Broadstone Net Lease (BNL) is like:

• Realty Income (O) for diversified net lease properties.
• American Tower (AMT) for a diversified portfolio of commercial buildings.

• Commercial Property Net Leases: Broadstone Net Lease provides long-term net lease agreements for its diversified portfolio of single-tenant commercial properties across various industries.

Broadstone Net Lease (BNL) is a real estate investment trust (REIT) that owns a diversified portfolio of net lease properties. As such, its "customers" are the operating companies that lease its properties.

BNL's business model emphasizes tenant and industry diversification to mitigate risk, meaning it does not have a few "major customers" that represent an overwhelming portion of its revenue. Instead, its revenue is derived from a broad base of tenants across various sectors, including industrial, healthcare, office, and retail.

Based on their recent public filings (e.g., Q1 2024 Supplemental Information), while no single tenant constitutes a dominant portion of their portfolio, the companies listed below represent their largest tenants by annualized base rent. It's important to note that even their largest tenant typically accounts for a relatively small percentage (e.g., 2-3%) of their total annualized base rent, reinforcing their diversified strategy.

Largest Tenants by Annualized Base Rent (as of March 31, 2024):

• Mister Car Wash, Inc. (NYSE: MCW)
• Chewy, Inc. (NYSE: CHWY)
• Arcosa, Inc. (NYSE: ACA)
• Life Time Group Holdings, Inc. (NYSE: LTH)
• EssilorLuxottica SA (Euronext Paris: EL)
• GPM Investments LLC (a subsidiary of ARKO Corp., NASDAQ: ARKO)
• Advanced Drainage Systems, Inc. (NYSE: WMS)
• Southeastern Grocers, Inc. (Private Company)
• Rotech Healthcare Inc. (Private Company)
• Camping World Holdings, Inc. (NYSE: CWH)

John D. Moragne, Chief Executive Officer and Director

Mr. Moragne has served as Chief Executive Officer and as a member of Broadstone Net Lease's Board of Directors since March 2023. He previously held various roles within the Company, including Executive Vice President and Chief Operating Officer from 2018 to 2023, General Counsel and Chief Compliance Officer from 2016 through 2018, and Secretary from 2016 to 2021. Prior to joining Broadstone Net Lease, Mr. Moragne was a corporate, securities, and M&A attorney from 2007 to 2016, with experience at firms such as Nixon Peabody LLP and Vaisey Nicholson & Nearpass PLLC. He was also part of the management team of Broadstone Real Estate, LLC, the former external manager, which was acquired by Broadstone Net Lease as part of its management internalization in 2020.

Kevin M. Fennell, Executive Vice President, Chief Financial Officer and Treasurer

Mr. Fennell has served as Executive Vice President and Chief Financial Officer since March 2023 and Treasurer since September 2024. In this role, he is responsible for leading and managing the Company's accounting, tax, internal audit, finance, capital markets, investor relations, and IT/IS functions. Before becoming CFO, Mr. Fennell served as Broadstone Net Lease's Senior Vice President, Capital Markets & Credit Risk from March 2019 to March 2023.

Ryan M. Albano, President and Chief Operating Officer

Mr. Albano serves as President and Chief Operating Officer of Broadstone Net Lease. He previously held the position of Executive Vice President and Chief Financial Officer for the Company. Mr. Albano also served as Executive Vice President and CFO, and as Vice President of Finance, at Broadstone Real Estate LLC, the former external manager, which was acquired by Broadstone Net Lease during its management internalization in 2020.

John D. Callan Jr., Senior Vice President, General Counsel and Secretary

Mr. Callan has served as Senior Vice President since February 2020, General Counsel since August 2018, and Secretary since July 2021. He oversees the legal, corporate governance, and risk management affairs of Broadstone Net Lease. Before joining the Company, Mr. Callan was Corporate Counsel at Kodak Alaris from September 2015 to November 2017, and a corporate and securities attorney at Harter Secrest & Emery from September 2011 to September 2015.

Broadstone Net Lease (BNL) is a real estate investment trust (REIT) that focuses on acquiring, owning, and managing a diversified portfolio of single-tenant commercial properties under long-term, triple-net leases. The company primarily invests in properties across the industrial, retail, healthcare, restaurant, and office sectors in the U.S. and Canada. The addressable market sizes provided below are for the U.S. region, as the most comprehensive data is available for this market.

Addressable Market Sizes (U.S.)

• Overall U.S. Single-Tenant Net Lease Market:
  • In the first quarter of 2025, the total net lease transaction volume reached approximately $9.95 billion.
  • For the year ending Q1 2025, the net lease investment volume was $44.6 billion.
  • Single-tenant net lease investment sales totaled $9.9 billion in the third quarter of 2025, bringing the year-to-date volume to $33.3 billion.
• U.S. Industrial Net Lease Market:
  • Industrial properties accounted for approximately $4.97 billion, or about half of all net lease transaction volume, in Q1 2025.
  • Single-tenant industrial sales volume was $5.4 billion in Q2 2025.
  • In Q3 2025, industrial transactions totaled $5.2 billion in volume, representing 52.2% of the total single-tenant activity.
• U.S. Retail Net Lease Market:
  • The retail sector saw $3.12 billion in net lease transaction volume in Q1 2025.
  • The U.S. single-tenant net-lease retail sector recorded $5.7 billion in sales volume in the first half of 2025.
  • Single-tenant retail sales totaled $2.2 billion in Q2 2025.
  • Retail transactions accounted for $2.2 billion, or 22.3% of total single-tenant deal volume, in Q3 2025.
• U.S. Healthcare Real Estate Market (including net lease):
  • The U.S. healthcare real estate market size was estimated at $1,324.52 billion in 2024 and is projected to grow at a compound annual growth rate of 6.2% from 2025 to 2030, reaching $1,876.77 billion by 2030.
  • The lease model held a market share of 65.10% within the U.S. healthcare real estate market in 2024.
• U.S. Office Net Lease Market:
  • Office volume in the net lease market was $1.86 billion in Q1 2025.
  • Single-tenant office sales were approximately $1.9 billion in Q2 2025.
  • Office transactions followed at $2.5 billion, or 25.6% of total single-tenant deal volume, in Q3 2025.

Broadstone Net Lease (BNL) is anticipated to drive future revenue growth over the next two to three years through several strategic initiatives:

1. Expansion through Build-to-Suit (BTS) Developments: A primary driver for BNL is its robust build-to-suit program. The company has set ambitious targets, aiming for $500 million in new build-to-suit developments in 2026-2027. Its active committed build-to-suit pipeline is expected to deliver approximately $28 million of additional Annual Base Rent (ABR) between Q4 2025 and the end of 2026, representing 6.7% growth in current ABR. These projects boast strong weighted average initial yields of 7.5% and straight-line yields of 8.9%, coupled with long weighted average lease terms of approximately 13.1 years and annual rent increases of around 2.9%.
2. Accretive Acquisitions and Revenue-Generating Capital Expenditures: Broadstone Net Lease continues to pursue new property acquisitions to grow its portfolio. As of Q3 2025, the company invested $353.4 million in new acquisitions year-to-date, with additional acquisitions valued at $103.2 million closed subsequent to the quarter and $67 million under control for Q4. These acquisitions have demonstrated attractive initial cash capitalization rates of 7.1% and weighted average straight-line yields of 8.2%. Furthermore, BNL invests in revenue-generating capital expenditures with existing tenants, which helps to deepen relationships, improve asset quality, and extend lease terms, thereby contributing to sustained revenue growth.
3. Contractual Rent Escalations: A significant portion of BNL's revenue growth is underpinned by embedded contractual rent escalations within its long-term leases. The company reported a sequential quarterly contractual rental obligation growth of 1.2% in Q3 2025. The new build-to-suit developments and recent acquisitions also incorporate strong lease terms with annual rent increases, further contributing to predictable and growing rental income over time.
4. Strategic Portfolio Optimization: Broadstone Net Lease has undertaken a strategic portfolio repositioning, including the disposition of non-core assets such as clinical healthcare properties. This capital recycling strategy allows the company to reallocate capital into higher-yielding investments, particularly build-to-suit projects and acquisitions in its core industrial and retail sectors, enhancing overall portfolio quality and future growth potential.

Share Repurchases

• On March 14, 2023, Broadstone Net Lease's board of directors authorized a $150.0 million common stock repurchase program.
• As of October 2025, the CEO indicated that a stock repurchase plan is in place as a tool, expressing dissatisfaction with the stock price.

Share Issuance

• Broadstone Net Lease completed its Initial Public Offering (IPO) on September 21, 2020, raising $588.3 million in net proceeds.
• As of December 31, 2023, the company had $145.4 million of capacity remaining on its at-the-market (ATM) common equity offering program.
• Between December 31, 2023, and March 31, 2024, the number of common shares issued and outstanding increased from 187,614 to 188,435.

Capital Expenditures

• In the first three quarters of 2025, Broadstone Net Lease invested $433.0 million, including $253.2 million in new property acquisitions, $130.8 million in build-to-suit developments, $40.7 million in transitional capital, and $8.3 million in revenue-generating capital expenditures.
• The company's full-year 2025 guidance for investments in real estate properties ranges between $650 million and $750 million.
• In 2024, BNL invested $404.8 million, primarily comprising $234.3 million in new property acquisitions, $115.3 million in build-to-suit developments, and $52.2 million in transitional capital, with a weighted average initial cash capitalization rate of 7.3%.