Slide 1: Investor Presentation September 2025
1 Investor Presentation September 2025
Slide 2: Disclaimer
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 b
Slide 3: Investment Highlights & Business Update
Investment Highlights & Business Update 3 Source: Company data and balance sheet as of June 30, 2025, unless otherwise noted. Figures represent percentage of ABR unless otherwise noted. Due to rounding, respective percentage of credit rating may not precisely reflect the absolute figures. 1. Represe
Slide 4: Select Tenant Lease Expirations
Select Tenant Lease Expirations Minimal Lease Rollover Risk with Select Tenants through 2030 4 % of ABR Expiring Next Next WALT Tenant 2025 2026 2027 2028 2029 2030 4 Years 6 Years Years Walgreens - - - - - - - - 9.9 CVS - 0.10% - - 0.15% 0.06% 0.10% 0.30% 10.2 Dollar Tree - 0.07% - - 0.07% 0.09% 0.
Slide 5: De Minimis Historical Annualized Credit Loss Since Inception
$- $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 5 Since NETSTREIT’s initial equity raise in 4Q’19, only one portfolio t
Slide 6: Portfolio Overview
6.9%5 5.5%5 4.6% 4.5% 4.3%5, 6 4.0% 3.0% 3.0%5 2.9% 2.6% BBB+ Portfolio Overview High-Quality, Diversified Portfolio Consisting of 52.2% Investment Grade Tenants Across 45 States 6 Source: Company data as of June 30, 2025, unless otherwise noted. 1. Includes acquisitions, mortgage loans receivable,
Slide 7: Portfolio Diversification In Defensive Retail Sectors
Home Improvement: Dollar Stores1: Convenience Stores: 11.0% Grocery: 14.5% 1 Portfolio Diversification In Defensive Retail Sectors Nationally Diversified Portfolio Primarily Comprised of Recession Resilient Retail Tenants Source: Company data as of June 30, 2025. All figures represent percentage of
Slide 8: Resilient, Cycle-Tested Investment Grade Credit Tenants with Durable Cash Flows
Resilient, Cycle-Tested Investment Grade Credit Tenants with Durable Cash Flows1 >60% 68.7% (52.2% IG and 16.5% IGP) Granular Assets in Highly Fragmented, Undercapitalized Market Segment $3.5 million Avg. Asset Size $1 to $10 million Avg. Asset Size Net Lease Retail Assets with Long Lease Term Benef
Slide 9: Acquisition Strategy – Bell Curve Investing
“Market-Taker Assets” 9 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 li
Slide 10: Stringent Three-Part Underwriting Process
10 Real Estate Valuation Unit-Level Profitability • Review underlying key real estate metrics to maximize re- leasing potential • Location analysis • Alternative use analysis • Determine rent coverage (min. 2.0x) and cost variability • Assess volatility and likelihood of cash flow weakness C B Tenan
Slide 11: Investment Grade, Investment Grade Profile and Sub-IG Tenants
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 comp
Slide 12: Real Estate Valuation
12 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 /
Slide 13: Key Unit-Level Investment Criteria
13 Obtain Financial Info Perform Financial Analysis 2 Assess Investment Merits 1 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 informat
Slide 14: Portfolio Health Statistics
0% 4% 8% 12% 16% 20% 24% 28% NR <1.00 1.00-1.49 1.50-1.99 >2.00 0% 2% 4% 6% 8% 10% 12% 14% NR <1.00 1.00-1.49 1.50-1.99 >2.00 >2.00x: 76.8% 1.50-1.99x: 15.1% 1.00-1.49x: 3.3% <1.00x: 0.8% NR, 3.9% Portfolio Health Statistics Durability Evidenced by Creditworthy Tenants with Large Revenue Bases and S
Slide 15: History of Sourcing Investments at Attractive Yields
15 Source: Company filings from August 2020 through June 30, 2025. 1. Investments that have investment grade credit metrics (more than $1.0 billion in annual sales and a debt to adjusted EBITDA ratio of less than 2.0x), but do not carry a published rating from S&P, Fitch, Moody’s, or NAIC. 2. Exclud
Slide 16: Investment Activity Summary Details
$117,455 $119,128 $129,207 $115,734 $151,555 $195,079 $90,680 $117,063 $0 $40,000 $80,000 $120,000 $160,000 $200,000 3Q'23 4Q'23 1Q'24 2Q'24 3Q'24 4Q'24 1Q'25 1Q'25 G ro s s I n v e s tm e n t A c ti v it y ($ 0 0 0 s ) 16 Investment Activity Summary Details Source: Company data as of June 30, 2025.
Slide 17: Disposition Activity Summary Details
$13,543 $15,995 $21,600 $12,707 $24,105 $59,337 $40,293 $60,391 $0 $10,000 $20,000 $30,000 $40,000 $50,000 $60,000 $70,000 3Q'23 4Q'23 1Q'24 2Q'24 3Q'24 4Q'24 1Q'25 2Q'25 D is p o s it io n s A c ti v it y ($ 0 0 0 s ) 17 Disposition Activity Summary Details Source: Company data as of June 30, 2025.
Slide 18: Active Asset Management
18 Source: Company data as of June 30, 2025. Since inception, the Company has disposed of 175 properties totaling $458 million, which has materially improved portfolio performance metrics such as tenant quality, WALT, and geographic diversity Identify properties not meeting strategy and/or risk mana
Slide 19: Conservative Balance Sheet with Improved Liquidity
Source: Company data as June 30, 2025, unless otherwise noted. 1. Pro forma (PF) adjustments made to reflect the unsettled portion of shares sold on a forward basis through July 25, 2025, as if they have been physically settled on June 30, 2025. 2. Principal balance of revolver as of June 30, 2025.
Slide 20: Portfolio Highlights Relative to Peers
5.0x 3.9x 3.4x NR NR NR FCPT NTST EPRT O NNN ADC 97% 24% 78% 26% 18% 60%17% 15% 10% 47% 3% 41% 15% 12% FCPT NTST EPRT ADC O NNN Service Discount Necessity 2.0% 3.2% 8.8% 13.1% 13.2% 13.8% EPRT NTST ADC O NNN FCPT 52% 68% 54% 34% 14% 0% ADC FCPT NTST O NNN EPRT Source: Public filings as of June 30, 2
Slide 21: Peer Valuation Comparison
10.3% 9.1% 5.9% 5.7% 5.3% 3.5% 3.1% 3.0% NA NA Source: Public filings, FactSet and S&P Capital IQ. Note: Market data as of September 4, 2025. Capitalization data as of Q2 2025, adjusted for subsequent events. 1. AFFO per share growth CAGR is calculated using 2021A and 2024A AFFO per share. 2. FVR’s
Slide 22: Implied Cap Rate and Net Asset Value
Implied Cap Rate G&A Adjusted Implied Cap Rate4 2025E AFFO Multiple 5.8% 5.5% 16.7x 6.0% 5.5% 16.3x 6.2% 5.6% 14.6x 6.7% 6.5% 13.7x 6.8% 6.5% 12.4x 7.0% 6.1% 13.7x 8.6% 7.2% 10.8x Average ex NTST & FVR 6.3% 5.9% 14.7x (unaudited, in millions) Three Months Ended, June 30, 2025 NOI - Property $40.4 St
Slide 23: Corporate Responsibility
23 Corporate Responsibility
Slide 24: Governance Highlights
24 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 par
Slide 25: Social Responsibility
25 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, wi
Slide 26: Environmental Responsibility
26 Source: Tenants within our portfolio that have public environmental, social, or governance initiatives as of June 30, 2025. 1. The sustainability-linked loan feature is for the $250 million senior unsecured term loan, which matures in January 2029. Environmental Responsibility We are committed to
Slide 27: Financial Information and Non-GAAP Reconciliations
27 Financial Information and Non-GAAP Reconciliations
Slide 28: Consolidated Statements of Operations
Three Months Ended June 30, Six Months Ended June 30, 2025 2024 2025 2024 REVENUES Rental revenue (including reimbursable) $ 45,158 $ 36,864 $ 87,748 $ 72,053 Interest income on loans receivable 3,128 2,703 6,203 5,187 Other revenue — — 245 — Total revenues 48,286 39,567 94,196 77,240 OPERATING EXPE
Slide 29: FFO, Core FFO and AFFO Reconciliation
Three Months Ended June 30, Six Months Ended June 30, 2025 2024 2025 2024 GAAP Reconciliation: Net income (loss) $ 3,289 $ (2,306) $ 4,989 $ (1,254) Depreciation and amortization of real estate 21,433 18,465 42,283 35,926 Provisions for impairment 4,422 3,836 8,038 7,498 Gain on sales of real estate
Slide 30: EBITDAre and Adjusted EBITDAre
1. Adjustment reflects the estimated cash yield on developments in process as of June 30, 2025. 2. Adjustment assumes all re-leasing activity, investments in, and dispositions of real estate, including developments completed during the three months ended June 30, 2025, had occurred on April 1, 2025.
Slide 31: Property-Level NOI and Cash NOI Reconciliation
Three Months Ended June 30, 2025 2024 GAAP Reconciliation: Net income (loss) $ 3,289 $ (2,306) General and administrative expense 5,475 5,268 Depreciation and amortization 21,506 18,544 Provisions for impairment 4,422 3,836 Transaction costs 73 47 Interest expense, net 12,638 7,604 Gain on sales of
Slide 32: Consolidated Balance Sheets
June 30, 2025 December 31, 2024 Assets Real estate, at cost: Land $ 618,577 $ 571,272 Buildings and improvements 1,416,931 1,400,393 Total real estate, at cost 2,035,508 1,971,665 Less accumulated depreciation (165,707) (143,422) Property under development 1,782 6,118 Real estate held for investment
Slide 33: Debt, Capitalization, and Financial Ratios
1. Rates presented exclude the impact of capitalized loan fee amortization. Interest rates that consist of fixed rate SOFR swaps include a credit spread adjustment of 0.10% and a borrowing spread of 1.15%. 2. Interest rate reflects the all-in borrowing rate as of June 30, 2025. Facility fees are cha
Slide 34: Debt, Capitalization, and Financial Ratios (cont'd)
1. Reflects 11,820,647 of unsettled shares under forward sale agreements at the June 30, 2025, weighted average net settlement price of $17.06 per share. 2. Remaining capacity reduced by $0.15 million for outstanding letters of credit. 3. Value is based on the June 30, 2025, closing share price of $
Slide 35: Non-GAAP Measures and Definitions
FFO, Core FFO, and AFFO The National Association of Real Estate Investment Trusts (“NAREIT”), an industry trade group, has promulgated a widely accepted non-GAAP financial measure of operating performance known as FFO. Our FFO is net income in accordance with GAAP, excluding gains (or losses) result
Slide 36: Non-GAAP Measures and Definitions (cont'd)
36 Non-GAAP Measures and Definitions (cont’d) 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 repo
Slide 37: Non-GAAP Measures and Definitions (cont'd)
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 n
Slide 38: Non-GAAP Measures and Definitions (cont'd)
Weighted Average Lease Term is weighted by the annualized base rent, excluding lease extension options and investments associated with mortgage loans receivable. 38 Non-GAAP Measures and Definitions (cont’d)