Broadstone Net Lease, Inc.

The Company is an industrial-focused, diversified net lease real estate investment trust (REIT) that invests in primarily single-tenant commercial real estate properties. These properties are net leased on a long-term basis to a diversified group of tenants. As of December 31, 2025, the company's portfolio consists of 771 properties. Of these, 764 properties are located in 44 U.S. states and seven properties are located in four Canadian provinces. The company focuses on investing in real estate operated by creditworthy single tenants in industries with positive business drivers and trends. It targets properties that are integral to the tenants' businesses, allowing tenants to retain operational control of strategically important locations while allocating capital to core business operations instead of real estate ownership. The company's diversified investment strategy includes property acquisitions, revenue-generating capital expenditures, build-to-suit developments, and transitional capital. It maintains relationships with brokers, developers, and tenants to access both off-market and marketed investment opportunities. Off-market transactions lack a formal marketing process and widely disseminated materials, while marketed transactions often involve extensive buyer competition. For all investments, the company aims to maintain portfolio diversification by property type, geography, tenant, and industry to reduce income fluctuations from underperforming assets or adverse economic conditions affecting an industry or region.