Netstreit Corp. · NYSE:NTST
Netstreit — Investor Presentation (October 2026)
36 slides from Netstreit's investor presentation, Oct 21, 2026
Slide 1: Investor Presentation October 2026
1 Investor Presentation October 2026 NETSTREIT
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 September 30, 2026, unless otherwise noted. Figures represent percentage of ABR unless otherwise noted. Due to rounding, respective percentage of credit rating may not precisely reflect the absolute figures. 1. Re
Slide 4: Portfolio Overview
4.0% 3.6% 3.6% 3.2% 3.1% 2.7% 2.7% 2.3% 2.1% 2.0% Baa1 Portfolio Overview High-Quality, Diversified Portfolio Consisting of 58.2% IG and IG Profile Tenants Across 46 States 4 Source: Company data as of September 30, 2026, unless otherwise noted. 1. Excludes six properties under development. 2. Perce
Slide 5: Portfolio Diversification In Defensive Retail Sectors
Portfolio Diversification In Defensive Retail Sectors Nationally Diversified Portfolio Primarily Comprised of Recession Resilient Retail Tenants Source: Company data as of September 30, 2026. All figures represent percentage of ABR. Due to rounding, respective defensive retail sector exposure may no
Slide 6: Resilient, Cycle-Tested Investment Grade Credit Tenants with Durable Cash Flows
Resilient, Cycle-Tested Investment Grade Credit Tenants with Durable Cash Flows1 ~50% 58.2% (40.1% IG and 18.1% IGP) Granular Assets in Highly Fragmented, Undercapitalized Market Segment $3.9 million Avg. Asset Size $1 to $10 million Avg. Asset Size Net Lease Retail Assets with Long Lease Term Benef
Slide 7: Acquisition Strategy – Bell Curve Investing
“Market-Taker Assets” 7 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 8: Stringent Three-Part Underwriting Process
8 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 Ten
Slide 9: 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 10: Real Estate Valuation Framework
10 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 11: Unit-Level Investment Criteria
11 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 informatio
Slide 12: Credit and Rent Coverage Statistics
12 Source: Company data as of September 30, 2026. “NR” stands for not reported. 1. Unit-level rent coverage is calculated using a.) unit-level financial reporting, which represents 36.5% of ABR, or b.) Placer.ai adjusted sales and corporate EBITDA margins, where unit level reporting is not required
Slide 13: History of Sourcing Investments at Attractive Yields
13 Source: Company filings from August 2020 through June 30, 2026 (NTST as of 3Q’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,
Slide 14: Investment Activity Summary Details
14 Investment Activity Summary Details Source: Company data as of September 30, 2026. 1. Includes acquisitions, mortgage loans receivable, and completed developments. 2. Excludes lease extension options and investments that secure mortgage loans receivable. Investments1 Number of Investments 52 25 3
Slide 15: Disposition Activity Summary Details
15 Disposition Activity Summary Details Source: Company data as of September 30, 2026. 1. Excludes vacant properties. Dispositions Cash Cap Rates1 7.1% 7.3% 6.5% 7.2% 6.9% 6.6% 6.8% 7.2% Number of Investments 30 16 20 24 17 5 16 15 Weighted Average Lease Term 11.4 10.0 9.3 11.8 11.2 11.3 9.4 13.7 $5
Slide 16: Active Asset Management
16 Source: Company data as of September 30, 2026. Since inception, the Company has disposed of 254 properties totaling $639 million, materially improving portfolio performance metrics such as tenant quality, WALT, and geographic diversity Identify properties not meeting strategy and/or risk manageme
Slide 17: Conservative Balance Sheet with Strong Liquidity
Source: Company data as September 30, 2026, unless otherwise noted. 1. Reflects the impact of 15.9 million unsettled forward shares at the September 30, 2026, weighted average net settlement price of $19.57 per share. 2. Includes the $400 million of undrawn term loan balance from the $400 million se
Slide 18: Portfolio Highlights Relative to Peers
2.3% 4.7% 10.2% 11.1% 15.0% 19.8% 40% 66% 51% 34% 13% ADC FCPT NTST O NNN EPRT 5.2x 3.9x 3.5x N/A N/A N/A FCPT NTST EPRT O NNN ADC Source: Public filings as of June 30, 2026 (NTST as of 3Q’26). 1. Examples of service includes convenience stores, quick service restaurants, automotive service, and hea
Slide 19: Peer Growth and AFFO Multiples
14.7x 12.7x 12.6x 12.3x 12.2x 11.8x 11.6x 11.4x 11.1x 6.1% 5.1% 4.8% 4.6% 4.5% 3.4% 3.0% 3.0% 2.8% 7.9% 6.1% 5.9% 5.7% 4.7% 4.3% 4.0% 3.9% 3.7% 2027E AFFO per Share Multiple5 9.0% 8.7% 5.4% 5.4% 4.5% 3.4% 3.3% 3.0% Source: Public filings, FactSet and S&P Capital IQ. Note: Market data as of October 2
Slide 20: Implied Cap Rate and Net Asset Value Analysis
Implied Cap Rate G&A Adjusted Implied Cap Rate2 2026E AFFO Multiple 6.3% 5.9% 14.7x 7.1% 6.8% 12.7x 7.2% 6.8% 11.6x 7.2% 6.5% 11.8x 7.3% 6.8% 12.6x 7.5% 6.8% 12.3x Average ex NTST 7.0% 6.6% 12.7x (unaudited, in thousands) Three Months Ended, September 30, 2026 NOI - Property $57.1 Straight-line Rent
Slide 21: Corporate Responsibility
21 Corporate Responsibility
Slide 22: Governance Highlights
22 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 23: Social Responsibility
23 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 24: Environmental Responsibility
24 Source: Tenants within our portfolio that have public environmental, social, or governance initiatives as of September 30, 2026. Environmental Responsibility We are committed to fulfilling our responsibility as an outstanding corporate citizen. 17 of our top 20 tenants have corporate sustainabi
Slide 25: Financial Information and Non-GAAP Reconciliations
25 Financial Information and Non-GAAP Reconciliations
Slide 26: Consolidated Statements of Operations
R: 41 G: 75 B: 120 R: 231 G: 235 B: 241 R: 240 G: 199 B: 68 R: 65 G: 199 B: 241 R: 6 G: 6 B: 10 Three Months Ended September 30, Nine Months Ended September 30, 2026 2025 2026 2025 REVENUES Rental revenue (including reimbursable) $ 63,215 $ 45,026 $ 175,064 $ 132,774 Interest income on loans receiva
Slide 27: Funds From Operations and Adjusted Funds From Operations
R: 41 G: 75 B: 120 R: 231 G: 235 B: 241 R: 240 G: 199 B: 68 R: 65 G: 199 B: 241 R: 6 G: 6 B: 10 Funds From Operations and Adjusted Funds From Operations (unaudited, dollars in thousands, except per share data) 27 Three Months Ended September 30, Nine Months Ended September 30, 2026 2025 2026 2025 GA
Slide 28: EBITDAre and Adjusted EBITDAre
R: 41 G: 75 B: 120 R: 231 G: 235 B: 241 R: 240 G: 199 B: 68 R: 65 G: 199 B: 241 R: 6 G: 6 B: 10 EBITDAre and Adjusted EBITDAre (unaudited, dollars in thousands) 28 Three Months Ended September 30, 2026 GAAP Reconciliation: Net income $ 8,507 Depreciation and amortization of real estate 28,495 Amorti
Slide 29: Net Operating Income
R: 41 G: 75 B: 120 R: 231 G: 235 B: 241 R: 240 G: 199 B: 68 R: 65 G: 199 B: 241 R: 6 G: 6 B: 10 Net Operating Income (unaudited, dollars in thousands) 1. Adjustment assumes all re-leasing activity, investments in and dispositions of real estate, including any developments completed during the three
Slide 30: Consolidated Balance Sheets
R: 41 G: 75 B: 120 R: 231 G: 235 B: 241 R: 240 G: 199 B: 68 R: 65 G: 199 B: 241 R: 6 G: 6 B: 10 September 30, 2026 December 31, 2025 ASSETS Real estate, at cost: Land $ 1,001,153 $ 772,417 Buildings and improvements 1,953,370 1,590,714 Total real estate, at cost 2,954,523 2,363,131 Less accumulated
Slide 31: Debt, Capitalization, and Financial Ratios
R: 41 G: 75 B: 120 R: 231 G: 235 B: 241 R: 240 G: 199 B: 68 R: 65 G: 199 B: 241 R: 6 G: 6 B: 10 As of September 30, 2026 Debt Summary Fully Extended Maturity Principal Balance Fixed Rate SOFR Swap Interest Rate(1) Remaining Capacity Available Term (years) Unsecured revolver(2) January 15, 2030 $ — —
Slide 32: Debt Covenants, Forward Equity and Liquidity
R: 41 G: 75 B: 120 R: 231 G: 235 B: 241 R: 240 G: 199 B: 68 R: 65 G: 199 B: 241 R: 6 G: 6 B: 10 As of September 30, 2026 Key Debt Covenant Information Required Actual Consolidated total leverage ratio ≤ 60.0% 29.8% Fixed charge coverage ratio ≥ 1.50x 3.2x Maximum secured indebtedness ≤ 40.0% 0.2% Ma
Slide 33: Non-GAAP Measures and Definitions
R: 41 G: 75 B: 120 R: 231 G: 235 B: 241 R: 240 G: 199 B: 68 R: 65 G: 199 B: 241 R: 6 G: 6 B: 10 Non-GAAP Measures and Definitions 33 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 finan
Slide 34: Non-GAAP Measures and Definitions
R: 41 G: 75 B: 120 R: 231 G: 235 B: 241 R: 240 G: 199 B: 68 R: 65 G: 199 B: 241 R: 6 G: 6 B: 10 Non-GAAP Measures and Definitions 34 EBITDA, EBITDAre, Adjusted EBITDAre, and Annualized Adjusted EBITDAre We compute EBITDA as earnings before interest expense, income tax expense, and depreciation and a
Slide 35: Non-GAAP Measures and Definitions (cont'd)
R: 41 G: 75 B: 120 R: 231 G: 235 B: 241 R: 240 G: 199 B: 68 R: 65 G: 199 B: 241 R: 6 G: 6 B: 10 Non-GAAP Measures and Definitions (cont’d) 35 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
Slide 36: Non-GAAP Measures and Definitions (cont'd)
R: 41 G: 75 B: 120 R: 231 G: 235 B: 241 R: 240 G: 199 B: 68 R: 65 G: 199 B: 241 R: 6 G: 6 B: 10 Non-GAAP Measures and Definitions (cont’d) 36 OP Units means operating partnership units not held by NETSTREIT. Weighted Average Lease Term is weighted by the annualized base rent, excluding lease extensi