,407 |  |  | $ | 97,783 |  |  | $ | 103,303 |  |  | $ | 103,621 |  |  | $ | 104,355 |
Straight-line rental revenue, net |  |  | (5,191 | ) |  |  | (4,929 | ) |  |  | (5,438 | ) |  |  | (6,744 | ) |  |  | (7,277 | )
Other amortization and non-cash charges |  |  | (1,095 | ) |  |  | (1,018 | ) |  |  | (1,014 | ) |  |  | (1,087 | ) |  |  | (1,095 | )
Adjusted Cash NOI |  | $ | 96,121 |  |  | $ | 91,836 |  |  | $ | 96,851 |  |  | $ | 95,789 |  |  | $ | 95,983 |
Annualized Adjusted NOI |  | $ | 409,628 |  |  | $ | 391,132 |  |  | $ | 413,212 |  |  | $ | 414,483 |  |  | $ | 417,420 |
Annualized Adjusted Cash NOI |  |  | 384,484 |  |  |  | 367,344 |  |  |  | 387,404 |  |  |  | 383,157 |  |  |  | 383,932 |

BROADSTONE NET LEASE, INC. | www.broadstone.com | © 2024 Broadstone Net Lease, LLC. All rights reserved. 14

Net Debt Metrics

(in thousands)

|  | June 30, 2024 |  |  | March 31, 2024 |  |  | December 31, 2023 |  |  | September 30, 2023 |  |  | June 30, 2023 |
Debt |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Unsecured revolving credit facility |  | $ | 79,096 |  |  | $ | 73,820 |  |  | $ | 90,434 |  |  | $ | 74,060 |  |  | $ | 122,912 |
Unsecured term loans, net |  |  | 896,574 |  |  |  | 896,260 |  |  |  | 895,947 |  |  |  | 895,633 |  |  |  | 895,319 |
Senior unsecured notes, net |  |  | 845,687 |  |  |  | 845,498 |  |  |  | 845,309 |  |  |  | 845,121 |  |  |  | 844,932 |
Mortgages, net |  |  | 77,970 |  |  |  | 78,517 |  |  |  | 79,068 |  |  |  | 79,613 |  |  |  | 80,141 |
Debt issuance costs |  |  | 7,825 |  |  |  | 8,337 |  |  |  | 8,848 |  |  |  | 9,360 |  |  |  | 9,872 |
Gross Debt |  |  | 1,907,152 |  |  |  | 1,902,432 |  |  |  | 1,919,606 |  |  |  | 1,903,787 |  |  |  | 1,953,176 |
Cash and cash equivalents |  |  | (18,282 | ) |  |  | (221,740 | ) |  |  | (19,494 | ) |  |  | (35,061 | ) |  |  | (20,763 | )
Restricted cash |  |  | (1,614 | ) |  |  | (1,038 | ) |  |  | (1,138 | ) |  |  | (15,436 | ) |  |  | (15,502 | )
Net Debt |  | $ | 1,887,256 |  |  | $ | 1,679,654 |  |  | $ | 1,898,974 |  |  | $ | 1,853,290 |  |  | $ | 1,916,911 |
Leverage Ratios: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net Debt to Annualized EBITDAre |  | 5.1x |  |  | 4.6x |  |  | 5.4x |  |  | 4.9x |  |  | 5.1x |
Net Debt to Annualized Adjusted EBITDAre |  | 5.1x |  |  | 4.8x |  |  | 5.0x |  |  | 4.9x |  |  | 5.0x |
Pro Forma Net Debt to Annualized Adjusted EBITDAre |  | 4.9x |  |  | 4.6x |  |  | 5.0x |  |  | 4.9x |  |  | 5.0x |

Covenants

The following is a summary of key financial covenants for the Company’s unsecured debt instruments. The covenants associated with the Revolving Credit Facility, Unsecured Term Loans with commercial banks, and the Series A-C Senior Unsecured Notes, are reported to the respective lenders via quarterly covenant reporting packages. The covenants associated with the 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 June 30, 2024, 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 |  |  | 0.32 |  |  |  | 0.33 |  |  | Not Applicable |
Secured indebtedness ratio |  | ≤ 0.40 to 1.00 |  |  | 0.01 |  |  |  | 0.01 |  |  | Not Applicable |
Unencumbered coverage ratio |  | ≥ 1.75 to 1.00 |  |  | 3.55 |  |  | Not Applicable |  |  | Not Applicable |
Fixed charge coverage ratio |  | ≥ 1.50 to 1.00 |  |  | 4.65 |  |  |  | 4.65 |  |  | 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 |  |  |  | 0.35 |
Consolidated income available for debt to annual debt service charge |  | ≥ 1.50 to 1.00 |  | Not Applicable |  |  | Not Applicable |  |  |  | 5.21 |
Total unencumbered assets to total unsecured debt |  | ≥ 1.50 to 1.00 |  | Not Applicable |  |  | Not Applicable |  |  |  | 2.88 |
Secured debt ratio |  | ≤ 0.40 to 1.00 |  | Not Applicable |  |  | Not Applicable |  |  |  | 0.01 |

BROADSTONE NET LEASE, INC. | www.broadstone.com | © 2024 Broadstone Net Lease, LLC. All rights reserved. 15

Debt Maturities

(dollars in millions)

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

Weighted Average Debt Maturity: 4.1 years 1

1 Our Revolving Credit Facility reflected above assumes exercise of two six-month extension options subject to certain conditions, including the payment of an extension fee equal to 0.0625% of the revolving commitments.

Swap Maturities

(dollars in millions)

Weighted Average Effective Swap Maturity: 3.6 years Weighted Average Effective & Forward Starting Swap Maturity: 4.4 years

BROADSTONE NET LEASE, INC. | www.broadstone.com | © 2024 Broadstone Net Lease, LLC. All rights reserved. 16

Investment Activity

(square feet and dollars in thousands)

The following tables summarize the Company’s investment activity during 2024.

|  | Q2 2024 |  |  | Q1 2024 |  |  | YTD 2024 |
Acquisitions: |  |  |  |  |  |  |  |  |
Number of transactions |  |  | 6 |  |  |  | — |  |  |  | 6 |
Number of properties |  |  | 21 |  |  |  | — |  |  |  | 21 |
Square feet |  |  | 1,094 |  |  |  | — |  |  |  | 1,094 |
Acquisition price |  | $ | 165,053 |  |  | $ | — |  |  | $ | 165,053 |
Industrial |  |  | 103,735 |  |  |  | — |  |  |  | 103,735 |
Retail |  |  | 52,359 |  |  |  | — |  |  |  | 52,359 |
Restaurant |  |  | 8,959 |  |  |  | — |  |  |  | 8,959 |
Initial cash capitalization rate |  |  | 7.3 | % |  |  | — |  |  |  | 7.3 | %
Straight-line yield |  |  | 8.1 | % |  |  | — |  |  |  | 8.1 | %
Weighted avg. lease term (years) |  |  | 11.5 |  |  |  | — |  |  |  | 11.5 |
Weighted average annual rent increase |  |  | 2.3 | % |  |  | — |  |  |  | 2.3 | %
Transitional Capital: |  |  |  |  |  |  |  |  |
Number of transactions |  |  | 1 |  |  |  | — |  |  |  | 1 |
Investments 1 |  | $ | 52,200 |  |  | $ | — |  |  | $ | 52,200 |
Cash capitalization rate |  |  | 8.0 | % |  |  | — |  |  |  | 8.0 | %
Revenue generating capital expenditures: |  |  |  |  |  |  |  |  |
Number of existing properties |  |  | — |  |  |  | 1 |  |  |  | 1 |
Investments |  | $ | — |  |  | $ | 3,000 |  |  | $ | 3,000 |
Healthcare - Animal Health Services |  |  | — |  |  |  | 3,000 |  |  |  | 3,000 |
Initial cash capitalization rate |  |  | — |  |  |  | 8.0 | % |  |  | 8.0 | %
Weighted avg. lease term (years) |  |  | — |  |  |  | 8.0 |  |  |  | 8.0 |
Weighted average annual rent increase |  |  | — |  |  |  | 2.5 | % |  |  | 2.5 | %
Development funding opportunities: |  |  |  |  |  |  |  |  |
Number of new properties |  |  | — |  |  |  | — |  |  |  | — |
Total development funding opportunities |  |  | 30,583 |  |  |  | 37,107 |  |  |  | 67,690 |
Total investments |  | $ | 247,836 |  |  | $ | 40,107 |  |  | $ | 287,943 |
Total initial cash capitalization rate 2 |  |  | 7.3 | % |  |  | 8.0 | % |  |  | 7.3 | %
Total weighted average lease term (years)2 |  |  | 11.5 |  |  |  | 8.0 |  |  |  | 11.4 |
Total weighted average annual rent increase 2 |  |  | 2.3 | % |  |  | 2.5 | % |  |  | 2.3 | %

1 Refer below for property-level statistics relating to our transitional capital investments.

2 Due to the nature of (1) transitional capital representing a contractual yield on invested capital, and (2) development funding opportunities not generating revenue during construction, these are excluded from the calculation of total capitalization rates, weighted average lease terms, and rent increases.

BROADSTONE NET LEASE, INC. | www.broadstone.com | © 2024 Broadstone Net Lease, LLC. All rights reserved. 17

Transitional Capital

The following table summarizes the Company’s transitional capital investments, which are excluded from real estate investment portfolio statistics:

|  | Q2 2024 |
Transitional Capital: |  |  |
Type |  | Preferred Equity |
Investment (’000s)1 |  |  | 52,200 |
Stabilized cash capitalization rate 2 |  |  | 8.0 | %
Annualized initial cash NOI yield |  |  | 7.6 | %
Term (years)3 |  |  | 3.0 |
Property type |  | Retail Center |
Underlying property metrics |  |  |
Number of retail spaces |  |  | 28 |
Rentable square footage (“SF”) (’000s) |  |  | 332 |
Weighted avg. lease term (years) |  |  | 3.6 |
Occupancy rate (based on SF)4 |  |  | 98.7 | %
Quarterly rent collection |  |  | 98.4 | %

1 Agreement includes commitment to fund up to an additional $7.8 million of preferred capital.

2 Represents stated yield with unpaid amounts accruing with preferential payment.

3 Agreement contains two one-year extension options subject to a 0.50% extension fee. Repayment at end of term subject to a $3.5 million repayment fee.

4 Includes executed leases that have not yet commenced.

Developments 5

(square feet and dollars in thousands)

The following table summarizes the Company’s developments under construction as of June 30, 2024:

Property |  | Property Type |  | Projected Rentable Square Feet |  | Start Date 5 |  | Target Completion Date 5 |  | Initial Purchase Price 5 |  | Estimated Project Development Costs 5 |  | Estimated Total Project Investment 5 |  | QTD Q2 2024 Investment |  | Cumulative Investment at 6/30/24 |  | Estimated Cash Capitalization Rate 5 |  | Estimated Straight-line Yield 5
Under Construction: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
UNFI (Sarasota - FL) |  | Industrial |  | 1,016 |  | 5/2023 |  | 10/2024 |  | $17,300 |  | $187,500 |  | $204,800 |  | $30,583 |  | $161,297 |  | 7.2% |  | 8.3%
Total |  |  |  | 1,016 |  |  |  |  |  | $17,300 |  | $187,500 |  | $204,800 |  | $30,583 |  | $161,297 |  | 7.2% |  | 8.3%

5 Refer to definitions and explanations appearing at the end of this supplemental document.

BROADSTONE NET LEASE, INC. | www.broadstone.com | © 2024 Broadstone Net Lease, LLC. All rights reserved. 18

Dispositions

(square feet and dollars in thousands)

The following table summarizes the Company’s property disposition activity during 2024.

Q1 2024 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Property Type |  | Number of Properties |  |  | Square Feet |  |  | Acquisition Price |  |  | Disposition Price |  |  | Net Book Value |
Healthcare |  |  | 37 |  |  |  | 706 |  |  | $ | 250,079 |  |  |  | 251,700 |  |  | $ | 199,098 |
Total Properties |  |  | 37 |  |  |  | 706 |  |  | $ | 250,079 |  |  | $ | 251,700 |  |  | $ | 199,098 |
Weighted average cash cap rate |  |  |  |  |  |  |  |  |  |  |  |  | 7.9 | %
Q2 2024 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Property Type |  | Number of Properties |  |  | Square Feet |  |  | Acquisition Price |  |  | Disposition Price |  |  | Net Book Value |
Industrial |  |  | 1 |  |  |  | 187 |  |  | $ | 11,330 |  |  | $ | 11,750 |  |  | $ | 10,753 |
Office |  |  | 1 |  |  |  | 46 |  |  |  | 11,745 |  |  |  | 2,100 |  |  |  | 3,003 |
Healthcare |  |  | 1 |  |  |  | 34 |  |  |  | 10,000 |  |  |  | 10,500 |  |  |  | 7,620 |
Total Properties |  |  | 3 |  |  |  | 267 |  |  | $ | 33,075 |  |  | $ | 24,350 |  |  | $ | 21,376 |
Weighted average cash cap rate |  |  |  |  |  |  |  |  |  |  |  |  | 7.3 | %
2024 Dispositions |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Property Type |  | Number of Properties |  |  | Square Feet |  |  | Acquisition Price |  |  | Disposition Price |  |  | Net Book Value |
Industrial |  |  | 1 |  |  |  | 187 |  |  | $ | 11,330 |  |  | $ | 11,750 |  |  | $ | 10,753 |
Office |  |  | 1 |  |  |  | 46 |  |  |  | 11,745 |  |  |  | 2,100 |  |  |  | 3,003 |
Healthcare |  |  | 38 |  |  |  | 740 |  |  |  | 260,079 |  |  |  | 262,200 |  |  |  | 206,718 |
Total Properties |  |  | 40 |  |  |  | 973 |  |  | $ | 283,154 |  |  | $ | 276,050 |  |  | $ | 220,474 |
Weighted average cash cap rate |  |  |  |  |  |  |  |  |  |  |  |  | 7.9 | %

Portfolio at a Glance: Key Metrics

| June 30, 2024 |  |  | March 31, 2024 |  |  | December 31, 2023 |  |  | September 30, 2023 |  |  | June 30, 2023 |
Properties |  | 777 |  |  |  | 759 |  |  |  | 796 |  |  |  | 800 |  |  |  | 801 |
U.S. States |  | 44 |  |  |  | 44 |  |  |  | 44 |  |  |  | 44 |  |  |  | 44 |
Canadian Provinces |  | 4 |  |  |  | 4 |  |  |  | 4 |  |  |  | 4 |  |  |  | 4 |
Total annualized base rent | $385.5M |  |  | $374.1M |  |  | $392.2M |  |  | $390.0M |  |  | $391.0M |
Total rentable square footage (“SF”) | 38.5M |  |  | 37.6M |  |  | 38.3M |  |  | 38.2M |  |  | 38.5M |
Tenants |  | 207 |  |  |  | 200 |  |  |  | 220 |  |  |  | 220 |  |  |  | 221 |
Brands |  | 196 |  |  |  | 188 |  |  |  | 208 |  |  |  | 208 |  |  |  | 209 |
Industries |  | 53 |  |  |  | 53 |  |  |  | 53 |  |  |  | 54 |  |  |  | 54 |
Occupancy (based on SF) |  | 99.3 | % |  |  | 99.2 | % |  |  | 99.4 | % |  |  | 99.4 | % |  |  | 99.4 | %
Rent Collection |  | 99.0 | % |  |  | 99.0 | % |  |  | 99.2 | % |  |  | 99.9 | % |  |  | 99.9 | %
Top 10 tenant concentration |  | 20.2 | % |  |  | 20.6 | % |  |  | 19.6 | % |  |  | 19.3 | % |  |  | 19.4 | %
Top 20 tenant concentration |  | 33.4 | % |  |  | 34.0 | % |  |  | 32.3 | % |  |  | 32.0 | % |  |  | 32.1 | %
Investment grade (tenant/guarantor) |  | 15.5 | % |  |  | 15.7 | % |  |  | 15.3 | % |  |  | 15.3 | % |  |  | 15.3 | %
Financial reporting coverage 1 |  | 94.8 | % |  |  | 95.3 | % |  |  | 93.8 | % |  |  | 93.7 | % |  |  | 94.2 | %
Rent coverage ratio (restaurants only) | 3.3x |  |  | 3.3x |  |  | 3.4x |  |  | 3.4x |  |  | 3.3x |
Weighted average annual rent increases |  | 2.0 | % |  |  | 2.0 | % |  |  | 2.0 | % |  |  | 2.0 | % |  |  | 2.0 | %
Weighted average remaining lease term | 10.4 years |  |  | 10.6 years |  |  | 10.5 years |  |  | 10.5 years |  |  | 10.7 years |
Master leases (based on ABR) |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total portfolio |  | 41.7 | % |  |  | 43.0 | % |  |  | 41.5 | % |  |  | 41.6 | % |  |  | 41.5 | %
Multi-site tenants |  | 71.0 | % |  |  | 71.0 | % |  |  | 69.0 | % |  |  | 69.3 | % |  |  | 69.3 | %

1 Includes 8.8% related to tenants not required to provide financial information under the terms of our lease, but whose financial statements are available publicly at June 30, 2024.

BROADSTONE NET LEASE, INC. | www.broadstone.com | © 2024 Broadstone Net Lease, LLC. All rights reserved. 19

Diversification: Tenants & Brands

Top 20 Tenants

Tenant |  | Property Type |  | # Properties |  |  | ABR (’000s) |  |  | ABR as a % of Total Portfolio |  |  | Square Feet (’000s) |  |  | SF as a % of Total Portfolio |
Roskam Baking Company, LLC* |  | Food Processing |  |  | 7 |  |  | $ | 15,917 |  |  |  | 4.1 | % |  |  | 2,250 |  |  |  | 5.9 | %
AHF, LLC* |  | Distribution & Warehouse/Manufacturing |  |  | 8 |  |  |  | 9,612 |  |  |  | 2.5 | % |  |  | 2,284 |  |  |  | 5.9 | %
Joseph T. Ryerson & Son, Inc |  | Distribution & Warehouse |  |  | 11 |  |  |  | 7,780 |  |  |  | 2.0 | % |  |  | 1,599 |  |  |  | 4.2 | %
Jack’s Family Restaurants LP* |  | Quick Service Restaurants |  |  | 43 |  |  |  | 7,456 |  |  |  | 1.9 | % |  |  | 147 |  |  |  | 0.4 | %
Tractor Supply Company |  | General Merchandise |  |  | 23 |  |  |  | 6,353 |  |  |  | 1.7 | % |  |  | 462 |  |  |  | 1.2 | %
Axcelis Technologies, Inc. |  | Flex and R&D |  |  | 1 |  |  |  | 6,263 |  |  |  | 1.6 | % |  |  | 417 |  |  |  | 1.1 | %
J. Alexander’s, LLC* |  | Casual Dining |  |  | 16 |  |  |  | 6,207 |  |  |  | 1.6 | % |  |  | 131 |  |  |  | 0.3 | %
Salm Partners, LLC* |  | Food Processing |  |  | 2 |  |  |  | 6,168 |  |  |  | 1.6 | % |  |  | 426 |  |  |  | 1.1 | %
Hensley & Company* |  | Distribution & Warehouse |  |  | 3 |  |  |  | 6,109 |  |  |  | 1.6 | % |  |  | 577 |  |  |  | 1.5 | %
Red Lobster Hospitality & Red Lobster Restaurants LLC* |  | Casual Dining |  |  | 18 |  |  |  | 6,061 |  |  |  | 1.6 | % |  |  | 147 |  |  |  | 0.4 | %
Total Top 10 Tenants |  |  |  |  | 132 |  |  | $ | 77,926 |  |  |  | 20.2 | % |  |  | 8,440 |  |  |  | 22.0 | %
Dollar General Corporation |  | General Merchandise |  |  | 60 |  |  | $ | 5,980 |  |  |  | 1.6 | % |  |  | 562 |  |  |  | 1.5 | %
BluePearl Holdings, LLC** |  | Animal Health Services |  |  | 13 |  |  |  | 5,750 |  |  |  | 1.5 | % |  |  | 165 |  |  |  | 0.4 | %
Krispy Kreme Doughnut Corporation |  | Quick Service Restaurants/ Food Processing |  |  | 27 |  |  |  | 5,538 |  |  |  | 1.4 | % |  |  | 156 |  |  |  | 0.4 | %
Outback Steakhouse of Florida LLC* |  | Casual Dining |  |  | 22 |  |  |  | 5,454 |  |  |  | 1.4 | % |  |  | 140 |  |  |  | 0.4 | %
Big Tex Trailer Manufacturing Inc.* |  | Automotive/Distribution & Warehouse/Manufacturing/ Corporate Headquarters |  |  | 17 |  |  |  | 5,157 |  |  |  | 1.3 | % |  |  | 1,302 |  |  |  | 3.4 | %
Jelly Belly Candy Company |  | Distribution & Warehouse/Food Processing/General Merchandise |  |  | 5 |  |  |  | 4,650 |  |  |  | 1.2 | % |  |  | 576 |  |  |  | 1.5 | %
Nestle’ Dreyer's Ice Cream Company 1 |  | Cold Storage |  |  | 1 |  |  |  | 4,611 |  |  |  | 1.2 | % |  |  | 309 |  |  |  | 0.8 | %
Carvana, LLC* |  | Industrial Services |  |  | 2 |  |  |  | 4,589 |  |  |  | 1.2 | % |  |  | 230 |  |  |  | 0.6 | %
Arkansas Surgical Hospital |  | Surgical |  |  | 1 |  |  |  | 4,587 |  |  |  | 1.2 | % |  |  | 129 |  |  |  | 0.3 | %
Klosterman Bakery* |  | Food Processing |  |  | 11 |  |  |  | 4,567 |  |  |  | 1.2 | % |  |  | 549 |  |  |  | 1.4 | %
Total Top 20 Tenants |  |  |  |  | 291 |  |  | $ | 128,809 |  |  |  | 33.4 | % |  |  | 12,558 |  |  |  | 32.7 | %

1 Nestle’s ABR excludes $1.6 million of rent paid under a sub-lease for an additional property, which will convert to a prime lease no later than August 2024

*Subject to a master lease.

**Includes properties leased by multiple tenants, some, not all, of which are subject to master leases.

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Top 20 Tenant Descriptions 1

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Top 20 Tenant Descriptions 1 (continued)

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Top 20 Brands

Brand |  | Property Type |  | # Properties |  |  | ABR (’000s) |  |  | ABR as a % of Total Portfolio |  |  | Square Feet (’000s) |  |  | SF as a % of Total Portfolio |
Roskam Baking Company, LLC* |  | Food Processing |  |  | 7 |  |  | $ | 15,917 |  |  |  | 4.1 | % |  |  | 2,250 |  |  |  | 5.9 | %
AHF Products* |  | Distribution & Warehouse/ Manufacturing |  |  | 8 |  |  |  | 9,612 |  |  |  | 2.5 | % |  |  | 2,284 |  |  |  | 5.9 | %
Ryerson |  | Distribution & Warehouse |  |  | 11 |  |  |  | 7,780 |  |  |  | 2.0 | % |  |  | 1,599 |  |  |  | 4.2 | %
Jack's Family Restaurants* |  | Quick Service Restaurants |  |  | 43 |  |  |  | 7,456 |  |  |  | 1.9 | % |  |  | 147 |  |  |  | 0.4 | %
Tractor Supply Company |  | General Merchandise |  |  | 23 |  |  |  | 6,353 |  |  |  | 1.7 | % |  |  | 462 |  |  |  | 1.2 | %
Axcelis |  | Flex and R&D |  |  | 1 |  |  |  | 6,263 |  |  |  | 1.6 | % |  |  | 417 |  |  |  | 1.1 | %
Salm Partners, LLC* |  | Food Processing |  |  | 2 |  |  |  | 6,168 |  |  |  | 1.6 | % |  |  | 426 |  |  |  | 1.1 | %
Hensley* |  | Distribution & Warehouse |  |  | 3 |  |  |  | 6,109 |  |  |  | 1.6 | % |  |  | 577 |  |  |  | 1.5 | %
Red Lobster* |  | Casual Dining |  |  | 18 |  |  |  | 6,061 |  |  |  | 1.6 | % |  |  | 147 |  |  |  | 0.4 | %
Dollar General |  | General Merchandise |  |  | 60 |  |  |  | 5,980 |  |  |  | 1.6 | % |  |  | 561 |  |  |  | 1.4 | %
Total Top 10 Brands |  |  |  |  | 176 |  |  | $ | 77,699 |  |  |  | 20.2 | % |  |  | 8,870 |  |  |  | 23.1 | %
BluePearl Veterinary Partners** |  | Animal Health Services |  |  | 13 |  |  | $ | 5,750 |  |  |  | 1.5 | % |  |  | 165 |  |  |  | 0.4 | %
Bob Evans Farms* |  | Casual Dining/Food Processing |  |  | 21 |  |  |  | 5,568 |  |  |  | 1.4 | % |  |  | 281 |  |  |  | 0.7 | %
Krispy Kreme |  | Quick Service Restaurants/ Food Processing |  |  | 27 |  |  |  | 5,538 |  |  |  | 1.4 | % |  |  | 156 |  |  |  | 0.4 | %
Big Tex Trailers* |  | Automotive/Distribution & Warehouse/Manufacturing/ Corporate Headquarters |  |  | 17 |  |  |  | 5,157 |  |  |  | 1.3 | % |  |  | 1,302 |  |  |  | 3.4 | %
Outback Steakhouse* |  | Casual Dining |  |  | 20 |  |  |  | 4,718 |  |  |  | 1.3 | % |  |  | 126 |  |  |  | 0.3 | %
Jelly Belly |  | Distribution & Warehouse/Food Processing/General Merchandise |  |  | 5 |  |  |  | 4,650 |  |  |  | 1.2 | % |  |  | 576 |  |  |  | 1.5 | %
Nestle’1 |  | Cold Storage |  |  | 1 |  |  |  | 4,611 |  |  |  | 1.2 | % |  |  | 309 |  |  |  | 0.8 | %
Carvana* |  | Industrial Services |  |  | 2 |  |  |  | 4,590 |  |  |  | 1.2 | % |  |  | 230 |  |  |  | 0.6 | %
Arkansas Surgical Hospital |  | Surgical |  |  | 1 |  |  |  | 4,587 |  |  |  | 1.2 | % |  |  | 129 |  |  |  | 0.3 | %
Klosterman Bakery* |  | Food Processing |  |  | 11 |  |  |  | 4,567 |  |  |  | 1.2 | % |  |  | 550 |  |  |  | 1.5 | %
Total Top 20 Brands |  |  |  |  | 294 |  |  | $ | 127,435 |  |  |  | 33.1 | % |  |  | 12,694 |  |  |  | 33.0 | %

1 Nestle’s ABR excludes $1.6 million of rent paid under a sub-lease for an additional property, which will convert to a prime lease no later than August 2024

*Subject to a master lease.

**Includes properties leased by multiple tenants, some, not all, of which are subject to master leases.

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Diversification: Property Type

(rent percentages based on ABR)

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Diversification: Property Type (continued)

Property Type |  | # Properties |  |  | ABR (’000s) |  |  | ABR as a % of Total Portfolio |  |  | Square Feet (’000s) |  |  | SF as a % of Total Portfolio |
Industrial |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Manufacturing |  |  | 79 |  |  | $ | 65,334 |  |  |  | 16.9 | % |  |  | 12,094 |  |  |  | 31.5 | %
Distribution & Warehouse |  |  | 48 |  |  |  | 55,025 |  |  |  | 14.3 | % |  |  | 9,521 |  |  |  | 24.8 | %
Food Processing |  |  | 34 |  |  |  | 49,202 |  |  |  | 12.8 | % |  |  | 5,736 |  |  |  | 14.9 | %
Flex and R&D |  |  | 6 |  |  |  | 16,199 |  |  |  | 4.2 | % |  |  | 1,157 |  |  |  | 3.0 | %
Industrial Services |  |  | 29 |  |  |  | 14,659 |  |  |  | 3.8 | % |  |  | 725 |  |  |  | 1.9 | %
Cold Storage |  |  | 4 |  |  |  | 9,977 |  |  |  | 2.6 | % |  |  | 723 |  |  |  | 1.9 | %
Untenanted |  |  | 2 |  |  |  | — |  |  |  | — |  |  |  | 197 |  |  |  | 0.4 | %
Industrial Total |  |  | 202 |  |  |  | 210,396 |  |  |  | 54.6 | % |  |  | 30,153 |  |  |  | 78.4 | %
Restaurant |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Casual Dining |  |  | 102 |  |  |  | 27,604 |  |  |  | 7.2 | % |  |  | 674 |  |  |  | 1.8 | %
Quick Service Restaurants |  |  | 151 |  |  |  | 26,382 |  |  |  | 6.8 | % |  |  | 514 |  |  |  | 1.3 | %
Restaurant Total |  |  | 253 |  |  |  | 53,986 |  |  |  | 14.0 | % |  |  | 1,188 |  |  |  | 3.1 | %
Healthcare |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Healthcare Services |  |  | 28 |  |  |  | 11,842 |  |  |  | 3.1 | % |  |  | 462 |  |  |  | 1.2 | %
Animal Health Services |  |  | 27 |  |  |  | 11,208 |  |  |  | 2.9 | % |  |  | 405 |  |  |  | 1.1 | %
Clinical |  |  | 19 |  |  |  | 9,640 |  |  |  | 2.5 | % |  |  | 425 |  |  |  | 1.1 | %
Surgical |  |  | 7 |  |  |  | 8,486 |  |  |  | 2.2 | % |  |  | 256 |  |  |  | 0.7 | %
Life Science |  |  | 8 |  |  |  | 7,673 |  |  |  | 2.0 | % |  |  | 519 |  |  |  | 1.3 | %
Untenanted |  |  | 1 |  |  |  | — |  |  |  | — |  |  |  | 14 |  |  |  | — |
Healthcare Total |  |  | 90 |  |  |  | 48,849 |  |  |  | 12.7 | % |  |  | 2,081 |  |  |  | 5.4 | %
Retail |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
General Merchandise |  |  | 137 |  |  |  | 28,736 |  |  |  | 7.4 | % |  |  | 2,118 |  |  |  | 5.5 | %
Automotive |  |  | 65 |  |  |  | 12,045 |  |  |  | 3.1 | % |  |  | 764 |  |  |  | 2.0 | %
Home Furnishings |  |  | 13 |  |  |  | 7,265 |  |  |  | 1.9 | % |  |  | 797 |  |  |  | 2.0 | %
Child Care |  |  | 2 |  |  |  | 726 |  |  |  | 0.2 | % |  |  | 21 |  |  |  | 0.1 | %
Retail Total |  |  | 217 |  |  |  | 48,772 |  |  |  | 12.6 | % |  |  | 3,700 |  |  |  | 9.6 | %
Office |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Strategic Operations |  |  | 6 |  |  |  | 10,880 |  |  |  | 2.8 | % |  |  | 632 |  |  |  | 1.6 | %
Corporate Headquarters |  |  | 7 |  |  |  | 8,553 |  |  |  | 2.2 | % |  |  | 409 |  |  |  | 1.1 | %
Call Center |  |  | 2 |  |  |  | 4,049 |  |  |  | 1.1 | % |  |  | 287 |  |  |  | 0.8 | %
Office Total |  |  | 15 |  |  |  | 23,482 |  |  |  | 6.1 | % |  |  | 1,328 |  |  |  | 3.5 | %
Total |  |  | 777 |  |  | $ | 385,485 |  |  |  | 100.0 | % |  |  | 38,450 |  |  |  | 100.0 | %

BROADSTONE NET LEASE, INC. | www.broadstone.com | © 2024 Broadstone Net Lease, LLC. All rights reserved. 25

Key Statistics by Property Type

|  | Q2 2024 |  |  | Q1 2024 |  |  | Q4 2023 |  |  | Q3 2023 |  |  | Q2 2023 |
Industrial |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Number of properties |  |  | 202 |  |  |  | 192 |  |  |  | 192 |  |  |  | 193 |  |  |  | 195 |
Square feet (000s) |  |  | 30,153 |  |  |  | 29,500 |  |  |  | 29,442 |  |  |  | 29,387 |  |  |  | 29,686 |
Weighted average lease term (years) |  |  | 11.2 |  |  |  | 11.5 |  |  |  | 11.7 |  |  |  | 11.5 |  |  |  | 11.8 |
Weighted average annual rent escalation |  |  | 2.0 | % |  |  | 2.0 | % |  |  | 2.0 | % |  |  | 2.0 | % |  |  | 2.0 | %
Percentage of total ABR |  |  | 54.6 | % |  |  | 54.2 | % |  |  | 51.5 | % |  |  | 51.2 | % |  |  | 51.6 | %
Restaurant |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Number of properties |  |  | 253 |  |  |  | 248 |  |  |  | 248 |  |  |  | 248 |  |  |  | 247 |
Square feet (000s) |  |  | 1,188 |  |  |  | 1,164 |  |  |  | 1,164 |  |  |  | 1,172 |  |  |  | 1,172 |
Weighted average lease term (years) |  |  | 13.3 |  |  |  | 13.6 |  |  |  | 13.9 |  |  |  | 13.9 |  |  |  | 14.1 |
Weighted average annual rent escalation |  |  | 1.8 | % |  |  | 1.8 | % |  |  | 1.8 | % |  |  | 1.8 | % |  |  | 1.8 | %
Percentage of total ABR |  |  | 14.0 | % |  |  | 14.2 | % |  |  | 13.6 | % |  |  | 13.7 | % |  |  | 13.5 | %
Healthcare |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Number of properties |  |  | 90 |  |  |  | 92 |  |  |  | 129 |  |  |  | 129 |  |  |  | 129 |
Square feet (000s) |  |  | 2,081 |  |  |  | 2,146 |  |  |  | 2,852 |  |  |  | 2,851 |  |  |  | 2,852 |
Weighted average lease term (years) |  |  | 7.3 |  |  |  | 7.2 |  |  |  | 6.6 |  |  |  | 6.8 |  |  |  | 6.8 |
Weighted average annual rent escalation |  |  | 2.4 | % |  |  | 2.4 | % |  |  | 2.4 | % |  |  | 2.4 | % |  |  | 2.3 | %
Percentage of total ABR |  |  | 12.7 | % |  |  | 13.4 | % |  |  | 17.6 | % |  |  | 17.6 | % |  |  | 17.5 | %
Retail |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Number of properties |  |  | 217 |  |  |  | 211 |  |  |  | 211 |  |  |  | 214 |  |  |  | 214 |
Square feet (000s) |  |  | 3,700 |  |  |  | 3,439 |  |  |  | 3,439 |  |  |  | 3,455 |  |  |  | 3,455 |
Weighted average lease term (years) |  |  | 9.3 |  |  |  | 9.1 |  |  |  | 9.4 |  |  |  | 9.7 |  |  |  | 10.0 |
Weighted average annual rent escalation |  |  | 1.3 | % |  |  | 1.3 | % |  |  | 1.6 | % |  |  | 1.6 | % |  |  | 1.6 | %
Percentage of total ABR |  |  | 12.6 | % |  |  | 11.9 | % |  |  | 11.4 | % |  |  | 11.6 | % |  |  | 11.6 | %
Office |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Number of properties |  |  | 15 |  |  |  | 16 |  |  |  | 16 |  |  |  | 16 |  |  |  | 16 |
Square feet (000s) |  |  | 1,328 |  |  |  | 1,374 |  |  |  | 1,374 |  |  |  | 1,375 |  |  |  | 1,374 |
Weighted average lease term (years) |  |  | 5.1 |  |  |  | 5.3 |  |  |  | 5.3 |  |  |  | 5.6 |  |  |  | 5.9 |
Weighted average annual rent escalation |  |  | 2.5 | % |  |  | 2.5 | % |  |  | 2.5 | % |  |  | 2.5 | % |  |  | 2.5 | %
Percentage of total ABR |  |  | 6.1 | % |  |  | 6.3 | % |  |  | 5.9 | % |  |  | 5.9 | % |  |  | 5.8 | %

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Diversification: Tenant Industry

Industry |  | # Properties |  |  | ABR (’000s) |  |  | ABR as a % of Total Portfolio |  |  | Square Feet (’000s) |  |  | SF as a % of Total Portfolio |
Restaurants |  |  | 256 |  |  | $ | 54,827 |  |  |  | 14.2 | % |  |  | 1,231 |  |  |  | 3.2 | %
Packaged Foods & Meats |  |  | 34 |  |  |  | 45,974 |  |  |  | 11.9 | % |  |  | 5,347 |  |  |  | 13.9 | %
Healthcare Facilities |  |  | 65 |  |  |  | 34,900 |  |  |  | 9.1 | % |  |  | 1,307 |  |  |  | 3.4 | %
Distributors |  |  | 35 |  |  |  | 17,930 |  |  |  | 4.7 | % |  |  | 1,561 |  |  |  | 4.1 | %
Auto Parts & Equipment |  |  | 27 |  |  |  | 17,593 |  |  |  | 4.6 | % |  |  | 2,757 |  |  |  | 7.2 | %
Food Distributors |  |  | 45 |  |  |  | 16,518 |  |  |  | 4.3 | % |  |  | 2,888 |  |  |  | 7.5 | %
Specialty Stores |  |  | 8 |  |  |  | 14,545 |  |  |  | 3.8 | % |  |  | 1,712 |  |  |  | 4.5 | %
Home Furnishing Retail |  |  | 18 |  |  |  | 12,914 |  |  |  | 3.3 | % |  |  | 1,858 |  |  |  | 4.8 | %
Specialized Consumer Services |  |  | 46 |  |  |  | 12,082 |  |  |  | 3.1 | % |  |  | 716 |  |  |  | 1.9 | %
Metal & Glass Containers |  |  | 8 |  |  |  | 10,578 |  |  |  | 2.7 | % |  |  | 2,206 |  |  |  | 5.7 | %
General Merchandise Stores |  |  | 96 |  |  |  | 9,807 |  |  |  | 2.5 | % |  |  | 880 |  |  |  | 2.3 | %
Industrial Machinery |  |  | 20 |  |  |  | 9,793 |  |  |  | 2.5 | % |  |  | 1,949 |  |  |  | 5.1 | %
Healthcare Services |  |  | 18 |  |  |  | 9,766 |  |  |  | 2.5 | % |  |  | 515 |  |  |  | 1.3 | %
Forest Products |  |  | 8 |  |  |  | 9,612 |  |  |  | 2.5 | % |  |  | 2,284 |  |  |  | 5.9 | %
Electronic Components |  |  | 2 |  |  |  | 7,112 |  |  |  | 1.8 | % |  |  | 466 |  |  |  | 1.2 | %
Other (38 industries) |  |  | 88 |  |  |  | 101,534 |  |  |  | 26.5 | % |  |  | 10,506 |  |  |  | 27.3 | %
Untenanted properties |  |  | 3 |  |  |  | — |  |  |  | — |  |  |  | 267 |  |  |  | 0.7 | %
Total |  |  | 777 |  |  | $ | 385,485 |  |  |  | 100.0 | % |  |  | 38,450 |  |  |  | 100.0 | %

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Diversification: Geography

(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 |  |  | 67 |  |  | $ | 36,578 |  |  |  | 9.5 | % |  |  | 3,615 |  |  |  | 9.4 | % |  |  | MS |  |  | 12 |  |  | $ | 4,072 |  |  |  | 1.1 | % |  |  | 607 |  |  |  | 1.6 | %
MI |  |  | 54 |  |  |  | 32,805 |  |  |  | 8.5 | % |  |  | 3,799 |  |  |  | 9.9 | % |  |  | LA |  |  | 5 |  |  |  | 3,942 |  |  |  | 1.0 | % |  |  | 211 |  |  |  | 0.5 | %
CA |  |  | 18 |  |  |  | 24,334 |  |  |  | 6.4 | % |  |  | 2,294 |  |  |  | 6.0 | % |  |  | SC |  |  | 15 |  |  |  | 3,854 |  |  |  | 1.0 | % |  |  | 340 |  |  |  | 0.9 | %
IL |  |  | 29 |  |  |  | 22,625 |  |  |  | 5.9 | % |  |  | 2,364 |  |  |  | 6.1 | % |  |  | NE |  |  | 6 |  |  |  | 3,286 |  |  |  | 0.9 | % |  |  | 509 |  |  |  | 1.3 | %
WI |  |  | 30 |  |  |  | 19,435 |  |  |  | 5.0 | % |  |  | 1,945 |  |  |  | 5.1 | % |  |  | WA |  |  | 14 |  |  |  | 3,242 |  |  |  | 0.8 | % |  |  | 148 |  |  |  | 0.4 | %
OH |  |  | 47 |  |  |  | 16,471 |  |  |  | 4.3 | % |  |  | 1,582 |  |  |  | 4.1 | % |  |  | IA |  |  | 4 |  |  |  | 2,869 |  |  |  | 0.7 | % |  |  | 622 |  |  |  | 1.6 | %
MN |  |  | 21 |  |  |  | 15,801 |  |  |  | 4.1 | % |  |  | 2,500 |  |  |  | 6.5 | % |  |  | NM |  |  | 9 |  |  |  | 2,802 |  |  |  | 0.7 | % |  |  | 107 |  |  |  | 0.3 | %
FL |  |  | 38 |  |  |  | 15,149 |  |  |  | 3.9 | % |  |  | 789 |  |  |  | 2.1 | % |  |  | CO |  |  | 4 |  |  |  | 2,545 |  |  |  | 0.7 | % |  |  | 126 |  |  |  | 0.3 | %
TN |  |  | 48 |  |  |  | 15,037 |  |  |  | 3.9 | % |  |  | 1,084 |  |  |  | 2.8 | % |  |  | UT |  |  | 3 |  |  |  | 2,492 |  |  |  | 0.6 | % |  |  | 280 |  |  |  | 0.7 | %
IN |  |  | 28 |  |  |  | 14,824 |  |  |  | 3.8 | % |  |  | 1,832 |  |  |  | 4.8 | % |  |  | MD |  |  | 3 |  |  |  | 2,230 |  |  |  | 0.6 | % |  |  | 205 |  |  |  | 0.5 | %
AL |  |  | 52 |  |  |  | 12,215 |  |  |  | 3.2 | % |  |  | 863 |  |  |  | 2.2 | % |  |  | CT |  |  | 2 |  |  |  | 1,892 |  |  |  | 0.5 | % |  |  | 55 |  |  |  | 0.1 | %
AZ |  |  | 8 |  |  |  | 12,085 |  |  |  | 3.2 | % |  |  | 895 |  |  |  | 2.3 | % |  |  | ND |  |  | 3 |  |  |  | 1,726 |  |  |  | 0.4 | % |  |  | 48 |  |  |  | 0.1 | %
GA |  |  | 33 |  |  |  | 11,966 |  |  |  | 3.1 | % |  |  | 1,576 |  |  |  | 4.1 | % |  |  | MT |  |  | 7 |  |  |  | 1,602 |  |  |  | 0.4 | % |  |  | 43 |  |  |  | 0.1 | %
NC |  |  | 28 |  |  |  | 10,451 |  |  |  | 2.7 | % |  |  | 1,038 |  |  |  | 2.7 | % |  |  | DE |  |  | 4 |  |  |  | 1,180 |  |  |  | 0.3 | % |  |  | 133 |  |  |  | 0.3 | %
PA |  |  | 22 |  |  |  | 9,900 |  |  |  | 2.6 | % |  |  | 1,836 |  |  |  | 4.8 | % |  |  | VT |  |  | 2 |  |  |  | 432 |  |  |  | 0.1 | % |  |  | 24 |  |  |  | 0.1 | %
KY |  |  | 23 |  |  |  | 9,091 |  |  |  | 2.4 | % |  |  | 927 |  |  |  | 2.4 | % |  |  | WY |  |  | 1 |  |  |  | 307 |  |  |  | 0.1 | % |  |  | 21 |  |  |  | 0.1 | %
OK |  |  | 25 |  |  |  | 8,934 |  |  |  | 2.3 | % |  |  | 1,006 |  |  |  | 2.6 | % |  |  | NV |  |  | 1 |  |  |  | 273 |  |  |  | 0.1 | % |  |  | 6 |  |  |  | 0.0 | %
MO |  |  | 19 |  |  |  | 8,919 |  |  |  | 2.3 | % |  |  | 1,260 |  |  |  | 3.3 | % |  |  | OR |  |  | 1 |  |  |  | 136 |  |  |  | 0.0 | % |  |  | 9 |  |  |  | 0.0 | %
AR |  |  | 11 |  |  |  | 7,905 |  |  |  | 2.1 | % |  |  | 283 |  |  |  | 0.7 | % |  |  | SD |  |  | 1 |  |  |  | 81 |  |  |  | 0.0 | % |  |  | 9 |  |  |  | 0.0 | %
MA |  |  | 3 |  |  |  | 6,686 |  |  |  | 1.7 | % |  |  | 444 |  |  |  | 1.2 | % |  |  | Total U.S. |  |  | 770 |  |  | $ | 377,367 |  |  |  | 97.9 | % |  |  | 38,020 |  |  |  | 98.8 | %
NY |  |  | 24 |  |  |  | 6,631 |  |  |  | 1.7 | % |  |  | 514 |  |  |  | 1.3 | % |  |  | BC |  |  | 2 |  |  | $ | 4,769 |  |  |  | 1.3 | % |  |  | 253 |  |  |  | 0.7 | %
KS |  |  | 10 |  |  |  | 5,544 |  |  |  | 1.4 | % |  |  | 643 |  |  |  | 1.7 | % |  |  | ON |  |  | 3 |  |  |  | 2,045 |  |  |  | 0.5 | % |  |  | 101 |  |  |  | 0.3 | %
WV |  |  | 17 |  |  |  | 5,075 |  |  |  | 1.3 | % |  |  | 884 |  |  |  | 2.3 | % |  |  | AB |  |  | 1 |  |  |  | 961 |  |  |  | 0.2 | % |  |  | 51 |  |  |  | 0.1 | %
VA |  |  | 15 |  |  |  | 5,030 |  |  |  | 1.3 | % |  |  | 178 |  |  |  | 0.5 | % |  |  | MB |  |  | 1 |  |  |  | 343 |  |  |  | 0.1 | % |  |  | 25 |  |  |  | 0.1 | %
NJ |  |  | 3 |  |  |  | 4,913 |  |  |  | 1.3 | % |  |  | 366 |  |  |  | 1.0 | % |  |  | Total Canada |  |  | 7 |  |  | $ | 8,118 |  |  |  | 2.1 | % |  |  | 430 |  |  |  | 1.2 | %
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Grand Total |  |  | 777 |  |  | $ | 385,485 |  |  |  | 100.0 | % |  |  | 38,450 |  |  |  | 100.0 | %

BROADSTONE NET LEASE, INC. | www.broadstone.com | © 2024 Broadstone Net Lease, LLC. All rights reserved. 28

Lease Expirations

(rent percentages based on ABR)

Expiration Year |  | # of Properties |  |  | ABR ('000s) |  |  | ABR as a % of Total Portfolio |  |  | Square Feet ('000s) |  |  | SF as a % of Total Portfolio |
2024 |  |  | 1 |  |  | $ | 2,468 |  |  |  | 0.6 | % |  |  | 217 |  |  |  | 0.6 | %
2025 |  |  | 17 |  |  |  | 6,071 |  |  |  | 1.6 | % |  |  | 358 |  |  |  | 0.9 | %
2026 |  |  | 25 |  |  |  | 13,995 |  |  |  | 3.6 | % |  |  | 1,017 |  |  |  | 2.6 | %
2027 |  |  | 29 |  |  |  | 25,569 |  |  |  | 6.6 | % |  |  | 2,257 |  |  |  | 5.9 | %
2028 |  |  | 29 |  |  |  | 20,003 |  |  |  | 5.2 | % |  |  | 1,805 |  |  |  | 4.7 | %
2029 |  |  | 64 |  |  |  | 20,368 |  |  |  | 5.3 | % |  |  | 2,679 |  |  |  | 7.0 | %
2030 |  |  | 93 |  |  |  | 49,180 |  |  |  | 12.8 | % |  |  | 4,822 |  |  |  | 12.5 | %
2031 |  |  | 32 |  |  |  | 8,199 |  |  |  | 2.1 | % |  |  | 786 |  |  |  | 2.0 | %
2032 |  |  | 62 |  |  |  | 32,634 |  |  |  | 8.5 | % |  |  | 3,469 |  |  |  | 9.0 | %
2033 |  |  | 51 |  |  |  | 20,055 |  |  |  | 5.2 | % |  |  | 1,598 |  |  |  | 4.2 | %
2034 |  |  | 36 |  |  |  | 9,880 |  |  |  | 2.6 | % |  |  | 957 |  |  |  | 2.5 | %
2035 |  |  | 19 |  |  |  | 13,779 |  |  |  | 3.6 | % |  |  | 2,021 |  |  |  | 5.3 | %
2036 |  |  | 90 |  |  |  | 29,682 |  |  |  | 7.7 | % |  |  | 2,894 |  |  |  | 7.5 | %
2037 |  |  | 24 |  |  |  | 20,505 |  |  |  | 5.3 | % |  |  | 1,578 |  |  |  | 4.1 | %
2038 |  |  | 39 |  |  |  | 13,886 |  |  |  | 3.6 | % |  |  | 1,226 |  |  |  | 3.2 | %
2039 |  |  | 10 |  |  |  | 7,385 |  |  |  | 1.9 | % |  |  | 741 |  |  |  | 1.9 | %
2040 |  |  | 31 |  |  |  | 5,987 |  |  |  | 1.6 | % |  |  | 312 |  |  |  | 0.8 | %
2041 |  |  | 39 |  |  |  | 16,728 |  |  |  | 4.3 | % |  |  | 1,367 |  |  |  | 3.6 | %
2042 |  |  | 58 |  |  |  | 44,131 |  |  |  | 11.4 | % |  |  | 4,803 |  |  |  | 12.5 | %
2043 |  |  | 13 |  |  |  | 14,320 |  |  |  | 3.7 | % |  |  | 944 |  |  |  | 2.5 | %
Thereafter |  |  | 12 |  |  |  | 10,660 |  |  |  | 2.8 | % |  |  | 2,332 |  |  |  | 6.0 | %
Total leased properties |  |  | 774 |  |  |  | 385,485 |  |  |  | 100.0 | % |  |  | 38,183 |  |  |  | 99.3 | %
Untenanted properties |  |  | 3 |  |  |  | — |  |  |  | — |  |  |  | 267 |  |  |  | 0.7 | %
Total properties |  |  | 777 |  |  | $ | 385,485 |  |  |  | 100.0 | % |  |  | 38,450 |  |  |  | 100.0 | %

BROADSTONE NET LEASE, INC. | www.broadstone.com | © 2024 Broadstone Net Lease, LLC. All rights reserved. 29

Occupancy

Occupancy by Rentable Square Footage

Change in Occupancy

|  |  | Number of properties |
Vacant properties at January 1, 2024 |  |  |  | 2 |
Lease expirations 1 |  |  |  | 3 |
Leasing activities |  |  |  | (2 | )
Vacant dispositions |  |  |  | — |
Vacant properties at March 31, 2024 |  |  |  | 3 |
Lease expirations 1 |  |  |  | 1 |
Leasing activities |  |  |  | — |
Vacant dispositions |  |  |  | (1 | )
Vacant properties at June 30, 2024 |  |  |  | 3 |

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

BROADSTONE NET LEASE, INC. | www.broadstone.com | © 2024 Broadstone Net Lease, LLC. All rights reserved. 30

Definitions and Explanations

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

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

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

Cash Capitalization Rate: Cash Capitalization Rate represents either (1) for acquisitions and new developments, the estimated first year cash yield to be generated on a real estate investment, which was estimated at the time of investment based on the contractually specified cash base rent for the first full year after the date of the investment, divided by the purchase price for the property excluding capitalized acquisitions costs, or (2) for dispositions, the estimated cash yield to be generated based on a property’s ABR in effect immediately prior to the disposition, divided by the disposition price, or (3) for transitional capital, the contractual cash yield to be generated on total invested capital.

EBITDA, EBITDAre, Adjusted EBITDAre, 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 investments and dispositions for the quarter as if such investments and dispositions had occurred at the beginning of the quarter, and to exclude certain GAAP income and expense amounts that are either non-cash, such as cost of debt extinguishments, realized or unrealized gains and losses on foreign currency transactions, or gains on insurance recoveries, or that we believe are one time, or unusual in nature because they relate to unique circumstances or transactions that had not previously occurred and which we do not anticipate occurring in the future, and to eliminate the impact of lease termination fees, and other items that are not a result of normal operations. While investments in developments have an immediate impact to Net Debt, we do not make an adjustment to EBITDAre until the quarter in which the lease commences. We 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 gain on insurance recoveries, cost of debt extinguishments, unrealized and realized gains or losses on foreign currency transactions, severance and executive transition costs, and other extraordinary items. We compute AFFO by adjusting Core FFO for certain revenues and expenses that are non-cash or unique in nature, including straight-line rents, amortization of lease intangibles, amortization of debt issuance costs, amortization of net mortgage premiums, non-capitalized transaction costs such as acquisition costs related to deals that failed to transact, (gain) loss on interest rate swaps and other non-cash interest expense, deferred taxes, stock-based compensation, and other specified non-cash items.

BROADSTONE NET LEASE, INC. | www.broadstone.com | © 2024 Broadstone Net Lease, LLC. All rights reserved. 31

Definitions and Explanations (continued)

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

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

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

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

Same Store Pool: For purposes of determining properties used to calculate our same store rental revenue, all properties that we owned for the entire year-to-date period for both current and prior year are included except for properties during the current or prior year that were:

•
Vacant at any time; or
•
Under development or invested in through revenue generating capital expenditures

Same Store Rental Revenue: Same Store Rental Revenue represents cash base rents, net of uncollectible amounts, and excludes the amortization of above/below market leases, straight-line rent, operating expenses billed to tenants, net write-offs of accrued rental income, and other income from real estate transactions for properties included in our Same Store Pool.

Straight-line Yield: Straight-line yield represents the estimated first year yield to be generated on a real estate investment, which was computed at the time of investment based on the straight-line annual rental income computed in accordance with GAAP, divided by the purchase price, excluding capitalized costs for the property. For developments, we include capitalized interest in the denominator for cash interest paid.

Definitions Related to Development Properties:

•
Completion Date: The month in which the development was fully completed and was made available for occupancy.
•
Initial Purchase Price: Initial Purchase Price represents the initial contractual price of the property, typically representing purchase of undeveloped land or properties, including closing costs.
•
Estimated Project Development Costs: Represents the estimated costs to be incurred to complete development of each project. We expect to update our estimates upon completion of the project, or sooner if there are any significant changes to expected costs from quarter to quarter. Excludes capitalized costs consisting of capitalized interest and other acquisition costs.
•
Estimated Total Project Investment: Represents the sum of the Initial Purchase Price and the Estimated Project Development Costs.
•
Estimated Cash Capitalization Rate: Calculated by dividing the estimated first year cash yield to be generated on a real estate investment by the Estimated Total Project Investment for the property.
•
Start Date: The Start Date represents the period in which we have begun physical construction on a property.
•
Target Completion Date: The Target Completion Date is our current estimate of the period in which we will have substantially completed a project and the project is made available for occupancy. We expect to update our timing estimates on a quarterly basis.

BROADSTONE NET LEASE, INC. | www.broadstone.com | © 2024 Broadstone Net Lease, LLC. All rights reserved. 32