Slide 1: Investor Presentation July 2026
1 Investor Presentation July 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 June 30, 2026, unless otherwise noted. Figures represent percentage of ABR unless otherwise noted. Due to rounding, respective percentage of credit rating may not precisely reflect the absolute figures. 1. Represe
Slide 4: 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 4 Since NETSTREIT’s initial equity raise in 4Q’19, only one portfolio t
Slide 5: Portfolio Overview
4.2% 3.9% 3.9% 3.3% 3.2% 2.8% 2.7% 2.5% 2.2% 2.1% A Portfolio Overview High-Quality, Diversified Portfolio Consisting of 56.5% IG and IG Profile Tenants Across 46 States 5 Source: Company data as of June 30, 2026, unless otherwise noted. 1. Excludes five properties under development. 2. Percentage r
Slide 6: 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 June 30, 2026. All figures represent percentage of ABR. Due to rounding, respective defensive retail sector exposure may not pre
Slide 7: Resilient, Cycle-Tested Investment Grade Credit Tenants with Durable Cash Flows
Resilient, Cycle-Tested Investment Grade Credit Tenants with Durable Cash Flows1 ~50% 56.5% (40.7% IG and 15.8% IGP) Granular Assets in Highly Fragmented, Undercapitalized Market Segment $3.8 million Avg. Asset Size $1 to $10 million Avg. Asset Size Net Lease Retail Assets with Long Lease Term Benef
Slide 8: Acquisition Strategy – Bell Curve Investing
“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 li
Slide 9: Stringent Three-Part Underwriting Process
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 Ten
Slide 10: Tenant Credit Underwriting: Investment Grade vs. Investment Grade Profile
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 11: Real Estate Valuation Framework
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 /
Slide 12: Unit-Level Profitability Investment Criteria
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 informatio
Slide 13: Unit-Level Rent Coverage and Implied Credit Ratings
>2.00x: 81.9% 1.50-1.99x: 11.4% 1.00-1.49x: 3.0% <1.00x :0.4% NR, 3.3% 0% 5% 10% 15% 20% 25% NR <1.00 1.00-1.49 1.50-1.99 >2.00 3% 16% 3% 6% 11% 13% 24% 23% 0% 5% 10% 15% 20% 25% 30% 13 Source: Company data as of June 30, 2026. “NR” stands for not reported. 1. Unit-level rent coverage is calculated
Slide 14: History of Sourcing Investments at Attractive Yields
14 Source: Company filings from August 2020 through March 31, 2026. NTST as of June 30, 2026. 1. Investments that have investment grade credit metrics (more than $1.0 billion in annual sales and a debt to adjusted EBITDA ratio of less than 2.0x), but do not carry a published rating from S&P, Fitch,
Slide 15: Investment Activity Summary Details
15 Investment Activity Summary Details Source: Company data as of June 30, 2026. 1. Includes acquisitions, mortgage loans receivable, and completed developments. 2. Excludes lease extension options and investments that secure mortgage loans receivable. Investments1 Number of Investments 33 52 25 32
Slide 16: Disposition Activity Summary Details
16 Disposition Activity Summary Details Source: Company data as of June 30, 2026. 1. Excludes vacant properties. Dispositions Cash Cap Rates1 7.3% 7.1% 7.3% 6.5% 7.2% 6.9% 6.6% 6.8% Number of Investments 8 30 16 20 24 17 5 16 Weighted Average Lease Term 9.9 11.4 10.0 9.3 11.8 11.2 11.3 9.4 $24,105 $
Slide 17: Active Asset Management
17 Source: Company data as of June 30, 2026. Since inception, the Company has disposed of 239 properties totaling $600 million, materially improving portfolio performance metrics such as tenant quality, WALT, and geographic diversity Identify properties not meeting strategy and/or risk management cr
Slide 18: Conservative Balance Sheet with Strong Liquidity
$200 $250 $350 $200 $200 $500 $8 $50 $0 $200 $400 $600 $800 $1,000 2026 2027 2028 2029 2030 2031 2032 In M illi on s Term Loan RCF Capacity Mortgage Note $199 Source: Company data as June 30, 2026, unless otherwise noted. 1. Reflects the impact of 38.9 million unsettled forward shares at the June 30
Slide 19: Portfolio Highlights Relative to Peers
2.7% 6.4% 11.4% 12.0% 16.9% 21.8% 41% 65% 52% 32% 13% 0% ADC FCPT NTST O NNN EPRT 5.1x 3.8x 3.5x N/A N/A N/A FCPT NTST EPRT O NNN ADC Source: Public filings as of March 31, 2026. NTST as of June 30, 2026. 1. Examples of service includes convenience stores, quick service restaurants, automotive servi
Slide 20: Peer Growth and AFFO Multiple Comparison
6.3% 5.3% 5.1% 5.1% 5.1% 3.8% 3.6% 3.6% 3.1% 2.9% 8.0% 6.1% 5.6% 5.5% 5.2% 4.7% 4.1% 3.9% 3.5% 3.5% 2027E AFFO per Share Multiple6 9.0% 8.7% 5.4% 5.4% 4.5% 3.4% 3.3% 3.0% Source: Public filings, FactSet and S&P Capital IQ. Note: Market data as of July 17, 2026. Capitalization data as of 1Q’26 (NTST
Slide 21: Implied Cap Rate and Net Asset Value Analysis
Implied Cap Rate G&A Adjusted Implied Cap Rate2 2026E AFFO Multiple 5.0% 4.7% 17.8x 5.9% 5.3% 16.0x 6.0% 5.5% 16.3x 6.3% 5.7% 14.2x 6.5% 6.3% 14.8x 6.9% 6.0% 13.9x Average ex NTST 6.2% 5.7% 15.4x (unaudited, in thousands) Three Months Ended, June 30, 2026 NOI - Property $52.2 Straight-line Rental Ad
Slide 22: Corporate Responsibility
22 Corporate Responsibility
Slide 23: Governance Highlights
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 par
Slide 24: Social Responsibility
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, wi
Slide 25: Environmental Responsibility
25 Source: Tenants within our portfolio that have public environmental, social, or governance initiatives as of June 30, 2026. Environmental Responsibility We are committed to fulfilling our responsibility as an outstanding corporate citizen. 17 of our top 20 tenants have corporate sustainability
Slide 26: Financial Information and Non-GAAP Reconciliations
26 Financial Information and Non-GAAP Reconciliations
Slide 27: Consolidated Statements of Operations
Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 REVENUES Rental revenue (including reimbursable) $ 57,822 $ 45,158 $ 111,849 $ 87,748 Interest income on loans receivable 2,906 3,128 5,941 6,203 Other revenue 556 — 556 245 Total revenues 61,284 48,286 118,346 94,196 OPERATIN
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) 28 Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 GAAP Reconciliation: Net income $ 6,311 $ 3,289 $ 12,022 $ 4,989 Depreciation and amortization of real estate
Slide 29: EBITDAre and Adjusted EBITDAre
EBITDAre and Adjusted EBITDAre (unaudited, dollars in thousands) 29 Three Months Ended June 30, 2026 2025 GAAP Reconciliation: Net income $ 6,311 $ 3,289 Depreciation and amortization of real estate 25,729 21,433 Amortization of lease-related intangibles 112 (6) Non-real estate depreciation and amor
Slide 30: Net Operating Income
Net Operating Income (unaudited, dollars in thousands) 1. Adjustment assumes all re-leasing activity, investments in and dispositions of real estate, including any developments completed during the three months ended June 30, 2026, had occurred on April 1, 2026. Three Months Ended June 30, 2026 2025
Slide 31: Consolidated Balance Sheets
June 30, 2026 December 31, 2025 ASSETS Real estate, at cost: Land $ 934,125 $ 772,417 Buildings and improvements 1,811,936 1,590,714 Total real estate, at cost 2,746,061 2,363,131 Less accumulated depreciation (222,008) (188,858) Property under development 13,499 5,500 Real estate held for investmen
Slide 32: Debt, Capitalization, and Financial Ratios
As of June 30, 2026 Debt Summary Fully Extended Maturity Principal Balance Fixed Rate SOFR Swap Interest Rate(1) Remaining Capacity Available Term (years) Unsecured revolver(2) January 15, 2030 $ 198,500 —% 4.49% $ 301,350 3.5 2028 Term Loan February 11, 2028 200,000 2.63% 3.58% — 1.6 2029 Term Loan
Slide 33: Key Debt Covenant Information, Forward Equity and Liquidity
As of June 30, 2026 Key Debt Covenant Information Required Actual Consolidated total leverage ratio ≤ 60.0% 33.9% Fixed charge coverage ratio ≥ 1.50x 3.20x Maximum secured indebtedness ≤ 40.0% 0.2% Maximum recourse indebtedness ≤ 10.0% —% Unencumbered leverage ratio ≤ 60.0% 39.3% Unencumbered intere
Slide 34: Non-GAAP Measures and Definitions
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 GAA
Slide 35: Non-GAAP Measures and Definitions: EBITDA
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
Slide 36: Non-GAAP Measures and Definitions (cont'd)
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 operati
Slide 37: Non-GAAP Measures and Definitions (cont'd)
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.