EX-99.2 3 bnl-ex99_2.htm EX-99.2 EX-99.2

Exhibit 99.2

toneet Lease, Inc. (NYSE: BNL) is a Real Estate Investment Trust (REIT) that acquires, owns, and manages single-tenant commercial real estate properties that are net leased on a long-term basis to a diversified group of tenants. www.broadstone.com


Section	Page
About the Data	3
Company Overview	4
Quarterly Financial Summary	5
Balance Sheet	6
Income Statement Summary	7
Funds From Operations (FFO), Core Funds From Operations (Core FFO), and Adjusted Funds From Operations (AFFO)	8
Lease Revenues Detail	9
Capital Structure	10
Equity Rollforward	11
Debt Outstanding	12
Interest Rate Swaps	13
EBITDA, EBITDAre, and Other Non-GAAP Operating Measures	14
Net Debt Metrics & Covenants	15
Debt & Swap Maturities	16
Investment Activity	17
Transitional Capital & Built-to-Suit Development Projects	18
Dispositions & Portfolio at a Glance: Key Metrics	19
Diversification: Tenants and Brands	20-23
Diversification: Property Type	24-25
Key Statistics by Property Type	26
Diversification: Tenant Industry	27
Diversification: Geography	28
Lease Expirations	29
Portfolio Occupancy	30
Definitions and Explanations	31-32

About the Data

This data and other information described herein are as of and for the three months ended March 31, 2025 unless otherwise indicated. Future performance may not be consistent with past performance and is subject to change and inherent risks and uncertainties. This information should be read in conjunction with Broadstone Net Lease, Inc.’s Annual Report on Form 10-K for the year ended December 31, 2024, including the financial statements and the management’s discussion and analysis of financial condition and results of operations sections.

Forward Looking Statements

Information set forth herein contains forward-looking statements, which reflect our current views regarding our business, financial performance, growth prospects and strategies, market opportunities, and market trends. Forward-looking statements include all statements that are not historical facts. In some cases, you can identify these forward-looking statements by the use of words such as “outlook,” “believes,” “expects,” “potential,” “continues,” “may,” “will,” “should,” “could,” “would be,” “seeks,” “approximately,” “projects,” “predicts,” “intends,” “plans,” “estimates,” “anticipates,” or the negative version of these words or other comparable words. All of the forward-looking statements herein are subject to various risks and uncertainties. Assumptions relating to the foregoing involve judgments with respect to, among other things, future economic, competitive and market conditions, and future business decisions, all of which are difficult or impossible to predict accurately and many of which are beyond our control. Although we believe that the expectations reflected in such forward-looking statements are based on reasonable assumptions, our actual results, performance, and achievements could differ materially from those expressed in or by the forward-looking statements and may be affected by a variety of risks and other factors. Accordingly, there are or will be important factors that could cause actual outcomes or results to differ materially from such forward-looking statements. These factors include, but are not limited to, risks and uncertainties related to general economic conditions, including but not limited to increases in the rate of inflation and/or interest rates, local real estate conditions, tenant financial health, and property acquisitions and the timing of these investments and acquisitions. These and other risks, assumptions, and uncertainties are described in our filings with the SEC, which are available on the SEC’s website at www.sec.gov.

You are cautioned not to place undue reliance on any forward-looking statements included herein. All forward-looking statements are made as of the date of this document and the risk that actual results, performance, and achievements will differ materially from the expectations expressed or referenced herein will increase with the passage of time. We undertake no obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments, or otherwise, except as required by law.

IP 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.

Company Overview

Broadstone Net Lease, Inc. (NYSE:BNL) (the “Company”, “BNL”, “us”, “our”, and “we”) is an industrial-focused, diversified net lease real estate investment trust (“REIT”) that invests in primarily single-tenant commercial real estate properties that are net leased on a long-term basis to a diversified group of tenants. We primarily, and selectively, invest in real estate across industrial and retail property types. We target properties with credit worthy tenants in industries characterized by positive business drivers and trends, where the properties are an integral part of the tenants’ businesses and there are opportunities to secure long-term net leases. Through long-term net leases, our tenants are able to retain operational control of their strategically important locations, while allocating their debt and equity capital to fund core business operations rather than real estate ownership.

     Executive TeamJohn D. Moragne
Chief Executive Officer and Member, Board of Directors
Ryan M. Albano
President and Chief Operating Officer
Kevin M. Fennell
Executive Vice President, Chief Financial Officer and Treasurer
John D. Callan, Jr.
Senior Vice President, General Counsel, and Secretary
Michael B. Caruso
Senior Vice President, Underwriting & Strategy
Will D. Garner
Senior Vice President, Acquisitions
Jennie L. O’Brien 
Senior Vice President and Chief Accounting Officer
Molly Kelly Wiegel
Senior Vice President, Human Resources & Administration
 

      
     Board of DirectorsLaurie A. Hawkes
Chairman of the Board
John D. Moragne
Chief Executive Officer
Denise Brooks-Williams
Michael A. Coke
Jessica Duran
Laura Felice
Richard Imperiale
David M. Jacobstein
Shekar Narasimhan
Joseph Saffire
James H. Watters
 
 

    

     Company Contact InformationBrent Maedl
Director, Corporate Finance & Investor Relations
[email protected]
585-382-8507
 
Transfer AgentComputershare Trust Company, N.A.
150 Royall Street
Canton, Massachusetts 02021
800-736-3001

Quarterly Financial Summary

(unaudited, dollars in thousands except per share data)


	Q1 2025			Q4 2024			Q3 2024			Q2 2024			Q1 2024
Financial Summary
Investment in rental property	$	5,032,276		$	4,994,057		$	5,018,626		$	4,840,961		$	4,666,969
Less accumulated depreciation		(694,990	)		(672,478	)		(644,214	)		(627,871	)		(606,225	)
Property under development		35,492			18,784			—			165,014			133,064
Investment in rental property, net		4,372,778			4,340,363			4,374,412			4,378,104			4,193,808
Cash and cash equivalents		9,605			14,845			8,999			18,282			221,740
Restricted cash		1,428			1,148			2,219			1,614			1,038
Total assets		5,237,186			5,216,417			5,263,286			5,264,557			5,269,655
Unsecured revolving credit facility		174,122			93,014			125,482			79,096			73,820
Mortgages, net		76,260			76,846			77,416			77,970			78,517
Unsecured term loans, net		893,505			897,201			896,887			896,574			896,260
Senior unsecured notes, net		846,252			846,064			845,875			845,687			845,498
Total liabilities		2,156,372			2,074,993			2,124,927			2,067,147			2,051,951
Total Broadstone Net Lease, Inc. equity		2,949,734			3,003,745			2,999,074			3,054,802			3,073,622
Total equity (book value)		3,080,814			3,141,424			3,138,359			3,197,410			3,217,704

Revenues		108,690			112,130			108,397			105,907			105,366
General and administrative - other		7,525			7,951			6,893			7,831			7,957
Stock based compensation		2,147			1,977			1,829			2,073			1,475
General and administrative		9,672			9,928			8,722			9,904			9,432
Total operating expenses		70,785			77,369			54,811			56,463			79,264
Interest expense		20,074			19,564			18,178			17,757			18,578
Net income		17,493			27,607			37,268			35,937			68,177
Net earnings per common share, diluted	$	0.09		$	0.14		$	0.19		$	0.19		$	0.35

FFO		72,627			80,003			73,818			73,725			73,135
FFO per share, diluted	$	0.37		$	0.41		$	0.37		$	0.37		$	0.37
Core FFO		75,280			74,427			73,971			73,001			74,072
Core FFO per share, diluted	$	0.38		$	0.38		$	0.37		$	0.37		$	0.38
AFFO		71,812			70,532			70,185			70,401			70,873
AFFO per share, diluted	$	0.36		$	0.36		$	0.35		$	0.36		$	0.36

Net cash provided by operating activities		71,459			63,911			67,303			74,172			70,867
Capital expenditures and improvements		1,106			2,205			1,180			134			132
Capital expenditures and improvements - revenue generating		13,242			3,755			6,351			38			3,000
Net cash (used in) provided by investing activities		(85,335	)		27,338			(65,618	)		(225,708	)		204,285
Net cash provided by (used in) financing activities		8,916			(86,474	)		(10,363	)		(51,346	)		(73,006	)
Distributions declared		58,874			57,209			56,354			57,710			57,292
Distributions declared per diluted share	$	0.290		$	0.290		$	0.290		$	0.290		$	0.285

Balance Sheet

(unaudited, in thousands)


	March 31, 2025			December 31, 2024			September 30, 2024			June 30, 2024			March 31, 2024
Assets
Accounted for using the operating method:
Land	$	780,817		$	778,826		$	784,545		$	773,224		$	724,199
Land improvements		360,197			357,142			357,090			324,138			316,170
Buildings and improvements		3,848,623			3,815,521			3,834,310			3,708,366			3,591,260
Equipment		16,070			15,843			15,824			8,248			8,247
Total accounted for using the operating method		5,005,707			4,967,332			4,991,769			4,813,976			4,639,876
Less accumulated depreciation		(694,990	)		(672,478	)		(644,214	)		(627,871	)		(606,225	)
Accounted for using the operating method, net		4,310,717			4,294,854			4,347,555			4,186,105			4,033,651
Accounted for using the direct financing method		25,999			26,154			26,285			26,413			26,522
Accounted for using the sales-type method		570			571			572			572			571
Property under development		35,492			18,784			—			165,014			133,064
Investment in rental property, net		4,372,778			4,340,363			4,374,412			4,378,104			4,193,808
Investment in rental property and intangible lease assets held for sale, net		—			—			38,779			—			—
Cash and cash equivalents		9,605			14,845			8,999			18,282			221,740
Accrued rental income		166,436			162,717			158,350			153,551			149,203
Tenant and other receivables, net		2,581			3,281			2,124			2,604			836
Prepaid expenses and other assets		52,260			41,584			36,230			33,255			33,149
Interest rate swap, assets		29,681			46,220			27,812			56,444			57,900
Goodwill		339,769			339,769			339,769			339,769			339,769
Intangible lease assets, net		264,076			267,638			276,811			282,548			273,250
Total assets	$	5,237,186		$	5,216,417		$	5,263,286		$	5,264,557		$	5,269,655
Liabilities and equity
Unsecured revolving credit facility	$	174,122		$	93,014		$	125,482		$	79,096		$	73,820
Mortgages, net		76,260			76,846			77,416			77,970			78,517
Unsecured term loans, net		893,505			897,201			896,887			896,574			896,260
Senior unsecured notes, net		846,252			846,064			845,875			845,687			845,498
Interest rate swap, liabilities		3,353			—			13,050			—			—
Accounts payable and other liabilities		48,424			48,983			47,651			42,635			40,655
Dividends payable		58,220			58,317			58,163			58,028			56,871
Accrued interest payable		9,399			5,837			9,642			14,033			9,377
Intangible lease liabilities, net		46,837			48,731			50,761			53,124			50,953
Total liabilities		2,156,372			2,074,993			2,124,927			2,067,147			2,051,951
Equity
Broadstone Net Lease, Inc. equity:
Preferred stock, $0.001 par value		—			—			—			—			—
Common stock, $0.00025 par value		47			47			47			47			47
Additional paid-in capital		3,456,041			3,450,584			3,450,116			3,444,265			3,446,910
Cumulative distributions in excess of retained earnings		(536,074	)		(496,543	)		(467,922	)		(449,893	)		(430,169	)
Accumulated other comprehensive income		29,720			49,657			16,833			60,383			56,834
Total Broadstone Net Lease, Inc. equity		2,949,734			3,003,745			2,999,074			3,054,802			3,073,622
Non-controlling interests		131,080			137,679			139,285			142,608			144,082
Total equity		3,080,814			3,141,424			3,138,359			3,197,410			3,217,704
Total liabilities and equity	$	5,237,186		$	5,216,417		$	5,263,286		$	5,264,557		$	5,269,655

Income Statement Summary

(unaudited, in thousands except per share data)


	Three Months Ended
	March 31, 2025			December 31, 2024			September 30, 2024			June 30, 2024			March 31, 2024
Revenues
Lease revenues, net	$	108,690		$	112,130		$	108,397		$	105,907		$	105,366
Operating expenses
Depreciation and amortization		39,497			42,987			38,016			37,404			37,772
Property and operating expense		5,488			6,764			7,014			5,303			5,660
General and administrative		9,672			9,928			8,722			9,904			9,432
Provision for impairment of investment in rental properties		16,128			17,690			1,059			3,852			26,400
Total operating expenses		70,785			77,369			54,811			56,463			79,264
Other income (expenses)
Interest income		99			42			70			649			233
Interest expense		(20,074	)		(19,564	)		(18,178	)		(17,757	)		(18,578	)
Gain on sale of real estate		405			8,196			2,441			3,384			59,132
Income taxes		(355	)		(527	)		291			(531	)		(408	)
Other (expenses) income		(487	)		4,699			(942	)		748			1,696
Net income		17,493			27,607			37,268			35,937			68,177
Net income attributable to non-controlling interests		(750	)		(1,217	)		(1,660	)		(608	)		(3,063	)
Net income attributable to Broadstone Net Lease, Inc.	$	16,743		$	26,390		$	35,608		$	35,329		$	65,114

Weighted average number of common shares outstanding
Basic (a)		187,865			187,592			187,496			187,436			187,290
Diluted (a)		196,898			196,697			196,932			196,470			196,417
Net earnings per common share (b)
Basic and Diluted	$	0.09		$	0.14		$	0.19		$	0.19		$	0.35

(a)

Excludes 1,016,888 weighted average shares of unvested restricted common stock for the three months ended March 31, 2025.

(b)

Excludes $0.3 million from the numerator for the three months ended March 31, 2025, related to dividends declared on shares of unvested restricted common stock.

Funds From Operations (FFO), Core Funds From Operations (Core FFO), and Adjusted Funds From Operations (AFFO)

(unaudited, in thousands except per share data)


	Three Months Ended
	March 31, 2025			December 31, 2024			September 30, 2024			June 30, 2024			March 31, 2024
Net income	$	17,493		$	27,607		$	37,268		$	35,937		$	68,177
Real property depreciation and amortization		39,411			42,902			37,932			37,320			37,690
Gain on sale of real estate		(405	)		(8,196	)		(2,441	)		(3,384	)		(59,132	)
Provision for impairment of investment in rental properties		16,128			17,690			1,059			3,852			26,400
FFO	$	72,627		$	80,003		$	73,818		$	73,725		$	73,135
Net write-offs of accrued rental income		2,228			120			—			—			2,556
Other non-core income from real estate transactions		(63	)		(1,183	)		(887	)		—			—
Cost of debt extinguishment		165			—			—			—			—
Severance and employee transition costs		1			187			98			24			77
Other (income) expenses (a)		322			(4,700	)		942			(748	)		(1,696	)
Core FFO	$	75,280		$	74,427		$	73,971		$	73,001		$	74,072
Straight-line rent adjustment		(5,907	)		(6,312	)		(5,309	)		(5,051	)		(4,980	)
Adjustment to provision for credit losses		—			—			—			(17	)		—
Amortization of debt issuance costs		1,237			983			983			983			983
Non-capitalized transaction costs		117			299			25			445			182
Realized gain or loss on interest rate swaps and other non-cash interest expense		2			(6	)		(5	)		62			159
Amortization of lease intangibles		(1,064	)		(991	)		(1,309	)		(1,095	)		(1,018	)
Stock-based compensation		2,147			1,977			1,829			2,073			1,475
Deferred taxes		—			155			—			—			—
AFFO	$	71,812		$	70,532		$	70,185		$	70,401		$	70,873

Diluted weighted average shares outstanding (b)		196,898			196,697			196,932			196,470			196,417
Net earnings per diluted share (c)	$	0.09		$	0.14		$	0.19		$	0.19		$	0.35
FFO per diluted share (c)		0.37			0.41			0.37			0.37			0.37
Core FFO per diluted share (c)		0.38			0.38			0.37			0.37			0.38
AFFO per diluted share (c)		0.36			0.36			0.35			0.36			0.36

(a)

Amount includes $0.3 million of unrealized and realized foreign exchange loss for the three months ended March 31, 2025, primarily associated with our Canadian dollar denominated revolver borrowings.

(b)

Excludes 1,016,888 weighted average shares of unvested restricted common stock for the three months ended March 31, 2025.

(c)

Excludes $0.3 million from the numerator for the three months ended March 31, 2025, related to dividends declared on shares of unvested restricted common stock.

Lease Revenues Detail

(unaudited, in thousands)


	Three Months Ended
	March 31, 2025			December 31, 2024			September 30, 2024			June 30, 2024			March 31, 2024
Contractual rental amounts billed for operating leases	$	99,314		$	98,193		$	96,596		$	95,736		$	97,549
Adjustment to recognize contractual operating lease billings on a straight- line basis		6,064			6,444			5,438			5,177			5,104
Net write-offs of accrued rental income		(2,228	)		—			—			—			(2,556	)
Variable rental amounts earned		680			1,098			644			659			598
Earned income from direct financing leases		682			686			691			689			682
Interest income from sales-type leases		14			15			14			15			14
Operating expenses billed to tenants		4,944			5,400			5,537			4,651			5,105
Other income from real estate transactions		77			1,054			907			12			66
Adjustment to revenue recognized for uncollectible rental amounts billed, net		(857	)		(760	)		(1,430	)		(1,032	)		(1,196	)
Total Lease revenues, net	$	108,690		$	112,130		$	108,397		$	105,907		$	105,366

Capital Structure

(in thousands, except per share data)


EQUITY
Shares of Common Stock		189,073
OP Units		8,402
Common Stock & OP Units		197,475
Price Per Share / Unit at March 31, 2025	$	17.04
IMPLIED EQUITY MARKET CAPITALIZATION	$	3,364,972
% of Total Capitalization		62.8	%
DEBT
Unsecured Revolving Credit Facility - 2026	$	174,122
Unsecured Term Loans		900,000
Unsecured Term Loan - 2027		200,000
Unsecured Term Loan - 2028		400,000
Unsecured Term Loan - 2029		300,000
Senior Unsecured Notes		850,000
Senior Unsecured Notes - 2027		150,000
Senior Unsecured Notes - 2028		225,000
Senior Unsecured Notes - 2030		100,000
Senior Unsecured Public Notes - 2031		375,000
Mortgage Debt - Various		76,317
TOTAL DEBT	$	2,000,439
% of Total Capitalization		37.2	%
Floating Rate Debt %		1.5	%
Fixed Rate Debt %		98.5	%
Secured Debt %		3.8	%
Unsecured Debt %		96.2	%

Total Capitalization	$	5,365,411
Less: Cash and Cash Equivalents		(9,605	)
Enterprise Value	$	5,355,806

Equity Rollforward

(in thousands)


	Shares of Common Stock			OP Units			Total Diluted Shares
Balance, January 1, 2025		188,626			8,646			197,272
Grants of restricted stock awards - employees		292			—			292
Retirement of common shares under equity incentive plan		(86	)		—			(86	)
Forfeiture of restricted stock awards		(3	)		—			(3	)
OP unit conversion		244			(244	)		—
Balance, March 31, 2025		189,073			8,402			197,475

Debt Outstanding

(in thousands)


	March 31,			December 31,
	2025			2024			Interest Rate	Maturity Date
Unsecured revolving credit facility	$	174,122		$	93,014		Applicable reference rate + 0.85% (a)	Mar. 2029 (d)
Unsecured term loans:
2026 Unsecured Term Loan		—			400,000		one-month adjusted SOFR + 1.00% (b)	Feb. 2026 (e)
2027 Unsecured Term Loan		200,000			200,000		daily simple adjusted SOFR + 0.95% (c)	Aug. 2027
2028 Unsecured Term Loan		400,000			—		one-month adjusted SOFR + 0.95% (b)	Mar. 2028 (f)
2029 Unsecured Term Loan		300,000			300,000		daily simple adjusted SOFR + 1.25% (c)	Aug. 2029
Total unsecured term loans		900,000			900,000
Unamortized debt issuance costs, net		(6,495	)		(2,799	)
Total unsecured term loans, net		893,505			897,201
Senior unsecured notes:
2027 Senior Unsecured Notes - Series A		150,000			150,000		4.84%	Apr. 2027
2028 Senior Unsecured Notes - Series B		225,000			225,000		5.09%	Jul. 2028
2030 Senior Unsecured Notes - Series C		100,000			100,000		5.19%	Jul. 2030
2031 Senior Unsecured Public Notes		375,000			375,000		2.60%	Sep. 2031
Total senior unsecured notes		850,000			850,000
Unamortized debt issuance costs and original issuance discount, net		(3,748	)		(3,936	)
Total senior unsecured notes, net		846,252			846,064
Total unsecured debt, net	$	1,913,879		$	1,836,279

(a)

At March 31, 2025 and December 31, 2024, a balance of $104.3 million and $23.5 million, respectively, was subject to daily simple SOFR. The remaining balance of $100.0 million CAD borrowings remeasured to $69.8 million USD and $69.5 million USD, at March 31, 2025 and December 31, 2024, respectively, and was subject to daily simple CORRA of 2.77% and 3.32% at March 31, 2025 and December 31, 2024, respectively.

(b)

At March 31, 2025 and December 31, 2024, one-month SOFR was 4.32% and 4.33%, respectively.

(c)

At March 31, 2025 and December 31, 2024, overnight SOFR was 4.41% and 4.49%, respectively.

(d)

Our unsecured revolving credit facility contains two six-month extension options subject to certain conditions, including the payment of an extension fee equal to 0.0625% of the revolving commitments.

(e)

The 2026 Unsecured Term Loan was paid in full on February 28, 2025 with borrowings from the 2028 Unsecured Term Loan.

(f)

Our 2028 unsecured term loan reflected above assumes exercise of two twelve-month extension options subject to certain conditions, including the payment of an extension fee equal to 0.125% of the aggregate principal amount of the loans outstanding under the 2028 term loan facility.


	Origination	Maturity	Interest	March 31,			December 31,
Lender	Date	Date	Rate	2025			2024
Wilmington Trust National Association	Apr. 2019	Feb. 2028	4.92%	$	42,476		$	42,838
Wilmington Trust National Association	Jun. 2018	Aug. 2025	4.36%		18,166			18,283
PNC Bank	Oct. 2016	Nov. 2026	3.62%		15,675			15,792
Total mortgages					76,317			76,913
Debt issuance costs, net					(57	)		(67	)
Mortgages, net				$	76,260		$	76,846


Year of Maturity	Revolving Credit Facility		Mortgages		Term Loans		Senior Notes		Total
2025	$	—	$	19,601	$	—	$	—	$	19,601
2026		—		16,843		—		—		16,843
2027		—		1,596		200,000		150,000		351,596
2028		—		38,277		400,000		225,000		663,277
2029		174,122		—		300,000		—		474,122
Thereafter		—		—		—		475,000		475,000
Total	$	174,122	$	76,317	$	900,000	$	850,000	$	2,000,439

Interest Rate Swaps

(dollars in thousands)


						March 31, 2025
Counterparty	Maturity Date (a)	Fixed Rate (b)			Variable Rate Index	Notional Amount			Fair Value
Effective Swaps: (c)
Truist Financial Corporation	April 2025		2.20	%	daily compounded SOFR	$	25,000		$	—
Bank of Montreal	July 2025		2.32	%	daily compounded SOFR		25,000			130
Truist Financial Corporation	July 2025		1.99	%	daily compounded SOFR		25,000			151
Truist Financial Corporation	December 2025		2.30	%	daily compounded SOFR		25,000			342
Bank of Montreal	January 2026		1.92	%	daily compounded SOFR		25,000			416
Bank of Montreal	January 2026		2.05	%	daily compounded SOFR		40,000			627
Capital One, National Association	January 2026		2.08	%	daily compounded SOFR		35,000			542
Truist Financial Corporation	January 2026		1.93	%	daily compounded SOFR		25,000			415
Capital One, National Association	April 2026		2.68	%	daily compounded SOFR		15,000			203
Capital One, National Association	July 2026		1.32	%	daily compounded SOFR		35,000			1,129
Bank of Montreal	December 2026		2.33	%	daily compounded SOFR		10,000			254
Bank of Montreal	December 2026		1.99	%	daily compounded SOFR		25,000			780
Toronto-Dominion Bank	March 2027		2.46	%	daily compounded CORRA		13,964	(d)		44
Wells Fargo Bank, N.A.	April 2027		2.72	%	daily compounded SOFR		25,000			517
Bank of Montreal	December 2027		2.37	%	daily compounded SOFR		25,000			892
Capital One, National Association	December 2027		2.37	%	daily compounded SOFR		25,000			888
Wells Fargo Bank, N.A.	January 2028		2.37	%	daily compounded SOFR		75,000			2,674
Bank of Montreal	May 2029		2.09	%	daily compounded SOFR		25,000			1,563
Regions Bank	May 2029		2.11	%	daily compounded SOFR		25,000			1,538
Regions Bank	June 2029		2.03	%	daily compounded SOFR		25,000			1,620
U.S. Bank National Association	June 2029		2.03	%	daily compounded SOFR		25,000			1,622
Regions Bank	August 2029		2.58	%	one-month SOFR		100,000			4,015
Toronto-Dominion Bank	August 2029		2.58	%	one-month SOFR		45,000			1,835
U.S. Bank National Association	August 2029		2.65	%	one-month SOFR		15,000			568
U.S. Bank National Association	August 2029		2.58	%	one-month SOFR		100,000			4,033
U.S. Bank National Association	August 2029		1.35	%	daily compounded SOFR		25,000			2,387
Bank of Montreal	March 2030		3.80	%	daily simple SOFR		80,000			(754	)
JPMorgan Chase Bank, N.A.	March 2030		3.79	%	daily simple SOFR		50,000			(437	)
Regions Bank	March 2032		2.69	%	daily compounded CORRA		13,964	(d)		105
U.S. Bank National Association	March 2032		2.70	%	daily compounded CORRA		13,964	(d)		102
Bank of Montreal	March 2034		2.81	%	daily compounded CORRA		27,929	(e)		289
						$	1,044,821		$	28,490
Forward Starting Swaps: (c) (f)
U.S. Bank National Association	June 2030		3.73	%	daily simple SOFR	$	70,000		$	(500	)
Truist Financial Corporation	June 2030		3.73	%	daily simple SOFR		55,000			(405	)
Manufacturers & Traders Trust Company	September 2030		3.71	%	daily simple SOFR		50,000			(355	)
Regions Bank	September 2030		3.69	%	daily simple SOFR		15,000			(101	)
Truist Financial Corporation	September 2030		3.70	%	daily simple SOFR		15,000			(101	)
Toronto-Dominion Bank	December 2030		3.66	%	daily simple SOFR		70,000			(382	)
Regions Bank	December 2030		3.66	%	daily simple SOFR		55,000			(318	)
						$	330,000		$	(2,162	)

Total Swaps						$	1,374,821		$	26,328

(a)

The weighted average maturity date of effective swaps and effective swaps and forward starting swaps combined was 3.3 years and 3.8 years, respectively, at March 31, 2025.

(b)

At March 31, 2025, the weighted average interest rate on all outstanding borrowings was 3.81%, inclusive of a weighted average fixed rate on effective interest rate swaps of 2.48%.

(c)

The classification between “effective” and “forward starting” swaps is determined as of the most recent period presented.

(d)

The contractual notional amount is $20.0 million CAD.

(e)

The contractual notional amount is $40.0 million CAD.

(f)

Forward starting swaps have effective dates that are 5 years prior to each respective maturity date.

EBITDA, EBITDAre, and Other-Non GAAP Operating Measures

(unaudited, in thousands)


	Three Months Ended
	March 31, 2025			December 31, 2024			September 30, 2024			June 30, 2024			March 31, 2024
Net income	$	17,493		$	27,607		$	37,268		$	35,937		$	68,177
Depreciation and amortization		39,497			42,987			38,016			37,404			37,772
Interest expense		20,074			19,565			18,178			17,757			18,578
Income taxes		355			527			291			531			408
EBITDA	$	77,419		$	90,686		$	93,753		$	91,629		$	124,935
Provision for impairment of investment in rental properties		16,128			17,690			1,059			3,852			26,400
Gain on sale of real estate		(405	)		(8,197	)		(2,441	)		(3,384	)		(59,132	)
EBITDAre	$	93,142		$	100,179		$	92,371		$	92,097		$	92,203
Adjustment for current quarter investment activity (a)		978			28			4,080			1,241			—
Adjustment for current quarter disposition activity (b)		(135	)		(11	)		(66	)		(87	)		(4,712	)
Adjustment to exclude non-recurring and other expenses (c)		44			348			(201	)		26			(125	)
Adjustment to exclude net write-offs of accrued rental income		2,228			120			—			—			2,556
Adjustment to exclude realized / unrealized foreign exchange (gain) loss		322			(4,699	)		942			(748	)		(1,696	)
Adjustment to exclude cost of debt extinguishment		166			—			—			—			—
Adjustment to exclude other income from real estate transactions		(63	)		(1,183	)		(887	)		—			—
Adjusted EBITDAre	$	96,682		$	94,782		$	96,239		$	92,529		$	88,226
Estimated revenues from developments (d)		631			334			—			3,458			2,771
Pro Forma Adjusted EBITDAre	$	97,313		$	95,116		$	96,239		$	95,987		$	90,997
Annualized EBITDAre	$	372,568		$	400,716		$	369,484		$	368,388		$	368,812
Annualized Adjusted EBITDAre		386,728			379,128			384,956			370,116			352,904
Pro Forma Annualized Adjusted EBITDAre		389,252			380,464			384,956			383,948			363,988

(a)

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.

(b)

Reflects an adjustment to give effect to all dispositions during the quarter as if they had been sold as of the beginning of the quarter.

(c)

Amounts include less than $0.1 million of accelerated lease intangible amortization during the three months ended March 31, 2025.

(d)

Represents estimated contractual revenues based on in-process development spend to-date.


	Three Months Ended
	March 31, 2025			December 31, 2024			September 30, 2024			June 30, 2024			March 31, 2024
Adjusted EBITDAre	$	96,682		$	94,782		$	96,239		$	92,529		$	88,226
General and administrative		9,628			9,581			8,924			9,878			9,557
Adjusted Net Operating Income ("NOI")	$	106,310		$	104,363		$	105,163		$	102,407		$	97,783
Straight-line rental revenue, net		(6,084	)		(6,317	)		(6,128	)		(5,191	)		(4,929	)
Other amortization and non-cash charges		(1,007	)		(796	)		(1,309	)		(1,095	)		(1,018	)
Adjusted Cash NOI	$	99,219		$	97,250		$	97,726		$	96,121		$	91,836
Annualized Adjusted NOI	$	425,240		$	417,452		$	420,652		$	409,628		$	391,132
Annualized Adjusted Cash NOI		396,876			389,000			390,904			384,484			367,344

Net Debt Metrics

(in thousands)


	March 31, 2025			December 31, 2024			September 30, 2024			June 30, 2024			March 31, 2024
Debt
Unsecured revolving credit facility	$	174,122		$	93,014		$	125,482		$	79,096		$	73,820
Unsecured term loans, net		893,505			897,201			896,887			896,574			896,260
Senior unsecured notes, net		846,252			846,064			845,875			845,687			845,498
Mortgages, net		76,260			76,846			77,416			77,970			78,517
Debt issuance costs		10,300			6,802			7,314			7,825			8,337
Gross Debt		2,000,439			1,919,927			1,952,974			1,907,152			1,902,432
Cash and cash equivalents		(9,605	)		(14,845	)		(8,999	)		(18,282	)		(221,740	)
Restricted cash		(1,428	)		(1,148	)		(2,219	)		(1,614	)		(1,038	)
Net Debt	$	1,989,406		$	1,903,934		$	1,941,756		$	1,887,256		$	1,679,654
Estimated net proceeds from forward equity agreements (a)		(38,124	)		(38,514	)		(38,983	)		—			—
Pro Forma Net Debt	$	1,951,282		$	1,865,420		$	1,902,773		$	1,887,256		$	1,679,654

Leverage Ratios:
Net Debt to Annualized EBITDAre	5.3x			4.8x			5.3x			5.1x			4.6x
Net Debt to Annualized Adjusted EBITDAre	5.1x			5.0x			5.0x			5.1x			4.8x
Pro Forma Net Debt to Annualized Adjusted EBITDAre	5.0x			4.9x			4.9x			4.9x			4.6x

(a)

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.

Covenants

The following is a summary of key financial covenants for the Company’s unsecured debt instruments. The covenants associated with the Revolving Credit Facility, Unsecured Term Loans with commercial banks, and the Series A-C Senior Unsecured Notes, are reported to the respective lenders via quarterly covenant reporting packages. The covenants associated with the 2031 Senior Unsecured Public Notes are not required to be reported externally to third parties, and are instead calculated in connection with borrowing activity and for financial reporting purposes only. These calculations, which are not based on U.S. GAAP measurements, are presented to investors to show that as of March 31, 2025, the Company believes it is in compliance with the covenants.

     Covenants

     Required

     Revolving Credit Facility and Unsecured Term Loans

     Senior Unsecured 
Notes Series 
A, B, & C

     2031 Senior Unsecured Public Notes

Leverage ratio

≤ 0.60 to 1.00

0.33

0.34

Not Applicable

Secured indebtedness ratio

≤ 0.40 to 1.00

0.01

0.01

Not Applicable

Unencumbered coverage ratio

≥ 1.75 to 1.00

5.67

Not Applicable

Not Applicable

Fixed charge coverage ratio

≥ 1.50 to 1.00

4.30

4.30

Not Applicable

Total unsecured indebtedness to 
   total unencumbered eligible 
   property value

≤ 0.60 to 1.00

0.35

0.37

Not Applicable

     Dividends and other restricted 
   payments

     Only applicable 
in case of default

     Not Applicable

     Not Applicable

     Not Applicable

Aggregate debt ratio

≤ 0.60 to 1.00

Not Applicable

Not Applicable

0.37

Consolidated income available for 
   debt to annual debt service 
   charge

≥ 1.50 to 1.00

Not Applicable

Not Applicable

5.25

Total unencumbered assets to 
   total unsecured debt

≥ 1.50 to 1.00

Not Applicable

Not Applicable

2.77

Secured debt ratio

≤ 0.40 to 1.00

Not Applicable

Not Applicable

0.01

Debt Maturities

(dollars in millions)

The Company utilizes diversified sources of debt capital including unsecured bank debt, unsecured notes, and secured mortgages (where appropriate).

     Weighted Average Debt Maturity: 4.4 years (a)

    

(a)

Our Revolving Credit Facility reflected above assumes exercise of two six-month extension options subject to certain conditions, including the payment of an extension fee equal to 0.0625% of the revolving commitments. Our 2028 unsecured term loan reflected above assumes exercise of two twelve-month extension options subject to certain conditions, including the payment of an extension fee equal to 0.125% of the aggregate principal amount of the loans outstanding under the 2028 term loan facility.

Swap Maturities

(dollars in millions)

     Weighted Average Effective Swap Maturity: 3.3 years
Weighted Average Effective & Forward Starting Swap Maturity: 3.8 years

Investment Activity

(square feet and dollars in thousands)

The following tables summarize the Company’s investment activity during 2025.


	Q1 2025
Acquisitions:
Number of transactions		3
Number of properties		6
Square feet		438
Acquisition price	$	59,004
Industrial		41,088
Retail		17,916
Initial cash capitalization rate		7.2	%
Straight-line yield		8.3	%
Weighted average lease term (years)		13.6
Weighted average annual rent increase		2.6	%

Build-to-suit developments:
Investments	$	26,494

Revenue generating capital expenditures:
Number of existing properties		3
Investments	$	2,835
Initial cash capitalization rate		8.0	%
Weighted average lease term (years)		17.7
Weighted average annual rent increase		1.7	%

Total investments	$	88,333
Total initial cash capitalization rate (a)		7.2	%
Total weighted average lease term (years) (a)		13.8
Total weighted average annual rent increase (a)		2.5	%

(a)

Due to the nature of build-to-suit developments not generating revenue during construction, these are excluded from the calculation of total cash capitalization rates, weighted average lease terms, and weighted average rent increases.

Build-to-Suit Development Projects

(square feet and dollars in thousands)

The following table summarizes the Company’s in-process developments as of March 31, 2025:


Property	Projected Rentable Square Feet		Start Date (a)	Target Stabilization Date (a)	Lease Term (Years)		Total Project Commitment (a)		Estimated Total Project Investment (a)		Cumulative Investment		QTD Q1 2025 Investment		Estimated Remaining Investment		Estimated Cash Capitalization Rate (a)			Estimated Straight-line Yield (a)
In-process retail:
7 Brew (High Point - NC)		1	Dec. 2024	Apr. 2025		15.0	$	1,975	$	1,975	$	1,477	$	303	$	498		8.0	%		8.8	%
7 Brew (Charleston - SC)		1	Feb. 2025	Apr. 2025		15.0		1,729		1,729		1,035		1,035		694		7.9	%		8.8	%
In-process industrial:
Sierra Nevada (Dayton - OH)		122	Oct. 2024	Nov. 2025		15.0		58,563		58,563		12,516		7,877		46,047		7.6	%		9.4	%
Sierra Nevada (Dayton - OH)		122	Oct. 2024	Mar. 2026		15.0		55,525		55,525		8,035		3,778		47,490		7.7	%		9.6	%
Southwire (Bremen - GA)		1,200	Dec. 2024	Jul. 2026		10.0		115,411		109,845		11,403		3,118		98,442		7.6	%		8.6	%
Total / weighted average		1,446				12.6		233,203		227,637		34,466		16,111		193,171		7.6	%		9.1	%
Stabilized industrial:
UNFI (Sarasota - FL)		1,016	May 2023	Completed		15.0		204,833		200,958		200,958		10,383		-		7.2	%		8.6	%
Total / weighted average		2,462				13.7	$	438,036	$	428,595	$	235,424	$	26,494	$	193,171		7.4	%		8.8	%

(a)

Refer to definitions and explanations appearing at the end of this supplemental document.

Transitional Capital

The following table summarizes the Company’s transitional capital investments, which are excluded from real estate investment portfolio statistics:


	Q1 2025
Transitional Capital:
Type	Preferred Equity
Investment (’000s) (b)	$	52,200
Stabilized cash capitalization rate (c)		8.0	%
Annualized initial cash NOI yield		7.6	%
Remaining term (years) (d)		2.3
Property type	Retail Center
Underlying property metrics
Number of retail spaces		28
Rentable square footage (“SF”) (’000s)		332
Weighted average remaining lease term (years)		4.0
Occupancy rate (based on SF) (e)		95.2	%
Quarterly rent collection		100.0	%

(b)

Agreement includes commitment to fund up to an additional $7.8 million of preferred capital.

(c)

Represents stated yield with unpaid amounts accruing with preferential payment.

(d)

Agreement contains two one-year extension options subject to a 0.50% extension fee. Repayment at end of term subject to a $3.5 million repayment fee.

(e)

Includes executed leases where rent has not yet commenced.

Dispositions

(square feet and dollars in thousands)

The following table summarizes the Company’s property disposition activity during 2025.


Q1 2025
Property Type	Number of Properties		Square Feet		Acquisition Price		Disposition Price		Net Book Value
Other		3		30	$	9,621		7,385	$	9,802
Total Properties		3		30		9,621		7,385		9,802
Weighted average cash cap rate										9.2	%

Portfolio at a Glance: Key Metrics (a)


	March 31, 2025			December 31, 2024			September 30, 2024			June 30, 2024			March 31, 2024
Properties		769			765			773			777			759
U.S. States		44			44			44			44			44
Canadian Provinces		4			4			4			4			4
Total annualized base rent	$401.3M			$395.5M			$398.2M			$385.5M			$374.1M
Total rentable square footage (“SF”)	39.8M			39.4M			39.7M			38.5M			37.6M
Tenants		204			202			203			207			200
Brands		192			190			191			196			188
Industries		55			55			55			53			53
Occupancy (based on SF)		99.1	%		99.1	%		99.0	%		99.3	%		99.2	%
Rent Collection		99.1	%		99.2	%		99.1	%		99.0	%		99.0	%
Top 10 tenant concentration		21.9	%		21.9	%		21.4	%		20.2	%		20.6	%
Top 20 tenant concentration		35.3	%		35.5	%		34.9	%		33.4	%		34.0	%
Investment grade (tenant/guarantor) (b)		20.1	%		20.2	%		19.8	%		18.1	%		18.4	%
Financial reporting coverage (c)		94.1	%		94.2	%		94.0	%		94.8	%		95.3	%
Rent coverage ratio (restaurants only)	3.2x			3.3x			3.3x			3.3x			3.3x
Weighted average annual rent increases		2.0	%		2.0	%		2.0	%		2.0	%		2.0	%
Weighted average remaining lease term	10.0 years			10.2 years			10.3 years			10.4 years			10.6 years
Master leases (based on ABR)
Total portfolio		40.9	%		41.4	%		40.2	%		41.7	%		43.0	%
Multi-site tenants		68.7	%		69.1	%		69.0	%		71.0	%		71.0	%

(a)

Property metrics exclude transitional capital investments.

(b)

Investment grade tenants are our tenants with a credit rating, and tenants that are subsidiaries or affiliates of companies with a credit rating, as of balance sheet date, of a Baa3/BBB- or higher from one of the three major rating agencies (Moody’s/S&P/Fitch). As of March 31, 2025, we changed our methodology to include subsidiaries or affiliates of our tenants with a credit rating and retrospectively applied this change to all periods presented. We believe this change more accurately reflects our tenant credit exposure and aligns with industry standards when presenting similar metrics.

(c)

Includes 8.7% related to tenants not required to provide financial information under the terms of our lease, but whose financial statements are available publicly at March 31, 2025.

Diversification: Tenants & Brands

Top 20 Tenants


Tenant	Property Type	# of Properties		ABR (’000s)		ABR as a % of Total Portfolio			Square Feet (’000s)		SF as a % of Total Portfolio
Roskam Baking Company, LLC*	Food Processing		7	$	16,236		4.0	%		2,250		5.7	%
United Natural Foods, Inc.	Distribution & Warehouse		1		14,386		3.6	%		1,016		2.6	%
AHF, LLC*	Distribution & Warehouse/Manufacturing		8		9,612		2.4	%		2,284		5.7	%
Joseph T. Ryerson & Son, Inc	Distribution & Warehouse		11		8,025		2.0	%		1,599		4.0	%
Jack’s Family Restaurants LP*	Quick Service Restaurants		43		7,605		1.9	%		147		0.4	%
Dollar General Corporation	General Merchandise		64		6,597		1.6	%		609		1.5	%
Tractor Supply Company	General Merchandise		23		6,473		1.6	%		462		1.2	%
J. Alexander’s, LLC*	Casual Dining		16		6,300		1.6	%		132		0.4	%
Nestle’ Dreyer's Ice Cream Company	Cold Storage		2		6,259		1.6	%		503		1.3	%
Hensley & Company*	Distribution & Warehouse		3		6,231		1.6	%		577		1.3	%
Total Top 10 Tenants			178	$	87,724		21.9	%		9,579		24.1	%

Salm Partners, LLC*	Food Processing		2	$	6,169		1.5	%		426		1.1	%
Axcelis Technologies, Inc.	Flex and R&D		1		5,900		1.5	%		417		1.0	%
BluePearl Holdings, LLC**	Animal Services		13		5,897		1.5	%		159		0.4	%
Red Lobster Hospitality & Red Lobster Restaurants LLC*	Casual Dining		18		5,563		1.4	%		147		0.4	%
Outback Steakhouse of Florida LLC*	Casual Dining		22		5,543		1.4	%		138		0.2	%
Krispy Kreme Doughnut Corporation	Quick Service Restaurants/ Food Processing		27		5,538		1.3	%		156		0.4	%
Big Tex Trailer Manufacturing Inc.*	Automotive/Distribution & Warehouse/Manufacturing/Office		17		5,260		1.2	%		1,303		3.4	%
Arkansas Surgical Hospital, LLC	Clinical & Surgical		1		4,702		1.2	%		129		0.3	%
Carvana, LLC*	Industrial Services		2		4,672		1.2	%		230		0.6	%
Jelly Belly Candy Company	Distribution & Warehouse/Food Processing/General Merchandise		5		4,650		1.2	%		576		1.4	%
Total Top 20 Tenants			286	$	141,618		35.3	%		13,260		33.3	%

*Subject to a master lease.

**Includes properties leased by multiple tenants, some, not all, of which are subject to master leases.

Top 20 Tenant Descriptions (a)

Top 20 Tenant Descriptions (a) (continued)

Top 20 Brands


Brand	Property Type	# of Properties		ABR (’000s)		ABR as a % of Total Portfolio			Square Feet (’000s)		SF as a % of Total Portfolio
Roskam Baking Company, LLC*	Food Processing		7	$	16,236		4.0	%		2,250		5.7	%
United Natural Foods, Inc.	Distribution & Warehouse		1		14,386		3.6	%		1,016		2.6	%
AHF Products*	Distribution & Warehouse/ Manufacturing		8		9,612		2.4	%		2,284		5.7	%
Ryerson	Distribution & Warehouse		11		8,025		2.0	%		1,599		4.0	%
Jack's Family Restaurants*	Quick Service Restaurants		43		7,605		1.9	%		147		0.4	%
Dollar General	General Merchandise		64		6,597		1.6	%		609		1.5	%
Tractor Supply Company	General Merchandise		23		6,473		1.6	%		462		1.2	%
Nestle’	Cold Storage		2		6,259		1.6	%		503		1.3	%
Hensley*	Distribution & Warehouse		3		6,231		1.6	%		577		1.3	%
Salm Partners, LLC*	Food Processing		2		6,169		1.5	%		426		1.1	%
Total Top 10 Brands			164	$	87,593		21.8	%		9,873		24.8	%

Axcelis	Flex and R&D		1		5,900		1.5	%		417		1.0	%
BluePearl Veterinary Partners**	Animal Services		13		5,897		1.5	%		159		0.4	%
Bob Evans Farms*	Casual Dining/Food Processing		21		5,607		1.4	%		281		0.7	%
Red Lobster*	Casual Dining		18		5,563		1.4	%		147		0.4	%
Krispy Kreme	Quick Service Restaurants/ Food Processing		27		5,538		1.3	%		156		0.4	%
Big Tex Trailers*	Automotive/Distribution & Warehouse/Manufacturing/Office		17		5,260		1.2	%		1,303		3.4	%
Outback Steakhouse*	Casual Dining		20		4,796		1.2	%		126		0.3	%
Arkansas Surgical Hospital, LLC	Clinical & Surgical		1		4,702		1.2	%		129		0.3	%
Carvana*	Industrial Services		2		4,672		1.2	%		230		0.6	%
Jelly Belly	Distribution & Warehouse/Food Processing/General Merchandise		5		4,650		1.2	%		576		1.4	%
Total Top 20 Brands			289	$	140,178		34.9	%		13,397		33.7	%

*Subject to a master lease.

**Includes properties leased by multiple tenants, some, not all, of which are subject to master leases.

Diversification: Property Type

(rent percentages based on ABR)

Diversification: Property Type (continued)


Property Type	# of Properties		ABR (’000s)		ABR as a % of Total Portfolio			Square Feet (’000s)		SF as a % of Total Portfolio
Industrial
Distribution & Warehouse		50	$	73,231		18.2	%		10,779		27.1	%
Manufacturing		80		70,359		17.5	%		12,319		31.0	%
Food Processing		34		49,749		12.4	%		5,736		14.4	%
Flex and R&D		10		21,760		5.4	%		1,606		4.0	%
Industrial Services		29		14,944		3.7	%		725		1.9	%
Cold Storage		3		10,046		2.6	%		722		1.8	%
In-process Developments		3		—		—			—		—
Untenanted		2		—		—			344		0.9	%
Industrial Total		211		240,089		59.8	%		32,231		81.1	%
Retail
General Merchandise		143		30,827		7.7	%		2,301		5.8	%
Casual Dining		102		27,419		6.8	%		674		1.7	%
Quick Service Restaurants		151		27,128		6.8	%		514		1.3	%
Automotive		65		12,109		3.0	%		764		1.9	%
Animal Services		27		11,386		2.8	%		421		1.1	%
Home Furnishings		13		7,386		1.9	%		797		2.0	%
Healthcare Services		18		6,050		1.5	%		221		0.5	%
Education		5		3,246		0.8	%		128		0.3	%
In-process Developments		2		—		—			—		—
Retail Total		526		125,551		31.3	%		5,820		14.6	%
Other
Office		14		23,708		5.9	%		1,311		3.3	%
Clinical & Surgical		18		11,981		3.0	%		403		1.0	%
Other Total		32		35,689		8.9	%		1,714		4.3	%
Total		769	$	401,329		100.0	%		39,765		100.0	%

Key Statistics by Property Type


	Q1 2025			Q4 2024			Q3 2024			Q2 2024			Q1 2024
Industrial
Number of properties		211			210			207			206			197
Square feet (000s)		32,231			31,898			31,898			30,602			29,980
Weighted average lease term (years)		10.7			11.0			11.1			11.0			11.3
Weighted average annual rent escalation		2.2	%		2.1	%		2.1	%		2.0	%		2.0	%
Percentage of total ABR		59.8	%		59.6	%		59.1	%		56.0	%		55.8	%

Retail
Number of properties		526			520			519			518			507
Square feet (000s)		5,820			5,712			5,692			5,621			5,337
Weighted average lease term (years)		10.0			10.2			10.5			10.8			10.9
Weighted average annual rent escalation		1.7	%		1.7	%		1.7	%		1.7	%		1.7	%
Percentage of total ABR		31.3	%		31.2	%		30.9	%		31.8	%		31.4	%

Other
Number of properties		32			35			47			53			55
Square feet (000s)		1,714			1,744			2,118			2,227			2,307
Weighted average lease term (years)		4.8			5.0			5.3			6.5			6.4
Weighted average annual rent escalation		2.4	%		2.4	%		2.4	%		2.5	%		2.5	%
Percentage of total ABR		8.9	%		9.2	%		10.0	%		12.2	%		12.8	%

Diversification: Tenant Industry


Industry	# of Properties		ABR (’000s)		ABR as a % of Total Portfolio			Square Feet (’000s)		SF as a % of Total Portfolio
Restaurants		258	$	55,390		13.8	%		1,231		3.1	%
Packaged Foods & Meats		36		51,065		12.7	%		5,873		14.8	%
Food Distributors		7		27,431		6.8	%		2,534		6.4	%
Healthcare Facilities		45		23,368		5.8	%		824		2.1	%
Auto Parts & Equipment		46		20,948		5.2	%		3,168		8.0	%
Specialty Stores		37		19,385		4.8	%		1,696		4.3	%
Distributors		27		17,990		4.5	%		2,757		6.9	%
Home Furnishing Retail		17		12,281		3.1	%		1,692		4.3	%
Specialized Consumer Services		46		12,182		3.0	%		716		1.8	%
Metal & Glass Containers		8		10,813		2.7	%		2,206		5.5	%
General Merchandise Stores		100		10,428		2.6	%		928		2.3	%
Industrial Machinery		20		10,080		2.5	%		1,949		4.9	%
Forest Products		8		9,612		2.4	%		2,284		5.7	%
Healthcare Services		17		9,578		2.4	%		507		1.3	%
Electronic Components		2		6,765		1.7	%		466		1.2	%
Other (40 industries)		93		104,013		26.0	%		10,590		26.5	%
Untenanted properties		2		—		—			344		0.9	%
Total		769	$	401,329		100.0	%		39,765		100.0	%

Diversification: Geography

(rent percentages based on ABR)


State / Province	# of Properties		ABR (’000s)		ABR as a % of Total Portfolio			Square Feet (’000s)		SF as a % of Total Portfolio			State / Province	# of Properties		ABR (’000s)		ABR as a % of Total Portfolio			Square Feet (’000s)		SF as a % of Total Portfolio
TX		65	$	38,385		9.6	%		3,643		9.2	%	MS		12	$	4,132		1.0	%		607		1.5	%
MI		52		36,470		9.1	%		4,019		10.1	%	LA		5		3,833		1.0	%		211		0.5	%
FL		30		26,330		6.6	%		1,661		4.3	%	SC		15		3,555		0.9	%		323		0.8	%
CA		17		24,362		6.1	%		2,282		5.7	%	NE		6		3,364		0.8	%		509		1.3	%
IL		29		22,774		5.7	%		2,364		5.9	%	WA		14		3,350		0.8	%		148		0.4	%
WI		30		19,496		4.9	%		1,945		4.9	%	IA		4		2,922		0.7	%		622		1.6	%
OH		49		16,719		4.2	%		1,584		4.0	%	NM		9		2,751		0.7	%		107		0.3	%
MN		21		16,087		4.0	%		2,500		6.3	%	UT		3		2,749		0.7	%		280		0.7	%
TN		48		15,183		3.8	%		1,084		2.7	%	CO		4		2,589		0.6	%		126		0.3	%
IN		28		14,130		3.5	%		1,852		4.7	%	MD		3		2,152		0.5	%		205		0.5	%
PA		23		12,895		3.2	%		2,169		5.5	%	CT		2		1,898		0.5	%		55		0.1	%
AL		52		12,395		3.1	%		863		2.2	%	MT		7		1,728		0.4	%		43		0.1	%
GA		34		12,125		3.0	%		1,576		4.0	%	DE		4		1,162		0.3	%		133		0.3	%
NC		29		10,591		2.6	%		1,038		2.6	%	ND		2		1,057		0.3	%		24		0.1	%
KY		23		9,258		2.3	%		927		2.3	%	VT		2		432		0.1	%		24		0.1	%
OK		25		9,020		2.2	%		1,006		2.5	%	WY		1		338		0.1	%		21		0.1	%
MO		19		8,941		2.2	%		1,260		3.2	%	NV		1		276		0.1	%		6		0.0	%
AZ		7		8,915		2.2	%		747		1.9	%	OR		1		135		0.0	%		9		0.0	%
NY		28		7,319		1.8	%		562		1.4	%	SD		1		80		0.0	%		9		0.0	%
AR		9		6,675		1.7	%		277		0.7	%	Total U.S.		762	$	393,575		98.1	%		39,336		99.0	%
MA		3		6,332		1.6	%		444		1.1	%	BC		2	$	4,555		1.1	%		253		0.5	%
KS		10		5,580		1.4	%		643		1.6	%	ON		3		1,953		0.5	%		101		0.3	%
WV		17		5,115		1.3	%		884		2.2	%	AB		1		918		0.2	%		51		0.1	%
VA		15		5,057		1.3	%		178		0.4	%	MB		1		328		0.1	%		24		0.1	%
NJ		3		4,918		1.2	%		366		0.9	%	Total Canada		7	$	7,754		1.9	%		429		1.0	%
													Grand Total		769	$	401,329		100.0	%		39,765		100.0	%

Lease Expirations

(rent percentages based on ABR)


Expiration Year	# of Properties		# of Leases		ABR ('000s)		ABR as a % of Total Portfolio			Square Feet ('000s)		SF as a % of Total Portfolio
2025		14		15	$	4,188		1.0	%		228		0.6	%
2026		23		24		11,914		3.0	%		915		2.3	%
2027		29		30		25,865		6.4	%		2,257		5.7	%
2028		28		28		19,916		5.0	%		1,793		4.5	%
2029		60		35		18,410		4.6	%		2,587		6.5	%
2030		87		52		48,799		12.2	%		4,780		12.0	%
2031		31		26		8,185		2.0	%		835		2.1	%
2032		61		46		32,665		8.1	%		3,481		8.8	%
2033		49		23		19,007		4.7	%		1,409		3.5	%
2034		38		27		14,450		3.6	%		1,245		3.1	%
2035		20		16		15,221		3.8	%		2,116		5.3	%
2036		89		23		29,848		7.4	%		2,877		7.2	%
2037		27		13		26,760		6.7	%		2,203		5.5	%
2038		39		35		13,813		3.4	%		1,226		3.1	%
2039		15		11		22,637		5.6	%		1,805		4.5	%
2040		31		5		6,029		1.5	%		312		0.8	%
2041		39		8		16,969		4.2	%		1,367		3.4	%
2042		58		13		44,099		11.0	%		4,803		12.1	%
2043		11		4		9,167		2.3	%		564		1.4	%
2044		3		3		1,660		0.4	%		103		0.3	%
Thereafter		10		3		11,727		3.1	%		2,515		6.4	%
Total leased properties		762		440		401,329		100.0	%		39,421		99.1	%
In-process developments		5		5		—		—			—		—
Untenanted properties		2		—		—		—			344		0.9	%
Total properties		769		445	$	401,329		100.0	%		39,765		100.0	%

Occupancy

Occupancy by Rentable Square Footage

Change in Occupancy


	Number of properties
Vacant properties at January 1, 2025		2
Lease expirations (a)		2
Leasing activities		(2	)
Vacant properties at March 31, 2025		2

(a)

Includes scheduled and unscheduled expirations (including leases rejected in bankruptcy), as well as future expirations resolved and effective in the periods indicated above.

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, 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.

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.

Definitions and Explanations (continued)

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 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.

•

Total Project Commitment: Represents the contractual maximum amount of costs that we are committed to fund for the build-to-suit development project.

Exhibit 99.2

toneet Lease, Inc. (NYSE: BNL) is a Real Estate Investment Trust (REIT) that acquires, owns, and manages single-tenant commercial real estate properties that are net leased on a long-term basis to a diversified group of tenants. www.broadstone.com

Table of Contents

Section

Page

About the Data

3

Company Overview

4

Quarterly Financial Summary

5

Balance Sheet

6

Income Statement Summary

7

Funds From Operations (FFO), Core Funds From Operations (Core FFO), and Adjusted Funds From Operations (AFFO)

8

Lease Revenues Detail

9

Capital Structure

10

Equity Rollforward

11

Debt Outstanding

12

Interest Rate Swaps

13

EBITDA, EBITDAre, and Other Non-GAAP Operating Measures

14

Net Debt Metrics & Covenants

15

Debt & Swap Maturities

16

Investment Activity

17

Transitional Capital & Built-to-Suit Development Projects

18

Dispositions & Portfolio at a Glance: Key Metrics

19

Diversification: Tenants and Brands

20-23

Diversification: Property Type

24-25

Key Statistics by Property Type

26

Diversification: Tenant Industry

27

Diversification: Geography

28

Lease Expirations

29

Portfolio Occupancy

30

Definitions and Explanations

31-32

About the Data

Company Overview

Executive Team

Board of Directors

Company Contact Information

Transfer Agent

Quarterly Financial Summary

Balance Sheet

Income Statement Summary

Funds From Operations (FFO), Core Funds From Operations (Core FFO), and Adjusted Funds From Operations (AFFO)

Lease Revenues Detail

Capital Structure

Equity Rollforward

Debt Outstanding

Interest Rate Swaps

EBITDA, EBITDAre, and Other-Non GAAP Operating Measures

Net Debt Metrics

Covenants

Debt Maturities

Swap Maturities

Portfolio at a Glance: Key Metrics (a)

Diversification: Tenants & Brands

Top 20 Tenants

Top 20 Tenant Descriptions (a)

Top 20 Tenant Descriptions (a) (continued)