Slide 1: NETSTREIT Investor Presentation April 2026
NETSTREIT Investor Presentation April 2026 1
Slide 2: Disclaimer
Disclaimer 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 bus
Slide 3: Investment Highlights & Business Update
Investment Highlights & Business Update High Credit Quality & Resilient Net Lease Portfolio Focused on growing portfolio with high quality tenants that 58.3% 88.1% offer strong credit profiles and provide consistent performance Investment Grade (IG) and Necessity, Discount, and through various eco
Slide 4: Annualized Credit Loss Experience vs. Peers
Annualized Credit Loss Experience vs. Peers De Minimis Historical Annualized Credit Loss Since Inception 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 credi
Slide 5: Portfolio Overview
Portfolio Overview High-Quality, Diversified Portfolio Consisting of 58.3% IG and IG Profile Tenants Across 46 States Key Portfolio Stats Top 10 Tenants by % of ABR Investments1 804 States 46 BBB+ 4.5% Portfolio Square Feet (in millions) 14.5 Tenants 138 BBB 4.3% Retail Sectors 28 % Occupancy 99.9%
Slide 6: Portfolio Diversification In Defensive Retail Sectors
Portfolio Diversification In Defensive Retail Sectors Nationally Diversified Portfolio Primarily Comprised of Recession Resilient Retail Tenants 43.9% 12.1% Top Industries Necessity Discount Grocery 15.1% Convenience Stores 15.1% Home Improvement 8.4% Dollar Stores 8.0% Drug Stores & Pharmacies 6.6%
Slide 7: Consistent Investment Approach
Consistent Investment Approach Disciplined and Deliberate Portfolio Construction Investment Philosophy Portfolio Strategy Current Metrics Defensive Tenancy in Necessity-Based and Primarily 88.1% E-commerce-Resistant Retail Industries1 58.3% Resilient, Cycle-Tested Investment Grade Credit >60% (42.3%
Slide 8: Acquisition Strategy – Bell Curve Investing
Acquisition Strategy – Bell Curve Investing Acquisition Strategy is Focused on Inefficiently Priced Assets Where Risk Adjusted Returns are Higher Efficiently Priced Inefficiently Priced Assets Assets TYPICAL TRANSACTION TYPICAL TRANSACTION - Well marketed transaction - Not highly marketed - Straight
Slide 9: Stringent Three-Part Underwriting Process
Stringent Three-Part Underwriting Process Our Three-Pronged Approach Results in Superior Downside Protection A B C Level of Underwriting Emphasis Tenant Credit Underwriting Real Estate Valuation Unit-Level • Evaluate corporate level financials Profitability • Review underlying key real • Determine r
Slide 10: Strong Tenant Credit Underwriting
Strong Tenant Credit Underwriting Credit-Focused Underwriting Approach Drives Stable Revenue and Long-Term Return on Investment Investment Grade Investment Grade Sub-IG (rated) & (rated) Profile (unrated) Sub-IG Profile (unrated) • Validated financial strength and • Well-capitalized retailers • IG-c
Slide 11: Real Estate Valuation
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 Market-Level Considerations Property-Level Considerations • Vacancy analysi
Slide 12: Unit-Level Profitability
Unit-Level Profitability Assess Unit-Level Financial Performance to Focus on Properties with Strong Rent Coverage and Higher Variability in Operating Costs 1 2 3 Obtain Financial Info Perform Financial Analysis Assess Investment Merits • Provides clarity into • Analyze store demand • Determine wheth
Slide 13: Portfolio Health Statistics
Portfolio Health Statistics Durability Evidenced by Creditworthy Tenants with Large Revenue Bases and Strong Unit-Level Coverage % of ABR by Tenant Revenue Tranche % of ABR by Unit-Level Coverage Tranche1 30% >78% of our tenants generate <1.00x :1.1% NR, 3.0% >$1B in annual revenue 24% 23% 25% 1.00-
Slide 14: History of Sourcing Investments at Attractive Yields
History of Sourcing Investments at Attractive Yields Consistently Invested at Above-Market Yields Despite Focus on High-Quality Tenants Sourcing Volume Since 3Q’20 Gross Volume ($ 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
Slide 15: Investment Activity
Investment Activity Summary Details $280,000 $245,431 $238,964 $240,000 $203,907 Gross Investment Activity $195,079 $200,000 $160,000 $151,555 ($000s) $115,734 $117,063 $120,000 $90,680 $80,000 $40,000 $0 Investments 1 2Q'24 3Q'24 4Q'24 1Q'25 2Q'25 3Q'25 4Q'25 1Q'26 Number of Investments 28 33 52 25
Slide 16: Disposition Activity
Disposition Activity Summary Details $70,000 $59,337 $60,391 $60,000 $50,000 Disposition Activity $40,293 $40,414 $40,000 $37,769 ($000s) $30,000 $24,105 $20,000 $12,707 $11,053 $10,000 $0 Dispositions 2Q'24 3Q'24 4Q'24 1Q'25 2Q'25 3Q'25 4Q'25 1Q'26 Cash Cap Rates1 6.8% 7.3% 7.1% 7.3% 6.5% 7.2% 6.9%
Slide 17: Active Asset Management
Active Asset Management Continuously Track Property Performance to Stratify Portfolio and Ensure a Secure Rental Stream Strategic Recycling Active Monitoring Leverage 1031 exchange Periodically review all transfers where possible to properties for changes in access deep, non- performance, credit, an
Slide 18: Conservative Balance Sheet with Strong Liquidity
Conservative Balance Sheet with Strong Liquidity Balance Sheet Positioned for Growth Given Strong Liquidity Profile and Low Leverage Position Abundant Liquidity to Support Growth: Debt Maturity Schedule $1.1 billion in total PF liquidity1,2 $1,000 Well-Staggered Debt Maturity Profile: Increased weig
Slide 19: Portfolio Highlights Relative to Peers
Portfolio Highlights Relative to Peers NTST’s Stable & Predictable Cash Flow Profile Drives Superior Risk-Adjusted Returns Investment Grade % Portfolio Composition1 67% Service Discount Necessity 53% 3% 13% 42% 44% 43% 32% 97% 30% 12% 77% 15% 6% 59% 13% 32% 27% 30% 0% ADC FCPT NTST O NNN EPRT FCPT N
Slide 20: Multiple and Earnings Growth Comparison
Multiple and Earnings Growth Comparison Relative Valuation and Growth Remains Stable AFFO per Share Growth CAGR1 (2021-2025) 2026E AFFO per Share Growth4 9.0% 8.7% 8.2% 5.4% 5.4% 5.4% 5.3% 4.5% 4.6% 4.2% 3.8% 3.4% 3.4% 3.3% 3.0% 3.3% 3.2% 3.1% 2 3 NA NA Adj. Net Debt / EBITDA5 2026E AFFO per Share M
Slide 21: Applied Cap Rate and NAV Analysis
Applied Cap Rate and NAV Analysis Strong Upside Potential Given Relative Valuation Applied Nominal Cap Rate – Sensitivity Analysis Peer Benchmarking Three Months Implied G&A Adjusted Ended, 2026E AFFO (unaudited, in thousands) Cap Implied Cap March 31, 2 Multiple 2026 Rate Rate NOI - Property $48.5
Slide 22: Corporate Responsibility
Corporate Responsibility 22
Slide 23: Governance
Governance We are committed to acting with honesty and integrity and conducting all corporate opportunities in an ethical manner. Governance Highlights Board Independence and Diversity No poison pill or differential 86% Annual Director voting stock structure to Elections chill shareholder participat
Slide 24: Social Responsibility
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. Workforce Diversity Benefits 401K Plan Leave 100% company match of up to a Ten weeks of paid maternity leave 6% contribution at 1
Slide 25: Environmental Responsibility
Environmental Responsibility We are committed to fulfilling our responsibility as an outstanding corporate citizen. Corporate Sustainability Initiatives from Tenants Greenhouse Gas Emissions 17 of our top 20 tenants have corporate sustainability initiatives in place We completed scope 1 and 2 gr
Slide 26: Financial Information and Non-GAAP Reconciliations
Financial Information and Non-GAAP Reconciliations 26
Slide 27: Condensed Consolidated Statements of Operations
Condensed Consolidated Statements of Operations (unaudited, dollars in thousands, except per share data) 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,
Slide 28: Funds From Operations and Adjusted Funds From Operations
Funds From Operations and Adjusted Funds From Operations (unaudited, dollars in thousands, except per share data) 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 Ga
Slide 29: EBITDAre and Adjusted EBITDAre
EBITDAre and Adjusted EBITDAre (unaudited, dollars in thousands) 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 amorti
Slide 30: Net Operating Income
Net Operating Income (unaudited, dollars in thousands) 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 Intere
Slide 31: Condensed Consolidated Balance Sheets
Condensed Consolidated Balance Sheets (unaudited, dollars in thousands, except per share data) 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 depreci
Slide 32: Debt, Capitalization, and Financial Ratios
Debt, Capitalization, and Financial Ratios (unaudited, dollars in thousands) As of March 31, 2026 Fully Extended Fixed Rate Interest Remaining Available Term Debt Summary Maturity Principal Balance SOFR Swap Rate(1) Capacity (years) Unsecured revolver(2) January 15, 2030 $ 88,000 —% 4.48% $ 411,850
Slide 33: Debt, Capitalization, and Financial Ratios (cont'd)
Debt, Capitalization, and Financial Ratios (cont’d) (unaudited, dollars in thousands) 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 recours
Slide 34: Non-GAAP Measures and Definitions
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,
Slide 35: Non-GAAP Measures and Definitions
Non-GAAP Measures and Definitions 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 al
Slide 36: Non-GAAP Measures and Definitions (cont'd)
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
Slide 37: Non-GAAP Measures and Definitions (cont'd)
Non-GAAP Measures and Definitions (cont’d) 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. 37