Investor Day Presentation December 2025 Broadstone Net Lease, Inc. | NYSE: BNL Redefining What’s Possible in Net Lease United Natural Foods (UNFI) Sarasota, FL
2 BNL Investor Day | December 2025 Disclaimers CAUTIONARY STATEMENTS CONCERNING FORWARD-LOOKING STATEMENTS This presentation contains “forward-looking” statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, regarding, among other things, our plans, strategies, and prospects, both business and financial. Such forward- looking statements can generally be identified by our use of forward-looking terminology such as “outlook,” “potential,” “may,” “will,” “should,” “could,” “seeks,” “approximately,” “projects,” “predicts,” “expects,” “intends,” “anticipates,” “estimates,” “plans,” “would be,” “believes,” “continues,” or the negative version of these words or other comparable words. Forward-looking statements, including our 2025 and 2026 guidance, involve known and unknown risks and uncertainties, which may cause BNL’s actual future results to differ materially from expected results, including, without limitation, general econ omic conditions, including but not limited to increases in the rate of inflation and/or interest rates, local real estate conditions, tenant financial health, property acquisitions, and the timing and uncertainty of completing these acquisitions, potential delays and disruptions with respect to ongoing or planned development projects, and uncertainties regarding future distributions to our stockholders. These and other risks, assumptions, and uncertainties are described in Item 1A “Risk Facto rs” of the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2024, filed with the SEC on February 20, 2025, and Item 1A “Risk Factors” of the Company’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2025, filed with the SEC on May 1, 2025, which you are encouraged to read, and are available on the SEC’s website at www.sec.gov. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those indicated or anticipated by such forward-looking statements. Accordingly, you are cautioned not to place undue reliance on these forward- looking statements, which speak only as of the date they are made. The Company assumes no obligation to, and does not current ly intend to, update any forward- looking statements after the date of this presentation, whether as a result of new information, future events, changes in assumptions or otherwise. TRADEMARK 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. NON-GAAP FINANCIAL INFORMATION This presentation contains certain financial information that is not presented in conformity with accounting principles gener ally accepted in the United States of America (GAAP), including funds from operations (“FFO”), core funds from operations (“Core FFO”), adjusted funds from operations (“AFFO”), earnings before interest, taxes, depreciation and amortization (“EBITDA”), EBITDA further adjusted to exclude gains (losses) on sales of depr eciable property and provisions for impairment on investments in real estate (“EBITDAre”), Adjusted EBITDAre, Annualized Adjusted EBITDAre and Net Debt. 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. We believe that EBITDA 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 believe that the presentation of Net Debt to Annualized Adjusted EBITDAre is a useful measure of our ability to repay debt and a relative meas ure of leverage and is used in communications with our lenders and rating agencies regarding our credit rating. Such non-GAAP measures should not be considered in isolation or as an indicator of the Company's performance. Furthermore, they should not be seen as a substitute for metrics prepared in accordan ce with GAAP. Reconciliations of these measures to their most directly comparable GAAP measures for the periods that are presented in this presentation can be found in the section entitled “Management’s Discussion and Analysis of Financial Condition and Results of Operations – Non-GAAP Measures” in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2024, filed with the SEC on February 20, 2025.
Welcome & Opening Remarks Speakers: Brent Maedl Time: 1:00 – 1:05 p.m. Sierra Nevada BTS Dayton, OH
4 BNL Investor Day | December 2025 Time Session Speaker(s) 12:00 – 1:00 p.m. Networking Lunch & Check-in 1:00 – 1:05 p.m. Welcome and Opening Remarks Brent Maedl | Director, Corporate Finance & Investor Relations 1:05 – 1:25 p.m. CEO Remarks John Moragne | CEO 1:25 – 1:50 p.m. Core Building Block of Growth: In-Place Portfolio Ryan Albano | President & COO Mike Caruso | SVP, Underwriting & Strategy Will Garner | SVP, Acquisitions 1:50 – 2:30 p.m. Core Building Block of Growth: Acquisitions Ryan Albano Will Garner Ryan Rahaeuser | VP, Retail Acquisitions Mike Caruso 2:30 – 2:40 p.m. Break 2:40 – 3:10 p.m. Panel Discussion: Build-to-Suit Development Brian Osterloh | ARCO Design/Build | Executive Vice President Elizabeth Holder | JLL | Senior Research Analyst Nick Sansone | Sansone Group | Principal Moderator: Ryan Salem | KeyBanc Capital Markets | Managing Director 3:10 – 4:10 p.m. Core Building Block of Growth: Build-to-Suit Development Ryan Albano Will Garner Sam DeLemos | VP, Build-to-Suit Development 4:10 – 4:30 p.m. 2026 Guidance & Framework John Moragne, Ryan Albano, Kevin Fennell | CFO 4:30 – 5:00 p.m. Q&A Closing Remarks John Moragne, Ryan Albano, Kevin Fennell Investor Day Agenda | Redefining What’s Possible in Net Lease
5 BNL Investor Day | December 2025 John Moragne Chief Executive Officer & Director Tenure: ~10 years Ryan Albano Chief Operating Officer & President Tenure: ~12 years Kevin Fennell Executive Vice President, Chief Financial Officer & Treasurer Tenure: ~7 years John Callan Senior Vice President, General Counsel & Secretary Tenure: ~8 years Mike Caruso Senior Vice President, Underwriting & Strategy Tenure: ~10 years Will Garner Senior Vice President, Acquisitions Tenure: ~7 years Jennie O’Brien Senior Vice President, Chief Accounting Officer Tenure: ~11 years Molly Kelly Wiegel Senior Vice President, Human Resources & Administration Tenure: ~13 years Broadstone’s Senior Leadership Team Our cycle-tested management team leverages deep expertise and relationships to drive long-term sustainable growth
BNL Investor Day | December 2025 6 0-3 years 56%3-10 years 22% 10+ years 22% Data as of September 30, 2025 James H. Watters Director (Independent) Board member since 2007 Senior Vice President and Treasurer, Finance and Administration, Rochester Institute of Technology (RIT) Laurie A. Hawkes Chairman (Independent) Board member since 2016 Former President, U.S. Realty Advisors and co-founder and former director, President & COO, American Residential Properties, Inc. (NYSE: ARPI) John D. Moragne Chief Executive Officer and Director Board member since 2023 Michael A. Coke Director (Independent) Board member since 2021 President & Co-founder, Terreno Realty Corp. (NYSE: TRNO) Jessica Duran Director (Independent) Board member since 2023 Managing Director & CFO, TSG Consumer Partners Laura Felice Director (Independent) Board member since 2023 Executive Vice President & CFO, BJ’s Wholesale Club Holdings, Inc. (NYSE: BJ) Richard Imperiale Director (Independent) Board member since 2025 Founding member & Chief Investment Officer, Uniplan Investment Council, Inc. and portfolio manager, Uniplan REIT Strategy David M. Jacobstein Director (Independent) Board member since 2013 Former President & COO, Developers Diversified Realty Corp. now known as SITE Centers (NYSE: SITC) Joseph Saffire Director (Independent) Board member since 2025 Former CEO and director, Life Storage, now merged into Extra Space Storage, Inc. (NYSE: EXR) Tenure Broadstone’s Board of Directors A highly-respected and high-performing board comprised of seasoned executives with deep expertise and experience in real estate, publicly-traded REITs, and the industries we serve. Average tenure: 5.9 years Key Governance Highlights ▪ 8 of 9 directors are independent ▪ Chairman is an independent non-executive director ▪ Board is not classified ▪ Board and each of its standing committees conduct an annual self-evaluation ▪ Robust minimum stock ownership requirement for directors ▪ Opted out of MUTA
7 BNL Investor Day | December 2025 Partners Joining Us Today Relationships are at the core of our business and foundational to who we are – We pride ourselves on being a trusted partner. Nicholas Sansone Partner Sansone Group Elizabeth Holder Senior Research Analyst U.S. Industrial and Logistics JLL Brian Osterloh Executive Vice President ARCO Design / Build Ryan Salem Managing Director KeyBanc Capital Markets Panelists Moderator
CEO Remarks No Question Left Unanswered Speakers: John Moragne Time: 1:05 – 1:25 p.m. OUR MISSION To bring real estate to life and drive value through a relationship-based and innovative approach to net lease investing.
9 BNL Investor Day | December 2025 Why Are We Here Today? Provide an opportunity to meet and hear from members of the broader team, as well as several of our strategic partners Provide a definitive response to all outstanding questions regarding our performance since the executive management transition in 2023 Demonstrate the foundation laid for continued growth in 2026 and beyond Present a deep dive on our differentiated approach to net lease investing
10 BNL Investor Day | December 2025 No Question Left Unanswered | Current Management Team’s Accomplishments Source: market data as of November 25, 2025, since January 1, 2023 1 Optimized organizational structure to further drive collaboration, operational efficiencies, and top-tier results ▪ Organizational restructuring in 2023 positioned BNL for success both in today’s dynamic environment and for years to come ▪ Operating model enhances collaboration across the organization through a data-driven decision-making process ▪ Continue to scale over expense base and have effectively managed core general & administrative expenses since the reorganizat ion Repositioned portfolio through a strategic wind-down of the clinical healthcare segment while continuing to grow earnings ▪ Reduced clinical healthcare exposure to 2.4% since announcing the healthcare simplification strategy at the beginning of 2024 ▪ Successfully sold 57 clinical healthcare assets for total proceeds of $352mm in 2024 ▪ Grew AFFO per share by 1.4% in 2024, a rarity for a REIT undertaking a portfolio repositioning 3 Developed and implemented a differentiated growth strategy built on three core building blocks ▪ Exceptional in-place portfolio performance via top tier same store rent growth and proactive asset management focused on delivering solutions ▪ Relationship-based approach to external growth, helping our partners grow their business while we grow ours ▪ Successfully launched and scaled a build-to-suit development strategy that has created compelling risk-adjusted opportunities 4 Generated a build-to-suit pipeline that will create consistent and predictable growth for several years to come ▪ Since launching the strategy, we have completed or committed $898mm to build-to-suit developments, including $583mm of commitments in 2025 ▪ This includes six projects under executed letter of intent, representing $142mm of these commitments ▪ Creating meaningful value through build-to-suit strategy with stabilized values ~75-100bps+ tighter than our initial cash yields 5 Returned significant relative value to shareholders while upholding the highest standard of transparency and disclosure ▪ 32.8% total shareholder return since beginning of 2023, outpacing the RMZ and placing BNL in the top two in the net lease space ▪ Despite year-to-date momentum and generating the second best TSR in net lease since 2023, we continue to trade at a discounted relative valuation ▪ Enhanced disclosures and upheld a high degree of transparency for our shareholders, priding ourselves on doing exactly what w e say we are going to 2
11 BNL Investor Day | December 2025 Optimized Organizational Structure to Drive Results 1 Moved certain individuals into new roles to fully leverage skillsets and maximize potential1 2 3 4 5 Further enhanced alignment of real estate functions with the investment lifecycle Built a centralized underwriting function to support data-driven decision making at all stages of the investment lifecycle Solidified complementary weekly meeting venues with organization-wide representation to ensure information flow & collaboration Aligned all internal processes with core building blocks of growth to emphasize organizational focus on shareholder value creation Enhanced focus on people, process, and technology in response to an ever- changing market landscape
12 BNL Investor Day | December 2025 $31.8 $29.3 $30.5 $31.0 2023 2024 2025 Guidance Midpoint 2026 Guidance Midpoint Optimized Organizational Structure to Drive Results Source: Q3 2025 company filings and market data Note: Gross Asset Value (“GAV”) calculated as current book value of real estate with accumulated depreciation added back 1. Q3 2025 G&A annualized. Core G&A excludes stock-based compensat ion and any non-recurring expenses (e.g. severance) 2. Shown as a percent of Q3 2025 ABR 3. 2025 GAV estimated based on year end 2024 GAV and midpoints of acquisitions and dispositions guidance 1 +4.1% (7.8%) +1.6% ▪ Realized G&A savings from reorganization efforts in 2023, resulting in a more normalized fixed cost base ▪ Managed core G&A expense carefully, resulting in more modest expense growth annually and decreases as a percentage of annualized base rent (“ABR”) and gross asset value (“GAV”) ▪ Continue to invest in technology and enterprise resources to generate additional efficiencies, leading to further scalability of the platform 8.1% 7.4% 7.4%2 – 0.7% 0.6% 0.5%3 – % ABR: % GAV: C o re G & A E x p e n s e ( $ i n m m ) $2.1 $2.2 $14.8 $5.1 $3.4 $6.4 $9.0 $9.2 $62.5GAV: We continue to scale over our expense base following G&A rightsizing through organizational restructuring and other cost saving initiatives G&A CAGR: (0.8%) 89bps 68bps 64bps 58bps 50bps 41bps 34bps 33bps 31bps 123bps 95bps 94bps 78bps 76bps 63bps 48bps 48bps 36bps GTY NTST WPC BNL FCPT EPRT ADC NNN O Core G&A Non-Cash Adjustments GAAP G&A Net Lease Peer G&A as a Percentage of Gross Asset Value1
BNL Investor Day | December 2025 13 Source: internal data and company filings 1. Redeployment of Proceeds includes any investment activity that generated immediate rent, including revenue generating capital expenditures, transitional capital, and stabilized acquisitions Repositioned the portfolio with $352mm of clinical healthcare asset sales while simultaneously growing earnings. Plan to exit non-core investments on a one-off basis vs. selling remaining assets at distressed pricing. 0.7% 1.4% 4.2% 2023 2024 2025E $392.2 $374.1 $385.5 $398.2 $395.5 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Year-Over-Year AFFO Growth $352mm Of capital recycled during 2024 as part of our Healthcare Portfolio Simplification Strategy +1.4% Growth in AFFO in 2024 while repositioning the portfolio +$3.3mm Growth in ABR in 2024 despite significant asset sales < 2.5% Of remaining ABR exposure to clinical and surgical healthcare assets, comprised mostly of a single high-performing surgical hospital ▲ ABR ($, mm) Strategic Dispositions ($33.3) Redeployment of Proceeds1 $17.3 Build-To-Suit Rent Commencement $13.8 Contractual Rent Increases and Releasing Activity $5.5 Total ▲ ABR +$3.3 +$3.3mm, or 0.8%, Growth in ABR Streamlined Focus Through Sale of Non-Core Assets 2 Total Asset Sales: $- $251.7mm $24.4mm $29.8mm $58.0mm Annualized Base Rent Growth Amid Portfolio Simplification Efforts 15 Properties $9.7mm ABR Remaining Clinical Exposure 11 Tenants 2.4% Portfolio ABR 5.0 yrs WALT 48% ABR From 1 Asset A n n u a li z e d B a s e R e n t ($ i n m m )
14 BNL Investor Day | December 2025 Source: market data as of November 25, 2025 1. BNL Assumes the midpoints of 2025 and 2026 AFFO per share guidance; peer 2025 and 2026 AFFO growth for 2025 and 2026 are based on consensus estimates as of November 25, 2025 Peer Portfolio Composition NTST GTY FCPT ADC NNN EPRT O WPC BNL Industrial Exposure 0.0% 0.0% 0.0% 0.0% 0.0% 5.1% 14.7% 64.5% 61.2% Rent Escalations N/R 1.8% 1.4% N/R N/R 1.8% N/R 2.4% 2.0% Wtd. Average Lease Term 9.9 yrs 9.9 yrs 7.1 yrs 8.0 yrs 10.1 yrs 14.4 yrs 8.9 yrs 12.1 yrs 9.5 yrs Investment Grade 46.9% N/R 53.0% 66.7% 13.6% N/R 31.5% 21.9% 20.9% Additional Countries - - - - - - 8 25 1 GAV ($B) $2.2 $2.1 $3.4 $9.0 $9.2 $6.4 $62.5 $14.8 $5.1 Property Count 721 1,160 1,294 2,603 3,697 2,266 15,542 1,662 759 Tenant Count 114 N/R N/R N/R 400 N/R 1,647 373 204 Square Footage (millions) 13.2 N/R 8.5 53.7 39.2 25.2 349.0 182.8 40.7 2025E AFFO Growth1 4.0% 3.4% 2.9% 4.3% 2.4% 8.0% 1.4% 5.3% 4.2% 2026E AFFO Growth1 3.1% 3.3% 3.9% 5.3% 2.6% 8.0% 3.3% 3.2% 4.0% 2026E AFFO Multiple 13.4x 11.4x 13.0x 16.5x 11.6x 15.5x 12.9x 13.2x 11.4x P o rt fo li o 2 2 6 6 2 2 5 4 3 8 5.1% 14.7% 64.5% 61.2% 5.5% 13.8% 8.2% 100.0% 100.0% 100.0% 100.0% 100.0% 94.9% 79.8% 21.7% 30.6% Retail Other Industrial Above average growth but below average multiple Small relative asset base supports future growth Industrial differentiation with sound portfolio fundamentals Current portfolio, strategy, and growth potential positively differentiate BNL from the net lease peer group, but relative valuation continues to lag: 4 Streamlined Focus Through Sale of Non-Core Assets 2 A differentiated industrial-focused portfolio, relatively small asset base conducive to growth, and strong results are underappreciated by the market V a lu a ti o n
BNL Investor Day | December 2025 15 Our differentiated growth strategy has laid the foundation for sustainable earnings growth in 2026 and beyond. Embedded growth from the in-place portfolio and BTS pipeline provides visibility into future ABR growth. ▪ Existing portfolio NOI growth driven by: o Stable rent collections o Contractual rent escalations o Minimal credit loss o Strong lease rollover outcomes o Accretive capital recycling ▪ ~2.0% in-place portfolio rental escalations provide a solid base for AFFO growth in future periods and are among the strongest in the net lease REIT space ▪ Additional opportunities to partner with tenants on revenue generating investments in our existing properties: o Value-add investments focused on industrial tenants who seek to expand existing operations and upgrade facilities, enhancing tenant commitment to the space and increasing renewal probabilities 3 STABILIZED ACQUISITIONS 2 BUILD-TO-SUIT DEVELOPMENTS 1 IN-PLACE PORTFOLIO ▪ Provide financing solutions across the entire capital stack in exchange for attractive opportunities with higher yields relative to the stabilized transaction market ▪ Key differentiator in the net lease space as development activity creates embedded growth in earnings across future years ▪ Provides access to higher quality opportunities, typically with stronger real estate and credit fundamentals ▪ Creating meaningful value with stabilized valuations often ~75-100 basis points tighter than our development yields ▪ Experience creatively structuring transactions and providing holistic solutions ▪ External growth through new property acquisitions via sale-leasebacks and lease assumptions ▪ Primarily targeting stabilized industrial and retail acquisitions that exceed accretion thresholds over cost of capital ▪ Emphasis placed on directly sourced, relationship-based deal flow to drive stronger risk-adjusted returns vs. broadly marketed transactions CORE BUILDING BLOCKS OF AFFO GROWTH Developed & Implemented a Differentiated Growth Strategy3 +2.0% Average annual rent escalations provides strong base to build from before factoring in external growth opportunities +$417mm Of stabilized acquisitions YTD at an ~7.0% initial cash cap rate and an ~8.3% straight-line yield1 +$583mm Of new build-to-suit commitments in 2025, resulting in +$29.1mm of incremental ABR through 1Q27 1. Includes all deals closed through Q3’25 $163.4mm of acquisitions closed after Q3 ‘25 earnings
16 BNL Investor Day | December 2025 WHAT WE AVOID – SHORT-TERM THINKING WHERE WE ARE FOCUSED – LONG-TERM GROWTH Developed and Implemented a Differentiated Growth Strategy3 Treating investments like commodities, trading deeds and leases while passively collecting rent like a game of Monopoly Chasing broadly marketed transaction opportunities at pricing levels dislocated from the investment risk profile Selling non-core or distressed assets at distressed sale pricing solely to remove them from the portfolio and avoid headline risk Actively managing real estate with a willingness to “roll up our sleeves” to create value for our shareholders and partners. We are a real estate operator at heart, not solely a specialty finance lender Cultivating long-term, mutually beneficial relationships with our partners (tenants, developers, brokers, etc.) that build trust and helps our partners grow their businesses while we grow ours Employing innovative, forward-thinking solutions that create meaningful value beyond just collecting rent checks, redefining what’s possible for a net lease REIT Prioritizing predictable, durable, and attractive long-term growth over short-term gains and quarterly results Aggregating assets solely for the sake of growth and aggressively chasing high yields to boost short-term earnings. The “pie eating contest” model of net lease investing worked in the post-GFC low-interest rate environment, but we don’t believe it does anymore Allocating capital to the best opportunities with appropriately calibrated pricing based on the risk-return profile, taking a prudent and disciplined approach to capital deployment Binary thinking. Disciplined underwriting requires evaluating the full spectrum and balance between real estate fundaments and credit structuring / support 0 1
BNL Investor Day | December 2025 17 $201.0 $114.1 $5.7 $115.4 $78.2 $19.5 $32.1 $160.0 $9.5 $20.5 $142.0 UNFI Sierra Nevada 7 Brew Portfolio Southwire Fiat Chrysler AGCO Palmer Logistics Project Triboro Sprouts Hobby Lobby / Academy Sports Executed LOI Construction Rent Data as of November 25, 2025 Sources: Internal Calculations, Public Filings Note: Pricing, construction timeline, and reporting figures could be subject to change. Initial Yield includes Capitalized Interest at customary rates throughout development Solid foundation of BTS projects established since launching the strategy with the completion of UNFI in 2024, significantly reducing the number of project starts required in future years to achieve targeted growth objectives. 2024 2025 2026 2027 * Excludes Executed LOIs and Project Tr iboro Q1’24 Q2’24 Q3’24 Q4’24 Q1’25 Q2’25 Q3’25 Q4’25 Q1’26 Q2’26 Q3’26 Q4’26 Q1’27 Q2’27 Q3’27 Q4’27 Funding Schedule $36.9 $30.6 $24.7 $23.2 $26.5 $63.3 $41.0 $69.5 $65.1 $54.3 $43.6 $22.1 $1.2 ‒ ‒ ‒ Incremental Rent ‒ ‒ +$0.9 +$2.5 +$0.2 +$0.0 +$0.1 +$0.7 +$0.6 +$0.8 +$1.9 +$2.6 +$0.8 +$0.0 +$0.0 +$0.2 Incremental ABR ($, mm) ‒ ‒ +$13.4 +$0.3 +$0.7 +$0.3 ‒ +$4.1 +$4.2 +$0.4 +$9.6 +$10.6 +$0.1 ‒ ‒ ‒ +$29.1mm In new ABR through 1Q27, providing multi-year visibility into earnings growth profile (excludes executed LOIs and Project Triboro) +$898.0mm Committed or completed build-to- suit developments since 2023 Limited development risk given in-place lease and contract structures ~6.0x Run rate pro forma leverage target through construction periods BTS Pipeline Supports Predictable Future Earnings Growth4 Executed LOIs Project Triboro +$583mm Of new build-to-suit commitments in 2025
18 BNL Investor Day | December 2025 11.4x 11.4x 11.6x 12.9x 13.0x 13.2x 13.4x 13.4x 15.5x 16.5x GTY BNL NNN O FCPT WPC Peer Average NTST EPRT ADC (0.0%) 3.8% 4.5% 5.7% 7.5% 13.6% 20.2% 29.3% 32.8% 50.4% GTY WPC O NNN FCPT NTST ADC RMZ BNL EPRT Despite recent momentum and relative outperformance, we continue to trade at a discounted multiple relative to net lease peers. Further closing of the relative valuation gap can augment earnings growth via a cost of equity capital more commensurate with performance. 5 RMZ Returned Significant Shareholder Value… Delivered second highest total return Since 2023… But continue to trade at a discount relative to net lease peers Source: market data as of November 25, 2025, since January 1, 2023 Peer Av ag
19 BNL Investor Day | December 2025 5 …And Intend to Continue To Do So Accretively Recycle Proceeds Develop at Higher Yields Optionality to Monetize at Lower Yields Collect Above Average Yield CREATING OUR OWN VIRTUOUS CYCLE WHILE ALSO LAYING THE FOUNDATION FOR FUTURE GROWTH 1 Our differentiated growth strategy has laid the foundation for, and provided visibility to, an attractive earnings growth profile in 2026 and beyond. We will continue to control our own destiny but can deliver far more value to shareholders with a stronger cost of equity capital. 0.7% 1.4% 4.2% 4.0% 3.1% 2.4% 4.0% 4.1% 2023 2024 2025E 2026E BNL Peer Average TRANSLATES INTO SUSTAINABLE & MID- SINGLE DIGIT ANNUAL EARNINGS GROWTH1 2 3 THAT CAN BE ENHANCED BY A COST OF EQUITY CAPITAL COMMENSURATE WITH PERFORMANCE & RESULTS DELIVERED2 4 8.2% 25.7% 48.1% Dividend Yield Price Appreciation Current BNL Multiple Peer Average Multiple Premium Multiple 11.4x 13.4x 16.0x Source: market data as of November 25, 2025 1. 2026 expected growth assumes BNL’s AFFO per share guidance midpoint and consensus est imates for peers 2. Illustratively shows potent ial total shareholder return (“TSR”) for the period November 25, 2025, through year end 2026 assuming dif ferent AFFO multiples on 2026 AFFO per share guidance midpoint to quantify potent ial share price appreciation. Conservatively assumes no dividend growth in 2026 for illustrative purposes.
20 BNL Investor Day | December 2025 Broadstone’s Vision for the Future Generate a robust and resilient pipeline of build-to-suit developments, creating unique value in the net lease space and providing sector-leading multi-year visibility into a compelling growth profile Help our clients and partners grow their businesses while we grow ours Accretively and opportunistically acquire stabilized acquisitions at attractive spreads as a core part of our growth model, primarily through our relationship- based approach and deep network Provide transparency through sector-leading disclosure and frequent shareholder engagement Drive long-term shareholder value through mid-single digit year-over-year AFFO per share growth, translating into dividend growth and potential share price appreciation
Speakers: Ryan Albano, Mike Caruso & Will Garner Time: 1:25 – 1:50 p.m. Core Building Block: In-Place Portfolio The Hess Collection American Canyon, CA
22 BNL Investor Day | December 2025 Portfolio Review Committee (“PRC”) Refreshed approach establishes a recurring venue for live, risk-based, and collaborative discussions pertaining to the in-place portfolio. Weekly cadence complements Investment Committee and drives natural touchpoints, actionable next steps, and routine dialogue. Sourcing Executive Team Acquisitions Underwriting Asset Management Legal Initial Screening Full Underwriting Investment Committee Portfolio Review Committee Identify for Disposal Market for Sale PSA / Close Identify for Release Negotiate Lease Execute Diligence / Close Return Model Utilized ▪ Scheduled two-hour weekly meeting (Tuesdays) to discuss relevant in-place portfolio related matters (tenant or property) o Complementary venue to Investment Committee (“IC”), which takes place weekly on Thursdays to discuss growth opportunities (core building block #2 and #3) o Representation from all parts of the organization ensures seamless information flow and cross-functional collaboration o Granular and frequent discussions create educational opportunity for all members of the organization and translate into proactive and well-informed decision making ▪ Topics include, but are not limited to, the following: o Investment updates / deep dives o Watchlist tenant & property review o Change of control and financial reporting compliance o Tenant credit updates (“SSS” reports) o Lease renewal proposals & rollover report o Disposition pipeline updates o Relevant research projects Purpose & Overview | Portfolio Review Committee Investment Lifecycle & Functional Coordination
BNL Investor Day | December 2025 23 PRC Results | Real-Time Monitoring Cuts Through the Noise N/A3Q22 3Q252Q24 1. % of ABR as of March 31, 2023 2. $29.0mm of ABR includes Red Lobster ($6.2mm), Carvana ($4.5mm), American Signature ($4.3mm), At Home ($3.7mm), Zips ($3.4mm), Claire’s ($2.9mm), Stanislaus ($2.1mm) and Green Valley ($2.0mm) 97% Financial Reporting Visibility < 5% ABR from any single tenant 1.5 Years Average time on Watchlist before material credit event Tenant: Added to Watchlist: Credit Event: Receive Financial Information From Tenant Financials Spread by 3rd Party in Real Time Internal Review & Risk Rating Assignment Process Overview | Real-Time Credit Monitoring Watchlist Classification (Risk Level, Impact, and Outlook) Target Growth Opportunities (Rev Gen Capex and Acquisitions) Positive Trends Negative Trends 2Q253Q24 1Q25 4Q221Q22 2Q224Q22 3Q232Q23 2Q23 22 136 85 7 Quarters on Watchlist before credit event 4Q24 4Q25 Real-Time Example 1.2%0.5% 0.7%1.6%% of ABR1 0.9%0.5% 0.9% 1.1% 50%+ Of ABR from tenants with financial statements that are reviewed each quarter
BNL Investor Day | December 2025 24 3bps 24bps 113bps 30bps Other Industries Home Furnishings GVMC Clinical (Exc. GVMC) Note: historical lost rent as a percentage of cash rent 1. Assumes the midpoint of 2025 AFFO per share guidance 2. Green Valley Medical Center (GVMC) was sold in December 2024 3. 2025 YTD assumes Q1 2025 through Q3 2025 actual lost rent and cash rents Despite consistent market overreaction to headline tenant risk, actual business impact has been negligible 2 ($ in millions | bps of cash rent) Industry 2022 2023 2024 2025 YTD3 Total | % Clinical (Exc. GVMC3) - | - - | - $1.4 | 36bps $1.0 | 34bps $2.5 | 39% GVMC3 - | - $0.8 | 19bps $2.8 | 71bps - | - $3.6 | 55% Home Furnishings - | - - | - $0.1 | 3bps $0.1 | 2bps $0.2 | 3% Other Industries $0.1 | 3bps $0.2 | 5bps $0.1 | 4bps ($0.2) | (7bps) $0.2 | 3% Total $0.1 | 3bps $1.0 | 24bps $4.4 | 113bps $0.9 | 30bps $6.4 | 100% 2 94% Of the lost rent since 2022 has been concentrated to clinical healthcare assets that have since been disposed of ~88% Recapture on recent headline tenant credit events (Zips and Red Lobster) demonstrating our ability to navigate discrete tenant credit events < 1bp Of lost rent on assets acquired since management’s transition in 2023 PRC Results | Real-Time Monitoring Cuts Through the Noise Total Lost Rent by Segment 94% Clinical Announced Clinical Exit in 2023 Of lost rent, or $230K in total since 2022, has been a result of tenants operating outside of the clinical healthcare and home furnishings industry < 2bps 6.9% AFFO Per Share Growth: 4.2%10.7% 1.4%
BNL Investor Day | December 2025 25 1. Measured as of December 31, 2024 2. Measured as of September 30, 2025 PRC Results | Proactive Approach Yields Exceptional Results Active Negotiations Proactive Evaluation Routine Monitoring & Opportunistic Evaluation Proactive Approach | 10-Year Lease Maturity Ladder 2025 At-A-Glance | Lease Rollover Results Proactive five year forward review of maturities mitigates rollover exposure and provides both time and optionality. Routine investment monitoring highlights assets worthy of disposal well in advance of maturity. Looking Forward | Projected for 2026 1.7%0.7% 0.5% Industrial Other Retail 3.0% of ABR Expiring2 0.5% 1.6% 0.3% 0.6% Agreed To Terms Renewal Expected Unknown Vacancy Expected 55% $2.6mm 45% $2.1mm Not Renewed Renewed 0.5% 0.4% 0.3% Industrial Other Retail 1.2% of ABR Expiring1 107% Average recapture for tenants that renewed with lease maturities in 2025 90% Of 2026 ABR1 that is not expected to renew is comprised of two legacy office assets, one of which we intend to be redeveloped into industrial upon lease maturity Of 2026 ABR expirations have either agreed to terms or highly confident in renewal. Corresponding recapture rate expected to be ~117% 68% <1 Month Average downtime prior to disposition for assets that did not renew in 2025 14 leases (5 tenants), comprised of retail (104% recapture) and other (110% recapture) property types. 82% of ABR tied to single asset. 11+ months notice provided adequate time to sell the asset at expiration. 1.7% 3.5% 2.1% 2.2% 7.6% 0.8% 3.8% 1.5% 2.4% 3.7%0.7% 1.9% 1.7% 0.6% 1.6% 0.8% 0.6% 0.5% 1.0% 1.1% 1.8% 3.3% 1.3% 3.4% 2.8% 1.1% 0.5%3.0% 6.4% 4.9% 4.5% 12.5% 2.1% 8.0% 4.8% 3.6% 4.4% 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 Industrial Other Retail
BNL Investor Day | December 2025 26 Data as of March 31, 2023, approximately when new management team took over, and September 30, 2025, respectively 1. Includes all deals closed or in-process as of September 30, 2025, as well as $163.4mm of acquisitions closed after Q3 ‘25 earnings, where applicable; excludes any fundings associated with our Project Triboro. In-Place Portfolio | Simplified, Industrial-Focused Diversification Industrial 61.2% Distribution & Warehouse 20.8% Manufacturing 17.2% Food Processing 12.3% Flex and R&D 5.3% Industrial Services 3.1% Cold Storage 2.5% Other 8.2% Office 5.8% Clinical & Surgical 2.4% Retail 30.6% General Merchandise 7.8% Quick Service Restaurants 6.7% Casual Dining 6.5% Automotive 2.8% Animal Services 2.8% Home Furnishings 1.8% Healthcare Services 1.5% Education 0.7% $412.9mm Annualized Base Rent Industrial 51.8% Manufacturing 16.5% Distribution & Warehouse 13.3% Food Processing 11.4% Flex and R&D 4.5% Cold Storage 3.3% Industrial Services 2.8% Healthcare 17.3% Clinical 7.0% Healthcare Services 2.9% Animal Health Services 2.8% Surgical 2.7% Life Science 2.0% Office 5.8% Corporate Headquarters 2.5% Strategic Operations 2.2% Call Center 1.1% Restaurants 13.4% Casual Dining 7.0% Quick Service Restaurants 6.4% Retail 11.6% General Merchandise 6.3% Automotive 3.2% Home Furnishings 1.8% Child Care 0.2% $389.5mm Annualized Base Rent March 31, 2023 | Property Type Allocation 51.8% 61.2% September 30, 2025 | Property Type Allocation 102 | 42 Unique industrial tenants and industries 33.1mm Square feet 10.3 Years Of weighted average remaining lease term 2.2% Weighted average annual rent escalations $929mm Of industrial investment volume since 20231
27 BNL Investor Day | December 2025 Core Asset Class Outlook | Industrial E-commerce demand remains a tailwind, creating a steady and growing need for more distribution and logistics space Nearshoring and reshoring continue to gain momentum, resulting in increased manufacturing space demand and needs for conveniently located logistics spaces Build-to-suit projects are often located in attractive markets with solid growth prospects, resulting in higher annual rental escalations relative to the in-place portfolio average and potential mark-to-market opportunities at lease rollover Users continue optimizing supply chain footprints into newer, higher-quality assets, providing a tailwind for our larger industrial build-to-suit pipeline
BNL Investor Day | December 2025 28 Data as of September 30, 2025 1. Includes all deals closed or in-process as of September 30, 2025, as well as $163.4mm of acquisitions closed after Q3 ‘25 earnings, where applicable; excludes any fundings associated with Project Triboro. Industrial Spotlight | Distribution & Warehouse Rank Tenant Products Distributed Industry # Prop. ABR $ % Total ABR 1 UNFI Natural, organic, and conventional food products Food & Beverage 1 $14.4 3.5% 2 Ryerson Metals (e.g., steel, aluminum, copper) Metals & Industrial 11 $8.1 2.0% 3 Hensley Beverages (domestic, import, and craft spirits) Food & Beverage 3 $6.2 1.5% 4 Owens & Minor Medical supplies Medical and Healthcare 2 $5.8 1.4% 5 Breakthru Beverage Beverages (spirits, beer, wine) Food & Beverage 1 $3.8 0.9% 6 AHF Products Flooring (e.g., hardwood, vinyl) Building Products 3 $3.4 0.8% 7 Claire's Earrings and accessories Consumer Retail 1 $3.2 0.8% 8 At Home Home décor Home & Decore 1 $3.1 0.8% 9 Cold Spring Brewing Beverages (beer, tea, soft drinks, energy drinks) Food & Beverage 2 $3.1 0.7% 10 American Leather Residential and commercial custom furniture Home & Office Furniture 1 $2.9 0.7% Total 26 $54.0 13.1% 32 | 21 Unique distribution & warehouse tenants and industries 10.1 years Of weighted average remaining lease term 2.3% Weighted average annual rent escalations 219k Average square Footage by building ▪ Distribution and warehouse facilities, often referred to as logistics centers, are used for storage, order fulfilment and to facilitate the movement of goods throughout the supply chain o Facilities are typically highly fungible boxes that can be used by a variety of end-users, limiting re-tenanting risk in the event of a potential future vacancy. Some assets contain more specialized equipment like overhead cranes that make tenants stickier and translate into long-term occupancy ▪ Granular diversification mitigates concentration risk with no tenant accounting for more than 3.5% of total portfolio ABR. Nearly 45% of distribution assets are leased to tenants operating in recession-resistant sectors like food, beverage and healthcare products Property Type Characteristics and Exposure Evolution Distribution & Warehouse: $85.8mm | 33.9% Manufacturing: $71.0mm | 28.1% Food Processing: $50.7mm | 20.1% Flex and R&D: $22.1mm | 8.7% Industrial Services: $13.0mm | 5.1% Cold Storage: $10.3mm | 4.1% $252.9mm ABR Property Sub-Type Exposure (% of Industrial ABR) $600mm Of distribution & warehouse investment volume since 20231 13.6% 14.6% 13.2% 13.2% 17.5% 20.8% 2020 2021 2022 2023 2024 Q3 2025
29 BNL Investor Day | December 2025 Source: Internal Filings Data as of September 30, 2025 1. Source: CoStar Case Study | Strong Real Estate Fundamentals Mitigate Downside Risk A thesis centered around strong real estate fundamentals provides confidence in our investment positioning in the event of bankruptcy. Mission-critical real estate located in attractive markets with below-market rents and basis translates into significant leverage during negotiations. Low basis and strong fundamentals provide optionality amid bankruptcy Mission critical real estate in desirable market provide leverage amid bankruptcy Headquarters & Sole North American DC (528K SF) Lease assumed by Claire’s Essentials, LLC. Structured amendment to provide optionality and additional time to find a resolution. Currently listed for sale or lease. A low basis, below market rent, and strong market provide downside protection. #40 Tenant 0.8% ABR #30 Tenant 0.9% ABR Headquarters and Primary DC (592K SF) & Retail Site (116K SF) Both leases assumed without change. Retail location is one of the top performing sites systemwide. Mission-critical DC centrally located and serving most retail locations coupled with a below market rent and strong Dallas market provided significant leverage that wasn’t ultimately used. #11 in Industrial TTM Sales Volume $2.1bn #2 in Industrial Inventory 1.2bn SF #1 in Industrial TTM Net Absorption +22.3mm SF #1 in Industrial Inventory 1.4bn SF #4 in Industrial TTM Sales Volume $4.4bn #21 in Industrial TTM Net Absorption +2.7mm SF Market Strengths1 Market Strengths1Investment Strengths Investment Strengths Location Strengths Proximity to I-90 and O’Hare Airport. Located at a 4-way interchange in a business-friendly county. Below Market Basis1 Acquisition price estimated 20% below market providing optionality to pursue several different paths forward. Below Market Rents1 Rent estimated 15% - 25% below estimated market, representing potential for ABR upside if backfilled. Location Strength Plano site located in dense industrial infill. Raleigh site located in a retail corridor with high foot traffic metrics. Below Market Basis1 Acquisition prices both screen below market, translating to value creation in a potential future stabilized disposition Below Market Rents1 At Home’s rents estimated well below market, translating to significant ABR upside in a re-tenanting scenario. Hoffman Estates, IL Plano, TX Raleigh, NC
BNL Investor Day | December 2025 30 Data as of September 30, 2025 1. Includes all deals closed or in-process as of September 30, 2025, as well as $163.4mm of acquisitions closed after Q3 ‘25 earnings, where applicable; excludes any fundings associated with Project Triboro. Industrial Spotlight | Manufacturing Rank Tenant Products Manufactured Industry # Prop. ABR $ % Total ABR 1 AHF Products Flooring (e.g., hardwood, vinyl) Building Products 5 $6.4 1.6% 2 Magna Seating Mechanisms and hardware for automobile seats Automotive Parts 1 $4.3 1.0% 3 Cascade Aerospace Specialty aerospace and defense contractor Aerospace Solutions 1 $4.1 1.0% 4 Kith Kitchens Cabinetry for kitchens and bathrooms Building Products 3 $3.8 0.9% 5 Big Tex Trailers for individual and commercial use Cargo & Utility Trailers 8 $3.6 0.9% 6 ETI Specialty transportation equipment Specialty Logistics Equip. 4 $3.2 0.8% 7 WestRock Paper-based packaging products Packaging Solutions 1 $3.1 0.7% 8 Pregis Protective packaging, such as bubble wrap Packaging Solutions 2 $2.7 0.7% 9 Edelbrock Car parts, including carburetors and cylinders Automotive Parts 4 $2.7 0.7% 10 Jabil Continues flow manufacturing with advanced electronic designs Technology & Specialty Equipment 1 $2.5 0.6% Total 30 $36.3 8.8% 41 | 22 Unique manufacturing tenants and industries 9.8 years Of weighted average remaining lease term 2.3% Weighted average annual rent escalations 151k Average square Footage by building ▪ Manufacturing exposure comprised of a diverse group of tenants operating across a broad spectrum of industries with no single tenant accounting for more than 1.6% of total portfolio ABR ▪ Facilities focus on the conversion, fabrication, or assembly of raw materials into finished products or goods, with a mix of light and heavy manufacturing o Facility build-outs typically consist of customized equipment, including overhead cranes, machinery, drainage, and robotic and conveyor systems, with incremental tenant investment often ranging from 20-50% of the real estate’s value o Considerable tenant investment creates a mission critical site, increasing probability of renewal and long-term occupancy Property Type Characteristics and Exposure Evolution Distribution & Warehouse: $85.8mm | 33.9% Manufacturing: $71.0mm | 28.1% Food Processing: $50.7mm | 20.1% Flex and R&D: $22.1mm | 8.7% Industrial Services: $13.0mm | 5.1% Cold Storage: $10.3mm | 4.1% $252.9mm ABR Property Sub-Type Exposure (% of Industrial ABR) $155mm Of manufacturing investment volume since 20231 14.1% 15.1% 16.3% 16.8% 17.7% 17.2% 2020 2021 2022 2023 2024 Q3 2025
31 BNL Investor Day | December 2025 Source: Internal Filings Data as of September 30, 2025 Sources: CoStar, WestRock Case Study | Specialization & Tenant Investment Incentivize Long-Term Occupancy Mission-critical manufacturing facility with significant tenant investment provides confidence in underlying long-term occupancy thesis. Renewal negotiations underway and expected to substantiate the original investment thesis centered around tenant “stickiness”. Specialized facility with significant tenant investment translates to occupancy Manufacturing & Production Facility (351K SF) Corrugated cardboard manufacturing facility with a specialized build-out that includes heavy equipment throughout. Tenant has been in the site for 20+ years and has invested significant amounts of capital into the facility. Operational longevity expected to be confirmed with renewal. #45 Tenant 0.7% ABR Low basis provides opportunity for additional investment alongside tenant Investment thesis expected to be confirmed with a high probability of renewal Continued Tenant Investment Recent tenant investment of $17mm+ on new line machinery and HVAC upgrades provides further confidence in long-term occupancy Below-Market Basis Basis estimated to be 10% below market - provides flexibility to make further investment alongside tenant in exchange for additional term Below-Market Rents Rent calibrated to market at acquisition, providing room to for revenue generating capex at renewal to push rents higher and remain in-line with market Long-Term Occupancy Expected to Continue Tenant has operated for over two decades at this facility and is expected to continue to well into the future, proving out the original long-term occupancy investment thesis Offering Revenue Generating CapEx Offering capital to address tenant desired building improvements that are amortized at an attractive yield over the course of the renewal term Renewal Discussions Underway Currently in active discussions with tenant regarding a long-term renewal and feel confident in our ability to reach a mutually beneficial outcome Investment Strengths ▪ Significant power & rail access ▪ Ample outdoor storage ▪ Mission critical nature of site and proximity to end users of product mix ▪ Longevity of operations at the facility (20+ years) ▪ Significant investment in equipment ($100mm+) ▪ Below-market rent and basis ▪ Investment grade parent guaranty Fresno, CA
BNL Investor Day | December 2025 32 6.2% 6.4% 11.4% 11.9% 12.5% 12.3% 2020 2021 2022 2023 2024 Q3 2025 Data as of September 30, 2025 1. Includes all deals closed or in-process as of September 30, 2025, as well as $163.4mm of acquisitions closed after Q3 ‘25 earnings, where applicable; excludes any fundings associated with Project Triboro. Industrial Spotlight | Food Processing Rank Tenant Products Manufactured / Distributed Industry # Prop. ABR $ % Total ABR 1 Roskam Baking Breads and other baked goods Bakery & Confectionery 6 $16.0 3.9% 2 Salm Partners Sausages and premium hot dogs Meat Processing 2 $6.3 1.5% 3 Klosterman Bakery Breads and other baked goods Bakery & Confectionery 11 $4.7 1.1% 4 Chiquita Refrigerated produce Produce / Fruit Products 1 $4.7 1.1% 5 Tyson Chicken, breakfast sausages, other proteins Meat Processing 1 $2.8 0.7% 6 Hess Winery The Hess Collection of wines Beverages 1 $2.8 0.7% 7 Refresco Beverages Bottled beverages and soft drinks Beverages 3 $2.2 0.5% 8 Jelly Belly Jellybeans and other branded candies Bakery & Confectionery 1 $2.2 0.5% 9 BEF Foods Bob Evans Farms branded food products Packaged / Prepared Foods 1 $2.0 0.5% 10 Mrs. Gerry's Kitchen Salads and side dishes Packaged / Prepared Foods 1 $1.8 0.4% Total 28 $45.6 11.0% 14 | 5 Unique food processing tenants and industries 13.2 years Of weighted average remaining lease term 2.1% Weighted average annual rent escalations 169k Average square Footage by building ▪ Industrial sub-property type with compelling risk-adjusted opportunities o Assets often possess characteristics of both manufacturing, with heavy tenant investment and specialized equipment, and distribution, with portions of the facilities dedicated to storing and moving product ▪ Tenant roster covers multiple food groups with nearly 75% of rent generated from necessity packaged foods and meats ▪ Significant investments to outfit these buildings due to stringent regulatory requirements enhance tenant commitment to the space and can provide revenue-generating capex opportunities Property Type Characteristics and Exposure Evolution Distribution & Warehouse: $85.8mm | 33.9% Manufacturing: $71.0mm | 28.1% Food Processing: $50.7mm | 20.1% Flex and R&D: $22.1mm | 8.7% Industrial Services: $13.0mm | 5.1% Cold Storage: $10.3mm | 4.1% $252.9mm ABR Property Sub-Type Exposure (% of Industrial ABR) $133mm Of food processing volume since 20231
BNL Investor Day | December 2025 33 “Broadstone has partnered with four of e2p’s portfolio companies, and we look forward to building on our strong relationship. Broadstone’s transparency, efficiency, and competitive approach, combined with a rare willingness to be creative and flexible, set them apart from many peers.” – Kevin Henneck, Principal e2p Source: Internal Filings Data as of September 30, 2025 Sources: E2P, Salm Partners, Johnsonville Case Study | Investing In Our Tenant’s Success Incremental investment in our assets can augment the growth and success of our tenants’ businesses - all while improving the quality of our assets, strengthening our long-term occupancy outlook, and enhancing returns Tenant Expansion Project | Salm Partners Initial Investment Properties: Two Acquisition Quarter: 3Q21 Acquisition Price ($mm): $48.7mm Initial Cash Cap Rate: 5.75% Lease Term 20 Years Rent Escalations 1.75% Expansion I (Negotiated at Purchase) Completed: 2Q22 Cost ($mm): $17.4mm Yield: 5.75% Expansion II (Negotiated 2Q22 - 3Q22) Completed: 2Q23 Cost ($mm): $31.8mm Yield: 6.90% ▪ Acquired two food-grade manufacturing facilities master leased to Salm Partners, a leading contract manufacturer of fully cooked sausage and premium hot dogs backed by a private equity sponsor who we have since completed multiple transactions with across various portfolio companies ▪ $60mm expansion of one of the facilities was already underway at acquisition; we committed to partially fund the project post-close ▪ Tenant consolidated operations into the facility in 2022 – we funded a significant expansion, which was completed and fully operational by 2023 o Long-term value creation: additional term and higher cap rate enhanced overall investment yield; newly constructed space enhanced market value, and consolidated operations magnified mission criticality ▪ Johnsonville, LLC successfully acquired Salm Partners in December 2023, representing an implied credit upgrade upon change of control. Acquisition $48.7mm 5.75% Q3 2021 Expansion #1 $17.4mm 5.75% Q2 2022 Expansion #2 Draw #1 $10.8mm 6.75% Q4 2022 Expansion #2 Draw #2 $14.0mm 7.00% Q1 2023 Expansion #2 Draw #3 $7.0mm 7.00% Q2 2023 +$3.2mm Additional ABR generated from incremental investments made across multiple expansions, increasing NOI over 2x since initial acquisition $314.4mm Of additional acquisition volume closed across 3 deals for 10 properties with e2p since acquiring Salm Partners in 2020 Salm Partners Sold 4Q23 Salm Partners Acquired 4Q20 +50% | 14% CAGR With financial support from BNL, Salm Partners achieved over 50% revenue growth between 2020 and 2023, enabling significant expansion initiatives Stronger Credit Following e2p’s sale of Salm Partners to the family-owned Johnsonville, tenant is now backed by an organization with more than 2.5x its previous revenue base Green Bay, WI
BNL Investor Day | December 2025 34 Data as of September 30, 2025 1. Includes all deals closed or in-process as of September 30, 2025, as well as $163.4mm of acquisitions closed after Q3 ‘25 earnings, where applicable; excludes any fundings associated with our Project Triboro. $126.4mm 30.6% ABR General Merchandise, 25.8% Quick Service Restaurant, 21.8% Casual Dining, 21.2% Automotive, 9.2% Animal Services, 9.1% Home Furnishings, 5.9% Healthcare Services, 4.8% Education, 2.3% Rank Tenant Property Use # Prop. ABR ($M) % ABR 1 Jack's Family Restaurants QSR 43 7.6 1.8% 2 Dollar General General Merchandise 64 6.6 1.6% 3 Tractor Supply Co. General Merchandise 23 6.5 1.6% 4 J. Alexander's Casual Dining 16 6.3 1.5% 5 BluePearl Animal Services 13 5.9 1.4% 6 Red Lobster Hospitality Casual Dining 18 5.7 1.4% 7 Outback Steakhouse Casual Dining 22 5.5 1.3% 8 Krispy Kreme QSR 25 4.8 1.2% 9 Academy Sports General Merchandise 6 4.6 1.1% 10 American Signature Home Furnishings 6 4.6 1.1% Top 10 Retail Tenants 236 $58.1 14.1% Current Portfolio Property Type Allocation In-Place Portfolio Detail | Retail 523 | 82 | 73 Unique retail assets, tenants, and brands 9.5 Years Of weighted average remaining lease term 1.7% Weighted average annual rent escalations $197mm Of retail investment volume since 20231 11.3k Average square Footage by building Top 10 | Retail Tenants Asset Class Characteristics & Outlook ▪ Retail exposure primarily comprised of casual dining and quick service restaurant (“QSR”) assets, which combined account for 13.2% of total portfolio ABR o Restaurant portfolio includes strong national and regional brands often master leased to large-scale, experienced operators ▪ Balance of the retail portfolio is predominately comprised of general merchandisers largely operating in recession- resistant industries ▪ Focused on establishing strong relationships with tenants and developers that translate into direct opportunities on a programmatic basis given the highly competitive and fragmented nature of the retail transaction market
35 BNL Investor Day | December 2025 Case Study | Master Lease Structure Provides Significant Downside Protection Significant cross-default leverage forces tenants to the table to negotiate an outcome that works for both sides Master lease minimizes rent loss and store closures amid bankruptcy Master lease creates flexibility to structure a mutually beneficial outcome Source: Internal Filings Data as of September 30, 2025 Pineville, NC Boynton Beach, FL 18 Casual Dining Restaurant Locations Originally acquired in 2015 & 2016 at a ~6.7% initial cash cap rate. Tenant filed for Chapter 11 bankruptcy in May 2024 and assumed the 18-property master lease with a 10% reduction in rent, as master lease provided significant leverage during bankruptcy negotiations. #15 Tenant 1.4% ABR #78 Tenant 0.4% ABR 10 Car Wash Locations Acquired the car wash portfolio across three separate sale leasebacks at a ~7.3% initial cash cap rate. Tenant filed for Chapter 11 bankruptcy in the beginning of 2025 due to capital structure issues. Master leases provided negotiating leverage to creatively structure a mutually beneficial outcome. Active Asset Management Strategically disposed of 7 assets between 2019 – 2023 to 1031 buyers to reduce overall exposure to the brand opportunistically Downside Protection Strong master lease language resulted in all sites remaining open post-bankruptcy with a modest one-time rent reduction Cautiously Proceeding Monitoring post-bankruptcy performance closely and will look to opportunistically prune exposure to the brand when appropriate Downside Protection Ten sites originally part of three separate master leases, which included a mixture of top performing locations and sites identified to be rejected during bankruptcy proceedings. Creative Structuring Provides Time & Flexibility Structured three new master leases with varying termination options to ensure no site was rejected in bankruptcy, rent and carrying costs continued to be paid and allow new ownership to: (i) Wind-down operations at non-core sites (ii) determine long-term viability of questionable markets (iii) lock in a long-term lease on core locations Investment Positioning 10%+ IRR Unlevered IRR generated on assets already sold. ~0.9x Realized MOIC Unlevered realized MOIC on the aggregate portfolio ~7.5% Current Yield Across remaining 18 locations Investment Positioning One Year of Added Flexibility Rather than reject sites altogether, reached an agreement to keep undesirable leases in place for a year Market Momentum Accelerated bonus depreciation has translated to heightened demand from 1031 buyers.
BNL Investor Day | December 2025 36 Rank Tenant Property Use # Prop. ABR ($M) % ABR 1 Arkansas Surgical Hospital Clinical & Surgical 1 4.7 1.1% 2 Aventiv Office 1 4.1 1.0% 3 Centene Management Company Office 1 3.8 0.9% 4 Harris Beach Office 1 3.1 0.8% 5 Verizon Office 1 2.7 0.7% 6 USMM Office 1 2.3 0.6% 7 Crowley Maritime Office 1 1.7 0.4% 8 Select Portfolio Servicing Office 1 1.7 0.4% 9 Florida Institute of Technology Office 1 1.5 0.4% 10 C. H. Robinson Office 1 1.4 0.3% Top 10 Other Tenants 10 $27.0 6.7% Data as of September 30, 2025 $33.7mm 8.2% ABR Office, 66.4% Clinical, 33.6% In-Place Portfolio Detail | Other 29 Unique other assets 4.1 Years Of weighted average remaining lease term 2.4% Weighted average annual rent escalations $0mm Of other investment volume since 2023 25 | 25 Unique tenants and brands Top 10 | Other Tenants Asset Class Characteristics & Outlook ▪ Comfortable continuing to hold legacy office investments, especially when master-leased as part of a retail or industrial portfolio. o 5 out of 14 remaining office assets are part of a master lease o Remaining office exposure accounts for only 5.8% of total ABR and is generally supported by strong credit tenants o Currently exploring redevelopment projects to reposition assets to a core industrial use ▪ Largest remaining clinical asset is Arkansas Surgical Hospital – well-performing practice, 5.2 years of base term remaining, and multiple 5-year options Current Portfolio Property Type Allocation
BNL Investor Day | December 2025 37 Source: Internal Filings Data as of September 30, 2025 Case Study | Creative Renewal Maximizes & Preserves Value Proactive asset management and willingness to ‘roll up our sleeves’ often translates into value maximization. +10.0 Years Of additional term for two out of three master- leased MOB assets 113% Weighted average rent recapture, driven by creative short-term lease at an above- market rent in exchange for an additional year of flexibility Maximized Value Long-term renewal at two locations coupled with an IG guarantee provides opportunity to exit at attractive valuations Preserved Value Short-term arrangement at one location with considerable rent increase for one year of added flexibility, providing us 12 months to find another tenant or buyer Renewal Negotiation | Master-Leased MOB Portfolio 1 2 3 4 Patiently worked step by step through renewal process for three non-core MOB master-leased assets backed by a large IG-rated healthcare operator: Notified of tenant’s long-term occupancy decisions in 3Q24 ▪ Tenant intended to vacate one of three locations but needed more time beyond the original lease expiration to move operations ▪ Tenant interested in striking a longer-term lease for two other sites ▪ Engaged representation to list the entire master lease portfolio for sale or lease immediately to drive competitive tension Struck a long-term renewal for two locations to maximize value ▪ Agreed to a 10-year lease renewal for two of the three sites ▪ 102% recapture with 2.5% annual increases over the renewal term ▪ Master lease remains in-place for all three assets ▪ Negotiated an additional guaranty from Endeavor Health, which holds a long-term issuer credit rating of Aa3 from Moody’s. Currently marketing all assets for sale, and short-term site for lease ▪ Additional 10-years of term and an investment grade guarantee significantly improve valuation ▪ Confident the short-term leased asset will be resolved in advance of the new 4Q26 maturity date but will ensure all rent owed over the one- year period is collected. State Illinois Number of Assets 3 Acquisition Date 4Q18 Acquisition Price $13.0mm Acquisition Cap Rate 6.9% Building Square Feet 198,985 ABR $1.0mm % ABR 0.2% Agreed to a short-term extension to provide additional flexibility ▪ Agreed to a one-year extension for non-core location, a ~30% increase in rent for the added flexibility of a year extension ▪ Short-term arrangement provides additional 12 months to find an optimal permanent resolution, avoiding vacant carrying costs while also enhancing the yield profile Yorkville, IL Yorkville, IL
38 BNL Investor Day | December 2025 Legacy Office Asset: located in Chicago MSA tenanted by Investment Grade 3rd party logistics company COVID Casualty: WFH commenced in 2020 and never returned to 100% utilization (site shutdown in 2024) Premier Location: Elevated land value and industrial redevelopment optionality given attractive in-fill location and proximity to O’Hare Case Study | Viewing Non-Core Assets Through an Opportunistic Lens Finding opportunity where others may not and thinking creatively to potentially reposition non-core assets into core assets. Proactive evaluation of ‘Other’ assets with leases still in place allows us to “put shovels in the ground” when the timing makes sense for BNL. Strong fundamentals and heightened demand de-risk redevelopment project Ample lease term remaining provides optionality and flexibility Source: Internal Filings Data as of September 30, 2025 1. Illustrative. Assumes rent PSF of $16.50, 150k rentable square feet, and 5.50% exit cap rate 2. Source: Riverside (Austin, TX) Corporate Office Building (72K SF) Single-story office property located three miles west of O’Hare International Airport. Tenant communicated in 2024 it will be vacating at maturity, providing 2+ years of remaining term to evaluate strategic alternatives for the site. #96 Tenant 0.3% ABR Chicago, IL Current Asset Illustrative Rendering Redevelopment Outlook & Illustrative Value Creation $14.0 $28.0 $14.0 $18.8 $14.0 $14.0 $28.0 $46.81 Initial Investment Land Value Redevelopment Estimated Value New Basis Value Creation Received unsolicited interest and purchase offers for the property as-is on a vacant basis. Pursuing redevelopment project as the strong real estate fundamentals and current market demand equation mitigate redevelopment risk. In- hand purchase offers serve as investment thesis validation and proof of concept and provide downside risk mitigation. Corporate Office Building (220K SF) Single-story office property located approximately 8 miles south of downtown Austin and roughly 5 miles west of Austin- Bergstrom International Airport. Neighboring site was successfully redeveloped to industrial use. #31 Tenant 0.9% ABR Building C2 40,402 SF Flex. 100% Leased RSF - $18.75 Escalations – 3.25% Building B2 114,769 SF Ind. 100% Leased RSF - $12.94 Escalations – 3.7% Building A2 108,055 SF Ind. 70% Leased RSF - $14.71 Escalations – 3.5% Mar 2024 A B C Neighboring Redevelopment Investment Outlook & Optionality Acquired in December 2016 at a 6.75% cap rate. Investment thesis centered on strong annual rent increases, below-market pricing and a long-term lease with a Fortune 500 company. Austin, TX Operations at the site were shut down during the pandemic. In-place lease expires May 2027, providing ample time to explore strategic alternatives for the site while tenant continues to pay rent and property operating expenses. Recent neighboring industrial redevelopment provides proof of concept Chicago MSA
39 BNL Investor Day | December 2025 Added Transparency Through New Disclosure1 | Same Store Rent Growth Data as of September 30, 2025; Same Store Rent disclosure and full definitions are provided on slides 40 and 71 Same Store Rent represents cash base rents for properties, net of uncollectible amounts, that we owned for the entire year-to-date period for both the current and prior year, except for properties during the current or prior year that were under development. 1. Same Store Rent Growth schedule will be added to supplemental disclosures to provided incremental portfolio performance statistics and additional details regarding portfolio activities Contractual Annual Rent Escalations Same Store Rent | Q3 2025 v. Q3 2024 Same Store Rent | YTD 2025 v. YTD 2024 2.4% 2.2% 1.7% Portfolio, 2.0% Other Industrial Retail 2.5% 2.0% 1.0% Same Store Average, 1.8% Other Industrial Retail 1.8% 4.0% 0.8% Same Store Average, 2.7% Other Industrial Retail New same store rent disclosure highlights our commitment to transparency and the strength of our portfolio Contractual Fixed Increases 86.2% CPI- Related 11.3% Flat 2.5% 79.8% Leases with Annual Increases Picture Same store rent results reflect strong contractual escalations and the ability to improve economics through revenue generating capital expenditures and releasing activity San Jose, CA Tucson, AZ
40 BNL Investor Day | December 2025 a. Same Store Rental Revenue represents cash base rents for properties, net of uncollectible amounts, that we owned for the entire year-to-date period for both the current and prior year, except for properties during the current or prior year that were under development. b. Leasing to new tenants may be impacted by free rent periods in which no cash is being received. Stabilized annual cash rents on these new leases easing to new tenants may be impacted by free rent periods in which no cash is being received. Stabilized annual cash rents on these new leases impact to prior periods, pro forma same store rental revenue for the three and nine months ended, September 2025, would be 2.7% and 2.2%, respectively. c. Represents tenants as of the most recent period ended whereby collect ion of rent over the entire lease term is not considered probable. Revenue is recognized based on cash received. d. Property count excludes Transitional Capital properties. e. Includes init ial base rents in addit ion to the incremental rents for our revenue generat ing capital expenditures. f. Properties that have initial base rents during periods presented and are no longer in current property portfolio on September 30, 2025. g. Includes operating expenses billed to tenants, other income from real estate transactions, including lease termination fee in come, and rents from transit ional capital properties. Three months ended September 30, Number of Properties 2025 2024 $ Change % Change Same Store Properties: Contractual rent increases Total 666 $ 82,523 $ 80,921 1,602 2.0% Industrial 171 47,705 46,823 882 1.9% Retail 470 27,404 26,883 521 1.9% Other 25 7,414 7,215 199 2.8% Revenue generating capital expenditures during periods (e) 6 2,211 1,997 214 Leasing activity 30 4,399 3,667 732 Cash basis tenants (c) 10 1,268 1,325 (57) Currently vacant 3 80 163 (83) Same store rental revenue 715 90,481 (b) 88,073 (b) 2,408 2.7% Industrial 185 52,931 50,898 2,033 4.0% Retail 501 29,530 29,293 237 0.8% Other 29 8,020 7,881 139 1.8% Non-Same Store Properties: Investments during periods 44 (d) 12,240 5,408 Contractual rental amounts - current property portfolio 759 102,721 93,481 Sold during and prior to periods 81 (e) 248 2,300 Contractual rental amounts 840 102,969 95,781 Straight-line and other non-cash adjustments N/A 5,402 6,159 Other revenue (g) N/A 5,795 6,443 Constant currency adjustment N/A 1 13 Total Lease revenues, net $ 114,167 $ 108,396 Same Store, and Non-Same Store Properties Same Store Rent Growth | Three Months Ended September 30, 2025 Same Store Rental Revenue (a): 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 that we owned for the entire year-to-date period for both current and prior year except for properties during the current or prior year that were under development. For purposes of comparability, same store rental revenue is presented on a constant currency basis by applying the exchange rate as of the balance sheet date to base currency rental revenue.
41 Investor Day | December 2025 Key Takeaways 1 2 3 Thoughtful portfolio construction and capital allocation decision making has produced an industrial-focused diversified portfolio of net lease real estate. Sound portfolio fundamentals translate into stable and predictable growth and provide downside protection from discrete tenant issues Newly disclosed same store growth of 2.7% (3Q25 vs. 3Q24), is the culmination of our top-tier annual rent escalations of 2.0% and a differentiated approach to active real estate management Proactive management of our real estate portfolio and a willingness to “roll up our sleeves” to create value for our shareholders and partners has translated into a strong foundation of organic growth to build upon
Speakers: Ryan Albano, Will Garner, Ryan Rahaeuser & Mike Caruso Time: 1:50 – 2:30 p.m. Core Building Block: Stabilized Acquisitions Nestlé USA Little Chute, WI
43 BNL Investor Day | December 2025 Multi-Channel Sourcing & Flexible Capital Allocation Strategy 1. Includes all deals closed through Q3’25, as well as $69.5mm of remaining BTS draws in Q4 ’25 (see slide 17 for details), $163 .4mm of acquisitions closed after Q3 ‘25 earnings, and $45.0mm of incremental investment into Project Triboro, as well as $13.3 mm of acquisitions under control, and $4.1mm of commitments to fund revenue generat ing capital expenditures with existing tenants. Heightened competition exists within traditional channels as private and public investors look to put capital to work at unprecedented scale. Multi-channel sourcing model and flexible capital allocation strategy allow us to adapt to market changes while continuing to deliver growth. SUBMIT LETTER OF INTENT (“LOI”) AVERAGE: 8 – 12% EXECUTE TRANSACTION AVERAGE: 1 – 3% SOURCED & REVIEWED UNDERWRITTEN & ENGAGED CAPITAL DEPLOYED $33.8B $35.4B $38.4B 2023 2024 2025 YTD $3.8B $4.5B $3.0B 2023 2024 2025 YTD $0.2B $0.4B $0.7B 2023 2024 2025 YTD Sourcing high volume of opportunities but choosing to remain disciplined given current market backdrop Build-to-Suit Transactions INDUSTRIAL & RETAIL INVESTMENT OPPORTUNITIES INDUSTRIAL & RETAIL INVESTMENT OPPORTUNITIES Sourcing Channels: Tenants Brokers Sponsors Developers Building strong relationships with our partners often leads to repeat opportunities given familiarity and ease of execution Willingness to think differently and be a solutions provider helps to unlock opportunities that otherwise would not be available via traditional sourcing channels. Multi-channel sourcing model coupled with a flexible capital allocation strategy translates into not only a higher volume of opportunities, but higher quality Stabilized Acquisitions Transitional Capital 1
BNL Investor Day | December 2025 44 $228 $90 $18 $238 $237 $5 $127 $56 $3 $2 $4 $196 $83 $5 $98 $25 $183 $859 $77 $318 $645 $63 $163 $370 $94 $114 $213 $17 $70 $607 $1,032 $100 $654 $907 $166 $405 $729 2018 2019 2020 2021 2022 2023 2024 2025E Data as of September 30, 2025, unless otherwise noted; revenue generating capex investments have been grouped with “stabilize d investments” and our transitional capital opportunities are divided such that Industrial Park (Olyphant, PA) investments are within “Industrial BTS Draws” and Retail Center (St. Louis, MO) investments are in “Stabilized Retail Investments” 1. % of previous year end, Gross asset value “GAV” means undepreciated book value, which represents the fair value of the assets as of the date acquired, less any subsequent write-downs due to impairment 2. Represents the estimated first year cash yield, calculated as specified cash base rent for the first full year after investment divided by property purchase price 3. Represents expected investment guidance midpoint as a % of the 2024 GAV and year to date acquisitions cap rates. 4. Includes all deals closed through Q3’25, as well as $69.5mm of remaining BTS draws in Q4 ’25 (see slide 17 for details), $163 .4mm of acquisitions closed after Q3 ‘25 earnings, and $45.0mm of incremental investment into Project Triboro, as well as $13.3mm of acquisitions under control, and $4.1mm of commitments to fund revenue generating capital expenditures with existing tenants. 5. “Relat ionship” includes all deals sourced directly or specif ically brought to us as part of a smaller marketed transaction, a s opposed to a broadly marketed one; volume includes total estimated project costs for in-place build-to-suits Core Building Block of Growth | Stabilized Acquisitions Stabilized acquisitions have historically been, and will continue to be, core to our business and growth model; Higher degree of selectivity in recent years given market dislocation % of GAV1 23.5% 32.8% 2.5% 16.2% 19.8% 3.1% 7.5% 13.0%3 Investment Cap Rate2 6.9% 6.6% 6.9% 6.3% 6.4% 7.2% 7.3% 7.0%3 4 $2.9B | 73% Of investment volume closed since 2019 has been industrial 4 Stabilized Investments BTS Fundings Industrial Retail Other COVID Pandemic & Preparing for IPO Hyper-selectivity in response to market dislocation resulting from rate hikes Stabilized Investments BTS Fundings Stabilized Investments BTS Fundings $784mm | 60% Of stabilized investment volume and % of total investments since commencing the BTS strategy in 2023 82% Of investment volume since 2023 has been sourced through an existing relationship5 4 4 Unspecified Under Control Investments Remaining 2025 BTS Draws Annual Capital Deployment ($ in millions)
45 BNL Investor Day | December 2025 Investment Committee (“IC”) Weekly meeting complements PRC and serves as a venue for investment-related discussion and capital allocation decision making. Structured in three segments focused on (i) revenue generating capex (ii) stabilized acquisitions and (iii) build-to-suit opportunities. Sourcing Executive Team Acquisitions Underwriting Asset Management Legal Initial Screening Full Underwriting Investment Committee Portfolio Review Committee Identify for Disposal Market for Sale PSA / Close Identify for Release Negotiate Lease Execute Return Model Utilized Purpose & Overview | Investment Committee Investment Lifecycle & Functional Coordination Diligence / Close ▪ Two-hour weekly meeting (Thursday) to discuss relevant investment related updates and deal specific decisions. ▪ Topics include review of, but are not limited to, the following: o Tenant funding projects (revenue generating capex) o Stabilized acquisition pipeline o BTS opportunities / In-process project updates o Opportunities passed on / lost o Open to buy capacity o Equity capital markets and cost of capital updates ▪ Typical full investment underwriting packages presented for approval follow the below template (as applicable): o Executive Summary and Investment Thesis o Primary Risk & Mitigating Factors o Lease Deep-Dive o Real Estate Fundamentals (market, rent, basis, etc.) o Credit Review (industry, tenant, guarantor, developer, etc.) o Return Analysis & Scenario Modeling
46 BNL Investor Day | December 2025 Underwriting At-A-Glance | Three Pillars Supporting Capital Allocation Decisions Real Estate Fundamentals Credit Structuring & Support Investment Level Returns Market Fundamentals ▪ Deep-dive into trade area, submarket, market, and region ▪ Demographic trends and foot traffic data (if applicable) ▪ Key market statistics and trend analysis to understand supply / demand characteristics and market liquidity Property Level Analysis ▪ Focus on asset build-out and configuration with a heightened emphasis on replacement cost ▪ Capex assessment, especially around lease maturity ▪ Strategic relevance within broader real estate footprint Rent & Sales Comparables ▪ Robust internal comp analysis supplemented with comps generated by independent third-party relationships ▪ Rent and basis MTM evaluation throughout entire term ▪ Land and vacant value assessment Property Level Due Diligence ▪ Property condition assessment ▪ Environmental assessment (Phase I & II if applicable) ▪ Survey, title, and zoning ▪ Lease, insurance, and legal entity diligence Agency & Internal Risk Ratings ▪ External agency ratings (if applicable) ▪ Internal risk rating generated for all entities ▪ Qualitative assessment overlay to implied ratings ▪ Equity research and bond yields Financial Statement Review ▪ Review 3 – 5 years of audited financials and forecasts ▪ Analyze profitability, leverage, liquidity, and cash flow ▪ Capital structure composition and access to capital ▪ Historical trends and relative analysis vs. peers Business Model & Industry Risk ▪ Industry Dynamics: SWOT, cyclicality, exposure analysis ▪ Competition: market share, brand strength, pricing power ▪ Concentration: geographic, customer, supplier Lease Structure & Risk Mitigation ▪ Verify legal entity signing the lease ▪ Change of control and assignment provisions ▪ Parent guaranties materially reduce risk ▪ Security deposits and letters of credit Unlevered & Levered NPVs and IRRs ▪ Investment cash flows bifurcated between contractual rent and residual value to risk-adjust each component of return ▪ NPV partition / reliance assessment ▪ Residual scenario & probability weighted analysis ▪ Discount rate informed by internal tenant credit risk rating Earnings Accretion ▪ Short-term, year one accretion o Spread over dollars deployed & next dollars raised ▪ Long-term accretion o Unlevered IRR v. LT WACC & Levered IRR v. LT COE MOIC and Break-Even Analysis ▪ Unlevered & levered MOIC analysis across initial term ▪ Break-even 1.0x MOIC time horizon based on: o Contractual rental cash flows alone o Rent plus estimated vacant residual Sensitivity & Scenario Analysis ▪ Offer pricing and rent sensitivity ▪ Renewal scenario modeling based on tenant options ▪ Backfill retenanting scenario modeling ▪ Downside stress testing & vacant exit sensitivity
47 BNL Investor Day | December 2025 Underwriting At-A-Glance | A Spectrum of Opportunity Multi-dimensional approach to underwriting combats binary thinking and a “one size fits all” investment mandate TENANT CREDIT REAL ESTATE Tractor Supply | Monroe, WA Investment thesis reliant on Tenant Credit Investment thesis reliant on Real Estate ▪ Strong tenant or guarantor credit, often with an investment grade rating ▪ Long-term leases given confidence in tenant’s ability to meet the obligations of the lease over the initial term ▪ NPV reliance heavily weighted towards contractual rental cash flows that are discounted at a lower rate given the underlying strength of credit profile ▪ 1.0x MOIC break-even reached inside of original lease term, reducing reliance on renewal or vacant residual value ▪ Strong real estate fundamentals, typically located in attractive markets ▪ Below market rents and basis provide a mark-to-market opportunity in the event of a downside future vacancy scenario ▪ Attractive market supply and demand characteristics reduce downtime and increase confidence in releasability in the event of a future tenant vacancy ▪ NPV reliance heavily weighted towards real estate residual given potential value creation generated upon exit ▪ Development basis vs. stabilized value creates flexibility and optionality Sprouts Farmers Market | Dallas-Forth Worth, TX MSAAvera Health | Sioux Falls, SD Southwire | Atlanta, GA MSA BTS strategy provides access to higher quality credits and stronger real estate fundamentals All investments viewed on a sliding scale from tenant credit to real estate fundamentals - Underwriting focus and supporting analysis shift depending on each investment’s underlying thesis on the investment reliance on each factor
BNL Investor Day | December 2025 48 Sources: Internal Filings, E2P, Roskam Baking, Furlani Foods, MBC Companies Case Study | A “Conveyor Belt” of Acquisition Opportunities Sourcing investments via relationships creates a highly scalable and sustainable pipeline of repeat opportunities, often at better terms than broadly marketed transactions given familiarity and certainty of execution. Roskam Baking | Kentwood, MI Nardone Brothers | Hanover, PA Furlani Foods | Oak Creek, WI Properties: 7 Acquisition Quarter: 4Q22 Acquisition Price ($mm): $235.0 Initial Cash Cap Rate: 6.64% Lease Term: 17.1 Rent Escalations: 2.00% Properties: 2 Acquisition Quarter: 4Q25 Acquisition Price ($mm): $46.3 Initial Cash Cap Rate: 7.00% Lease Term: 20 Rent Escalations: 2.75% Properties: 1 Acquisition Quarter: 4Q25 Acquisition Price ($mm): $30.1 Initial Cash Cap Rate: 7.00% Lease Term: 20 Rent Escalations: 2.75% $700mm+ Of total prospective opportunities sourced via our relationship with E2P. Roskam Foods is a leading contract manufacturer that produces a diverse range of frozen, refrigerated and shelf- stable products with more than 100 years of experience. $409mm Of investments successfully completed with E2P for 12 assets across four transactions 20+ Year Track record of success as a value-add sponsor focused on the food and beverage industry with $1.7B of assets under management +6.4% Increase in ABR exposure to food processing tenants since our first transaction with E2P. Acquired by E2P in 2022 100+ years in operation Blue Chip Customer Base 8.1% Straight- Line Yield Furlani Foods is a contract manufacturer of frozen specialty garlic breads for distribution to North America’s leading retailers and foodservice operators for nearly 30 years. Acquired by E2P in 2023 Significant Tenant Investment Blue Chip Customer Base 9.2% Straight- Line Yield MBC companies is a leading frozen foods platform focused on manufacturing and distributing frozen breakfast and lunch products for diverse customers that include K-12 schools, private label, convenience stores, and QSRs. Acquired by E2P in 2025 80+ years in operation Diverse customer base 9.2% Straight- Line Yield
BNL Investor Day | December 2025 49 Directly sourced and closed a sale leaseback of Jelly Belly’s HQ and entire manufacturing campus in Fairfield, California during 2Q24. Transaction was awarded to BNL given a deal structure that provided a holistic solution for tenant, and as a result, was looked upon more favorably than other offers with higher purchase prices. Source: Internal Filings 1. Source: CoStar Case Study | Traditional Acquisitions With Some Flavor Willingness to think ‘outside the (traditional) box’ to provide beneficial solutions for our partners leads to more deal flow, high quality off-market opportunities, and stronger long-term relationships with our tenants. 2 3 4 1 5 1 2 3 4 Visitor’s Center Candy Production Warehouse & Distribution Warehouse & Distribution Development Opportunity Fungible warehouse storage space and excess land acquired at attractive valuation, offering value- add potential in the future. 5 Willingness to structure a short-term lease on a fungible ~100k warehouse storage space (#5) in addition to the more operationally critical assets (#1-4) made BNL’s offer more compelling, helped to blend to a higher yield, and presents a future development opportunity! $65.0mm 7.15% Cap Rate Structured as a long-term sale- leaseback on 4 buildings and a short-term lease on the 5th building, all under a master lease 15% MTM Rent calibrated below market1 5 Purchase Price: $57mm Cap Rate: 7.0% Term: 13 Years SF: 468K Purchase Price: $8mm Cap Rate: 8.0% Term: 3 Years SF: 107K Directly Sourced Off-Market Acquisition | Jelly Belly Campus
BNL Investor Day | December 2025 50 Source: Internal Filings 1. Includes opportunities under control 2. Pro Forma metrics include portfolio BTS projects currently underway. 3. Source: Academy Sports 4. Source: Placer.ai Case Study | Same Tenant, Multi-Channel Sourcing Longstanding tenant, familiar credit, and compelling growth story create attractive dynamic for add-on opportunities. Differentiated sourcing and investment strategies accelerate growth in exposure to highly desirable tenants. GRANBURY, TX WACO, TX MAGNOLIA, TX SAN ANTONIO, TX (Direct SLB) BUILD-TO-SUIT BUILD-TO-SUIT BUILD-TO-SUIT CURRENT EXPOSURE MCDONOUGH, GA – ACQ. 2021 GREENVILLE, NC – ACQ. 2021 TYLER, TX – ACQ. 2024 ROGERS, AR – ACQ. 2024 AUBURN, AL – ACQ. 2025 SEARCY, AR – ACQ. 2025 OPPORTUNITIES UNDER CONTROL ACCELERATED GROWTHKKR OWNERSHIP IPO 156 172 190 209 228 244 253 259 259 259 268 282 293 304 429 Academy Store Count Evolution3 & BNL Exposure 125 Stores +40%First Academy Transaction Acquired newly constructed industrial asset DC Sold Recent Retail Acquisitions Compelling growth story post-pandemic and strong desire to be a part of it. Longstanding Tenant & Familiar Credit Have followed the story closely since our first acquisition in 2012, making Academy one of the oldest tenants in the portfolio. A familiar credit profile and longstanding history has accelerated add-on retail acquisitions in recent years given familiarity from on-going portfolio monitoring efforts. Multi-Channel Sourcing Creates Scale in Retail Channel Successfully sourced opportunities via direct broker relationships, preferred Academy developers, and the company itself, which has turned an average $11.9mm per individual transaction into $118.5mm of total retail Academy Sports investments1. Varying Investment Strategies Produce Similar Growth Have acquired (i) existing proven stores with strong foot traffic rankings4 and high probability of renewal (ii) newly developed forward takeouts with long-term leases and (iii) BTS developments of new sites in proven markets Acquisitions | Academy Sports + Outdoors (“ASO”) 83% Of YTD investment volume + opportunities under control represent directly sourced transactions Three Different transaction types included in the current portfolio and pipeline: lease assumptions, three build-to- suits, and one under control sale leaseback of a stabilized property $118.5mm Closed & Under Control Total investment in the brand since Academy emerged from the pandemic with a growth focused strategy $8.6mm Of ABR following stabilization of opportunities under control, ranking Academy as #5 in the portfolio at an estimated 2.0% of ABR on a proforma basis2
51 Investor Day | December 2025 Key Takeaways 1 2 3 Relationship-focused sourcing often provides exclusive access to opportunities that we otherwise could not afford if broadly marketed. We will continue to focus on helping our partners grow their businesses while we grow ours Robust underwriting process built on three key pillars combats binary thinking and helps to support sound capital allocation decision making that translates into long-term value creation for our shareholders Despite a recent emphasis on build-to-suit transactions in light of the current net lease landscape, we will continue to opportunistically acquire stabilized industrial and retail assets as a core building block of our growth strategy
Panel Discussion: Industrial Market Insights & Outlook Speakers: Brian Osterloh, Elizabeth Holder, Nick Sansone Moderator: Ryan Salem Time: 2:40 – 3:10 p.m.
53 BNL Investor Day | December 2025 Panel Discussion | Industrial Market Insights & Outlook Nicholas Sansone Partner Sansone Group Elizabeth Holder Senior Research Analyst U.S. Industrial and Logistics JLL Brian Osterloh Executive Vice President ARCO Design / Build Ryan Salem Managing Director KeyBanc Capital Markets Panelists Moderator
Speakers: Ryan Albano, Will Garner, Sam DeLemos Time: 3:10 – 4:10 p.m. Core Building Block: Build-to-Suit Developments Southwire BTS Bremen, GA
55 BNL Investor Day | December 2025 $596 $302 $- $201 $201 $315 $434 $534 $576 $898 1Q23 2Q23 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 Cumulative Commitments Executed LOI and Project Triboro Core Building Block of Growth | Build-to-Suit (“BTS”) Development 1. Includes $142.0mm of executed LOI build-to-suit developments and $160.0mm associated with Project Triboro Market Backdrop Driving Strategic Focus on BTS Opportunities ▪ Cap rates remain relatively flat given heightened levels of competition as public and private investors look to deploy unprecedented levels of capital into net lease ▪ Insatiable demand coupled with the fastest rate hike cycle in history has caused dislocation in bid-ask spreads and corresponding investment risk / return profiles Thoughtful Development & Successful Scaling of the BTS Strategy ▪ Opportunistically stepped in to help a development parter on our first BTS transaction in 2023 and have since successfully implemented a broader strategic initiative built on development opportunities as a core building block of growth ▪ BTS pipeline has scaled significantly in relatively short order and lays the foundation for growth into 2026 and beyond History & Success Since Our First Build-to-Suit Transaction Key Underlying Drivers of the Build-to-Suit Thesis Long-term pipeline and rent growth visibility & stability ▪ Robust pipeline of development projects extends pipeline visibility from 1-2 quarters to sector leading 1-2 years ▪ Multi-layered and continuously refreshing pipeline translates into embedded growth in future years that sets a foundation for above average results 1 2 3 Investing at an earlier stage in the real estate development lifecycle allows us to capture a lower basis and stronger yield profile… Value creation opportunity provides optionality & flexibility ▪ Optionality to crystalize significant value creation by exiting at stabilized valuation levels following delivery and rent commencement ▪ Value accretion on a net asset value (“NAV”) basis provides flexibility to self- fund future development projects on an accretive basis in the event the equity markets fail to provide a constructive cost of capital Access to higher quality opportunities at superior yields ▪ Building strong tenant and developer relationships provides access to higher quality opportunities from both a real estate and credit perspective ▪ Investing earlier in the development process with a heightened focus on structuring and risk mitigation allows us to lock in superior yields relative to compressed cap rates for highly marketed stabilized transactions While an intense focus on structuring and risk mitigation provide downside protection and potential exit paths along the path to stabilization. First BTS: UNFI Since formally implementing the BTS strategy following the success of our inaugural transaction in 2023, total BTS commitments have grown ~350% 1
56 BNL Investor Day | December 2025 1 2 3 4 5 6 7 81 2 3 4 5 6 70 BTS Development At-a-Glance | Key Fundamentals of a Typical Opportunity Structuring, Contacts & Key Parties Involved Land Owner Quarter: BTS Transactions From an Investor Perspective Land Purchase Construction (Site Work & Vertical) Rent Commencement Il lu s tr a ti v e B T S C a s h F lo w s Public Disclosure & Yield Construction ▪ Transactions initially reported publicly upon land acquisition ▪ First year estimated cash yield disclosure at land acquisition stage comprised of base rent plus yield earned on capitalized interest charged within the project budget ▪ Estimated funding schedule and delivery routinely updated with disclosures Accounting & Financial Statement Impact ▪ All costs incurred throughout construction (namely interest expense, real estate taxes, insurance, etc.) are capitalized into the basis and depreciated over the useful life of the asset (no AFFO impact during construction) ▪ Rent commences upon substantial completion and delivery of the asset Impact to Leverage Profile ▪ Rating agencies aligned with conclusion that pro forma leverage should include prospective EBITDA contribution given in-place leases ▪ Pro forma EBITDA contribution during construction calculated as: Amounts Funded To Date Straight- Line Yield Proportionate EBITDA Contribution Construction Monitor Developer Architect of Record Tenant General Contractor Our growing network of partners brings industry leading expertise to the table, ensuring each project is delivered seamlessly to the highest standard Thoughtful structuring, incentive alignment, and contractual risk mitigation ensure exposure to typical development related risk is limited
57 BNL Investor Day | December 2025 16mos $201mm $10.6mm 7.2% 8.6% 4Q24 S ta b il iz a ti o n Project Costs Construction Interest Project Duration Stabilized Yield Straight-Line Yield Case Study | Successful First BTS Transaction Paves the Way to Today Source: Internal Filings 1. Reflects partial quarterly rent with UNFI rent commencing in early September 2024 ($11.0) ($45.3) ($36.9) ($30.6) ($24.7) ($15.0) $0.9 $3.4 $3.6 $14.4 2Q'23 3Q'23 4Q'23 1Q'24 2Q'24 3Q'24 4Q'24 1Q'25 ABR Land Purchase & Horizontal Work Commencement Pad Ready & Vertical Work Commencement Substantial Completion & Rent Commencement Stabilization Seamless execution from land purchase to stabilization provided proof of concept to implement and scale the broader BTS strategic initiative. Estimated stabilized valuation in the ~6.0% cap rate translates into significant value creation estimated at approximately $35 million 2Q23 D e v e lo p m e n t S ta rt Project Costs Construction Interest Project Duration Stabilized Yield Straight-Line Yield 17mos $205mm $10.4mm 7.3% 8.3% 1mos 4mm 0.2mm 10bps 30bps ($17.3) ($20.2) Actual BTS Project Cash Flows ($ in millions) ABR Estimated Value Creation ~6.00%: $35mm+ 1
58 BNL Investor Day | December 2025 ($3.1mm) ($0.9mm) ($6.1mm) ($6.3mm) ($6.7mm) ($6.7mm) ($2.3mm) $0.6mm 2Q'25 3Q'25 4Q'25 1Q'26 2Q'26 3Q'26 LAND PURCHASE CONSTRUCTION FUNDING RENT Case Study | In-Process Projects On Different Ends of the Investment Spectrum Source: Internal Filings 1. Development metrics represent our common and preferred equity investments in a consolidated joint venture, and exclude amounts attributed to non-controlling interest holders. 2. Represents actual cashflows through October 2025. Cashflows from November 2025 through Stabilization represent estimates based on current information pertaining to total project costs. 3. Represents capitalized interest (7.75%) on preferred equity component of Joint Venture 4. Expected Project Cashflows align with initial disclosure estimate 2Q25 IN IT IA L D IS C L O S U R E Project Costs Construction Interest Project Duration Stabilized Yield Straight-Line Yield Land & Building Shell Acquisition Substantial Completion & Stabilization TENANT CREDIT REAL ESTATE Investment thesis: Long-term lease with a multi-national, publicly-traded, investment grade (S&P: BBB- | Moody’s: Baa2) tenant and top five agricultural equipment manufacturer. While the thesis is weighted towards credit, the secondary market location is strategic for tenant and the distribution of its product across the central valley region. 3Q25 IN IT IA L D IS C L O S U R E 14mos $19.5mm 7.0% 8.5%$2.1mm AGCO (Visalia, CA) Palmer Logistics1 (Midlothian, TX) TI Buildout Truck Dock Warehouse 111,875 SF Office 2,500 SF Land Acquisition Substantial Completion & Stabilization Construction Completed Building 269,700 SF ($13.7mm) ($0.6mm) ($0.5mm) ($1.4mm) ($1.3mm) ($1.2mm) $0.4mm 2Q'25 3Q'25 4Q'25 1Q'26 2Q'26 3Q'26 LAND & SHELL PURCHASE CONSTRUCTION FUNDING RENT Actual & Expected Project Cash Flows2 ($ in millions) Project Costs Preferred Interest3 Project Duration Stabilized Yield Straight-Line Yield 12mos $32.1mm 7.6% 9.2%$0.7mm Investment Thesis: Highly fungible warehouse positioned in a growing industrial market in the Dallas-Fort Worth, TX MSA and leased to a 3PL operator. Joint Venture structure creates incentive alignment and provides optionality to monetize the asset at stabilized valuation levels in the future or acquire JV partner’s minority interests. Expected Project Cash Flows4 ($ in millions) BTS strategy often provides access to higher quality credits and stronger real estate fundamentals than traditional sourcing channels
59 BNL Investor Day | December 2025 $78.2mm $115.4mm $114.1mm $5.4mm $9.0mm $8.7mm Source: Internal Filings Note: Costs exclude capitalized interest. The estimates provided herein are subject to change and future disclosures will reflect any updates. Case Study | Select Industrial Build-to-Suits In Process Established relationships with several developer partners has translated into a robust and resilient pipeline of opportunities 1 3 2 Direct BTS with existing tenant Sierra Nevada Company in Dayton, OH. Long-term lease tied to government contract work with an attractive yield profile. Direct opportunity sourced from an existing relationship. Partnership with Fiat Chrysler and Prologis to construct a new DC in in Forsyth, GA. Long-term lease and solid yield profile with an investment grade top five global auto manufacturer strategically located within the Atlanta MSA. 1 BTS strategy and strong relationships have provided access to newly constructed industrial assets often with stronger real estate and credit fundamentals. BTS projects currently underway feature long-term leases and strong annual escalations, which build to highly attractive straight-line yields. Stabilizes November 2025 & March 2026 Stabilizes October 2026 Stabilizes August 2026 Cost: $58.6mm & $55.5mm Lease Term: 15 Years ABR Estimate: $4.4mm & $4.3mm Annual Escalations: 3.0% Est. Cash Cap Rate: 7.5% & 7.7% Straight Line Yield: 9.3% & 9.6% Cost: $78.2mm Lease Term: 15 Years ABR Estimate: $5.4mm Annual Escalations: 2.8% Est. Cash Cap Rate: 6.9% Straight Line Yield: 8.4% Cost: $115.4mm Lease Term: 10 Years ABR Estimate: $9.0mm Annual Escalations: 2.8% Est. Cash Cap Rate: 7.8% Straight Line Yield: 8.8% 2 3 Partnership with Southwire and Panattoni to construct a new DC in in Bremen, GA. Long-term lease and solid yield profile strategically located 15 miles from the Company’s HQ. Opportunity to strengthen an existing developer relationship. Development Costs Estimated ABR 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26 3Q26
60 BNL Investor Day | December 2025 Source: Internal Filings Note: Costs exclude capitalized interest. The estimates provided herein are subject to change and future disclosures will reflect any updates. Retail development functions as an attractive complement to industrial projects and helps round out the broader build-to-suit strategy Partnership with Academy preferred developer Collett to construct a new retail site in Granbury, TX. New relationship with a preferred developer and an increase in exposure to two desirable existing tenants in a rapidly expanding MSA. New partnership with StreetLevel Investments to develop a Sprouts Farmers Market in Bedford, TX. Long-term lease with a highly successful and growing grocery store chain in a top-10 MSA with an attractive yield profile north of 7%. Partnership with Porthaven Partners to develop three 7Brew coffee shops across the Southeast. Multiple QSR’s developed at 8% yields leased to an exciting new concept with solid growth prospects and located in strong retail corridors. While inherently smaller by nature than industrial development projects, retail build-to- suit opportunities function as a solid complement to the overall strategy. Retail development, especially on a programmatic basis, provides access to high-quality opportunities at more attractive yields than traditional sourcing channels. Stabilizes August 2026 Stabilizes November 2026 Stabilized November 2025 Stabilized May 2025 Stabilized June 2025 Cost: $20.5mm Lease Term: 15 Years ABR Estimate: $1.5mm Annual Escalations: 0.6% Est. Cash Cap Rate: 7.1% Straight Line Yield: 7.4% Cost: $5.7mm Lease Term: 15 Years ABR Estimate: $0.5mm Annual Escalations: 1.9% Est. Cash Cap Rate: 8.0% Straight Line Yield: 8.8% Cost: $9.5mm Lease Term: 15 Years ABR Estimate: $0.7mm Annual Escalations: 0.9% Est. Cash Cap Rate: 7.2% Straight Line Yield: 7.7% Case Study | Select Retail Build-to-Suits In Process 1 2 3 1 1 $20.5mm $9.5mm $5.7mm $1.5mm $0.7mm $0.5mm Development Costs Estimated ABR 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26 3Q26 4Q26 1 2 3 Illustrative Rendering
61 BNL Investor Day | December 2025 Transitional Capital | Creating Solutions With Our Preferred Partners Transitional Capital has helped strengthen our relationships with preferred partners and has proven to be a sound capital allocation decision. While it has been a helpful tool, transitional capital will remain a selective investment structure used to unlock unique opportunities. TRANSITIONAL CAPITAL Investment structure that allows us to provide mutually beneficial solutions to our preferred partners How BNL Benefits from Transitional Capital How our Preferred Partners Benefit ▪ Provides exclusive access to unique opportunities with significant value creation potential ▪ Opportunity to deploy capital and earn an above market yield given the nature of the investment and the flexibility provided ▪ Builds a pipeline of opportunities with the potential to convert into BTS developments and stabilized core investments with additional time ▪ Structured with multiple exit paths that provide value and risk management flexibility for our investment at all stages of the conversion cycle ▪ Allows our partners to move with certainty, speed, and confidence ▪ Flexible source of patient capital that lowers our partner’s balance sheet burden and supports its pursuit of a higher number of opportunities that could in turn benefit BNL in the future ▪ Simplifies the number of parties at the table and sources of capital that could have misaligned incentives ▪ Creates a true partnership with incentive alignment in the form of profit, cost and risk sharing Transitional Capital Stabilized Investment Earning an Attractive Yield & Building A Prospective Pipeline Recapitalized & Paid Back Sell to Another Interested Party Transitional Capital structured to provide maximum flexibility and optionality on the conversion path to a stabilized core investment Partial Conversion Into A Stabilized Investment TRANSITIONAL CAPITAL CONVERSION CYCLE Thoughtful structuring provides the optionality to exit at multiple stages along the way, often creating value at each step of the conversion cycle
BNL Investor Day | December 2025 62 Fee Simple Ownership In-Line Retail Consolidated Joint-Venture Source: Internal Filings Case Study | Transitional Capital Unlocks Opportunities A partnership-based mindset and solutions-oriented approach provides access to unique opportunities. Providing creative and flexible solutions through deal structuring results in a ‘win-win’ for all parties involved. Capital Description / Terms Amount Yield Fee Simple ▪ 7 individual outparcels ▪ Absolute NNN leases ▪ WALT: 14.5 years ▪ 1.5% escalations $32.5mm 8.00% Preferred Equity ▪ Remaining Term: 1.8 years ▪ Two 1yr extension options ▪ 50bp extension fees ▪ Ability to draw additional $8mm to fund lease-up if needed $52.8mm (Up to $60mm) 8.00% Total $85.3mm (Up to $92.5mm) 8.00% ▪ Directly partnered with Sansone Group following the UNFI build- to-suit on the recapitalization of the Plaza and Shoppes at Sunset Hills, a ~450K SF retail power center, located in St. Louis, MO ▪ Creatively deconstructed the shopping center into multiple pieces to provide Sansone flexibility to perform the value-add lease-up work on the in-line component, while providing BNL access to free-standing outparcel assets under long-term net leases o Fee Simple Outparcel Acquisitions: Opportunity to acquire seven single-tenant net lease retail outparcels in a strong market with sound real estate fundamentals leased to resilient and experienced operators at above-market yields o Transitional Capital for In-line Retail Boxes: Opportunity to creatively structure a transitional solution that provides flexibility to lease up vacancies to maximize the value of the center upon a future sale or recapitalization, while providing an above market yield on invested capital during our hold • Sansone has managed the center since it was constructed in the mid-90’s and has retained management as a third-party PM since acquisition • Substantially all available vacancies in the center have since been leased and the center’s anchor (Home Depot) has signed a 10-year renewal 8.0% Yield on $85mm+ of invested capital 100-200bps+ Of spread on select outparcel assets given acquisition cap rate of 8% and one-off transaction comps at more aggressive pricing levels ~80% 98%+ Change in occupancy since investment, representing significant value-add from lease-up activity 10-Year Renewal agreement struck with anchor tenant Home Depot following investment, eliminating the single largest leasing risk in the plaza Acquisition | Sunset Hills Shopping Center
63 BNL Investor Day | December 2025 Case Study | Most Recent Development Project In-Process Note: 1. Source: CoStar Latest investment could materialize into a sizable pipeline of industrial BTS opportunities for years to come. Strong fundamentals backstop our initial investment and create significant optionality to explore multiple strategic paths for the site. Investment | Project Triboro Project Triboro Control & Decision-Making Rights – BNL maintains exit and approval rights over all key decisions per the executed joint venture agreement. Land Value Backstop – Confident that purchase price per acre of ~$150k provides a solid backstop (~$20/buildable ft), substantiated by multiple unsolicited offers north of $200mm. Fully Entitled – The site is fully entitled for industrial development, which significantly compresses the timeline to delivery. Heavy Water & Power Access – Pennsylvania Power & Light has committed 300MW of power within the first 36 months and up to 1GW thereafter, creating another path for incremental value creation ahead of a broader development plan. Location / Proximity – Situated in the 1-87 / 78 corridor in proximity to major NE metros (New York, Philadelphia, etc.) provides significant logistical advantages for industrial users. Industrial Supply / Demand Equation – Strong industrial fundamentals support leasing demand for 1mm+ SF distribution and warehouse projects given limited supply and expected deliveries1. Speed to deliver is the single largest question among interested industrial users. Data Center Potential – Potential to convert the project to a data center with minimal permit and zoning modifications. 1GW+ of power has garnered the attention of hyper-scalers, some of whom have submitted purchase offers for the land at a significant premium to our basis, further providing proof of concept and protection of our initial investment. ▪ Opportunity sourced with one of our preferred partners, Sansone Group, who we have partnered with on several opportunities to date and continue to evaluate a pipeline of prospective future projects ▪ Project Triboro is a development opportunity located within the I-87 / 78 corridor just outside of Scranton, PA, and encompasses 550+ acres of developable land that is fully entitled across four pads ▪ To date, we have invested $90mm in the form of transitional capital in consolidated joint ventures with Sansone to acquire the land and have commenced site work while simultaneously completing a strategic alternatives assessment for the site ▪ Transitional capital investment is currently earning a preferred return of 7.8% and has the potential to covert into a stabilized pipeline of core industrial developments for years to come ▪ Strong fundamentals (see right) provide confidence in our initial investment and the future potential value creation opportunity regardless of the path selected
64 Investor Day | December 2025 Key Takeaways 1 2 3 Thoughtfully developed, successfully implemented, and quickly scaled a build-to-suit strategy with nearly $900 million of capital dedicated to 20 development projects A broad network of development partners and a solutions- oriented mindset has translated into a pipeline of opportunities that will drive growth for years to come. With the foundation laid, the number of annual project starts needed to drive attractive growth has decreased significantly Build-to-suit projects create value not traditionally available in net lease investing, providing optionality and flexibility, all of which is showcased by our robust in-process development pipeline
Speakers: John Moragne, Ryan Albano, & Kevin Fennell Time: 4:10 – 4:30 p.m. Financial Policy and 2026 Guidance Fiat Chrysler Automobiles Forsyth, GA
BNL Investor Day | December 2025 66 42% 1.0% 37% ≤ 60% ≤ 40% ≤ 60% Unencumbered Property Secured Indebtedness Leverage Ratio Covenant Requirement Q3 2025 4.23x 3.43x ≥1.50x ≥1.75x Fixed Charge Coverage Ratio Unencumbered Coverage Ratio Data as of September 30, 2025 1. Calculated in accordance with senior unsecured notes 2. Calculated in accordance with revolving credit facility, unsecured term loans and senior unsecured notes. 3. Revolving Credit Facility reflected above assumes exercise of two six-month extension options; 2028 unsecured term loan ref lected above assumes exercise of two twelve-month extension options subject to certain conditions. Leverage Capacity & Debt Structure Provide Flexibility Ample Covenant Cushion Well-Laddered Debt Maturities ($, mm) Unsecured Credit Facilities Undrawn Revolver Capacity Senior Unsecured Notes Mortgages Unsecured Revolving Credit Facility Weighted Average Debt Maturity: 4.4 yrs3 $0 $17 $352 $263 $300 $1,600 $375 $350 2025 2026 2027 2028 2029 2030 2031 2032+ Putting Our Investment Grade Balance Sheet to Work < 6.0x Pro forma leverage target on a sustained basis ~$900mm In revolver capacity to fund ongoing and new build-to-suit starts and investment activity, with ample covenant headroom No debt maturities until April 2027 Balance sheet positioning since 2023, with Pro Forma leverage of ~5.0x, provides the opportunity to put our balance sheet to work with a pipeline of high-quality build-to-suits. Key Credit Metrics (as of September 30, 2025) 3.2x Fixed Charge Coverage Ratio 1.0% Secured Indebtedness Ratio 5.4x Pro Forma Net Debt / Annualized Adjusted EBITDAre BBB / Baa2 Issuer Ratings Stable / Stable Ratings Outlook $1.0 Billion of Corporate Liquidity 1 2 2 2 1 ▪ Flexible capital structure designed to support growth while maintaining disciplined leverage ▪ Targeting ~6.0x pro forma leverage on a sustained basis, supported by disciplined capital management ▪ Ability to monetize and recycle build-to-suit developments provides an additional lever to manage capital sources ▪ Well-laddered debt maturities and diversified funding sources reduce refinancing risks and enhance liquidity ▪ Consistent focus on preserving credit strength while supporting investments and shareholder returns
BNL Investor Day | December 2025 67 80.1% 78.4% 77.3% 75.8% 72.7% 71.2% 68.8% 65.1% 63.9% Peer Average, 72.0% FCPT GTY BNL O WPC ADC NNN NTST EPRT 6.6% 6.5% 5.9% 5.7% 5.7% 5.4% 4.7% 4.1% 3.8% Peer Average, 5.2% GTY BNL FCPT NNN O WPC NTST ADC EPRT Source: Public filings and market data as of November 25, 2025 1. 2025E AFFO per share growth is based on the consensus estimates as of November 25, 2025 Returning Growth to Shareholders Through Dividends Solid dividend growth history and visibility into 2025 and 2026 AFFO growth provides a path for dividend growth Dividend Yield vs. PeersCurrent AFFO Payout Ratio vs. Peers $1.025 $1.080 $1.120 $1.155 $1.160 2021 2022 2023 2024 2025E 6.5% Dividend yield expected to normalize with in-place growth plans Mid-70% Long-term targeted dividend payout ratio +13% Dividend growth since 2021 2025E AFFO Per Share Growth1 2.9% 3.4% 4.2% 1.4% 5.3% 4.3% 2.4% 4.0% 8.0% Cumulative Dividend Per Share Growth (Since 2021) 20.1% 13.2% 11.1% 12.2% 13.2% (14.3%) 6.2% 18.2% 20.3%
68 BNL Investor Day | December 2025 Cost of Capital | Optionality to Create Our Own Virtuous Cycle Source: Market data as of November 25, 2025 1. Illustratively shows potent ial total shareholder return (“TSR”) for the period November 25, 2025, through year end 2026 assum ing dif ferent AFFO multiples on 2026 AFFO per share guidance midpoint to quantify potent ial share price appreciation. Conservatively assumes no dividend growth in 2026 for illustrative purposes. While year-to-date share price performance has trended positively and we have raised limited equity alongside additional investment activity, our differentiated growth strategy and build-to-suit developments provide an opportunity to create our own cost of capital, as needed. Develop at Higher Yields • Current BTS pipeline average of 7.5% initial cap rate with a straight-line yield of 8.9%, ~50bps and ~70bps better than YTD stabilized deals, respectively Collect Above Average Yield • Boosts medium-term earnings upon commencement Optionality to Monetize • Target ~100bps of potential value creation compared to first-year yields • 2-year hold period for optimal tax- efficient sale Accretively Recycle Proceeds • Capital allocation decision to fund additional BTS to keep cycle going or target stabilized investments BNL’s Virtuous Cycle TSR Opportunity1 | Implied Potential Appreciation Current AFFO Multiple Peer Average Multiple Premium Multiple 11.4x 13.4x 16.0x 8.2% 25.7% 48.1% BNL Current Multiple Peer Average Multiple Premium Multiple Dividend Yield Price Appreciation BNL Receives: Shareholder Benefit: • Improved cost of equity to fund deal flow • Ability to invest further in above- average BTS yields without shrinking asset base • Future earnings growth as the result of increased deal volume • Dividend growth • Higher total shareholder returns
BNL Investor Day | December 2025 69 4.0% 2026 AFFO growth at the midpoint of guidance 7.0% - 8.0% Embedded 2026 ABR growth based on investments and dispositions guidance, in-process developments, and 2.0% ABR growth from in-place portfolio 4.2% - 4.9% Expected 2025 AFFO growth Current 2025 Guidance (unchanged) 2026 Guidance Adjusted Funds From Operation (AFFO) Per Share $1.49 - $1.50 per share $1.53 - $1.57 per share Total Investments $650 - $750mm $500 - $625mm Dispositions $75 - $100mm $75 - $100mm Total Core General & Administrative Expenses $30 - $31mm $30.5 - $31.5mm 2026 Guidance | Driving Long-term Sustainable Growth Successful commencement of $583 million in build-to-suit starts in 2025 lays the foundation for mid-single digit AFFO growth in 2026 with limited additional acquisition volume and build-to-suit starts needed to drive 2026 and 2027 growth. Note: Per share results are sensitive to both the timing and amount of real estate investments, property disposit ions, and capital markets activities that occur throughout the year.
BNL Investor Day | December 2025 70 $381.6 $407.0 $439.0 $475.0 2024A 2025E 2026E 2027E 2 STABILIZED ACQUISITIONS 3BUILD-TO-SUIT DEVELOPMENTS 1 IN-PLACE PORTFOLIO Core Building Blocks | An Opportunity For Growth Into 2027 Differentiated strategy provides resilience and varying levers to drive long -term shareholder value accretion, especially for outer years. Average annual rent escalation provides… +2.0% Of estimated ABR from in-place portfolio +$8.5 – $9.5mm Of estimated ABR to rent commence throughout 2027 inclusive of current executed LOI BTS and new 2026 starts to maintain a pipeline of at least $300-$500mm under development +$19.0 - $20.0mm Optionality to add additional stabilized transactions in 2027 would be upside to a strategy that is projecting 8.2% NOI growth Opportunistic At Least 6.0% Year-over-year ABR growth in 2027 compared to expected 2026 ABR2 before contemplating any stabilized acquisitions in 2027 +7.6% Projected NOI growth CAGR 2024 – 2027 as a result of establishing a differentiated strategy3 $27.5mm+ Of new ABR estimated to commence in 2027 before contemplating any stabilized acquisitions in 2027 Building Blocks of NOI Growth Into 2027 1,3 +6.7% +7.9% +8.2% 1. Assumes 75bps of bad debt in each of 2026 and 2027 and 3.0% unreimbursed property operating expense growth in 2026 and 2027; 2027 NOI is a run-rate based on assumptions included in 2026 guidance 2. Please see previous slide for details on 2026 ABR expectations 3. Fluctuat ions in the comparison of ABR growth and NOI growth in any given period is largely related to timing of investments o r when BTS reach stabilization. For more details on the timing of in-process developments, please reference earlier slides.
71 BNL Investor Day | December 2025 Broadstone’s Vision for the Future Generate a robust and resilient pipeline of build-to-suit developments, creating unique value in the net lease space and providing sector-leading multi-year visibility into a compelling growth profile Help our clients and partners grow their businesses while we grow ours Accretively and opportunistically acquire stabilized acquisitions at attractive spreads as a core part of our growth model, primarily through our relationship- based approach and deep network Provide transparency through sector-leading disclosure and frequent shareholder engagement Drive long-term shareholder value through mid-single digit year-over-year AFFO per share growth, translating into dividend growth and potential share price appreciation
Closing Remarks & Q&A Speakers: John Moragne Time: 4:30 – 5:00 p.m. 7 Brew Tulsa, OK
APPENDIX Wegmans Sterling, VA
74 BNL Investor Day | December 2025 Disclaimers CAUTIONARY STATEMENTS CONCERNING FORWARD-LOOKING STATEMENTS This presentation contains “forward-looking” statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, regarding, among other things, our plans, strategies, and prospects, both business and financial. Such forward- looking statements can generally be identified by our use of forward-looking terminology such as “outlook,” “potential,” “may,” “will,” “should,” “could,” “seeks,” “approximately,” “projects,” “predicts,” “expects,” “intends,” “anticipates,” “estimates,” “plans,” “would be,” “believes,” “continues,” or the negative version of these words or other comparable words. Forward-looking statements, including our 2025 and 2026 guidance, involve known and unknown risks and uncertainties, which may cause BNL’s actual future results to differ materially from expected results, including, without limitation, general econ omic conditions, including but not limited to increases in the rate of inflation and/or interest rates, local real estate conditions, tenant financial health, property acquisitions, and the timing and uncertainty of completing these acquisitions, potential delays and disruptions with respect to ongoing or planned development projects, and uncertainties regarding future distributions to our stockholders. These and other risks, assumptions, and uncertainties are described in Item 1A “Risk Facto rs” of the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2024, filed with the SEC on February 20, 2025, and Item 1A “Risk Factors” of the Company’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2025, filed with the SEC on May 1, 2025, which you are encouraged to read, and are available on the SEC’s website at www.sec.gov. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those indicated or anticipated by such forward-looking statements. Accordingly, you are cautioned not to place undue reliance on these forward- looking statements, which speak only as of the date they are made. The Company assumes no obligation to, and does not current ly intend to, update any forward- looking statements after the date of this presentation, whether as a result of new information, future events, changes in assumptions or otherwise. TRADEMARK 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. NON-GAAP FINANCIAL INFORMATION This presentation contains certain financial information that is not presented in conformity with accounting principles gener ally accepted in the United States of America (GAAP), including funds from operations (“FFO”), core funds from operations (“Core FFO”), adjusted funds from operations (“AFFO”), earnings before interest, taxes, depreciation and amortization (“EBITDA”), EBITDA further adjusted to exclude gains (losses) on sales of depr eciable property and provisions for impairment on investments in real estate (“EBITDAre”), Adjusted EBITDAre, Annualized Adjusted EBITDAre and Net Debt. 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. We believe that EBITDA 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 believe that the presentation of Net Debt to Annualized Adjusted EBITDAre is a useful measure of our ability to repay debt and a relative measure of leverage and is used in communications with our lenders and rating agencies regarding our credit rating. Such non-GAAP measures should not be considered in isolation or as an indicator of the Company's performance. Furthermore, they should not be seen as a substitute for metrics prepared in accordan ce with GAAP. Reconciliations of these measures to their most directly comparable GAAP measures for the periods that are presented in this presentation can be found in the section entitled “Management’s Discussion and Analysis of Financial Condition and Results of Operations – Non-GAAP Measures” in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2024, filed with the SEC on February 20, 2025.
75 BNL Investor Day | December 2025 Supplemental Definitions 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.
76 BNL Investor Day | December 2025 Supplemental Definitions Continued Definitions and Explanations 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. 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. 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 that we owned for the entire year-to-date period for both current and prior year except for properties during the current or prior year that were under development or invested in through revenue generating capital expenditures. For purposes of comparability, same store rental revenue is presented on a constant currency basis by applying the exchange rate as of the balance sheet date to base currency rental revenue.
77 BNL Investor Day | December 2025 a. Same Store Rental Revenue represents cash base rents for properties, net of uncollectible amounts, that we owned for the entire year-to-date period for both the current and prior year, except for properties during the current or prior year that were under development. b. Leasing to new tenants may be impacted by free rent periods in which no cash is being received. Stabilized annual cash rents on these new leases easing to new tenants may be impacted by free rent periods in which no cash is being received. Stabilized annual cash rents on these new leases impact to prior periods, pro forma same store rental revenue for the three and nine months ended, September 2025, would be 2.7% and 2.2%, respectively. c. Represents tenants as of the most recent period ended whereby collect ion of rent over the entire lease term is not considered probable. Revenue is recognized based on cash received. d. Property count excludes Transitional Capital properties. e. Includes init ial base rents in addit ion to the incremental rents for our revenue generat ing capital expenditures. f. Properties that have initial base rents during periods presented and are no longer in current property portfolio on September 30, 2025. g. Includes operating expenses billed to tenants, other income from real estate transactions, including lease termination fee in come, and rents from transit ional capital properties. Three months ended September 30, Number of Properties 2025 2024 $ Change % Change Same Store Properties: Contractual rent increases Total 666 $ 82,523 $ 80,921 1,602 2.0% Industrial 171 47,705 46,823 882 1.9% Retail 470 27,404 26,883 521 1.9% Other 25 7,414 7,215 199 2.8% Revenue generating capital expenditures during periods (e) 6 2,211 1,997 214 Leasing activity 30 4,399 3,667 732 Cash basis tenants (c) 10 1,268 1,325 (57) Currently vacant 3 80 163 (83) Same store rental revenue 715 90,481 (b) 88,073 (b) 2,408 2.7% Industrial 185 52,931 50,898 2,033 4.0% Retail 501 29,530 29,293 237 0.8% Other 29 8,020 7,881 139 1.8% Non-Same Store Properties: Investments during periods 44 (d) 12,240 5,408 Contractual rental amounts - current property portfolio 759 102,721 93,481 Sold during and prior to periods 81 (f) 248 2,300 Contractual rental amounts 840 102,969 95,781 Straight-line and other non-cash adjustments N/A 5,402 6,159 Other revenue (g) N/A 5,795 6,443 Constant currency adjustment N/A 1 13 Total Lease revenues, net $ 114,167 $ 108,396 Same Store, and Non-Same Store Properties Same Store Rental Revenue | Three Months Ended September 30, 2025 Same Store Rental Revenue (a): 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 properti es that we owned for the entire year-to-date period for both current and prior year except for properties during the current or prior year that were under development or invested in through revenue generating capital expenditures. For purposes of comparability, same store rental revenue is presented on a constant currency basis by applying the exchange rate as of the balance sheet date to base currency rental revenue.
78 BNL Investor Day | December 2025 a. Refer to Same Store Rental Revenue definition on slide 77 b. Leasing to new tenants may be impacted by free rent periods in which no cash is being received. Stabilized annual cash rents on these new leases easing to new tenants may be impacted by free rent periods in which no cash is being received. Stabilized annual cash rents on these new leases impact to prior periods, pro forma same store rental revenue for the three and nine months ended, September 2025, would be 2.7% and 2.2%, respectively. c. Represents tenants as of the most recent period ended whereby collect ion of rent over the entire lease term is not considered probable. Revenue is recognized based on cash received. d. Property count excludes Transitional Capital properties. e. Includes init ial base rents in addit ion to the incremental rents for our revenue generat ing capital expenditures. f. Properties that have initial base rents during periods presented and are no longer in current property portfolio on September 30, 2025. g. Includes operating expenses billed to tenants, other income from real estate transactions, including lease termination fee in come, and rents from transit ional capital properties. Nine months ended September 30, Number of Properties 2025 2024 $ Change % Change Same Store Properties (a): Contractual rent increases Total 666 246,401 241,950 4,451 1.8% Industrial 171 142,323 139,973 2,350 1.7% Retail 470 81,975 80,404 1,571 2.0% Other 25 22,103 21,574 529 2.5% Revenue generating capital expenditures during periods (e) 6 6,344 5,957 387 Leasing activity 30 12,253 12,292 (39) Cash basis tenants (c) 10 3,897 3,948 (51) Currently vacant 3 378 488 (110) Same store rental revenue 715 269,273 (b) 264,635 (b) 4,638 1.8% Industrial 185 156,523 153,387 3,136 2.0% Retail 501 88,587 87,684 903 1.0% Other 29 24,163 23,564 599 2.5% Non-Same Store Properties: Investments during periods 44 (d) 32,091 8,407 Contractual rental amounts - current property portfolio 759 301,364 273,042 Sold during and prior to periods 81 (f) 2,221 14,951 Contractual rental amounts 840 303,585 287,993 Straight-line and other non-cash adjustments N/A 16,714 15,323 Other revenue (g) N/A 15,674 16,277 Constant currency adjustment N/A (130) 77 Total Lease revenues, net $ 335,843 $ 319,670 Same Store Rental Revenue | Nine Months Ended September 30, 2025 Same Store, and Non-Same Store Properties
79 BNL Investor Day | December 2025 GAAP Reconciliations 1. Amount includes $1.3 million of unrealized and realized foreign exchange loss for the three months ended September 30, 2025, primarily associated with our Canadian dollar denominated revolver borrowings. 2. Excludes 1,071,038 weighted average shares of unvested restricted common stock for the three months ended September 30, 2025. 3. Excludes $0.3 million from the numerator for the three months ended September 30, 2025, related to dividends declared on shares of unvested restricted common stock. Funds from operations (FFO), Core FFO, and Adjusted Funds from Operations (AFFO) Three Months Ended September 30, 2025 June 30, 2025 March 31, 2025 December 31, 2024 September 30, 2024 Net income $ 27,065 $ 19,830 $ 17,493 $ 27,607 $ 37,268 Real property depreciation and amortization 40,164 42,492 39,411 42,902 37,932 Gain on sale of real estate (3,259) (566) (405) (8,196) (2,441) Provision for impairment of investment in rental properties 6,999 11,939 16,128 17,690 1,059 FFO $ 70,969 $ 73,695 $ 72,627 $ 80,003 $ 73,818 Net write-offs of accrued rental income 755 3 2,228 120 — Other non-core income from real estate transactions (27) (46) (63) (1,183) (887) Cost of debt extinguishment — — 165 — — Severance and employee transition costs 1 53 1 187 98 Other (income) expenses (1) (1,312) 3,445 322 (4,700) 942 Core FFO $ 70,386 $ 77,150 $ 75,280 $ 74,427 $ 73,971 Straight-line rent adjustment (4,960) (5,586) (5,907) (6,312) (5,309) Adjustment to provision for credit losses — (13) — — — Amortization of debt issuance costs 1,357 1,328 1,237 983 983 Non-capitalized transaction costs 125 142 117 299 25 Realized gain or loss on interest rate swaps and other non-cash interest expense 6,116 7 2 (6) (5) Amortization of lease intangibles (1,198) (1,191) (1,064) (991) (1,309) Stock-based compensation 2,488 2,471 2,147 1,977 1,829 Deferred taxes — — — 155 — AFFO $ 74,314 $ 74,308 $ 71,812 $ 70,532 $ 70,185 Diluted weighted average shares outstanding (2) 197,632 197,138 196,898 196,697 196,932 Net earnings per diluted share (3) $ 0.14 $ 0.10 $ 0.09 $ 0.14 $ 0.19 FFO per diluted share (3 0.36 0.37 0.37 0.41 0.37 Core FFO per diluted share (3) 0.35 0.39 0.38 0.38 0.37 AFFO per diluted share (3) 0.37 0.38 0.36 0.36 0.35
80 BNL Investor Day | December 2025 GAAP Reconciliations 1. 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. 2. 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. 3. Ref lects an adjustment to give effect to all dispositions during the quarter as if they had been sold as of the beginning of the quarter. 4. Amounts include less than $0.2 million of accelerated lease intangible amort ization during the three months ended September 30, 2025. 5. Represents estimated contractual revenues based on in-process development spend to-date. EBITDA, EBITDAre, Adjusted EBITDAre, Net Debt to Annualized Adjusted EBITDAre September 30, 2025 June 30, 2025 March 31, 2025 December 31, 2024 September 30, 2024 Debt Unsecured revolving credit facility $ 95,824 $ 197,880 $ 174,122 $ 93,014 $ 125,482 Unsecured term loans, net 994,550 994,028 893,505 897,201 896,887 Senior unsecured notes, net 1,190,315 846,441 846,252 846,064 845,875 Mortgages, net 57,168 75,685 76,260 76,846 77,416 Debt issuance costs 15,171 9,578 10,300 6,802 7,314 Gross Debt 2,353,028 2,123,612 2,000,439 1,919,927 1,952,974 Cash and cash equivalents (81,966) (20,784) (9,605) (14,845) (8,999) Restricted cash (1,354) (1,192) (1,428) (1,148) (2,219) Net Debt 2,269,708 2,101,636 1,989,406 1,903,934 1,941,756 Estimated net proceeds from forward equity agreements (1) (37,257) (37,722) (38,124) (38,514) (38,983) Pro Forma Net Debt $ 2,232,451 $ 2,063,914 $ 1,951,282 $ 1,865,420 $ 1,902,773 Three Months Ended September 30, 2025 June 30, 2025 March 31, 2025 December 31, 2024 September 30, 2024 Net income $ 27,065 $ 19,830 $ 17,493 $ 27,607 $ 37,268 Depreciation and amortization 40,246 42,575 39,497 42,987 38,016 Interest expense 28,230 21,112 20,074 19,565 18,178 Income taxes 208 199 355 527 291 EBITDA $ 95,749 $ 83,716 $ 77,419 $ 90,686 $ 93,753 Provision for impairment of investment in rental properties 6,999 11,939 16,128 17,690 1,059 Gain on sale of real estate (3,259) (566) (405) (8,197) (2,441) EBITDAre $ 99,489 $ 95,089 $ 93,142 $ 100,179 $ 92,371 Adjustment for current quarter investment activity 2 1,797 573 978 28 4,080 Adjustment for current quarter disposition activity 3 (257) (490) (135) (11) (66) Adjustment to exclude non-recurring and other expenses 4 (177) (332) 44 348 (201) Adjustment to exclude net write-offs of accrued rental income 755 3 2,228 120 — Adjustment to exclude realized / unrealized foreign exchange (gain) loss (1,312) 3,445 322 (4,699) 942 Adjustment to exclude cost of debt extinguishment — — 166 — — Adjustment to exclude other income from real estate transactions (43) (46) (63) (1,183) (887) Adjusted EBITDAre $ 100,252 $ 98,242 $ 96,682 $ 94,782 $ 96,239 Estimated revenues from developments 5 2,544 1,629 631 334 — Pro Forma Adjusted EBITDAre $ 102,796 $ 99,871 $ 97,313 $ 95,116 $ 96,239 Annualized EBITDAre $ 397,956 $ 380,356 $ 372,568 $ 400,716 $ 369,484 Annualized Adjusted EBITDAre 401,008 392,968 386,728 379,128 384,956 Pro Forma Annualized Adjusted EBITDAre 411,184 399,484 389,252 380,464 384,956 Net Debt to Annualized Adjusted EBITDAre 5.7x 5.3x 5.1x 5.0x 5.0x Pro Forma Net Debt to Annualized Adjusted EBITDAre 5.4x 5.2x 5.0x 4.9x 4.9x