NETSTREIT (NYSE: NTST) grows 2025 AFFO, raises dividend and reaffirms 2026 outlook

Q: How did NETSTREIT Corp. (NTST) perform financially in 2025?

NETSTREIT generated higher earnings and cash flow in 2025. Full-year net income was $6.9M or $0.08 per diluted share, versus a prior-year loss, and AFFO reached $109.9M or $1.31 per diluted share, up from $1.26 in 2024.

Q: What were NETSTREIT’s key fourth-quarter 2025 results?

Fourth-quarter 2025 results showed solid cash generation. Net income per diluted share was $0.02 , while AFFO per diluted share was $0.33 , up from $0.32 a year earlier. The quarter also included record gross investment activity of $245.4M at a 7.5% blended cash yield.

Q: What guidance did NETSTREIT (NTST) provide for 2026 AFFO and investments?

NETSTREIT reaffirmed its 2026 earnings outlook. The company expects full-year 2026 AFFO per share between $1.35 and $1.39 , and net investment activity of $350M–$450M . Guidance incorporates an estimated $0.015–$0.03 per-share dilution from outstanding forward equity.

Q: How strong is NETSTREIT’s balance sheet and liquidity position?

NETSTREIT reports ample liquidity and moderate leverage. As of December 31, 2025 , Adjusted Net Debt was $720.5M , with Adjusted Net Debt to Annualized Adjusted EBITDAre of 4.0x , and total liquidity of $1.04B from cash, revolver capacity, unsettled forward equity and undrawn term loans.

Q: What dividend did NETSTREIT declare for the first quarter of 2026?

The board approved a modest dividend increase. NETSTREIT declared a quarterly cash dividend of $0.22 per share for the first quarter of 2026, payable March 31, 2026 to shareholders of record on March 16, 2026 , up from a prior annualized rate of $0.86 per share.

Q: Did NETSTREIT achieve any credit rating milestones in late 2025?

NETSTREIT obtained an investment grade rating. In December 2025 , Fitch Ratings assigned the company a BBB- rating. This rating reflects the company’s leverage profile, recurring cash flows from long-term leases, and substantial available liquidity disclosed in its 2025 results.

Filing Impact

(High)

Filing Sentiment

(Neutral)

Form Type

8-K

Rhea-AI Filing Summary

NETSTREIT Corp. reported stronger 2025 results, with full-year net income of $6.9M or $0.08 per diluted share versus a prior-year loss, and full-year AFFO of $109.9M or $1.31 per diluted share, up from $1.26. Fourth-quarter net income was $0.02 per diluted share and AFFO was $0.33 per diluted share.

The company completed record fourth-quarter gross investment activity of $245.4M and full-year investments of $657.1M at a 7.5% blended cash yield, ending 2025 with 758 investments across 45 states, 99.9% occupancy and a 10.1‑year weighted average lease term. Annualized portfolio cash NOI run rate reached $45.0M for the quarter.

Balance sheet metrics included net debt of $1.09B, Adjusted Net Debt of $720.5M and Adjusted Net Debt to Annualized Adjusted EBITDAre of 4.0%, supported by total liquidity of $1.04B and a new Fitch investment grade rating of BBB-. The board increased the quarterly dividend by 2.3% to $0.22 per share and reaffirmed 2026 AFFO per share guidance of $1.35–$1.39, with expected 2026 net investment activity of $350M–$450M.

Insights

NETSTREIT shows steady AFFO growth, active investing and a conservatively financed balance sheet while modestly lifting its dividend.

NETSTREIT delivered 2025 AFFO of $1.31 per diluted share, a 4.0% increase from $1.26, driven by record annual investments of $657.1M at a 7.5% cash yield and 99.9% portfolio occupancy. Rental revenue rose to $182.1M from $150.8M, supporting higher cash flow.

Leverage remains moderate with Adjusted Net Debt of $720.5M and Adjusted Net Debt to Annualized Adjusted EBITDAre at 4.0x, alongside total liquidity of $1.04B and $373.1M of unsettled forward equity as of December 31, 2025. The new Fitch BBB- rating reflects that capital structure. Interest expense did increase to $51.3M for the year, partly offsetting revenue growth.

The 2.3% increase in the quarterly dividend to $0.22 per share, compared with 2025 AFFO per share of $1.31, keeps the payout ratio around two-thirds. Management reaffirmed 2026 AFFO per share guidance of $1.35–$1.39 and projected net investment activity of $350M–$450M, while flagging estimated dilution of $0.015–$0.03 per share from outstanding forward equity.

02/10/2026 - 04:17 PM

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(D) OF THE

SECURITIES EXCHANGE ACT OF 1934

Date of report (Date of earliest event reported): February 10, 2026

NETSTREIT Corp.

(Exact Name of Registrant as Specified in its Charter)


Maryland	001-39443		84-3356606
(State or Other Jurisdiction of Incorporation)	(Commission File Number)		(IRS Employer Identification No.)
2021 McKinney Avenue Suite 1150 Dallas, Texas		75201
(Address of Principal Executive Offices)		(Zip Code)

972-200-7100

(Registrant’s telephone number, including area code)

Not applicable

(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:


☐			Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐			Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐			Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐			Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, $0.01 par value per share	NTST	The New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02. Results of Operations and Financial Condition.

On February 10, 2026, NETSTREIT Corp. (the “Company”) issued a press release announcing its financial results for the fourth quarter and full year ended December 31, 2025. A copy of the press release is attached hereto as Exhibit 99.1 and incorporated by reference herein.

The information contained in Exhibit 99.1 shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or incorporated by reference in any filing under the Securities Act of 1933, as amended (“Securities Act”), or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.

Item 7.01. Regulation FD Disclosure.

On February 10, 2026, the Company furnished supplemental financial information for the fourth quarter and full year ended December 31, 2025. Also on February 10, 2026, the Company furnished an updated investor presentation. The supplemental financial information and investor presentation are attached hereto as Exhibits 99.2 and 99.3, respectively, and incorporated by reference herein. The supplemental information and investor presentation also are available on the “Investors / Events & Presentations” page of the Company’s website at www.netstreit.com. The information found on, or otherwise accessible through, the Company’s website is not incorporated by reference herein.

The information contained in Exhibits 99.2 and 99.3 shall not be deemed “filed” for purposes of Section 18 of the Exchange Act or incorporated by reference in any filing under the Securities Act or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.

Item 9.01. Financial Statements and Exhibits.


(d)	Exhibits.
Exhibit No.		Description
99.1		Press release dated February 10, 2026
99.2		Fourth quarter 2025 supplemental financial information
99.3		Fourth quarter 2025 investor presentation
104		Cover page interactive data file (embedded within the inline XBRL document).

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

NETSTREIT Corp.

February 10, 2026

/s/ DANIEL DONLAN

Date

Daniel Donlan

Chief Financial Officer and Treasurer

(Principal Financial Officer)

NETSTREIT REPORTS FOURTH QUARTER AND FULL YEAR 2025 FINANCIAL AND OPERATING RESULTS

– Net Income of $0.02 and Adjusted Funds from Operations ("AFFO") of $0.33 Per Diluted Share for Fourth Quarter –

– Completed Record Gross Investment Activity of $245.4 Million at 7.5% Blended Cash Yield for Fourth Quarter –

– Reaffirms 2026 AFFO Per Share Guidance of $1.35 to $1.39 –

– Increases Quarterly Dividend by 2.3% to $0.22 Per Share –

– $46.4 Million of Forward Equity Sales through the ATM in January 2026 –

– Achieved Investment Grade Rating of BBB- from Fitch Ratings in December 2025 –

Dallas, TX – February 10, 2026 – NETSTREIT Corp. (NYSE: NTST) (the “Company”) today announced financial and operating results for the fourth quarter and year ended December 31, 2025.

“I am pleased to report that NETSTREIT delivered strong 2025 results, which included a Company record $245.4 million of investments at a 7.5% cash yield in the fourth quarter. Furthermore, we accretively recycled capital throughout the year exceeding our portfolio diversification goals for 2025. With a well-fortified balance sheet that is positioned for growth, we are reaffirming our 2026 AFFO per share guidance and increasing our quarterly dividend by 2.3%,” said Mark Manheimer, Chief Executive Officer of NETSTREIT.

FOURTH QUARTER AND FULL YEAR 2025 HIGHLIGHTS

The following table summarizes the Company's select financial results1 for the three months and year ended December 31, 2025.


	Three Months Ended December 31,
	2025		2024		% Change
	(Unaudited)
Net Income (Loss) per Diluted Share	$	0.02	$	(0.07)	NA
Funds from Operations per Diluted Share	$	0.31	$	0.32	(3.1)	%
Core Funds from Operations per Diluted Share	$	0.31	$	0.32	(3.1)	%
Adjusted Funds from Operations per Diluted Share	$	0.33	$	0.32	3.1	%


	Year Ended December 31,
	2025		2024		% Change
	(Unaudited)
Net Income (Loss) per Diluted Share	$	0.08	$	(0.16)	NA
Funds from Operations per Diluted Share	$	1.20	$	1.20	—	%
Core Funds from Operations per Diluted Share	$	1.23	$	1.26	(2.4)	%
Adjusted Funds from Operations per Diluted Share	$	1.31	$	1.26	4.0	%

1.Funds from operations ("FFO"), core funds from operations ("Core FFO"), and adjusted funds from operations ("AFFO") are non-GAAP financial measures. See "Non-GAAP Financial Measures."

INVESTMENT ACTIVITY

The following tables summarize the Company's investment, disposition, and loan repayment activities (dollars in thousands) for the three months and year ended December 31, 2025.


	Three Months Ended December 31, 2025				Year Ended December 31, 2025
	Number of Investments	Amount			Number of Investments	Amount
Investments	57	$	245,431		164	$	657,081
Less Dispositions	17	40,414			76	178,596
Less Loan Repayments1	3	6,714			16	42,857
Net Investment Activity		$	198,303			$	435,628

Investment Activity
Cash Yield %		7.5		%		7.5		%
% of ABR derived from Investment Grade Tenants		25.8		%		26.7		%
% of ABR derived from Investment Grade Profile Tenants		8.1		%		10.1		%
Weighted Average Lease Term (years)		15.0				13.9

Disposition Activity
Cash Yield %		6.9		%		6.9		%
Weighted Average Lease Term (years)		11.2				10.5

Loan Repayments
Cash Yield %		10.1		%		8.6		%

1.Amount includes mortgage loan sales and a partial principal repayment of a mortgage loan receivable.

The following table summarizes the Company's ongoing development projects and estimated development costs (dollars in thousands) as of and for the three months ended December 31, 2025.


Developments	Three Months Ended December 31, 2025
Amount Funded During the Quarter	$	4,686

	As of December 31, 2025
Number of Developments	3
Amount Funded to Date	$	5,511
Estimated Funding Remaining on Developments	14,678
Total Estimated Development Cost	$	20,189

PORTFOLIO UPDATE

The following table summarizes the Company's real estate portfolio (weighted by ABR, dollars in thousands) as of December 31, 2025.


	As of December 31, 2025
Number of Investments	758
ABR	$	198,252
States	45
Square Feet	13,721,337
Tenants	129
Industries	28
Occupancy	99.9		%
Weighted Average Lease Term (years)	10.1
Investment Grade %	44.3		%
Investment Grade Profile %	14.0		%

CAPITAL MARKETS AND BALANCE SHEET

The following tables summarize the Company's leverage, liquidity, at-the-market equity program ("ATM") sales, and forward equity activity (dollars in thousands, except per share data) as of and for the three months ended December 31, 2025.


Leverage1	As of December 31, 2025
Net Debt / Annualized Adjusted EBITDAre	6.1x
Adjusted Net Debt / Annualized Adjusted EBITDAre	4.0x
Pro Forma Adjusted Net Debt / Annualized Adjusted EBITDAre	3.8x

Liquidity	As of December 31, 2025
Unused Unsecured Revolver Capacity	$	499,850
Cash, Cash Equivalents and Restricted Cash	14,467
Net Value of Unsettled Forward Equity	373,095
Undrawn Term Loan Balance	150,000
Total Liquidity	$	1,037,412
Subsequent ATM Sales(2)	46,382
Total Pro Forma Liquidity	$	1,083,794

Forward Equity Settlement Activity	As of December 31, 2025
Shares Settled During Quarter	9,500,000
Weighted Average Price Per Share (Gross)	$	17.54
Net Value of Settled Proceeds	$	158,921

ATM Program
Shares Sold During Quarter	5,808,092
Weighted Average Price Per Share (Gross)	$	18.22

Unsettled Forward Equity
Shares Unsettled as of December 31, 2025	21,618,834
Weighted Average Price Per Share (Gross)	$	17.98
Net Value of Unsettled Forward Equity as of December 31, 2025	$	373,095

1.Net debt, adjusted net debt, pro forma adjusted net debt and annualized adjusted EBITDAre are non-GAAP financial measures. See "Non-GAAP Financial Measures."

2.Reflects 2,589,402 of shares sold in January 2026 on a forward basis at a weighted average net settlement price of $17.91 per share.


			As of December 31, 2025
Forward Equity Offerings	Shares Issued	Shares Settled	Shares Remaining	Net Proceeds Received		Anticipated Net Proceeds Remaining
January 2024 Follow On	11,040,000	2,200,000	8,840,000	$	37,890	$	149,852
Q1 2024 ATM	107,500	—	107,500	—		1,854
Q2 2024 ATM	1,635,600	—	1,635,600	—		28,214
July 2025 Follow On	12,420,000	8,155,053	4,264,947	137,050		71,678
Q3 2025 ATM	1,045,195	—	1,045,195	—		18,711
Q4 2025 ATM	5,725,592	—	5,725,592	—		102,786
Total	31,973,887	10,355,053	21,618,834	$	174,940	$	373,095

SUBSEQUENT TO QUARTER END

In January 2026, the Company sold 2,589,402 shares at a weighted average gross price of $18.06 per share under the ATM Program on a forward basis. In addition, the Company drew an additional $50.0 million under the 2032 Term Loan, bringing the total outstanding amount under the 2032 Term Loan to $150.0 million. Effective January 2, 2026, all $150.0 million outstanding under the 2032 Term Loan is fully hedged with an all-in fixed interest rate of 4.66%. The Company has $100.0 million remaining under the PNC Term Loan Agreement delayed draw term loan commitment.

DIVIDEND

On February 5, 2026, the Company’s Board of Directors declared a quarterly cash dividend of $0.22 per share for the first quarter of 2026. On an annualized basis, the dividend of $0.88 per share of common stock represents an increase of $0.02 per share over the prior annualized dividend. The dividend will be paid on March 31, 2026 to shareholders of record on March 16, 2026.

2026 GUIDANCE

The Company is reaffirming its full year 2026 AFFO per share guidance in the range of $1.35 to $1.39. The Company continues to expect 2026 net investment activity to range between $350.0 million to $450.0 million and cash G&A to range between $16.0 million to $17.0 million (exclusive of transaction costs and severance payments). In addition, the Company's AFFO per share guidance range includes $0.015 to $0.03 per share of estimated dilution due to the impact of the Company's outstanding forward equity calculated in accordance with the treasury stock method.

The Company's 2026 guidance is based on a number of assumptions that are subject to change and many of which are outside the Company's control. If actual results vary from these assumptions, the Company's expectations may change. There can be no assurance that the Company will achieve these results.

AFFO is a non-GAAP financial measure. The Company does not provide a reconciliation of such forward-looking non-GAAP measure to the most directly comparable financial measures calculated and presented in accordance with GAAP because to do so would be potentially misleading and not practical given the difficulty of projecting event driven transactional and other non-core operating items in any future period. The magnitude of these items, however, may be significant.

EARNINGS CONFERENCE CALL

A conference call will be held on Wednesday, February 11, 2026 at 11:00 AM ET. During the conference call the Company’s officers will review fourth quarter and full year 2025 performance, discuss recent events, and conduct a question and answer period.

The webcast will be accessible on the “Investor Relations” section of the Company’s website at www.NETSTREIT.com. To listen to the live webcast, please go to the site at least 15 minutes prior to the scheduled start time to register, as well as download and install any necessary audio software.

The conference call can also be accessed by dialing 1-877-451-6152 for domestic callers or 1-201-389-0879 for international callers. A dial-in replay will be available starting shortly after the call until February 18, 2026, which can be accessed by dialing 1-844-512-2921 for domestic callers or 1-412-317-6671 for international callers. The passcode for this dial-in replay is 13757887.

SUPPLEMENTAL PACKAGE

The Company’s supplemental package will be available prior to the conference call in the Investor Relations section of the Company’s website at www.investors.netstreit.com.

About NETSTREIT Corp.

NETSTREIT Corp. is an internally managed real estate investment trust (REIT) based in Dallas, Texas that specializes in acquiring single-tenant net lease retail properties nationwide. The growing portfolio consists of high-quality properties leased to e-commerce resistant tenants with healthy balance sheets. Led by a management team of seasoned commercial real estate executives, NETSTREIT’s strategy is to create the highest quality net lease retail portfolio in the country with the goal of generating consistent cash flows and dividends for its investors.

Investor Relations

ir@netstreit.com

972-694-3066

NON-GAAP FINANCIAL MEASURES

This press release contains non-GAAP financial measures, including FFO, Core FFO, AFFO, EBITDA, EBITDAre, Adjusted EBITDAre, Annualized Adjusted EBITDAre, Property-Level NOI, Property-Level Cash NOI, Property-Level Cash NOI - Estimated Run Rate, Net Debt, Adjusted Net Debt, and Pro Forma Net Debt. A reconciliation of each non-GAAP financial measure to the most comparable GAAP measure, and definitions of each non-GAAP measure, are included below.

FORWARD LOOKING STATEMENTS

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such forward-looking statements include, without limitation, statements concerning our business and growth strategies, investment, financing and leasing activities, including estimated development costs, trends in our business, including trends in the market for single-tenant, retail commercial real estate, and our 2026 guidance. Words such as “expects,” “anticipates,” “intends,” “plans,” “likely,” “will,” “believes,” “seeks,” “estimates,” and variations of such words and similar expressions are intended to identify such forward-looking statements. Such statements involve known and unknown risks, uncertainties and other factors that may cause our actual results, performance or achievements to be materially different from the results of operations or plans expressed or implied by such forward-looking statements. Although we believe that the assumptions underlying the forward-looking statements contained herein are reasonable, any of the assumptions could be inaccurate, and therefore such statements included in this press release may not prove to be accurate. In light of the significant uncertainties inherent in the forward-looking statements included herein, the inclusion of such information should not be regarded as a representation by us or any other person that the results or conditions described in such statements or our objectives and plans will be achieved. For a further discussion of these and other factors that could impact future results, performance or transactions, see the information under the heading “Risk Factors” in our Form 10-K for the year ended December 31, 2024 filed with the Securities and Exchange Commission (the “SEC”) on February 24, 2025 and other reports filed with the SEC from time to time. Forward-looking statements and such risks, uncertainties and other factors speak only as of the date of this press release. New risks and uncertainties may arise over time and it is not possible for us to predict those events or how they may affect us. Many of the risks identified herein and in our periodic reports have been and will continue to be heightened as a result of the ongoing and numerous adverse effects arising from macroeconomic conditions, including inflation, interest rates and instability in the banking system. We expressly disclaim any obligation or undertaking to update or revise any forward-looking statement contained herein, to reflect any change in our expectations with regard thereto, or any other change in events, conditions or circumstances on which any such statement is based, except to the extent otherwise required by law.

NETSTREIT CORP. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(In thousands, except share and per share data)

(Unaudited)


	December 31,
	2025		2024
Assets
Real estate, at cost:
Land	$	772,417	$	571,272
Buildings and improvements	1,590,714		1,400,393
Total real estate, at cost	2,363,131		1,971,665
Less accumulated depreciation	(188,858)		(143,422)
Property under development	5,500		6,118
Real estate held for investment, net	2,179,773		1,834,361
Assets held for sale	40,976		48,637
Mortgage loans receivable, net	142,464		139,409
Cash, cash equivalents, and restricted cash	14,467		14,320
Lease intangible assets, net	173,440		164,392
Other assets, net	63,076		58,227
Total assets	$	2,614,196	$	2,259,346
Liabilities and equity
Liabilities:
Term loans, net	$	1,093,331	$	622,608
Revolving credit facility	—		239,000
Mortgage note payable, net	7,814		7,853
Lease intangible liabilities, net	16,910		20,177
Liabilities related to assets held for sale	1,016		1,912
Accounts payable, accrued expenses, and other liabilities	42,559		29,664
Total liabilities	1,161,630		921,214
Commitments and contingencies
Equity:
Stockholders’ equity
Common stock, $0.01 par value, 400,000,000 shares authorized; 93,070,533 and 81,602,232 shares issued and outstanding as of December 31, 2025 and 2024, respectively	931		816
Additional paid-in capital	1,701,572		1,507,995
Distributions in excess of retained earnings	(251,926)		(188,046)
Accumulated other comprehensive (loss) income	(4,565)		10,206
Total stockholders’ equity	1,446,012		1,330,971
Noncontrolling interests	6,554		7,161
Total equity	1,452,566		1,338,132
Total liabilities and equity	$	2,614,196	$	2,259,346

NETSTREIT CORP. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS

(In thousands, except share and per share data)

(Unaudited)


	Year Ended December 31,
	2025		2024		2023
Revenues
Rental revenue (including reimbursable)	$	182,136	$	150,823	$	123,967
Interest income on loans receivable	12,625		11,561		7,388
Other revenue	245		400		550
Total revenues	195,006		162,784		131,905
Operating expenses
Property	19,211		17,422		16,413
General and administrative	21,723		19,722		20,176
Depreciation and amortization	86,376		76,871		63,677
Provisions for impairment	17,268		29,969		7,083
Transaction costs	218		359		456
Total operating expenses	144,796		144,343		107,805
Other (expense) income
Interest expense, net	(51,302)		(30,324)		(19,058)
Gain on sales of real estate, net	7,686		1,876		1,175
Loss on debt extinguishment	(46)		—		(128)
Other income (expense), net	444		(1,944)		752
Total other expense, net	(43,218)		(30,392)		(17,259)
Net income (loss) before income taxes	6,992		(11,951)		6,841
Income tax (expense) benefit	(54)		(49)		49
Net income (loss)	6,938		(12,000)		6,890
Net income (loss) attributable to noncontrolling interests	37		(63)		53
Net income (loss) attributable to common stockholders	$	6,901	$	(11,937)	$	6,837
Amounts available to common stockholders per common share:
Basic	$	0.08	$	(0.16)	$	0.11
Diluted	$	0.08	$	(0.16)	$	0.11
Weighted average common shares:
Basic	82,702,387		76,517,767		63,922,973
Diluted	84,204,748		76,517,767		64,665,439

NETSTREIT CORP. AND SUBSIDIARIES

RECONCILIATION OF NET INCOME (LOSS) TO FFO, CORE FFO AND ADJUSTED FFO

(In thousands, except share and per share data)

(Unaudited)


	Year Ended December 31,
	2025		2024
Net income (loss)	$	6,938	$	(12,000)
Depreciation and amortization of real estate	86,081		76,560
Provisions for impairment	15,909		29,969
Gain on sales of real estate, net	(7,686)		(1,876)
FFO	101,242		92,653
Adjustments:
Non-recurring executive transition costs, severance, and related charges	124		1,643
Loss on debt extinguishment and other related costs	495		—
Other non-recurring loss, net	1,314		2,934
Core FFO	103,175		97,230
Adjustments:
Straight-line rent adjustments	(4,793)		(2,949)
Amortization of deferred financing costs	3,136		2,230
Amortization of above/below-market assumed debt	114		114
Amortization of loan origination costs and discounts	(342)		(365)
Amortization of lease-related intangibles	(157)		(458)
Earned development interest	184		1,072
Capitalized interest expense	(154)		(806)
Non-cash interest expense (income)	2,859		(3,789)
Non-cash compensation expense	5,898		5,126
AFFO	$	109,920	$	97,405

Weighted average common shares outstanding, basic	82,702,387		76,517,767
Weighted average operating partnership units outstanding	421,516		444,435
Weighted average dilutive securities	285,694		123,992
Weighted average unsettled shares under forwards	795,151		233,606
Weighted average common shares outstanding, diluted	84,204,748		77,319,800

FFO per common share, diluted	$	1.20	$	1.20
Core FFO per common share, diluted	$	1.23	$	1.26
AFFO per common share, diluted	$	1.31	$	1.26

NETSTREIT CORP. AND SUBSIDIARIES

RECONCILIATION OF NET INCOME (LOSS) TO EBITDA, EBITDAre AND ADJUSTED EBITDAre

(In thousands)

(Unaudited)


	Three Months Ended December 31,
	2025			2024
Net income (loss)	$	1,328		$	(5,424)
Depreciation and amortization of real estate	22,484			20,275
Amortization of lease-related intangibles	(46)			(95)
Non-real estate depreciation and amortization	75			75
Interest expense, net	14,568			8,576
Income tax expense	13			18
Amortization of loan origination costs and discounts	(145)			(123)
EBITDA	38,277			23,302
Adjustments:
Provisions for impairment	3,737			12,633
Gain on sales of real estate, net	(955)			(1,002)
EBITDAre	41,059			34,933
Adjustments:
Straight-line rent adjustments	(1,530)			(1,120)
Non-recurring executive transition costs, severance and related charges	44			148
Other non-recurring gain, net	—			(142)
Other non-recurring expenses, net	320			38
Transaction costs	79			158
Non-cash compensation expense	1,505			999
Adjustment for construction in process (1)	103			152
Adjustment for intraquarter investment activities (2)	2,911			1,910
Adjusted EBITDAre	$	44,491		$	37,076
Annualized Adjusted EBITDAre (3)	$	177,964

Net Debt	As of December 31, 2025
Principal amount of total debt	$	1,108,042
Less: Cash, cash equivalents and restricted cash	(14,467)
Net Debt	1,093,575
Less: Net value of unsettled forward equity (4)	(373,095)
Adjusted Net Debt	$	720,480
Less: Subsequent ATM Sales (5)	(46,382)
Pro Forma Adjusted Net Debt	$	674,098

Leverage
Net Debt / Annualized Adjusted EBITDAre	6.1		x
Adjusted Net Debt / Annualized Adjusted EBITDAre	4.0		x
Pro Forma Adjusted Net Debt / Annualized Adjusted EBITDAre	3.8		x

1.Adjustment reflects the estimated cash yield on developments in process as of December 31, 2025.

2.Adjustment assumes all re-leasing activity, investments in and dispositions of real estate, including developments completed during the three months ended December 31, 2025, had occurred on October 1, 2025.

3.We calculate Annualized Adjusted EBITDAre by multiplying Adjusted EBITDAre by four.

4.Reflects 21,618,834 of unsettled forward equity shares at the December 31, 2025, weighted average net settlement price of $17.26 per share.

5.Reflects 2,589,402 of shares sold at a weighted average net settlement price of $17.91 per share.

NETSTREIT CORP. AND SUBSIDIARIES

RECONCILIATION OF NET INCOME TO NOI, PROPERTY-LEVEL CASH NOI, AND PROPERTY-LEVEL

CASH NOI - ESTIMATED RUN RATE

(in thousands)

(Unaudited)


	Three Months Ended December 31,
	2025		2024
Net income (loss)	$	1,328	$	(5,424)
General and administrative	5,951		4,456
Depreciation and amortization	22,558		20,349
Provisions for impairment	3,737		12,633
Transaction costs	79		158
Interest expense, net	14,568		8,576
Gain on sales of real estate, net	(956)		(1,002)
Income tax expense	13		18
Amortization of loan origination costs and discounts	(145)		(123)
Interest income on mortgage loans receivable	(3,140)		(3,103)
Other income, net	(295)		(297)
Property-Level NOI	43,698		36,241
Straight-line rent adjustments	(1,530)		(1,120)
Amortization of lease-related intangibles	(46)		(95)
Property-Level Cash NOI	$	42,122	$	35,026
Adjustment for intraquarter acquisitions, dispositions, and completed development(1)	2,879
Property-Level Cash NOI Estimated Run Rate	$	45,001

1.Adjustment assumes all re-leasing activity, investments in and dispositions of real estate, including developments completed during the three months ended December 31, 2025, had occurred on October 1, 2025.

NON-GAAP FINANCIAL MEASURES

FFO, Core FFO, and AFFO

The National Association of Real Estate Investment Trusts (“NAREIT”), an industry trade group, has promulgated a widely accepted non-GAAP financial measure of operating performance known as FFO. Our FFO is net income in accordance with GAAP, excluding gains (or losses) resulting from dispositions of properties, plus depreciation and amortization and impairment charges on depreciable real property.

Core FFO is a non-GAAP financial measure defined as FFO adjusted to remove the effect of unusual and non-recurring items that are not expected to impact our operating performance or operations on an ongoing basis. These include non-recurring executive transition costs, severance and related charges, other non-recurring losses (gains), and debt related transaction costs.

AFFO is a non-GAAP financial measure defined as Core FFO adjusted for GAAP net income related to non-cash revenues and expenses, such as straight-line rent, amortization of above- and below-market lease-related intangibles, amortization of lease incentives, capitalized interest expense and earned development interest, non-cash interest expense, non-cash compensation expense, amortization of deferred financing costs, amortization of above/below-market assumed debt, and amortization of loan origination costs.

Historical cost accounting for real estate assets implicitly assumes that the value of real estate assets diminishes predictably over time. In fact, real estate values historically have risen or fallen with market conditions. FFO is intended to be a standard supplemental measure of operating performance that excludes historical cost depreciation and valuation adjustments from net income. We consider FFO to be useful in evaluating potential property acquisitions and measuring operating performance.

We further consider FFO, Core FFO, and AFFO to be useful in determining funds available for payment of distributions. FFO, Core FFO, and AFFO do not represent net income or cash flows from operations as defined by GAAP. You should not consider FFO, Core FFO, and AFFO to be alternatives to net income as a reliable measure of our operating performance nor should you consider FFO, Core FFO, and AFFO to be alternatives to cash flows from operating, investing, or financing activities (as defined by GAAP) as measures of liquidity.

FFO, Core FFO, and AFFO do not measure whether cash flow is sufficient to fund our cash needs, including debt service obligations, capital improvements, and distributions to stockholders. FFO, Core FFO, and AFFO do not represent cash flows from operating, investing, or financing activities as defined by GAAP. Further, FFO, Core FFO, and AFFO as disclosed by other REITs might not be comparable to our calculations of FFO, Core FFO, and AFFO.

EBITDA, EBITDAre, Adjusted EBITDAre, and Annualized Adjusted EBITDAre

We compute EBITDA as earnings before interest expense, income tax expense, and depreciation and amortization. In 2017, NAREIT issued a white paper recommending that companies that report EBITDA also report EBITDAre. We compute EBITDAre in accordance with the definition adopted by NAREIT. NAREIT defines EBITDAre as EBITDA (as defined above) excluding gains (or losses) from the sales of depreciable property and impairment charges on depreciable real property.

Adjusted EBITDAre is a non-GAAP financial measure defined as EBITDAre further adjusted to exclude straight-line rent, non-cash compensation expense, non-recurring executive transition costs, severance and related charges, debt related transaction costs, transaction costs, other non-recurring loss (gain), net, other non-recurring expenses (income) including lease termination fees, as well as adjustments for construction in process and for intraquarter activities. Annualized Adjusted EBITDAre is Adjusted EBITDAre multiplied by four.

We present EBITDA, EBITDAre, Adjusted EBITDAre, and Annualized Adjusted EBITDAre as they are measures commonly used in our industry. We believe that these measures are useful to investors and analysts because they provide supplemental information concerning our operating performance, exclusive of certain non-cash items and other costs. We use EBITDA, EBITDAre, Adjusted EBITDAre, and Annualized Adjusted EBITDAre as measures of our operating performance and not as measures of liquidity. EBITDA, EBITDAre, Adjusted EBITDAre, and Annualized Adjusted EBITDAre do not include all items of revenue and expense included in net income, they do not represent cash generated from operating activities and they are not necessarily indicative of cash available to fund cash requirements; accordingly, they should not be considered alternatives to net income as a performance measure or cash flows from operations as a liquidity measure and should be considered in addition to, and not in lieu of, GAAP financial measures. Additionally, our computation of EBITDA, EBITDAre, Adjusted EBITDAre, and Annualized Adjusted EBITDAre may differ from the methodology for calculating these metrics used by other equity REITs and, therefore, may not be comparable to similarly titled measures reported by other equity REITs.

Net Debt, Adjusted Net Debt, and Pro Forma Adjusted Net Debt

We calculate Net Debt as the principal amount of our total debt outstanding, excluding deferred financing costs, net discounts, and debt issuance costs, less cash, cash equivalents, and restricted cash available for future investment.

We then adjust Net Debt by the net value of unsettled forward equity as of period end to derive Adjusted Net Debt. Further, we adjust Adjusted Net Debt by the value of any unsettled forward equity and at-the-market sales occurring subsequent to the period to derive Pro Forma Adjusted Net Debt.

We believe excluding cash, cash equivalents, and restricted cash available for future investment from the principal amount of our total debt outstanding, together with the exclusion of the net value of unsettled forward equity as of period end and the net value of unsettled forward equity and at-the-market sales subsequent to the period, all of which could be used to repay debt, provides a useful estimate of the net contractual amount of borrowed capital to be repaid. We believe these adjustments are additional beneficial disclosures to investors and analysts.

Property-Level NOI, Property-Level Cash NOI, and Property-Level Cash NOI - Estimated Run Rate

Property-Level NOI, Property-Level Cash NOI, and Property-Level Cash NOI - Estimated Run Rate are non-GAAP financial measures which we use to assess our operating results. We compute Property-Level NOI as net income (computed in accordance with GAAP), excluding general and administrative expenses, interest expense, net, income tax expense, amortization of loan origination costs and discounts, transaction costs, depreciation and amortization, gains (or losses) on sales of depreciable property, real estate impairment losses, interest income on mortgage loans receivable, debt related transaction costs, and other expense (income), net, including lease termination fees. We further adjust Property-Level NOI for non-cash revenue components of straight-line rent and amortization of lease-intangibles to derive Property-Level Cash NOI. We further adjust Property-Level Cash NOI for intraquarter acquisitions, dispositions, and completed development to derive Property-Level Cash NOI - Estimated Run Rate. We believe Property-Level NOI, Property-Level Cash NOI, and Property-Level Cash NOI - Estimated Run Rate provide useful and relevant information because they reflect only those income and expense items that are incurred at the property level and present such items on an unlevered basis.

Property-Level NOI, Property-Level Cash NOI, and Property-Level Cash NOI - Estimated Run Rate are not measurements of financial performance under GAAP and may not be comparable to similarly titled measures of other companies. You should not consider our measures as alternatives to net income or cash flows from operating activities determined in accordance with GAAP.

OTHER DEFINITIONS

ABR is annualized base rent for all leases that commenced and annualized cash interest for all executed mortgage loans as of December 31, 2025.

Cash Yield is the annualized base rent contractually due from acquired properties and completed developments, and interest income from mortgage loans receivable, divided by the gross investment amount, gross proceeds in the case of dispositions, or loan repayment amount.

Investments are lease agreements in place at owned properties, properties that have leases associated with mortgage loans receivable, developments where rent commenced, interest earning developments, or in the case of master lease arrangements each property under the master lease is counted as a separate lease.

Investment Grade are investments, or investments that are subsidiaries of a parent entity, with a credit rating of BBB- (S&P/Fitch), Baa3 (Moody's) or NAIC2 (National Association of Insurance Commissioners) or higher.

Investment Grade Profile are investments with investment grade credit metrics (more than $1.0 billion in annual sales and a debt to adjusted EBITDA ratio of less than 2.0x), but do not carry a published rating from S&P, Fitch, Moody's, or NAIC.

Occupancy is expressed as a percentage, and is the number of leased investments divided by the total number of investments owned, excluding properties under development.

Weighted Average Lease Term is weighted by the annualized base rent, excluding lease extension options and investments associated with mortgage loans receivable.

Fourth Quarter and Full Year 2025 Supplemental Financial Information

Table of Contents 2 03 Corporate Overview 04 Quarterly Highlights 05 Consolidated Statements of Operations 06 Funds from Operations and Adjusted Funds from Operations 07 EBITDAre and Adjusted EBITDAre 08 Net Operating Income 09 Consolidated Balance Sheets 10 Debt, Capitalization, and Financial Ratios 12 Investment Activity 13 Portfolio Information 17 Lease Expiration Schedule 18 Non-GAAP Measures and Definitions 21 Forward-Looking and Cautionary Statements

Management Team Mark Manheimer Chief Executive Officer and President Daniel Donlan Chief Financial Officer and Treasurer Sofia Chernylo Senior Vice President, Chief Accounting Officer Jeff Fuge Senior Vice President of Acquisitions Chad Shafer Senior Vice President of Real Estate and Underwriting 3 Corporate Overview Corporate Profile NETSTREIT Corp. (NYSE: NTST) is an internally managed real estate investment trust (REIT) based in Dallas, Texas that specializes in acquiring single-tenant net lease retail properties nationwide. The growing portfolio consists of high-quality properties leased to e- commerce resistant tenants with healthy balance sheets. Led by a management team of seasoned commercial real estate executives, NETSTREIT’s strategy is to create the highest quality net lease retail portfolio in the country in order to generate consistent cash flows and dividends for its investors. Board of Directors Lori Wittman - Chair Michael Christodolou Heidi Everett Mark Manheimer Todd Minnis Matthew Troxell Robin Zeigler Corporate Headquarters 2021 McKinney Avenue Suite 1150 Dallas, Texas, 75201 Phone: (972) 597 - 4825 Website: www.netstreit.com Transfer Agent Computershare PO Box 43007 Providence, RI 09240-3007 Phone: (800) 736 - 3001 Website: www.computershare.com

Quarterly Highlights (unaudited, dollars in thousands, except per share data) 4 1. Includes acquisitions, mortgage loans receivable, and completed developments. 2. Weighted by ABR; excludes lease extension options and investments that secure mortgage loans receivable. 3. Investments, or investments that are subsidiaries of a parent entity, with a credit rating of BBB- (S&P/Fitch), Baa3 (Moody's), or NAIC2 (National Association of Insurance Commissioners) or higher. 4. Investments with investment grade credit metrics (more than $1.0 billion in annual sales and a debt to adjusted EBITDA ratio of less than 2.0x), but do not carry a published rating from S&P, Fitch, Moody's, or NAIC. Three Months Ended Financial Results December 31, 2025 September 30, 2025 June 30, 2025 March 31, 2025 December 31, 2024 Net income (loss) $ 1,328 $ 621 $ 3,289 $ 1,700 $ (5,424) Net income (loss) per common share outstanding - diluted $ 0.02 $ 0.01 $ 0.04 $ 0.02 $ (0.07) Funds from Operations (FFO) $ 26,594 $ 24,948 $ 25,611 $ 24,091 $ 26,482 FFO per common share outstanding - diluted $ 0.31 $ 0.29 $ 0.31 $ 0.29 $ 0.32 Core Funds from Operations (Core FFO) $ 26,638 $ 26,355 $ 25,614 $ 24,570 $ 26,488 Core FFO per common share outstanding - diluted $ 0.31 $ 0.31 $ 0.31 $ 0.30 $ 0.32 Adjusted Funds from Operations (AFFO) $ 28,167 $ 28,049 $ 27,460 $ 26,248 $ 25,908 AFFO per common share outstanding - diluted $ 0.33 $ 0.33 $ 0.33 $ 0.32 $ 0.32 Dividends per share $ 0.215 $ 0.215 $ 0.210 $ 0.210 $ 0.210 Weighted average common shares outstanding - diluted 86,518,740 85,641,948 82,494,129 82,132,524 82,153,404 Portfolio Metrics Number of investments(1) 758 721 705 695 687 Square feet 13,721,337 13,179,983 12,787,231 12,792,350 12,609,612 Occupancy 99.9 % 99.9 % 99.9 % 99.9 % 99.9 % Weighted average lease term remaining (years)(2) 10.1 9.9 9.8 9.7 9.8 Investment grade (rated) - % of ABR(3) 44.3 % 46.9 % 52.2 % 54.7 % 55.8 % Investment grade profile (unrated) - % of ABR(4) 14.0 % 15.2 % 16.5 % 16.0 % 15.0 % Combined Investment grade (rated) & Investment grade profile (unrated) - % of ABR 58.3 % 62.1 % 68.7 % 70.7 % 70.8 % $0.94 $1.16 $1.22 $1.26 $1.31 $0 $500 $1,000 $1,500 $2,000 $2,500 $3,000 $0.70 $0.80 $0.90 $1.00 $1.10 $1.20 $1.30 $1.40 $1.50 2021 2022 2023 2024 2025 G ro ss R ea l E st at e V al ue ($ in m ill io ns ) A FF O /s h Historical AFFO/sh and Asset Growth AFFO/sh Gross Real Estate Value AFFO/sh Growth CAGR 8.7%

5 Three Months Ended December 31, Twelve Months Ended December 31, 2025 2024 2025 2024 REVENUES Rental revenue (including reimbursable) $ 49,362 $ 40,598 $ 182,136 $ 150,823 Interest income on loans receivable 3,140 3,103 12,625 11,561 Other revenue — 400 245 400 Total revenues 52,502 44,101 195,006 162,784 OPERATING EXPENSES Property 5,622 4,845 19,211 17,422 General and administrative 5,951 4,456 21,723 19,722 Depreciation and amortization 22,558 20,349 86,376 76,871 Provisions for impairment 3,737 12,633 17,268 29,969 Transaction costs 79 158 218 359 Total operating expenses 37,947 42,441 144,796 144,343 OTHER (EXPENSE) INCOME Interest expense, net (14,568) (8,576) (51,302) (30,324) Gain on sales of real estate, net 956 1,002 7,686 1,876 Loss on debt extinguishment — — (46) — Other income (expense), net 398 508 444 (1,944) Total other expense, net (13,214) (7,066) (43,218) (30,392) Net income (loss) before income taxes 1,341 (5,406) 6,992 (11,951) Income tax expense (13) (18) (54) (49) Net income (loss) 1,328 (5,424) 6,938 (12,000) Net income (loss) attributable to noncontrolling interests 8 (28) 37 (63) Net income (loss) attributable to common stockholders $ 1,320 $ (5,396) $ 6,901 $ (11,937) Amounts available to common stockholders per common share: Basic $ 0.02 $ (0.07) $ 0.08 $ (0.16) Diluted $ 0.02 $ (0.07) $ 0.08 $ (0.16) Weighted average common shares: Basic 83,765,362 81,585,762 82,702,387 76,517,767 Diluted 86,518,740 81,585,762 84,204,748 76,517,767 Consolidated Statements of Operations (unaudited, dollars in thousands, except per share data)

Funds From Operations and Adjusted Funds From Operations (unaudited, dollars in thousands, except per share data) 6 Three Months Ended December 31, Twelve Months Ended December 31, 2025 2024 2025 2024 GAAP Reconciliation: Net income (loss) $ 1,328 $ (5,424) $ 6,938 $ (12,000) Depreciation and amortization of real estate 22,484 20,275 86,081 76,560 Provisions for impairment 3,737 12,633 15,909 29,969 Gain on sales of real estate, net (955) (1,002) (7,686) (1,876) Funds from Operations (FFO) $ 26,594 $ 26,482 $ 101,242 $ 92,653 Non-recurring executive transition costs, severance, and related charges 44 148 124 1,643 Loss on debt extinguishment and other related costs — — 495 — Other non-recurring (gain) loss, net — (142) 1,314 2,934 Core Funds from Operations (Core FFO) $ 26,638 $ 26,488 $ 103,175 $ 97,230 Straight-line rent adjustments (1,530) (1,120) (4,793) (2,949) Amortization of deferred financing costs 971 558 3,136 2,230 Amortization of above/below-market assumed debt 29 29 114 114 Amortization of loan origination costs and discounts (145) (123) (342) (365) Amortization of lease-related intangibles (46) (95) (157) (458) Earned development interest 66 110 184 1,072 Capitalized interest expense (42) (97) (154) (806) Non-cash interest expense (income) 721 (841) 2,859 (3,789) Non-cash compensation expense 1,505 999 5,898 5,126 Adjusted Funds from Operations (AFFO) $ 28,167 $ 25,908 $ 109,920 $ 97,405 FFO per common share, diluted $ 0.31 $ 0.32 $ 1.20 $ 1.20 Core FFO per common share, diluted $ 0.31 $ 0.32 $ 1.23 $ 1.26 AFFO per common share, diluted $ 0.33 $ 0.32 $ 1.31 $ 1.26 Dividends per share $ 0.215 $ 0.210 $ 0.850 $ 0.830 Dividends per share as a percent of AFFO 65 % 66 % 65 % 66 % Weighted average common shares outstanding, basic 83,765,362 81,585,762 82,702,387 76,517,767 Operating partnership units outstanding 414,310 424,956 421,516 444,435 Unvested restricted stock units 486,236 142,686 285,694 123,992 Unsettled shares under open forward equity contracts 1,852,832 — 795,151 233,606 Weighted average common shares outstanding, diluted 86,518,740 82,153,404 84,204,748 77,319,800

EBITDAre and Adjusted EBITDAre (unaudited, dollars in thousands) 7 Three Months Ended December 31, 2025 2024 GAAP Reconciliation: Net income (loss) $ 1,328 $ (5,424) Depreciation and amortization of real estate 22,484 20,275 Amortization of lease-related intangibles (46) (95) Non-real estate depreciation and amortization 75 75 Interest expense, net 14,568 8,576 Income tax expense 13 18 Amortization of loan origination costs and discounts (145) (123) EBITDA 38,277 23,302 Adjustments: Provisions for impairment 3,737 12,633 Gain on sales of real estate, net (955) (1,002) EBITDAre 41,059 34,933 Adjustments: Straight-line rent adjustments (1,530) (1,120) Non-recurring executive transition costs, severance and related charges 44 148 Other non-recurring gain, net — (142) Other non-recurring expenses, net 320 38 Transaction costs 79 158 Non-cash compensation expense 1,505 999 Adjustment for construction in process (1) 103 152 Adjustment for intraquarter investment activities (2) 2,911 1,910 Adjusted EBITDAre $ 44,491 $ 37,076 Annualized Adjusted EBITDAre (3) $ 177,964 Net Debt As of December 31, 2025 Principal amount of total debt $ 1,108,042 Less: Cash, cash equivalents and restricted cash (14,467) Net Debt $ 1,093,575 Less: Net value of unsettled forward equity (4) (373,095) Adjusted Net Debt $ 720,480 Less: Subsequent ATM Sales (5) (46,382) Pro Forma Adjusted Net Debt $ 674,098 Leverage Net Debt / Annualized Adjusted EBITDAre 6.1 x Adjusted Net Debt / Annualized Adjusted EBITDAre 4.0 x Pro Forma Adjusted Net Debt / Annualized Adjusted EBITDAre 3.8 x 1. Adjustment reflects the estimated cash yield on developments in process as of December 31, 2025. 2. Adjustment assumes all re-leasing activity, investments in and dispositions of real estate, including developments completed during the three months ended December 31, 2025, had occurred on October 1, 2025. 3. We calculate Annualized Adjusted EBITDAre by multiplying Adjusted EBITDAre by four. 4. Reflects 21,618,834 of unsettled forward equity shares at the December 31, 2025, available weighted average net settlement price of $17.26 per share. 5. Reflects 2,589,402 of shares sold at a weighted average net settlement price of $17.91 per share.

Net Operating Income (unaudited, dollars in thousands) 8 Three Months Ended December 31, 2025 2024 GAAP Reconciliation: Net income (loss) $ 1,328 $ (5,424) General and administrative 5,951 4,456 Depreciation and amortization 22,558 20,349 Provisions for impairment 3,737 12,633 Transaction costs 79 158 Interest expense, net 14,568 8,576 Gain on sales of real estate, net (956) (1,002) Income tax expense 13 18 Amortization of loan origination costs and discounts (145) (123) Interest income on mortgage loans receivable (3,140) (3,103) Other income, net (295) (297) Property-Level NOI 43,698 36,241 Straight-line rent adjustments (1,530) (1,120) Amortization of lease-related intangibles (46) (95) Property-Level Cash NOI $ 42,122 $ 35,026 Adjustment for intraquarter acquisitions, dispositions, and completed development(1) 2,879 Property-Level Cash NOI Estimated Run Rate $ 45,001 Property Operating Expense Coverage Property operating expense reimbursement $ 4,947 $ 4,092 Property operating expenses (5,622) (4,845) Property operating expenses, net $ (675) $ (752) 1. Adjustment assumes all re-leasing activity, investments in and dispositions of real estate, including developments completed during the three months ended December 31, 2025, had occurred on October 1, 2025.

Consolidated Balance Sheets (unaudited, dollars in thousands, except per share data) 9 December 31, 2025 2024 ASSETS Real estate, at cost: Land $ 772,417 $ 571,272 Buildings and improvements 1,590,714 1,400,393 Total real estate, at cost 2,363,131 1,971,665 Less accumulated depreciation (188,858) (143,422) Property under development 5,500 6,118 Real estate held for investment, net 2,179,773 1,834,361 Assets held for sale 40,976 48,637 Mortgage loans receivable, net 142,464 139,409 Cash, cash equivalents, and restricted cash 14,467 14,320 Lease intangible assets, net 173,440 164,392 Other assets, net 63,076 58,227 Total assets $ 2,614,196 $ 2,259,346 LIABILITIES AND EQUITY Liabilities: Term loans, net 1,093,331 622,608 Revolving credit facility — 239,000 Mortgage note payable, net 7,814 7,853 Lease intangible liabilities, net 16,910 20,177 Liabilities related to assets held for sale 1,016 1,912 Accounts payable, accrued expenses, and other liabilities 42,559 29,664 Total liabilities $ 1,161,630 $ 921,214 Equity: Stockholders’ equity Common stock, $0.01 par value, 400,000,000 shares authorized; 93,070,533 and 81,602,232 shares issued and outstanding as of December 31, 2025 and 2024, respectively $ 931 $ 816 Additional paid-in capital 1,701,572 1,507,995 Distributions in excess of retained earnings (251,926) (188,046) Accumulated other comprehensive (loss) income (4,565) 10,206 Total stockholders’ equity 1,446,012 1,330,971 Noncontrolling interests 6,554 7,161 Total equity 1,452,566 1,338,132 Total liabilities and equity $ 2,614,196 $ 2,259,346

Debt, Capitalization, and Financial Ratios (unaudited, dollars in thousands) 10 As of December 31, 2025 Debt Summary Fully Extended Maturity Principal Balance Fixed Rate SOFR Swap Interest Rate(1) Remaining Capacity Available Term (years) Unsecured revolver(2) January 15, 2030 $ — —% —% $ 499,850 4.0 2028 Term Loan February 11, 2028 200,000 2.63% 3.58% — 2.1 2029 Term Loan A(3) January 3, 2029 250,000 3.74% 4.69% — 3.0 2030 Term Loan A(4) January 15, 2030 175,000 2.40% 3.35% — 4.0 2030 Term Loan B(5) January 15, 2030 175,000 3.87% 4.82% — 4.0 2031 Term Loan March 25, 2031 200,000 3.44% 4.39% — 5.2 2032 Term Loan(6) September 24, 2032 100,000 3.45% 4.70% 150,000 6.7 Mortgage note(7) November 1, 2027 8,042 —% 4.53% — 1.8 Total / Weighted Average $ 1,108,042 3.26% 4.24% $ 649,850 3.9 1. Rates presented exclude the impact of capitalized loan fee amortization. Effective December 30, 2025, the interest rate for the Unsecured revolver, 2032 Term Loan, and all other Term Loans included a borrowing spread of 0.85%, 1.25%, and 0.95%, respectively. 2. Interest rate reflects the all-in borrowing rate as of December 31, 2025. Facility fees are charged at an annual rate of 0.20% of the total facility size of $500 million, and are not included in the interest rate presented. The facility matures on January 15, 2029, and includes a one-year extension option. Remaining capacity reduced by $0.15 million for outstanding letters of credit. 3. The term loan matures on July 3, 2026, and includes two one-year extension options and one six-month extension option. 4. The term loan matures on January 15, 2029, and includes a one-year extension option. Existing fixed rate SOFR expires in January 2027; the term loan is unhedged beyond that date. 5. The term loan matures on January 15, 2029, and includes a one-year extension option. 6. $200.0 million of the term loan is hedged at an all-in rate of 4.67%. The remaining $50.0 million is unhedged. The effective date for the SOFR swap shown is October 1, 2025. Subsequent SOFR swaps will take effect on January 2, 2026, and April 1, 2026, on $50.0 million respectively. 7. The mortgage note was assumed as part of an asset acquisition during the third quarter of 2022. Fixed vs. Floating Debt Fixed, 100% $200 $250 $350 $500 $200 $100 $0 $100 $200 $300 $400 $500 $600 $700 $800 $900 2026 2027 2028 2029 2030 2031 2032 Debt Maturity Schedule Term Loan RCF Capacity Mortgage Note $8 $150

1. Remaining capacity reduced by $0.15 million for outstanding letters of credit. 2. Reflects 21,618,834 of unsettled shares under forward sale agreements at the December 31, 2025, weighted average net settlement price of $17.26 per share. 3. Reflects 2,589,402 of shares sold at a weighted average net settlement price of $17.91 per share. 4. Value is based on the December 31, 2025, closing share price of $17.64 per share. Debt, Capitalization, and Financial Ratios (unaudited, dollars in thousands, except per share data) 11 As of December 31, 2025 Key Debt Covenant Information Required Actual Consolidated total leverage ratio ≤ 60.0% 33.7% Fixed charge coverage ratio ≥ 1.50x 3.14x Maximum secured indebtedness ≤ 40.0% 0.2% Maximum recourse indebtedness ≤ 10.0% —% Unencumbered leverage ratio ≤ 60.0% 36.8% Unencumbered interest coverage ratio ≥ 1.75x 3.33x Liquidity As of December 31, 2025 Unused Unsecured Revolver Capacity (1) $ 499,850 Cash, Cash Equivalents and Restricted Cash 14,467 Net Value of Unsettled Forward Equity (2) 373,095 Undrawn Term Loan Balance 150,000 Total Liquidity $ 1,037,412 Subsequent ATM Sales (3) 46,382 Total Pro Forma Liquidity $ 1,083,794 Equity Ending Shares/ Units as of December 31, 2025 Equity Market Capitalization % of Total Common shares (4) 93,070,533 $ 1,641,764 99.6 % OP units (4) 412,143 7,270 0.4 % Total 93,482,676 $ 1,649,034 100.0 % Enterprise Value As of December 31, 2025 % of Total Adjusted Net Debt $ 720,480 26.3 % Net Value of Unsettled Forwards 373,095 13.6 % Equity Market Capitalization 1,649,034 60.1 % Total Enterprise Value $ 2,742,609 100.0 % As of December 31, 2025 Outstanding Forward Equity Offerings Shares Issued Shares Settled Shares Remaining Net Proceeds Received Anticipated Net Proceeds Remaining January 2024 Follow On 11,040,000 2,200,000 8,840,000 $ 37,890 $ 149,852 Q1 2024 ATM 107,500 — 107,500 — 1,854 Q2 2024 ATM 1,635,600 — 1,635,600 — 28,214 July 2025 Follow On 12,420,000 8,155,053 4,264,947 137,050 71,678 Q3 2025 ATM 1,045,195 — 1,045,195 — 18,711 Q4 2025 ATM 5,725,592 — 5,725,592 — 102,786 Total 31,973,887 10,355,053 21,618,834 $ 174,940 $ 373,095

1. Includes acquisitions, mortgage loans receivable, and completed developments. 2. ABR divided by the Gross Investment. 3. Weighted by ABR; excludes lease extension options and investments that secure mortgage loans receivable. 4. Excludes Transaction costs. 5. ABR divided by Gross Proceeds; excludes vacant properties. 6. Includes payoff of outstanding mortgage loans receivable and mortgage loan sales. Excludes partial payoff or amortization of existing mortgage loans receivable. 7. Includes payoff and partial payoff of outstanding mortgage loans receivable and mortgage loan sales. Excludes amortization of existing mortgage loans receivable. 8. Effective interest rate of mortgage loans receivable. Investment Activity (unaudited, dollars in thousands) 12 Three Months Ended December 31, September 30, June 30, March 31, December 31, 2025 2025 2025 2025 2024 Investments Number of Investments (1) 57 50 32 25 52 Gross Investment $ 245,431 $ 203,907 $ 117,063 $ 90,680 $ 195,079 Cash Yield (2) 7.5 % 7.4 % 7.8 % 7.7 % 7.4 % Weighted Average Lease Term (years) (3) 15.0 13.4 15.7 9.2 14.0 Investment Grade and Investment Grade Profile % 33.9 % 33.4 % 25.7 % 65.9 % 51.2 % Dispositions Number of Investments 17 24 20 15 30 Number of Vacant Properties — — — 1 — Gross Proceeds (4) $ 40,414 $ 37,769 $ 60,391 $ 40,293 $ 59,337 Cash Yield (5) 6.9 % 7.2 % 6.5 % 7.3 % 7.1 % Loan Repayments Number of Loan Repayments (6) 3 10 2 1 6 Amount of Repayment (7) $ 6,714 $ 24,127 $ 7,318 $ 4,699 $ 13,627 Cash Yield (8) 10.1 % 8.0 % 9.3 % 8.7 % 9.3 % Developments Industry Location Lease Term (years) Amount Funded as of December 31, 2025 Actual/ Anticipated Rent Commencement Automotive Service Mobile, AL 15 $3,013 Commenced 1Q'25 Pet Supplies Sumter, SC 10 $3,733 Commenced 2Q'25 Automotive Service Cedar Rapids, IA 15 $2,700 Commenced 2Q'25 Automotive Service Whitestown, IN 15 $1,833 2Q'26 Automotive Service Goldsboro, NC 15 $847 3Q'26 Health and Fitness Fort Worth, TX 20 $2,831 4Q'26

Tenant Quality Portfolio Information (unaudited, dollars in thousands) 13 1. Includes acquisitions, mortgage loans receivable, and completed developments. 2. Weighted by ABR; excludes lease extension options and investments that secure mortgage loans receivable. 3. Excludes one vacant property. 4. Due to rounding, respective ABR may not precisely reflect absolute figures. 5. Investments, or investments that are subsidiaries of a parent entity (with such subsidiary making up at least 50% of the parent company total revenue), with a credit rating of BBB- (S&P), Baa3 (Moody's), or NAIC2 (National Association of Insurance Commissioners) or higher. 6. Investments that have investment grade credit metrics (more than $1.0 billion in annual sales and debt to adjusted EBITDA ratio of less than 2.0x), but do not carry a published rating from S&P, Moody's, or NAIC. 7. Investments, or investments that are subsidiaries of a parent entity (with such subsidiary making up at least 50% of the parent company total revenue), with a credit rating of BB+ (S&P), Ba1 (Moody's), or NAIC3 (National Association of Insurance Commissioners) or lower. Portfolio Metrics December 31, 2025 Number of Investments(1) 758 Number of states 45 Square feet 13,721,337 Tenants 129 Industries 28 Occupancy 99.9 % Weighted average lease term remaining (years)(2) 10.1 Tenant Quality Number of Investments(3) ABR(4) % of ABR Investment grade (rated)(5) 353 $ 87,906 44.3% Investment grade profile (unrated)(6) 94 27,725 14.0% Sub-investment grade (rated)(7) 101 31,714 16.0% Sub-investment grade profile (unrated) 209 50,907 25.7% Total 757 $ 198,252 100.0% Necessity, 44.5% Discount, 13.1% Service, 29.6% Other, 12.9% Defensive Category Investment grade, 44.3% Investment grade profile, 14.0% Sub- Investment grade, 16.0% Sub-Investment grade profile, 25.7% 58.3% of ABR Inv. Grade Inv. Grade Profile 87.1% of ABR Necessity Discount Service

Portfolio Information (cont’d) (unaudited, dollars in thousands) 14 1. If rated by a credit rating agency, reflects highest rating from S&P, Fitch, Moody's, or National Association of Insurance Commissioners. 2. Speedfast is a convenience store brand owned by United Lone Enterprises. Top Tenants Number of Investments % of ABR Credit rating(1) CVS 31 4.8% BBB Dollar General 78 4.7% BBB Ahold Delhaize – Food Lion / Stop & Shop 11 4.3% BBB+ Home Depot 5 3.8% A Hobby Lobby 17 3.6% IG Profile Tractor Supply 25 3.5% Baa1 Walgreens 17 2.5% SIG (unrated) Family Dollar 43 2.5% SIG (unrated) Sam's / Walmart 7 2.5% AA r 13 2.3% SIG (unrated) Speedway 50 2.3% A 2 2.1% B+ Academy Sports 5 2.1% BB+ Best Buy 7 2.0% A3 Total 311 43.0% (2)

Portfolio Information (cont’d) (unaudited, dollars in thousands) 15 State Number of Investments(1) % of ABR(2) Texas 102 17.3% Illinois 43 8.3% New York 40 6.9% Georgia 36 5.0% Wisconsin 26 4.9% North Carolina 69 4.0% Alabama 50 3.9% Indiana 30 3.9% Florida 24 3.9% Ohio 37 3.8% Other 300 38.2% Total 757 100.0% 1. Includes acquisitions, mortgage loans receivable, and completed developments, but excludes one vacant property. 2. Due to rounding, respective percentage of ABR may not precisely reflect absolute figures. ≥ 5% ABR ≥ 1% and < 3% ABR ≥ 3% and <5% ABR < 1% ABR 0% ABR

Portfolio Information (cont’d) (unaudited, dollars in thousands) 16 Industry Defensive Category Number of Investments % of ABR(1) Grocery Necessity 50 14.0% Convenience Stores Service 134 13.7% Home Improvement Necessity 31 8.8% Dollar Stores Discount 144 8.6% Drug Stores & Pharmacies Necessity 48 7.3% Health and Fitness Service 10 5.4% Quick Service Restaurants Service 65 5.2% Sporting Goods Other 10 4.8% Farm Supplies Necessity 28 4.6% Medical & Dental Necessity 32 4.5% Discount Retail Discount 33 4.4% Automotive Service Service 56 4.4% Arts & Crafts Other 16 3.5% General Retail Necessity 7 2.5% Auto Parts Necessity 53 2.3% Consumer Electronics Other 7 2.0% Apparel Other 6 0.8% Specialty Other 2 0.5% Casual Dining Service 6 0.5% Furniture Stores Other 2 0.5% Equipment Rental and Leasing Service 6 0.4% Telecommunications Other 4 0.4% Banking Necessity 2 0.2% Wholesale Warehouse Club Necessity 1 0.2% Beauty Supplies Other 1 0.1% Pet Supplies Necessity 1 0.1% Gift, Novelty, and Souvenir Shops Other 1 0.1% Home Furnishings Other 1 0.1% Total 757 100.0% Defensive Category Number of Investments % of ABR(1) Necessity 253 44.5% Discount 177 13.1% Service 277 29.6% Other 50 12.9% Total 757 100.0% 1. Due to rounding, respective percentage of ABR may not precisely reflect absolute figures.

Lease Expiration Schedule (unaudited, dollars in thousands) 17 ABR Expiring Year of Number of ABR as a % of Expiration Investments Expiring(1) Expiring(1) Total Portfolio(2) 2026 4 $ 1,163 0.6% 2027 10 3,227 1.7% 2028 22 9,769 5.2% 2029 41 10,274 5.5% 2030 43 14,446 7.7% 2031 60 14,023 7.5% 2032 46 11,656 6.3% 2033 45 10,815 5.8% 2034 73 19,674 10.6% 2035 41 12,097 6.5% 2036 21 6,969 3.7% 2037 25 10,178 5.5% 2038 39 6,593 3.5% 2039 39 9,464 5.1% 2040 33 8,785 4.7% 2041 6 3,159 1.7% 2042 2 1,283 0.7% 2043 17 3,702 2.0% 2044 48 13,484 7.2% 2045 47 13,777 7.4% 2046 — — —% 2047 1 158 0.1% 2048 1 170 0.1% 2049 9 942 0.5% 2050 3 619 0.3% 2051 — — —% Total 676 $ 186,427 100.0% 1. Excludes one vacant property, three properties under development, and 81 investments that secure mortgage loans receivable. 2. Due to rounding, respective percentage of ABR may not precisely reflect absolute figures.

Non-GAAP Measures and Definitions 18 FFO, Core FFO, and AFFO The National Association of Real Estate Investment Trusts (“NAREIT”), an industry trade group, has promulgated a widely accepted non-GAAP financial measure of operating performance known as FFO. Our FFO is net income in accordance with GAAP, excluding gains (or losses) resulting from dispositions of properties, plus depreciation and amortization and impairment charges on depreciable real property. Core FFO is a non-GAAP financial measure defined as FFO adjusted to remove the effect of unusual and non-recurring items that are not expected to impact our operating performance or operations on an ongoing basis. These include non-recurring executive transition costs, severance and related charges, other non- recurring losses (gains), and debt related transaction costs. AFFO is a non-GAAP financial measure defined as Core FFO adjusted for GAAP net income related to non- cash revenues and expenses, such as straight-line rent, amortization of above- and below-market lease- related intangibles, amortization of lease incentives, capitalized interest expense and earned development interest, non-cash interest expense, non-cash compensation expense, amortization of deferred financing costs, amortization of above/below-market assumed debt, and amortization of loan origination costs. Historical cost accounting for real estate assets implicitly assumes that the value of real estate assets diminishes predictably over time. In fact, real estate values historically have risen or fallen with market conditions. FFO is intended to be a standard supplemental measure of operating performance that excludes historical cost depreciation and valuation adjustments from net income. We consider FFO to be useful in evaluating potential property acquisitions and measuring operating performance. We further consider FFO, Core FFO, and AFFO to be useful in determining funds available for payment of distributions. FFO, Core FFO, and AFFO do not represent net income or cash flows from operations as defined by GAAP. You should not consider FFO, Core FFO, and AFFO to be alternatives to net income as a reliable measure of our operating performance nor should you consider FFO, Core FFO, and AFFO to be alternatives to cash flows from operating, investing, or financing activities (as defined by GAAP) as measures of liquidity. FFO, Core FFO, and AFFO do not measure whether cash flow is sufficient to fund our cash needs, including debt service obligations, capital improvements, and distributions to stockholders. FFO, Core FFO, and AFFO do not represent cash flows from operating, investing, or financing activities as defined by GAAP. Further, FFO, Core FFO, and AFFO as disclosed by other REITs might not be comparable to our calculations of FFO, Core FFO, and AFFO.

Non-GAAP Measures and Definitions (cont’d) 19 EBITDA, EBITDAre, Adjusted EBITDAre, and Annualized Adjusted EBITDAre We compute EBITDA as earnings before interest expense, income tax expense, and depreciation and amortization. In 2017, NAREIT issued a white paper recommending that companies that report EBITDA also report EBITDAre. We compute EBITDAre in accordance with the definition adopted by NAREIT. NAREIT defines EBITDAre as EBITDA (as defined above) excluding gains (or losses) from the sales of depreciable property and impairment charges on depreciable real property. Adjusted EBITDAre is a non-GAAP financial measure defined as EBITDAre further adjusted to exclude straight-line rent, non-cash compensation expense, non-recurring executive transition costs, severance and related charges, debt related transaction costs, transaction costs, other non-recurring loss (gain), net, other non-recurring expenses (income) including lease termination fees, as well as adjustments for construction in process and for intraquarter activities. Annualized Adjusted EBITDAre is Adjusted EBITDAre multiplied by four. We present EBITDA, EBITDAre, Adjusted EBITDAre, and Annualized Adjusted EBITDAre as they are measures commonly used in our industry. We believe that these measures are useful to investors and analysts because they provide supplemental information concerning our operating performance, exclusive of certain non-cash items and other costs. We use EBITDA, EBITDAre, Adjusted EBITDAre, and Annualized Adjusted EBITDAre as measures of our operating performance and not as measures of liquidity. EBITDA, EBITDAre, Adjusted EBITDAre, and Annualized Adjusted EBITDAre do not include all items of revenue and expense included in net income, they do not represent cash generated from operating activities and they are not necessarily indicative of cash available to fund cash requirements; accordingly, they should not be considered alternatives to net income as a performance measure or cash flows from operations as a liquidity measure and should be considered in addition to, and not in lieu of, GAAP financial measures. Additionally, our computation of EBITDA, EBITDAre, Adjusted EBITDAre, and Annualized Adjusted EBITDAre may differ from the methodology for calculating these metrics used by other equity REITs and, therefore, may not be comparable to similarly titled measures reported by other equity REITs. Net Debt, Adjusted Net Debt, and Pro Forma Adjusted Net Debt We calculate Net Debt as the principal amount of our total debt outstanding, excluding deferred financing costs, net discounts, and debt issuance costs, less cash, cash equivalents, and restricted cash available for future investment. We then adjust Net Debt by the net value of unsettled forward equity as of period end to derive Adjusted Net Debt. Further, we adjust Adjusted Net Debt by the value of any unsettled forward equity and at-the-market sales occurring subsequent to the period to derive Pro Forma Adjusted Net Debt. We believe excluding cash, cash equivalents, and restricted cash available for future investment from the principal amount of our total debt outstanding, together with the exclusion of the net value of unsettled forward equity as of period end and the net value of unsettled forward equity and at-the-market sales subsequent to the period, all of which could be used to repay debt, provides a useful estimate of the net contractual amount of borrowed capital to be repaid. We believe these adjustments are additional beneficial disclosures to investors and analysts. Enterprise Value We calculate Enterprise Value as the sum of our Adjusted Net Debt, market value of unsettled forwards, and equity market capitalization as of period end.

Non-GAAP Measures and Definitions (cont’d) 20 Property-Level NOI, Property-Level Cash NOI, and Property-Level Cash NOI - Estimated Run Rate Property-Level NOI, Property-Level Cash NOI, and Property-Level Cash NOI - Estimated Run Rate are non- GAAP financial measures which we use to assess our operating results. We compute Property-Level NOI as net income (computed in accordance with GAAP), excluding general and administrative expenses, interest expense, net, income tax expense, amortization of loan origination costs and discounts, transaction costs, depreciation and amortization, gains (or losses) on sales of depreciable property, real estate impairment losses, interest income on mortgage loans receivable, debt related transaction costs, and other expense (income), net, including lease termination fees. We further adjust Property-Level NOI for non-cash revenue components of straight-line rent and amortization of lease-intangibles to derive Property-Level Cash NOI. We further adjust Property-Level Cash NOI for intraquarter acquisitions, dispositions, and completed development to derive Property-Level Cash NOI - Estimated Run Rate. We believe Property-Level NOI, Property-Level Cash NOI, and Property-Level Cash NOI - Estimated Run Rate provide useful and relevant information because they reflect only those income and expense items that are incurred at the property level and present such items on an unlevered basis. Property-Level NOI, Property-Level Cash NOI, and Property-Level Cash NOI - Estimated Run Rate are not measurements of financial performance under GAAP and may not be comparable to similarly titled measures of other companies. You should not consider our measures as alternatives to net income or cash flows from operating activities determined in accordance with GAAP. Other Definitions ABR is annualized base rent for all leases that commenced and annualized cash interest for all executed mortgage loans as of December 31, 2025. Cash Yield is the annualized base rent contractually due from acquired properties and completed developments, and interest income from mortgage loans receivable, divided by the gross investment amount, gross proceeds in the case of dispositions, or loan repayment amount. Defensive Category is considered by us to represent tenants that focus on necessity goods and essential services in the retail sector, including discount stores, grocers, drug stores and pharmacies, home improvement, automotive service and quick-service restaurants, which we refer to as defensive retail industries. The defensive sub-categories as we define them are as follows: (1) Necessity, which are retailers that are considered essential by consumers and include sectors such as drug stores, grocers and home improvement, (2) Discount, which are retailers that offer a low price point and consist of off-price and dollar stores, (3) Service, which consist of retailers that provide services rather than goods, including, tire and auto services and quick service restaurants, and (4) Other, which are retailers that are not considered defensive in terms of being considered necessity, discount or service, as defined by us. Investments are lease agreements in place at owned properties, properties that have leases associated with mortgage loans receivable, developments where rent commenced, interest earning developments, or in the case of master lease arrangements each property under the master lease is counted as a separate lease. Occupancy is expressed as a percentage, and it is the number of leased investments divided by the total number of investments owned, excluding properties under development. OP Units means operating partnership units not held by NETSTREIT. Weighted Average Lease Term is weighted by the annualized base rent, excluding lease extension options and investments associated with mortgage loans receivable.

Forward-Looking and Cautionary Statements 21 This supplemental report contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such forward-looking statements include, without limitation, statements concerning our business and growth strategies, investment, financing and leasing activities, including estimated development costs, and trends in our business, including trends in the market for single-tenant, retail commercial real estate. Words such as “expects,” “anticipates,” “intends,” “plans,” “likely,” “will,” “believes,” “seeks,” “estimates,” and variations of such words and similar expressions are intended to identify such forward-looking statements. Such statements involve known and unknown risks, uncertainties and other factors that may cause our actual results, performance or achievements to be materially different from the results of operations or plans expressed or implied by such forward-looking statements. Although we believe that the assumptions underlying the forward-looking statements contained herein are reasonable, any of the assumptions could be inaccurate, and therefore such statements included in this supplemental report may not prove to be accurate. In light of the significant uncertainties inherent in the forward-looking statements included herein, the inclusion of such information should not be regarded as a representation by us or any other person that the results or conditions described in such statements or our objectives and plans will be achieved. For a further discussion of these and other factors that could impact future results, performance or transactions, see the information under the heading “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2024 filed with the SEC on February 24, 2025 and other reports filed with the SEC from time to time. Forward-looking statements and such risks, uncertainties and other factors speak only as of the date of this supplemental report. New risks and uncertainties may arise over time and it is not possible for us to predict those events or how they may affect us. Many of the risks identified herein and in our periodic reports have been and will continue to be heightened as a result of the ongoing and numerous adverse effects arising from macroeconomic conditions, including inflation, interest rates and instability in the banking system. We expressly disclaim any obligation or undertaking to update or revise any forward-looking statement contained herein, to reflect any change in our expectations with regard thereto, or any other change in events, conditions or circumstances on which any such statement is based, except to the extent otherwise required by law.

1 Investor Presentation February 2026 NETSTREIT

Disclaimer 2 This presentation contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such forward-looking statements include, without limitation, statements concerning our business and growth strategies, investment, financing and leasing activities, including estimated development costs, and trends in our business, including trends in the market for single-tenant, retail commercial real estate. Words such as “expects,” “anticipates,” “intends,” “plans,” “likely,” “will,” “believes,” “seeks,” “estimates,” and variations of such words and similar expressions are intended to identify such forward-looking statements. Such statements involve known and unknown risks, uncertainties and other factors that may cause our actual results, performance or achievements to be materially different from the results of operations or plans expressed or implied by such forward-looking statements. Although we believe that the assumptions underlying the forward-looking statements contained herein are reasonable, any of the assumptions could be inaccurate, and therefore such statements included in this presentation may not prove to be accurate. In light of the significant uncertainties inherent in the forward-looking statements included herein, the inclusion of such information should not be regarded as a representation by us or any other person that the results or conditions described in such statements, or our objectives and plans will be achieved. For a further discussion of these and other factors that could impact future results, performance or transactions, see the information under the heading “Risk Factors” in our Form 10-K for the year ended December 31, 2024, filed with the SEC on February 24, 2025, and other reports filed with the SEC from time to time. Forward-looking statements and such risks, uncertainties and other factors speak only as of the date of this presentation. New risks and uncertainties may arise over time, and it is not possible for us to predict those events or how they may affect us. Many of the risks identified herein and in our periodic reports have been and will continue to be heightened as a result of the ongoing and numerous adverse effects arising from macroeconomic conditions, including inflation, interest rates and instability in the banking system. We expressly disclaim any obligation or undertaking to update or revise any forward-looking statement contained herein, to reflect any change in our expectations with regard thereto, or any other change in events, conditions or circumstances on which any such statement is based, except to the extent otherwise required by law. This presentation also includes certain financial measures not presented in accordance with generally accepted accounting principles (“GAAP”) including, but not limited to, FFO, Core FFO, AFFO, EBITDA, EBITDAre, Adjusted EBITDAre, Annualized Adjusted EBITDAre, Property-Level NOI, Property-Level Cash NOI, Property-Level Cash NOI - Estimated Run Rate, Net Debt, Adjusted Net Debt, and Adjusted Net Debt. These non-GAAP financial measures are not measures of financial performance in accordance with GAAP and may exclude items that are significant in understanding and assessing the Company’s financial results. Therefore, these measures should not be considered in isolation or as an alternative to net income, cash flows from operations or other measures of profitability, liquidity or performance under GAAP. You should be aware that the presentation of these measures may not be comparable to similarly-titled measures used by other companies. The Company believes these non-GAAP measures provide useful information to management and investors regarding certain financial and business trends relating to the Company’s financial condition and results of operations. The Company believes that the use of these non-GAAP financial measures provides an additional tool for investors to use in evaluating ongoing operating results and trends in and in comparing its financial results with other similar companies, many of which present similar non-GAAP financial measures to investors. These non-GAAP financial measures are subject to inherent limitations as they reflect the exercise of judgments by management about which expense and income are excluded or included in determining these non-GAAP financial measures. Certain monetary amounts, percentages and other figures included in this presentation have been subject to rounding adjustments. Certain other amounts that appear in this presentation may not sum due to rounding.

Investment Highlights & Business Update 3 Source: Company data and balance sheet as of December 31, 2025, unless otherwise noted. Figures represent percentage of ABR unless otherwise noted. Due to rounding, respective percentage of credit rating may not precisely reflect the absolute figures. 1. Represents tenants with investment grade credit metrics (more than $1.0 billion in annual sales and a debt to adjusted EBITDA ratio of less than 2.0x), but do not carry a published rating from S&P, Fitch, Moody's, or NAIC. 2. See slides 4 and 13 for further details. 3. Reflects 21.6 million of unsettled forward equity shares at the December 31, 2025, weighted average net settlement price of $17.26 per share and 2.6 million of ATM shares sold QTD in 1Q’26 at a weighted average net settlement price of $17.91 per share. 4. Includes the $150 million of undrawn term loan balance from the $250 million senior unsecured term loan. 87% Necessity, Discount, and Service-Oriented Tenants 99.9% Occupancy 3.8x Unit-Level Rent Coverage2 $1.1 billion Total PF Liquidity3,4 3.8x PF Adj. Net Debt3 / Annualized Adj. EBITDAre Focused on growing portfolio with high quality tenants that offer strong credit profiles and provide consistent performance through various economic cycles Proven track record of full occupancy and strong unit-level coverage; NTST’s lone vacancy has received strong interest from multiple retailers above the prior rent Long weighted average lease term and de minimis intermediate-term lease expirations within the pharmacy and dollar store industries Low leverage with no intermediate-term debt maturities $373 million of unsettled forward equity at 4Q’25-end $47 million of gross ATM sales QTD in 1Q’26 High Credit Quality & Resilient Net Lease Portfolio Well Capitalized Balance Sheet 58% Investment Grade (IG) and Investment Grade Profile (IGP)1 7.1% Wtd. Avg. Cash Yield Since 3Q’20 Strong investment pace since 2020 with a solid pipeline of investment opportunities at attractive cash yields $657 million of gross investments completed in FY’25 Proven ability to source resilient investments as evidenced by our de minimis historical credit loss Proven Ability to Source Attractive Investment Opportunities 2028 First Term Loan Maturity $108 million Avg. Net Investments Per Quarter Since 3Q’20 24% PF Adj. Net Debt3 / Undepreciated Gross Assets 3bps Annual Credit Loss in Six Yrs2 7.5% Wtd. Avg Cash Yield In FY’25 10.1 Years Weighted Average Lease Term (WALT) 14bps Pharmacy & Dollar Store ABR Expiring Thru YE’28

$- $0.5 $1.0 $1.5 $2.0 $2.5 $3.0 $3.5 2Q'23 Pre-Bankruptcy Post-Bankruptcy Current & Former Big Lots Assets Disposed Assets Annualized Credit Loss Experience vs. Peers De Minimis Historical Annualized Credit Loss Since Inception 4 Since NETSTREIT’s initial equity raise in 4Q’19, only one portfolio tenant – Big Lots – has experienced a credit event, which is projected to cause $367K1 in lost ABR for 3bps of annualized credit loss in six years Big Lots Historical ABR Source: Company data as of December 31, 2025. 1. Post bankruptcy rent loss with Big Lots is calculated using management’s expected recovery on its vacant Big Lots asset in Bowie, MD, which remains subject to final lease negotiations. In 2H’23, NTST disposed of three underperforming assets leased to Big Lots with $850K in ABR; post bankruptcy all three assets are vacant After six years of existence, NTST has lost just $367K1 of ABR from credit events "Historically, our longer-term average is closer to 25bps” (1Q‘24 Earnings Transcript) Peer Commentary on Annualized Credit Loss “Historically, both under assumptions but also realized credit loss…we've probably been more in the 50bps to 75bps range” (1Q’25 Citi Conference Transcript) “We provided some good credit loss statistics in our NAREIT deck of 30bps per annum is our historical experience” (3Q’24 Earnings Transcript) “Historically, our credit loss typically runs in the kind of the 30bps to 50bps kind of range” (4Q’24 Earnings Transcript) “Historically about how when you exclude the pandemic, we’ve been right there around 25bps of credit loss in a given year as a % of revenue” (3Q’24 Earnings Transcript) With Big Lots footprint shrinking to ≈200 stores from ≈1,400 stores post bankruptcy (15% acceptance rate), NETSTREIT’s 87.5% acceptance rate (7 of 8 leases accepted/assigned in bankruptcy) was significantly better than all other multi-unit landlords

4.8% 4.7% 4.3% 3.8% 3.6% 3.5% 2.5% 2.5% 2.5% 2.3% A Portfolio Overview High-Quality, Diversified Portfolio Consisting of 58.3% IG and IG Profile Tenants Across 45 States 5 Source: Company data as of December 31, 2025, unless otherwise noted. 1. Includes acquisitions, mortgage loans receivable, and completed developments. 2. Percentage represents investments, or investments that are subsidiaries of a parent entity, with a credit rating of BBB- (S&P/Fitch), Baa3 (Moody’s), or NAIC2 (National Association of Insurance Commissioners) or higher, and investments with investment grade credit metrics (more than $1.0 billion in annual sales and a debt to adjusted EBITDA ratio of less than 2.0x), but do not carry a published rating from S&P, Moody’s, Fitch, or NAIC. 3. Weighted by ABR; excludes lease extension options and investments that secure mortgage loans receivable. 4. Speedfast is a convenience store brand owned by United Lone Enterprises. Key Portfolio Stats Investments1 758 States 45 Portfolio Square Feet (in millions) 13.7 Tenants 129 Retail Sectors 28 % Occupancy 99.9% % IG and IG Profile Tenants (by ABR)2 58.3% WALT (Years)3 10.1 Lease Turnover Through 2027 (by ABR) 2.4% National Footprint in Attractive Markets Top 10 Tenants by % of ABR Investment Grade BBB Sub-Investment Grade (unrated)≥1% and <3% ABR <1% ABR ≥5% ABR ≥3% and <5% ABR 0% ABR AK HI WA OR MT CA AZ WY NV ID UT CO NM TX OK ND SD NE KS LA AR MO IA MN WI IL IN MI OH KY TN FL MS AL GA SC NC VAWV PA DE NJ NY ME VTNH MA MD CT RI SIG (unrated) Baa1 BBB SIG (unrated) IG Profile AA BBB+ SIG (unrated) Investment Grade Profile 4

Dollar Stores: Convenience Stores: Home Improvement: 8.8% Grocery: 14.0% 1 Portfolio Diversification In Defensive Retail Sectors Nationally Diversified Portfolio Primarily Comprised of Recession Resilient Retail Tenants Source: Company data as of December 31, 2025. All figures represent percentage of ABR. Due to rounding, respective defensive retail sector exposure may not precisely reflect the absolute figures. Top Industries44.5% Necessity 13.1% Discount 12.9% Other 8.6% 3 13.7% 2 4 Drug Stores & Pharmacies: 7.3% 5 29.6% Service 87.1% ABR Necessity Discount Service 6

Resilient, Cycle-Tested Investment Grade Credit Tenants with Durable Cash Flows1 >60% 58.3% (44.3% IG and 14.0% IGP) Granular Assets in Highly Fragmented, Undercapitalized Market Segment $3.7 million Avg. Asset Size $1 to $10 million Avg. Asset Size Net Lease Retail Assets with Long Lease Term Benefiting From Contractual Rent Growth ~10 Year WALT 10.1 Year WALT2 Diversification by Industry, Tenant, State1 <15% Industry <50% Top 10 Tenants <15% State 14.0% Industry 34.5% Top 10 Tenants 17.3% State Significant Focus on Fundamental Real Estate Underwriting Attractive cost basis with durable valuation supported by market rents and demos, physical structure and location, and alternative use analyses 7 Source: Company data as of December 31, 2025, unless otherwise noted. Due to rounding, respective percentage of credit rating may not precisely reflect the absolute figures. 1. Portfolio statistics as a percentage of ABR. 2. Weighted by ABR; excludes lease extension options and investments that secure mortgage loans receivables. Current MetricsInvestment Philosophy Portfolio Strategy Defensive Tenancy in Necessity-Based and E-commerce-Resistant Retail Industries1 87.1%Primarily Consistent Investment Approach Disciplined and Deliberate Portfolio Construction

“Market-Taker Assets” 8 Inefficiently Priced Assets TYPICAL TRANSACTION - Well marketed transaction - Straight-forward transaction - Ability to finance transaction - Highly competitive, well capitalized investors TYPICAL TRANSACTION - Not highly marketed - May involve transaction structuring that limits buyer pool - Limited financing options - Less competitive Efficiently Priced Assets Acquisition Strategy – Bell Curve Investing Acquisition Strategy is Focused on Inefficiently Priced Assets Where Risk Adjusted Returns are Higher

9 Real Estate Valuation Unit-Level Profitability• Review underlying key real estate metrics to maximize re- leasing potential • Location analysis • Alternative use analysis • Determine rent coverage (min. 2.0x) and cost variability • Assess volatility and likelihood of cash flow weakness C B Tenant Credit Underwriting • Evaluate corporate level financials • Assess business risks • Determine ownership/sponsorship • Rigorous credit underwriting A Le ve l o f U nd er w rit in g Em ph as is Stringent Three-Part Underwriting Process Our Three-Pronged Approach Results in Superior Downside Protection

Investment Grade (rated) Investment Grade Profile (unrated) Sub-IG (rated) & Sub-IG Profile (unrated) Description • Validated financial strength and stability • Professional management with standardized operational practices • Focus on corporate guarantee credit • Lower relative yields • Higher competition for deals • IG-caliber balance sheets without explicit rating • Threshold metrics: • At least $1B in sales • Debt / adjusted EBITDA of less than 2.0x • Well-capitalized retailers • National footprint with strong brand equity • Focus on real estate quality / unit- level profitability • Higher relative yields • Lower competition for deals Durability • Coverage and credit enhancements required given more susceptible to market disruptions % Of ABR 44.3% 14.0% 41.7% Lease Terms (WALT, Rent Bumps, etc.) Less negotiating leverage More negotiating leverage Most negotiating leverage Representative Tenants 10 Source: Company data as of December 31, 2025, unless otherwise noted. Due to rounding, respective percentage of credit rating may not precisely reflect the absolute figures. 58.3% IG and IG Profile Defensive, consistent performance through economic cycles Strong Tenant Credit Underwriting Credit-Focused Underwriting Approach Drives Stable Revenue and Long-Term Return on Investment

11 Market-Level Considerations Property-Level Considerations • Fungibility of building for alternative uses • Replacement cost • Location analysis • Traffic counts • Nearby uses and traffic drivers, complementary nature thereof • Accessibility and parking capacity • Ingress and egress • Visibility / signage • Vacancy analysis • Marketability of the real estate without current tenant • List of likely replacement tenants • Rent analysis • Market rent versus in-place rent • Demographic analysis • Current demographics plus trends and forecasts • Competitive analysis • Market position versus competing retail corridors Real Estate Valuation Real Estate Closely Follows Credit as a Top Priority: We Utilize a Ground-Up Framework Rooted in Real Estate Fundamentals to Underpin Valuation and Further Quantify the Upside Potential of an Investment

12 Obtain Financial Info Perform Financial Analysis2 Assess Investment Merits1 3 • Provides clarity into location-specific performance • Analyze store demand dynamics, cost structure and liquidity profile • Determine whether property meets investment criteria • Obtain unit-level financial information from parent company if possible • If financials are not provided, utilize data provided by third party vendors to estimate sales by location • Third party data includes: • Cell phone traffic • Point of sales (POS) data • Triangulate P&L based on available information • Foot traffic • Sales • EBITDAR margin • Rent • Account for variability in business model cost structure • Higher proportion of fixed costs = more variability in rent coverage • Determine store ranking within tenant’s broader operating portfolio based on estimated sales Key Unit-Level Investment Criteria Target Rent Coverage of 2.0x on a Stabilized Basis  Higher Variable Cost Structure Ranks in Top Half of Tenant’s Store Portfolio Unit-Level Profitability Assess Unit-Level Financial Performance to Focus on Properties with Strong Rent Coverage and Higher Variability in Operating Costs

Portfolio Health Statistics Durability Evidenced by Creditworthy Tenants with Large Revenue Bases and Strong Unit-Level Coverage 13 Source: Company data as of December 31, 2025. “NR” stands for not reported. Please note that 0.4% of the non-reporting coverage tranche includes newly built locations that are required to provide unit-level financial information in the future. 1. Unit-level rent coverage is calculated using a.) unit-level financial reporting, which represents 35.8% of ABR, or b.) Placer.ai adjusted sales and corporate EBITDA margins, where unit level reporting is not required by a lease. 2. The chart illustrates the ABR attributable to leases with tenants having specified implied credit ratings based on their Moody’s EDF-X scores. Moody’s equates the EDF scores generated using EDF-X with a corresponding credit rating. For those tenants with an actual credit rating from S&P, Moody’s, Fitch, or the National Association of Insurance Commissioners, the higher of the actual or implied credit rating is used. 3. Excludes investments that secure mortgage loans receivable and one vacant property. 0% 2% 4% 6% 8% 10% 12% 14% 16% 18% 20% NR <1.00 1.00-1.49 1.50-1.99 >2.00 >2.00x: 79.7% 1.50-1.99x: 11.8% 1.00-1.49x: 4.0% <1.00x :1.2% NR, 3.4% 3% 15% 3% 6% 12% 13% 26% 23% 0% 5% 10% 15% 20% 25% 30% % of ABR by Tenant Revenue Tranche % of ABR by Unit-Level Coverage Tranche1 Unit-Level Coverage by Tenant Credit2 Unit-Level Coverage by Lease Expiration3 >79% of our tenants generate >$1B in annual revenue Our weighted average unit-level coverage for the portfolio is 3.8x ABR expiring through 2029 has coverage of 5.1x 91% of our ABR has unit- level coverage >1.5x 0% 5% 10% 15% 20% 25% 30% NR <1.00 1.00-1.49 1.50-1.99 >2.00

14 Source: Company filings from August 2020 through September 30, 2025. NTST as of December 31, 2025. 1. Investments that have investment grade credit metrics (more than $1.0 billion in annual sales and a debt to adjusted EBITDA ratio of less than 2.0x), but do not carry a published rating from S&P, Fitch, Moody’s, or NAIC. 2. Excludes lease extension options and investments that secure mortgage loans receivable. 3. Assumes cash cap rate is 30bps lower than reported GAAP cap rate. Gross Volume ($ in millions) $2,867 $7,031 $3,642 $1,514 $5,552 Investment Grade % 52.2% 67.0% NA 54.7% NA Investment Grade Profile1 % 13.0% NA NA NA NA IG + IG Profile % 65.2% NA NA NA NA WALT2 12.0 10.1 12.8 11.2 15.7 Weighted Average Cash Yield 7.1% 6.4%3 7.1% 6.7% 7.6% History of Sourcing Investments at Attractive Yields Consistently Invested at Above-Market Yields Despite Focus on High-Quality Tenants Sourcing Volume Since 3Q’20

15 Investment Activity Summary Details Source: Company data as of December 31, 2025. 1. Includes acquisitions, mortgage loans receivable, and completed developments. 2. Excludes lease extension options and investments that secure mortgage loans receivable. Investments1 Number of Investments 42 28 33 52 25 32 50 57 Average Investment $3,076 $4,133 $4,593 $3,752 $3,627 $3,658 $4,078 $4,306 Cash Cap Rates 7.5% 7.5% 7.5% 7.4% 7.7% 7.8% 7.4% 7.5% IG + IGP % 84.8% 39.1% 52.4% 51.2% 65.9% 25.7% 33.4% 33.9% Weighted Average Lease Term2 11.5 16.7 12.5 14.0 9.2 15.7 13.4 15.0 $129,207 $115,734 $151,555 $195,079 $90,680 $117,063 $203,907 $245,431 $0 $40,000 $80,000 $120,000 $160,000 $200,000 $240,000 $280,000 1Q'24 2Q'24 3Q'24 4Q'24 1Q'25 2Q'25 3Q'25 4Q'25 G ro ss In ve st m en t A ct iv ity ($ 00 0s )

16 Disposition Activity Summary Details Source: Company data as of December 31, 2025. 1. Excludes vacant properties. Dispositions Cash Cap Rates1 6.8% 6.8% 7.3% 7.1% 7.3% 6.5% 7.2% 6.9% Number of Investments 12 6 8 30 16 20 24 17 Weighted Average Lease Term 10.3 10.3 9.9 11.4 10.0 9.3 11.8 11.2 $21,600 $12,707 $24,105 $59,337 $40,293 $60,391 $37,769 $40,414 $0 $10,000 $20,000 $30,000 $40,000 $50,000 $60,000 $70,000 1Q'24 2Q'24 3Q'24 4Q'24 1Q'25 2Q'25 3Q'25 4Q'25 D is po si tio n Ac tiv ity ($ 00 0s )

17 Source: Company data as of December 31, 2025. Since inception, the Company has disposed of 218 properties totaling $540 million, which has materially improved portfolio performance metrics such as tenant quality, WALT, and geographic diversity Identify properties not meeting strategy and/or risk management criteria (i.e. rent coverage) Periodically review all properties for changes in performance, credit, and local conditions Leverage 1031 exchange transfers where possible to access deep, non- institutional market for portfolio optimization Strategic Recycling Perpetual Stratification Active Monitoring Identify Active Asset Management Continuously Track Property Performance to Stratify Portfolio and Ensure a Secure Rental Stream

Source: Company data as December 31, 2025. 1. Reflects the 21.6 million of unsettled forward equity shares at the December 31, 2025, weighted average net settlement price of $17.26 per share and 2.6 million of ATM shares sold QTD in 1Q’26 at a weighted average net settlement price of $17.91 per share. 2. Includes the $150 million of undrawn term loan balance from the $250 million senior unsecured term loan. Conservative Balance Sheet with Strong Liquidity Balance Sheet Positioned for Growth Given Strong Liquidity Profile and Low Leverage Position 18 Abundant Liquidity to Support Growth: $1.1 billion in total PF liquidity1,2 Well-Staggered Debt Maturity Profile: Increased weighted average debt maturity to 3.9 years; no term loan maturities expected until 2028 Unsecured Balance Sheet: Asset base is over 99% unencumbered Low Leverage: PF Adjusted Net Debt1 / Annualized Adjusted EBITDAre of 3.8x Debt Maturity Schedule $200 $250 $350 $500 $200 $100 $0 $100 $200 $300 $400 $500 $600 $700 $800 $900 2026 2027 2028 2029 2030 2031 2032 Term Loan RCF Capacity Mortgage Note $8 $150

1.7% 2.4% 7.4% 9.9% 11.8% 12.8% EPRT NTST ADC NNN O FCPT 97% 30% 78% 26% 28% 59% 13% 15% 6% 45% 3% 40% 15% 12% FCPT NTST EPRT ADC O NNN Service Discount Necessity 44% 67% 53% 32% 14% 0% ADC FCPT NTST O NNN EPRT 5.1x 3.8x 3.6x NR NR NR FCPT NTST EPRT O NNN ADC Source: Public filings as of September 30, 2025. NTST as of December 31, 2025. 1. Examples of service includes convenience stores, quick service restaurants, automotive service, and health and fitness. Examples of discount include dollar store and discount retail. Examples of necessity include, drug stores & pharmacy, home improvement, auto parts, and banking. Realty Income’s portfolio composition reflects their Top 20 industries only as they no longer disclose their complete list of industries. Portfolio Highlights Relative to Peers NTST’s Stable & Predictable Cash Flow Profile Drives Superior Risk-Adjusted Returns Lease Rollover Through 2027 Unit-Level Rent Coverage Investment Grade % Portfolio Composition1 Weighted-Average Lease Term 19 14.4 10.1 8.0 8.9 10.1 7.1

8.2% 4.9% 4.7% 4.1% 3.6% 3.4% 3.4% 3.4% 3.4% 2.9% Source: Public filings, FactSet and S&P Capital IQ. Note: Market data as of February 6, 2025. Capitalization data for peers as of 3Q’25, NTST as of 4Q’25. 1. AFFO per share growth CAGR is calculated using 2021A and 2025E AFFO per share. 2. FVR’s common stock began trading on the New York Stock Exchange on October 2, 2024. 3. During 2023, WPC spun-off NLOP. Year-over-year growth not comparable. Consensus WPC RemainCo 2023A AFFO not available. 4. 2026E AFFO per share growth is calculated using FactSet mean 2026E AFFO per share estimates and 2025E AFFO per share estimates. 5. Net Debt is adjusted for forward equity. For NTST, net debt is further adjusted to include the impact of ATM sales in 1Q’26. 6. 2026E AFFO per share multiple calculated using current price per share and FactSet mean 2026E AFFO per share estimates. Adj. Net Debt / EBITDA5 Multiple and Earnings Growth Comparison Relative Valuation and Growth Remains Stable 20 AFFO per Share Growth CAGR1 (2021-2025) 2026E AFFO per Share Growth4 2026E AFFO per Share Multiple6 32 3.5x 3.8x 3.8x 4.6x 4.7x 5.3x 5.4x 5.4x 5.6x 5.8x 9.0% 8.7% 5.3% 5.3% 4.4% 3.4% 3.3% 2.9% NA NA 16.5x 15.5x 14.3x 14.1x 13.9x 13.8x 12.9x 12.4x 12.3x 12.2x

Implied Cap Rate G&A Adjusted Implied Cap Rate2 2025E AFFO Multiple 5.6% 5.2% 17.4x 5.7% 5.3% 16.8x 6.3% 6.1% 14.8x 6.4% 5.7% 14.2x 6.5% 5.7% 14.6x 6.8% 6.5% 12.5x Average ex NTST 6.2% 5.8% 15.1x (unaudited, in millions) Three Months Ended, December 31, 2025 NOI - Property $43.7 Straight-line Rental Adjustments (1.5) Amortization of Lease-Related Intangibles (0.0) Cash NOI - Property 42.1 Intraquarter Net Investment Activity 2.9 Normalized Cash NOI - Property 45.0 Annualized Normalized Cash NOI - Property $180.0 Applied Cap Rate 6.50% 6.25% 6.18% 6.00% 5.75% Implied Real Estate Value $2,769 $2,880 $2,912 $3,000 $3,131 Mortgage Loan Receivable 142.5 Property Under Development 5.5 Other Tangible Assets 63.1 Net Debt1 (720.5) Other Tangible Liabilities (42.6) Implied Equity Value $2,217 $2,328 $2,360 $2,448 $2,579 Fully Diluted Shares Outstanding 93.5 Unsettled Forward Shares1 21.6 Implied Equity Value per Share $19.26 $20.23 $20.50 $21.27 $22.40 If NTST traded to the peer avg. cap rate of 6.2%, it would imply a share price of $20.50 Applied Cap Rate and NAV Analysis Strong Upside Potential Given Relative Valuation Applied Nominal Cap Rate – Sensitivity Analysis 21 Peer Benchmarking Source: Public filings, FactSet and S&P Capital IQ. Note: NTST capitalization data as of December 31, 2025; peer data as of September 30, 2025. Market data as of February 6, 2026. Companies may define adjusted cash NOI differently. Accordingly, such data for these companies and NTST may not be comparable. 1. Assumes 21.6 million of unsettled forward equity shares were settled for cash on December 31, 2025, at a weighted average net settlement price of $17.26 per share. 2. (NOI – TTM G&A) / Implied Real Estate Value.

22 Corporate Responsibility

23 Source: Company data. 1. Reflects gender and racial / ethnic diversity. Annual Director Elections Majority Voting Standard For Election of Directors Director Resignation Policy Annual Director and Committee Assessments No poison pill or differential voting stock structure to chill shareholder participation Shareholders’ right to amend the charter and bylaws by simple majority vote Separate non-executive Chair and CEO roles and Lead Independent Director with strong role and significant governance duties Governance Highlights Board Independence and Diversity 86% Independent Directors 50% Diverse Independent Directors1 43% Female Directors 4 Fully Independent Committees Governance We are committed to acting with honesty and integrity and conducting all corporate opportunities in an ethical manner.

24 401K Plan 100% company match of up to a 6% contribution Insurance Health, dental, and vision insurance costs covered at 90% for employees and 80% for dependents Leave Ten weeks of paid maternity leave at 100% salary as well as four weeks of paid family bonding; Company also provides jury duty, witness leave, and military leave Paid Time Off A minimum of twenty-three PTO days Paid Holidays Fourteen days of paid holidays Employee Assistance 24/7 toll-free hotline to access confidential counseling on various physical and mental health needs Continuing Education Reimbursement for certifications, tuition, courses, and seminars for continuing professional education BenefitsWorkforce Diversity Source: Company data as of December 31, 2025. Social Responsibility Human capital management is the cornerstone of our ESG and corporate strategy. We believe in the value of a diverse workforce and inclusive culture. 47% Women 27% Ethnically Diverse

25 Source: Tenants within our portfolio that have public environmental, social, or governance initiatives as of December 31, 2025. Environmental Responsibility We are committed to fulfilling our responsibility as an outstanding corporate citizen.  16 of our top 20 tenants have corporate sustainability initiatives in place  44% of ABR represents top tenants with ESG initiatives  We incorporated green lease clauses in our standard lease form and as part of our corporate guidelines  We received Silver Level recognition from Green Lease Leaders for our efforts  We completed scope 1 and 2 greenhouse gas emissions inventory for our corporate headquarters  Corporate headquarters is LEED v4 O+M: EB Gold Certified, meeting strict guidelines set forth by the Environmental Protection Agency  Implementation of conservation practices in office Corporate Sustainability Initiatives from Tenants Greenhouse Gas Emissions Green Lease Clauses Sustainable Practices  We participated annually in GRESB Public Disclosure GRESB Public Disclosure

26 Financial Information and Non-GAAP Reconciliations

Three Months Ended December 31, Twelve Months Ended December 31, 2025 2024 2025 2024 REVENUES Rental revenue (including reimbursable) $ 49,362 $ 40,598 $ 182,136 $ 150,823 Interest income on loans receivable 3,140 3,103 12,625 11,561 Other revenue — 400 245 400 Total revenues 52,502 44,101 195,006 162,784 OPERATING EXPENSES Property 5,622 4,845 19,211 17,422 General and administrative 5,951 4,456 21,723 19,722 Depreciation and amortization 22,558 20,349 86,376 76,871 Provisions for impairment 3,737 12,633 17,268 29,969 Transaction costs 79 158 218 359 Total operating expenses 37,947 42,441 144,796 144,343 OTHER (EXPENSE) INCOME Interest expense, net (14,568) (8,576) (51,302) (30,324) Gain on sales of real estate, net 956 1,002 7,686 1,876 Loss on debt extinguishment — — (46) — Other income (expense), net 398 508 444 (1,944) Total other expense, net (13,214) (7,066) (43,218) (30,392) Net income (loss) before income taxes 1,341.3973 (5,406) 6,992 (11,951) Income tax expense (13) (18) (54) (49) Net income (loss) 1,328 (5,424) 6,938 (12,000) Net income (loss) attributable to noncontrolling interests 8 (28) 37 (63) Net income (loss) attributable to common stockholders $ 1,320 $ (5,396) $ 6,901 $ (11,937) Amounts available to common stockholders per common share: Basic $ 0.02 $ (0.07) $ 0.08 $ (0.16) Diluted $ 0.02 $ (0.07) $ 0.08 $ (0.16) Weighted average common shares: Basic 83,765,362 81,585,762 82,702,387 76,517,767 Diluted 86,518,740 81,585,762 84,204,748 76,517,767 Consolidated Statements of Operations (unaudited, dollars in thousands, except per share data) 27

Three Months Ended December 31, Twelve Months Ended December 31, 2025 2024 2025 2024 GAAP Reconciliation: Net income (loss) $ 1,328 $ (5,424) $ 6,938 $ (12,000) Depreciation and amortization of real estate 22,484 20,275 86,081 76,560 Provisions for impairment 3,737 12,633 15,909 29,969 Gain on sales of real estate, net (955) (1,002) (7,686) (1,876) Funds from Operations (FFO) $ 26,594 $ 26,482 $ 101,242 $ 92,653 Non-recurring executive transition costs, severance, and related charges 44 148 124 1,643 Loss on debt extinguishment and other related costs — — 495 — Other non-recurring (gain) loss, net — (142) 1,314 2,934 Core Funds from Operations (Core FFO) $ 26,638 $ 26,488 $ 103,175 $ 97,230 Straight-line rent adjustments (1,530) (1,120) (4,793) (2,949) Amortization of deferred financing costs 971 558 3,136 2,230 Amortization of above/below-market assumed debt 29 29 114 114 Amortization of loan origination costs and discounts (145) (123) (342) (365) Amortization of lease-related intangibles (46) (95) (157) (458) Earned development interest 66 110 184 1,072 Capitalized interest expense (42) (97) (154) (806) Non-cash interest expense (income) 721 (841) 2,859 (3,789) Non-cash compensation expense 1,505 999 5,898 5,126 Adjusted Funds from Operations (AFFO) $ 28,167 $ 25,908 $ 109,920 $ 97,405 FFO per common share, diluted $ 0.31 $ 0.32 $ 1.20 $ 1.20 Core FFO per common share, diluted $ 0.31 $ 0.32 $ 1.23 $ 1.26 AFFO per common share, diluted $ 0.33 $ 0.32 $ 1.31 $ 1.26 Dividends per share $ 0.215 $ 0.210 $ 0.850 $ 0.830 Dividends per share as a percent of AFFO 65% 66% 65% 66% Weighted average common shares outstanding, basic 83,765,362 81,585,762 82,702,387 76,517,767 Operating partnership units outstanding 414,310 424,956 421,516 444,435 Unvested restricted stock units 486,236 142,686 285,694 123,992 Unsettled shares under open forward equity contracts 1,852,832 — 795,151 233,606 Weighted average common shares outstanding, diluted 86,518,740 82,153,404 84,204,748 77,319,800 Funds From Operations and Adjusted Funds From Operations (unaudited, dollars in thousands, except per share data) 28

1. Adjustment reflects the estimated cash yield on developments in process as of December 31, 2025. 2. Adjustment assumes all re-leasing activity, investments in and dispositions of real estate, including developments completed during the three months ended December 31, 2025, had occurred on October 1, 2025. 3. We calculate Annualized Adjusted EBITDAre by multiplying Adjusted EBITDAre by four. 4. Reflects 21,618,834 of unsettled forward equity shares at the December 31, 2025, available net settlement price of $17.26 per share. 5. Reflects 2,589,402 of shares sold at a weighted average net settlement price of $17.91 per share. Three Months Ended December 31, 2025 2024 GAAP Reconciliation: Net income (loss) $ 1,328 $ (5,424) Depreciation and amortization of real estate 22,484 20,275 Amortization of lease-related intangibles (46) (95) Non-real estate depreciation and amortization 75 75 Interest expense, net 14,568 8,576 Income tax expense 13 18 Amortization of loan origination costs and discounts (145) (123) EBITDA 38,277 23,302 Adjustments: Provisions for impairment 3,737 12,633 Gain on sales of real estate, net (955) (1,002) EBITDAre 41,059 34,933 Adjustments: Straight-line rent adjustments (1,530) (1,120) Non-recurring executive transition costs, severance and related charges 44 148 Other non-recurring gain, net — (142) Other non-recurring expenses, net 320 38 Transaction costs 79 158 Non-cash compensation expense 1,505 999 Adjustment for construction in process (1) 103 152 Adjustment for intraquarter investment activities (2) 2,911 1,910 Adjusted EBITDAre $ 44,491 $ 37,076 Annualized Adjusted EBITDAre (3) $ 177,964 Net Debt As of December 31, 2025 Principal amount of total debt $ 1,108,042 Less: Cash, cash equivalents and restricted cash (14,467) Net Debt $ 1,093,575 Less: Net value of unsettled forward equity (4) (373,095) Adjusted Net Debt $ 720,480 Less: Subsequent ATM Sales (5) (46,382) Pro Forma Adjusted Net Debt $ 674,098 Leverage Net Debt / Annualized Adjusted EBITDAre 6.1 x Adjusted Net Debt / Annualized Adjusted EBITDAre 4.0 x Pro Forma Adjusted Net Debt / Annualized Adjusted EBITDAre 3.8 x EBITDAre and Adjusted EBITDAre (unaudited, dollars in thousands) 29

Net Operating Income (unaudited, dollars in thousands) 1. Adjustments assumes all re-leasing activity, investments in and dispositions of real estate, including developments completed during the three months ended December 31, 2025, had occurred on October 1, 2025. Three Months Ended December 31, 2025 2024 GAAP Reconciliation: Net income (loss) $ 1,328 $ (5,424) General and administrative 5,951 4,456 Depreciation and amortization 22,558 20,349 Provisions for impairment 3,737 12,633 Transaction costs 79 158 Interest expense, net 14,568 8,576 Gain on sales of real estate, net (956) (1,002) Income tax expense 13 18 Amortization of loan origination costs and discounts (145) (123) Interest income on mortgage loans receivable (3,140) (3,103) Other income, net (295) (297) Property-Level NOI 43,698 36,241 Straight-line rent adjustments (1,530) (1,120) Amortization of lease-related intangibles (46) (95) Property-Level Cash NOI $ 42,122 $ 35,026 Adjustment for intraquarter acquisitions, dispositions, and completed development (1) 2,879 Property-Level Cash NOI Estimated Run Rate $ 45,001 Property Operating Expense Coverage Property operating expense reimbursement $ 4,092 $ 4,415 Property operating expenses (4,845) (5,064) Property operating expenses, net $ (752) $ (648) 30

December 31, 2025 2024 ASSETS Real estate, at cost: Land $ 772,417 $ 571,272 Buildings and improvements 1,590,714 1,400,393 Total real estate, at cost 2,363,131 1,971,665 Less accumulated depreciation (188,858) (143,422) Property under development 5,500 6,118 Real estate held for investment, net 2,179,773 1,834,361 Assets held for sale 40,976 48,637 Mortgage loans receivable, net 142,464 139,409 Cash, cash equivalents, and restricted cash 14,467 14,320 Lease intangible assets, net 173,440 164,392 Other assets, net 63,076 58,227 Total assets $ 2,614,196 $ 2,259,346 LIABILITIES AND EQUITY Liabilities: Term loans, net $ 1,093,331 $ 622,608 Revolving credit facility — 239,000 Mortgage note payable, net 7,814 7,853 Lease intangible liabilities, net 16,910 20,177 Liabilities related to assets held for sale 1,016 1,912 Accounts payable, accrued expenses, and other liabilities 42,559 29,664 Total liabilities $ 1,161,630 $ 921,214 Equity: Stockholders’ equity Common stock, $0.01 par value, 400,000,000 shares authorized; 93,070,533 and 81,602,232 shares issued and outstanding as of December 31, 2025 and 2024, respectively $ 931 $ 816 Additional paid-in capital 1,701,572 1,507,995 Distributions in excess of retained earnings (251,926) (188,046) Accumulated other comprehensive (loss) income (4,565) 10,206 Total stockholders’ equity 1,446,012 1,330,971 Noncontrolling interests 6,554 7,161 Total equity 1,452,566 1,338,132 Total liabilities and equity $ 2,614,196 $ 2,259,346 Consolidated Balance Sheets (unaudited, dollars in thousands, except per share data) 31

As of December 31, 2025 Debt Summary Fully Extended Maturity Principal Balance Fixed Rate SOFR Swap Interest Rate(1) Remaining Capacity Available Term (years) Unsecured revolver(2) January 15, 2030 $ — —% —% $ 499,850 4.0 2028 Term Loan February 11, 2028 200,000 2.63% 3.58% — 2.1 2029 Term Loan A(3) January 3, 2029 250,000 3.74% 4.69% — 3.0 2030 Term Loan A(4) January 15, 2030 175,000 2.40% 3.35% — 4.0 2030 Term Loan B(5) January 15, 2030 175,000 3.87% 4.82% — 4.0 2031 Term Loan March 25, 2031 200,000 3.44% 4.39% — 5.2 2032 Term Loan(6) September 24, 2032 100,000 3.45% 4.70% 150,000 6.7 Mortgage note(7) November 1, 2027 8,042 —% 4.53% — 1.8 Total / Weighted Average $ 1,108,042 3.26% 4.24% $ 649,850 3.9 Debt, Capitalization, and Financial Ratios (unaudited, dollars in thousands) 32 1. Rates presented exclude the impact of capitalized loan fee amortization. Effective December 30, 2025, the interest rate for the Unsecured revolver, 2032 Term Loan, and all other Term Loans included a borrowing spread of 0.85%, 1.25%, and 0.95%, respectively. 2. Interest rate reflects the all-in borrowing rate as of December 31, 2025. Facility fees are charged at an annual rate of 0.20% of the total facility size of $500 million, and are not included in the interest rate presented. The facility matures on January 15, 2029, and includes a one-year extension option. Remaining capacity reduced by $0.15 million for outstanding letters of credit. 3. The term loan matures on July 3, 2026, and includes two one-year extension options and one six-month extension option. 4. The term loan matures on January 15, 2029, and includes a one-year extension option. Existing fixed rate SOFR expires in January 2027; the term loan is unhedged beyond that date. 5. The term loan matures on January 15, 2029, and includes a one-year extension option. 6. $200.0 million of the term loan is hedged at an all-in rate of 4.67%. The remaining $50.0 million is unhedged. The effective date for the SOFR swap shown is October 1, 2025. Subsequent SOFR swaps will take effect on January 2, 2026, and April 1, 2026, on $50.0 million respectively. 7. The mortgage note was assumed as part of an asset acquisition during the third quarter of 2022. $200 $250 $350 $500 $200 $100 $0 $100 $200 $300 $400 $500 $600 $700 $800 $900 2026 2027 2028 2029 2030 2031 2032 Debt Maturity Schedule Term Loan RCF Capacity Mortgage Note $8 $150 Fixed vs. Floating Debt Fixed, 100%

As of December 31, 2025 Key Debt Covenant Information Required Actual Consolidated total leverage ratio ≤ 60.0% 33.7% Fixed charge coverage ratio ≥ 1.50x 3.14x Maximum secured indebtedness ≤ 40.0% 0.2% Maximum recourse indebtedness ≤ 10.0% —% Unencumbered leverage ratio ≤ 60.0% 36.8% Unencumbered interest coverage ratio ≥ 1.75x 3.33x Liquidity As of December 31, 2025 Unused Unsecured Revolver Capacity (1) $ 499,850 Cash, Cash Equivalents and Restricted Cash 14,467 Net Value of Unsettled Forward Equity (2) 373,095 Undrawn Term Loan Balance 150,000 Total Liquidity $ 1,037,412 Subsequent ATM Sales (3) 46,382 Total Pro Forma Liquidity $ 1,083,794 Equity Ending Shares/ Units Equity Market Capitalization % of Total Common shares (4) 93,070,533 $ 1,641,764 99.6 % OP units (4) 412,143 7,270 0.4 % Total 93,482,676 $ 1,649,034 100.0 % Enterprise Value As of December 31, 2025 % of Total Adjusted Net Debt $ 720,480 26.3 % Net Value of Unsettled Forwards 373,095 13.6 % Equity Market Capitalization 1,649,034 60.1 % Total Enterprise Value $ 2,742,609 100.0 % 1. Remaining capacity reduced by $0.15 million for outstanding letters of credit. 2. Reflects 21,618,834 of unsettled shares under forward sale agreements at the December 31, 2025, weighted average net settlement price of $17.26 per share. 3. Reflects 2,589,402 of shares sold at a weighted average net settlement price of $17.91 per share. 4. Value is based on the December 31, 2025, closing share price of $17.64 per share. Debt, Capitalization, and Financial Ratios (cont’d) (unaudited, dollars in thousands) 33 As of December 31, 2025 Outstanding Forward Equity Offerings Shares Issued Shares Settled Shares Remaining Net Proceeds Received Anticipated Net Proceeds Remaining January 2024 Follow On 11,040,000 2,200,000 8,840,000 $ 37,890 $ 149,852 Q1 2024 ATM 107,500 — 107,500 — 1,854 Q2 2024 ATM 1,635,600 — 1,635,600 — 28,214 July 2025 Follow On 12,420,000 8,155,053 4,264,947 137,050 71,678 Q3 2025 ATM 1,045,195 — 1,045,195 — 18,711 Q4 2025 ATM 5,725,592 — 5,725,592 — 102,786 Total 31,973,887 10,355,053 21,618,834 $ 174,940 $ 373,095

Non-GAAP Measures and Definitions FFO, Core FFO, and AFFO The National Association of Real Estate Investment Trusts (“NAREIT”), an industry trade group, has promulgated a widely accepted non-GAAP financial measure of operating performance known as FFO. Our FFO is net income in accordance with GAAP, excluding gains (or losses) resulting from dispositions of properties, plus depreciation and amortization and impairment charges on depreciable real property. Core FFO is a non-GAAP financial measure defined as FFO adjusted to remove the effect of unusual and non-recurring items that are not expected to impact our operating performance or operations on an ongoing basis. These include non-recurring executive transition costs, severance and related charges, other non-recurring losses (gains), and debt related transaction costs. AFFO is a non-GAAP financial measure defined as Core FFO adjusted for GAAP net income related to non-cash revenues and expenses, such as straight-line rent, amortization of above- and below-market lease-related intangibles, amortization of lease incentives, capitalized interest expense and earned development interest, non-cash interest expense, non-cash compensation expense, amortization of deferred financing costs, amortization of above/below-market assumed debt, and amortization of loan origination costs. Historical cost accounting for real estate assets implicitly assumes that the value of real estate assets diminishes predictably over time. In fact, real estate values historically have risen or fallen with market conditions. FFO is intended to be a standard supplemental measure of operating performance that excludes historical cost depreciation and valuation adjustments from net income. We consider FFO to be useful in evaluating potential property acquisitions and measuring operating performance. We further consider FFO, Core FFO, and AFFO to be useful in determining funds available for payment of distributions. FFO, Core FFO, and AFFO do not represent net income or cash flows from operations as defined by GAAP. You should not consider FFO, Core FFO, and AFFO to be alternatives to net income as a reliable measure of our operating performance nor should you consider FFO, Core FFO, and AFFO to be alternatives to cash flows from operating, investing, or financing activities (as defined by GAAP) as measures of liquidity. FFO, Core FFO, and AFFO do not measure whether cash flow is sufficient to fund our cash needs, including debt service obligations, capital improvements, and distributions to stockholders. FFO, Core FFO, and AFFO do not represent cash flows from operating, investing, or financing activities as defined by GAAP. Further, FFO, Core FFO, and AFFO as disclosed by other REITs might not be comparable to our calculations of FFO, Core FFO, and AFFO. 34

Non-GAAP Measures and Definitions 35 EBITDA, EBITDAre, Adjusted EBITDAre, and Annualized Adjusted EBITDAre We compute EBITDA as earnings before interest expense, income tax expense, and depreciation and amortization. In 2017, NAREIT issued a white paper recommending that companies that report EBITDA also report EBITDAre. We compute EBITDAre in accordance with the definition adopted by NAREIT. NAREIT defines EBITDAre as EBITDA (as defined above) excluding gains (or losses) from the sales of depreciable property and impairment charges on depreciable real property. Adjusted EBITDAre is a non-GAAP financial measure defined as EBITDAre further adjusted to exclude straight-line rent, non-cash compensation expense, non-recurring executive transition costs, severance and related charges, debt related transaction costs, transaction costs, other non-recurring loss (gain), net, other non-recurring expenses (income) including lease termination fees, as well as adjustments for construction in process and for intraquarter activities. Annualized Adjusted EBITDAre is Adjusted EBITDAre multiplied by four. We present EBITDA, EBITDAre, Adjusted EBITDAre, and Annualized Adjusted EBITDAre as they are measures commonly used in our industry. We believe that these measures are useful to investors and analysts because they provide supplemental information concerning our operating performance, exclusive of certain non-cash items and other costs. We use EBITDA, EBITDAre, Adjusted EBITDAre, and Annualized Adjusted EBITDAre as measures of our operating performance and not as measures of liquidity. EBITDA, EBITDAre, Adjusted EBITDAre, and Annualized Adjusted EBITDAre do not include all items of revenue and expense included in net income, they do not represent cash generated from operating activities and they are not necessarily indicative of cash available to fund cash requirements; accordingly, they should not be considered alternatives to net income as a performance measure or cash flows from operations as a liquidity measure and should be considered in addition to, and not in lieu of, GAAP financial measures. Additionally, our computation of EBITDA, EBITDAre, Adjusted EBITDAre, and Annualized Adjusted EBITDAre may differ from the methodology for calculating these metrics used by other equity REITs and, therefore, may not be comparable to similarly titled measures reported by other equity REITs. Net Debt, Adjusted Net Debt, and Pro Forma Adjusted Net Debt We calculate Net Debt as the principal amount of our total debt outstanding, excluding deferred financing costs, net discounts, and debt issuance costs, less cash, cash equivalents, and restricted cash available for future investment. We then adjust Net Debt by the net value of unsettled forward equity as of period end to derive Adjusted Net Debt. Further, we adjust Adjusted Net Debt by the value of any unsettled forward equity and at-the-market sales occurring subsequent to the period to derive Pro Forma Adjusted Net Debt. We believe excluding cash, cash equivalents, and restricted cash available for future investment from the principal amount of our total debt outstanding, together with the exclusion of the net value of unsettled forward equity as of period end and the net value of unsettled forward equity and at-the-market sales subsequent to the period, all of which could be used to repay debt, provides a useful estimate of the net contractual amount of borrowed capital to be repaid. We believe these adjustments are additional beneficial disclosures to investors and analysts. Enterprise Value We calculate Enterprise Value as the sum of our Adjusted Net Debt, market value of unsettled forwards, and equity market capitalization as of period end.

Non-GAAP Measures and Definitions (cont’d) 36 Property-Level NOI, Property-Level Cash NOI, and Property-Level Cash NOI - Estimated Run Rate Property-Level NOI, Property-Level Cash NOI, and Property-Level Cash NOI - Estimated Run Rate are non-GAAP financial measures which we use to assess our operating results. We compute Property-Level NOI as net income (computed in accordance with GAAP), excluding general and administrative expenses, interest expense, net, income tax expense, amortization of loan origination costs and discounts, transaction costs, depreciation and amortization, gains (or losses) on sales of depreciable property, real estate impairment losses, interest income on mortgage loans receivable, debt related transaction costs, and other expense (income), net, including lease termination fees. We further adjust Property-Level NOI for non-cash revenue components of straight-line rent and amortization of lease-intangibles to derive Property-Level Cash NOI. We further adjust Property-Level Cash NOI for intraquarter acquisitions, dispositions, and completed development to derive Property-Level Cash NOI - Estimated Run Rate. We believe Property-Level NOI, Property-Level Cash NOI, and Property-Level Cash NOI - Estimated Run Rate provide useful and relevant information because they reflect only those income and expense items that are incurred at the property level and present such items on an unlevered basis. Property-Level NOI, Property-Level Cash NOI, and Property-Level Cash NOI - Estimated Run Rate are not measurements of financial performance under GAAP and may not be comparable to similarly titled measures of other companies. You should not consider our measures as alternatives to net income or cash flows from operating activities determined in accordance with GAAP. Other Definitions ABR is annualized base rent for all leases that commenced and annualized cash interest for all executed mortgage loans as of December 31, 2025. Cash Yield is the annualized base rent contractually due from acquired properties and completed developments, and interest income from mortgage loans receivable, divided by the gross investment amount, gross proceeds in the case of dispositions, or loan repayment amount. Defensive Category is considered by us to represent tenants that focus on necessity goods and essential services in the retail sector, including discount stores, grocers, drug stores and pharmacies, home improvement, automotive service and quick-service restaurants, which we refer to as defensive retail industries. The defensive sub-categories as we define them are as follows: (1) Necessity, which are retailers that are considered essential by consumers and include sectors such as drug stores, grocers and home improvement, (2) Discount, which are retailers that offer a low price point and consist of off- price and dollar stores, (3) Service, which consist of retailers that provide services rather than goods, including, tire and auto services and quick service restaurants, and (4) Other, which are retailers that are not considered defensive in terms of being considered necessity, discount or service, as defined by us. Investments are lease agreements in place at owned properties, properties that have leases associated with mortgage loans receivable, developments where rent commenced, interest earning developments, or in the case of master lease arrangements each property under the master lease is counted as a separate lease. Occupancy is expressed as a percentage, and it is the number of leased investments divided by the total number of investments owned, excluding properties under development.

Non-GAAP Measures and Definitions (cont’d) 37 OP Units means operating partnership units not held by NETSTREIT. Weighted Average Lease Term is weighted by the annualized base rent, excluding lease extension options and investments associated with mortgage loans receivable.

Source: View Original Filing on SEC EDGAR

FAQ

How did NETSTREIT Corp. (NTST) perform financially in 2025?

NETSTREIT generated higher earnings and cash flow in 2025. Full-year net income was $6.9M or $0.08 per diluted share, versus a prior-year loss, and AFFO reached $109.9M or $1.31 per diluted share, up from $1.26 in 2024.

What were NETSTREIT’s key fourth-quarter 2025 results?

Fourth-quarter 2025 results showed solid cash generation. Net income per diluted share was $0.02, while AFFO per diluted share was $0.33, up from $0.32 a year earlier. The quarter also included record gross investment activity of $245.4M at a 7.5% blended cash yield.

What guidance did NETSTREIT (NTST) provide for 2026 AFFO and investments?

NETSTREIT reaffirmed its 2026 earnings outlook. The company expects full-year 2026 AFFO per share between $1.35 and $1.39, and net investment activity of $350M–$450M. Guidance incorporates an estimated $0.015–$0.03 per-share dilution from outstanding forward equity.

How strong is NETSTREIT’s balance sheet and liquidity position?

NETSTREIT reports ample liquidity and moderate leverage. As of December 31, 2025, Adjusted Net Debt was $720.5M, with Adjusted Net Debt to Annualized Adjusted EBITDAre of 4.0x, and total liquidity of $1.04B from cash, revolver capacity, unsettled forward equity and undrawn term loans.

What dividend did NETSTREIT declare for the first quarter of 2026?

The board approved a modest dividend increase. NETSTREIT declared a quarterly cash dividend of $0.22 per share for the first quarter of 2026, payable March 31, 2026 to shareholders of record on March 16, 2026, up from a prior annualized rate of $0.86 per share.

How is NETSTREIT’s real estate portfolio positioned at year-end 2025?

The portfolio is large, diversified and nearly fully occupied. As of December 31, 2025, NETSTREIT owned 758 investments across 45 states, totaling 13.7 million square feet, with 99.9% occupancy, a weighted average lease term of 10.1 years, and annualized base rent of $198.3M.

Did NETSTREIT achieve any credit rating milestones in late 2025?

NETSTREIT obtained an investment grade rating. In December 2025, Fitch Ratings assigned the company a BBB- rating. This rating reflects the company’s leverage profile, recurring cash flows from long-term leases, and substantial available liquidity disclosed in its 2025 results.

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NETSTREIT (NYSE: NTST) grows 2025 AFFO, raises dividend and reaffirms 2026 outlook

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How did NETSTREIT Corp. (NTST) perform financially in 2025?

What were NETSTREIT’s key fourth-quarter 2025 results?

What guidance did NETSTREIT (NTST) provide for 2026 AFFO and investments?

How strong is NETSTREIT’s balance sheet and liquidity position?

What dividend did NETSTREIT declare for the first quarter of 2026?

How is NETSTREIT’s real estate portfolio positioned at year-end 2025?

Did NETSTREIT achieve any credit rating milestones in late 2025?

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NETSTREIT (NYSE: NTST) grows 2025 AFFO, raises dividend and reaffirms 2026 outlook

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FAQ

How did NETSTREIT Corp. (NTST) perform financially in 2025?

What were NETSTREIT’s key fourth-quarter 2025 results?

What guidance did NETSTREIT (NTST) provide for 2026 AFFO and investments?

How strong is NETSTREIT’s balance sheet and liquidity position?

What dividend did NETSTREIT declare for the first quarter of 2026?

How is NETSTREIT’s real estate portfolio positioned at year-end 2025?

Did NETSTREIT achieve any credit rating milestones in late 2025?

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