Broadstone Net Lease Inc

We are 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. As of March 31, 2024, our portfolio includes 759 properties, with 752 properties located in 44 U.S. states and seven properties located in four Canadian provinces.

We focus on investing in real estate that is operated by creditworthy single tenants in industries characterized by positive business drivers and trends. We target properties that are an integral part of the tenants’ businesses and are therefore opportunities to secure long-term net leases through which 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.

Diversified Portfolio. As of March 31, 2024, our portfolio comprised approximately 37.6 million rentable square feet of operational space, was highly diversified based on property type, geography, tenant, and industry, and was cross-diversified within each (e.g., property-type diversification within a geographic concentration):

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Property Type: We are diversified across industrial, restaurant, healthcare, retail, and office property types. Within these sectors, we have meaningful concentrations in manufacturing, distribution and warehouse, food processing, casual dining, quick service restaurants, and general merchandise.

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Geographic Diversification: Our properties are located in 44 U.S. states and four Canadian provinces, with no single geographic concentration exceeding 9.3% of our ABR.

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Tenant and Industry Diversification: Our properties are occupied by approximately 200 different commercial tenants who operate 188 different brands that are diversified across 53 differing industries, with no single tenant accounting for more than 4.3% of our ABR.

Strong In-Place Leases with Significant Remaining Lease Term. As of March 31, 2024, our portfolio was approximately 99.2% leased with an ABR weighted average remaining lease term of approximately 10.6 years, excluding renewal options.

Standard Contractual Base Rent Escalation. Approximately 97.4% of our leases have contractual rent escalations, with an ABR weighted average minimum increase of 2.0%.

Extensive Tenant Financial Reporting. Approximately 95.3% of our tenants, based on ABR, provide financial reporting, of which 87.1% are required to provide us with specified financial information on a periodic basis, and an additional 8.2% of our tenants report financial statements publicly, either through SEC filings or otherwise.