Table of Contents 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, 2021 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 ...

Financial Data and Key Metrics Changes - The company reported robust investment activity totaling over $225 million during Q3 2021, with 100% rent collections [7] - Generated AFFO of $55.8 million during the quarter, or $0.33 per diluted share, remaining flat quarter-over-quarter [31] - Revised full-year AFFO guidance to a range of $1.30 to $1.32 per diluted share, representing an implied growth rate of 9.2% at the midpoint [34] Business Line Data and Key Metrics Changes - Closed 11 transactions comprising 18 properties for a total investment of $225.9 million at a weighted average cash cap rate of 6.5% [8] - Acquisitions were primarily in industrial (59%) and health care (31%) sectors, with a smaller concentration in investment-grade retail properties (10%) [8] - Sold six properties for $26.6 million, reflecting the company's disposition strategy focused on risk mitigation [21] Market Data and Key Metrics Changes - Approximately $102 million of additional assets under control, defined as under contract or executed letter of intent, primarily across industrial and retail assets [19] - The current market environment remains highly competitive, with substantial capital from both public and private buyers [19] Company Strategy and Development Direction - The company aims to maximize financial flexibility and support a defensive growth profile as it prepares for an active 2022 [7] - Focused on closing out 2021 with strong Q4 investment activity, revising full-year acquisitions guidance higher to a range of $600 million to $700 million [20] - The company continues to monitor its portfolio closely, with a strong emphasis on tenant quality and lease strength [24] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the current operating profile and health of tenants, with 100% base rent collections during the quarter [25] - The company is optimistic about the acquisition pace being sustainable, despite a highly competitive environment [42] - Management remains cautious about further capital deployment into the office space, monitoring each asset closely [58] Other Important Information - Established a $400 million ATM program and completed a $375 million inaugural public bond offering, enhancing access to capital [28] - Received an upgraded credit rating of Baa2 with a stable outlook from Moody's, aligning with the BBB rating from S&P [29] Q&A Session Summary Question: Acquisition volume guidance increase - Management indicated that the team is capable of supporting a higher level of acquisition volume and continues to source across a broad range of property types [40][41] Question: Seasonality in acquisition activity - Management acknowledged past seasonality but aims for more consistency quarter-to-quarter, with Q4 expected to be robust [43][44] Question: Impact of early lease terminations on AFFO growth - The early lease termination resulted in a drag on FFO per share due to the loss of ABR, but it is viewed as a timing issue [48][49] Question: Office transaction context and future exposure - Management clarified that the recent office transaction was a specific one-off situation and expressed confidence in the broader office portfolio [52][56] Question: Geographic shifts in risk-return benefits - Management noted robust pipeline activity in the Southeast and Southwest, with a focus on risk-adjusted returns in secondary and tertiary markets [60][61] Question: Sourcing of transactions in the quarter - Management highlighted the strength of sourcing capabilities, with many deals being repeat business and some low-marketed opportunities [64][66]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 Title of each class Trading Symbol(s) Name of each exchange on which registered Common Stock, $0.00025 par value BNL The New York Stock Exchange Large accelerated filer ☐ Accelerated filer ☐ 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, 2021, or ☐ Transition report pursuant to section 13 or 15(d) of the Securities Exchange Act of 1934 Comm ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 Title of each class Trading Symbol(s) Name of each exchange on which registered Common Stock, $0.00025 par value BNL The New York Stock Exchange Large accelerated filer ☐ Accelerated filer ☐ 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, 2021, or ☐ Transition report pursuant to section 13 or 15(d) of the Securities Exchange Act of 1934 Commissio ...

Broadstone Net Lease, Inc. (NYSE:BNL) Q1 2021 Earnings Conference Call May 5, 2021 1:30 PM ET Company Representatives Chris Czarnecki - Chief Executive Officer Ryan Albano - Chief Financial Officer Mike Caruso - Senior Vice President of Corporate Finance and Investor Relations Conference Call Participants John Kim - BMO Capital Markets Anthony Paolone - J.P. Morgan Caitlin Burrows - Goldman Sachs Chris Lucas - Capital One Michael Gorman - BTIG Ronald Kamdem - Morgan Stanley Operator Hello! And welcome 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 Common Stock, $0.00025 par value BNL New York Stock Exchange 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, 2021, or ☐ Transition report pursuant to section 13 or 15(d) of the Securities Exchange Act of 1934 Commission File Number 001-39529 BROADSTONE NET LEASE, INC ...

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 ...