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Investor Presentaiton

EMPHASIS 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.
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