#1BROADSTONE NET LEASE, INC. INVESTOR PRESENTATION MAY 2023 TACO BELL NO TACO BELL 1166 HEALTH U Health Physiciens MEC#2DISCLAIMER CAUTIONARY STATEMENTS CONCERNING FORWARD-LOOKING STATEMENTS This presentation contains "forward-looking" statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, regarding, among other things, our plans, strategies, and prospects, both business and financial. Such forward-looking statements can generally be identified by our use of forward-looking terminology such as "may," "will," "should," "expect," "intend," "anticipate," "estimate," "would be," "believe," "continue," or other similar words. Forward-looking statements, including our 2023 guidance, involve known and unknown risks and uncertainties, which may cause BNL's actual future results to differ materially from expected results, including, without limitation, 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, property acquisitions, and the timing and uncertainty of completing these acquisitions, and uncertainties regarding future distributions to our stockholders. These and other risks, assumptions, and uncertainties are described in Item 1A "Risk Factors" of the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2022, filed with the SEC on February 23, 2023, which you are encouraged to read, and is available on the SEC's website at www.sec.gov. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those indicated or anticipated by such forward-looking statements. Accordingly, you are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date they are made. The Company assumes no obligation to, and does not currently intend to, update any forward-looking statements after the date of this presentation, whether as a result of new information, future events, changes in assumptions or otherwise. NON-GAAP FINANCIAL INFORMATION This presentation contains certain financial information that is not presented in conformity with accounting principles generally accepted in the United States of America (GAAP), including funds from operations ("FFO"), core funds from operations ("Core FFO"), adjusted funds from operations ("AFFO"), earnings before interest, taxes, depreciation and amortization ("EBITDA"), EBITDA further adjusted to exclude gains (losses) on sales of depreciable property and provisions for impairment on investments in real estate ("EBITDAre"), Adjusted EBITDAre, Annualized Adjusted EBITDAre and Net Debt. 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. We believe that EBITDA 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 believe that the presentation of Net Debt to Annualized Adjusted EBITDAre is a useful measure of our ability to repay debt and a relative measure of leverage and is used in communications with our lenders and rating agencies regarding our credit rating. Such non- GAAP measures should not be considered in isolation or as an indicator of the Company's performance. Furthermore, they should not be seen as a substitute for metrics prepared in accordance with GAAP. Reconciliations of these measures to their most directly comparable GAAP measures for the periods that are presented in this presentation can be found in the section entitled "Management's Discussion and Analysis of Financial Condition and Results of Operations - Non-GAAP Measures" in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2022, filed with the SEC on February 23, 2023. BROADSTONE 2 INVESTOR PRESENTATION | MAY 2023 NET LEASE, INC.#3BROADSTONE AT-A-GLANCE $389 Million Annualized Base Rent 52% Industrial 17% Healthcare 13% Restaurant 12% Retail 6% Office 39.1 Million Rentable Square Footage 99.4% Occupancy¹ BERKELEY EFF CENTER 801 Properties 44 States 4 Canadian Provinces 10.8 Years WALT 2.0% Annual Escalation $20.0 Million Investments in Q1 2023 Wegmans $225.2 Million Investments Under Control4 100.0% Rent Collections in Q1 94.3% Financial Reporting² OW MAGK 221/209/54 Tenants / Brands / Industries 4.0% Top Tenant³ 19.2% Top Ten Tenants³ Arkansas Surgical As of March 31, 2023. 1 Based on square footage 2 Includes 7.9% of tenants who are public filers 3% of ABR 4 Under contract or executed letter of intent 3 BROADSTONE NET LEASE, INC. $1 Billion Total Revolver Capacity S&P Moody's BBB Baa2 Stable Stable INVESTOR PRESENTATION | MAY 2023#4INVESTMENT THESIS 闺 Established REIT with Longstanding Track Record of Success 15-year operating history pursuing a diversified net lease strategy with a leading team, now proven through two cycles Publicly traded on the NYSE (BNL) with experience operating under substantially all public company requirements since 2017 Continued growth of the portfolio and consistent performance has delivered predictable cash flow and returns to investors Thoughtfully Constructed and Diversified Portfolio with Best-in-Class Metrics ப Deliberate and highly granular diversified strategy with exposure to desirable net lease sectors including industrial and healthcare Significant property type and tenant diversification has acted as a proven defensive hedge against economic distress Top tier portfolio metrics: 2.0% weighted average annual rent escalations, 10.8 years WALT, 19.2% top 10 tenant concentration Active Portfolio Management with Exceptional Results Throughout Multiple Economic Cycles Consistently strong rent collections throughout the COVID-19 pandemic with 100.0% rent collected during Q1 2023 Specialized infrastructure in place to support entire investment lifecycle across different property segments Proactive disposition strategy mitigates portfolio risk while facilitating value creation " Differentiated and Proven Investment Strategy with Attractive Pipeline of Opportunities Diversified strategy allows for capital allocation flexibility across sectors and ensures consistent high-quality deal flow Invested $20.0 million at a weighted average initial cash cap rate of 7.0% in Q1, with $225.2 million of additional investments under our control Scalable Growth-Oriented Platform with Fortified Investment Grade Balance Sheet Optimal size with a large efficient in-place platform, but small enough to drive meaningful growth Investment grade balance sheet (S&P - BBB, Moody's - Baa2) with a robust liquidity profile and no near-term debt maturities Conservative leverage profile with net debt to annualized adjusted EBITDAre of 5.1x Experienced Management Team with Deep Pool of Talent Experienced, cycle-tested management team constructed over 13 years with long-term relationships and expertise Diverse board of directors with meaningful public REIT experience and substantial personal investment in the Company Focus on corporate responsibility has been a cornerstone of Broadstone since inception As of March 31, 2023 unless otherwise noted BROADSTONE NET LEASE, INC. 4 INVESTOR PRESENTATION | MAY 2023#5BROADSTONE NET LEASE, INC. 2007 K EXEC SVP VP $22 $63 2008 2009 99 Employee Tenure (Years) ($mm)1 <2 + + 3 ~ N 5+ 4 2 4% AVERAGE EMPLOYEE TENURE: 4.8 YEARS 12% 11% BROADSTONE NET LEASE (NYSE: BNL) Longstanding operating history and track record of success delivering results to shareholders 24% AVERAGE SENIOR EMPLOYEE TENURE: 6.5 YEARS 2010 49% $3,148 6.9 7.3 5.8 $2,577 $1,937 $1,448 $903 $691 $517 $85 $173 $242 2011 2012 2013 2014 2015 BNL is founded Thoughtful construction of BNL diversified portfolio and team Baa3 Moody's rating Public/ Management BBB Internalization SEC filer & IPO S&P rating 2016 2017 2018 FOUNDATION ACCELERATED GROWTH As of March 31, 2023 unless otherwise noted. 1 Gross asset value "GAV" which is equal to undepreciated book value; represents the fair value of the assets as of the date acquired, less any subsequent write-downs due to impairment charges. 2023E based on midpoint of guidance of $400mm of investments and $175mm of dispositions. 5 INVESTOR PRESENTATION | MAY 2023 2021 2022 $4,572 $4,043 $4,037 2023E $5,652 $5,427#6Q1 2023 AT-A-GLANCE Our Diversified Portfolio Continues to Generate Consistent Results and Steady Same-Store Growth PORTFOLIO OVERVIEW $389 Million Annualized Base Rent 801 Properties 39.1 Million Square Footage KEY OPERATING METRICS 99.4% Occupancy 100% Rent Collection $5.3 billion Enterprise Value 44 +4 States Canadian Provinces $20.0mm Investments $51.9mm Dispositions 221 Tenants 54 Industries 10.8 years Weighted Average Remaining Lease Term 94.3% Tenants providing Financial Reporting 1,2 % 2.0% Weighted Average Rent Escalation 15.6% % Investment Grade Credit Rated Tenants¹ ($ in thousands, except per share data) Revenues Net Income For Three Months Ended A 5.1x Net Debt/ Annualized Adjusted EBITDAre SUMMARY FINANCIAL RESULTS BBB Baa2 S&P Moody's Stable Stable 3/31/2023 $118,992 12/31/2022 $112,135 $41,374 $36,773 Earnings Per Share $0.21 $0.20 Funds From Operations ('FFO') $81,177 $71,718 FFO Per Share $0.41 $0.39 19.2% 31.4% Core Funds From Operations ('Core FFO') Core FFO Per Share $74,473 $70,527 $0.38 $0.38 Top 10 Tenant Concentration1 Top 20 Tenant Concentration¹ Adjusted Funds From Operations ('AFFO') AFFO Per Share Diluted WASO $67,485 $65,584 $0.34 $0.36 196,176 182,971 Note: Information shown as of March 31, 2023, 1 Percent of ABR 2 Includes 7.9% related to tenants not required to provide financial information under their lease terms, but whose financial statements are available publicly 6 INVESTOR PRESENTATION | MAY 2023 BROADSTONE NET LEASE, INC.#7HIGHLY DIVERSIFIED BY TENANT & PROPERTY TYPE TOP 20 TENANTS PROPERTY TYPE DIVERSIFICATION (BY ABR) # of Tenant Property Type ABR as a % of Total Properties Portfolio Roskam Baking Company* AHF Products* Industrial 7 4.0% Industrial 8 2.4% Jack's Family Restaurants* Restaurants 43 1.9% Joseph T Ryerson & Son Industrial 11 1.7% Red Lobster* Axcelis Technologies J. Alexander's* Hensley* Restaurants 19 1.6% Industrial 1 1.6% Healthcare Restaurants 16 1.6% Industrial 3 1.5% Dollar General Retail 60 1.5% BluePearl** Healthcare 13 1.4% Top 10 Tenants 181 19.2% $389mm Annualized Industrial 52% ■ Manufacturing 17% ■ Distribution & Warehouse 13% ■ Food Processing 11% ■ Flex and R&D 5% ■ Cold Storage 3% ■ Industrial Services 3% 17% ■ Clinical 7% ■ Healthcare Services 3% ■ Animal Health Services 3% ■ Surgical 2% ■Life Science 2% Outback Steakhouse* Restaurants 22 1.4% Base Rent Restaurants 13% ■ Casual Dining 7% Tractor Supply Co. Retail 21 1.4% ■ Quick Service Restaurants 6% Big Tex Trailers* Ind./ Retail/ Office 17 1.3% Krispy Kreme Rest. / Ind. 27 1.3% Retail 12% ■ General Merchandise 7% Salm Partners Industrial 2 1.2% ■ Automotive 3% Nestle Dreyer's¹ Industrial 1 1.2% ■ Home Furnishings 2% Carvana* Industrial 2 1.2% ■Child Care 0% Klosterman Bakery* Industrial 11 1.2% Office 6% Arkansas Surgical Hospital Healthcare 1 1.0% Corporate Headquarters 3% American Signature Retail 6 1.0% Strategic Operations 2% ■ Call Center 1% Top 20 Tenants 291 31.4% * Subject to master lease ** Includes properties leased by multiple tenants, some, not all, of which are subject to master leases 1 Nestle's ABR excludes $1.6 million of rent paid under a sub-lease for an additional property, which will convert to a prime lease no later than August 2024 BROADSTONE 7 INVESTOR PRESENTATION | MAY 2023 NET LEASE, INC.#8PORTFOLIO PROPERTY TYPES INDUSTRIAL TOP TENANTS KEY STATISTICS ROSKAM BAKING ABR % | $: 52% | $202mm COMPANY AHF PRODUCTSI RYERSON axcelis Properties: 193 Square Feet: 30.1mm WALT: 11.9 years 52% ABR Wtd Avg. Annual Rent Escalation: 2.0% HEALTHCARE TOP TENANTS KEY STATISTICS ABR % | $: 17% | $68mm bluepearl. PARKIN Properties: 130 PROPERTY TYPE BREAKDOWN Cold Storage 6% Industrial Services 5% Manufacturing 32% Flex and R&D 9% Food Processing 22% Distribution & Warehouse 26% PROPERTY TYPE BREAKDOWN Arkansas Surgical HOSPETAL ARKANSAS SURGICAL HOST TA.. Surgical 16% Square Feet: 2.9mm 17% MEDVET ABR P&Cut Parking Patient Discharge Nangal Fury Rasselues MIMICCANEER CAVER WALT: 7.0 years →→EMERGENCY Source: Company filings as of March 31, 2023 BROADSTONE NET LEASE, INC. Froedtert &COLLEGE of MEDICAL WISCONSIN Wtd Avg. Annual Rent Escalation: 2.3% 8 Life Science 12% Clinical 40% Animal Health Services 16% Healthcare Services 16% INVESTOR PRESENTATION | MAY 2023#9PORTFOLIO PROPERTY TYPES TOP TENANTS OFFICE RETAIL RESTAURANT TACO BELL TRACTOR Source: Company filings as of March 31, 2023 BROADSTONE NET LEASE, INC. KEY STATISTICS PROPERTY TYPE BREAKDOWN Jacks ABR % | $: 13% | $52mm Properties: 247 RED LOBSTER Square Feet: 1.2mm J. ALEXANDER'S RESTAURANT WALT: 14.3 years 13% ABR QSR 48% Casual Dining 52% OUTBACK Wtd Avg. Annual Rent Escalation: 1.8% STEAKHOUSE DOLLAR GENERAL ABR %|$: 12% | $45mm Automotive 28% Properties: 215 TSC TRACTOR SUPPLY CO Square Feet: 3.5mm 12% Home Furnishings 16% ABR WALT: 10.2 years AMERICAN SIGNATURE, INC. M MOUNTAIN EQUIPMENT Wtd Avg. Annual Rent Escalation: 1.6% General Merchandise 55% Child Care 1% aventiv TECHNOLOGIES CENŢENE Corporation B HARRIS BEACH ABR % | $: Properties: Square Feet: WALT: 6% | $23mm 16 1.4mm 6% ABR 6.0 years ATTORNEYS AT LAW Wtd Avg. Annual Rent Escalation: 2.5% verizon wireless 9 Call Center 18% Strategic Operations 39% Corporate Headquarters 43% INVESTOR PRESENTATION | MAY 2023#10SIGNIFICANT GEOGRAPHIC DIVERSITY TOTAL PROPERTIES: 801 TOTAL STATES/PROVINCES: 44 + 4 Canadian provinces As of March 31, 2023, rent percentage based on ABR BROADSTONE NET LEASE, INC. 10 10 PORTFOLIO CONCENTRATION 0.1-3% 3-6% 6-9% 9-10% ABR as a % of State Total Portfolio 1 TX 9.8% 2 MI 8.4% 3 IL 6.2% 4 WI 5.6% CA 4.8% 6 OH 4.8% FL 4.2% 8 IN 4.1% 9 MN 4.0% 10 TN 3.9% Top 10 States 55.8% INVESTOR PRESENTATION | MAY 2023#11SIGNIFICANT CROSS-DIVERSIFICATION Significant Geographic, Property Type, and Industry Diversification Helps to Mitigate State Specific Risk STATE EXPOSURE AT-A-GLANCE State: Texas Concentration: 1 ABR: %|$ 9.8% $38.0mm Tenants: 38 Properties: 72 Property Types: 5 Industries: 20 MSAS: 22 ($ in millions) ■ Dallas $5.8 ■ Houston $1.0 ■ Austin $1.0 $13.1 ■ Sherman ■Mt. Pleasant ■ Lufkin $1.4 $38.0mm $1.5 of ABR ■ Killeen ■ All Other STATE DIVERSIFICATION BY PROPERTY TYPE ($ in millions) Office 8.1 Retail 4.1 $38.0mm of ABR Industrial 14.1 TENANT INDUSTRY Restaurants Health Care Facilities Application Software Managed Health Care Auto Parts & Equipment Home Furnishing Retail Home Furnishings Packaged Foods & Meats Distributors Automotive Retail Restaurant 6.3 Healthcare 5.4 As of March 31, 2023 BROADSTONE NET LEASE, INC. 11 $6.7 $7.5 STATE DIVERSIFICATION BY INDUSTRY PROPERTY TYPE ABR % STATE ABR $6.4 16.9% $5.0 13.1% $4.0 10.4% $3.5 9.2% $3.4 9.0% $3.0 7.9% $2.5 6.6% $1.5 4.0% $1.5 3.9% $1.4 3.6% Industrial Machinery $0.9 2.5% Office Services & Supplies $0.9 2.4% Specialized Consumer Services $0.8 2.2% Building Products $0.7 1.9% General Merchandise Stores $0.6 1.5% Specialty Stores $0.5 1.3% Soft Drinks $0.5 1.2% Health Care Services $0.4 1.1% Metal & Glass Containers $0.4 1.0% Oil & Gas Equipment & Services $0.1 0.3% TOTAL $38.0 100.0% INVESTOR PRESENTATION | MAY 2023#122023 1.2% 2.7% 2024 2025 As of March 31, 2023 BROADSTONE NET LEASE, INC. Q1 ■Industrial WALT: 11.9 2026 Q2 22 100.0% 100.0% TOP-TIER PORTFOLIO METRICS RENT COLLECTION LONG WALT WITH MINIMAL NEAR-TERM EXPIRATIONS 100.0% Q3 40 Q4 Q1 2022 2023 ■Healthcare 7.0 14.0% 6.2% 6.2% 5.8% 4.4% 2.2% 1.8% 2027 2028 2029 2030 2031 12 2032 99.9% 100.0% 2.5% 2.3% Office Healthcare Industrial Restaurant ■Restaurant 14.3 ■Retail 10.2 ■Office 6.0 8.2% 4.8% 3.6% 1.6% 2033 2034 2035 2036 2037 6.8% 4.4% 2.5% 1.8% 1.5% 2038 2039 2040 2041 INVESTOR PRESENTATION | MAY 2023 Retail 5.4% 2042+ 2.0% 1.8% 1.6% RENT ESCALATION Contractual Fixed Increases 85.6% ☑ 80.3% Leases with Annual Increases Weighted Average of 10.8 Years 14.9% CPI- Related 11.7% Flat 2.7%#13DIFFERENTIATED INVESTMENT APPROACH Agile Investment Strategy Enables Identification of Attractive Investment Opportunities Diversified Core Property Sectors ■ A decade plus of experience sourcing, underwriting, and managing a portfolio diversified across traditional and emerging net lease sectors ■ Significant presence in industrial, healthcare, restaurant, and retail + Attractive Capital Allocation ■ Flexibility to identify adjacent property sectors well-suited for long term leases Specialized infrastructure conducive to staying ahead of industry trends Executing acquisitions in emerging sectors prior to institutionalization has helped generate attractive returns Proven Investment Strategy Increased investment opportunity and consistency in deal flow ✓ Enhanced ability to adhere to stringent underwriting standards in competitive environment ✓ Drives attractive risk-adjusted returns over the long-term 449 Industrial Healthcare SHOP Restaurant Retail Cold Storage Lab Space- Veterinary Clinics BROADSTONE 13 INVESTOR PRESENTATION | MAY 2023 NET LEASE, INC.#14SYSTEMATIC INVESTMENT APPROACH EXISTING PORTFOLIO NEW OPPORTUNITIES INVESTMENT TEAMS: SOURCING CHANNELS: CURRENT OWNERS INVESTMENT TYPE DESCRIPTION INDUSTRIAL HEALTHCARE 448 SHOP RESTAURANT / RETAIL BROKERAGE NETWORK DEVELOPMENT PARTNERS TENANT RELATIONSHIPS PRIVATE EQUITY UPREIT SALE LEASEBACK Acquire single-tenant property with a simultaneous new long-term lease with seller ■Maximum flexibility to negotiate lease terms coupled with strength of our own lease form LEASE ASSUMPTION ■ Acquire single-tenant property with existing lease ■ Deepest market opportunity set ■Focus on lease modifications to strengthen lease structure and improve risk-adjusted return FORWARD COMMITMENTS ■Take-out of newly constructed property upon completion from developer or existing tenants ■Drive higher risk-adjusted returns via attractive cap rates and long lease term EXISTING PORTFOLIO ADD-ONS ■Addition of property from existing tenant strengthens relationship and leads to potential future opportunities Directly sourced opportunities from preferred tenants already underwritten and routinely monitored PROPERTY EXPANSIONS & IMPROVEMENTS ■Fund construction for existing single-tenant property with long-term lease already in place ■Collaborate in design and construction of property or approval ■ Opportunity to enhance lease structure and / or extend lease term BROADSTONE NET LEASE, INC. 14 INVESTOR PRESENTATION | MAY 2023 UPDATED#15PROVEN INVESTMENT APPROACH Long-Standing Diversified Strategy Provides Acquisition Flexibility from Year to Year Without Dramatically Influencing Overall Portfolio Concentration Volume ($mm) $1,032 448 SHOP Industrial Guidance $500 Range: $500 $907 $645 $655 $318 $550 $179 $519 $65 $69 $684 $206 $147 $607 $183 $859 لباس $142 Healthcare Restaurant Retail Office $207 $136 $174 $60 $300 Other $22 $80 $90 $27 $1 $112 $128 $100 $6 $3 $233 $175 $35 $64 $166 $77 $125 $71 $92 $65 $20 $13 $5 $15 2015 2016 2017 2018 2019 2020 2021 2022 2023E % of GAV1 Acquisitions Cap Rate² 60.9% 35.8% 35.3% 23.5% 32.8% 2.5% 16.2% 19.8% 7.4%³ 6.9% 6.8% 7.2% 6.9% 6.6% 6.9% 6.3% 6.4% TBD As of March 31, 2023 1% of previous year end, Gross asset value "GAV" means undepreciated book value, which represents the fair value of the assets as of the date acquired, less any subsequent write-downs due to impairment charges 2 Represents the estimated first year cash yield, calculated as specified cash base rent for the first full year after investment divided by property purchase price 3 Represents midpoint of investment guidance as a % of the 2023E midpoint of GAV. 2023E based on guidance of $300mm - $500mm of investments. BROADSTONE NET LEASE, INC. 15 INVESTOR PRESENTATION | MAY 2023#16Conservative Balance Sheet Management & Prudent Capital Allocation 1 2 Defensive leverage profile with broad access to diversified capital sources Carefully constructed platform built to deliver accretive external growth 3 Specialized, national sourcing model with robust pipeline of opportunities 4 Diversified acquisition strategy provides flexibility to optimize risk / return profile 5 "Sweet spot" sizing – meaningful scale yet modest acquisitions move the needle 6 Highly scalable infrastructure already in place and operating efficiently BROADSTONE NET LEASE, INC. 16 INVESTOR PRESENTATION | MAY 2023#17WELL CAPITALIZED BALANCE SHEET Investment Grade Credit Rated Balance Sheet with Well Laddered Maturities and Strong Liquidity TOTAL CAPITALIZATION DETAIL ($ in thousands) Equity Common Stock OP Units Common Stock & OP Units Price Per Share / Unit Equity Market Capitalization % of Total Capitalization Debt Unsecured Revolving Credit Facility Unsecured Term Loan Facilities Senior Unsecured Notes Mortgage Debt - Various Total Debt % of Total Capitalization TOTAL CAPITALIZATION ON MARCH 31, 2023 March 31, 2023 2.0% 1.6% Common Stock 187,203 16.1% OP Units 9,309 Unsecured Term Loans 196,512 Total Capitalization Senior Unsecured Notes 17.1% $5.3B $17.01 60.2% $3,185,331 Mortgage Debt 63.2% Unsecured Revolving Credit Facility 3.0% DEBT MATURITY SCHEDULE $108,330 ($mm) 900,000 Unsecured Credit Facilities Unsecured Revolving Credit Facility Senior Unsecured Notes Mortgages Undrawn Revolver Capacity $1,417 850,000 85,853 $1,944,183 36.8% Enterprise Value Total Capitalization $5,286,852 $352 $375 $300 $263 $100 $7 $2 $20 $0 Less: Cash and Cash Equivalents (15,412) Enterprise Value $5,271,440 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032+ BROADSTONE NET LEASE, INC. 17 INVESTOR PRESENTATION | MAY 2023#18EMPHASIS PLACED ON LIQUIDITY Conservative Leverage Profile & Ample Liquidity to Navigate Current and Future Economic Uncertainly KEY CREDIT METRICS AS OF MARCH 31, 2023 5.1x Net Debt / Annualized Adjusted EBITDAre 3.9x Fixed Charge Coverage Ratio¹ BBB / Baa2 Issuer Ratings 1.5% $907 million Secured Indebtedness Ratio¹ of Corporate Liquidity Stable Stable Ratings Outlook CORPORATE LIQUIDITY PROFILE ($mm) ■Cash and Cash Equivalents Available Revolver Capacity Outstanding Forward Equity $1,127 $271 $907 $788 $825 $696 $780 $892 $734 $803 $679 $54 $17 $76 $22 $15 Q1 Q2 Q3 Q4 00 2022 Q1 2023 LEVERAGE PROFILE EVOLUTION2 Forward Equity Proceeds Outstanding 5.1x Q1 10 ■Pro Forma Net Debt / Annualized Adj. EBITDAre ■Net Debt / Annualized Adj. EBITDAre 5.5x 5.3x 4.8x Q2 Q3 2022 AMPLE COVENANT HEADROOM 5.2x 5.1x 64 Q4 Q1 2023 ■Covenant Requirement ■Q1 2023 Leverage Ratio 3 ≤ 60% 34% Secured Indebtedness ≤ 40% 1.5% Unencumbered Coverage Ratio ≥1.75x 3.82x Fixed Charge Coverage Ratio Unencumbered Property³ ≤ 60% 36% ≥1.50x 3.94x 1 Calculated in accordance with revolving credit facility, unsecured term loans and senior unsecured notes. 2 Net Debt / Annualized Adjusted EBITDAre 3 Calculated in accordance with senior unsecured notes BROADSTONE 18 INVESTOR PRESENTATION | MAY 2023 NET LEASE, INC.#19CORPORATE RESPONSIBILITY Commitment to Corporate Responsibility BROADSTONE NET LEASE, INC. 2022 View BNL's 2022 ESG Report Environmental, Social & Governance Report We are committed to being a responsible corporate citizen by conducting our operations in a sustainable and ethical manner. We strive to foster a culture that is inclusive, collaborative, and based on trust, and invest heavily in the health and well-being of our employees. We also strive to conduct our operations in an environmentally responsible way and with a governance structure that requires the highest ethical standards. We believe these commitments benefit both the company and society and are consistent with our focus on long-term positive impact and value for our shareholders, employees, tenants, partners, and the communities in which we live, work, and invest. Environmental Stewardship As a real estate owner, we aim to maintain environmentally sustainable practices. "Go Green" Initiative Subcommittee Environmental Considerations In Our Offices Tenant & Portfolio Practices Social Responsibility BNL works to foster a culture that is dynamic, collaborative, collegial, and based on trust Community Engagement & Giving Commitment to Diversity, Equity, & Inclusion Employee Learning & Development Benefits & Wellness Programs Employee Satisfaction & Appreciation Employee Satisfaction TOP WORK PLACES 2023 Democrat & Chronicle Based on an employee-feedback survey, BNL has won the Rochester top workplaces award nine years in a row BROADSTONE NET LEASE, INC. 19 INVESTOR PRESENTATION | MAY 2023#20BOARD OF DIRECTORS & GOVERNANCE BOARD OF DIRECTORS (INDEPENDENT) Name, tenure Laurie Hawkes (Chairman) Director since 2016 Chairman since 2021 Shekar Narasimhan Director since 2007 Experience ■ Co-Founder, American Residential Properties ■ Director, Appreciate Holdings, Inc. (NASDAQ: SFR) ■ Co-Founder & Managing Partner, Beekman Advisors ■ Former Chairman & CEO, WMF Group KEY GOVERNANCE HIGHLIGHTS Majority independent board All required committees are independent Elected to opt out of MUTA James Watters Director since 2007 David Jacobstein Director since 2013 Denise Brooks-Williams Director since 2021 Michael Coke Director since 2021 ■■ SVP & Treasurer, Rochester Institute of Technology ■Board member, Canandaigua National Corp. ■Former President & COO, Developers Diversified Realty Corp. ■ Former Trustee, Corporate Office Properties Trust (NYSE: OFC) ■Senior Vice President and Chief Executive Officer, North Market, Henry Ford Health System, Inc. ■ President and Co-Founder, Terreno Realty Corporation (NYSE: TRNO) Significant equity investment by board members Minimum stock ownership requirements 44% of directors identify as female 56% of directors identify with underrepresented groups BOARD OF DIRECTORS (NON-INDEPENDENT) Name, tenure Experience Jessica Duran Director since 2023 ■Managing Director and Chief Financial Officer of TSG Consumer Partners Laura Felice Director since 2023 ■ Executive Vice President and Chief Financial Officer of BJ's Wholesale Club Holdings, Inc. (NYSE: BJ) BROADSTONE NET LEASE, INC. 20 20 John Moragne Director since 2023 ■ CEO, Broadstone Net Lease ■ Joined BNL in 2016 INVESTOR PRESENTATION | MAY 2023#21BROADSTONE NET LEASE, INC. ADDITIONAL INFORMATION SC TRACTOR SUPPLYCO NININING 1066 Bob Evans BREAKFAST LUNCH-DINNER pediatrics plus#22GAAP RECONCILIATIONS FUNDS FROM OPERATIONS (FFO), CORE FFO, AND ADJUSTED FUNDS FROM OPERATIONS (AFFO) (in thousands) Net income Real property depreciation and amortization Gain on sale of real estate Provision for impairment of investment in rental properties FFO Net write-offs of accrued rental income Lease termination fees Cost of debt extinguishment Gain on insurance recoveries Severance and executive transition costs1 Other income² Core FFO Straight-line rent adjustment Amortization of debt issuance costs Amortization of net mortgage premiums Loss on interest rate swaps and other non-cash interest expense Amortization of lease intangibles Stock-based compensation Deferred taxes AFFO Diluted weighted average shares outstanding 3 Net earnings per diluted share 4 FFO per diluted share 4 Core FFO per diluted share 4 AFFO per diluted share 4 $ Three Months Ended March 31, 2023 December 31, 2022 41,374 $ 36,773 41,745 45,570 (3,415) (10,625) 1,473 81,177 $ 71,718 297 (7,500) (1,678) 77 (341) 481 18 751 $ 74,473 $ 70,527 (7,271) (6,826) 986 988 (26) (26) 522 522 (2,691) (1,308) 1,492 1,503 204 $ 67,485 $ 65,584 196,176 183,592 $ 0.21 $ 0.20 0.41 0.39 0.38 0.38 0.34 0.36 (1) Amount includes $0.4 million of accelerated stock-based compensation and $0.1 million of executive transition costs during the three months ended March 31, 2023, related to the departure of our previous chief executive officer. (2) Amount includes $18 thousand and $0.8 million of unrealized foreign exchange (gain) for the three months ended March 21, 2023, and December 31, 2022, respectively, primarily associated with our Canadian dollar denominated revolving borrowings (3) Excludes 431,392 and 396,924, weighted average shares of unvested restricted common stock for the three months ended March 31, 2023, and December 31, 2022, respectively. (4) Excludes $0.1 million from the numerator for the three months ended March 31, 2023, and December 31, 2022, related to dividends declared on shares of unvested restricted common stock. BROADSTONE NET LEASE, INC. 22 INVESTOR PRESENTATION | MAY 2023#23GAAP RECONCILIATIONS EBITDA, EBITDAre, Adjusted EBITDAre, Net Debt to Annualized Adjusted EBITDAre (in thousands) Debt March 31, 2023 December 31, 2022 As of September 30, 2022 June 30, 2022 March 31, 2022 Unsecured revolving credit facility $ 108,330 $ 197,322 $ Unsecured term loans, net 895,006 894,692 219,537 894,378 $ 320,657 $ 266,118 587,098 586,884 Senior unsecured notes, net 844,744 844,555 844,367 844,178 843,990 Mortgages, net 85,853 86,602 94,753 95,453 96,141 Debt issuance costs 10,390 10,905 11,498 8,991 9,419 Gross Debt 1,944,323 2,034,076 2,064,533 1,856,377 1,802,552 Cash and cash equivalents (15,412) (21,789) (75,912) (16,813) (54,103) Restricted cash (3,898) (38,251) (6,449) (12,163) (11,444) Net Debt $ 1,925,013 $ 1,974,306 $ 1,982,172 $ 1,827,401 $ 1,737,005 Anticipated proceeds from forward equity agreement Pro Forma Net Debt $ 1,925,013 $ 1,974,306 $ (270,732) 1,711,440 $ 1,827,401 $ 1,737,005 (in thousands) March 31, 2023 Net income Depreciation and amortization $ 41,374 $ December 31, 2022 36,773 Three Months Ended September 30, 2022 June 30, 2022 March 31, 2022 $ 28,709 $ 35,552 $ 28,441 41,784 45,606 39,400 35,511 34,290 Interest expense 21,139 23,773 20,095 17,888 16,896 Income taxes 479 105 356 401 412 EBITDA $ 104,776 $ 106,257 $ 88,560 $ 89,352 $ 80,039 Provision for impairment of investment in rental properties Gain on sale of real estate 1,473 4,155 1,380 (3,415) (10,625) (61) (4,071) (1,196) EBITDAre $ 102,834 $ 95,632 $ 92,564 $ 86,661 $ 78,843 1 Adjustment for current quarter acquisition activity Adjustment for current quarter disposition activity 2 406 1,283 2,358 2,780 3,225 (365) (440) (141) (79) Adjustment to exclude non-recurring and other expenses³ Adjustment to exclude gain on insurance recoveries (1,023) (341) Adjustment to exclude net write-offs of accrued rental income 297 Adjustment to exclude foreign exchange (gain) loss 18 796 (4,934) (2,632) 1,326 1,125 Adjustment to exclude cost of debt extinguishments 77 231 Adjustment to exclude lease termination fees Adjusted EBITDAre $ Annualized Adjusted EBITDAre (7,500) 94,667 378,668 (1,678) (791) $ 95,329 381,315 $ 89,518 358,072 $ 86,668 346,672 $ 84,440 Net Debt to Annualized Adjusted EBITDAre Pro Forma Net Debt to Annualized Adjusted EBITDAre 5.1x 5.1x 5.2x 5.5x 5.3x 337,759 5.1x 5.2x 4.8x 5.3x 5.1x (1) Reflects an adjustment to give effect to all acquisition during the quarter as if they had been acquired as of the beginning of the quarter. (2) 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. (3) Amounts include $0.1 million of executive transition costs and $0.4 million of accelerated stock-based compensation associated with the departure of our previous chief executive officer, and ($1.5) million of accelerated amortization of lease intangibles during the three months ended March 31, 2023. BROADSTONE NET LEASE, INC. 23 23 INVESTOR PRESENTATION | MAY 2023