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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
Built-to-Suit Development Projects			18
Transitional Capital			19
Dispositions & Portfolio at a Glance: Key Metrics			20
Diversification: Tenants and Brands			21-24
Diversification: Property Type			25-26
Key Statistics by Property Type			27
Diversification: Tenant Industry			28
Diversification: Geography			29
Lease Expirations			30
Portfolio Occupancy			31
Definitions and Explanations			32-33


BROADSTONE NET LEASE, INC. \| www.broadstone.com \| © 2025 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, 2025 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, 2024, and the Company's Quarterly Report on Form 10-Q for the quarter ended March 31, 2025, which was filed with the SEC on May 1, 2025, including the financial statements and the management’s discussion and analysis of financial condition and results of operations sections.

Forward Looking Statements

Information set forth herein contains forward-looking statements, which reflect our current views regarding our business, financial performance, growth prospects and strategies, market opportunities, and market trends. Forward-looking statements include all statements that are not historical facts. In some cases, you can identify these forward-looking statements by the use of words such as “outlook,” “believes,” “expects,” “potential,” “continues,” “may,” “will,” “should,” “could,” “would be,” “seeks,” “approximately,” “projects,” “predicts,” “intends,” “plans,” “estimates,” “anticipates,” or the negative version of these words or other comparable words. All of the forward-looking statements herein are subject to various risks and uncertainties. Assumptions relating to the foregoing involve judgments with respect to, among other things, future economic, competitive and market conditions, and future business decisions, all of which are difficult or impossible to predict accurately and many of which are beyond our control. Although we believe that the expectations reflected in such forward-looking statements are based on reasonable assumptions, our actual results, performance, and achievements could differ materially from those expressed in or by the forward-looking statements and may be affected by a variety of risks and other factors. Accordingly, there are or will be important factors that could cause actual outcomes or results to differ materially from such forward-looking statements. These factors include, but are not limited to, risks and uncertainties related to general economic conditions, including but not limited to increases in the rate of inflation and/or 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 \| © 2025 Broadstone Net Lease, LLC. All rights reserved.			3

Company Overview

Broadstone Net Lease, Inc. (NYSE:BNL) (the “Company”, “BNL”, “us”, “our”, and “we”) is an industrial-focused, diversified net lease real estate investment trust (“REIT”) that invests in primarily single-tenant commercial real estate properties that are net leased on a long-term basis to a diversified group of tenants. We primarily, and selectively, invest in real estate across industrial and retail property types. We target properties with credit worthy tenants in industries characterized by positive business drivers and trends, where the properties are an integral part of the tenants’ businesses and there are opportunities to secure long-term net leases. Through long-term net leases, our tenants are able to retain operational control of their strategically important locations, while allocating their debt and equity capital to fund core business operations rather than real estate ownership.


Executive Team						Board of Directors

John D. Moragne Chief Executive Officer and Member, Board of Directors Ryan M. Albano President and Chief Operating Officer Kevin M. Fennell Executive Vice President, Chief Financial Officer and Treasurer John D. Callan, Jr. Senior Vice President, General Counsel, and Secretary Michael B. Caruso Senior Vice President, Underwriting & Strategy Will D. Garner Senior Vice President, Acquisitions Jennie L. O’Brien Senior Vice President and Chief Accounting Officer Molly Kelly Wiegel Senior Vice President, Human Resources & Administration						Laurie A. Hawkes Chairman of the Board John D. Moragne Chief Executive Officer Michael A. Coke Jessica Duran Laura Felice Richard Imperiale David M. Jacobstein Joseph Saffire James H. Watters

Company Contact Information

Brent Maedl

Director, Corporate Finance & Investor Relations

brent.maedl@broadstone.com

585-382-8507

Transfer Agent

Computershare Trust Company, N.A.

150 Royall Street

Canton, Massachusetts 02021

800-736-3001


BROADSTONE NET LEASE, INC. \| www.broadstone.com \| © 2025 Broadstone Net Lease, LLC. All rights reserved.			4

Quarterly Financial Summary

(unaudited, dollars in thousands except per share data)


	Q2 2025		Q1 2025		Q4 2024		Q3 2024		Q2 2024
Financial Summary
Investment in rental property	$	5,058,791	$	5,032,276	$	4,994,057	$	5,018,626	$	4,840,961
Less accumulated depreciation	(721,195)		(694,990)		(672,478)		(644,214)		(627,871)
Property under development	116,635		35,492		18,784		—		165,014
Investment in rental property, net	4,454,231		4,372,778		4,340,363		4,374,412		4,378,104
Cash and cash equivalents	20,784		9,605		14,845		8,999		18,282
Restricted cash	1,192		1,428		1,148		2,219		1,614
Total assets	5,326,679		5,237,186		5,216,417		5,263,286		5,264,557
Unsecured revolving credit facility	197,880		174,122		93,014		125,482		79,096
Mortgages, net	75,685		76,260		76,846		77,416		77,970
Unsecured term loans, net	994,028		893,505		897,201		896,887		896,574
Senior unsecured notes, net	846,441		846,252		846,064		845,875		845,687
Total liabilities	2,290,858		2,156,372		2,074,993		2,124,927		2,067,147
Total Broadstone Net Lease, Inc. equity	2,906,693		2,949,734		3,003,745		2,999,074		3,054,802
Total equity (book value)	3,035,821		3,080,814		3,141,424		3,138,359		3,197,410

Revenues	112,986		108,690		112,130		108,397		105,907
General and administrative - other	7,100		7,525		7,951		6,893		7,831
Stock based compensation	2,471		2,147		1,977		1,829		2,073
General and administrative	9,571		9,672		9,928		8,722		9,904
Total operating expenses	69,088		70,785		77,369		54,811		56,463
Interest expense	21,112		20,074		19,564		18,178		17,757
Net income	19,830		17,493		27,607		37,268		35,937
Net earnings per common share, diluted	$	0.10	$	0.09	$	0.14	$	0.19	$	0.19

FFO	73,695		72,627		80,003		73,818		73,725
FFO per share, diluted	$	0.37	$	0.37	$	0.41	$	0.37	$	0.37
Core FFO	77,150		75,280		74,427		73,971		73,001
Core FFO per share, diluted	$	0.39	$	0.38	$	0.38	$	0.37	$	0.37
AFFO	74,308		71,812		70,532		70,185		70,401
AFFO per share, diluted	$	0.38	$	0.36	$	0.36	$	0.35	$	0.36

Net cash provided by operating activities	79,280		71,459		63,911		67,303		74,172
Capital expenditures and improvements	614		1,106		2,205		1,180		134
Capital expenditures and improvements - revenue generating	1,994		13,242		3,755		6,351		38
Net cash (used in) provided by investing activities	(131,258)		(85,335)		27,338		(65,618)		(225,708)
Net cash provided by (used in) financing activities	62,921		8,916		(86,474)		(10,363)		(51,346)
Distributions declared	57,284		58,874		57,209		56,354		57,710
Distributions declared per diluted share	$	0.290	$	0.290	$	0.290	$	0.290	$	0.290


BROADSTONE NET LEASE, INC. \| www.broadstone.com \| © 2025 Broadstone Net Lease, LLC. All rights reserved.			5

Balance Sheet

(unaudited, in thousands)


	June 30, 2025		March 31, 2025		December 31, 2024		September 30, 2024		June 30, 2024
Assets
Accounted for using the operating method:
Land	$	784,092	$	780,817	$	778,826	$	784,545	$	773,224
Land improvements	360,774		360,197		357,142		357,090		324,138
Buildings and improvements	3,871,441		3,848,623		3,815,521		3,834,310		3,708,366
Equipment	16,070		16,070		15,843		15,824		8,248
Total accounted for using the operating method	5,032,377		5,005,707		4,967,332		4,991,769		4,813,976
Less accumulated depreciation	(721,195)		(694,990)		(672,478)		(644,214)		(627,871)
Accounted for using the operating method, net	4,311,182		4,310,717		4,294,854		4,347,555		4,186,105
Accounted for using the direct financing method	25,845		25,999		26,154		26,285		26,413
Accounted for using the sales-type method	569		570		571		572		572
Property under development	116,635		35,492		18,784		—		165,014
Investment in rental property, net	4,454,231		4,372,778		4,340,363		4,374,412		4,378,104
Investment in rental property and intangible lease assets held for sale, net	—		—		—		38,779		—
Cash and cash equivalents	20,784		9,605		14,845		8,999		18,282
Accrued rental income	172,310		166,436		162,717		158,350		153,551
Tenant and other receivables, net	3,605		2,581		3,281		2,124		2,604
Prepaid expenses and other assets	55,815		52,260		41,584		36,230		33,255
Interest rate swap, assets	23,490		29,681		46,220		27,812		56,444
Goodwill	339,769		339,769		339,769		339,769		339,769
Intangible lease assets, net	256,675		264,076		267,638		276,811		282,548
Total assets	$	5,326,679	$	5,237,186	$	5,216,417	$	5,263,286	$	5,264,557
Liabilities and equity
Unsecured revolving credit facility	$	197,880	$	174,122	$	93,014	$	125,482	$	79,096
Mortgages, net	75,685		76,260		76,846		77,416		77,970
Unsecured term loans, net	994,028		893,505		897,201		896,887		896,574
Senior unsecured notes, net	846,441		846,252		846,064		845,875		845,687
Interest rate swap, liabilities	7,625		3,353		—		13,050		—
Accounts payable and other liabilities	57,409		48,424		48,983		47,651		42,635
Dividends payable	58,451		58,220		58,317		58,163		58,028
Accrued interest payable	8,542		9,399		5,837		9,642		14,033
Intangible lease liabilities, net	44,797		46,837		48,731		50,761		53,124
Total liabilities	2,290,858		2,156,372		2,074,993		2,124,927		2,067,147
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	3,459,939		3,456,041		3,450,584		3,450,116		3,444,265
Cumulative distributions in excess of retained earnings	(571,302)		(536,074)		(496,543)		(467,922)		(449,893)
Accumulated other comprehensive income	18,009		29,720		49,657		16,833		60,383
Total Broadstone Net Lease, Inc. equity	2,906,693		2,949,734		3,003,745		2,999,074		3,054,802
Non-controlling interests	129,128		131,080		137,679		139,285		142,608
Total equity	3,035,821		3,080,814		3,141,424		3,138,359		3,197,410
Total liabilities and equity	$	5,326,679	$	5,237,186	$	5,216,417	$	5,263,286	$	5,264,557


BROADSTONE NET LEASE, INC. \| www.broadstone.com \| © 2025 Broadstone Net Lease, LLC. All rights reserved.			6

Income Statement Summary

(unaudited, in thousands except per share data)


	Three Months Ended
	June 30, 2025		March 31, 2025		December 31, 2024		September 30, 2024		June 30, 2024
Revenues
Lease revenues, net	$	112,986	$	108,690	$	112,130	$	108,397	$	105,907
Operating expenses
Depreciation and amortization	42,575		39,497		42,987		38,016		37,404
Property and operating expense	5,003		5,488		6,764		7,014		5,303
General and administrative	9,571		9,672		9,928		8,722		9,904
Provision for impairment of investment in rental properties	11,939		16,128		17,690		1,059		3,852
Total operating expenses	69,088		70,785		77,369		54,811		56,463
Other income (expenses)
Interest income	122		99		42		70		649
Interest expense	(21,112)		(20,074)		(19,564)		(18,178)		(17,757)
Gain on sale of real estate	566		405		8,196		2,441		3,384
Income taxes	(199)		(355)		(527)		291		(531)
Other (expenses) income	(3,445)		(487)		4,699		(942)		748
Net income	19,830		17,493		27,607		37,268		35,937
Net loss (income) attributable to non-controlling interests	330		(750)		(1,217)		(1,660)		(608)
Net income attributable to Broadstone Net Lease, Inc.	$	20,160	$	16,743	$	26,390	$	35,608	$	35,329

Weighted average number of common shares outstanding
Basic (a)	188,041		187,865		187,592		187,496		187,436
Diluted (a)	197,138		196,898		196,697		196,932		196,470
Net earnings per common share (b)
Basic	$	0.11	$	0.09	$	0.14	$	0.19	$	0.19
Diluted	$	0.10	$	0.09	$	0.14	$	0.19	$	0.19

(a)Excludes 1,072,087 weighted average shares of unvested restricted common stock for the three months ended June 30, 2025.

(b)Excludes $0.3 million from the numerator for the three months ended June 30, 2025, related to dividends declared on shares of unvested restricted common stock.


BROADSTONE NET LEASE, INC. \| www.broadstone.com \| © 2025 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, 2025		March 31, 2025		December 31, 2024		September 30, 2024		June 30, 2024
Net income	$	19,830	$	17,493	$	27,607	$	37,268	$	35,937
Real property depreciation and amortization	42,492		39,411		42,902		37,932		37,320
Gain on sale of real estate	(566)		(405)		(8,196)		(2,441)		(3,384)
Provision for impairment of investment in rental properties	11,939		16,128		17,690		1,059		3,852
FFO	$	73,695	$	72,627	$	80,003	$	73,818	$	73,725
Net write-offs of accrued rental income	3		2,228		120		—		—
Other non-core income from real estate transactions	(46)		(63)		(1,183)		(887)		—
Cost of debt extinguishment	—		165		—		—		—
Severance and employee transition costs	53		1		187		98		24
Other (income) expenses (a)	3,445		322		(4,700)		942		(748)
Core FFO	$	77,150	$	75,280	$	74,427	$	73,971	$	73,001
Straight-line rent adjustment	(5,586)		(5,907)		(6,312)		(5,309)		(5,051)
Adjustment to provision for credit losses	(13)		—		—		—		(17)
Amortization of debt issuance costs	1,328		1,237		983		983		983
Non-capitalized transaction costs	142		117		299		25		445
Realized gain or loss on interest rate swaps and other non-cash interest expense	7		2		(6)		(5)		62
Amortization of lease intangibles	(1,191)		(1,064)		(991)		(1,309)		(1,095)
Stock-based compensation	2,471		2,147		1,977		1,829		2,073
Deferred taxes	—		—		155		—		—
AFFO	$	74,308	$	71,812	$	70,532	$	70,185	$	70,401

Diluted weighted average shares outstanding (b)	197,138		196,898		196,697		196,932		196,470
Net earnings per diluted share (c)	$	0.10	$	0.09	$	0.14	$	0.19	$	0.19
FFO per diluted share (c)	0.37		0.37		0.41		0.37		0.37
Core FFO per diluted share (c)	0.39		0.38		0.38		0.37		0.37
AFFO per diluted share (c)	0.38		0.36		0.36		0.35		0.36

(a)Amount includes $3.4 million of unrealized and realized foreign exchange loss for the three months ended June 30, 2025, primarily associated with our Canadian dollar denominated revolver borrowings.

(b)Excludes 1,072,087 weighted average shares of unvested restricted common stock for the three months ended June 30, 2025.

(c)Excludes $0.3 million from the numerator for the three months ended June 30, 2025, related to dividends declared on shares of unvested restricted common stock.


BROADSTONE NET LEASE, INC. \| www.broadstone.com \| © 2025 Broadstone Net Lease, LLC. All rights reserved.			8

Lease Revenues Detail

(unaudited, in thousands)


	Three Months Ended
	June 30, 2025		March 31, 2025		December 31, 2024		September 30, 2024		June 30, 2024
Contractual rental amounts billed for operating leases	$	101,014	$	99,314	$	98,193	$	96,596	$	95,736
Adjustment to recognize contractual operating lease billings on a straight-line basis	5,753		6,064		6,444		5,438		5,177
Net write-offs of accrued rental income	—		(2,228)		—		—		—
Variable rental amounts earned	718		680		1,098		644		659
Earned income from direct financing leases	679		682		686		691		689
Interest income from sales-type leases	14		14		15		14		15
Operating expenses billed to tenants	4,795		4,944		5,400		5,537		4,651
Other income from real estate transactions	63		77		1,054		907		12
Adjustment to revenue recognized for uncollectible rental amounts billed, net	(50)		(857)		(760)		(1,430)		(1,032)
Total lease revenues, net	$	112,986	$	108,690	$	112,130	$	108,397	$	105,907


BROADSTONE NET LEASE, INC. \| www.broadstone.com \| © 2025 Broadstone Net Lease, LLC. All rights reserved.			9

Capital Structure

(in thousands, except per share data)


EQUITY
Shares of Common Stock	189,130
OP Units	8,402
Common Stock & OP Units	197,532
Price Per Share / Unit at June 30, 2025	$	16.05
IMPLIED EQUITY MARKET CAPITALIZATION	$	3,170,389
% of Total Capitalization	59.9		%
DEBT
Unsecured Revolving Credit Facility - 2026	$	197,880
Unsecured Term Loans	1,000,000
Unsecured Term Loan - 2027	200,000
Unsecured Term Loan - 2028	500,000
Unsecured Term Loan - 2029	300,000
Senior Unsecured Notes	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	75,732
TOTAL DEBT	$	2,123,612
% of Total Capitalization	40.1		%
Floating Rate Debt %	2.3		%
Fixed Rate Debt %	97.7		%
Secured Debt %	3.6		%
Unsecured Debt %	96.4		%

Total Capitalization	$	5,294,001
Less: Cash and Cash Equivalents	(20,784)
Enterprise Value	$	5,273,217


BROADSTONE NET LEASE, INC. \| www.broadstone.com \| © 2025 Broadstone Net Lease, LLC. All rights reserved.			10

Equity Rollforward

(in thousands)


	Shares of Common Stock	OP Units	Total Diluted Shares
Balance, January 1, 2025	188,626	8,646	197,272
Grants of restricted stock awards - employees	292	—	292
Retirement of common shares under equity incentive plan	(86)	—	(86)
Forfeiture of restricted stock awards	(3)	—	(3)
OP unit conversion	244	(244)	—
Balance, March 31, 2025	189,073	8,402	197,475
Grants of restricted stock awards - employees	61	—	61
Forfeiture of restricted stock awards	(4)	—	(4)
Balance, June 30, 2025	189,130	8,402	197,532


BROADSTONE NET LEASE, INC. \| www.broadstone.com \| © 2025 Broadstone Net Lease, LLC. All rights reserved.			11

Debt Outstanding

(in thousands)


	June 30, 2025		December 31, 2024		Interest Rate	Maturity Date
Unsecured revolving credit facility	$	197,880	$	93,014	applicable reference rate + 0.85% (a)	Mar. 2029 (d)
Unsecured term loans:
2026 Unsecured Term Loan	—		400,000		one-month adjusted SOFR + 1.00% (b)	Feb. 2026 (e)
2027 Unsecured Term Loan	200,000		200,000		daily simple adjusted SOFR + 0.95% (c)	Aug. 2027
2028 Unsecured Term Loan	500,000		—		one-month adjusted SOFR + 0.95% (b)	Mar. 2028 (f)
2029 Unsecured Term Loan	300,000		300,000		daily simple adjusted SOFR + 1.25% (c)	Aug. 2029
Total unsecured term loans	1,000,000		900,000
Unamortized debt issuance costs, net	(5,972)		(2,799)
Total unsecured term loans, net	994,028		897,201
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	(3,559)		(3,936)
Total senior unsecured notes, net	846,441		846,064
Total unsecured debt, net	$	2,038,349	$	1,836,279

(a)At June 30, 2025 and December 31, 2024, a balance of $124.8 million and $23.5 million, respectively, was subject to daily simple SOFR. The remaining balance of $100.0 million CAD borrowings remeasured to $73.1 million USD and $69.5 million USD, at June 30, 2025 and December 31, 2024, respectively, and was subject to daily simple CORRA of 2.75% and 3.32% at June 30, 2025 and December 31, 2024, respectively.

(b)At June 30, 2025 and December 31, 2024, one-month SOFR was 4.32% and 4.33%, respectively.

(c)At June 30, 2025 and December 31, 2024, overnight SOFR was 4.45% and 4.49%, respectively.

(d)The Company’s unsecured revolving credit facility contains two six-month extension options subject to certain conditions, including the payment of an extension fee equal to 0.0625% of the revolving commitments.

(e)The 2026 Unsecured Term Loan was paid in full on February 28, 2025 with borrowings from the 2028 Unsecured Term Loan.

(f)Our 2028 unsecured term loan reflected above contains two twelve-month extension options subject to certain conditions, including the payment of an extension fee equal to 0.125% of the aggregate principal amount of the loans outstanding under the 2028 term loan facility.


Lender	Origination Date	Maturity Date	Interest Rate	June 30, 2025		December 31, 2024
Wilmington Trust National Association	Apr. 2019	Feb. 2028	4.92%	$	42,121	$	42,838
Wilmington Trust National Association	Jun. 2018	Aug. 2025	4.36%	18,052		18,283
PNC Bank	Oct. 2016	Nov. 2026	3.62%	15,559		15,792
Total mortgages				75,732		76,912
Debt issuance costs, net				(47)		(66)
Mortgages, net				$	75,685	$	76,846


Year of Maturity	Revolving Credit Facility		Mortgages		Term Loans		Senior Notes		Total
2025	$	—	$	19,015	$	—	$	—	$	19,015
2026	—		16,843		—		—		16,843
2027	—		1,596		200,000		150,000		351,596
2028	—		38,278		500,000		225,000		763,278
2029	197,880		—		300,000		—		497,880
Thereafter	—		—		—		475,000		475,000
Total	$	197,880	$	75,732	$	1,000,000	$	850,000	$	2,123,612


BROADSTONE NET LEASE, INC. \| www.broadstone.com \| © 2025 Broadstone Net Lease, LLC. All rights reserved.			12

Interest Rate Swaps

(dollars in thousands)


					June 30, 2025
Counterparty	Maturity Date (a)	Fixed Rate (b)		Variable Rate Index	Notional Amount			Fair Value
Effective Swaps: (c)
Bank of Montreal	July 2025	2.32	%	daily compounded SOFR	$	25,000		$	—
Truist Financial Corporation	July 2025	1.99	%	daily compounded SOFR	25,000			—
Truist Financial Corporation	December 2025	2.30	%	daily compounded SOFR	25,000			242
Bank of Montreal	January 2026	1.92	%	daily compounded SOFR	25,000			293
Bank of Montreal	January 2026	2.05	%	daily compounded SOFR	40,000			443
Capital One, National Association	January 2026	2.08	%	daily compounded SOFR	35,000			383
Truist Financial Corporation	January 2026	1.93	%	daily compounded SOFR	25,000			292
Capital One, National Association	April 2026	2.68	%	daily compounded SOFR	15,000			159
Capital One, National Association	July 2026	1.32	%	daily compounded SOFR	35,000			905
Bank of Montreal	December 2026	2.33	%	daily compounded SOFR	10,000			200
Bank of Montreal	December 2026	1.99	%	daily compounded SOFR	25,000			625
Toronto-Dominion Bank	March 2027	2.46	%	daily compounded CORRA	14,616		(d)	71
Wells Fargo Bank, N.A.	April 2027	2.72	%	daily compounded SOFR	25,000			382
Bank of Montreal	December 2027	2.37	%	daily compounded SOFR	25,000			679
Capital One, National Association	December 2027	2.37	%	daily compounded SOFR	25,000			677
Wells Fargo Bank, N.A.	January 2028	2.37	%	daily compounded SOFR	75,000			2,035
Bank of Montreal	May 2029	2.09	%	daily compounded SOFR	25,000			1,262
Regions Bank	May 2029	2.11	%	daily compounded SOFR	25,000			1,241
Regions Bank	June 2029	2.03	%	daily compounded SOFR	25,000			1,318
U.S. Bank National Association	June 2029	2.03	%	daily compounded SOFR	25,000			1,318
Regions Bank	August 2029	2.58	%	one-month SOFR	100,000			2,908
Toronto-Dominion Bank	August 2029	2.58	%	one-month SOFR	45,000			1,332
U.S. Bank National Association	August 2029	2.65	%	one-month SOFR	15,000			403
U.S. Bank National Association	August 2029	2.58	%	one-month SOFR	100,000			2,920
U.S. Bank National Association	August 2029	1.35	%	daily compounded SOFR	25,000			2,044
Bank of Montreal	March 2030	3.80	%	daily simple SOFR	80,000			(1,507)
JPMorgan Chase Bank, N.A.	March 2030	3.79	%	daily simple SOFR	50,000			(907)
U.S. Bank National Association	June 2030	3.73	%	daily simple SOFR	70,000			(1,118)
Truist Financial Corporation	June 2030	3.73	%	daily simple SOFR	55,000			(889)
Regions Bank	March 2032	2.69	%	daily compounded CORRA	14,616		(d)	288
U.S. Bank National Association	March 2032	2.70	%	daily compounded CORRA	14,616		(d)	285
Bank of Montreal	March 2034	2.81	%	daily compounded CORRA	29,232		(e)	785
					1,148,080			19,069
Forward Starting Swaps: (c) (f)
Manufacturers & Traders Trust Company	September 2030	3.71	%	daily simple SOFR	50,000			(806)
Regions Bank	September 2030	3.69	%	daily simple SOFR	15,000			(236)
Truist Financial Corporation	September 2030	3.70	%	daily simple SOFR	15,000			(236)
Toronto-Dominion Bank	December 2030	3.66	%	daily simple SOFR	70,000			(1,071)
Regions Bank	December 2030	3.66	%	daily simple SOFR	55,000			(855)
					205,000			(3,204)
Total Swaps					$	1,353,080		$	15,865

(a)The weighted average maturity date of effective swaps and effective swaps and forward starting swaps combined was 3.3 years and 3.6 years, respectively, at June 30, 2025.

(b)At June 30, 2025, the weighted average interest rate on all outstanding borrowings was 3.89%, inclusive of a weighted average fixed rate on effective interest rate swaps of 2.62%.

(c)The classification between “effective” and “forward starting” swaps is determined as of the most recent period presented.

(d)The contractual notional amount is $20.0 million CAD.

(e)The contractual notional amount is $40.0 million CAD.

(f)Forward starting swaps have effective dates that are five years prior to each respective maturity date.


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EBITDA, EBITDAre, and Other-Non GAAP Operating Measures

(unaudited, in thousands)


	Three Months Ended
	June 30, 2025		March 31, 2025		December 31, 2024		September 30, 2024		June 30, 2024
Net income	$	19,830	$	17,493	$	27,607	$	37,268	$	35,937
Depreciation and amortization	42,575		39,497		42,987		38,016		37,404
Interest expense	21,112		20,074		19,565		18,178		17,757
Income taxes	199		355		527		291		531
EBITDA	$	83,716	$	77,419	$	90,686	$	93,753	$	91,629
Provision for impairment of investment in rental properties	11,939		16,128		17,690		1,059		3,852
Gain on sale of real estate	(566)		(405)		(8,197)		(2,441)		(3,384)
EBITDAre	$	95,089	$	93,142	$	100,179	$	92,371	$	92,097
Adjustment for current quarter investment activity (a)	573		978		28		4,080		1,241
Adjustment for current quarter disposition activity (b)	(490)		(135)		(11)		(66)		(87)
Adjustment to exclude non-recurring and other expenses (c)	(332)		44		348		(201)		26
Adjustment to exclude net write-offs of accrued rental income	3		2,228		120		—		—
Adjustment to exclude realized / unrealized foreign exchange (gain) loss	3,445		322		(4,699)		942		(748)
Adjustment to exclude cost of debt extinguishment	—		166		—		—		—
Adjustment to exclude other income from real estate transactions	(46)		(63)		(1,183)		(887)		—
Adjusted EBITDAre	$	98,242	$	96,682	$	94,782	$	96,239	$	92,529
Estimated revenues from developments (d)	1,629		631		334		—		3,458
Pro Forma Adjusted EBITDAre	$	99,871	$	97,313	$	95,116	$	96,239	$	95,987
Annualized EBITDAre	$	380,356	$	372,568	$	400,716	$	369,484	$	368,388
Annualized Adjusted EBITDAre	392,968		386,728		379,128		384,956		370,116
Pro Forma Annualized Adjusted EBITDAre	399,484		389,252		380,464		384,956		383,948

(a)Reflects an adjustment to give effect to all investments during the quarter, including developments that have reached rent commencement, as if they had been made as of the beginning of the quarter.

(b)Reflects an adjustment to give effect to all dispositions during the quarter as if they had been sold as of the beginning of the quarter.

(c)Amounts include less than $0.4 million of accelerated lease intangible amortization during the three months ended June 30, 2025.

(d)Represents estimated contractual revenues based on in-process development spend to-date.


	Three Months Ended
	June 30, 2025		March 31, 2025		December 31, 2024		September 30, 2024		June 30, 2024
Adjusted EBITDAre	$	98,242	$	96,682	$	94,782	$	96,239	$	92,529
General and administrative (excluding certain expenses reflected above)	9,524		9,628		9,581		8,924		9,878
Adjusted Net Operating Income ("NOI")	$	107,766	$	106,310	$	104,363	$	105,163	$	102,407
Straight-line rental revenue, net	(5,693)		(6,084)		(6,317)		(6,128)		(5,191)
Other amortization and non-cash charges	(1,569)		(1,007)		(796)		(1,309)		(1,095)
Adjusted Cash NOI	$	100,504	$	99,219	$	97,250	$	97,726	$	96,121
Annualized Adjusted NOI	$	431,064	$	425,240	$	417,452	$	420,652	$	409,628
Annualized Adjusted Cash NOI	402,016		396,876		389,000		390,904		384,484


BROADSTONE NET LEASE, INC. \| www.broadstone.com \| © 2025 Broadstone Net Lease, LLC. All rights reserved.			14

Net Debt Metrics

(in thousands)


	June 30, 2025		March 31, 2025		December 31, 2024		September 30, 2024		June 30, 2024
Debt
Unsecured revolving credit facility	$	197,880	$	174,122	$	93,014	$	125,482	$	79,096
Unsecured term loans, net	994,028		893,505		897,201		896,887		896,574
Senior unsecured notes, net	846,441		846,252		846,064		845,875		845,687
Mortgages, net	75,685		76,260		76,846		77,416		77,970
Debt issuance costs	9,578		10,300		6,802		7,314		7,825
Gross Debt	2,123,612		2,000,439		1,919,927		1,952,974		1,907,152
Cash and cash equivalents	(20,784)		(9,605)		(14,845)		(8,999)		(18,282)
Restricted cash	(1,192)		(1,428)		(1,148)		(2,219)		(1,614)
Net Debt	$	2,101,636	$	1,989,406	$	1,903,934	$	1,941,756	$	1,887,256
Estimated net proceeds from forward equity agreements (a)	(37,722)		(38,124)		(38,514)		(38,983)		—
Pro Forma Net Debt	$	2,063,914	$	1,951,282	$	1,865,420	$	1,902,773	$	1,887,256

Leverage Ratios:
Net Debt to Annualized EBITDAre	5.5x		5.3x		4.8x		5.3x		5.1x
Net Debt to Annualized Adjusted EBITDAre	5.3x		5.1x		5.0x		5.0x		5.1x
Pro Forma Net Debt to Annualized Adjusted EBITDAre	5.2x		5.0x		4.9x		4.9x		4.9x

(a)Represents pro forma adjustment for estimated net proceeds from forward sale agreements that have not settled as if they have been physically settled for cash as of the period presented.

Covenants

The following is a summary of key financial covenants for the Company’s unsecured debt instruments. The covenants associated with the Revolving Credit Facility, Unsecured Term Loans with commercial banks, and the Series A-C Senior Unsecured Notes, are reported to the respective lenders via quarterly covenant reporting packages. The covenants associated with the 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, 2025, 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

0.01

Not Applicable

Unencumbered coverage ratio

≥ 1.75 to 1.00

3.43

Not Applicable

Fixed charge coverage ratio

≥ 1.50 to 1.00

4.23

Not Applicable

Total unsecured indebtedness to total unencumbered eligible property value

≤ 0.60 to 1.00

0.36

0.38

Not Applicable

Dividends and other restricted payments

Only applicable in case of default

Not Applicable

Aggregate debt ratio

≤ 0.60 to 1.00

Not Applicable

0.38

Consolidated income available for debt to annual debt service charge

≥ 1.50 to 1.00

Not Applicable

5.14

Total unencumbered assets to total unsecured debt

≥ 1.50 to 1.00

Not Applicable

2.66

Secured debt ratio

≤ 0.40 to 1.00

Not Applicable

0.01


BROADSTONE NET LEASE, INC. \| www.broadstone.com \| © 2025 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: 4.2 years (a)

(a)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. Our 2028 unsecured term loan reflected above assumes exercise of two twelve-month extension options subject to certain conditions, including the payment of an extension fee equal to 0.125% of the aggregate principal amount of the loans outstanding under the 2028 term loan facility.

Swap Maturities

(dollars in millions)


Weighted Average Effective Swap Maturity: 3.3 years Weighted Average Effective & Forward Starting Swap Maturity: 3.6 years


BROADSTONE NET LEASE, INC. \| www.broadstone.com \| © 2025 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 2025.


	Q2 2025			Q1 2025			YTD 2025
Acquisitions:
Number of transactions	1			3			4
Number of properties	1			6			7
Square feet	348			438			786
Acquisition price	$	54,722		$	59,004		$	113,726
Industrial	54,722			41,088			95,810
Retail	—			17,916			17,916
Initial cash capitalization rate	7.1		%	7.2		%	7.1		%
Straight-line yield	8.2		%	8.3		%	8.3		%
Weighted average lease term (years)	10.7			13.6			12.2
Weighted average annual rent increase	3.0		%	2.6		%	2.8		%

Build-to-suit developments:
Investments	$	63,295		$	26,494		$	89,789

Revenue generating capital expenditures:
Number of existing properties	—			3			3
Investments	$	—		$	2,835		$	2,835
Initial cash capitalization rate	—		%	8.0		%	8.0		%
Weighted average lease term (years)	—			17.7			17.7
Weighted average annual rent increase	—		%	1.7		%	1.7		%

Transitional capital:
Number of transactions	2			—			2
Investments (a)	$	22,781		$	—		$	22,781
Cash capitalization rate	7.8		%	—		%	7.8		%

Total investments	$	140,798		$	88,333		$	229,131
Total initial cash capitalization rate (b)	7.1		%	7.2		%	7.2		%
Total weighted average lease term (years) (b)	10.7			13.8			12.4
Total weighted average annual rent increase (b)	3.0		%	2.5		%	2.8		%

(a)Refer below for property-level statistics relating to our transitional capital investments.

(b)Transitional capital, which represents a contractual yield on invested capital, and build-to-suit developments, which do not generate revenue during construction, are excluded from the calculations of total cash capitalization, weighted average lease terms, and weighted average rent increases.


BROADSTONE NET LEASE, INC. \| www.broadstone.com \| © 2025 Broadstone Net Lease, LLC. All rights reserved.			17

Build-to-Suit Development Projects

(square feet and dollars in thousands)

The following table summarizes the Company’s in-process developments as of June 30, 2025:


Property	Projected Rentable Square Feet	Start Date (a)	Target Stabilization Date/Stabilized Date (a)	Lease Term (Years)	Annual Rent Escalations		Estimated Total Project Investment (a)		Cumulative Investment		QTD Q2 2025 Investment		Estimated Remaining Investment		Estimated Cash Capitalization Rate (a)		Estimated Straight-line Yield (a)
In-process retail:
7 Brew (Jacksonville - FL)	1	Jun. 2025	Oct. 2025	15.0	1.9	%	$	2,008	$	1,112	$	1,112	$	896	8.0	%	8.8	%
In-process industrial:
Sierra Nevada (Dayton - OH)	122	Oct. 2024	Nov. 2025	15.0	3.0	%	58,563		27,955		15,439		30,609		7.6	%	9.4	%
Sierra Nevada (Dayton - OH)	122	Oct. 2024	Mar. 2026	15.0	3.0	%	55,525		17,841		9,806		37,684		7.7	%	9.6	%
Southwire (Bremen - GA)	1,178	Dec. 2024	Jul. 2026	15.0	2.8	%	115,411		16,653		5,250		98,757		7.8	%	8.8	%
Fiat Chrysler Automobile (Forsyth - GA)	422	Apr. 2025	Aug. 2026	15.0	3.0	%	78,242		13,067		13,067		65,175		6.9	%	8.4	%
AGCO (Vasaila - CA)	115	Jun. 2025	Aug. 2026	12.0	3.5	%	19,809		14,092		14,092		5,717		7.0	%	8.5	%

Total / weighted average	1,959			14.8	2.9	%	329,558		90,719		58,766		238,838		7.5	%	8.9	%
Stabilized industrial:
UNFI (Sarasota - FL)	1,016	May 2023	Stabilized - Sep. 2024	15.0	2.5	%	200,958		200,958		—		—		7.2	%	8.6	%
Stabilized retail:
7 Brew (High Point - NC)	1	Dec. 2024	Stabilized - Jun. 2025	15.0	1.9	%	1,975		1,975		498		—		8.0	%	8.8	%
7 Brew (Charleston - SC)	1	Feb. 2025	Stabilized - May 2025	15.0	1.9	%	1,729		1,729		693		—		7.9	%	8.8	%

Total / weighted average	2,976			13.8	2.8	%	$	534,220	$	295,381	$	59,957	$	238,838	7.4	%	8.8	%

(a)Refer to definitions and explanations appearing at the end of this supplemental document.

The following table summarizes the timing of the Company’s construction investment, quarterly rent, and ABR for in-process and stabilized developments as of June 30, 2025:

(b)Based on estimates and assumptions regarding future events and circumstances that are subject to change. Actual timelines may differ due to a variety of factors including, but not limited to, the timing and progress of projects, fluctuations in construction or operating costs, and the negotiated terms and variability of project agreements. We expect to update project timelines quarterly if there are significant changes to the estimates.

(c)Represents aggregated Estimated Total Project Investment for all projects based on estimated timeline of investment dollars on a quarterly basis. Timing of investment amounts are expected to vary based on actual construction at the properties and will be updated if there are any significant changes to expected costs from quarter to quarter.

(d)Amounts calculated based on aggregate of each project's estimated rent upon stabilization in accordance with the timing of Target Stabilization Date. We expect to update our timing estimates on a quarterly basis.


BROADSTONE NET LEASE, INC. \| www.broadstone.com \| © 2025 Broadstone Net Lease, LLC. All rights reserved.			18

Transitional Capital

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


	Q2 2025
Transitional Capital:
Retail Center - St. Louis, MO
Type	Preferred Equity
Investment (’000s) (a)	$	52,694
Stabilized cash capitalization rate (b)	8.0		%
Annualized initial cash NOI yield	7.6		%
Remaining term (years) (c)	2.0
Underlying property metrics
Number of retail spaces	28
Rentable square footage (“SF”) (’000s)	332
Weighted average remaining lease term (years)	5.9
Occupancy rate (based on SF) (d)	95.2		%
Quarterly rent collection	100.0		%
Industrial Park - Olyphant, PA
Type	Preferred Equity
Investment (’000s) (e)	$	22,287
Stabilized cash capitalization rate (b)	7.8		%
Annualized initial cash NOI yield	—		%
Remaining term (years) (f)	3.0

(a)Agreement includes an additional $7.8 million commitment of preferred capital. The remaining commitment at June 30, 2025 is $7.3 million.

(b)Represents stated yield with unpaid amounts accruing with preferential payment.

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

(d)Includes executed leases where rent has not yet commenced.

(e)Preferred equity investment in a consolidated joint venture that has acquired entitled land designated for industrial build-to-suit development.

(f)Agreement contains two one-year extension options subject to a 0.25% fee for the first option, and 0.5% for the second option, and the right to transfer or sell our preferred equity at any time.


BROADSTONE NET LEASE, INC. \| www.broadstone.com \| © 2025 Broadstone Net Lease, LLC. All rights reserved.			19

Dispositions

(square feet and dollars in thousands)

The following table summarizes the Company’s property disposition activity during 2025.


Q1 2025
Property Type	Number of Properties	Square Feet	Acquisition Price		Disposition Price		Net Book Value
Other	3	30	$	9,621	$	7,385	$	9,802
Total Properties	3	30	9,621		7,385		9,802
Weighted average cash cap rate							9.2		%

Q2 2025
Property Type	Number of Properties	Square Feet	Acquisition Price		Disposition Price		Net Book Value
Retail	6	31	$	13,720	$	7,548	$	9,154
Other	2	67	26,700		5,550		7,473
Total Properties	8	98	40,420		13,098		16,628
Weighted average cash cap rate							9.5		%

YTD 2025
Property Type	Number of Properties	Square Feet	Acquisition Price		Disposition Price		Net Book Value
Retail	6	31	$	13,720	$	7,548	$	9,154
Other	5	97	36,321		12,935		17,275
Total Properties	11	128	$	50,041	$	20,483	$	26,430
Weighted average cash cap rate							9.4		%

Portfolio at a Glance: Key Metrics (a)


	June 30, 2025		March 31, 2025		December 31, 2024		September 30, 2024		June 30, 2024
Properties	766		769		765		773		777
U.S. States	44		44		44		44		44
Canadian Provinces	4		4		4		4		4
Total annualized base rent	$404.2	M	$401.3	M	$395.5	M	$398.2	M	$385.5	M
Total rentable square footage (“SF”)	40.1	M	39.8	M	39.4	M	39.7	M	38.5	M
Tenants	205		204		202		203		207
Brands	195		192		190		191		196
Industries	56		55		55		55		53
Occupancy (based on SF)	99.1	%	99.1	%	99.1	%	99.0	%	99.3	%
Rent Collection	99.6	%	99.1	%	99.2	%	99.1	%	99.0	%
Top 10 tenant concentration	21.8	%	21.9	%	21.9	%	21.4	%	20.2	%
Top 20 tenant concentration	35.2	%	35.3	%	35.5	%	34.9	%	33.4	%
Investment grade (tenant/guarantor) (b)	20.7	%	20.1	%	20.2	%	19.8	%	18.1	%
Financial reporting coverage (c)	92.4	%	94.1	%	94.2	%	94.0	%	94.8	%
Rent coverage ratio (restaurants only)	3.3x		3.2x		3.3x		3.3x		3.3x
Weighted average annual rent increases	2.0	%	2.0	%	2.0	%	2.0	%	2.0	%
Weighted average remaining lease term	9.7 years		10.0 years		10.2 years		10.3 years		10.4 years
Master leases (based on ABR)
Total portfolio	40.1	%	40.9	%	41.4	%	40.2	%	41.7	%
Multi-site tenants	68.3	%	68.7	%	69.1	%	69.0	%	71.0	%

(a)Property metrics exclude transitional capital investments.

(b)Investment grade tenants are our tenants with a credit rating, and tenants that are subsidiaries or affiliates of companies with a credit rating, as of balance sheet date, of a Baa3/BBB- or higher from one of the three major rating agencies (Moody’s/S&P/Fitch).

(c)Includes 8.6% 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, 2025.


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Diversification: Tenants & Brands

Top 20 Tenants


Tenant	Property Type	# of Properties	ABR (’000s)		ABR as a % of Total Portfolio		Square Feet (’000s)	SF as a % of Total Portfolio
Roskam Baking Company, LLC*	Food Processing	7	$	16,236	4.0	%	2,250	5.6	%
United Natural Foods, Inc.	Distribution & Warehouse	1	14,386		3.6	%	1,016	2.5	%
AHF, LLC*	Distribution & Warehouse/Manufacturing	8	9,852		2.4	%	2,284	5.7	%
Joseph T. Ryerson & Son, Inc	Distribution & Warehouse	11	8,025		2.0	%	1,599	4.0	%
Jack’s Family Restaurants LP*	Quick Service Restaurants	43	7,605		1.9	%	147	0.4	%
Dollar General Corporation	General Merchandise	64	6,603		1.6	%	609	1.5	%
Tractor Supply Company	General Merchandise	23	6,496		1.6	%	462	1.1	%
J. Alexander’s, LLC*	Casual Dining	16	6,301		1.6	%	132	0.3	%
Salm Partners, LLC*	Food Processing	2	6,276		1.6	%	426	1.1	%
Nestle’ Dreyer's Ice Cream Company	Cold Storage	2	6,259		1.5	%	503	1.3	%
Total Top 10 Tenants		177	$	88,039	21.8	%	9,428	23.5	%

Hensley & Company*	Distribution & Warehouse	3	$	6,231	1.5	%	577	1.4	%
BluePearl Holdings, LLC**	Animal Services	13	5,905		1.5	%	159	0.4	%
Axcelis Technologies, Inc.	Flex and R&D	1	5,900		1.5	%	417	1.0	%
Red Lobster Hospitality & Red Lobster Restaurants LLC*	Casual Dining	18	5,563		1.4	%	147	0.4	%
Outback Steakhouse of Florida LLC*(a)	Casual Dining	22	5,544		1.4	%	140	0.3	%
Krispy Kreme Doughnut Corporation	Quick Service Restaurants/ Food Processing	27	5,538		1.3	%	156	0.4	%
Big Tex Trailer Manufacturing Inc.*	Automotive/Distribution & Warehouse/Manufacturing/Office	17	5,260		1.3	%	1,302	3.2	%
Jelly Belly Candy Company	Distribution & Warehouse/Food Processing/General Merchandise	5	4,789		1.2	%	576	1.4	%
Arkansas Surgical Hospital, LLC	Clinical & Surgical	1	4,702		1.2	%	129	0.3	%
Chiquita Holdings Limited	Food Processing	1	4,692		1.1	%	335	1.0	%
Total Top 20 Tenants		285	$	142,163	35.2	%	13,366	33.3	%

(a)Property metrics exclude transitional capital investments.

*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 (a)


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Top 20 Tenant Descriptions (a) (continued)


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Top 20 Brands


Brand	Property Type	# of Properties	ABR (’000s)		ABR as a % of Total Portfolio		Square Feet (’000s)	SF as a % of Total Portfolio
Roskam Baking Company, LLC*	Food Processing	7	$	16,236	4.0	%	2,250	5.6	%
United Natural Foods, Inc.	Distribution & Warehouse	1	14,386		3.6	%	1,016	2.5	%
AHF Products*	Distribution & Warehouse/ Manufacturing	8	9,852		2.4	%	2,284	5.7	%
Ryerson	Distribution & Warehouse	11	8,025		2.0	%	1,599	4.0	%
Jack's Family Restaurants*	Quick Service Restaurants	43	7,605		1.9	%	147	0.4	%
Dollar General	General Merchandise	64	6,603		1.6	%	609	1.5	%
Tractor Supply Company	General Merchandise	23	6,496		1.6	%	462	1.1	%
Salm Partners, LLC*	Food Processing	2	6,276		1.6	%	426	1.1	%
Nestle’	Cold Storage	2	6,259		1.5	%	503	1.3	%
Hensley*	Distribution & Warehouse	3	6,231		1.5	%	577	1.4	%
Total Top 10 Brands		164	$	87,969	21.7	%	9,873	24.6	%

BluePearl Veterinary Partners**	Animal Services	13	5,905		1.5	%	159	0.4	%
Axcelis	Flex and R&D	1	5,900		1.5	%	417	1.0	%
Bob Evans Farms*	Casual Dining/Food Processing	21	5,680		1.4	%	282	0.6	%
Red Lobster*	Casual Dining	18	5,563		1.4	%	147	0.4	%
Krispy Kreme	Quick Service Restaurants/ Food Processing	27	5,538		1.3	%	156	0.4	%
Big Tex Trailers*	Automotive/Distribution & Warehouse/Manufacturing/Office	17	5,260		1.3	%	1,302	3.2	%
Outback Steakhouse*	Casual Dining	20	4,796		1.2	%	126	0.3	%
Jelly Belly	Distribution & Warehouse/Food Processing/General Merchandise	5	4,789		1.2	%	576	1.4	%
Arkansas Surgical Hospital, LLC	Clinical & Surgical	1	4,702		1.2	%	129	0.3	%
Chiquita	Food Processing	1	4,692		1.1	%	335	1.0	%
Total Top 20 Brands		288	$	140,794	34.8	%	13,502	33.6	%

*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	# of Properties	ABR (’000s)		ABR as a % of Total Portfolio		Square Feet (’000s)	SF as a % of Total Portfolio
Industrial
Distribution & Warehouse	51	$	77,277	19.1	%	11,127	27.7	%
Manufacturing	80	70,956		17.6	%	12,319	30.7	%
Food Processing	34	50,098		12.4	%	5,736	14.3	%
Flex and R&D	10	21,902		5.4	%	1,606	4.0	%
Industrial Services	29	14,983		3.7	%	725	1.8	%
Cold Storage	3	10,047		2.5	%	723	1.8	%
In-process Developments	6	—		—	%	115	0.3	%
Untenanted	2	—		—	%	343	0.9	%
Industrial Total	215	245,263		60.7	%	32,694	81.5	%
Retail
General Merchandise	143	31,114		7.8	%	2,302	5.8	%
Quick Service Restaurants	153	27,458		6.8	%	515	1.3	%
Casual Dining	96	26,754		6.6	%	643	1.6	%
Automotive	65	11,691		2.9	%	764	1.9	%
Animal Services	27	11,484		2.8	%	421	1.0	%
Home Furnishings	13	7,386		1.8	%	797	2.0	%
Healthcare Services	18	6,068		1.5	%	220	0.5	%
Education	5	3,296		0.8	%	128	0.3	%
In-process Developments	1	—		—	%	—	—	%
Retail Total	521	125,251		31.0	%	5,790	14.4	%
Other
Office	14	23,828		5.9	%	1,311	3.3	%
Clinical & Surgical	16	9,840		2.4	%	336	0.8	%
Other Total	30	33,668		8.3	%	1,647	4.1	%
Total	766	$	404,182	100.0	%	40,131	100.0	%


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Key Statistics by Property Type


	Q2 2025		Q1 2025		Q4 2024		Q3 2024		Q2 2024
Industrial
Number of properties	215		211		210		207		206
Square feet (000s)	32,694		32,231		31,898		31,898		30,602
Weighted average lease term (years)	10.5		10.7		11.0		11.1		11.0
Weighted average annual rent escalation	2.1	%	2.2	%	2.1	%	2.1	%	2.0	%
Percentage of total ABR	60.7	%	59.8	%	59.6	%	59.1	%	56.0	%

Retail
Number of properties	521		526		520		519		518
Square feet (000s)	5,790		5,820		5,712		5,692		5,621
Weighted average lease term (years)	9.8		10.0		10.2		10.5		10.8
Weighted average annual rent escalation	1.7	%	1.7	%	1.7	%	1.7	%	1.7	%
Percentage of total ABR	31.0	%	31.3	%	31.2	%	30.9	%	31.8	%

Other
Number of properties	30		32		35		47		53
Square feet (000s)	1,647		1,714		1,744		2,118		2,227
Weighted average lease term (years)	4.2		4.8		5.0		5.3		6.5
Weighted average annual rent escalation	2.4	%	2.4	%	2.4	%	2.4	%	2.5	%
Percentage of total ABR	8.3	%	8.9	%	9.2	%	10.0	%	12.2	%


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Diversification: Tenant Industry


Tenant Industry	# of Properties	ABR (’000s)		ABR as a % of Total Portfolio		Square Feet (’000s)	SF as a % of Total Portfolio
Restaurants	253	$	55,056	13.6	%	1,201	3.0	%
Packaged Foods & Meats	36	51,358		12.7	%	5,873	14.6	%
Food Distributors	7	27,562		6.8	%	2,534	6.3	%
Healthcare Facilities	43	21,323		5.3	%	757	1.9	%
Auto Parts & Equipment	46	20,975		5.2	%	3,168	7.9	%
Specialty Stores	37	19,752		4.9	%	1,696	4.2	%
Distributors	27	18,049		4.5	%	2,757	6.9	%
Home Furnishing Retail	17	12,281		3.0	%	1,692	4.2	%
Specialized Consumer Services	46	11,764		2.9	%	716	1.8	%
Metal & Glass Containers	8	10,813		2.7	%	2,206	5.5	%
General Merchandise Stores	100	10,434		2.6	%	928	2.3	%
Industrial Machinery	20	10,112		2.5	%	1,949	4.9	%
Forest Products	8	9,852		2.4	%	2,284	5.7	%
Healthcare Services	17	9,739		2.4	%	507	1.3	%
Electronic Components	2	6,765		1.7	%	466	1.1	%
Other (41 industries)	97	108,347		26.8	%	11,054	27.5	%
Untenanted properties	2	—		—	%	343	0.9	%
Total	766	$	404,182	100.0	%	40,131	100.0	%


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Diversification: Geography

(rent percentages based on ABR)


State / Province	# of Properties	ABR (’000s)		ABR as a % of Total Portfolio		Square Feet (’000s)	SF as a % of Total Portfolio		State / Province	# of Properties	ABR (’000s)		ABR as a % of Total Portfolio		Square Feet (’000s)	SF as a % of Total Portfolio
TX	66	$	38,406	9.5	%	3,643	9.1	%	MS	12	$	4,135	1.0	%	607	1.5	%
MI	52	36,504		9.1	%	4,016	10.0	%	LA	5	3,833		0.9	%	211	0.5	%
FL	31	26,486		6.6	%	1,662	4.1	%	SC	15	3,692		0.9	%	323	0.8	%
IL	29	23,061		5.7	%	2,364	5.9	%	NE	6	3,373		0.8	%	509	1.3	%
CA	16	22,426		5.5	%	2,330	5.8	%	WA	14	3,349		0.8	%	148	0.4	%
WI	24	18,867		4.7	%	1,915	4.8	%	IA	4	2,922		0.7	%	622	1.6	%
OH	49	16,837		4.2	%	1,584	3.9	%	NM	9	2,783		0.7	%	107	0.3	%
MN	21	16,135		4.0	%	2,500	6.2	%	UT	3	2,749		0.7	%	280	0.7	%
TN	48	15,243		3.8	%	1,084	2.7	%	CO	4	2,589		0.6	%	126	0.3	%
IN	28	14,199		3.5	%	1,852	4.6	%	MD	3	2,155		0.5	%	205	0.5	%
PA	23	12,986		3.2	%	2,169	5.4	%	CT	2	1,938		0.5	%	55	0.1	%
AL	52	12,397		3.1	%	863	2.2	%	MT	7	1,728		0.4	%	43	0.1	%
GA	35	12,129		3.0	%	1,576	3.9	%	DE	4	1,162		0.3	%	133	0.3	%
NC	29	10,771		2.7	%	1,039	2.6	%	ND	2	1,057		0.3	%	24	0.1	%
KY	23	9,254		2.3	%	927	2.3	%	VT	2	439		0.1	%	24	0.1	%
MO	19	9,019		2.2	%	1,260	3.1	%	WY	1	338		0.1	%	21	0.1	%
OK	25	9,019		2.2	%	1,006	2.5	%	NV	1	277		0.1	%	6	—	%
WV	18	8,968		2.2	%	1,232	3.1	%	OR	1	136		—	%	9	—	%
AZ	7	8,915		2.2	%	747	1.9	%	SD	1	81		—	%	9	—	%
NY	28	7,319		1.8	%	562	1.4	%	Total U.S.	759	$	395,987	98.0	%	39,701	98.9	%
AR	9	6,681		1.7	%	277	0.7	%	BC	2	$	4,780	1.2	%	253	0.6	%
MA	3	6,332		1.6	%	444	1.1	%	ON	3	2,085		0.5	%	101	0.3	%
KS	10	5,312		1.3	%	643	1.6	%	AB	1	980		0.2	%	51	0.1	%
VA	15	5,067		1.3	%	178	0.4	%	MB	1	350		0.1	%	25	0.1	%
NJ	3	4,918		1.2	%	366	0.9	%	Total Canada	7	$	8,195	2.0	%	430	1.1	%
									Grand Total	766	$	404,182	100.0	%	40,131	100.0	%


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Lease Expirations

(rent percentages based on ABR)


Expiration Year	# of Properties	# of Leases	ABR ('000s)		ABR as a % of Total Portfolio		Square Feet ('000s)	SF as a % of Total Portfolio
2025	7	7	$	3,179	0.8	%	200	0.5	%
2026	23	24	12,072		3.0	%	915	2.3	%
2027	29	30	26,237		6.5	%	2,257	5.6	%
2028	28	28	19,961		4.9	%	1,793	4.5	%
2029	60	35	18,443		4.6	%	2,587	6.4	%
2030	99	62	50,775		12.6	%	4,824	12.0	%
2031	31	26	8,193		2.0	%	835	2.1	%
2032	61	46	32,775		8.1	%	3,481	8.7	%
2033	49	23	19,199		4.8	%	1,409	3.5	%
2034	38	27	14,491		3.6	%	1,245	3.1	%
2035	20	16	15,393		3.8	%	2,116	5.3	%
2036	88	23	31,433		7.8	%	3,158	7.9	%
2037	21	11	25,435		6.3	%	2,177	5.4	%
2038	35	34	12,803		3.2	%	1,212	3.0	%
2039	15	11	22,684		5.6	%	1,805	4.5	%
2040	38	9	7,565		1.9	%	337	0.8	%
2041	39	8	17,006		4.2	%	1,367	3.4	%
2042	58	13	44,373		11.0	%	4,803	12.0	%
2043	5	4	8,538		2.1	%	533	1.3	%
2044	3	3	1,660		0.4	%	103	0.3	%
Thereafter	10	3	11,967		2.8	%	2,516	6.2	%
Total leased properties	757	443	404,182		100.0	%	39,673	98.8	%
In-process developments	7	7	—		—	%	115	0.3	%
Untenanted properties	2	—	—		—	%	343	0.9	%
Total properties	766	450	$	404,182	100.0	%	40,131	100.0	%


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Occupancy

Occupancy by Rentable Square Footage

Change in Occupancy


			Number of properties
Vacant properties at January 1, 2025			2
Lease expirations (a)			2
Leasing activities			(2)
Vacant properties at March 31, 2025			2
Lease expirations (a)			5
Leasing activities			(2)
Vacant dispositions			(3)
Vacant properties at June 30, 2025			2

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


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Definitions and Explanations

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

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

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

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

EBITDA, EBITDAre, Adjusted EBITDAre, Pro Forma Adjusted EBITDAre, Annualized EBITDAre, Annualized Adjusted EBITDAre, and Pro Forma Annualized Adjusted EBITDAre: EBITDA, EBITDAre, Adjusted EBITDAre, Pro Forma Adjusted EBITDAre, Annualized EBITDAre, Annualized Adjusted EBITDAre, and Pro Forma Annualized Adjusted EBITDAre are non-GAAP financial measures. We compute EBITDA as earnings before interest, income taxes and depreciation and amortization. EBITDA is a measure commonly used in our industry. We believe that this ratio provides investors and analysts with a measure of our performance that includes our operating results unaffected by the differences in capital structures, capital investment cycles and useful life of related assets compared to other companies in our industry. We compute EBITDAre in accordance with the definition adopted by Nareit. Nareit defines EBITDAre as EBITDA excluding gains (loss) from the sales of depreciable property and provisions for impairment on investment in real estate. We believe EBITDA and EBITDAre are useful to investors and analysts because they provide important supplemental information about our operating performance exclusive of certain non-cash and other costs. Adjusted EBITDAre represents EBITDAre, adjusted to reflect revenue producing investments and dispositions for the quarter as if such investments and dispositions had occurred at the beginning of the quarter, and to exclude certain GAAP income and expense amounts that are either non-cash, such as cost of debt extinguishments, realized or unrealized gains and losses on foreign currency transactions, or gains on insurance recoveries, or that we believe are one time, or unusual in nature because they relate to unique circumstances or transactions that had not previously occurred and which we do not anticipate occurring in the future, and to eliminate the impact of lease termination fees, and other items that are not a result of normal operations. While investments in build-to-suit developments have an immediate impact to Net Debt, we do not make an adjustment to EBITDAre until the quarter in which the lease commences. We define our Pro Forma Adjusted EBITDAre as Adjusted EBITDAre adjusted to show the impact of estimated contractual revenues based on in-process development spend to-date. Our Pro Forma Net Debt is defined as Net Debt adjusted for estimated net proceeds from forward sale agreements that have not settled as if they have been physically settled for cash as of the period presented. We then annualize quarterly Adjusted EBITDAre and Pro Forma Adjusted EBITDAre by multiplying them by four (“Annualized Adjusted EBITDAre” and “Annualized Pro Forma Adjusted EBITDAre”). You should not unduly rely on this measure as it is based on assumptions and estimates that may prove to be inaccurate. Our actual reported EBITDAre for future periods may be significantly different from our Annualized Adjusted EBITDAre. Adjusted EBITDAre and Annualized Adjusted EBITDAre are not measurements of performance under GAAP, and our Adjusted EBITDAre and Annualized Adjusted EBITDAre may not be comparable to similarly titled measures of other companies. You should not consider our Adjusted EBITDAre and Annualized Adjusted EBITDAre as alternatives to net income or cash flows from operating activities determined in accordance with GAAP.

Funds From Operations (FFO), Core Funds From Operations (Core FFO), and Adjusted Funds From Operations (AFFO): FFO, Core FFO, and AFFO are non-GAAP measures. We believe the use of FFO, Core FFO, and AFFO are useful to investors because they are widely accepted industry measures used by analysts and investors to compare the operating performance of REITs. FFO, Core FFO, and AFFO should not be considered alternatives to net income as a performance measure or to cash flows from operations, as reported on our statement of cash flows, or as a liquidity measure and should be considered in addition to, and not in lieu of, GAAP financial measures. We compute Core FFO by adjusting FFO to exclude certain GAAP income and expense amounts that we believe are infrequently recurring, unusual in nature, or not related to its core real estate operations, including write-offs or recoveries of accrued rental income, lease termination fees and other non-core income from real estate transactions, severance and employee transition costs, and other extraordinary items. We compute AFFO by adjusting Core FFO for certain revenues and expenses that are non-cash or unique in nature, including straight-line rents, amortization of lease intangibles, amortization of debt issuance costs, adjustment to provision for credit losses, non-capitalized transaction costs such as acquisition costs related to deals that failed to transact, (gain) loss on interest rate swaps and other non-cash interest expense, deferred taxes, stock-based compensation, and other specified non-cash items.


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Definitions and Explanations (continued)

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

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

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

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

Straight-line Yield: Straight-line yield represents our pro-rata share of the estimated first year yield to be generated on a real estate investment, which was computed at the time of investment based on the straight-line annual rental income computed in accordance with GAAP, divided by the purchase price.

Definitions Related to Development Properties:

•Estimated Total Project Investment: Represents the estimated costs to be incurred to complete development of each project. We expect to update our estimates upon completion of the project, or sooner if there are any significant changes to expected costs from quarter to quarter. Excludes capitalized costs consisting of capitalized interest and other acquisition costs.

•Estimated Cash Capitalization Rate: Calculated by dividing the estimated first year cash yield to be generated on a real estate investment by the Estimated Total Project Investment for the property.

•Estimated Straight-line Yield: Represents the estimated first year yield to be generated on a real estate investment, which was computed at the time of investment based on the estimated annual straight-line rental income computed in accordance with GAAP, divided by the Estimated Total Project Investment.

•Start Date: The Start Date represents the period in which we have begun physical construction on a property.

•Target Stabilization Date: The Target Stabilization Date is our current estimate of the period in which we will have substantially completed a project and the project is made available for occupancy. We expect to update our timing estimates on a quarterly basis.


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