Exhibit 99.2

Pro Forma Financial Statements of Broadstone Net Lease, Inc. (Unaudited)

Broadstone Net Lease, Inc. and Subsidiaries

Introduction to Unaudited Pro Forma  Condensed Consolidated Financial Statements

The Unaudited Pro Forma Condensed Consolidated Financial Statements of Broadstone Net Lease, Inc. and Subsidiaries (“the Company”) are based upon the historical financial statements of the Company, the historical Regulation S-X 3-14 Financial Statements of the Industrial Portfolio Acquisition (as defined herein), and the historical Regulation S-X 3-05 Carve-Out Financial Statements of Broadstone Real Estate LLC, the Acquired Manager of Broadstone Net Lease, Inc. (“Acquired Manager”), and prepared on a pro forma basis to reflect the completion of the following transactions:

Industrial Portfolio Acquisition

On August 29, 2019, the Company acquired a portfolio of 23 net leased industrial and office/flex properties, comprising 6.9 million rentable square feet for an aggregate purchase price of approximately $735.7 million, excluding capitalized acquisition costs (the “Industrial Portfolio Acquisition”). The properties are located across 14 states in the continental United States, with one property located in British Columbia, Canada.

The Company funded the acquisition using a combination of debt and equity capital, including funds received from drawing the remaining $150 million commitment available under its unsecured term loan due in 2026 (the “2026 Unsecured Term Loan”), borrowing $300 million from its new unsecured term loan due in 2020 (the “2020 Unsecured Term Loan”), proceeds of $211.6 million from its senior unsecured revolving credit facility (the “Revolving Credit Facility”), and proceeds of $85.2 million from its private offering of shares of common stock, par value $0.001 per share (the “Common Stock”).

The Industrial Portfolio Acquisition was accounted for as an asset acquisition under Accounting Standards Codification (“ASC”) 805. The total purchase price was allocated to the individual assets acquired and liabilities assumed based upon their relative fair values, which included tangible assets, consisting of land and land improvements, buildings and other improvements, and equipment, and identifiable intangible assets and liabilities, including the value of in-place leases and acquired above-market and below-market leases. Acquisition costs incurred in connection with investments in real estate accounted for as asset acquisitions are capitalized and included with the allocated purchase price.

Internalization of Management Functions

On February 7, 2020, the Company, Broadstone Net Lease, LLC, the Company’s operating company (the “OP”), Broadstone Real Estate, LLC, the Company’s former property manager (“BRE”), and certain of their respective subsidiaries and affiliates, completed through a series of mergers (the “Mergers”) the internalization of the external management functions previously performed for the Company and the OP by BRE and Broadstone Asset Management, LLC, the Company’s asset manager and wholly-owned subsidiary of BRE (such transactions, collectively, the “Internalization”). Upon consummation of the Internalization, the Company’s management team and corporate staff, who were previously employed by BRE, became employees of an indirect subsidiary of the OP and the Company became internally managed.

As consideration in the Mergers, on February 7, 2020, the Company issued approximately 780,893 shares of Common Stock and the OP issued approximately 1,319,513 membership units in the OP (“OP Units”), and the Company and the OP paid approximately $31 million in cash, with the aggregate value of the Common Stock, OP Units, and cash issued equal to approximately $209.5 million, and the OP assumed approximately $90.5 million of debt.

In addition to the consideration paid upon consummation of the Mergers, additional “earnout” consideration of up to an aggregate of $75 million (payable in four tranches of $10 million, $15 million, $25 million, and $25 million), and in the same proportion of equity interests and cash as the initial payments) will be due and payable to the former holders of units of ownership interest in BRE if certain milestones related to either (a) the dollar volume-weighted average price of a share of the Company’s Common Stock (“VWAP per REIT Share”), following the completion of an initial public offering (“IPO”) of the Company’s Common Stock, or (b) the Company’s adjusted funds from operations (“AFFO”) per share, prior to the completion of an IPO, are achieved during specified periods of time following the closing of the Internalization (the “Earnout Periods”). The consideration will consist of a combination of cash, shares of the Company’s Common Stock, and OP Units, at the election of the owners of BRE.

The earnout tranches, applicable VWAP of a REIT Share and AFFO per share, and the applicable Earnout Periods are as follows:

⁽¹⁾ Initial contractual value of applicable earnout tranche based on an $85.00 price per share/unit of Common Stock and OP Units. Does not take into account the actual per share price of the Common Stock and OP Units at the time an applicable earnout tranche may be earned and paid.

Should all earnout milestones be met, an additional 272,250 shares of Common Stock and an additional 464,820 OP Units would be issued, in addition to amounts payable in cash.

The Merger Agreement did not provide that the completion of an IPO is a condition to the closing of the Internalization. Under the terms of the Merger Agreement, however, if the Company does not complete an IPO by December 31, 2020, then the former owners of BRE who receive shares of the Company’s Common Stock and/or OP Units will be granted certain redemption rights as a means to provide additional liquidity in the absence of an IPO.

Pursuant to the terms of the Merger Agreement, on December 27, 2019, the Company repurchased all of the outstanding shares of its Common Stock held by BRE at $85.00 per share for approximately $20 million.

The Internalization will be accounted for as a business combination under ASC 805. The total purchase price will be allocated to the identifiable tangible and intangible assets acquired and liabilities assumed based upon their respective fair values. The allocations of the purchase prices reflected in these Unaudited Pro Forma Condensed Consolidated Financial Statements have not been finalized and are based upon preliminary estimates of these fair values, which is the best available information at the current time. The final determination of the fair values of the assets and liabilities will be based on the actual valuations of the tangible and intangible assets and liabilities that existed as of the date of completion of the acquisition, including the valuation of the earnout consideration. The Company expects to finalize the valuations during the measurement period, not to exceed one year from the date of the Internalization. Consequently, amounts preliminarily allocated to identifiable tangible and intangible assets and liabilities could change significantly from those used in the Unaudited Pro Forma Condensed Consolidated Financial Statements and could result in a material change.

The Unaudited Pro Forma Condensed Consolidated Financial Statements are prepared for informational purposes only and are based upon available information, estimates, and assumptions that the Company considers reasonable. However, they are not necessarily indicative of what the Company’s actual financial position or operating results would have been had the above transactions occurred as of the dates indicated, nor do they purport to represent the consolidated financial position or results of operations for future periods of the Company. Differences between these preliminary estimates and the final accounting for these transactions may occur and these differences could have a material impact on the accompanying Unaudited Pro Forma Condensed Consolidated Financial Statements.

Broadstone Net Lease, Inc. and Subsidiaries

Pro Forma Condensed Consolidated Balance Sheet as of December 31, 2019

(Unaudited)

(in thousands, except per share amounts)

The accompanying notes are an integral part of these unaudited pro forma condensed consolidated financial statements.

Broadstone Net Lease, Inc. and Subsidiaries

Notes to Pro Forma Condensed Consolidated Balance Sheet as of December 31, 2019 (Unaudited)

(in thousands)

The $1,307 internalization expenses incurred after December 31, 2019, represent amounts incurred by the Company for third-party consulting and professional fees, prior to the closing of the Internalization that were not reflected in the historical financial statements. These expenses represent transaction costs that are directly attributable to the Internalization, and will not recur. These amounts are reflected as pro forma adjustments to Accounts payable and other liabilities and Cumulative distributions in excess of retained earnings.

The cash portion of the base consideration of $30,981 was funded by borrowing on the Company’s Revolving Credit Facility.

The Company’s preliminary allocation of the purchase price associated with the Internalization is summarized in the table below:

The Internalization will be accounted for as a business combination and accordingly, the Company will allocate the purchase price utilizing the acquisition method to record assets acquired and liabilities assumed at their estimated fair values. Acquisition costs incurred in connection with the Internalization will be expensed as incurred. The allocations of the purchase prices have not been finalized and are based upon preliminary estimates of these fair values, which is the best available information at the current time. The final determination of the fair values of the assets and liabilities will be based on the actual valuations of the tangible and intangible assets and liabilities that existed as of the date of completion of the acquisition, including the valuation of the earnout consideration. The Company expects to finalize the valuations during the measurement period, not to exceed one year from the date of the Internalization. Consequently, amounts preliminarily allocated to identifiable tangible and intangible assets and liabilities could change significantly from those used in the unaudited Pro Forma Condensed Consolidated Financial Statements and could result in a material change.

In connection with the Internalization, the Company assumed the Acquired Manager’s obligations under certain operating leases. In accordance with Accounting Standards Codification (“ASC”) 842, Leases, (“ASC 842’) the Company has reflected a right-of-use asset and lease liability, initially measured at the present value of lease payments due under the lease contract, in the purchase price allocation. The right-of-use asset is recorded in Prepaid expenses and other assets, and the operating lease liability is recorded in Accounts payable and other liabilities on the Unaudited Pro Forma Condensed Consolidated Balance Sheet.

The shares of Common Stock and OP Units issued as part of base consideration, are subject to a Redemption Rights Agreement, whereby holders of the shares or OP Units shall have the right to require the Company to repurchase any or all of the common shares or OP Units by giving notice to the Company, during the period from January 1, 2021 until the earlier of 12 months thereafter or the date of a closing of shares of the Company’s Common Stock in an initial public offering. Because these shares and OP Units contain redemption features that are outside the Company’s control, they have been classified as mezzanine equity in the Condensed Consolidated Pro Forma Balance Sheet, in accordance with ASC 480-10-S99, Distinguishing Liabilities from Equity.

The $58,822 allocated to earnout contingent consideration represents the estimated fair value of the $75,000 total potential earnout consideration, of which approximately $50,124 relates to the potential issuance of redeemable common shares and OP Units and approximately $8,698 relates to the potential payment of cash. The redeemable shares and OP Units are deemed to be freestanding financial instruments that, at inception, embody an obligation to repurchase the Company’s common shares and OP Units, and therefore have been classified as liabilities. These amounts have been reflected in the Unaudited Pro Forma Condensed Consolidated Balance Sheet as if the Internalization occurred on January 1, 2019, and are shown as Accounts payable and other liabilities in the Unaudited Pro Forma Condensed Consolidated Balance Sheet.

Under the terms of the Company’s 2020 Unsecured Term Loan, any amounts raised under new borrowings prior to the maturity of the 2020 Unsecured Term Loan must first be used to repay outstanding balances under the 2020 Unsecured Term Loan. The

Company repaid $60,000 of the outstanding borrowings under the 2020 Unsecured Term Loan with proceeds from additional borrowing under the Company’s Revolving Credit Facility.

Broadstone Net Lease, Inc. and Subsidiaries

Pro Forma Condensed Consolidated Statements of Income

For the Year Ended December 31, 2019

(Unaudited)

(in thousands, except per share amounts)

The accompanying notes are an integral part of these unaudited pro forma condensed consolidated financial statements.

Broadstone Net Lease, Inc. and Subsidiaries

Notes to Pro Forma Condensed Consolidated Statements of Income for the Year Ended December 31, 2019 (Unaudited)

(in thousands)

The Company recognizes rental revenue from operating leases on a straight-line basis over the life of the related leases. The pro forma adjustment reflects the estimated incremental straight-line rental income to be recognized over the remaining life of the leases in the Industrial Portfolio Acquisition as of the acquisition date, as compared to the straight-line rental income that had been recorded in the historic financial results of the Industrial Portfolio Acquisition.

The Company records acquired above-market and below-market leases at their fair values, and recognizes the related amortization as an adjustment to rental revenue over the remaining lease term. The remaining lease terms of the properties acquired with the Industrial Portfolio Acquisition range from 5.0 years to 20.4 years.

Depreciation is computed using the straight-line method over the estimated useful lives of the related assets, which are as follows:

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The incremental general and administrative expenses are mainly compensation and employee related expenses to be incurred on an ongoing basis as a result of the Company’s internalizing corporate functions that had previously been performed by the Acquired Manager. The pro forma adjustment includes amounts necessary to reflect fully such costs associated with the former employees of the Acquired Manager who became Company employees as part of the Internalization, and which had been only partially allocated in the historical Carve-out Financial Statements of the Acquired Manager; as well as the elimination of similar amounts allocated in the historical Carve-out Financial Statements of the Acquired Manager that related to employees of the Acquired Manager who did not become employees of the Company as part of the Internalization. The adjustment also reflects incremental payroll and benefits expenses due under the terms of the employment agreements entered into as part of the Internalization, with the Company’s four named executive officers.

The Internalization expenses were incurred by the Acquired Manager and recorded as general and administrative expenses in the historical Carve-out Financial Statements of the Acquired Manager. The internalization expenses were directly related to the Internalization and will not recur.

Additionally, prior to the Internalization, the Acquired Manager terminated its interest rate swap.

In connection with the Industrial Portfolio Acquisition, the Company:

The pro forma adjustment reflects the net impact to interest expense of the foregoing transactions, including a write-off of $62 of debt issuance costs associated with the partial paydown of the 2020 Term Loan, as if each of the transactions had occurred on January 1, 2019. For purposes of computing the pro forma adjustment on variable-rate borrowings, the Company used a one-month LIBOR rate of 1.7625%, representing the rate as of December 31, 2019, plus the applicable margins on the respective debt instruments, to compute interest expense. A change in one-month LIBOR of plus or minus 0.125%, would have increased or decreased the pro forma interest expense adjustment by approximately $790, respectively.

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The calculation of amounts allocated to non-controlling interest reflects the pro forma effect of proceeds from 990 shares of the Company’s Common Stock that were used to partially fund the Industrial Portfolio Acquisition, the redemption of 235 shares of the Company’s Common Stock from the Acquired Manager in connection with the Internalization, and the assumed issuance of 781 additional shares of the Company’s Common Stock and 1,320 additional OP Units as part of the base consideration paid in connection with the Internalization, described in Note O to the Unaudited Pro Forma Condensed Consolidated Balance Sheet, in each case as if the shares and OP Units had been issued or redeemed on January 1, 2019. On a pro forma basis, non-controlling interests represent economic ownership interests of approximately 10.2% as of December 31, 2019.

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