NETSTREIT (NYSE: NTST) raises 2026 guidance on Q1 growth, $239M investments
Filing Impact
Filing Sentiment
Form Type
8-K
Rhea-AI Filing Summary
NETSTREIT Corp. reported strong first-quarter 2026 growth and raised its full-year outlook. Net income attributable to common stockholders was $5.7 million, or $0.06 per diluted share, up from $0.02 a year earlier. Adjusted Funds from Operations (AFFO) rose to $33.2 million, or $0.34 per diluted share, compared with $0.32, supported by revenue growth to $57.1 million from $45.9 million.
The company completed $239.0 million of gross investment activity at a 7.5% blended cash yield and generated net investment activity of $211.1 million. Its portfolio reached 804 investments across 46 states with 99.9% occupancy and a 10.2-year weighted average lease term, and 58.3% of annualized base rent from investment grade or investment grade profile tenants.
NETSTREIT increased 2026 AFFO per share guidance to $1.36–$1.39 and raised net investment activity guidance to $550–$650 million. Liquidity totaled about $1.13 billion, with pro forma adjusted net debt to annualized adjusted EBITDAre of 3.2x, aided by $314.3 million of gross forward equity sales in the quarter.
Positive
- Strong earnings and cash flow growth: Net income per diluted share rose from $0.02 to $0.06 and AFFO per diluted share increased to $0.34, supported by revenue growth from $45.9 million to $57.1 million.
- Guidance raised materially: 2026 AFFO per share guidance increased to $1.36–$1.39 and net investment activity guidance jumped from $350–$450 million to $550–$650 million, signaling higher expected deployment.
- Robust balance sheet and liquidity: Pro forma adjusted net debt to annualized adjusted EBITDAre is 3.2x with approximately $1.13 billion of total liquidity, including the impact of $314.3 million of gross forward equity sales.
- High-quality, stable portfolio: 99.9% occupancy, a 10.2-year weighted average lease term, and 58.3% of annualized base rent from investment grade or investment grade profile tenants support durable cash flows.
Negative
- None.
Insights
NETSTREIT posts strong Q1 growth, raises 2026 guidance, and keeps leverage moderate.
NETSTREIT delivered solid fundamental growth in early 2026. Rental revenue rose to $57.1M from $45.9M, while AFFO per diluted share increased to $0.34. Net income per diluted share tripled to $0.06, helped by a larger, mostly occupied portfolio and disciplined expenses.
The company accelerated capital deployment, completing $239.0M of gross investment activity at a 7.5% cash yield and achieving $211.1M of net investment. The portfolio remains 99.9% occupied with a 10.2-year weighted average lease term, and 58.3% of annualized base rent comes from investment grade or investment grade profile tenants, supporting cash flow durability.
Management raised 2026 AFFO per share guidance to $1.36–$1.39 and lifted net investment guidance to $550–$650M, while acknowledging $0.03–$0.06 per share of dilution from outstanding forward equity. Even after $314.3M of gross forward equity sales, pro forma adjusted net debt to annualized adjusted EBITDAre is 3.2%, and total liquidity is about $1.13B, giving capacity to fund the expanded pipeline.
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
Net income per diluted share: $0.06 per share
AFFO per diluted share: $0.34 per share
Total revenues: $57.1M
+5 more
8 metrics
Net income per diluted share
$0.06 per share
Three months ended March 31, 2026; up from $0.02 in 2025
AFFO per diluted share
$0.34 per share
Three months ended March 31, 2026; up from $0.32 in 2025
Total revenues
$57.1M
Three months ended March 31, 2026 versus $45.9M in 2025
Gross investment activity
$239.0M
Q1 2026 gross investments at 7.5% blended cash yield
Net investment guidance 2026
$550M–$650M
Updated full-year 2026 net investment activity range
AFFO guidance 2026
$1.36–$1.39 per share
Raised full-year 2026 AFFO per share guidance range
Pro forma adjusted net debt / annualized adjusted EBITDAre
3.2x
Leverage ratio as of March 31, 2026 including forward equity impact
Portfolio occupancy
99.9%
Occupancy as of March 31, 2026 across 804 investments
Key Terms
Adjusted Funds from Operations, forward equity, Annualized Adjusted EBITDAre, Property-Level Cash NOI, +1 more
5 terms
Adjusted Funds from Operations financial
"Net Income of $0.06 and Adjusted Funds from Operations ("AFFO") of $0.34 Per Diluted Share for First Quarter"
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.
forward equity financial
"which was strengthened by $314 million of gross forward equity sales in the quarter"
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.
Annualized Adjusted EBITDAre financial
"Annualized Adjusted EBITDAre (3) | $ | 195,712"
Property-Level Cash NOI financial
"Property-Level Cash NOI | $ | 46,353 | | | $ | 37,221"
investment grade profile financial
"% of ABR derived from Investment Grade Profile Tenants | | | 14.4 | %"
An investment grade profile describes a borrower—such as a company or government—that is judged likely to meet its debt obligations and therefore carries relatively low risk of default. For investors, this matters because it usually means safer income, lower borrowing costs for the issuer, and greater demand from conservative investors; think of it like choosing a lender with a steady paycheck over one with an uncertain income when deciding who to trust with your money.
Earnings Snapshot
Total revenues: $57.1M · Guidance included
Q1 2026
Total revenues
$57.1M
+24% YoY
Net income attributable to common stockholders
$5.7M
up from $1.7M YoY
Net income per diluted share
$0.06
up from $0.02 YoY
AFFO per diluted share
$0.34
+6.3% YoY
Guidance
For 2026, NETSTREIT raised AFFO per share guidance to $1.36–$1.39 and increased net investment activity guidance to $550.0–$650.0 million, incorporating $0.03–$0.06 per share of estimated dilution from outstanding forward equity.
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): April 20, 2026
(Exact Name of Registrant as Specified in its Charter)
(State or Other Jurisdiction of Incorporation) | (Commission File Number) | (IRS Employer Identification No.) | |||||||||
| (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 April 20, 2026, NETSTREIT Corp. (the “Company”) issued a press release announcing its financial results for the first quarter ended March 31, 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 April 20, 2026, the Company furnished supplemental financial information for the first quarter ended March 31, 2026. Also on April 20, 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 April 20, 2026 | ||||||||||
| 99.2 | First quarter 2026 supplemental financial information | ||||||||||
| 99.3 | First 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. | ||||||||||||||
| April 20, 2026 | /s/ DANIEL DONLAN | |||||||||||||
| Date | Daniel Donlan | |||||||||||||
| Chief Financial Officer and Treasurer | ||||||||||||||
| (Principal Financial Officer) | ||||||||||||||
NETSTREIT REPORTS FIRST QUARTER 2026 FINANCIAL AND OPERATING RESULTS
– Net Income of $0.06 and Adjusted Funds from Operations ("AFFO") of $0.34 Per Diluted Share for First Quarter –
– Completed $239.0 Million of Gross Investment Activity at 7.5% Blended Cash Yield for First Quarter –
– Increases 2026 AFFO Per Share Guidance to a New Range of $1.36 to $1.39 –
– Increases 2026 Net Investment Guidance Range to $550 Million to $650 Million –
– $314.3 Million of Gross Forward Equity Sales via February Follow-On and ATM in First Quarter –
Dallas, TX – April 20, 2026 – NETSTREIT Corp. (NYSE: NTST) (the “Company”) today announced financial and operating results for the first quarter ended March 31, 2026.
“I am pleased to report a strong start to the year with a record amount of net investments completed this quarter. Our disciplined sourcing and underwriting allowed us to capitalize on an attractive acquisitions market while maintaining our strict risk adjusted return targets. Given the excellent condition of our balance sheet, which was strengthened by $314 million of gross 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.
FIRST QUARTER 2026 HIGHLIGHTS
The following table summarizes the Company's select financial results1 for the three months ended March 31, 2026.
| Three Months Ended March 31, | |||||||||||||||||
| 2026 | 2025 | % Change | |||||||||||||||
(Unaudited) | |||||||||||||||||
Net Income per Diluted Share | $ | 0.06 | $ | 0.02 | 200.0 | % | |||||||||||
| Funds from Operations per Diluted Share | $ | 0.32 | $ | 0.29 | 10.3 | % | |||||||||||
| Core Funds from Operations per Diluted Share | $ | 0.32 | $ | 0.30 | 6.7 | % | |||||||||||
| Adjusted Funds from Operations per Diluted Share | $ | 0.34 | $ | 0.32 | 6.3 | % | |||||||||||
1.Funds from operations ("FFO"), core funds from operations ("Core FFO"), and adjusted funds from operations ("AFFO") are non-GAAP financial measures. See "Non-GAAP Financial Measures."
INVESTMENT ACTIVITY
The following tables summarize the Company's investment, disposition, and loan repayment activities (dollars in thousands) for the three months ended March 31, 2026.
| Three Months Ended March 31, 2026 | |||||||||||
| Number of Investments | Amount | ||||||||||
| Investments | 58 | $ | 238,964 | ||||||||
| Less Dispositions | 5 | 11,053 | |||||||||
Less Loan Repayments1 | 7 | 16,815 | |||||||||
| Net Investment Activity | $ | 211,096 | |||||||||
| Investment Activity | |||||||||||
| Cash Yield % | 7.5 | % | |||||||||
| % of ABR derived from Investment Grade Tenants | 20.3 | % | |||||||||
| % of ABR derived from Investment Grade Profile Tenants | 14.4 | % | |||||||||
| Weighted Average Lease Term (years) | 14.1 | ||||||||||
| Disposition Activity | |||||||||||
| Cash Yield % | 6.6 | % | |||||||||
| Weighted Average Lease Term (years) | 11.3 | ||||||||||
Loan Repayments | |||||||||||
| Cash Yield % | 9.2 | % | |||||||||
1.Amount includes mortgage loan sales and a partial principal repayment of a mortgage loan receivable.
The following table summarizes the Company's ongoing development projects and estimated development costs (dollars in thousands) as of and for the three months ended March 31, 2026.
| Developments | Three Months Ended March 31, 2026 | ||||
Amount Funded During the Quarter | $ | 5,407 | |||
| As of March 31, 2026 | |||||
| Number of Developments | 4 | ||||
Amount Funded to Date | 10,918 | ||||
Estimated Funding Remaining on Developments | 20,910 | ||||
| Total Estimated Development Cost | $ | 31,828 | |||
2
PORTFOLIO UPDATE
The following table summarizes the Company's real estate portfolio (weighted by ABR, dollars in thousands) as of March 31, 2026.
| As of March 31, 2026 | |||||
| Number of Investments | 804 | ||||
| ABR | $ | 214,227 | |||
| States | 46 | ||||
| Square Feet | 14,498,665 | ||||
| Tenants | 138 | ||||
| Industries | 28 | ||||
| Occupancy | 99.9 | % | |||
| Weighted Average Lease Term (years) | 10.2 | ||||
| Investment Grade % | 42.3 | % | |||
| Investment Grade Profile % | 16.1 | % | |||
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 March 31, 2026.
Leverage1 | As of March 31, 2026 | ||||
Net Debt / Annualized Adjusted EBITDAre | 6.3x | ||||
Adjusted Net Debt / Annualized Adjusted EBITDAre | 3.2x | ||||
Pro Forma Adjusted Net Debt / Annualized Adjusted EBITDAre | 3.2x | ||||
Liquidity | As of March 31, 2026 | ||||
Unused Unsecured Revolver Capacity | $ | 411,850 | |||
Cash, Cash Equivalents and Restricted Cash | 11,058 | ||||
Net Value of Unsettled Forward Equity | 605,622 | ||||
| Undrawn Term Loan Balance | 100,000 | ||||
| Total Liquidity | $ | 1,128,530 | |||
Subsequent ATM Sales2 | 5,952 | ||||
| Total Pro Forma Liquidity | $ | 1,134,482 | |||
| February 2026 Forward Equity Offering | As of March 31, 2026 | ||||
| Shares Sold | 12,627,000 | ||||
Weighted Average Price Per Share (Gross) | $ | 19.00 | |||
| Net Value of Unsettled Forward Equity | $ | 228,409 | |||
| ATM Program | |||||
Shares Sold During Quarter | 3,956,031 | ||||
Weighted Average Price Per Share (Gross) | $ | 18.81 | |||
| Net Value of Unsettled Forward Equity | $ | 73,529 | |||
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 307,984 of shares sold in April 2026 on a forward basis at a weighted average net settlement price of $19.33 per share.
3
Forward Equity Settlement Activity | As of March 31, 2026 | ||||
Shares Settled During Quarter | 4,000,000 | ||||
Weighted Average Price Per Share (Gross) | $ | 16.98 | |||
| Net Value of Settled Proceeds | $ | 67,930 | |||
Unsettled Forward Equity | |||||
| Shares Unsettled as of March 31, 2026 | 34,201,865 | ||||
Weighted Average Price Per Share (Gross) | $ | 18.45 | |||
| Net Value of Unsettled Forward Equity as of March 31, 2026 | $ | 605,622 | |||
| As of March 31, 2026 | ||||||||||||||||||||||||||||||||
| Outstanding Forward Equity Offerings | Shares Issued | Shares Settled | Shares Remaining | Net Proceeds Received | Anticipated Net Proceeds Remaining | |||||||||||||||||||||||||||
| January 2024 Follow On | 11,040,000 | 6,200,000 | 4,840,000 | $ | 105,819 | $ | 81,676 | |||||||||||||||||||||||||
| Q1 2024 ATM | 107,500 | — | 107,500 | — | 1,844 | |||||||||||||||||||||||||||
| Q2 2024 ATM | 1,635,600 | — | 1,635,600 | — | 28,055 | |||||||||||||||||||||||||||
| July 2025 Follow On | 12,420,000 | 8,155,053 | 4,264,947 | 137,050 | 71,250 | |||||||||||||||||||||||||||
| Q3 2025 ATM | 1,045,195 | — | 1,045,195 | — | 18,614 | |||||||||||||||||||||||||||
| Q4 2025 ATM | 5,725,592 | — | 5,725,592 | — | 102,245 | |||||||||||||||||||||||||||
| Q1 2026 ATM | 3,956,031 | — | 3,956,031 | — | 73,529 | |||||||||||||||||||||||||||
| February 2026 Follow On | 12,627,000 | — | 12,627,000 | — | 228,409 | |||||||||||||||||||||||||||
| Total | 48,556,918 | 14,355,053 | 34,201,865 | $ | 242,869 | $ | 605,622 | |||||||||||||||||||||||||
SUBSEQUENT TO QUARTER END
In April 2026, the Company sold 307,984 shares at a weighted average gross price of $19.54 per share under the ATM Program on a forward basis. In addition, the Company drew an additional $50.0 million under the 2032 Term Loan, bringing the total outstanding principal amount to $200.0 million.
DIVIDEND
On April 16, 2026, the Company’s Board of Directors declared a quarterly cash dividend of $0.22 per share for the second quarter of 2026. On an annualized basis, the dividend of $0.88 per share of common stock represents an increase of $0.04 per share over the prior year annualized dividend. The dividend will be paid on June 15, 2026 to shareholders of record on June 1, 2026.
2026 GUIDANCE
The Company is increasing its full year 2026 AFFO per share guidance range to $1.36 to $1.39 from $1.35 to $1.39 and increasing net investment activity guidance to $550.0 million to $650.0 million from $350.0 million to $450.0 million. The Company continues to expect cash G&A to range between $16.0 million to $17.0 million (exclusive of transaction costs and severance payments). In addition, the Company's AFFO per share guidance range now includes $0.03 to $0.06 per share of estimated dilution (vs. the previous $0.015 to $0.03 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 Tuesday, April 21, 2026 at 11:00 AM ET. During the conference call the Company’s officers will review first 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 May 5, 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 13759698.
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)
| March 31, 2026 | December 31, 2025 | ||||||||||
| Assets | |||||||||||
| Real estate, at cost: | |||||||||||
| Land | $ | 857,293 | $ | 772,417 | |||||||
| Buildings and improvements | 1,695,969 | 1,590,714 | |||||||||
| Total real estate, at cost | 2,553,262 | 2,363,131 | |||||||||
| Less accumulated depreciation | (205,787) | (188,858) | |||||||||
| Property under development | 10,880 | 5,500 | |||||||||
| Real estate held for investment, net | 2,358,355 | 2,179,773 | |||||||||
| Assets held for sale | 57,692 | 40,976 | |||||||||
| Mortgage loans receivable, net | 130,325 | 142,464 | |||||||||
| Cash, cash equivalents, and restricted cash | 11,058 | 14,467 | |||||||||
| Lease intangible assets, net | 181,632 | 173,440 | |||||||||
| Other assets, net | 70,766 | 63,076 | |||||||||
| Total assets | $ | 2,809,828 | $ | 2,614,196 | |||||||
| Liabilities and equity | |||||||||||
| Liabilities: | |||||||||||
| Term loans, net | $ | 1,143,284 | $ | 1,093,331 | |||||||
| Revolving credit facility | 88,000 | — | |||||||||
| Mortgage note payable, net | 7,801 | 7,814 | |||||||||
| Lease intangible liabilities, net | 16,290 | 16,910 | |||||||||
| Liabilities related to assets held for sale | 1,029 | 1,016 | |||||||||
| Accounts payable, accrued expenses, and other liabilities | 42,003 | 42,559 | |||||||||
| Total liabilities | 1,298,407 | 1,161,630 | |||||||||
Commitments and contingencies | |||||||||||
| Equity: | |||||||||||
| Stockholders’ equity | |||||||||||
Common stock, $0.01 par value, 400,000,000 shares authorized; 97,253,523 and 93,070,533 shares issued and outstanding as of March 31, 2026 and December 31, 2025, respectively | 973 | 931 | |||||||||
| Additional paid-in capital | 1,769,473 | 1,701,572 | |||||||||
| Distributions in excess of retained earnings | (267,741) | (251,926) | |||||||||
| Accumulated other comprehensive income (loss) | 2,384 | (4,565) | |||||||||
| Total stockholders’ equity | 1,505,089 | 1,446,012 | |||||||||
| Noncontrolling interests | 6,332 | 6,554 | |||||||||
| Total equity | 1,511,421 | 1,452,566 | |||||||||
| Total liabilities and equity | $ | 2,809,828 | $ | 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 March 31, | |||||||||||
| 2026 | 2025 | ||||||||||
| Revenues | |||||||||||
| Rental revenue (including reimbursable) | $ | 54,027 | $ | 42,590 | |||||||
| Interest income on loans receivable | 3,035 | 3,075 | |||||||||
| Other revenue | — | 245 | |||||||||
| Total revenues | 57,062 | 45,910 | |||||||||
| Operating expenses | |||||||||||
| Property | 5,404 | 4,803 | |||||||||
| General and administrative | 5,755 | 5,169 | |||||||||
| Depreciation and amortization | 24,463 | 20,923 | |||||||||
| Provisions for impairment | 2,062 | 3,616 | |||||||||
| Transaction costs, net | (60) | 47 | |||||||||
| Total operating expenses | 37,624 | 34,558 | |||||||||
| Other (expense) income | |||||||||||
| Interest expense, net | (14,266) | (11,460) | |||||||||
| Gain on sales of real estate, net | 119 | 2,075 | |||||||||
| Loss on debt extinguishment | — | (46) | |||||||||
| Other income (expense), net | 434 | (205) | |||||||||
| Total other expense, net | (13,713) | (9,636) | |||||||||
| Net income before income taxes | 5,725 | 1,716 | |||||||||
| Income tax expense | (14) | (16) | |||||||||
| Net income | 5,711 | 1,700 | |||||||||
| Net income attributable to noncontrolling interests | 24 | 9 | |||||||||
| Net income attributable to common stockholders | $ | 5,687 | $ | 1,691 | |||||||
| Amounts available to common stockholders per common share: | |||||||||||
| Basic | $ | 0.06 | $ | 0.02 | |||||||
| Diluted | $ | 0.06 | $ | 0.02 | |||||||
| Weighted average common shares: | |||||||||||
| Basic | 95,543,920 | 81,644,492 | |||||||||
| Diluted | 99,107,642 | 82,132,524 | |||||||||
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 March 31, | |||||||||||
| 2026 | 2025 | ||||||||||
| Net income | $ | 5,711 | $ | 1,700 | |||||||
| Depreciation and amortization of real estate | 24,387 | 20,850 | |||||||||
| Provisions for impairment | 1,488 | 3,616 | |||||||||
| Gain on sales of real estate, net | (119) | (2,075) | |||||||||
| FFO | 31,467 | 24,091 | |||||||||
| Adjustments: | |||||||||||
| Non-recurring executive transition costs, severance, and related charges | — | 76 | |||||||||
| Loss on debt extinguishment and other related costs | — | 403 | |||||||||
| Other loss | 574 | — | |||||||||
| Core FFO | 32,041 | 24,570 | |||||||||
| Adjustments: | |||||||||||
| Straight-line rent adjustments | (2,153) | (954) | |||||||||
| Amortization of deferred financing costs | 971 | 664 | |||||||||
| Amortization of above/below-market assumed debt | 29 | 29 | |||||||||
| Amortization of loan origination costs and discounts | (133) | (77) | |||||||||
| Amortization of lease-related intangibles | 47 | (70) | |||||||||
| Earned development interest | 116 | 43 | |||||||||
| Capitalized interest expense | (88) | (50) | |||||||||
| Non-cash interest expense | 705 | 705 | |||||||||
| Non-cash compensation expense | 1,689 | 1,388 | |||||||||
| AFFO | $ | 33,224 | $ | 26,248 | |||||||
| Weighted average common shares outstanding, basic | 95,543,920 | 81,644,492 | |||||||||
| Operating partnership units outstanding | 407,714 | 424,956 | |||||||||
| Unvested restricted stock units and LTIP Units | 524,946 | 63,076 | |||||||||
| Unsettled shares under open forward equity contracts | 2,631,062 | — | |||||||||
| Weighted average common shares outstanding, diluted | 99,107,642 | 82,132,524 | |||||||||
| FFO per common share, diluted | $ | 0.32 | $ | 0.29 | |||||||
| Core FFO per common share, diluted | $ | 0.32 | $ | 0.30 | |||||||
| AFFO per common share, diluted | $ | 0.34 | $ | 0.32 | |||||||
9
NETSTREIT CORP. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME TO EBITDA, EBITDAre AND ADJUSTED EBITDAre
(In thousands)
(Unaudited)
| Three Months Ended March 31, | |||||||||||
| 2026 | 2025 | ||||||||||
| Net income | $ | 5,711 | $ | 1,700 | |||||||
| Depreciation and amortization of real estate | 24,387 | 20,850 | |||||||||
| Amortization of lease-related intangibles | 47 | (70) | |||||||||
| Non-real estate depreciation and amortization | 76 | 73 | |||||||||
| Interest expense, net | 14,266 | 11,460 | |||||||||
| Income tax expense | 14 | 16 | |||||||||
| Amortization of loan origination costs and discounts | (133) | (77) | |||||||||
| EBITDA | 44,368 | 33,952 | |||||||||
| Adjustments: | |||||||||||
| Provisions for impairment | 1,488 | 3,616 | |||||||||
| Gain on sales of real estate, net | (119) | (2,075) | |||||||||
| EBITDAre | 45,737 | 35,493 | |||||||||
| Adjustments: | |||||||||||
| Straight-line rent adjustments | (2,153) | (954) | |||||||||
| Loss on debt extinguishment and other related costs | — | 403 | |||||||||
| Non-recurring executive transition costs, severance and related charges | — | 76 | |||||||||
| Other loss | 574 | — | |||||||||
| Other non-recurring (income) expense, net | (31) | 364 | |||||||||
| Transaction costs, net | (60) | 47 | |||||||||
| Non-cash compensation expense | 1,689 | 1,388 | |||||||||
Adjustment for construction in process (1) | 208 | 146 | |||||||||
Adjustment for intraquarter investment activities (2) | 2,964 | 1,162 | |||||||||
| Adjusted EBITDAre | $ | 48,928 | $ | 38,125 | |||||||
Annualized Adjusted EBITDAre (3) | $ | 195,712 | |||||||||
Net Debt | As of March 31, 2026 | ||||||||||
| Principal amount of total debt | $ | 1,245,999 | |||||||||
| Less: Cash, cash, equivalents and restricted cash | (11,058) | 11,058 | |||||||||
| Net Debt | 1,234,941 | ||||||||||
Less: Net value of unsettled forward equity(4) | (605,622) | ||||||||||
| Adjusted Net Debt | $ | 629,319 | |||||||||
Less: Subsequent ATM Sales (5) | (5,952) | ||||||||||
| Pro Forma Adjusted Net Debt | $ | 623,367 | |||||||||
| Leverage | |||||||||||
| Net Debt / Annualized Adjusted EBITDAre | 6.3 | x | |||||||||
| Adjusted Net Debt / Annualized Adjusted EBITDAre | 3.2 | x | |||||||||
| Pro Forma Adjusted Net Debt / Annualized Adjusted EBITDAre | 3.2 | x | |||||||||
1.Adjustment reflects the estimated cash yield on developments in process as of March 31, 2026.
2.Adjustment assumes all re-leasing activity, investments in and dispositions of real estate, including any developments completed during the three months ended March 31, 2026, had occurred on January 1, 2026.
3.We calculate Annualized Adjusted EBITDAre by multiplying Adjusted EBITDAre by four.
4.Reflects 34,201,865 of unsettled forward equity shares at the March 31, 2026 weighted average net settlement price of $17.71 per share.
5.Reflects 307,984 of shares sold at a weighted average net settlement price of $19.33 per share.
10
NETSTREIT CORP. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME TO NOI AND CASH NOI
(in thousands)
(Unaudited)
Three Months Ended March 31, | |||||||||||
| 2026 | 2025 | ||||||||||
| Net income | $ | 5,711 | $ | 1,700 | |||||||
| General and administrative | 5,755 | 5,169 | |||||||||
| Depreciation and amortization | 24,463 | 20,923 | |||||||||
| Provisions for impairment | 2,062 | 3,616 | |||||||||
| Transaction costs, net | (60) | 47 | |||||||||
| Interest expense, net | 14,266 | 11,460 | |||||||||
| Gain on sales of real estate, net | (119) | (2,075) | |||||||||
| Income tax expense | 14 | 16 | |||||||||
| Amortization of loan origination costs and discounts | (133) | (77) | |||||||||
| Loss on debt extinguishment | — | 46 | |||||||||
| Interest income on mortgage loans receivable | (3,035) | (3,075) | |||||||||
| Other (income) expense, net | (465) | 495 | |||||||||
| Property-Level NOI | 48,459 | 38,245 | |||||||||
| Straight-line rent adjustments | (2,153) | (954) | |||||||||
| Amortization of lease-related intangibles | 47 | (70) | |||||||||
| Property-Level Cash NOI | $ | 46,353 | $ | 37,221 | |||||||
Adjustment for intraquarter acquisitions, dispositions, and completed development (1) | 3,117 | ||||||||||
| Property-Level Cash NOI Estimated Run Rate | $ | 49,470 | |||||||||
1.Adjustment assumes all re-leasing activity, investments in and dispositions of real estate, including any developments completed during the three months ended March 31, 2026, had occurred on January 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 remove the effect of unusual and non-recurring items that are not expected to impact our operating performance or operations on an ongoing basis. These include non-recurring executive transition costs, severance and related charges, other non-recurring losses (gains), debt related transaction costs, and other losses (gains).
AFFO is a non-GAAP financial measure defined as Core FFO adjusted for GAAP net income related to non-cash revenues and expenses, such as straight-line rent, amortization of above- and below-market lease-related intangibles, amortization of lease incentives, capitalized interest expense and earned development interest, non-cash interest expense, non-cash compensation expense, amortization of deferred financing costs, amortization of above/below-market assumed debt, and amortization of loan origination costs.
Historical cost accounting for real estate assets implicitly assumes that the value of real estate assets diminishes predictably over time. In fact, real estate values historically have risen or fallen with market conditions. FFO is intended to be a standard supplemental measure of operating performance that excludes historical cost depreciation and valuation adjustments from net income. We consider FFO to be useful in evaluating potential property acquisitions and measuring operating performance.
We further consider FFO, Core FFO, and AFFO to be useful in determining funds available for payment of distributions. FFO, Core FFO, and AFFO do not represent net income or cash flows from operations as defined by GAAP. You should not consider FFO, Core FFO, and AFFO to be alternatives to net income as a reliable measure of our operating performance nor should you consider FFO, Core FFO, and AFFO to be alternatives to cash flows from operating, investing, or financing activities (as defined by GAAP) as measures of liquidity.
FFO, Core FFO, and AFFO do not measure whether cash flow is sufficient to fund our cash needs, including debt service obligations, capital improvements, and distributions to stockholders. FFO, Core FFO, and AFFO do not represent cash flows from operating, investing, or financing activities as defined by GAAP. Further, FFO, Core FFO, and AFFO as disclosed by other REITs might not be comparable to our calculations of FFO, Core FFO, and AFFO.
EBITDA, EBITDAre, Adjusted EBITDAre, and Annualized Adjusted EBITDAre
We compute EBITDA as earnings before interest expense, income tax expense, and depreciation and amortization. In 2017, NAREIT issued a white paper recommending that companies that report EBITDA also report EBITDAre. We compute EBITDAre in accordance with the definition adopted by NAREIT. NAREIT defines EBITDAre as EBITDA (as defined above) excluding gains (or losses) from the sales of depreciable property and impairment charges on depreciable real property.
Adjusted EBITDAre is a non-GAAP financial measure defined as EBITDAre further adjusted to exclude straight-line rent, non-cash compensation expense, non-recurring executive transition costs, severance and related charges, debt related transaction costs, transaction costs, other non-recurring loss (gain), net, other non-recurring expenses (income) including lease termination fees, as well as adjustments for construction in process and for intraquarter activities. Annualized Adjusted EBITDAre is Adjusted EBITDAre multiplied by four.
We present EBITDA, EBITDAre, Adjusted EBITDAre, and Annualized Adjusted EBITDAre as they are measures commonly used in our industry. We believe that these measures are useful to investors and analysts because they provide supplemental information concerning our operating performance, exclusive of certain non-cash items and other costs. We use EBITDA, EBITDAre, Adjusted EBITDAre, and Annualized Adjusted EBITDAre as measures of our operating performance and not as measures of liquidity. EBITDA, EBITDAre, Adjusted EBITDAre, and Annualized Adjusted EBITDAre do not include all items of revenue and expense included in net income, they do not represent cash generated from operating activities and they are not necessarily indicative of cash available to fund cash requirements; accordingly, they should not be considered alternatives to net income as a performance measure or cash flows from operations as a liquidity measure and should be considered in addition to, and not in lieu of, GAAP financial measures. Additionally, our computation of EBITDA, EBITDAre, Adjusted EBITDAre, and Annualized Adjusted EBITDAre may differ from the methodology for calculating these metrics used by other equity REITs and, therefore, may not be comparable to similarly titled measures reported by other equity REITs.
12
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 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.
Occupancy is expressed as a percentage, and is the number of leased investments divided by the total number of investments owned, excluding properties under development.
Weighted Average Lease Term is weighted by the annualized base rent, excluding lease extension options and investments associated with mortgage loans receivable.
13
First 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 Three Months Ended Financial Results March 31, 2026 December 31, 2025 September 30, 2025 June 30, 2025 March 31, 2025 Net income $ 5,711 $ 1,328 $ 621 $ 3,289 $ 1,700 Net income per common share outstanding - diluted $ 0.06 $ 0.02 $ 0.01 $ 0.04 $ 0.02 Funds from Operations (FFO) $ 31,467 $ 26,594 $ 24,948 $ 25,611 $ 24,091 FFO per common share outstanding - diluted $ 0.32 $ 0.31 $ 0.29 $ 0.31 $ 0.29 Core Funds from Operations (Core FFO) $ 32,041 $ 26,638 $ 26,355 $ 25,614 $ 24,570 Core FFO per common share outstanding - diluted $ 0.32 $ 0.31 $ 0.31 $ 0.31 $ 0.30 Adjusted Funds from Operations (AFFO) $ 33,224 $ 28,167 $ 28,049 $ 27,460 $ 26,248 AFFO per common share outstanding - diluted $ 0.34 $ 0.33 $ 0.33 $ 0.33 $ 0.32 Dividends per share $ 0.220 $ 0.215 $ 0.215 $ 0.210 $ 0.210 Weighted average common shares outstanding - diluted 99,107,642 86,518,740 85,641,948 82,494,129 82,132,524 Portfolio Metrics Number of investments(1) 804 758 721 705 695 Square feet 14,498,665 13,721,337 13,179,983 12,787,231 12,792,350 Occupancy 99.9 % 99.9 % 99.9 % 99.9 % 99.9 % Weighted average lease term remaining (years)(2) 10.2 10.1 9.9 9.8 9.7 Investment grade (rated) - % of ABR(3) 42.3 % 44.3 % 46.9 % 52.2 % 54.7 % Investment grade profile (unrated) - % of ABR(4) 16.1 % 14.0 % 15.2 % 16.5 % 16.0 % Combined Investment grade (rated) & Investment grade profile (unrated) - % of ABR 58.3 % 58.3 % 62.1 % 68.7 % 70.7 % 1. Excludes four 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 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. $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 March 31, 2026 2025 REVENUES Rental revenue (including reimbursable) $ 54,027 $ 42,590 Interest income on loans receivable 3,035 3,075 Other revenue — 245 Total revenues 57,062 45,910 OPERATING EXPENSES Property 5,404 4,803 General and administrative 5,755 5,169 Depreciation and amortization 24,463 20,923 Provisions for impairment 2,062 3,616 Transaction costs, net (60) 47 Total operating expenses 37,624 34,558 OTHER (EXPENSE) INCOME Interest expense, net (14,266) (11,460) Gain on sales of real estate, net 119 2,075 Loss on debt extinguishment — (46) Other income (expense), net 434 (205) Total other expense, net (13,713) (9,636) Net income before income taxes 5,725 1,716 Income tax expense (14) (16) Net income 5,711 1,700 Net income attributable to noncontrolling interests 24 9 Net income attributable to common stockholders $ 5,687 $ 1,691 Amounts available to common stockholders per common share: Basic $ 0.06 $ 0.02 Diluted $ 0.06 $ 0.02 Weighted average common shares: Basic 95,543,920 81,644,492 Diluted 99,107,642 82,132,524 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 March 31, 2026 2025 GAAP Reconciliation: Net income $ 5,711 $ 1,700 Depreciation and amortization of real estate 24,387 20,850 Provisions for impairment 1,488 3,616 Gain on sales of real estate, net (119) (2,075) Funds from Operations (FFO) $ 31,467 $ 24,091 Adjustments: Non-recurring executive transition costs, severance, and related charges — 76 Loss on debt extinguishment and other related costs — 403 Other loss 574 — Core Funds from Operations (Core FFO) $ 32,041 $ 24,570 Adjustments: Straight-line rent adjustments (2,153) (954) Amortization of deferred financing costs 971 664 Amortization of above/below-market assumed debt 29 29 Amortization of loan origination costs and discounts (133) (77) Amortization of lease-related intangibles 47 (70) Earned development interest 116 43 Capitalized interest expense (88) (50) Non-cash interest expense 705 705 Non-cash compensation expense 1,689 1,388 Adjusted Funds from Operations (AFFO) $ 33,224 $ 26,248 FFO per common share, diluted $ 0.32 $ 0.29 Core FFO per common share, diluted $ 0.32 $ 0.30 AFFO per common share, diluted $ 0.34 $ 0.32 Dividends per share $ 0.220 $ 0.210 Dividends per share as a percent of AFFO 65 % 66 % Weighted average common shares outstanding, basic 95,543,920 81,644,492 Operating partnership units outstanding 407,714 424,956 Unvested restricted stock units and LTIP Units 524,946 63,076 Unsettled shares under open forward equity contracts 2,631,062 — Weighted average common shares outstanding, diluted 99,107,642 82,132,524
EBITDAre and Adjusted EBITDAre (unaudited, dollars in thousands) 7 Three Months Ended March 31, 2026 2025 GAAP Reconciliation: Net income $ 5,711 $ 1,700 Depreciation and amortization of real estate 24,387 20,850 Amortization of lease-related intangibles 47 (70) Non-real estate depreciation and amortization 76 73 Interest expense, net 14,266 11,460 Income tax expense 14 16 Amortization of loan origination costs and discounts (133) (77) EBITDA 44,368 33,952 Adjustments: Provisions for impairment 1,488 3,616 Gain on sales of real estate, net (119) (2,075) EBITDAre 45,737 35,493 Adjustments: Straight-line rent adjustments (2,153) (954) Loss on debt extinguishment and other related costs — 403 Non-recurring executive transition costs, severance and related charges — 76 Other loss 574 — Other (income) expense, net (31) 364 Transaction costs, net (60) 47 Non-cash compensation expense 1,689 1,388 Adjustment for construction in process (1) 208 146 Adjustment for intraquarter investment activities (2) 2,964 1,162 Adjusted EBITDAre $ 48,928 $ 38,125 Annualized Adjusted EBITDAre (3) $ 195,712 Net Debt As of March 31, 2026 Principal amount of total debt 1,245,999 Less: Cash, cash, equivalents and restricted cash (11,058) 11,058 Net Debt 1,234,941 Less: Net value of unsettled forward equity(4) (605,622) Adjusted Net Debt $ 629,319 Less: Subsequent ATM Sales (5) (5,952) Pro Forma Adjusted Net Debt $ 623,367 Leverage Net Debt / Annualized Adjusted EBITDAre 6.3 x Adjusted Net Debt / Annualized Adjusted EBITDAre 3.2 x Pro Forma Adjusted Net Debt / Annualized Adjusted EBITDAre 3.2 x 1. Adjustment reflects the estimated cash yield on developments in process as of March 31, 2026. 2. Adjustment assumes all re-leasing activity, investments in and dispositions of real estate, including any developments completed during the three months ended March 31, 2026, had occurred on January 1, 2026. 3. We calculate Annualized Adjusted EBITDAre by multiplying Adjusted EBITDAre by four. 4. Reflects 34,201,865 of unsettled forward equity shares at the March 31, 2026 weighted average net settlement price of $17.71 per share. 5. Reflects 307,984 of shares sold at a weighted average net settlement price of $19.33 per share.
Net Operating Income (unaudited, dollars in thousands) 8 Three Months Ended March 31, 2026 2025 GAAP Reconciliation: Net income $ 5,711 $ 1,700 General and administrative 5,755 5,169 Depreciation and amortization 24,463 20,923 Provisions for impairment 2,062 3,616 Transaction costs, net (60) 47 Interest expense, net 14,266 11,460 Gain on sales of real estate, net (119) (2,075) Income tax expense 14 16 Amortization of loan origination costs and discounts (133) (77) Loss on debt extinguishment — 46 Interest income on mortgage loans receivable (3,035) (3,075) Other (income) expense, net (465) 495 Property-Level NOI 48,459 38,245 Straight-line rent adjustments (2,153) (954) Amortization of lease-related intangibles 47 (70) Property-Level Cash NOI $ 46,353 $ 37,221 Adjustment for intraquarter acquisitions, dispositions, and completed development (1) 3,117 Property-Level Cash NOI Estimated Run Rate $ 49,470 Property Operating Expense Coverage Property operating expense reimbursement $ 4,631 $ 4,183 Property operating expenses (5,404) (4,803) Property operating expenses, net $ (773) $ (620) 1. Adjustment assumes all re-leasing activity, investments in and dispositions of real estate, including any developments completed during the three months ended March 31, 2026, had occurred on January 1, 2026.
Condensed Consolidated Balance Sheets (unaudited, dollars in thousands, except per share data) 9 March 31, 2026 December 31, 2025 Assets Real estate, at cost: Land $ 857,293 $ 772,417 Buildings and improvements 1,695,969 1,590,714 Total real estate, at cost 2,553,262 2,363,131 Less accumulated depreciation (205,787) (188,858) Property under development 10,880 5,500 Real estate held for investment, net 2,358,355 2,179,773 Assets held for sale 57,692 40,976 Mortgage loans receivable, net 130,325 142,464 Cash, cash equivalents, and restricted cash 11,058 14,467 Lease intangible assets, net 181,632 173,440 Other assets, net 70,766 63,076 Total assets $ 2,809,828 $ 2,614,196 LIABILITIES AND EQUITY Liabilities: Term loans, net $ 1,143,284 $ 1,093,331 Revolving credit facility 88,000 — Mortgage note payable, net 7,801 7,814 Lease intangible liabilities, net 16,290 16,910 Liabilities related to assets held for sale 1,029 1,016 Accounts payable, accrued expenses, and other liabilities 42,003 42,559 Total liabilities $ 1,298,407 $ 1,161,630 Equity: Stockholders’ equity Common stock, $0.01 par value, 400,000,000 shares authorized; 97,253,523 and 93,070,533 shares issued and outstanding as of March 31, 2026 and December 31, 2025, respectively $ 973 $ 931 Additional paid-in capital 1,769,473 1,701,572 Distributions in excess of retained earnings (267,741) (251,926) Accumulated other comprehensive income (loss) 2,384 (4,565) Total stockholders’ equity 1,505,089 1,446,012 Noncontrolling interests 6,332 6,554 Total equity 1,511,421 1,452,566 Total liabilities and equity $ 2,809,828 $ 2,614,196
Debt, Capitalization, and Financial Ratios (unaudited, dollars in thousands) 10 As of March 31, 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 $ 88,000 —% 4.48% $ 411,850 3.8 2028 Term Loan February 11, 2028 200,000 2.63% 3.58% — 1.9 2029 Term Loan A(3) January 3, 2029 250,000 3.74% 4.69% — 2.8 2030 Term Loan A(4) January 15, 2030 175,000 2.40% 3.35% — 3.8 2030 Term Loan B(5) January 15, 2030 175,000 3.87% 4.82% — 3.8 2031 Term Loan March 25, 2031 200,000 3.44% 4.39% — 5.0 2032 Term Loan(6) September 24, 2032 150,000 3.41% 4.66% 100,000 6.5 Mortgage note(7) November 1, 2027 7,999 —% 4.53% — 1.6 Total / Weighted Average $ 1,245,999 3.27% 4.27% $ 511,850 3.8 1. Rates presented exclude the impact of capitalized loan fee amortization. 2. Interest rate reflects the all-in borrowing rate as of March 31, 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, 2026, and includes two one-year extension options and one six-month extension option. 4. The term loan matures on January 15, 2029, and includes a one-year extension option. Existing fixed rate SOFR expires in January 2027; the term loan is unhedged beyond that date. 5. The term loan matures on January 15, 2029, and includes a one-year extension option. 6. $200.0 million of the term loan is hedged at an all-in rate of 4.67%. The remaining $50.0 million is unhedged. A subsequent SOFR swap will take effect April 1, 2026, on an additional $50.0 million. 7. The mortgage note was assumed as part of an asset acquisition during the third quarter of 2022. Floating, 7% Fixed, 93% Fixed vs. Floating Debt $200 $250 $350 $200 $150 $500 $8 $100 $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 $88
Debt, Capitalization, and Financial Ratios (unaudited, dollars in thousands, except per share data) 11 As of March 31, 2026 Key Debt Covenant Information Required Actual Consolidated total leverage ratio ≤ 60.0% 33.1% Fixed charge coverage ratio ≥ 1.50x 3.16x Maximum secured indebtedness ≤ 40.0% 0.2% Maximum recourse indebtedness ≤ 10.0% —% Unencumbered leverage ratio ≤ 60.0% 37.9% Unencumbered interest coverage ratio ≥ 1.75x 3.3x Liquidity As of March 31, 2026 Unused Unsecured Revolver Capacity (1) $ 411,850 Cash, Cash Equivalents and Restricted Cash 11,058 Net Value of Unsettled Forward Equity (2) 605,622 Undrawn Term Loan Balance 100,000 Total Liquidity $ 1,128,530 Subsequent ATM Sales (3) 5,952 Total Pro Forma Liquidity $ 1,134,482 Equity Ending Shares/Units as of March 31, 2026 Equity Market Capitalization(4) % of Total Common shares 97,253,523 $ 1,831,284 99.6 % OP units 407,714 7,677 0.4 % Total(5) 97,661,237 $ 1,838,961 100.0 % Enterprise Value As of March 31, 2026 % of Total Adjusted Net Debt $ 629,319 20.5 % Net Value of Unsettled Forwards 605,622 19.7 % Equity Market Capitalization $ 1,838,961 59.8 % Total Enterprise Value $ 3,073,902 100.0 % 1. Remaining capacity reduced by $0.15 million for outstanding letters of credit. 2. Reflects 34,201,865 of unsettled shares under forward sale agreements at the March 31, 2026, weighted average net settlement price of $17.71 per share. 3. Reflects 307,984 of shares sold at a weighted average net settlement price of $19.33 per share. 4. Value is based on the March 31, 2026, closing share price of $18.83 per share. 5. Excludes unvested LTIP units and unvested restricted stock units. As of March 31, 2026 Outstanding Forward Equity Offerings Shares Issued Shares Settled Shares Remaining Net Proceeds Received Anticipated Net Proceeds Remaining January 2024 Follow On 11,040,000 6,200,000 4,840,000 $ 105,819 $ 81,676 Q1 2024 ATM 107,500 — 107,500 — 1,844 Q2 2024 ATM 1,635,600 — 1,635,600 — 28,055 July 2025 Follow On 12,420,000 8,155,053 4,264,947 137,050 71,250 Q3 2025 ATM 1,045,195 — 1,045,195 — 18,614 Q4 2025 ATM 5,725,592 — 5,725,592 — 102,245 Q1 2026 ATM 3,956,031 — 3,956,031 — 73,529 February 2026 Follow On 12,627,000 — 12,627,000 — 228,409 Total 48,556,918 14,355,053 34,201,865 $ 242,869 $ 605,622
Investment Activity (unaudited, dollars in thousands) 12 Three Months Ended March 31, December 31, September 30, June 30, March 31, 2026 2025 2025 2025 2025 Investments Number of Investments(1) 58 57 50 32 25 Gross Investment $ 238,964 $ 245,431 $ 203,907 $ 117,063 $ 90,680 Cash Yield(2) 7.5 % 7.5 % 7.4 % 7.8 % 7.7 % Weighted Average Lease Term (years)(3) 14.1 15.0 13.4 15.7 9.2 Investment Grade and Investment Grade Profile % 34.7 % 33.9 % 33.4 % 25.7 % 65.9 % Dispositions Number of Investments 5 17 24 20 15 Number of Vacant Properties — — — — 1 Gross Proceeds(4) $ 11,053 $ 40,414 $ 37,769 $ 60,391 $ 40,293 Cash Yield(5) 6.6 % 6.9 % 7.2 % 6.5 % 7.3 % Loan Repayments Number of Loan Repayments(6) 7 3 10 2 1 Amount of Repayment(7) $ 16,815 $ 6,714 $ 24,127 $ 7,318 $ 4,699 Cash Yield(8) 9.2 % 10.1 % 8.0 % 9.3 % 8.7 % Developments Industry Location Lease Term (years) Amount Funded to Date Actual/ Anticipated Rent Commencement Automotive Service Whitestown, IN 15 $ 3,163 2Q'26 Health and Fitness Fort Worth, TX 20 $ 4,120 3Q'26 Automotive Service Goldsboro, NC 15 $ 847 1Q'27 Health and Fitness Benbrook, TX 20 $ 2,788 1Q'27 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.
Portfolio Information (unaudited, dollars in thousands) 13 1. Excludes four properties under development. 2. Weighted by ABR; excludes lease extension options and investments that secure mortgage loans receivable. 3. Excludes four properties under development and one vacant property. 4. Due to rounding, respective ABR may not precisely reflect absolute figures. 5. Investments, or investments that are subsidiaries of a parent entity (with such subsidiary making up at least 50% of the parent company total revenue), with a credit rating of BBB- (S&P/Fitch), Baa3 (Moody's), or NAIC2 (National Association of Insurance Commissioners) or higher. 6. Investments that have investment grade credit metrics (more than $1.0 billion in annual sales and 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. 7. Investments, or investments that are subsidiaries of a parent entity (with such subsidiary making up at least 50% of the parent company total revenue), with a credit rating of BB+ (S&P/Fitch), Ba1 (Moody's), or NAIC3 (National Association of Insurance Commissioners) or lower. Portfolio Metrics March 31, 2026 Number of Investments(1) 804 Number of states 46 Square feet 14,498,665 Tenants 138 Industries 28 Occupancy 99.9 % Weighted average lease term remaining (years)(2) 10.2 Tenant Quality Number of Investments(3) ABR(4) % of ABR Investment grade (rated)(5) 361 $ 90,547 42.3% Investment grade profile (unrated)(6) 138 34,439 16.1% Sub-investment grade (rated)(7) 104 33,597 15.7% Sub-investment grade profile (unrated) 200 55,643 26.0% Total 803 $ 214,227 100.0% Tenant Quality Necessity, 43.9% Discount, 12.1% Service, 32.1% Other, 11.9% Defensive Category Investment grade, 42.3% Investment grade profile, 16.1% Sub- Investment grade, 15.7% Sub-Investment grade profile, 26.0% 58.3% of ABR Inv. Grade Inv. Grade Profile 88.1% of ABR Necessity Discount Service
Portfolio Information (cont’d) (unaudited, dollars in thousands) 14 Top Tenants Number of Investments % of ABR Credit rating(1) Ahold Delhaize – Food Lion / Stop & Shop 13 4.5% BBB+ Dollar General 76 4.3% BBB CVS 30 4.3% BBB Home Depot 5 3.5% A Tractor Supply 26 3.4% Baa1 Hobby Lobby 17 3.3% IG Profile U 15 2.5% SIG (unrated) Walgreens 17 2.3% SIG (unrated) Family Dollar 43 2.3% IG Profile Sam's / Walmart 7 2.3% AA Speedway 50 2.1% A s 2 2.0% B+ Kroger 8 2.0% Baa1 Total 309 38.8% 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. (2)
Portfolio Information (cont’d) (unaudited, dollars in thousands) 15 State Number of Investments(1) % of ABR(2) Texas 115 18.6% Illinois 48 8.1% New York 41 7.2% Wisconsin 27 4.9% Georgia 36 4.6% Florida 28 4.5% North Carolina 69 3.7% Alabama 52 3.7% Indiana 29 3.5% Ohio 36 3.5% Other 322 37.7% Total 803 100.0% 1. Excludes four properties under development and one vacant property. 2. Due to rounding, respective percentage of ABR may not precisely reflect absolute figures. ≥ 5% ABR ≥ 1% and < 3% ABR ≥ 3% and <5% ABR < 1% ABR 0% ABR
Portfolio Information (cont’d) (unaudited, dollars in thousands) 16 Industry Defensive Category Number of Investments(1) % of ABR(2) Grocery Necessity 57 15.1% Convenience Stores Service 150 15.1% Home Improvement Necessity 32 8.4% Dollar Stores Discount 144 8.0% Drug Stores & Pharmacies Necessity 47 6.6% Health and Fitness Service 14 6.2% Quick Service Restaurants Service 68 5.1% Automotive Service Service 69 4.9% Sporting Goods Other 10 4.5% Healthcare Necessity 34 4.4% Farm Supplies Necessity 29 4.4% Discount Retail Discount 33 4.1% Arts & Crafts Other 16 3.3% General Retail Necessity 7 2.3% Auto Parts Necessity 53 2.1% Consumer Electronics Other 7 1.9% Apparel Other 6 0.8% Specialty Other 2 0.5% Casual Dining Service 6 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 803 100.0% Defensive Category Number of Investments % of ABR Necessity 263 43.9% Discount 177 12.1% Service 313 32.1% Other 50 11.9% Total 803 100.0% 1. Excludes four properties under development and one vacant property. 2. Due to rounding, respective percentage of ABR may not precisely reflect absolute figures.
Lease Expiration Schedule (unaudited, dollars in thousands) 17 ABR Expiring Year of Number of ABR as a % of Expiration Investments Expiring(1) Expiring(1) Total Portfolio(2) 2026 2 $ 312 0.2% 2027 10 3,227 1.6% 2028 22 9,781 4.8% 2029 40 10,199 5.0% 2030 44 15,084 7.4% 2031 62 14,972 7.4% 2032 43 11,337 5.6% 2033 50 12,894 6.3% 2034 77 20,920 10.3% 2035 43 12,386 6.1% 2036 25 8,109 4.0% 2037 25 10,209 5.0% 2038 43 8,594 4.2% 2039 38 8,959 4.4% 2040 35 10,402 5.1% 2041 23 6,312 3.1% 2042 2 1,283 0.6% 2043 17 3,703 1.8% 2044 48 13,588 6.7% 2045 47 13,777 6.8% 2046 17 5,463 2.7% 2047 1 158 0.1% 2048 1 170 0.1% 2049 9 949 0.5% 2050 3 619 0.3% 2051 — — —% 2052 — — —% TOTAL 727 $ 203,408 100.0% 1. Excludes one vacant property, four properties under development, and 76 investments that secure mortgage loans receivable. 2. Due to rounding, respective percentage of ABR may not precisely reflect absolute figures.
FFO, Core FFO, and AFFO The National Association of Real Estate Investment Trusts (“NAREIT”), an industry trade group, has promulgated a widely accepted non-GAAP financial measure of operating performance known as FFO. Our FFO is net income in accordance with GAAP, excluding gains (or losses) resulting from dispositions of properties, plus depreciation and amortization and impairment charges on depreciable real property. Core FFO is a non-GAAP financial measure defined as FFO adjusted to remove the effect of unusual and non- recurring items that are not expected to impact our operating performance or operations on an ongoing basis. These include non-recurring executive transition costs, severance and related charges, other non-recurring losses (gains), debt related transaction costs, and other losses (gains). 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 18
Non-GAAP Measures and Definitions (cont’d) 19 EBITDA, EBITDAre, Adjusted EBITDAre, and Annualized Adjusted EBITDAre We compute EBITDA as earnings before interest expense, income tax expense, and depreciation and amortization. In 2017, NAREIT issued a white paper recommending that companies that report EBITDA also report EBITDAre. We compute EBITDAre in accordance with the definition adopted by NAREIT. NAREIT defines EBITDAre as EBITDA (as defined above) excluding gains (or losses) from the sales of depreciable property and impairment charges on depreciable real property. Adjusted EBITDAre is a non-GAAP financial measure defined as EBITDAre further adjusted to exclude straight-line rent, non-cash compensation expense, non-recurring executive transition costs, severance and related charges, debt related transaction costs, transaction costs, other non-recurring loss (gain), net, other non-recurring expenses (income) including lease termination fees, as well as adjustments for construction in process and for intraquarter activities. Annualized Adjusted EBITDAre is Adjusted EBITDAre multiplied by four. We present EBITDA, EBITDAre, Adjusted EBITDAre, and Annualized Adjusted EBITDAre as they are measures commonly used in our industry. We believe that these measures are useful to investors and analysts because they provide supplemental information concerning our operating performance, exclusive of certain non-cash items and other costs. We use EBITDA, EBITDAre, Adjusted EBITDAre, and Annualized Adjusted EBITDAre as measures of our operating performance and not as measures of liquidity. EBITDA, EBITDAre, Adjusted EBITDAre, and Annualized Adjusted EBITDAre do not include all items of revenue and expense included in net income, they do not represent cash generated from operating activities and they are not necessarily indicative of cash available to fund cash requirements; accordingly, they should not be considered alternatives to net income as a performance measure or cash flows from operations as a liquidity measure and should be considered in addition to, and not in lieu of, GAAP financial measures. Additionally, our computation of EBITDA, EBITDAre, Adjusted EBITDAre, and Annualized Adjusted EBITDAre may differ from the methodology for calculating these metrics used by other equity REITs and, therefore, may not be comparable to similarly titled measures reported by other equity REITs. Net Debt, Adjusted Net Debt, and Pro Forma Adjusted Net Debt We calculate Net Debt as the principal amount of our total debt outstanding, excluding deferred financing costs, net discounts, and debt issuance costs, less cash, cash equivalents, and restricted cash available for future investment. We then adjust Net Debt by the net value of unsettled forward equity as of period end to derive Adjusted Net Debt. Further, we adjust Adjusted Net Debt by the value of any unsettled forward equity and at-the-market sales occurring subsequent to the period to derive Pro Forma Adjusted Net Debt. We believe excluding cash, cash equivalents, and restricted cash available for future investment from the principal amount of our total debt outstanding, together with the exclusion of the net value of unsettled forward equity as of period end and the net value of unsettled forward equity and at-the-market sales subsequent to the period, all of which could be used to repay debt, provides a useful estimate of the net contractual amount of borrowed capital to be repaid. We believe these adjustments are additional beneficial disclosures to investors and analysts. Enterprise Value We calculate Enterprise Value as the sum of our Adjusted Net Debt, market value of unsettled forwards, and equity market capitalization as of period end.
Non-GAAP Measures and Definitions (cont’d) 20 Property-Level NOI, Property-Level Cash NOI, and Property-Level Cash NOI - Estimated Run Rate Property-Level NOI, Property-Level Cash NOI, and Property-Level Cash NOI - Estimated Run Rate are non- GAAP financial measures which we use to assess our operating results. We compute Property-Level NOI as net income (computed in accordance with GAAP), excluding general and administrative expenses, interest expense, net, income tax expense, amortization of loan origination costs and discounts, transaction costs, depreciation and amortization, gains (or losses) on sales of depreciable property, real estate impairment losses, interest income on mortgage loans receivable, debt related transaction costs, and other expense (income), net, including lease termination fees. We further adjust Property-Level NOI for non-cash revenue components of straight-line rent and amortization of lease-intangibles to derive Property-Level Cash NOI. We further adjust Property-Level Cash NOI for intraquarter acquisitions, dispositions, and completed development to derive Property-Level Cash NOI - Estimated Run Rate. We believe Property-Level NOI, Property-Level Cash NOI, and Property-Level Cash NOI - Estimated Run Rate provide useful and relevant information because they reflect only those income and expense items that are incurred at the property level and present such items on an unlevered basis. Property-Level NOI, Property-Level Cash NOI, and Property-Level Cash NOI - Estimated Run Rate are not measurements of financial performance under GAAP and may not be comparable to similarly titled measures of other companies. You should not consider our measures as alternatives to net income or cash flows from operating activities determined in accordance with GAAP. Other Definitions ABR is annualized base rent for all leases that commenced and annualized cash interest for all executed mortgage loans as of 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 April 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 March 31, 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 slides 4 and 13 for further details on historical credit loss experience and our current credit histogram. 3. Reflects the impact of 34.2 million unsettled forward shares at the March 31, 2026, weighted average net settlement price of $17.71 per share and 308 thousand ATM shares sold QTD in 2Q’26 at the weighted average net settlement price of $19.33 per share. 4. Includes the $100 million of undrawn term loan balance from the $250 million senior unsecured term loan. 88.1% Necessity, Discount, and Service-Oriented Tenants 99.9% Occupancy 3.9x Unit-Level Rent Coverage2 $1.1 billion Total PF Liquidity3,4 3.2x PF Adj. Net Debt3 / Annualized Adj. EBITDAre Focused on growing portfolio with high quality tenants that offer strong credit profiles and provide consistent performance through various economic cycles Proven track record of full occupancy and strong unit-level coverage; NTST’s lone vacancy has received strong interest from multiple retailers above the prior rent Long weighted average lease term and de minimis intermediate-term lease expirations within the pharmacy and dollar store industries Low leverage with no intermediate-term debt maturities $314 million of gross forward equity sold in 1Q’26 $606 million of unsettled forward equity at 1Q’26-end High Credit Quality & Resilient Net Lease Portfolio Well Capitalized Balance Sheet 58.3% Investment Grade (IG) and Investment Grade Profile (IGP)1 7.5% Trailing Four Quarter Wtd. Avg. Cash Yield Strong investment pace since 2020 with a solid pipeline of investment opportunities at attractive cash yields Three 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 $150.2 million Trailing Four Quarter Avg. Net Investments 21% PF Adj. Net Debt3 / Undepreciated Gross Assets 3bps Annual Credit Loss over Six Yrs2 7.1% Wtd. Avg. Cash Yield Since 3Q’20 10.2 Years Weighted Average Lease Term (WALT) 13bps Pharmacy & Dollar Store ABR Expiring Thru YE’28
$- $0.5 $1.0 $1.5 $2.0 $2.5 $3.0 $3.5 2Q'23 Pre-Bankruptcy Post-Bankruptcy Current & Former Big Lots Assets Disposed Assets Annualized Credit Loss Experience vs. Peers De Minimis Historical Annualized Credit Loss Since Inception 4 Since NETSTREIT’s initial equity raise in 4Q’19, only one portfolio tenant – Big Lots – has experienced a credit event, which is projected to cause $367K1 in lost ABR for 3bps of annualized credit loss in six years Big Lots Historical ABR Source: Company data as of March 31, 2026. 1. Post bankruptcy rent loss with Big Lots is calculated using management’s expected recovery on its vacant Big Lots asset in Bowie, MD, which remains subject to final lease negotiations. In 2H’23, NTST disposed of three underperforming assets leased to Big Lots with $850K in ABR; post bankruptcy all three assets are vacant After six years of existence, NTST has lost just $367K1 of ABR from credit events “..for 2026, we're assuming at the high end of that guidance range, 25bps of credit loss. Which is relatively in line with where we ended up for 2025. I believe we're at 28bps to be exact.” (4Q’25 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)
4.5% 4.3% 4.3% 3.5% 3.4% 3.3% 2.5% 2.3% 2.3% 2.3% A Portfolio Overview High-Quality, Diversified Portfolio Consisting of 58.3% IG and IG Profile Tenants Across 46 States 5 Source: Company data as of March 31, 2026, unless otherwise noted. 1. Excludes four 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. Key Portfolio Stats Investments1 804 States 46 Portfolio Square Feet (in millions) 14.5 Tenants 138 Retail Sectors 28 % Occupancy 99.9% % IG and IG Profile Tenants (by ABR)2 58.3% WALT (Years)3 10.2 Lease Turnover Through 2027 (by ABR) 1.7% 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) IG Profile BBB SIG (unrated) Baa1 IG Profile BBB AA Investment Grade Profile 4
Portfolio Diversification In Defensive Retail Sectors Nationally Diversified Portfolio Primarily Comprised of Recession Resilient Retail Tenants Source: Company data as of March 31, 2026. All figures represent percentage of ABR. Due to rounding, respective defensive retail sector exposure may not precisely reflect the absolute figures. 43.9% Necessity 12.1% Discount 11.9% Other 32.1% Service 88.1% ABR Necessity Discount Service 6 Top Industries Grocery 15.1% Convenience Stores 15.1% Home Improvement 8.4% Dollar Stores 8.0% Drug Stores & Pharmacies 6.6% Health and Fitness 6.2% Quick Service Restaurants 5.1% Automotive Service 4.9% Sporting Goods 4.5% Healthcare 4.4% Farm Supplies 4.4% Discount Retail 4.1% Arts & Crafts 3.3% General Retail 2.3% Auto Parts 2.1%
Resilient, Cycle-Tested Investment Grade Credit Tenants with Durable Cash Flows1 >60% 58.3% (42.3% IG and 16.1% IGP) Granular Assets in Highly Fragmented, Undercapitalized Market Segment $3.7 million Avg. Asset Size $1 to $10 million Avg. Asset Size Net Lease Retail Assets with Long Lease Term Benefiting From Contractual Rent Growth ~10 Year WALT 10.2 Year WALT2 Diversification by Industry, Tenant, State1 <15% Industry <50% Top 10 Tenants <15% State 15.1% Industry 32.7% Top 10 Tenants 18.6% 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 March 31, 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. Current MetricsInvestment Philosophy Portfolio Strategy Defensive Tenancy in Necessity-Based and E-commerce-Resistant Retail Industries1 88.1%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 42.3% 16.1% 41.7% Lease Terms (WALT, Rent Bumps, etc.) Less negotiating leverage More negotiating leverage Most negotiating leverage Representative Tenants 10 Source: Company data as of March 31, 2026, unless otherwise noted. Due to rounding, respective percentage of credit rating may not precisely reflect the absolute figures. 58.3% IG and IG Profile Defensive, consistent performance through economic cycles Strong Tenant Credit Underwriting Credit-Focused Underwriting Approach Drives Stable Revenue and Long-Term Return on Investment
11 Market-Level Considerations Property-Level Considerations • Fungibility of building for alternative uses • Replacement cost • Location analysis • Traffic counts • Nearby uses and traffic drivers, complementary nature thereof • Accessibility and parking capacity • Ingress and egress • Visibility / signage • Vacancy analysis • Marketability of the real estate without current tenant • List of likely replacement tenants • Rent analysis • Market rent versus in-place rent • Demographic analysis • Current demographics plus trends and forecasts • Competitive analysis • Market position versus competing retail corridors Real Estate Valuation Real Estate Closely Follows Credit as a Top Priority: We Utilize a Ground-Up Framework Rooted in Real Estate Fundamentals to Underpin Valuation and Further Quantify the Upside Potential of an Investment
12 Obtain Financial Info Perform Financial Analysis2 Assess Investment Merits1 3 • Provides clarity into location-specific performance • Analyze store demand dynamics, cost structure and liquidity profile • Determine whether property meets investment criteria • Obtain unit-level financial information from parent company if possible • If financials are not provided, utilize data provided by third party vendors to estimate sales by location • Third party data includes: • Cell phone traffic • Point of sales (POS) data • Triangulate P&L based on available information • Foot traffic • Sales • EBITDAR margin • Rent • Account for variability in business model cost structure • Higher proportion of fixed costs = more variability in rent coverage • Determine store ranking within tenant’s broader operating portfolio based on estimated sales Key Unit-Level Investment Criteria Target Rent Coverage of 2.0x on a Stabilized Basis Higher Variable Cost Structure Ranks in Top Half of Tenant’s Store Portfolio Unit-Level Profitability Assess Unit-Level Financial Performance to Focus on Properties with Strong Rent Coverage and Higher Variability in Operating Costs
3% 16% 3% 6% 11% 13% 24% 23% 0% 5% 10% 15% 20% 25% 30% Portfolio Health Statistics Durability Evidenced by Creditworthy Tenants with Large Revenue Bases and Strong Unit-Level Coverage 13 0% 5% 10% 15% 20% 25% NR <1.00 1.00-1.49 1.50-1.99 >2.00 0% 5% 10% 15% 20% 25% NR <1.00 1.00-1.49 1.50-1.99 >2.00 Source: Company data as of March 31, 2026. “NR” stands for not reported. 1. Unit-level rent coverage is calculated using a.) unit-level financial reporting, which represents 37.5% of ABR, or b.) Placer.ai adjusted sales and corporate EBITDA margins, where unit level reporting is not required by a lease. 2. The chart illustrates the ABR attributable to leases with tenants having specified implied credit ratings based on their Moody’s EDF-X scores. Moody’s equates the EDF scores generated using EDF-X with a corresponding credit rating. For those tenants with an actual credit rating from S&P, Moody’s, Fitch, or the National Association of Insurance Commissioners, the higher of the actual or implied credit rating is used. 3. Excludes investments that secure mortgage loans receivable and one vacant property. % 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 3.9x ABR expiring through 2029 has coverage of 5.2x 93% of our ABR has unit- level coverage >1.5x >2.00x: 82.5% 1.50-1.99x: 10.8% 1.00-1.49x: 2.7% <1.00x :1.1% NR, 3.0%
14 Source: Company filings from August 2020 through December 31, 2025. NTST as of 1Q’26. 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) $3,106 $7,408 $3,825 $1,609 $5,848 Investment Grade % 51.7% 66.9% NA NA NA Investment Grade Profile1 % 13.8% NA NA NA NA IG + IG Profile % 65.5% NA NA NA NA WALT2 12.1 10.1 13.1 11.1 15.9 Weighted Average Cash Yield 7.1% 6.4%3 7.1% 6.7% 7.6% History of Sourcing Investments at Attractive Yields Consistently Invested at Above-Market Yields Despite Focus on High-Quality Tenants Sourcing Volume Since 3Q’20
15 Investment Activity Summary Details Source: Company data as of March 31, 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 28 33 52 25 32 50 57 58 Average Investment $4,133 $4,593 $3,752 $3,627 $3,658 $4,078 $4,306 $4,120 Cash Cap Rates 7.5% 7.5% 7.4% 7.7% 7.8% 7.4% 7.5% 7.5% IG + IGP % 39.1% 52.4% 51.2% 65.9% 25.7% 33.4% 33.9% 34.7% Weighted Average Lease Term2 16.7 12.5 14.0 9.2 15.7 13.4 15.0 14.1 $115,734 $151,555 $195,079 $90,680 $117,063 $203,907 $245,431 $238,964 $0 $40,000 $80,000 $120,000 $160,000 $200,000 $240,000 $280,000 2Q'24 3Q'24 4Q'24 1Q'25 2Q'25 3Q'25 4Q'25 1Q'26 G ro ss In ve st m en t A ct iv ity ($ 00 0s )
16 Disposition Activity Summary Details Source: Company data as of March 31, 2026. 1. Excludes vacant properties. Dispositions Cash Cap Rates1 6.8% 7.3% 7.1% 7.3% 6.5% 7.2% 6.9% 6.6% Number of Investments 6 8 30 16 20 24 17 5 Weighted Average Lease Term 10.3 9.9 11.4 10.0 9.3 11.8 11.2 11.3 $12,707 $24,105 $59,337 $40,293 $60,391 $37,769 $40,414 $11,053 $0 $10,000 $20,000 $30,000 $40,000 $50,000 $60,000 $70,000 2Q'24 3Q'24 4Q'24 1Q'25 2Q'25 3Q'25 4Q'25 1Q'26 D is po si tio n Ac tiv ity ($ 00 0s )
17 Source: Company data as of March 31, 2026. Since inception, the Company has disposed of 223 properties totaling $551 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
Source: Company data as March 31, 2026, unless otherwise noted. 1. Reflects the impact of 34.2 million unsettled forward shares at the March 31, 2026, weighted average net settlement price of $17.71 per share and 308 thousand ATM shares sold QTD in 2Q’26 at the weighted average net settlement price of $19.33 per share. 2. Includes the $100 million of undrawn term loan balance from the $250 million senior unsecured term loan. 3. Principal balance of revolver as of March 31, 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: Increased weighted average debt maturity to 3.8 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 3.2x Debt Maturity Schedule $200 $250 $350 $200 $150 $500 $8 $100 $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 $883
2.4% 6.6% 13.0% 13.3% 17.9% 22.5% EPRT NTST ADC NNN O FCPT 42% 67% 53% 32% 13% 0% ADC FCPT NTST O NNN EPRT 5.1x 3.9x 3.6x 0.0x 0.0x 0.0x FCPT NTST EPRT O NNN ADC 97% 32% 77% 27% 30% 59% 12% 15% 6% 44% 3% 43% 30% 13% FCPT NTST EPRT ADC O NNN Service Discount Necessity Source: Public filings as of December 31, 2025. NTST as of 1Q’26. 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 14.4 10.2 7.8 10.2 8.8 6.9 Weighted-Average Lease Term 63% 97%2 99% NR NR NR Unit-Level Financial Reporting
9.0% 8.7% 5.4% 5.4% 4.5% 3.4% 3.3% 3.0% NA NA Source: Public filings, FactSet and S&P Capital IQ. Note: Market data as of April 17, 2026. Capitalization data as of 4Q’25. NTST capitalization data as of 1Q’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. 2026E AFFO per share growth is calculated using FactSet mean 2026E AFFO per share estimates and 2025A AFFO per share estimates. 5. Net Debt is adjusted for forward equity. For NTST, net debt is further adjusted to include the impact of ATM sales in 2Q’26. 6. 2026E AFFO per share multiple calculated using current price per share and FactSet mean 2026E AFFO per share estimates. Adj. Net Debt / EBITDA5 Multiple and Earnings Growth Comparison Relative Valuation and Growth Remains Stable 20 AFFO per Share Growth CAGR1 (2021-2025) 2026E AFFO per Share Growth4 2026E AFFO per Share Multiple6 32 3.2x 3.8x 3.8x 4.8x 4.9x 5.4x 5.6x 5.6x 5.6x 5.8x 8.2% 5.4% 5.3% 4.6% 4.2% 3.8% 3.4% 3.3% 3.2% 3.1% 17.4x 16.4x 15.1x 14.8x 14.2x 13.9x 13.8x 13.2x 13.2x 12.7x
Implied Cap Rate G&A Adjusted Implied Cap Rate2 2026E AFFO Multiple 5.0% 4.7% 17.4x 5.8% 5.4% 16.4x 6.2% 5.5% 15.1x 6.3% 6.1% 14.8x 6.4% 5.7% 13.9x 6.9% 6.4% 12.7x Average ex NTST 6.1% 5.6% 15.0x (unaudited, in thousands) Three Months Ended, March 31, 2026 NOI - Property $48.5 Straight-line Rental Adjustments (2.2) Amortization of Lease-Related Intangibles 0.0 Cash NOI - Property 46.4 Intraquarter Net Investment Activity 3.1 Normalized Cash NOI - Property 49.5 Annualized Normalized Cash NOI - Property $197.9 Applied Cap Rate 6.15% 6.00% 5.75% 5.50% 5.25% Implied Real Estate Value $3,215 $3,298 $3,441 $3,598 $3,769 Mortgage Loan Receivable 130.3 Property Under Development 10.9 Other Tangible Assets 63.1 Net Debt1 (629.3) Other Tangible Liabilities (42.0) Implied Equity Value $2,748 $2,831 $2,974 $3,131 $3,302 Total Shares and OP Units Outstanding 97.7 Unsettled Forward Shares1 34.2 Implied Equity Value per Share $20.84 $21.47 $22.56 $23.74 $25.04 Applied Cap Rate and NAV Analysis Strong Upside Potential Given Relative Valuation Applied Nominal Cap Rate – Sensitivity Analysis 21 Peer Benchmarking Source: Public filings, FactSet and S&P Capital IQ. Note: Capitalization data as of December 31, 2025 (NTST as of 1Q’26). Market data as of April 17, 2026. Companies may define adjusted cash NOI differently. Accordingly, such data for these companies and NTST may not be comparable. 1. Assumes 34.2 million of unsettled forward equity shares were settled for cash on March 31, 2026, at a weighted average net settlement price of $17.71 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 March 31, 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 43% 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 March 31, 2026 2025 REVENUES Rental revenue (including reimbursable) $ 54,027 $ 42,590 Interest income on loans receivable 3,035 3,075 Other revenue — 245.00 Total revenues 57,062 45,910 OPERATING EXPENSES Property 5,404 4,803 General and administrative 5,755 5,169 Depreciation and amortization 24,463 20,923 Provisions for impairment 2,062 3,616 Transaction costs, net (60) 47 Total operating expenses 37,624 34,558 OTHER (EXPENSE) INCOME Interest expense, net (14,266) (11,460) Gain on sales of real estate, net 119 2,075 Loss on debt extinguishment — (46) Other income (expense), net 434 (205) Total other expense, net (13,713) (9,636) Net income before income taxes 5,725 1,716 Income tax expense (14) (16) Net income 5,711 1,700 Net income attributable to noncontrolling interests 24 9 Net income attributable to common stockholders $ 5,687 $ 1,691 Amounts available to common stockholders per common share: Basic $ 0.06 $ 0.02 Diluted $ 0.06 $ 0.02 Weighted average common shares: Basic 95,543,920 81,644,492 Diluted 99,107,642 82,132,524 Condensed Consolidated Statements of Operations (unaudited, dollars in thousands, except per share data) 27
Three Months Ended March 31, 2026 2025 GAAP Reconciliation: Net income $ 5,711 $ 1,700 Depreciation and amortization of real estate 24,387 20,850 Provisions for impairment 1,488 3,616 Gain on sales of real estate, net (119) (2,075) Funds from Operations (FFO) $ 31,467 $ 24,091 Adjustments: Non-recurring executive transition costs, severance, and related charges — 76 Loss on debt extinguishment and other related costs — 403 Other loss 574 — Core Funds from Operations (Core FFO) $ 32,041 $ 24,570 Adjustments: Straight-line rent adjustments (2,153) (954) Amortization of deferred financing costs 971 664 Amortization of above/below-market assumed debt 29 29 Amortization of loan origination costs and discounts (133) (77) Amortization of lease-related intangibles 47 (70) Earned development interest 116 43 Capitalized interest expense (88) (50) Non-cash interest expense 705 705 Non-cash compensation expense 1,689 1,388 Adjusted Funds from Operations (AFFO) $ 33,224 $ 26,248 FFO per common share, diluted $ 0.32 $ 0.29 Core FFO per common share, diluted $ 0.32 $ 0.30 AFFO per common share, diluted $ 0.34 $ 0.32 Dividends per share $ 0.22 $ 0.21 Dividends per share as a percent of AFFO 65 % 66 % Weighted average common shares outstanding, basic 95,543,920 81,644,492 Operating partnership units outstanding 407,714 424,956 Unvested restricted stock units and LTIP Units 524,946 63,076 Unsettled shares under open forward equity contracts 2,631,062 — Weighted average common shares outstanding, diluted 99,107,642 82,132,524 Funds From Operations and Adjusted Funds From Operations (unaudited, dollars in thousands, except per share data) 28
1. Adjustment reflects the estimated cash yield on developments in process as of March 31, 2026. 2. Adjustment assumes all re-leasing activity, investments in and dispositions of real estate, including any developments completed during the three months ended March 31, 2026, had occurred on January 1, 2026. 3. We calculate Annualized Adjusted EBITDAre by multiplying Adjusted EBITDAre by four. 4. Reflects 34,201,865 of unsettled forward equity shares at the March 31, 2026, available weighted average net settlement price of $17.71 per share. 5. Reflects 307,984 of shares sold at a weighted average net settlement price of $19.33 per share. Three Months Ended March 31, 2026 2025 GAAP Reconciliation: Net income $ 5,711 $ 1,700 Depreciation and amortization of real estate 24,387 20,850 Amortization of lease-related intangibles 47 (70) Non-real estate depreciation and amortization 76 73 Interest expense, net 14,266 11,460 Income tax expense 14 16 Amortization of loan origination costs and discounts (133) (77) EBITDA 44,368 33,952 Adjustments: Provisions for impairment 1,488 3,616 Gain on sales of real estate, net (119) (2,075) EBITDAre 45,737 35,493 Adjustments: Straight-line rent adjustments (2,153) (954) Loss on debt extinguishment and other related costs — 403 Non-recurring executive transition costs, severance and related charges — 76 Other loss 574 — Other (income) expense, net (31) 364 Transaction costs, net (60) 47 Non-cash compensation expense 1,689 1,388 Adjustment for construction in process (1) 208 146 Adjustment for intraquarter investment activities (2) 2,964 1,162 Adjusted EBITDAre $ 48,928 $ 38,125 Annualized Adjusted EBITDAre (3) $ 195,712 Net Debt As of March 31, 2026 Principal amount of total debt $ 1,245,999 Less: Cash, cash equivalents and restricted cash (11,058) $ 11,058 Net Debt $ 1,234,941 Less: Net value of unsettled forward equity (4) (605,622) Adjusted Net Debt $ 629,319 Less: Subsequent ATM Sales (5) (5,952) Pro Forma Adjusted Net Debt $ 623,367 Leverage Net Debt / Annualized Adjusted EBITDAre 6.3 x Adjusted Net Debt / Annualized Adjusted EBITDAre 3.2 x Pro Forma Adjusted Net Debt / Annualized Adjusted EBITDAre 3.2 x EBITDAre and Adjusted EBITDAre (unaudited, dollars in thousands) 29
Net Operating Income (unaudited, dollars in thousands) 1. Adjustments assumes all re-leasing activity, investments in and dispositions of real estate, including any developments completed during the three months ended March 31, 2026, had occurred on January 1, 2026. Three Months Ended March 31, 2026 2025 GAAP Reconciliation: Net income $ 5,711 $ 1,700 General and administrative 5,755 5,169 Depreciation and amortization 24,463 20,923 Provisions for impairment 2,062 3,616 Transaction costs, net (60) 47 Interest expense, net 14,266 11,460 Gain on sales of real estate, net (119) (2,075) Income tax expense 14 16 Amortization of loan origination costs and discounts (133) (77) Loss on debt extinguishment — 46 Interest income on mortgage loans receivable (3,035) (3,075) Other (income) expense, net (465) 495 Property-Level NOI 48,459 38,245 Straight-line rent adjustments (2,153) (954) Amortization of lease-related intangibles 47 (70) Property-Level Cash NOI $ 46,353 $ 37,221 Adjustment for intraquarter acquisitions, dispositions, and completed development (1) 3,117 Property-Level Cash NOI Estimated Run Rate $ 49,470 Property Operating Expense Coverage Property operating expense reimbursement $ 4,631 $ 4,183 Property operating expenses (5,404) (4,803) Property operating expenses, net $ (773) $ (620) 30
March 31, 2026 December 31, 2025 Assets Real estate, at cost: Land $ 857,293 $ 772,417 Buildings and improvements 1,695,969 1,590,714 Total real estate, at cost 2,553,262 2,363,131 Less accumulated depreciation (205,787) (188,858) Property under development 10,880 5,500 Real estate held for investment, net 2,358,355 2,179,773 Assets held for sale 57,692 40,976 Mortgage loans receivable, net 130,325 142,464 Cash, cash equivalents, and restricted cash 11,058 14,467 Lease intangible assets, net 181,632 173,440 Other assets, net 70,766 63,076 Total assets $ 2,809,828 $ 2,614,196 LIABILITIES AND EQUITY Liabilities: Term loans, net $ 1,143,284 $ 1,093,331 Revolving credit facility 88,000 — Mortgage note payable, net 7,801 7,814 Lease intangible liabilities, net 16,290 16,910 Liabilities related to assets held for sale 1,029 1,016 Accounts payable, accrued expenses, and other liabilities 42,003 42,559 Total liabilities $ 1,298,407 $ 1,161,630 Equity: Stockholders’ equity Common stock, $0.01 par value, 400,000,000 shares authorized; 97,253,523 and 93,070,533 shares issued and outstanding as of March 31, 2026 and December 31, 2025, respectively $ 973 $ 931 Additional paid-in capital 1,769,473 1,701,572 Distributions in excess of retained earnings (267,741) (251,926) Accumulated other comprehensive income (loss) 2,384 (4,565) Total stockholders’ equity 1,505,089 1,446,012 Noncontrolling interests 6,332 6,554 Total equity 1,511,421 1,452,566 Total liabilities and equity $ 2,809,828 $ 2,614,196 Condensed Consolidated Balance Sheets (unaudited, dollars in thousands, except per share data) 31
Debt, Capitalization, and Financial Ratios (unaudited, dollars in thousands) 32 As of March 31, 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 $ 88,000 —% 4.48% $ 411,850 3.8 2028 Term Loan February 11, 2028 200,000 2.63% 3.58% — 1.9 2029 Term Loan A(3) January 3, 2029 250,000 3.74% 4.69% — 2.8 2030 Term Loan A(4) January 15, 2030 175,000 2.40% 3.35% — 3.8 2030 Term Loan B(5) January 15, 2030 175,000 3.87% 4.82% — 3.8 2031 Term Loan March 25, 2031 200,000 3.44% 4.39% — 5.0 2032 Term Loan(6) September 24, 2032 150,000 3.41% 4.66% 100,000 6.5 Mortgage note(7) November 1, 2027 7,999 —% 4.53% — 1.6 Total / Weighted Average $ 1,245,999 3.27% 4.27% $ 511,850 3.8 1. Rates presented exclude the impact of capitalized loan fee amortization. 2. Interest rate reflects the all-in borrowing rate as of March 31, 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, 2026, and includes two one-year extension options and one six-month extension option. 4. The term loan matures on January 15, 2029, and includes a one-year extension option. Existing fixed rate SOFR expires in January 2027; the term loan is unhedged beyond that date. 5. The term loan matures on January 15, 2029, and includes a one-year extension option. 6. $200.0 million of the term loan is hedged at an all-in rate of 4.67%. The remaining $50.0 million is unhedged. A subsequent SOFR swap will take effect April 1, 2026, on an additional $50.0 million. 7. The mortgage note was assumed as part of an asset acquisition during the third quarter of 2022. Floating, 7% Fixed, 93% Fixed vs. Floating Debt $200 $250 $350 $200 $150 $500 $8 $100 $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 $88
Debt, Capitalization, and Financial Ratios (cont’d) (unaudited, dollars in thousands) 33 As of March 31, 2026 Key Debt Covenant Information Required Actual Consolidated total leverage ratio ≤ 60.0% 33.1% Fixed charge coverage ratio ≥ 1.50x 3.16x Maximum secured indebtedness ≤ 40.0% 0.2% Maximum recourse indebtedness ≤ 10.0% —% Unencumbered leverage ratio ≤ 60.0% 37.9% Unencumbered interest coverage ratio ≥ 1.75x 3.30x Liquidity As of March 31, 2026 Unused Unsecured Revolver Capacity (1) $ 411,850 Cash, Cash Equivalents and Restricted Cash 11,058 Net Value of Unsettled Forward Equity (2) 605,622 Undrawn Term Loan Balance 100,000 Total Liquidity $ 1,128,530 Subsequent ATM Sales (3) 5,952 Total Pro Forma Liquidity $ 1,134,482 Equity Ending Shares/Units Equity Market Capitalization(4) % of Total Common shares 97,253,523 $ 1,831,284 99.6 % OP units 407,714 7,677 0.4 % Total(5) 97,661,237 $ 1,838,961 100.0 % Enterprise Value As of March 31, 2026 % of Total Adjusted Net Debt $ 629,319 20.5 % Net Value of Unsettled Forwards 605,622 19.7 % Equity Market Capitalization 1,838,961 59.8 % Total Enterprise Value $ 3,073,902 100.0 % 1. Remaining capacity reduced by $0.15 million for outstanding letters of credit. 2. Reflects 34,201,865 of unsettled shares under forward sale agreements at the March 31, 2026, weighted average net settlement price of $17.71 per share. 3. Reflects 307,984 of shares sold at a weighted average net settlement price of $19.33 per share. 4. Value is based on the March 31, 2026, closing share price of $18.83 per share. 5. Excludes unvested LTIP units and unvested restricted stock units. As of March 31, 2026 Outstanding Forward Equity Offerings Shares Issued Shares Settled Shares Remaining Net Proceeds Received Anticipated Net Proceeds Remaining January 2024 Follow On 11,040,000 6,200,000 4,840,000 $ 105,819 $ 81,676 Q1 2024 ATM 107,500 — 107,500 — 1,844 Q2 2024 ATM 1,635,600 — 1,635,600 — 28,055 July 2025 Follow On 12,420,000 8,155,053 4,264,947 137,050 71,250 Q3 2025 ATM 1,045,195 — 1,045,195 — 18,614 Q4 2025 ATM 5,725,592 — 5,725,592 — 102,245 Q1 2026 ATM 3,956,031 — 3,956,031 — 73,529 February 2026 Follow On 12,627,000 — 12,627,000 — 228,409 Total 48,556,918 14,355,053 34,201,865 $ 242,869 $ 605,622
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 remove the effect of unusual and non-recurring items that are not expected to impact our operating performance or operations on an ongoing basis. These include non-recurring executive transition costs, severance and related charges, other non-recurring losses (gains), debt related transaction costs, and other losses (gains). 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 35 EBITDA, EBITDAre, Adjusted EBITDAre, and Annualized Adjusted EBITDAre We compute EBITDA as earnings before interest expense, income tax expense, and depreciation and amortization. In 2017, NAREIT issued a white paper recommending that companies that report EBITDA also report EBITDAre. We compute EBITDAre in accordance with the definition adopted by NAREIT. NAREIT defines EBITDAre as EBITDA (as defined above) excluding gains (or losses) from the sales of depreciable property and impairment charges on depreciable real property. Adjusted EBITDAre is a non-GAAP financial measure defined as EBITDAre further adjusted to exclude straight-line rent, non-cash compensation expense, non-recurring executive transition costs, severance and related charges, debt related transaction costs, transaction costs, other non-recurring loss (gain), net, other non-recurring expenses (income) including lease termination fees, as well as adjustments for construction in process and for intraquarter activities. Annualized Adjusted EBITDAre is Adjusted EBITDAre multiplied by four. We present EBITDA, EBITDAre, Adjusted EBITDAre, and Annualized Adjusted EBITDAre as they are measures commonly used in our industry. We believe that these measures are useful to investors and analysts because they provide supplemental information concerning our operating performance, exclusive of certain non-cash items and other costs. We use EBITDA, EBITDAre, Adjusted EBITDAre, and Annualized Adjusted EBITDAre as measures of our operating performance and not as measures of liquidity. EBITDA, EBITDAre, Adjusted EBITDAre, and Annualized Adjusted EBITDAre do not include all items of revenue and expense included in net income, they do not represent cash generated from operating activities and they are not necessarily indicative of cash available to fund cash requirements; accordingly, they should not be considered alternatives to net income as a performance measure or cash flows from operations as a liquidity measure and should be considered in addition to, and not in lieu of, GAAP financial measures. Additionally, our computation of EBITDA, EBITDAre, Adjusted EBITDAre, and Annualized Adjusted EBITDAre may differ from the methodology for calculating these metrics used by other equity REITs and, therefore, may not be comparable to similarly titled measures reported by other equity REITs. Net Debt, Adjusted Net Debt, and Pro Forma Adjusted Net Debt We calculate Net Debt as the principal amount of our total debt outstanding, excluding deferred financing costs, net discounts, and debt issuance costs, less cash, cash equivalents, and restricted cash available for future investment. We then adjust Net Debt by the net value of unsettled forward equity as of period end to derive Adjusted Net Debt. Further, we adjust Adjusted Net Debt by the value of any unsettled forward equity and at-the-market sales occurring subsequent to the period to derive Pro Forma Adjusted Net Debt. We believe excluding cash, cash equivalents, and restricted cash available for future investment from the principal amount of our total debt outstanding, together with the exclusion of the net value of unsettled forward equity as of period end and the net value of unsettled forward equity and at-the-market sales subsequent to the period, all of which could be used to repay debt, provides a useful estimate of the net contractual amount of borrowed capital to be repaid. We believe these adjustments are additional beneficial disclosures to investors and analysts. Enterprise Value We calculate Enterprise Value as the sum of our Adjusted Net Debt, market value of unsettled forwards, and equity market capitalization as of period end.
Non-GAAP Measures and Definitions (cont’d) 36 Property-Level NOI, Property-Level Cash NOI, and Property-Level Cash NOI - Estimated Run Rate Property-Level NOI, Property-Level Cash NOI, and Property-Level Cash NOI - Estimated Run Rate are non-GAAP financial measures which we use to assess our operating results. We compute Property-Level NOI as net income (computed in accordance with GAAP), excluding general and administrative expenses, interest expense, net, income tax expense, amortization of loan origination costs and discounts, transaction costs, depreciation and amortization, gains (or losses) on sales of depreciable property, real estate impairment losses, interest income on mortgage loans receivable, debt related transaction costs, and other expense (income), net, including lease termination fees. We further adjust Property-Level NOI for non-cash revenue components of straight-line rent and amortization of lease-intangibles to derive Property-Level Cash NOI. We further adjust Property-Level Cash NOI for intraquarter acquisitions, dispositions, and completed development to derive Property-Level Cash NOI - Estimated Run Rate. We believe Property-Level NOI, Property-Level Cash NOI, and Property-Level Cash NOI - Estimated Run Rate provide useful and relevant information because they reflect only those income and expense items that are incurred at the property level and present such items on an unlevered basis. Property-Level NOI, Property-Level Cash NOI, and Property-Level Cash NOI - Estimated Run Rate are not measurements of financial performance under GAAP and may not be comparable to similarly titled measures of other companies. You should not consider our measures as alternatives to net income or cash flows from operating activities determined in accordance with GAAP. Other Definitions ABR is annualized base rent for all leases that commenced and annualized cash interest for all executed mortgage loans as of 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.
FAQ
How did NETSTREIT (NTST) perform financially in the first quarter of 2026?
NETSTREIT generated net income attributable to common stockholders of $5.7 million, or $0.06 per diluted share, versus $0.02 a year earlier. Revenue rose to $57.1 million from $45.9 million, while AFFO increased to $33.2 million, or $0.34 per diluted share.
How much investment activity did NETSTREIT (NTST) complete in Q1 2026?
NETSTREIT completed $239.0 million of gross investment activity during the quarter at a 7.5% blended cash yield. After $11.1 million of dispositions and $16.8 million of loan repayments, net investment activity totaled $211.1 million for the period.
What is the quality and occupancy of NETSTREIT’s (NTST) real estate portfolio?
As of March 31, 2026, NETSTREIT’s portfolio comprised 804 investments across 46 states with 14.5 million square feet. Occupancy was 99.9%, the weighted average lease term was 10.2 years, and 58.3% of annualized base rent came from investment grade or investment grade profile tenants.
How strong is NETSTREIT’s (NTST) balance sheet and liquidity position?
NETSTREIT reported adjusted net debt of $629.3 million and pro forma adjusted net debt of $623.4 million. Pro forma adjusted net debt to annualized adjusted EBITDAre was 3.2x, and total liquidity was about $1.13 billion, including unused revolver capacity, cash, forward equity and undrawn term loan capacity.
Did NETSTREIT (NTST) change its dividend for 2026?
Yes. The board declared a second-quarter 2026 cash dividend of $0.22 per share. On an annualized basis, the $0.88 dividend per share represents a $0.04 per share increase over the prior year’s annualized common stock dividend level.