Slide 1: Investor Presentation June 2025
1 Investor Presentation June 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 March 31, 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. Repres
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 - - - - - - - - 10.1 CVS - 0.10% - - 0.15% 0.06% 0.10% 0.30% 10.6 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
8.1%5 6.1% 4.8% 4.7%5,6 4.6% 4.1% 3.7% 3.1% 3.0% 2.7% BBB Portfolio Overview High-Quality, Diversified Portfolio Consisting of 54.7% Investment Grade Tenants Across 45 States 6 Source: Company data as of March 31, 2025, unless otherwise noted. 1. Includes acquisitions, mortgage loans receivable, and
Slide 7: Portfolio Diversification In Defensive Retail Sectors
Dollar Stores1: Home Improvement: 10.4% Grocery: 15.1% 1 Portfolio Diversification In Defensive Retail Sectors Nationally Diversified Portfolio Primarily Comprised of Recession Resilient Retail Tenants Source: Company data as of March 31, 2025. All figures represent percentage of ABR. Due to roundin
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% 70.7% (54.7% IG and 16.0% 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: Tenant Credit Underwriting
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: Unit-Level Profitability
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
>2.00x: 76.4% 1.50-1.99x: 15.6% 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 Strong Unit-Level Coverage 14 Source: Company data as of May 31, 2025. “NR” stands for not reported. Please note that 0.5% of t
Slide 15: History of Sourcing Investments at Attractive Yields
15 Source: Company filings from August 2020 through March 31, 2025. 1. Investments with 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. Excludes l
Slide 16: Investment Activity Summary Details
$115,321 $117,455 $119,128 $129,207 $115,795 $151,555 $195,079 $90,680 $0 $40,000 $80,000 $120,000 $160,000 $200,000 2Q'23 3Q'23 4Q'23 1Q'24 2Q'24 3Q'24 4Q'24 1Q'25 G ro s s I n v e s tm e n t A c ti v it y ($ 0 0 0 s ) 16 Investment Activity Summary Details Source: Company data as of March 31, 2025
Slide 17: Disposition Activity Summary Details
$4,060 $13,543 $15,995 $21,600 $12,707 $24,105 $59,337 $40,293 $0 $10,000 $20,000 $30,000 $40,000 $50,000 $60,000 $70,000 2Q'23 3Q'23 4Q'23 1Q'24 2Q'24 3Q'24 4Q'24 1Q'25 D is p o s it io n s A c ti v it y ($ 0 0 0 s ) 17 Disposition Activity Summary Details Source: Company data as of March 31, 2025.
Slide 18: Active Asset Management
18 Source: Company data as of March 31, 2025. Since inception, the Company has disposed of 155 properties totaling $398 million, which has materially improved portfolio performance metrics such as tenant quality, WALT, and geographic diversity Identify properties not meeting strategy and/or risk man
Slide 19: Conservative Balance Sheet with Improved Liquidity
Source: Company data as March 31, 2025, unless otherwise noted. 1. Reflects 10,735,647 of unsettled forward equity shares at the March 31, 2025, weighted average net settlement price of $17.18 per share. 2. Principal balance of revolver as of March 31, 2025. Conservative Balance Sheet with Improved
Slide 20: Portfolio Highlights Relative to Peers
4.9x 3.8x 3.5x 2.9x NR NR FCPT NTST EPRT O NNN ADC 97% 22% 78% 26% 18% 56%18% 15% 10% 48% 3% 40% 15% 5% FCPT NTST EPRT ADC O NNN Service Discount Necessity 55% 68% 55% 28% 14% 0% ADC FCPT NTST O NNN EPRT 3.2% 10.3% 17.4% 19.6% 23.4% 25.3% EPRT NTST ADC NNN O FCPT Source: Public filings as of March 3
Slide 21: Relative Valuation and Growth Remains Stable
Source: Public filings, FactSet and S&P Capital IQ. Note: Market data as of May 29, 2025. Capitalization data as of March 31, 2025. 1. AFFO per share growth CAGR is calculated using 2021A and 2024A AFFO per share. 2. During 2023, WPC spun-off NLOP. Year-over-year growth not comparable. Consensus WPC
Slide 22: Applied Cap Rate and NAV Analysis
Implied Cap Rate G&A Adjusted Implied Cap Rate2 2025E AFFO Multiple 5.6% 5.3% 17.3x 6.1% 5.5% 15.3x 6.2% 5.7% 17.3x 6.9% 6.6% 13.2x 7.1% 6.7% 12.1x 7.6% 6.6% 12.4x Average ex NTST 6.4% 6.0% 15.0x Applied Cap Rate and NAV Analysis Strong Upside Potential Given Relative Valuation Applied Nominal Cap R
Slide 23: Corporate Responsibility
23 Corporate Responsibility
Slide 24: Governance
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 March 31, 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 t
Slide 27: Financial Information and Non-GAAP Reconciliations
27 Financial Information and Non-GAAP Reconciliations
Slide 28: Consolidated Statements of Operations
Three Months Ended March 31, 2025 2024 REVENUES Rental revenue (including reimbursable) $ 42,590 $ 35,189 Interest income on loans receivable 3,075 2,484 Other revenue 245 — Total revenues 45,910 37,673 OPERATING EXPENSES Property 4,803 4,102 General and administrative 5,169 5,707 Depreciation and a
Slide 29: FFO, Core FFO and AFFO Reconciliation
Three Months Ended March 31, 2025 2024 GAAP Reconciliation: Net income $ 1,700 $ 1,052 Depreciation and amortization of real estate 20,850 17,462 Provisions for impairment 3,616 3,662 Gain on sales of real estate, net (2,075) (997) Funds from Operations (FFO) $ 24,091 $ 21,179 Adjustments: Non-recur
Slide 30: EBITDAre Reconciliation
1. Adjustment reflects the estimated cash yield on developments in process as of March 31, 2025. 2. Adjustment assumes all re-leasing activity, investments in and dispositions of real estate, including developments completed during the three months ended March 31, 2025, had occurred on January 1, 20
Slide 31: Property-Level NOI Reconciliation
1. Adjustments assumes all re-leasing activity, investments in and dispositions of real estate, including developments completed during the three months ended March 31, 2025, had occurred on January 1, 2025. 2. Adjustment assumes all loan activity completed during the three months ended March 31, 20
Slide 32: Consolidated Balance Sheets
March 31, 2025 December 31, 2024 Assets Real estate, at cost: Land $ 573,897 $ 571,272 Buildings and improvements 1,403,254 1,400,393 Total real estate, at cost 1,977,151 1,971,665 Less accumulated depreciation (153,089) (143,422) Property under development 3,109 6,118 Real estate held for investmen
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 March 31, 2025. Facility fees are ch
Slide 34: Debt, Capitalization, and Financial Ratios (cont'd)
1. Reflects 10,735,647 of unsettled shares under forward sale agreements at the March 31, 2025, weighted average net settlement price of $17.18 per share. 2. Value is based on the March 31, 2025, closing share price of $15.85 per share. 34 Debt, Capitalization, and Financial Ratios (cont’d) (unaudit
Slide 35: FFO, Core FFO, and AFFO
FFO, Core FFO, and AFFO FFO means funds from operations. It is a non-GAAP measure defined by NAREIT as net (loss) income (computed in accordance with GAAP), excluding gains (or losses) resulting from dispositions of properties, plus depreciation and amortization and impairment charges on depreciable
Slide 36: EBITDA, EBITDAre, Adjusted EBITDAre Definitions
EBITDA, EBITDAre, Adjusted EBITDAre, and Annualized Adjusted EBITDAre EBITDA is defined as earnings before interest expense, income tax expense, and depreciation and amortization. EBITDAre is the NAREIT definition of EBITDA (as defined above), but it is further adjusted to follow the definition incl
Slide 37: Non-GAAP Measures and Definitions (cont'd)
37 Non-GAAP Measures and Definitions (cont’d) Property-Level NOI, Property-Level Cash NOI, Property-Level Cash NOI - Estimated Run Rate, and Total Cash NOI - Estimated Run Rate Property-Level NOI, Property-Level Cash NOI, Property-Level Cash NOI - Estimated Run Rate, and Total Cash NOI - Estimated R
Slide 38: Definitions of Investments, Rent Coverage Ratio, Occupancy
Investments are lease agreements in place at owned properties, properties that have leases associated with mortgage loans receivable, developments where rent commenced, interest earning developments, or in the case of master lease arrangements each property under the master lease is counted as a sep