Investment and Portfolio Overview - The company invested $210.0 million in 27 properties during the three months ended March 31, 2022, at a weighted average initial cash capitalization rate of 5.7%[79] - As of March 31, 2022, the portfolio comprised 752 properties, with an annualized base rent (ABR) of $347.7 million[81] - The portfolio was approximately 99.8% leased with an ABR weighted average remaining lease term of approximately 10.5 years[79] - Approximately 97.3% of leases have contractual rent escalations, with an ABR weighted average minimum increase of 2.0%[79] - The company’s properties are diversified across 56 different industries, with no single tenant accounting for more than 2.1% of the ABR[79] - The industrial property type represents 46% of the total portfolio ABR, with manufacturing and distribution & warehouse making up 14.6% and 14.1% respectively[82] - Healthcare properties account for 19.1% of the total portfolio ABR, with clinical and healthcare services comprising 7.4% and 3.6% respectively[84] - Restaurant properties make up 15.0% of the total portfolio ABR, with casual dining and quick service restaurants at 7.8% and 7.2% respectively[84] - The portfolio includes properties located in 43 U.S. states and four Canadian provinces, with no single geographic concentration exceeding 10.5% of the ABR[79] Tenant and Revenue Information - Total top 10 tenants contributed $59,529,000 in annual base rent (ABR), representing 17.1% of the total portfolio[86] - The top 20 tenants accounted for $104,215,000 in ABR, which is 30.0% of the total portfolio[86] - The largest tenant, Jack's Family Restaurants LP, has 43 properties with an ABR of $7,166,000, making up 2.1% of the total portfolio[86] - Dollar General Corporation operates 55 properties with an ABR of $5,391,000, representing 1.6% of the total portfolio[86] - The total square footage for the top 10 tenants is 4,215,000 square feet, which is 12.9% of the total portfolio[86] - The top 20 brands have a total ABR of $103,446,000, accounting for 29.8% of the total portfolio[86] - Krispy Kreme Doughnut Corporation has 27 properties with an ABR of $5,034,000, representing 1.4% of the total portfolio[86] - The largest property type by ABR is Quick Service Restaurants, contributing $12,200,000 across multiple tenants[86] - The total number of properties for the top 20 tenants is 327, with a total square footage of 7,815,000 square feet[86] - The ABR for the top 10 brands is $58,545,000, which is 16.8% of the total portfolio[86] Financial Performance - Total lease revenues for the three months ended March 31, 2022, were $93,841,000, an increase of 1.3% compared to $92,642,000 for the three months ended December 31, 2021[99] - The company recognized a gain of $1,196,000 on the sale of real estate during the three months ended March 31, 2022, compared to $3,732,000 for the three months ended December 31, 2021, representing a decrease of 68.0%[104] - Net income for the three months ended March 31, 2022, was $28,441,000, a decrease of 11.7% from $32,226,000 for the three months ended December 31, 2021[106] - The company reported a net earnings per diluted share of $0.16 for the three months ended March 31, 2022, down 15.8% from $0.19 for the three months ended December 31, 2021[106] - Operating expenses for the three months ended March 31, 2022, totaled $48,162,000, an increase of 3.2% from $46,649,000 for the three months ended December 31, 2021[101] - Depreciation and amortization expenses increased to $34,290,000 for the three months ended March 31, 2022, up 2.4% from $33,476,000 for the three months ended December 31, 2021[101] - The company experienced a $1,126,000 increase in other expenses primarily due to a $1,100,000 unrealized foreign exchange loss on CAD borrowings[105] - The company anticipates significant lease expirations in 2030, with 100 properties and an ABR of $53,209,000, accounting for 15.3% of the total portfolio[97] - The company reported a decrease in variable rental amounts earned, totaling $(1,326,000) for the three months ended March 31, 2022, a 100% decline compared to the previous period[99] - Lease revenues increased to $93.841 million for the three months ended March 31, 2022, up 13.5% from $82.698 million in the same period of 2021[108] - The net write-offs of accrued rental income increased by over 100%, from $(442,000) in 2021 to $(1.326 million) in 2022[108] - Net income rose to $28.441 million, an 18.7% increase from $23.960 million in the prior year[118] - The company reported a decrease in general and administrative expenses by 17.0%, from $10.633 million in 2021 to $8.828 million in 2022[108] Debt and Liquidity - Total debt outstanding as of March 31, 2022, was $1.8 billion, with a Net Debt to Annualized Adjusted EBITDAre ratio of 5.14x[121] - The company has a total of 745 properties in the U.S., which accounts for 97.6% of the total portfolio[91] - The company has a remaining capacity of $733.9 million on its Revolving Credit Facility as of March 31, 2022[128] - The company aims to maintain a Net Debt to Annualized Adjusted EBITDAre ratio below 6.0x on a sustained basis through the use of follow-on equity offerings and the ATM Program[126] - Cash and cash equivalents totaled $65.5 million as of March 31, 2022, an increase from $18.4 million at the same time in 2021[137] - The company had approximately $51.9 million of expected obligations due throughout the remainder of 2022, primarily consisting of $48.4 million of interest expense[123] - The company has contractual obligations totaling approximately $2,187.2 million as of March 31, 2022, including interest expenses and tenant improvement allowances[132] - Borrowings under the Revolving Credit Facility and other variable-rate debt totaled $863.6 million as of March 31, 2022, with $720.1 million swapped to a fixed rate[152] Cash Flow and Operations - Net cash provided by operating activities for the three months ended March 31, 2022, was $59,104, compared to $51,780 for the same period in 2021, representing a 14.5% increase[139] - Net cash used in investing activities was $(207,678) for the three months ended March 31, 2022, compared to $(67,661) for the same period in 2021, indicating a significant increase in investment outflows[139] - Net cash provided by financing activities was $186,352 for the three months ended March 31, 2022, compared to $(76,497) for the same period in 2021, showing a substantial improvement in financing cash flows[139] - Funds from Operations (FFO) for the three months ended March 31, 2022, was $61,504, compared to $51,929 for the same period in 2021, reflecting a 18.4% increase[141] - Adjusted EBITDAre for the three months ended March 31, 2022, was $84,440, compared to $81,453 for the same period in 2021, indicating a 3.6% growth[144] - Annualized Adjusted EBITDAre for March 31, 2022, was $337,759, compared to $325,812 for December 31, 2021, showing a 3.7% increase[144] Interest Rate and Currency Risk - The company has fixed-rate debt with a carrying value of approximately $1.7 billion and a fair value of $1.6 billion as of March 31, 2022[150] - A 1% increase in market interest rates would result in a decrease in the fair value of the company's fixed-rate debt by approximately $90.7 million[150] - The company expects a 1% increase or decrease in interest rates to correspond to a $1.4 million increase or decrease in annual interest expense[152] - The company is exposed to foreign currency exchange rate risk due to investments in Canada, funded partially through Canadian dollar borrowings[153] - Unrealized foreign currency gains and losses from Canadian dollar borrowings do not impact cash flows from operations until settled[153] - The company has not engaged in transactions in derivative financial instruments or derivative commodity instruments, except for interest rate swaps[152] - The company believes the foreign currency exchange rate risk on remaining cash flows is immaterial[153] - The company manages interest rate risk by entering into long-term fixed-rate debt and interest rate swaps[150] Accounting Policies and Estimates - There have been no significant changes to critical accounting policies and estimates during the three months ended March 31, 2022[148]

Broadstone Net Lease, Inc. (NYSE:BNL) Q4 2021 Earnings Conference Call February 23, 2022 1:00 PM ET Company Participants Mike Caruso - Senior Vice President of Corporate Finance and Investor Relations Chris Czarnecki - Chief Executive Officer Ryan Albano - Chief Financial Officer John Moragne - Chief Operating Officer Conference Call Participants Caitlin Burrows - Goldman Sachs Ki Bin Kim - Truist Ronald Kamdem - Morgan Stanley Operator Hello, and welcome to the Broadstone Net Lease Fourth Quarter 2021 Earn ...

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 ...