Netstreit Corp. · NYSE:NTST
Netstreit — Investor Presentation (May 2026)
37 slides from Netstreit's investor presentation, May 5, 2026
Slide 1: Investor Presentation May 2026
1 Investor Presentation May 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 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. Repres
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
4.5% 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
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 March 31, 2026. All figures represent percentage of ABR. Due to rounding, respective defensive retail sector exposure may not pr
Slide 7: Resilient, Cycle-Tested Investment Grade Credit Tenants with Durable Cash Flows
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 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: Investment Grade vs Investment Grade Profile vs 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 11: Real Estate Valuation
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 Financial Analysis
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: Portfolio Health Statistics
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
Slide 14: History of Sourcing Investments at Attractive Yields
14 Source: Company filings from August 2020 through March 31, 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, Moody’s, or NAIC. 2. Exclu
Slide 15: Investment Activity Summary Details
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
Slide 16: Disposition Activity Summary Details
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
Slide 17: Active Asset Management
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 c
Slide 18: Conservative Balance Sheet with Strong Liquidity
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 2.8 million ATM shares sold QTD in 2Q’26 at the weighted average net settlement price o
Slide 19: Peer Comparison
2.7% 6.6% 11.4% 12.0% 17.9% 21.8% EPRT NTST ADC NNN O FCPT 42% 65% 52% 32% 13% 0% ADC FCPT NTST O NNN EPRT 5.1x 3.9x 3.5x 0.0x 0.0x 0.0x FCPT NTST EPRT O NNN ADC 97% 32% 77% 27% 30% 59% 12% 15% 6% 44% 3% 42% 30% 13% FCPT NTST EPRT ADC O NNN Service Discount Necessity Source: Public filings as of Mar
Slide 20: Peer Valuation and Growth Metrics
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 30, 2026. Capitalization data as of 1Q’26. O and FVR as of 4Q’25. 1. AFFO per share growth CAGR is calculated using 2021A and 2025A AFFO per share. 2. FVR’s common stock be
Slide 21: Implied Cap Rate and Net Asset Value Analysis
Implied Cap Rate G&A Adjusted Implied Cap Rate2 2026E AFFO Multiple 5.3% 4.9% 16.9x 6.2% 5.5% 14.9x 6.2% 5.8% 15.4x 6.4% 6.1% 14.6x 6.5% 5.8% 13.9x 6.9% 6.5% 12.3x Average ex NTST 6.2% 5.8% 14.6x (unaudited, in thousands) Three Months Ended, March 31, 2026 NOI - Property $48.5 Straight-line Rental A
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 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
Slide 26: Financial Information and Non-GAAP Reconciliations
26 Financial Information and Non-GAAP Reconciliations
Slide 27: Consolidated Statements of Operations
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 an
Slide 28: FFO, Core FFO and AFFO Reconciliation
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-recur
Slide 29: EBITDAre and Adjusted EBITDAre Reconciliation
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
Slide 30: Net Operating Income
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
Slide 31: Consolidated Balance Sheets
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 investme
Slide 32: Debt, Capitalization, and Financial Ratios
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% $ 411,8
Slide 33: Debt, Capitalization, and Financial Ratios (cont'd)
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% 34.5% Fixed charge coverage ratio ≥ 1.50x 3.28x Maximum secured indebtedness ≤ 40.0% 0.3% Maximum reco
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.