Investor Presentaiton
DISCLAIMER
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
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INVESTOR PRESENTATION | MAY 2023
NET LEASE, INC.View entire presentation