Financial Data and Key Metrics Changes - The company reported AFFO of $46.9 million for Q4 2020, equating to $0.30 per diluted share, which reflects a decrease on a per share basis compared to Q3 2020 due to additional shares issued during the IPO and increased public company costs [20][21] - The balance sheet remains strong with $61 million in cash and full availability on a $900 million credit facility, resulting in a net debt to adjusted EBITDAre ratio of 5.15x as of December 31, 2020 [17][13] - The company received an initial credit rating of BBB with a stable outlook from S&P, leading to reduced interest costs on existing debt [13][17] Business Line Data and Key Metrics Changes - The portfolio includes 640 properties across 41 states and 1 property in Canada, with a 99.2% lease rate and a weighted average remaining lease term of 10.7 years [12] - The company closed 6 transactions in Q4, comprising 19 properties for a total investment of $100.3 million, with a weighted average first-year cash cap rate of 6.9% [8][9] - The company sold 6 properties for approximately $24 million at a weighted average cap rate of 9.5%, representing a gain of approximately $1 million over the original purchase price [11] Market Data and Key Metrics Changes - The company noted strong collection results, achieving a 99% collection rate for Q4 2020, with trends continuing to strengthen into 2021 [7][18] - The company is seeing strong flows of potential investment opportunities, with an active pipeline exceeding $900 million [14] Company Strategy and Development Direction - The company maintains a diversified net lease investment strategy with a focus on industrial, healthcare, select retail, and quick-service restaurant properties [6][15] - The management team is focused on executing capital markets initiatives, including gaining access to the investment-grade bond market for future long-term debt capital [6][13] - The company aims to complete between $450 million and $550 million of new acquisitions in 2021, with a strong emphasis on risk-adjusted returns [14][22] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the operating environment, citing broad vaccination efforts and improving collection trends [7][18] - The company is committed to generating attractive risk-adjusted returns while creating long-term value for shareholders [24] - Management indicated that the current market backdrop requires nimbleness and patience, with a focus on long-term growth [15][24] Other Important Information - The company plans to evaluate future increases to its dividend as it continues to grow its earnings base, targeting a long-term AFFO payout ratio in the mid-70% to low 80% range [23] - The company has effectively resolved issues related to properties previously leased by Art Van Furniture, with significant leasing progress made [19] Q&A Session Summary Question: Can you provide more detail on how you sourced the six transactions in the quarter? - The sourcing was diversified, with transactions involving existing tenants and prior relationships with developers [26][27] Question: How does the 2021 guidance for acquisitions compare to historical averages? - The midpoint of $500 million in acquisitions is consistent with the historical average from 2015 to 2019 [28] Question: What are the expectations for the healthcare vertical and its growth potential? - The healthcare focus includes hospital-affiliated groups and regional physician practices, with cap rates in the mid-6% range [32] Question: How does the company plan to manage potential seasonality in acquisitions? - The company maintains a vibrant pipeline and is focused on long-term growth, with some near-term impacts on AFFO expected [41] Question: What is the company's strategy regarding office properties? - The company is maintaining dialogue with office tenants and is open to advantageous solutions but is currently not focused on acquisitions in that sector [67]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2020 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _______ to _______ Commission file number 001-39529 BROADSTONE NET LEASE, INC. (Exact name of registrant as specified in its charter) Maryland 26-1516177 (State or ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q ☒ Quarterly report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the quarterly period ended September 30, 2020, or ☐ Transition report pursuant to section 13 or 15(d) of the Securities Exchange Act of 1934 Commission File Number 001-39529 | --- | --- | |---------------------------------------------------------------------------------------------------|----------------------------------------------- ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 None FORM 10-Q ☒ Quarterly report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the quarterly period ended June 30, 2020, or ☐ Transition report pursuant to section 13 or 15(d) of the Securities Exchange Act of 1934 Commission File Number 000-55774 BROADSTONE NET LEASE, INC. (Exact name of registrant as specified in its charter) Maryland 26-1516177 (State or other jurisdiction of incorporation or organizatio ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 Title of each class Trading Symbol(s) Name of each exchange on which registered None FORM 10-Q ☒ Quarterly report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the quarterly period ended March 31, 2020, or ☐ Transition report pursuant to section 13 or 15(d) of the Securities Exchange Act of 1934 Commission File Number 000-55774 BROADSTONE NET LEASE, INC. (Exact name of registrant as specified in its charter) ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2019 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _______ to _______ | --- | --- | --- | --- | --- | |-----------------------------------------------------------------------------------------------------|--------| ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 Title of each class Trading Symbol(s) Name of each exchange on which registered None FORM 10-Q ☒ Quarterly report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the quarterly period ended September 30, 2019, or ☐ Transition report pursuant to section 13 or 15(d) of the Securities Exchange Act of 1934 Commission File Number 000-55774 BROADSTONE NET LEASE, INC. (Exact name of registrant as specified in its char ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q ☒ Quarterly report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the quarterly period ended June 30, 2019, or ☐ Transition report pursuant to section 13 or 15(d) of the Securities Exchange Act of 1934 Commission File Number 000-55774 BROADSTONE NET LEASE, INC. (Exact name of registrant as specified in its charter) Maryland 26-1516177 (State or other jurisdiction of incorporation or organization) (I ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q ☒ Quarterly report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the quarterly period ended March 31, 2019, or ☐ Transition report pursuant to section 13 or 15(d) of the Securities Exchange Act of 1934 Commission File Number 000-55774 | --- | --- | |---------------------------------------------------------------------------------------------------|--------------------------------------------------- ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2018 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _______ to _______ Commission file number 000-55774 BROADSTONE NET LEASE, INC. (Exact name of registrant as specified in its charter) Maryland 26-1516177 (State or ...