Thoughtful Construction, Intentional Diversification.

Granular diversification by geography, tenant, industry, and brand provides significant downside protection from tenant and local market disruptions. Our diversified strategy has been proven to produce consistent and reliable results for our Stockholders throughout multiple real estate cycles.

$~M

Annualized
Base Rent

Key Statistics:

Portfolio

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Properties

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States

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Tenants

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Industries

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Year WALT

~%

Annual Escalations

Industrial 49%

Manufacturing 16%
Distribution & Warehouse 14%
Food Processing 8%
Flex and R&D 5%
Cold Storage 3%
Industrial Services 3%

Healthcare 18%

Clinical 7%
Healthcare Services 3%
Animal Health Services 3%
Surgical 3%
Life Science 2%

Restaurant 14%

Casual Dining 7%
Quick Service 7%

Retail 12%

General Merchandise 7%
Automotive 3%
Home Furnishings 2%

Office 7%

Corporate Headquarters 3%
Strategic Operations 3%
Call Center 1%

Industrial Overview

We focus on single-tenant manufacturing, warehouse and distribution facilities, refrigerated storage, flex-space, food processing, and research and development facilities where the tenant has a strong credit profile and experienced management team. We look for industrial assets where the real estate is mission critical to the tenant’s operations, where the property sits on an essential or strategic location for the tenant, and where it would be difficult or more expensive for the tenant to relocate. We look for industrial properties that are located in close proximity to major transportation thoroughfares such as airports, ports, railways, major freeways or interstate highways.

Healthcare Overview

We focus on single-tenant medical office buildings, large regional physician practices, and off-campus clinics affiliated with major health systems, as well as laboratories, ambulatory surgical centers, service-type locations such as dental and dialysis centers, and animal health service clinics. We primarily focus on healthcare properties that have substantial tenant investments like special regulatory permits and buildouts that would make relocation difficult or costly. We look for healthcare properties that are mission critical to tenant operations, generally located adjacent to or near hospital campuses or other medical facilities, and where the tenant has a strong credit profile and is not easily displaced by regulatory changes.

Restaurant Overview

We focus our restaurant investments primarily in single-tenant quick service restaurant and casual dining properties, with an emphasis on restaurants that are located in strong retail markets. We underwrite restaurant properties primarily based on the fundamental value of the underlying real estate, site level performance, corporate owned location or experienced multi-unit franchise operators, and whether the property is subject to a master lease with multiple operating locations.

Retail Overview

We focus on e-commerce resistant industries where the presence of a physical location is important to the end consumer and mission critical to the tenant. Our retail investments are primarily in single-tenant, net leased retail establishments in the automotive, general merchandise, and home furnishings industries, with an emphasis on market presence and necessity-based shopping. We underwrite retail properties primarily based on the fundamental value of the underlying real estate, site level performance, corporate owned location or experienced multi-unit franchise operators, and whether the property is subject to a master lease with multiple operating locations.

Office Overview

While not a primary focus currently, the ability to acquire office on a select basis allows us to be more competitive on diversified portfolio acquisitions that include a small portion of office space. We look for tenants where the property is strategically located or important to the tenant’s business. Key considerations for us when making office investments include a strong tenant credit profile, tenant’s previous investment in the property, occupancy costs relative to the market, divisibility of the space, and cost associated with repositioning the space upon lease expiration.

Texas

Annualized Base Rent: $~M
Percent Property Type ABR: ~%
Properties: ~
Tenants: ~
Sub-Property Type
Diversification

Tenant	Property Type	Property Sub-Type	# Properties	ABR ($'000s)	ABR as a % of Total Portfolio
AHF Products	Industrial	Distribution & Warehouse / Manufacturing	9	$8,994	2.4%
Jack's Family Restaurants	Restaurant	QSR	43	$7,166	1.9%
Ryerson	Industrial	Distribution & Warehouse	11	$6,491	1.8%
Red Lobster Hospitality	Restaurant	Casual Dining	20	$6,489	1.7%
J. Alexander's	Restaurant	Casual Dining	16	$6,025	1.6%
Axcelis	Industrial	Flex and R&D	1	$5,991	1.6%

Tenant	Property Type	Property Sub-Type	# Properties	ABR ($'000s)	ABR as a % of Total Portfolio
AHF Products	Industrial	Distribution & Warehouse / Manufacturing	9	$8,994	2.4%
Ryerson	Industrial	Distribution & Warehouse	11	$6,491	1.8%
Axcelis	Industrial	Flex and R&D	1	$5,991	1.6%
Hensley	Industrial	Distribution & Warehouse	3	$5,871	1.6%
Siemens	Industrial	Flex and R&D / Manufacturing	2	$4,936	1.3%
Carvana	Industrial	Industrial Services	2	$4,510	1.2%

Tenant	Property Type	Property Sub-Type	# Properties	ABR ($'000s)	ABR as a % of Total Portfolio
BluePearl	Healthcare	Animal Health Services	13	$5,452	1.5%
Santa Cruz Valley Hospital	Healthcare	Healthcare Services	1	$4,590	1.2%
Arkansas Surgical Hospital	Healthcare	Surgical	1	$4,367	1.2%
MedVet Associates	Healthcare	Animal Health Services	9	$3,323	0.9%
Froedtert & Medical College of Wisconsin	Healthcare	Clinical	4	$2,924	0.8%
Unity	Healthcare	Clinical	1	$2,781	0.7%

Tenant	Property Type	Property Sub-Type	# Properties	ABR ($'000s)	ABR as a % of Total Portfolio
Jack's Family Restaurants	Restaurant	QSR	43	$7,166	1.9%
Red Lobster Hospitality	Restaurant	Casual Dining	20	$6,489	1.7%
J. Alexander's	Restaurant	Casual Dining	16	$6,025	1.6%
Outback Steakhouse	Restaurant	Casual Dining	22	$5,278	1.4%
Krispy Kreme	Restaurant	QSR	25	$4,370	1.2%
Bob Evans Restaurants	Restaurant	Casual Dining	20	$3,431	0.9%

Tenant	Property Type	Property Sub-Type	# Properties	ABR ($'000s)	ABR as a % of Total Portfolio
Dollar General	Retail	General Merchandise	60	$5,953	1.6%
Tractor Supply Co.	Retail	General Merchandise	21	$5,328	1.4%
American Signature	Retail	Home Furnishings	6	$4,309	1.2%
Mountain Equipment	Retail	General Merchandise	6	$3,774	1.0%
Zips Car Wash	Retail	Automotive	14	$3,370	0.9%
Family Dollar	Retail	General Merchandise	30	$3,051	0.8%

Tenant	Property Type	Property Sub-Type	# Properties	ABR ($'000s)	ABR as a % of Total Portfolio
Aventiv	Office	Corporate Headquarters	1	$3,896	1.0%
Centene Management Company	Office	Strategic Operations	1	$3,487	0.9%
Harris Beach	Office	Corporate Headquarters	1	$2,966	0.8%
Verizon	Office	Call Center	1	$2,507	0.7%
BJs Wholesale	Office	Corporate Headquarters	1	$2,397	0.6%
USMM	Office	Strategic Operations	1	$2,008	0.5%

Portfolio:

Broadstone’s portfolio includes a mix of industrial, healthcare, restaurant, retail, and office properties in 44 states and Canada. Properties range from small-footprint discount stores to 500K+ SF manufacturing and distributing facilities, from well-established veterinary care hospitals and restaurants to growing carwash operators.

Data shown as of September 30, 2022.

Broadstone owns a winery bottling and warehousing facility favorably located to the Napa and Sonoma wine regions. Tenant has continually invested in equipment and site improvements both at acquisition and throughout Broadstone’s ownership of the property, adding both value and utility to the location.

Broadstone currently leases nine properties to a nationwide family of emergency and specialty animal hospitals. Since 2016, the tenant and Broadstone continue to partner through add on sale leaseback transactions and landlord-funded expansions.

Broadstone owns 43 properties leased to a quick service burger restaurant chain and located throughout Alabama, Mississippi, Tennessee, and Georgia. The tenant has maintained a robust renovation and refresh program on these properties, including a number of full scrape and rebuilds, continuously adding value to the portfolio.

Broadstone leased a previously vacant 100K SF retail property in the Chicago MSA to a Wisconsin-based furniture store. Prior to opening, the tenant completed a significant and jointly-funded renovation.

This university-operated property in Florida was built-to-suit for the college. The property has been continually utilized by the college since acquisition, including throughout the COVID pandemic. The building is attractive, has been well maintained and is situated among other college-owned buildings, making it an important component of the campus.

Portfolio Contacts

Broadstone’s Property Management group prioritizes tenant relationships and asset enhancement and protection. We partner with tenants to negotiate lease amendments and renewals, approve landlord and tenant funded expansion and alteration projects, manage lease compliance, and oversee landlord-required onsite property management, maintenance, and repair.

The PM group is organized into teams that specialize in specific industries. Each industry team is led by one of our experienced VPs of Property Management with support by a manager and a cross-industry support staff to ensure that each property and tenant receives individualized attention necessary for long-term success. Our VP of Development and Due Diligence oversees all pre- and post-acquisition development and capital expenditures.

Asset Management’s role includes portfolio oversight, acquisition underwriting and support, dispositions, leasing of vacant properties, real estate and industry research, and management of our investment grade retail acquisition program.