NETSTREIT Corp. (NYSE: NTST) lifts 2026 AFFO outlook after Q2
Rhea-AI Filing Summary
NETSTREIT Corp. reported second‑quarter 2026 net income of $6,311 thousand, or $0.06 per diluted share, compared with $0.04 a year earlier. Funds from operations were $34,577 thousand, or $0.34 per diluted share, and adjusted funds from operations were $35,491 thousand, or $0.35 per diluted share, up 6.1% year over year.
The company completed gross investment activity of $298,857 thousand across 93 investments at a 7.4% blended cash yield, resulting in quarterly net investment activity of $229,621 thousand. As of June 30, 2026, the portfolio comprised 859 investments across 46 states with annualized base rent of $231,426 thousand, 100.0% occupancy and a weighted average lease term of 10.0 years; 56.5% of ABR was from investment grade or investment grade profile tenants.
Total liquidity was $1,085,573 thousand, including revolver capacity, cash, net value of unsettled forward equity of $714,176 thousand, and an undrawn term loan balance of $50,000 thousand. Net Debt / Annualized Adjusted EBITDAre was 6.5x, while Adjusted Net Debt / Annualized Adjusted EBITDAre was 3.2x. The board increased the quarterly dividend 2.3% to $0.225 per share (annualized $0.90). Full‑year 2026 AFFO per share guidance was raised to a range of $1.37 to $1.39, and net investment activity guidance was increased to $700.0 million to $800.0 million.
Positive
- AFFO per diluted share rose to $0.35 in Q2 2026, a 6.1% year‑over‑year increase, and the company raised full‑year 2026 AFFO guidance to a range of $1.37 to $1.39 per share.
- Net investment guidance for 2026 increased to $700.0 million to $800.0 million, supported by Q2 gross investments of $298,857 thousand at a 7.4% cash yield and a 100.0% occupied portfolio.
Negative
- None.
Filing Explained
As of June 30, 38,942,108 forward shares remained unsettled, and guidance included 3.6 million to 5.9 million shares of estimated dilution.
This
The filing lists
Issuing additional shares increases the total share count and reduces an existing holder’s percentage ownership absent offsetting changes; here, that effect is conditional on settlement and issuance of the unsettled shares.
The company’s 2026 AFFO-per-share guidance includes 3.6 million to 5.9 million shares of estimated dilution tied to the outstanding forward equity, while the filing separately reports 4,264,947 forward shares settled during the quarter and 101,526,575 common shares issued and outstanding at quarter-end.
8-K Event Classification
3 items: 2.02, 7.01, 9.01
3 items
Item 2.02
Results of Operations and Financial Condition
Financial
Disclosure of earnings results, typically an earnings press release or preliminary financials.
Item 7.01
Regulation FD Disclosure
Disclosure
Material non-public information disclosed under Regulation Fair Disclosure, often investor presentations or guidance.
Item 9.01
Financial Statements and Exhibits
Exhibits
Financial statements, pro forma financial information, and exhibit attachments filed with this report.
Key Figures
Q2 2026 net income per diluted share: $0.06 per share
Q2 2026 AFFO per diluted share: $0.35 per share
Q2 2026 gross investment activity: $298,857 thousand
+5 more
8 metrics
Q2 2026 net income per diluted share
$0.06 per share
Three months ended June 30, 2026; 50.0% above $0.04 in Q2 2025
Q2 2026 AFFO per diluted share
$0.35 per share
Three months ended June 30, 2026; 6.1% above $0.33 in Q2 2025
Q2 2026 gross investment activity
$298,857 thousand
93 investments in the quarter at a 7.4% blended cash yield
Net investment activity first half 2026
$442,920 thousand
Six months ended June 30, 2026 after dispositions and loan repayments
Portfolio ABR
$231,426 thousand
As of June 30, 2026 across 859 investments with 100.0% occupancy
Total liquidity
$1,085,573 thousand
As of June 30, 2026 including revolver capacity, cash, forward equity and undrawn term loan
Net Debt / Annualized Adjusted EBITDAre
6.5x
Leverage ratio as of June 30, 2026 based on net debt
Quarterly dividend per share
$0.225
Declared for Q3 2026; annualized to $0.90, a 2.3% increase over the prior annualized dividend
Key Terms
Adjusted Funds from Operations, EBITDAre, at-the-market equity program, forward equity, +1 more
5 terms
Adjusted Funds from Operations financial
"Net Income of $0.06 and Adjusted Funds from Operations ("AFFO") of $0.35 Per Diluted Share"
Adjusted funds from operations is a financial measure that shows how much cash a real estate company generates from its property operations, excluding certain non-recurring items and accounting adjustments. It helps investors understand the company’s true cash flow ability to pay dividends or fund growth. This figure offers a clearer picture of ongoing financial performance by removing irregular or one-time factors that can distort regular income.
EBITDAre financial
"We compute EBITDAre in accordance with the definition adopted by NAREIT."
EBITDARE is a financial measure that shows a company's earnings before accounting for interest, taxes, depreciation, amortization, and restructuring costs. It helps investors understand how well a business is performing by focusing on its core operations, ignoring one-time or non-operational expenses. Think of it as checking a company's true earning power, similar to assessing a car’s performance by its engine without considering external factors like fuel costs or repairs.
at-the-market equity program financial
"the Company's leverage, liquidity, at-the-market equity program ("ATM") sales, and forward equity activity"
An at-the-market equity program lets a company sell newly issued shares directly into the open market at the current trading price through a broker, rather than in a single, prearranged block. It provides flexible, on-demand access to cash—like drawing small amounts from a credit line—but increases the number of shares outstanding, which can reduce existing shareholders’ ownership percentage and put downward pressure on the stock price, so investors monitor program size and pacing.
forward equity financial
"Net Value of Unsettled Forward Equity as of June 30, 2026 | $ | 714,176"
Forward equity is an agreement to buy or sell a company’s shares at a predetermined price with the actual transfer occurring at a future date. It matters to investors because it lets companies secure financing now without issuing stock immediately and lets buyers lock in a future ownership level and price, similar to reserving a car today for pickup later; such deals affect future share count, dilution and potential returns.
Property-Level Cash NOI financial
"Property-Level Cash NOI Estimated Run Rate | $ | 53,405"
Earnings Snapshot
Net income per diluted share (Q2 2026): $0.06 · Guidance included
Three and six months ended June 30, 2026
Net income per diluted share (Q2 2026)
$0.06
up from $0.04 in Q2 2025 (50.0%)
AFFO per diluted share (Q2 2026)
$0.35
up from $0.33 in Q2 2025 (6.1%)
FFO per diluted share (Q2 2026)
$0.34
up from $0.31 in Q2 2025 (9.7%)
Rental revenue (Q2 2026)
$57,822 thousand
compared with $45,158 thousand in Q2 2025
Guidance
For full year 2026, the company guides to AFFO of $1.37 to $1.39 per share (including $0.05 to $0.08 per share of estimated dilution) and net investment activity of $700.0 million to $800.0 million, with expected cash G&A of $16.5 million to $17.0 million.
AI-generated analysis. How Rhea-AI works. Not financial advice.
FAQ
How did NETSTREIT (NTST) perform financially in the second quarter of 2026?
NETSTREIT reported Q2 2026 net income of $6,311 thousand, or $0.06 per diluted share, up from $0.04 a year earlier. AFFO per diluted share was $0.35, compared with $0.33 in Q2 2025, and FFO per diluted share was $0.34 versus $0.31.
What are NETSTREIT (NTST)’s updated 2026 AFFO and investment guidance ranges?
For 2026, NETSTREIT now guides to AFFO of $1.37 to $1.39 per share, raised from $1.36 to $1.39. The company also increased its net investment activity guidance to $700.0 million to $800.0 million, up from $550.0 million to $650.0 million.
What investment activity did NETSTREIT (NTST) complete in Q2 2026?
In Q2 2026 NETSTREIT completed $298,857 thousand of gross investment activity across 93 investments at a 7.4% blended cash yield. After $49,143 thousand of dispositions and $20,093 thousand of loan repayments, net investment activity totaled $229,621 thousand.
How large and how occupied is NETSTREIT (NTST)’s portfolio as of June 30, 2026?
As of June 30, 2026, NETSTREIT’s portfolio comprised 859 investments across 46 states, totaling 15,418,621 square feet. Annualized base rent was $231,426 thousand, occupancy was 100.0%, and the weighted average lease term stood at 10.0 years.
What is NETSTREIT (NTST)’s liquidity and leverage position at quarter end?
At June 30, 2026, NETSTREIT had total liquidity of $1,085,573 thousand, including revolver capacity, cash, forward equity and undrawn term loan. Net Debt / Annualized Adjusted EBITDAre was 6.5x, while Adjusted Net Debt / Annualized Adjusted EBITDAre was 3.2x.
What dividend did NETSTREIT (NTST) declare for the third quarter of 2026?
The board declared a quarterly cash dividend of $0.225 per share for Q3 2026, payable on September 15, 2026 to shareholders of record on September 1, 2026. On an annualized basis, this equals $0.90 per share, up $0.02 from the prior annualized dividend.
How much forward equity and ATM activity did NETSTREIT (NTST) undertake in Q2 2026?
During Q2 2026, NETSTREIT sold 9,005,190 shares through its ATM program at a weighted average gross price of $20.48. It settled 4,264,947 forward shares at $16.60 per share and ended the quarter with 38,942,108 unsettled forward equity shares valued at $714,176 thousand.
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): July 22, 2026
(Exact Name of Registrant as Specified in its Charter)
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| (Address of Principal Executive Offices) | (Zip Code) | ||||||||||
(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 | ||||||||
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 July 22, 2026, NETSTREIT Corp. (the “Company”) issued a press release announcing its financial results for the second quarter ended June 30, 2026. 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 July 22, 2026, the Company furnished supplemental financial information for the second quarter ended June 30, 2026. Also on July 22, 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 July 22, 2026 | ||||||||||
| 99.2 | Second quarter 2026 supplemental financial information | ||||||||||
| 99.3 | Second quarter 2026 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. | ||||||||||||||
| July 22, 2026 | /s/ DANIEL DONLAN | |||||||||||||
| Date | Daniel Donlan | |||||||||||||
| Chief Financial Officer and Treasurer | ||||||||||||||
| (Principal Financial Officer) | ||||||||||||||
NETSTREIT REPORTS SECOND QUARTER 2026 FINANCIAL AND OPERATING RESULTS
– Net Income of $0.06 and Adjusted Funds from Operations ("AFFO") of $0.35 Per Diluted Share –
– Completed Strong Gross Investment Activity of $298.9 Million at 7.4% Blended Cash Yield –
– Increases 2026 AFFO Per Share Guidance to a New Range of $1.37 to $1.39 –
– Increases 2026 Net Investment Guidance Range to $700 Million to $800 Million –
– Increases Quarterly Dividend by 2.3% to $0.225 Per Share –
– $184.4 Million of Forward Equity Sales During the Quarter –
Dallas, TX – July 22, 2026 – NETSTREIT Corp. (NYSE: NTST) (the “Company”) today announced financial and operating results for the second quarter ended June 30, 2026.
“I am pleased to report another solid quarter of gross investment activity at attractive yields as the net lease marketplace remains highly favorable for our opportunity set. Our 100% occupied portfolio remains healthy and continues to produce stable and growing cash flows. Given the excellent condition of our balance sheet, which was bolstered by additional forward equity sales in the quarter, we are increasing both our 2026 net investment guidance and the midpoint of our 2026 AFFO per share guidance,” said Mark Manheimer, Chief Executive Officer of NETSTREIT.
SECOND QUARTER 2026 HIGHLIGHTS
The following tables summarizes the Company's select financial results1 for the three and six months ended June 30, 2026.
| Three Months Ended June 30, | |||||||||||||||||
| 2026 | 2025 | % Change | |||||||||||||||
(Unaudited) | |||||||||||||||||
| Net Income per Diluted Share | $ | 0.06 | $ | 0.04 | 50.0 | % | |||||||||||
| Funds from Operations per Diluted Share | $ | 0.34 | $ | 0.31 | 9.7 | % | |||||||||||
| Core Funds from Operations per Diluted Share | $ | 0.33 | $ | 0.31 | 6.5 | % | |||||||||||
| Adjusted Funds from Operations per Diluted Share | $ | 0.35 | $ | 0.33 | 6.1 | % | |||||||||||
| Six Months Ended June 30, | |||||||||||||||||
| 2026 | 2025 | % Change | |||||||||||||||
(Unaudited) | |||||||||||||||||
| Net Income per Diluted Share | $ | 0.12 | $ | 0.06 | 100.0 | % | |||||||||||
| Funds from Operations per Diluted Share | $ | 0.65 | $ | 0.60 | 8.3 | % | |||||||||||
| Core Funds from Operations per Diluted Share | $ | 0.66 | $ | 0.61 | 8.2 | % | |||||||||||
| Adjusted Funds from Operations per Diluted Share | $ | 0.68 | $ | 0.65 | 4.6 | % | |||||||||||
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 and six months ended June 30, 2026.
| Three Months Ended June 30, 2026 | Six Months Ended June 30, 2026 | ||||||||||||||||||||||
| Number of Investments | Amount | Number of Investments | Amount | ||||||||||||||||||||
| Investments | 93 | $ | 298,857 | 151 | $ | 537,821 | |||||||||||||||||
| Less Dispositions | 16 | 49,143 | 21 | 57,992 | |||||||||||||||||||
Less Loan Repayments1 | 22 | 20,093 | 29 | 36,909 | |||||||||||||||||||
| Net Investment Activity | $ | 229,621 | $ | 442,920 | |||||||||||||||||||
| Investment Activity | |||||||||||||||||||||||
Cash Yield % | 7.4 | % | 7.4 | % | |||||||||||||||||||
| % of ABR derived from Investment Grade Tenants | 30.3 | % | 25.9 | % | |||||||||||||||||||
| % of ABR derived from Investment Grade Profile Tenants | 14.6 | % | 14.5 | % | |||||||||||||||||||
| Weighted Average Lease Term (years) | 9.8 | 11.9 | |||||||||||||||||||||
| Disposition Activity | |||||||||||||||||||||||
Cash Yield %2 | 6.8 | % | 6.8 | % | |||||||||||||||||||
| Weighted Average Lease Term (years) | 9.4 | 9.8 | |||||||||||||||||||||
Loan Repayments | |||||||||||||||||||||||
Cash Yield % | 9.0 | % | 9.1 | % | |||||||||||||||||||
1.Amount includes mortgage loan sales and partial principal repayment of mortgage loan receivables.
2.Excludes vacant property sales.
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 June 30, 2026.
| Developments | Three Months Ended June 30, 2026 | ||||
Amount Funded During the Quarter | $ | 7,675 | |||
| As of June 30, 2026 | |||||
| Number of Developments | 5 | ||||
Amount Funded to Date | $ | 13,579 | |||
Estimated Funding Remaining on Developments | 22,735 | ||||
| Total Estimated Development Cost | $ | 36,313 | |||
2
PORTFOLIO UPDATE
The following table summarizes the Company's real estate portfolio (weighted by ABR, dollars in thousands) as of June 30, 2026.
| As of June 30, 2026 | |||||
| Number of Investments | 859 | ||||
| ABR | $ | 231,426 | |||
| States | 46 | ||||
| Square Feet | 15,418,621 | ||||
| Tenants | 156 | ||||
| Industries | 28 | ||||
| Occupancy | 100.0 | % | |||
| Weighted Average Lease Term (years) | 10.0 | ||||
| Investment Grade % | 40.7 | % | |||
| Investment Grade Profile % | 15.8 | % | |||
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 June 30, 2026.
Leverage1 | As of June 30, 2026 | ||||
Net Debt / Annualized Adjusted EBITDAre | 6.5x | ||||
Adjusted Net Debt / Annualized Adjusted EBITDAre | 3.2x | ||||
Pro Forma Adjusted Net Debt / Annualized Adjusted EBITDAre | 3.1x | ||||
| Liquidity | As of June 30, 2026 | ||||
| Unused Unsecured Revolver Capacity | $ | 301,350 | |||
| Cash, Cash Equivalents and Restricted Cash | 20,047 | ||||
| Net Value of Unsettled Forward Equity | 714,176 | ||||
| Undrawn Term Loan Balance | 50,000 | ||||
Total Liquidity | $ | 1,085,573 | |||
Subsequent ATM Sales(2) | 4,481 | ||||
Total Pro Forma Liquidity | $ | 1,090,055 | |||
| ATM Program | |||||
| Shares Sold During Quarter | 9,005,190 | ||||
| Weighted Average Price Per Share (Gross) | $ | 20.48 | |||
Forward Equity Settlement Activity | As of June 30, 2026 | ||||
Shares Settled During Quarter | 4,264,947 | ||||
| Weighted Average Price Per Share | $ | 16.60 | |||
| Net Value of Settled Proceeds | $ | 70,817 | |||
Unsettled Forward Equity | |||||
| Shares Unsettled as of June 30, 2026 | 38,942,108 | ||||
Weighted Average Price Per Share (Gross) | $ | 19.00 | |||
| Net Value of Unsettled Forward Equity as of June 30, 2026 | $ | 714,176 | |||
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 210,670 of shares sold in July 2026 on a forward basis at a weighted average net settlement price of $21.27 per share.
3
| As of June 30, 2026 | |||||||||||
| Outstanding Forward Equity Offerings | Shares Remaining | Anticipated Net Proceeds Remaining | |||||||||
| January 2024 Follow On | 4,840,000 | $ | 81,232 | ||||||||
| Q1 2024 ATM | 107,500 | 1,834 | |||||||||
| Q2 2024 ATM | 1,635,600 | 27,897 | |||||||||
| Q3 2025 ATM | 1,045,195 | 18,517 | |||||||||
| Q4 2025 ATM | 5,725,592 | 101,705 | |||||||||
| Q1 2026 ATM | 3,956,031 | 73,226 | |||||||||
| February 2026 Follow On | 12,627,000 | 227,268 | |||||||||
| Q2 2026 ATM | 9,005,190 | 182,497 | |||||||||
| Total | 38,942,108 | $ | 714,176 | ||||||||
SUBSEQUENT TO QUARTER END
In July 2026, the Company sold 210,670 shares at a weighted average gross price of $21.49 per share under the ATM Program on a forward basis.
DIVIDEND
On July 16, 2026, the Company’s Board of Directors declared a quarterly cash dividend of $0.225 per share for the third quarter of 2026. On an annualized basis, the dividend of $0.90 per share of common stock represents an increase of $0.02 per share over the prior annualized dividend. The dividend will be paid on September 15, 2026 to shareholders of record on September 1, 2026.
2026 GUIDANCE
The Company is increasing its full year 2026 AFFO per share guidance range to $1.37 to $1.39 from $1.36 to $1.39 and increasing net investment activity guidance to $700.0 million to $800.0 million from $550.0 million to $650.0 million. The Company now expects cash G&A to range between $16.5 million to $17.0 million (exclusive of transaction costs and severance payments). In addition, the Company's AFFO per share guidance now includes $0.05 to $0.08 per share of estimated dilution (or 3.6 million to 5.9 million shares) vs. the prior range of $0.03 to $0.06 per share 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.
4
EARNINGS CONFERENCE CALL
A conference call will be held on Thursday, July 23, 2026 at 11:00 AM ET. During the conference call the Company’s officers will review second quarter 2026 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 August 6, 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 13761592.
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
5
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, 2025 filed with the Securities and Exchange Commission (the “SEC”) on February 10, 2026 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.
6
NETSTREIT CORP. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands, except share and per share data)
(Unaudited)
| June 30, 2026 | December 31, 2025 | ||||||||||
| Assets | |||||||||||
| Real estate, at cost: | |||||||||||
| Land | $ | 934,125 | $ | 772,417 | |||||||
| Buildings and improvements | 1,811,936 | 1,590,714 | |||||||||
| Total real estate, at cost | 2,746,061 | 2,363,131 | |||||||||
| Less accumulated depreciation | (222,008) | (188,858) | |||||||||
| Property under development | 13,499 | 5,500 | |||||||||
| Real estate held for investment, net | 2,537,552 | 2,179,773 | |||||||||
| Assets held for sale | 52,085 | 40,976 | |||||||||
| Mortgage loans receivable, net | 151,437 | 142,464 | |||||||||
| Cash, cash equivalents, and restricted cash | 20,047 | 14,467 | |||||||||
| Lease intangible assets, net | 196,277 | 173,440 | |||||||||
| Other assets, net | 78,730 | 63,076 | |||||||||
| Total assets | $ | 3,036,128 | $ | 2,614,196 | |||||||
| Liabilities and equity | |||||||||||
| Liabilities: | |||||||||||
| Term loans, net | $ | 1,192,973 | $ | 1,093,331 | |||||||
| Revolving credit facility | 198,500 | — | |||||||||
| Mortgage note payable, net | 7,791 | 7,814 | |||||||||
| Lease intangible liabilities, net | 15,667 | 16,910 | |||||||||
| Liabilities related to assets held for sale | 1,022 | 1,016 | |||||||||
| Accounts payable, accrued expenses, and other liabilities | 40,583 | 42,559 | |||||||||
| Total liabilities | 1,456,536 | 1,161,630 | |||||||||
Commitments and contingencies | |||||||||||
| Equity: | |||||||||||
| Stockholders’ equity | |||||||||||
Common stock, $0.01 par value, 400,000,000 shares authorized; 101,526,575 and 93,070,533 shares issued and outstanding as of June 30, 2026 and December 31, 2025, respectively | 1,016 | 931 | |||||||||
| Additional paid-in capital | 1,841,754 | 1,701,572 | |||||||||
| Distributions in excess of retained earnings | (282,998) | (251,926) | |||||||||
| Accumulated other comprehensive income (loss) | 12,648 | (4,565) | |||||||||
| Total stockholders’ equity | 1,572,420 | 1,446,012 | |||||||||
| Noncontrolling interests | 7,172 | 6,554 | |||||||||
| Total equity | 1,579,592 | 1,452,566 | |||||||||
| Total liabilities and equity | $ | 3,036,128 | $ | 2,614,196 | |||||||
7
NETSTREIT CORP. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except share and per share data)
(Unaudited)
| Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||
| Revenues | |||||||||||||||||||||||
| Rental revenue (including reimbursable) | $ | 57,822 | $ | 45,158 | $ | 111,849 | $ | 87,748 | |||||||||||||||
| Interest income on loans receivable | 2,906 | 3,128 | 5,941 | 6,203 | |||||||||||||||||||
| Other revenue | 556 | — | 556 | 245 | |||||||||||||||||||
| Total revenues | 61,284 | 48,286 | 118,346 | 94,196 | |||||||||||||||||||
| Operating expenses | |||||||||||||||||||||||
| Property | 5,717 | 4,484 | 11,121 | 9,287 | |||||||||||||||||||
| General and administrative | 5,841 | 5,475 | 11,596 | 10,644 | |||||||||||||||||||
| Depreciation and amortization | 25,807 | 21,506 | 50,270 | 42,429 | |||||||||||||||||||
| Provisions for impairment | 4,199 | 4,422 | 6,261 | 8,038 | |||||||||||||||||||
| Transaction costs, net | 6 | 73 | (54) | 120 | |||||||||||||||||||
| Total operating expenses | 41,570 | 35,960 | 79,194 | 70,518 | |||||||||||||||||||
| Other (expense) income | |||||||||||||||||||||||
| Interest expense, net | (15,554) | (12,638) | (29,820) | (24,098) | |||||||||||||||||||
| Gain on sales of real estate, net | 1,662 | 3,533 | 1,781 | 5,608 | |||||||||||||||||||
| Loss on debt extinguishment | — | — | — | (46) | |||||||||||||||||||
| Other income (expense), net | 567 | 81 | 1,001 | (124) | |||||||||||||||||||
| Total other expense, net | (13,325) | (9,024) | (27,038) | (18,660) | |||||||||||||||||||
| Net income before income taxes | 6,389 | 3,302 | 12,114 | 5,018 | |||||||||||||||||||
| Income tax expense | (78) | (13) | (92) | (29) | |||||||||||||||||||
| Net income | 6,311 | 3,289 | 12,022 | 4,989 | |||||||||||||||||||
| Less: net income attributable to noncontrolling interests | 26 | 17 | 50 | 26 | |||||||||||||||||||
| Net income attributable to common stockholders | $ | 6,285 | $ | 3,272 | $ | 11,972 | $ | 4,963 | |||||||||||||||
| Amounts available to common stockholders per common share: | |||||||||||||||||||||||
| Basic | $ | 0.06 | $ | 0.04 | $ | 0.12 | $ | 0.06 | |||||||||||||||
| Diluted | $ | 0.06 | $ | 0.04 | $ | 0.12 | $ | 0.06 | |||||||||||||||
| Weighted average common shares: | |||||||||||||||||||||||
| Basic | 97,354,281 | 81,895,840 | 96,454,101 | 81,770,860 | |||||||||||||||||||
| Diluted | 102,788,997 | 82,494,129 | 100,953,305 | 82,314,021 | |||||||||||||||||||
8
NETSTREIT CORP. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME TO FFO, CORE FFO AND ADJUSTED FFO
(In thousands, except share and per share data)
(Unaudited)
| Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||
| Net income | $ | 6,311 | $ | 3,289 | $ | 12,022 | $ | 4,989 | |||||||||||||||
| Depreciation and amortization of real estate | 25,729 | 21,433 | 50,116 | 42,283 | |||||||||||||||||||
| Provisions for impairment | 4,199 | 4,422 | 5,687 | 8,038 | |||||||||||||||||||
| Gain on sales of real estate, net | (1,662) | (3,533) | (1,781) | (5,608) | |||||||||||||||||||
| FFO | 34,577 | 25,611 | 66,044 | 49,702 | |||||||||||||||||||
| Adjustments: | |||||||||||||||||||||||
| Non-recurring executive transition costs, severance, and related charges | — | 3 | — | 79 | |||||||||||||||||||
| Debt-related transaction costs | 16 | — | 16 | 403 | |||||||||||||||||||
| Other non-recurring gain | (375) | — | (375) | — | |||||||||||||||||||
| Other loss | — | — | 574 | — | |||||||||||||||||||
| Core FFO | 34,218 | 25,614 | 66,259 | 50,184 | |||||||||||||||||||
| Adjustments: | |||||||||||||||||||||||
| Straight-line rent adjustments | (2,281) | (1,183) | (4,434) | (2,137) | |||||||||||||||||||
| Amortization of deferred financing costs | 972 | 744 | 1,943 | 1,408 | |||||||||||||||||||
| Amortization of above/below-market assumed debt | 28 | 29 | 57 | 57 | |||||||||||||||||||
| Amortization of loan origination costs and discounts | (102) | 27 | (235) | (50) | |||||||||||||||||||
| Amortization of lease-related intangibles | 112 | (6) | 159 | (76) | |||||||||||||||||||
| Earned development interest | 181 | 39 | 297 | 82 | |||||||||||||||||||
| Capitalized interest expense | (102) | (38) | (190) | (88) | |||||||||||||||||||
| Non-cash interest expense | 713 | 713 | 1,418 | 1,418 | |||||||||||||||||||
| Non-cash compensation expense | 1,752 | 1,521 | 3,441 | 2,909 | |||||||||||||||||||
| AFFO | $ | 35,491 | $ | 27,460 | $ | 68,715 | $ | 53,707 | |||||||||||||||
| Weighted average common shares outstanding, basic | 97,354,281 | 81,895,840 | 96,454,101 | 81,770,860 | |||||||||||||||||||
| Operating partnership units outstanding | 402,654 | 424,956 | 405,170 | 424,956 | |||||||||||||||||||
| Unvested restricted stock units and LTIP Units | 540,449 | 173,333 | 532,697 | 118,205 | |||||||||||||||||||
| Unsettled shares under open forward equity contracts | 4,491,613 | — | 3,561,337 | — | |||||||||||||||||||
| Weighted average common shares outstanding, diluted | 102,788,997 | 82,494,129 | 100,953,305 | 82,314,021 | |||||||||||||||||||
| FFO per common share, diluted | $ | 0.34 | $ | 0.31 | $ | 0.65 | $ | 0.60 | |||||||||||||||
| Core FFO per common share, diluted | $ | 0.33 | $ | 0.31 | $ | 0.66 | $ | 0.61 | |||||||||||||||
| AFFO per common share, diluted | $ | 0.35 | $ | 0.33 | $ | 0.68 | $ | 0.65 | |||||||||||||||
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NETSTREIT CORP. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME TO EBITDA, EBITDAre AND ADJUSTED EBITDAre
(In thousands)
(Unaudited)
| Three Months Ended June 30, | |||||||||||
| 2026 | 2025 | ||||||||||
| Net income | $ | 6,311 | $ | 3,289 | |||||||
| Depreciation and amortization of real estate | 25,729 | 21,433 | |||||||||
| Amortization of lease-related intangibles | 112 | (6) | |||||||||
| Non-real estate depreciation and amortization | 75 | 73 | |||||||||
| Interest expense, net | 15,554 | 12,638 | |||||||||
| Income tax expense | 79 | 13 | |||||||||
| Amortization of loan origination costs and discounts | (102) | 27 | |||||||||
| EBITDA | 47,758 | 37,467 | |||||||||
| Adjustments: | |||||||||||
| Provisions for impairment | 4,199 | 4,422 | |||||||||
| Gain on sales of real estate, net | (1,662) | (3,533) | |||||||||
EBITDAre | 50,295 | 38,356 | |||||||||
| Adjustments: | |||||||||||
| Straight-line rent adjustments | (2,281) | (1,183) | |||||||||
| Debt-related transaction costs | 16 | — | |||||||||
| Non-recurring executive transition costs, severance and related charges | — | 3 | |||||||||
| Other non-recurring gain | (375) | (229) | |||||||||
| Other income, net | (474) | — | |||||||||
| Transaction costs, net | 6 | 73 | |||||||||
| Non-cash compensation expense | 1,752 | 1,521 | |||||||||
Adjustment for construction in process (1) | 266 | 32 | |||||||||
Adjustment for intraquarter investment activities (2) | 3,796 | 252 | |||||||||
Adjusted EBITDAre | $ | 53,001 | $ | 38,825 | |||||||
Annualized Adjusted EBITDAre (3) | $ | 212,004 | |||||||||
Net Debt | As of June 30, 2026 | ||||||||||
| Principal amount of total debt | $ | 1,406,457 | |||||||||
| Less: Cash, cash equivalents and restricted cash | (20,047) | 20047000 | |||||||||
| Net Debt | 1,386,410 | ||||||||||
Less: Net value of unsettled forward equity (4) | (714,176) | ||||||||||
| Adjusted Net Debt | $ | 672,234 | |||||||||
Less: Subsequent ATM Sales (5) | (4,481) | ||||||||||
Pro Forma Adjusted Net Debt | $ | 667,753 | |||||||||
Leverage | |||||||||||
| Net Debt / Annualized Adjusted EBITDAre | 6.5 | x | |||||||||
| Adjusted Net Debt / Annualized Adjusted EBITDAre | 3.2 | x | |||||||||
Pro Forma Adjusted Net Debt / Annualized Adjusted EBITDAre | 3.1 | x | |||||||||
1.Adjustment reflects the estimated cash yield on developments in process as of June 30, 2026.
2.Adjustment assumes all re-leasing activity, investments in and dispositions of real estate, including any developments completed during the three months ended June 30, 2026, had occurred on April 1, 2026.
3.We calculate Annualized Adjusted EBITDAre by multiplying Adjusted EBITDAre by four.
4.Reflects 38,942,108 of unsettled forward equity shares at the June 30, 2026, weighted average net settlement price of $18.34 per share.
5.Reflects 210,670 of shares sold on a forward basis at a weighted average net settlement price of $21.27 per share.
10
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 June 30, | |||||||||||
| 2026 | 2025 | ||||||||||
| Net income | $ | 6,311 | $ | 3,289 | |||||||
| General and administrative | 5,841 | 5,475 | |||||||||
| Depreciation and amortization | 25,807 | 21,506 | |||||||||
| Provisions for impairment | 4,199 | 4,422 | |||||||||
| Transaction costs, net | 6 | 73 | |||||||||
| Interest expense, net | 15,554 | 12,638 | |||||||||
| Gain on sales of real estate, net | (1,662) | (3,533) | |||||||||
| Income tax expense | 78 | 13 | |||||||||
| Amortization of loan origination costs and discounts | (102) | 27 | |||||||||
| Interest income on mortgage loans receivable | (2,906) | (3,128) | |||||||||
| Other income, net | (908) | (337) | |||||||||
| Property-Level NOI | 52,218 | 40,445 | |||||||||
| Straight-line rent adjustments | (2,281) | (1,183) | |||||||||
| Amortization of lease-related intangibles | 112 | (6) | |||||||||
| Property-Level Cash NOI | $ | 50,049 | $ | 39,256 | |||||||
Adjustment for intraquarter acquisitions, dispositions, and completed development(1) | 3,356 | ||||||||||
| Property-Level Cash NOI Estimated Run Rate | $ | 53,405 | |||||||||
1.Adjustment assumes all re-leasing activity, investments in and dispositions of real estate, including any developments completed during the three months ended June 30, 2026, had occurred on April 1, 2026.
11
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 exclude infrequent and unusual items not expected to impact our operating performance on an ongoing basis. These include executive transition costs, severance, and related charges, debt-related transaction costs, and other non-core losses (gains) as they occur.
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, executive transition costs, severance, and related charges, debt related transaction costs, transaction costs, other non-recurring losses (gains), 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
12
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 period end.
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.
13
Weighted Average Lease Term is weighted by the annualized base rent, excluding lease extension options and investments associated with mortgage loans receivable.
14
Second Quarter 2026 Supplemental Financial Information
Table of Contents 2 03 Corporate Overview 04 Quarterly Highlights 05 Condensed Consolidated Statements of Operations 06 Funds from Operations and Adjusted Funds from Operations 07 EBITDAre and Adjusted EBITDAre 08 Net Operating Income 09 Condensed 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. Excludes five properties under development. 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 June 30, 2026 March 31, 2026 December 31, 2025 September 30, 2025 June 30, 2025 Net income $ 6,311 $ 5,711 $ 1,328 $ 621 $ 3,289 Net income per common share outstanding - diluted $ 0.06 $ 0.06 $ 0.02 $ 0.01 $ 0.04 Funds from Operations (FFO) $ 34,577 $ 31,467 $ 26,594 $ 24,948 $ 25,611 FFO per common share outstanding - diluted $ 0.34 $ 0.32 $ 0.31 $ 0.29 $ 0.31 Core Funds from Operations (Core FFO) $ 34,218 $ 32,041 $ 26,638 $ 26,355 $ 25,614 Core FFO per common share outstanding - diluted $ 0.33 $ 0.32 $ 0.31 $ 0.31 $ 0.31 Adjusted Funds from Operations (AFFO) $ 35,491 $ 33,224 $ 28,167 $ 28,049 $ 27,460 AFFO per common share outstanding - diluted $ 0.35 $ 0.34 $ 0.33 $ 0.33 $ 0.33 Dividends per share $ 0.220 $ 0.220 $ 0.215 $ 0.215 $ 0.210 Weighted average common shares outstanding - diluted 102,788,997 99,107,642 86,518,740 85,641,948 82,494,129 Portfolio Metrics Number of investments(1) 859 804 758 721 705 Square feet 15,418,621 14,498,665 13,721,337 13,179,983 12,787,231 Occupancy 100.0 % 99.9 % 99.9 % 99.9 % 99.9 % Weighted average lease term remaining (years)(2) 10.0 10.2 10.1 9.9 9.8 Investment grade (rated) - % of ABR(3) 40.7 % 42.3 % 44.3 % 46.9 % 52.2 % Investment grade profile (unrated) - % of ABR(4) 15.8 % 16.1 % 14.0 % 15.2 % 16.5 % Combined Investment grade (rated) & Investment grade profile (unrated) - % of ABR 56.5 % 58.3 % 58.3 % 62.1 % 68.7 % $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 June 30, Six Months Ended June 30, 2026 2025 2026 2025 REVENUES Rental revenue (including reimbursable) $ 57,822 $ 45,158 $ 111,849 $ 87,748 Interest income on loans receivable 2,906 3,128 5,941 6,203 Other revenue 556 — 556 245 Total revenues 61,284 48,286 118,346 94,196 OPERATING EXPENSES Property 5,717 4,484 11,121 9,287 General and administrative 5,841 5,475 11,596 10,644 Depreciation and amortization 25,807 21,506 50,270 42,429 Provisions for impairment 4,199 4,422 6,261 8,038 Transaction costs, net 6 73 (54) 120 Total operating expenses 41,570 35,960 79,194 70,518 OTHER (EXPENSE) INCOME Interest expense, net (15,554) (12,638) (29,820) (24,098) Gain on sales of real estate, net 1,662 3,533 1,781 5,608 Loss on debt extinguishment — — — (46) Other income (expense), net 567 81 1,001 (124) Total other expense, net (13,325) (9,024) (27,038) (18,660) Net income before income taxes 6,389 3,302 12,114 5,018 Income tax expense (78) (13) (92) (29) Net income 6,311 3,289 12,022 4,989 Less: net income attributable to noncontrolling interests 26 17 50 26 Net income attributable to common stockholders $ 6,285 $ 3,272 $ 11,972 $ 4,963 Amounts available to common stockholders per common share: Basic $ 0.06 $ 0.04 $ 0.12 $ 0.06 Diluted $ 0.06 $ 0.04 $ 0.12 $ 0.06 Weighted average common shares: Basic 97,354,281 81,895,840 96,454,101 81,770,860 Diluted 102,788,997 82,494,129 100,953,305 82,314,021 Condensed 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 June 30, Six Months Ended June 30, 2026 2025 2026 2025 GAAP Reconciliation: Net income $ 6,311 $ 3,289 $ 12,022 $ 4,989 Depreciation and amortization of real estate 25,729 21,433 50,116 42,283 Provisions for impairment 4,199 4,422 5,687 8,038 Gain on sales of real estate, net (1,662) (3,533) (1,781) (5,608) Funds from Operations (FFO) $ 34,577 $ 25,611 $ 66,044 $ 49,702 Adjustments: Non-recurring executive transition costs, severance, and related charges — 3 — 79 Debt-related transaction costs 16 — 16 403 Other non-recurring gain (375) — (375) — Other loss — — 574 — Core Funds from Operations (Core FFO) $ 34,218 $ 25,614 $ 66,259 $ 50,184 Adjustments: Straight-line rent adjustments (2,281) (1,183) (4,434) (2,137) Amortization of deferred financing costs 972 744 1,943 1,408 Amortization of above/below-market assumed debt 28 29 57 57 Amortization of loan origination costs and discounts (102) 27 (235) (50) Amortization of lease-related intangibles 112 (6) 159 (76) Earned development interest 181 39 297 82 Capitalized interest expense (102) (38) (190) (88) Non-cash interest expense 713 713 1,418 1,418 Non-cash compensation expense 1,752 1,521 3,441 2,909 Adjusted Funds from Operations (AFFO) $ 35,491 $ 27,460 $ 68,715 $ 53,707 FFO per common share, diluted $ 0.34 $ 0.31 $ 0.65 $ 0.60 Core FFO per common share, diluted $ 0.33 $ 0.31 $ 0.66 $ 0.61 AFFO per common share, diluted $ 0.35 $ 0.33 $ 0.68 $ 0.65 Dividends per share $ 0.220 $ 0.210 $ 0.440 $ 0.420 Dividends per share as a percent of AFFO 63 % 64 % 65 % 65 % Weighted average common shares outstanding, basic 97,354,281 81,895,840 96,454,101 81,770,860 Operating partnership units outstanding 402,654 424,956 405,170 424,956 Unvested restricted stock units and LTIP Units 540,449 173,333 532,697 118,205 Unsettled shares under open forward equity contracts 4,491,613 — 3,561,337 — Weighted average common shares outstanding, diluted 102,788,997 82,494,129 100,953,305 82,314,021
EBITDAre and Adjusted EBITDAre (unaudited, dollars in thousands) 7 Three Months Ended June 30, 2026 2025 GAAP Reconciliation: Net income $ 6,311 $ 3,289 Depreciation and amortization of real estate 25,729 21,433 Amortization of lease-related intangibles 112 (6) Non-real estate depreciation and amortization 75 73 Interest expense, net 15,554 12,638 Income tax expense 79 13 Amortization of loan origination costs and discounts (102) 27 EBITDA 47,758 37,467 Adjustments: Provisions for impairment 4,199 4,422 Gain on sales of real estate, net (1,662) (3,533) EBITDAre 50,295 38,356 Adjustments: Straight-line rent adjustments (2,281) (1,183) Debt-related transaction costs 16 — Non-recurring executive transition costs, severance and related charges — 3 Other non-recurring gain (375) (229) Other income, net (474) — Transaction costs, net 6 73 Non-cash compensation expense 1,752 1,521 Adjustment for construction in process (1) 266 32 Adjustment for intraquarter investment activities (2) 3,796 252 Adjusted EBITDAre $ 53,001 $ 38,825 Annualized Adjusted EBITDAre (3) $ 212,004 Net Debt As of June 30, 2026 Principal amount of total debt $ 1,406,457 Less: Cash, cash equivalents and restricted cash (20,047) $ 20,047,000.00 Net Debt $ 1,386,410 Less: Net value of unsettled forward equity (4) (714,176) Adjusted Net Debt $ 672,234 Less: Subsequent ATM Sales (5) (4,481) Pro Forma Adjusted Net Debt $ 667,753 Leverage Net Debt / Annualized Adjusted EBITDAre 6.5 x Adjusted Net Debt / Annualized Adjusted EBITDAre 3.2 x Pro Forma Adjusted Net Debt / Annualized Adjusted EBITDAre 3.1 x 1. Adjustment reflects the estimated cash yield on developments in process as of June 30, 2026. 2. Adjustment assumes all re-leasing activity, investments in and dispositions of real estate, including any developments completed during the three months ended June 30, 2026, had occurred on April 1, 2026. 3. We calculate Annualized Adjusted EBITDAre by multiplying Adjusted EBITDAre by four. 4. Reflects 38,942,108 of unsettled forward equity shares at the June 30, 2026, available weighted average net settlement price of $18.34 per share. 5. Reflects 210,670 of shares sold on a forward basis at a weighted average net settlement price of $21.27 per share.
Net Operating Income (unaudited, dollars in thousands) 8 Three Months Ended June 30, 2026 2025 GAAP Reconciliation: Net income $ 6,311 $ 3,289 General and administrative 5,841 5,475 Depreciation and amortization 25,807 21,506 Provisions for impairment 4,199 4,422 Transaction costs, net 6 73 Interest expense, net 15,554 12,638 Gain on sales of real estate, net (1,662) (3,533) Income tax expense 78 13 Amortization of loan origination costs and discounts (102) 27 Interest income on mortgage loans receivable (2,906) (3,128) Other income, net (908) (337) Property-Level NOI 52,218 40,445 Straight-line rent adjustments (2,281) (1,183) Amortization of lease-related intangibles 112 (6) Property-Level Cash NOI $ 50,049 $ 39,256 Adjustment for intraquarter acquisitions, dispositions, and completed development(1) 3,356 Property-Level Cash NOI Estimated Run Rate $ 53,405 Property Operating Expense Coverage Property operating expense reimbursement $ 4,813 $ 3,789 Property operating expenses (5,717) (4,484) Property operating expenses, net $ (904) $ (695) 1. Adjustment assumes all re-leasing activity, investments in and dispositions of real estate, including any developments completed during the three months ended June 30, 2026, had occurred on April 1, 2026.
Condensed Consolidated Balance Sheets (unaudited, dollars in thousands, except per share data) 9 June 30, 2026 December 31, 2025 ASSETS Real estate, at cost: Land $ 934,125 $ 772,417 Buildings and improvements 1,811,936 1,590,714 Total real estate, at cost 2,746,061 2,363,131 Less accumulated depreciation (222,008) (188,858) Property under development 13,499 5,500 Real estate held for investment, net 2,537,552 2,179,773 Assets held for sale 52,085 40,976 Mortgage loans receivable, net 151,437 142,464 Cash, cash equivalents, and restricted cash 20,047 14,467 Lease intangible assets, net 196,277 173,440 Other assets, net 78,730 63,076 Total assets $ 3,036,128 $ 2,614,196 LIABILITIES AND EQUITY Liabilities: Term loans, net $ 1,192,973 $ 1,093,331 Revolving credit facility 198,500 — Mortgage note payable, net 7,791 7,814 Lease intangible liabilities, net 15,667 16,910 Liabilities related to assets held for sale 1,022 1,016 Accounts payable, accrued expenses, and other liabilities 40,583 42,559 Total liabilities 1,456,536 1,161,630 Equity: Stockholders’ equity Common stock, $0.01 par value, 400,000,000 shares authorized; 101,526,575 and 93,070,533 shares issued and outstanding as of June 30, 2026 and December 31, 2025, respectively 1,016 931 Additional paid-in capital 1,841,754 1,701,572 Distributions in excess of retained earnings (282,998) (251,926) Accumulated other comprehensive income (loss) 12,648 (4,565) Total stockholders’ equity 1,572,420 1,446,012 Noncontrolling interests 7,172 6,554 Total equity 1,579,592 1,452,566 Total liabilities and equity $ 3,036,128 $ 2,614,196
Debt, Capitalization, and Financial Ratios (unaudited, dollars in thousands) 10 As of June 30, 2026 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 $ 198,500 —% 4.49% $ 301,350 3.5 2028 Term Loan February 11, 2028 200,000 2.63% 3.58% — 1.6 2029 Term Loan(3) January 3, 2029 250,000 3.74% 4.64% — 2.5 2030 Term Loan A(4) January 15, 2030 175,000 2.40% 3.35% — 3.5 2030 Term Loan B(5) January 15, 2030 175,000 3.87% 4.82% — 3.5 2031 Term Loan March 25, 2031 200,000 3.44% 4.39% — 4.7 2032 Term Loan(6) September 24, 2032 200,000 3.42% 4.67% 50,000 6.2 Mortgage note(7) November 1, 2027 7,957 —% 4.53% — 1.3 Total / Weighted Average $ 1,406,457 3.27% 4.30% $ 351,350 3.6 1. Rates presented exclude the impact of capitalized loan fee amortization. 2. Interest rate reflects the all-in borrowing rate as of June 30, 2026. 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, 2027, and includes one one-year extension option 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. 7. The mortgage note was assumed as part of an asset acquisition during the third quarter of 2022. Floating, 14% Fixed, 86% Fixed vs. Floating Debt $200 $250 $350 $200 $200 $500 $8 $50 $0 $200 $400 $600 $800 $1,000 2026 2027 2028 2029 2030 2031 2032 In M ill io ns Debt Maturity Schedule Term Loan RCF Capacity Mortgage Note $199
1. Remaining capacity reduced by $0.15 million for outstanding letters of credit. 2. Reflects 38,942,108 of unsettled shares under forward sale agreements at the June 30, 2026, weighted average net settlement price of $18.34 per share. 3. Reflects 210,670 of shares sold on a forward basis at a weighted average net settlement price of $21.27 per share. 4. Value is based on the June 30, 2026, closing share price of $21.13 per share. 5. Excludes unvested LTIP units and unvested restricted stock units. Debt, Capitalization, and Financial Ratios (unaudited, dollars in thousands, except per share data) 11 As of June 30, 2026 Key Debt Covenant Information Required Actual Consolidated total leverage ratio ≤ 60.0% 33.9% Fixed charge coverage ratio ≥ 1.50x 3.20x Maximum secured indebtedness ≤ 40.0% 0.2% Maximum recourse indebtedness ≤ 10.0% —% Unencumbered leverage ratio ≤ 60.0% 39.3% Unencumbered interest coverage ratio ≥ 1.75x 3.28x Liquidity As of June 30, 2026 Unused Unsecured Revolver Capacity (1) $ 301,350 Cash, Cash Equivalents and Restricted Cash 20,047 Net Value of Unsettled Forward Equity (2) 714,176 Undrawn Term Loan Balance 50,000 Total Liquidity $ 1,085,573 Subsequent ATM Sales (3) 4,481 Total Pro Forma Liquidity $ 1,090,055 Equity Ending Shares/Units as of June 30, 2026 Equity Market Capitalization (4) % of Total Common shares 101,526,575 $ 2,145,257 99.6 % OP units 402,654 8,508 0.4 % Total (5) 101,929,229 $ 2,153,765 100.0 % Enterprise Value As of June 30, 2026 % of Total Adjusted Net Debt $ 672,234 19.0 % Net Value of Unsettled Forwards 714,176 20.2 % Equity Market Capitalization 2,153,765 60.8 % Total Enterprise Value $ 3,540,175 100.0 % As of June 30, 2026 Outstanding Forward Equity Offerings Shares Remaining Anticipated Net Proceeds Remaining January 2024 Follow On 4,840,000 $ 81,232 Q1 2024 ATM 107,500 1,834 Q2 2024 ATM 1,635,600 27,897 Q3 2025 ATM 1,045,195 18,517 Q4 2025 ATM 5,725,592 101,705 Q1 2026 ATM 3,956,031 73,226 February 2026 Follow On 12,627,000 227,268 Q2 2026 ATM 9,005,190 182,497 Total 38,942,108 $ 714,176
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 June 30, March 31, December 31, September 30, June 30, 2026 2026 2025 2025 2025 Investments Number of Investments (1) 93 58 57 50 32 Gross Investment $ 298,857 $ 238,964 $ 245,431 $ 203,907 $ 117,063 Cash Yield (2) 7.4 % 7.5 % 7.5 % 7.4 % 7.8 % Weighted Average Lease Term (years) (3) 9.8 14.1 15.0 13.4 15.7 Investment Grade and Investment Grade Profile % 44.9 % 34.7 % 33.9 % 33.4 % 25.7 % Dispositions Number of Investments 16 5 17 24 20 Number of Vacant Properties 2 — — — — Gross Proceeds(4) $ 49,143 $ 11,053 $ 40,414 $ 37,769 $ 60,391 Cash Yield(5) 6.8 % 6.6 % 6.9 % 7.2 % 6.5 % Loan Repayments Number of Loan Repayments (6) 22 7 3 10 2 Amount of Repayment (7) $ 20,093 $ 16,815 $ 6,714 $ 24,127 $ 7,318 Cash Yield (8) 9.0 % 9.2 % 10.1 % 8.0 % 9.3 % Developments Industry Location Lease Term (years) Amount Funded to Date Est. Remaining Cost Actual/ Anticipated Rent Commencement Automotive Service Whitestown, IN 15 $5,014 $— Commenced 2Q'26 Health and Fitness Fort Worth, TX 20 $7,161 $4,277 3Q'26 Automotive Service Beavercreek, OH 15 $1,228 $3,344 4Q'26 Automotive Service Wadsworth, OH 15 $742 $4,171 1Q'27 Automotive Service Goldsboro, NC 15 $847 $2,904 1Q'27 Health and Fitness Benbrook, TX 20 $3,601 $8,038 1Q'27
Portfolio Information (unaudited, dollars in thousands) 13 1. Excludes five properties under development. 2. Weighted by ABR; excludes lease extension options and investments that secure mortgage loans receivable. 3. Due to rounding, respective ABR may not precisely reflect absolute figures. 4. 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/Fitch), Baa3 (Moody's), or NAIC2 (National Association of Insurance Commissioners) or higher. 5. 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. 6. 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/Fitch), Ba1 (Moody's), or NAIC3 (National Association of Insurance Commissioners) or lower. Portfolio Metrics June 30, 2026 Number of Investments(1) 859 Number of states 46 Square feet 15,418,621 Tenants 156 Industries 28 Occupancy 100.0 % Weighted average lease term remaining (years)(2) 10.0 Tenant Quality Number of Investments(2) ABR(3) % of ABR Investment grade (rated)(4) 368 $ 94,199 40.7% Investment grade profile (unrated)(5) 151 36,634 15.8% Sub-investment grade (rated)(6) 114 38,417 16.6% Sub-investment grade profile (unrated) 226 62,175 26.9% Total 859 $ 231,426 100.0% Tenant Quality Necessity, 43.8% Discount, 11.5% Service, 33.8% Other, 10.9% Defensive Category Investment grade, 40.7% Investment grade profile, 15.8% Sub- Investment grade, 16.6% Sub-Investment grade profile, 26.9% 56.5% of ABR Inv. Grade Inv. Grade Profile 89.1% of ABR Necessity Discount Service
Portfolio Information (cont’d) (unaudited) 14 Top Tenants Number of Investments % of ABR Credit rating(1) Ahold Delhaize – Food Lion / Stop & Shop 13 4.2% BBB+ Dollar General 74 3.9% BBB CVS 29 3.9% BBB Home Depot 5 3.3% A Tractor Supply 26 3.2% Baa1 Speedway 49 2.8% A Hobby Lobby 16 2.7% IG Profile 16 2.5% SIG (unrated) Walgreens 18 2.2% SIG (unrated) Family Dollar 43 2.1% IG Profile Sam's / Walmart 7 2.1% AA Academy Sports 6 2.0% BB+ Total 302 34.9% 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. 3. Stats incorporate all completed activities as of July 15, 2026, as if they occurred by June 30, 2026; all other portfolio stats as of June 30, 2026. (2) (3)
Portfolio Information (cont’d) (unaudited) 15 State Number of Investments(1) % of ABR(2) Texas 128 19.0% Illinois 51 7.6% New York 41 7.3% Georgia 42 4.9% Wisconsin 26 4.5% North Carolina 68 4.5% Florida 31 4.3% Alabama 54 3.5% Ohio 38 3.5% Other 380 40.9% Total 859 100.0% 1. Excludes five properties under development. 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) 16 Industry Defensive Category Number of Investments(1) % of ABR(2) Grocery Necessity 72 16.5% Convenience Stores Service 155 15.6% Home Improvement Necessity 34 8.0% Dollar Stores Discount 140 7.3% Health and Fitness Service 16 6.4% Drug Stores & Pharmacies(3) Necessity 47 6.1% Quick Service Restaurants Service 87 5.8% Automotive Service Service 74 4.9% Sporting Goods Other 11 4.4% Healthcare Necessity 35 4.3% Discount Retail Discount 36 4.2% Farm Supplies Necessity 29 4.1% Arts & Crafts Other 15 2.6% General Retail Necessity 7 2.1% Auto Parts Necessity 55 2.1% Consumer Electronics Other 7 1.7% Casual Dining Service 11 0.9% Apparel Other 6 0.7% Specialty Other 2 0.5% Furniture Stores Other 2 0.4% Equipment Rental and Leasing Service 6 0.3% Telecommunications Other 4 0.3% 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 859 100.0% Defensive Category Number of Investments % of ABR(2) Necessity 284 43.8% Discount 176 11.5% Service 349 33.8% Other 50 10.9% Total 859 100.0% 1. Excludes five properties under development. 2. Due to rounding, respective percentage of ABR may not precisely reflect absolute figures. 3. Stats incorporate all completed activities as of July 15, 2026, as if they occurred by June 30,2026; all other portfolio stats as of June 30, 2026.
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 2 $ 563 0.3% 2027 12 3,778 1.7% 2028 21 9,573 4.4% 2029 42 10,587 4.8% 2030 47 15,787 7.2% 2031 65 15,625 7.1% 2032 47 13,422 6.1% 2033 54 13,997 6.4% 2034 77 20,579 9.4% 2035 69 15,322 7.0% 2036 26 7,871 3.6% 2037 30 11,296 5.2% 2038 44 8,772 4.0% 2039 41 11,145 5.1% 2040 34 10,299 4.7% 2041 31 8,504 3.9% 2042 3 1,611 0.7% 2043 18 3,874 1.8% 2044 48 13,653 6.2% 2045 47 13,832 6.3% 2046 20 6,716 3.1% 2047 1 158 0.1% 2048 1 170 0.1% 2049 9 949 0.4% 2050 3 619 0.3% 2051 — — —% 2052 — — —% Total 792 $ 218,704 100.0% 1. Excludes five properties under development and 67 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 exclude infrequent and unusual items not expected to impact our operating performance on an ongoing basis. These include executive transition costs, severance, and related charges, debt-related transaction costs, and other non-core losses (gains) as they occur. 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, executive transition costs, severance, and related charges, debt related transaction costs, transaction costs, other non-recurring losses (gains), 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 period end. 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, 2025 filed with the SEC on February 10, 2026 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 July 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, 2025, filed with the SEC on February 10, 2026, 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 Pro Forma 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 June 30, 2026, 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 slide 4 for further details on our historical credit loss experience and slide 13 for various credit and coverage statistics. 3. Reflects the impact of 38.9 million unsettled forward shares at the June 30, 2026, weighted average net settlement price of $18.34 per share and 0.2 million ATM shares sold QTD in 3Q’26 at the weighted average net settlement price of $21.27 per share. 4. Includes the $50 million of undrawn term loan balance from the $250 million senior unsecured term loan. 89.1% Necessity, Discount, and Service-Oriented Tenants 100% Occupancy 3.8x Unit-Level Rent Coverage2 $1.1 billion Total PF Liquidity3,4 3.1x 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 Long weighted average lease term supported by a geographically diverse portfolio of fungible freestanding assets Low leverage with no intermediate-term debt maturities $184 million of forward equity sold in 2Q’26 $719 million of unsettled forward equity as of July 2026 High Credit Quality & Resilient Net Lease Portfolio Well Capitalized Balance Sheet 56.5% Investment Grade (IG) and Investment Grade Profile (IGP)1 7.5% Trailing Four Quarter Wtd. Avg. Cash Yield Strong investment pace since inception with a solid pipeline of investment opportunities at attractive cash yields Four consecutive quarters of $200+ million in gross investments 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 $195.8 million Trailing Four Quarter Avg. Net Investments 20.5% PF Adj. Net Debt3 / Undepreciated Gross Assets 3bps Annual Credit Loss over Six Yrs2 7.1% Wtd. Avg. Cash Yield Since 3Q’20 10.0 Years Weighted Average Lease Term (WALT) $3.8 million Average Asset Size
$- $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 has caused 3bps of annualized credit loss over the last six-plus years Big Lots Historical ABR 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 more than six years of existence, NTST has lost de minimis ABR from credit events “..that compares to the roughly 35bps of credit loss that we incurred in 2024, which is slightly above our longer-term average. (4Q’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 “Going back to 2016, we've had a total of $1.76 million in bad debt versus $1.5 billion in rent collected — an average of 12bps per year” (2Q’25 Earnings Transcript)
4.2% 3.9% 3.9% 3.3% 3.2% 2.8% 2.7% 2.5% 2.2% 2.1% A Portfolio Overview High-Quality, Diversified Portfolio Consisting of 56.5% IG and IG Profile Tenants Across 46 States 5 Source: Company data as of June 30, 2026, unless otherwise noted. 1. Excludes five properties under development. 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 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, 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. 5. Stats incorporate all completed activities as of July 15, 2026, as if they occurred by June 30, 2026; all other portfolio stats as of June 30, 2026. Key Portfolio Stats Investments1 859 States 46 Portfolio Square Feet (in millions) 15.4 Tenants 156 Retail Sectors 28 % Occupancy 100.0% % IG and IG Profile Tenants (by ABR)2 56.5% WALT (Years)3 10.0 Lease Turnover Through 2027 (by ABR) 2.0% 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) A BBB IG Profile Baa1 SIG (Unrated) BBB IG Profile Investment Grade Profile 4 5
Portfolio Diversification In Defensive Retail Sectors Nationally Diversified Portfolio Primarily Comprised of Recession Resilient Retail Tenants Source: Company data as of June 30, 2026. All figures represent percentage of ABR. Due to rounding, respective defensive retail sector exposure may not precisely reflect the absolute figures. 1. Stats incorporate all completed activities as of July 15, 2026, as if they occurred by June 30, 2026; all other portfolio stats as of June 30, 2026. 43.8% Necessity 11.5% Discount 10.9% Other 33.8% Service 89.1% ABR Necessity Discount Service 6 Top Industries Grocery 16.5% Convenience Stores 15.6% Home Improvement 8.0% Dollar Stores 7.3% Health and Fitness 6.4% Drug Stores & Pharmacies1 6.1% Quick Service Restaurants 5.8% Automotive Service 4.9% Sporting Goods 4.4% Healthcare 4.3% Discount Retail 4.2% Farm Supplies 4.1% Arts & Crafts 2.6% General Retail 2.1% Auto Parts 2.1%
Resilient, Cycle-Tested Investment Grade Credit Tenants with Durable Cash Flows1 ~50% 56.5% (40.7% IG and 15.8% IGP) Granular Assets in Highly Fragmented, Undercapitalized Market Segment $3.8 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 10.0 Year WALT2 Diversification by Industry, Tenant, State1 <15% Industry <50% Top 10 Tenants <15% State 16.5% Industry 30.8% Top 10 Tenants3 19.0% 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 June 30, 2026, 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. 3. Stats incorporate all completed activities as of July 15, 2026, as if they occurred by June 30, 2026; all other portfolio stats as of June 30, 2026 Current MetricsInvestment Philosophy Portfolio Strategy Defensive Tenancy in Necessity-Based and E-commerce-Resistant Retail Industries1 89.1%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 (target >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 40.7% 15.8% 43.5% Lease Terms (WALT, Rent Bumps, etc.) Less negotiating leverage More negotiating leverage Most negotiating leverage Representative Tenants 10 Source: Company data as of June 30, 2026, unless otherwise noted. Due to rounding, respective percentage of credit rating may not precisely reflect the absolute figures. 56.5% 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
>2.00x: 81.9% 1.50-1.99x: 11.4% 1.00-1.49x: 3.0% <1.00x :0.4% NR, 3.3% 0% 5% 10% 15% 20% 25% NR <1.00 1.00-1.49 1.50-1.99 >2.00 3% 16% 3% 6% 11% 13% 24% 23% 0% 5% 10% 15% 20% 25% 30% 13 Source: Company data as of June 30, 2026. “NR” stands for not reported. 1. Unit-level rent coverage is calculated using a.) unit-level financial reporting, which represents 37.2% 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. % 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 >78% 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 93% of our ABR has unit- level coverage >1.5x Portfolio Health Statistics Durability Evidenced by Creditworthy Tenants with Large Revenue Bases and Strong Unit-Level Coverage 0% 5% 10% 15% 20% 25% NR <1.00 1.00-1.49 1.50-1.99 >2.00
14 Source: Company filings from August 2020 through March 31, 2026. NTST as of June 30, 2026. 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) $3,405 $7,832 $3,971 $1,636 $6,237 Investment Grade % 49.8% 66.5% NA NA NA Investment Grade Profile1 % 13.9% NA NA NA NA IG + IG Profile % 63.6% NA NA NA NA WALT2 11.9 11.1 18.0 10.8 17.5 Weighted Average Cash Yield 7.1% 6.5%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 June 30, 2026. 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 33 52 25 32 50 57 58 93 Average Investment $4,593 $3,752 $3,627 $3,658 $4,078 $4,306 $4,120 $3,214 Cash Cap Rates 7.5% 7.4% 7.7% 7.8% 7.4% 7.5% 7.5% 7.4% IG + IGP % 52.4% 51.2% 65.9% 25.7% 33.4% 33.9% 34.7% 44.9% Weighted Average Lease Term2 12.5 14.0 9.2 15.7 13.4 15.0 14.1 9.8 $151,555 $195,079 $90,680 $117,063 $203,907 $245,431 $238,964 $298,857 $0 $40,000 $80,000 $120,000 $160,000 $200,000 $240,000 $280,000 $320,000 3Q'24 4Q'24 1Q'25 2Q'25 3Q'25 4Q'25 1Q'26 2Q'26 G ro ss In ve st m en t A ct iv ity ($ 00 0s )
16 Disposition Activity Summary Details Source: Company data as of June 30, 2026. 1. Excludes vacant properties. Dispositions Cash Cap Rates1 7.3% 7.1% 7.3% 6.5% 7.2% 6.9% 6.6% 6.8% Number of Investments 8 30 16 20 24 17 5 16 Weighted Average Lease Term 9.9 11.4 10.0 9.3 11.8 11.2 11.3 9.4 $24,105 $59,337 $40,293 $60,391 $37,769 $40,414 $11,053 $49,143 $0 $10,000 $20,000 $30,000 $40,000 $50,000 $60,000 $70,000 3Q'24 4Q'24 1Q'25 2Q'25 3Q'25 4Q'25 1Q'26 2Q'26 D is po si tio n Ac tiv ity ($ 00 0s )
17 Source: Company data as of June 30, 2026. Since inception, the Company has disposed of 239 properties totaling $600 million, materially improving 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
$200 $250 $350 $200 $200 $500 $8 $50 $0 $200 $400 $600 $800 $1,000 2026 2027 2028 2029 2030 2031 2032 In M illi on s Term Loan RCF Capacity Mortgage Note $199 Source: Company data as June 30, 2026, unless otherwise noted. 1. Reflects the impact of 38.9 million unsettled forward shares at the June 30, 2026, weighted average net settlement price of $18.34 per share and 0.2 million ATM shares sold QTD in 3Q’26 at the weighted average net settlement price of $21.27 per share. 2. Includes the $50 million of undrawn term loan balance from the $250 million senior unsecured term loan. 3. Principal balance of revolver as of June 30, 2026. 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: Weighted average debt maturity of 3.6 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 3.1x Debt Maturity Schedule 3
2.7% 6.4% 11.4% 12.0% 16.9% 21.8% 41% 65% 52% 32% 13% 0% ADC FCPT NTST O NNN EPRT 5.1x 3.8x 3.5x N/A N/A N/A FCPT NTST EPRT O NNN ADC Source: Public filings as of March 31, 2026. NTST as of June 30, 2026. 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. 2. Unit-level rent coverage is calculated using a.) unit-level financial reporting or b.) Placer.ai adjusted sales and corporate EBITDA margins, where unit level reporting is not required by a lease. Portfolio Highlights Relative to Peers NTST’s Stable & Predictable Cash Flow Profile Drives Superior Risk-Adjusted Returns Lease Rollover Through 2028 Unit-Level Rent Coverage Investment Grade % Portfolio Composition1 19 14.6 10.0 7.8 10.1 8.7 6.7 Weighted-Average Lease Term 63% 96%2 99% NR NR NR Unit-Level Financial Reporting 97% 34% 77% 27% 29% 59% 12% 15% 6% 44% 3% 42% 30% 13% Service Discount Necessity
6.3% 5.3% 5.1% 5.1% 5.1% 3.8% 3.6% 3.6% 3.1% 2.9% 8.0% 6.1% 5.6% 5.5% 5.2% 4.7% 4.1% 3.9% 3.5% 3.5% 2027E AFFO per Share Multiple6 9.0% 8.7% 5.4% 5.4% 4.5% 3.4% 3.3% 3.0% Source: Public filings, FactSet and S&P Capital IQ. Note: Market data as of July 17, 2026. Capitalization data as of 1Q’26 (NTST as of 2Q’26). 1. AFFO per share growth CAGR is calculated using 2021A and 2025A 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. Net Debt is adjusted for forward equity. For NTST, net debt is further adjusted to include the impact of ATM sales in 2Q’26. 5. 2026E / 2027E AFFO per share growth is calculated using FactSet mean 2026E / 2027E AFFO per share estimates and 2025 AFFO per share actuals. 6. 2026E / 2027E AFFO per share multiple calculated using current price per share and FactSet mean 2026E / 2027E AFFO per share estimates. 2026E AFFO per Share Growth5 Multiple and Earnings Growth Comparison Relative Valuation and Growth Remains Stable 20 AFFO per Share Growth CAGR1 (2021-2025) Adj. Net Debt / EBITDA4 2026E AFFO per Share Multiple6 NA2 2027E AFFO per Share Growth5 NA3 3.2x 3.2x 3.5x 4.2x 5.0x 5.2x 5.3x 5.3x 5.6x 5.8x 17.8x 16.6x 16.3x 16.0x 14.8x 14.6x 14.5x 14.3x 14.2x 13.9x 16.9x 15.8x 15.4x 15.2x 14.4x 14.0x 13.9x 13.8x 13.7x 13.5x
Implied Cap Rate G&A Adjusted Implied Cap Rate2 2026E AFFO Multiple 5.0% 4.7% 17.8x 5.9% 5.3% 16.0x 6.0% 5.5% 16.3x 6.3% 5.7% 14.2x 6.5% 6.3% 14.8x 6.9% 6.0% 13.9x Average ex NTST 6.2% 5.7% 15.4x (unaudited, in thousands) Three Months Ended, June 30, 2026 NOI - Property $52.2 Straight-line Rental Adjustments (2.3) Amortization of Lease-Related Intangibles 0.1 Cash NOI - Property 50.0 Intraquarter Net Investment Activity 3.4 Normalized Cash NOI - Property 53.4 Annualized Property-Level Cash NOI $213.6 Applied Cap Rate 5.93% 5.75% 5.50% 5.25% 5.00% Implied Real Estate Value $3,605 $3,715 $3,884 $4,069 $4,272 Mortgage Loan Receivable 151.4 Property Under Development 13.5 Other Tangible Assets 78.7 Net Debt1 (672.2) Other Tangible Liabilities (40.6) Implied Equity Value $3,136 $3,246 $3,415 $3,600 $3,803 Total Shares and OP Units Outstanding 101.9 Unsettled Forward Shares1 38.9 Implied Equity Value per Share $22.26 $23.04 $24.24 $25.55 $27.00 Applied Cap Rate and NAV Analysis Upside Potential Given Relative Valuation Applied Nominal Cap Rate – Sensitivity Analysis 21 Peer Benchmarking Source: Public filings, FactSet and S&P Capital IQ. Note: Capitalization data as of 1Q’26 (NTST as of 2Q’26). Market data as of July 17, 2026. Companies may define adjusted cash NOI differently. Accordingly, such data for these companies and NTST may not be comparable. 1. Assumes 38.9 million of unsettled forward equity shares were settled for cash on June 30, 2026, at a weighted average net settlement price of $18.34 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 June 30, 2026. Environmental Responsibility We are committed to fulfilling our responsibility as an outstanding corporate citizen. 17 of our top 20 tenants have corporate sustainability initiatives in place 42% 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 June 30, Six Months Ended June 30, 2026 2025 2026 2025 REVENUES Rental revenue (including reimbursable) $ 57,822 $ 45,158 $ 111,849 $ 87,748 Interest income on loans receivable 2,906 3,128 5,941 6,203 Other revenue 556 — 556 245 Total revenues 61,284 48,286 118,346 94,196 OPERATING EXPENSES Property 5,717 4,484 11,121 9,287 General and administrative 5,841 5,475 11,596 10,644 Depreciation and amortization 25,807 21,506 50,270 42,429 Provisions for impairment 4,199 4,422 6,261 8,038 Transaction costs, net 6 73 (54) 120 Total operating expenses 41,570 35,960 79,194 70,518 OTHER (EXPENSE) INCOME Interest expense, net (15,554) (12,638) (29,820) (24,098) Gain on sales of real estate, net 1,662 3,533 1,781 5,608 Loss on debt extinguishment — — — (46) Other income (expense), net 567 81 1,001 (124) Total other expense, net (13,325) (9,024) (27,038) (18,660) Net income before income taxes 6,389 3,302 12,114 5,018 Income tax expense (78) (13) (92) (29) Net income 6,311 3,289 12,022 4,989 Less: net income attributable to noncontrolling interests 26 17 50 26 Net income attributable to common stockholders $ 6,285 $ 3,272 $ 11,972 $ 4,963 Amounts available to common stockholders per common share: Basic $ 0.06 $ 0.04 $ 0.12 $ 0.06 Diluted $ 0.06 $ 0.04 $ 0.12 $ 0.06 Weighted average common shares: Basic 97,354,281 81,895,840 96,454,101 81,770,860 Diluted 102,788,997 82,494,129 100,953,305 82,314,021 Condensed Consolidated Statements of Operations (unaudited, dollars in thousands, except per share data) 27
Funds From Operations and Adjusted Funds From Operations (unaudited, dollars in thousands, except per share data) 28 Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 GAAP Reconciliation: Net income $ 6,311 $ 3,289 $ 12,022 $ 4,989 Depreciation and amortization of real estate 25,729 21,433 50,116 42,283 Provisions for impairment 4,199 4,422 5,687 8,038 Gain on sales of real estate, net (1,662) (3,533) (1,781) (5,608) Funds from Operations (FFO) $ 34,577 $ 25,611 $ 66,044 $ 49,702 Adjustments: Non-recurring executive transition costs, severance, and related charges — 3 — 79 Debt-related transaction costs 16 — 16 403 Other non-recurring gain (375) — (375) — Other loss — — 574 — Core Funds from Operations (Core FFO) $ 34,218 $ 25,614 $ 66,259 $ 50,184 Adjustments: Straight-line rent adjustments (2,281) (1,183) (4,434) (2,137) Amortization of deferred financing costs 972 744 1,943 1,408 Amortization of above/below-market assumed debt 28 29 57 57 Amortization of loan origination costs and discounts (102) 27 (235) (50) Amortization of lease-related intangibles 112 (6) 159 (76) Earned development interest 181 39 297 82 Capitalized interest expense (102) (38) (190) (88) Non-cash interest expense 713 713 1,418 1,418 Non-cash compensation expense 1,752 1,521 3,441 2,909 Adjusted Funds from Operations (AFFO) $ 35,491 $ 27,460 $ 68,715 $ 53,707 FFO per common share, diluted $ 0.34 $ 0.31 $ 0.65 $ 0.60 Core FFO per common share, diluted $ 0.33 $ 0.31 $ 0.66 $ 0.61 AFFO per common share, diluted $ 0.35 $ 0.33 $ 0.68 $ 0.65 Dividends per share $ 0.220 $ 0.210 $ 0.440 $ 0.420 Dividends per share as a percent of AFFO 63% 64% 65% 65% Weighted average common shares outstanding, basic 97,354,281 81,895,840 96,454,101 81,770,860 Operating partnership units outstanding 402,654 424,956 405,170 424,956 Unvested restricted stock units and LTIP Units 540,449 173,333 532,697 118,205 Unsettled shares under open forward equity contracts 4,491,613 — 3,561,337 — Weighted average common shares outstanding, diluted 102,788,997 82,494,129 100,953,305 82,314,021
EBITDAre and Adjusted EBITDAre (unaudited, dollars in thousands) 29 Three Months Ended June 30, 2026 2025 GAAP Reconciliation: Net income $ 6,311 $ 3,289 Depreciation and amortization of real estate 25,729 21,433 Amortization of lease-related intangibles 112 (6) Non-real estate depreciation and amortization 75 73 Interest expense, net 15,554 12,638 Income tax expense 79 13 Amortization of loan origination costs and discounts (102) 27 EBITDA 47,758 37,467 Adjustments: Provisions for impairment 4,199 4,422 Gain on sales of real estate, net (1,662) (3,533) EBITDAre 50,295 38,356 Adjustments: Straight-line rent adjustments (2,281) (1,183) Debt-related transaction costs 16 — Non-recurring executive transition costs, severance and related charges — 3 Other non-recurring gain (375) (229) Other income, net (474) — Transaction costs, net 6 73 Non-cash compensation expense 1,752 1,521 Adjustment for construction in process (1) 266 32 Adjustment for intraquarter investment activities (2) 3,796 252 Adjusted EBITDAre $ 53,001 $ 38,825 Annualized Adjusted EBITDAre (3) $ 212,004 Net Debt As of June 30, 2026 Principal amount of total debt $ 1,406,457 Less: Cash, cash equivalents and restricted cash (20,047) $ 20,047,000.00 Net Debt $ 1,386,410 Less: Net value of unsettled forward equity (4) (714,176) Adjusted Net Debt $ 672,234 Less: Subsequent ATM Sales (5) (4,481) Pro Forma Adjusted Net Debt $ 667,753 Leverage Net Debt / Annualized Adjusted EBITDAre 6.5 x Adjusted Net Debt / Annualized Adjusted EBITDAre 3.2 x Pro Forma Adjusted Net Debt / Annualized Adjusted EBITDAre 3.1 x 1. Adjustment reflects the estimated cash yield on developments in process as of June 30, 2026. 2. Adjustment assumes all re-leasing activity, investments in and dispositions of real estate, including any developments completed during the three months ended June 30, 2026, had occurred on April 1, 2026. 3. We calculate Annualized Adjusted EBITDAre by multiplying Adjusted EBITDAre by four. 4. Reflects 38,942,108 of unsettled forward equity shares at the June 30, 2026, available weighted average net settlement price of $18.34 per share. 5. Reflects 210,670 of shares sold on a forward basis at a weighted average net settlement price of $21.27 per share.
Net Operating Income (unaudited, dollars in thousands) 1. Adjustment assumes all re-leasing activity, investments in and dispositions of real estate, including any developments completed during the three months ended June 30, 2026, had occurred on April 1, 2026. Three Months Ended June 30, 2026 2025 GAAP Reconciliation: Net income $ 6,311 $ 3,289 General and administrative 5,841 5,475 Depreciation and amortization 25,807 21,506 Provisions for impairment 4,199 4,422 Transaction costs, net 6 73 Interest expense, net 15,554 12,638 Gain on sales of real estate, net (1,662) (3,533) Income tax expense 78 13 Amortization of loan origination costs and discounts (102) 27 Interest income on mortgage loans receivable (2,906) (3,128) Other income, net (908) (337) Property-Level NOI 52,218 40,445 Straight-line rent adjustments (2,281) (1,183) Amortization of lease-related intangibles 112 (6) Property-Level Cash NOI $ 50,049 $ 39,256 Adjustment for intraquarter acquisitions, dispositions, and completed development(1) 3,356 Property-Level Cash NOI Estimated Run Rate $ 53,405 Property Operating Expense Coverage Property operating expense reimbursement $ 4,813 $ 3,789 Property operating expenses (5,717) (4,484) Property operating expenses, net $ (904) $ (695) 30
June 30, 2026 December 31, 2025 ASSETS Real estate, at cost: Land $ 934,125 $ 772,417 Buildings and improvements 1,811,936 1,590,714 Total real estate, at cost 2,746,061 2,363,131 Less accumulated depreciation (222,008) (188,858) Property under development 13,499 5,500 Real estate held for investment, net 2,537,552 2,179,773 Assets held for sale 52,085 40,976 Mortgage loans receivable, net 151,437 142,464 Cash, cash equivalents, and restricted cash 20,047 14,467 Lease intangible assets, net 196,277 173,440 Other assets, net 78,730 63,076 Total assets $ 3,036,128 $ 2,614,196 LIABILITIES AND EQUITY Liabilities: Term loans, net $ 1,192,973 $ 1,093,331 Revolving credit facility 198,500 — Mortgage note payable, net 7,791 7,814 Lease intangible liabilities, net 15,667 16,910 Liabilities related to assets held for sale 1,022 1,016 Accounts payable, accrued expenses, and other liabilities 40,583 42,559 Total liabilities 1,456,536 1,161,630 Equity: Stockholders’ equity Common stock, $0.01 par value, 400,000,000 shares authorized; 101,526,575 and 93,070,533 shares issued and outstanding as of June 30, 2026 and December 31, 2025, respectively 1,016 931 Additional paid-in capital 1,841,754 1,701,572 Distributions in excess of retained earnings (282,998) (251,926) Accumulated other comprehensive income (loss) 12,648 (4,565) Total stockholders’ equity 1,572,420 1,446,012 Noncontrolling interests 7,172 6,554 Total equity 1,579,592 1,452,566 Total liabilities and equity $ 3,036,128 $ 2,614,196 Condensed Consolidated Balance Sheets (unaudited, dollars in thousands, except per share data) 31
As of June 30, 2026 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 $ 198,500 —% 4.49% $ 301,350 3.5 2028 Term Loan February 11, 2028 200,000 2.63% 3.58% — 1.6 2029 Term Loan(3) January 3, 2029 250,000 3.74% 4.64% — 2.5 2030 Term Loan A(4) January 15, 2030 175,000 2.40% 3.35% — 3.5 2030 Term Loan B(5) January 15, 2030 175,000 3.87% 4.82% — 3.5 2031 Term Loan March 25, 2031 200,000 3.44% 4.39% — 4.7 2032 Term Loan(6) September 24, 2032 200,000 3.42% 4.67% 50,000 6.2 Mortgage note(7) November 1, 2027 7,957 —% 4.53% — 1.3 Total / Weighted Average $ 1,406,457 3.27% 4.30% $ 351,350 3.6 Debt, Capitalization, and Financial Ratios (unaudited, dollars in thousands) 32 1. Rates presented exclude the impact of capitalized loan fee amortization. 2. Interest rate reflects the all-in borrowing rate as of June 30, 2026. 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, 2027, and includes one one-year extension option 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. 7. The mortgage note was assumed as part of an asset acquisition during the third quarter of 2022. Floating, 14% Fixed, 86% Fixed vs. Floating Debt $200 $250 $350 $200 $200 $500 $8 $50 $0 $200 $400 $600 $800 $1,000 2026 2027 2028 2029 2030 2031 2032 In M illi on s Debt Maturity Schedule Term Loan RCF Capacity Mortgage Note $199
As of June 30, 2026 Key Debt Covenant Information Required Actual Consolidated total leverage ratio ≤ 60.0% 33.9% Fixed charge coverage ratio ≥ 1.50x 3.20x Maximum secured indebtedness ≤ 40.0% 0.2% Maximum recourse indebtedness ≤ 10.0% —% Unencumbered leverage ratio ≤ 60.0% 39.3% Unencumbered interest coverage ratio ≥ 1.75x 3.28x As of June 30, 2026 Outstanding Forward Equity Offerings Shares Remaining Anticipated Net Proceeds Remaining January 2024 Follow On 4,840,000 $ 81,232 Q1 2024 ATM 107,500 1,834 Q2 2024 ATM 1,635,600 27,897 Q3 2025 ATM 1,045,195 18,517 Q4 2025 ATM 5,725,592 101,705 Q1 2026 ATM 3,956,031 73,226 February 2026 Follow On 12,627,000 227,268 Q2 2026 ATM 9,005,190 182,497 Total 38,942,108 $ 714,176 Liquidity As of June 30, 2026 Unused Unsecured Revolver Capacity (1) $ 301,350 Cash, Cash Equivalents and Restricted Cash 20,047 Net Value of Unsettled Forward Equity (2) 714,176 Undrawn Term Loan Balance 50,000 Total Liquidity $ 1,085,573 Subsequent ATM Sales (3) 4,481 Total Pro Forma Liquidity $ 1,090,055 Equity Ending Shares/Units as of June 30, 2026 Equity Market Capitalization (4) % of Total Common shares 101,526,575 $ 2,145,257 99.6 % OP units 402,654 8,508 0.4 % Total (5) 101,929,229 $ 2,153,765 100.0 % Enterprise Value As of June 30, 2026 % of Total Adjusted Net Debt $ 672,234 19.0 % Net Value of Unsettled Forwards 714,176 20.2 % Equity Market Capitalization 2,153,765 60.8 % Total Enterprise Value $ 3,540,175 100.0 % Debt, Capitalization, and Financial Ratios (cont’d) (unaudited, dollars in thousands) 33 1. Remaining capacity reduced by $0.15 million for outstanding letters of credit. 2. Reflects 38,942,108 of unsettled shares under forward sale agreements at the June 30, 2026, weighted average net settlement price of $18.34 per share. 3. Reflects 210,670 of shares sold on a forward basis at a weighted average net settlement price of $21.27 per share. 4. Value is based on the June 30, 2026, closing share price of $21.13 per share. 5. Excludes unvested LTIP units and unvested restricted stock units.
Non-GAAP Measures and Definitions 34 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 exclude infrequent and unusual items not expected to impact our operating performance on an ongoing basis. These include executive transition costs, severance, and related charges, debt-related transaction costs, and other non-core losses (gains) as they occur. 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. 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 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, executive transition costs, severance, and related charges, debt related transaction costs, transaction costs, other non-recurring losses (gains), 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.
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 period end. 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.