Slide 1: Investor Presentation March 2026
1 Investor Presentation March 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 December 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. Rep
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
4.8% 4.7% 4.3% 3.8% 3.6% 3.5% 2.5% 2.5% 2.5% 2.3% A Portfolio Overview High-Quality, Diversified Portfolio Consisting of 58.3% IG and IG Profile Tenants Across 45 States 5 Source: Company data as of December 31, 2025, unless otherwise noted. 1. Includes acquisitions, mortgage loans receivable, and c
Slide 6: Portfolio Diversification In Defensive Retail Sectors
Dollar Stores: Convenience Stores: Home Improvement: 8.8% Grocery: 14.0% 1 Portfolio Diversification In Defensive Retail Sectors Nationally Diversified Portfolio Primarily Comprised of Recession Resilient Retail Tenants Source: Company data as of December 31, 2025. All figures represent percentage o
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% (44.3% IG and 14.0% 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: 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 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 Profitability
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
Portfolio Health Statistics Durability Evidenced by Creditworthy Tenants with Large Revenue Bases and Strong Unit-Level Coverage 13 Source: Company data as of December 31, 2025. “NR” stands for not reported. Please note that 0.4% of the non-reporting coverage tranche includes newly built locations t
Slide 14: History of Sourcing Investments at Attractive Yields
14 Source: Company filings from August 2020 through December 31, 2025. 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. Ex
Slide 15: Investment Activity Summary Details
15 Investment Activity Summary Details Source: Company data as of December 31, 2025. 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 42 28 33
Slide 16: Disposition Activity Summary Details
16 Disposition Activity Summary Details Source: Company data as of December 31, 2025. 1. Excludes vacant properties. Dispositions Cash Cap Rates1 6.8% 6.8% 7.3% 7.1% 7.3% 6.5% 7.2% 6.9% Number of Investments 12 6 8 30 16 20 24 17 Weighted Average Lease Term 10.3 10.3 9.9 11.4 10.0 9.3 11.8 11.2 $21,
Slide 17: Active Asset Management
17 Source: Company data as of December 31, 2025. Since inception, the Company has disposed of 218 properties totaling $540 million, which has materially improved portfolio performance metrics such as tenant quality, WALT, and geographic diversity Identify properties not meeting strategy and/or risk
Slide 18: Conservative Balance Sheet with Strong Liquidity
Source: Company data as December 31, 2025, unless otherwise noted. 1. Reflects the impact of 21.6 million unsettled forward shares as of December 31, 2025, 2.6 million ATM shares sold QTD in 1Q’26, and 12.6 million unsettled forward shares from our follow-on offering in February 2026; total net proc
Slide 19: Peer Comparison
97% 30% 77% 27% 30% 59% 13% 15% 6% 45% 3% 43% 30% 13% FCPT NTST EPRT ADC O NNN Service Discount Necessity 2.4% 7.6% 13.0% 13.3% 17.9% 22.5% EPRT NTST ADC NNN O FCPT 44% 67% 53% 32% 13% 0% ADC FCPT NTST O NNN EPRT 5.1x 3.8x 3.6x NR NR NR FCPT NTST EPRT O NNN ADC Source: Public filings as of December
Slide 20: Peer Growth and Capitalization Comparison
8.5% 5.1% 5.0% 4.2% 3.7% 3.5% 3.4% 3.2% 3.2% 3.0% 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 February 27, 2026. Capitalization data as of 4Q’25. 1. AFFO per share growth CAGR is calculated using 2021A and 2025A AFFO per s
Slide 21: Implied Cap Rate and NAV Analysis
Implied Cap Rate G&A Adjusted Implied Cap Rate2 2026E AFFO Multiple 5.0% 4.6% 17.7x 5.7% 5.3% 16.6x 6.0% 5.9% 15.2x 6.1% 5.6% 15.1x 6.4% 5.8% 13.9x 6.6% 6.4% 12.8x Average ex NTST 6.0% 5.6% 15.2x (unaudited, in millions) Three Months Ended, December 31, 2025 NOI - Property $43.7 Straight-line Rental
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 December 31, 2025. Environmental Responsibility We are committed to fulfilling our responsibility as an outstanding corporate citizen. 16 of our top 20 tenants have corporate sustainabil
Slide 26: Financial Information and Non-GAAP Reconciliations
26 Financial Information and Non-GAAP Reconciliations
Slide 27: Consolidated Statements of Operations
Three Months Ended December 31, Twelve Months Ended December 31, 2025 2024 2025 2024 REVENUES Rental revenue (including reimbursable) $ 49,362 $ 40,598 $ 182,136 $ 150,823 Interest income on loans receivable 3,140 3,103 12,625 11,561 Other revenue — 400 245 400 Total revenues 52,502 44,101 195,006 1
Slide 28: FFO, Core FFO and AFFO Reconciliation
Three Months Ended December 31, Twelve Months Ended December 31, 2025 2024 2025 2024 GAAP Reconciliation: Net income (loss) $ 1,328 $ (5,424) $ 6,938 $ (12,000) Depreciation and amortization of real estate 22,484 20,275 86,081 76,560 Provisions for impairment 3,737 12,633 15,909 29,969 Gain on sales
Slide 29: EBITDAre Reconciliation
1. Adjustment reflects the estimated cash yield on developments in process as of December 31, 2025. 2. Adjustment assumes all re-leasing activity, investments in and dispositions of real estate, including developments completed during the three months ended December 31, 2025, had occurred on October
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 developments completed during the three months ended December 31, 2025, had occurred on October 1, 2025. Three Months Ended December 31, 20
Slide 31: Consolidated Balance Sheets
December 31, 2025 2024 ASSETS Real estate, at cost: Land $ 772,417 $ 571,272 Buildings and improvements 1,590,714 1,400,393 Total real estate, at cost 2,363,131 1,971,665 Less accumulated depreciation (188,858) (143,422) Property under development 5,500 6,118 Real estate held for investment, net 2,1
Slide 32: Debt Summary
As of December 31, 2025 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 $ — —% —% $ 499,850 4.0 2028 Term Loan February 11, 2028 200,000 2.63% 3.58% — 2.1 2029 Term Loan A(3)
Slide 33: Key Debt Covenant Information and Liquidity
As of December 31, 2025 Key Debt Covenant Information Required Actual Consolidated total leverage ratio ≤ 60.0% 33.7% Fixed charge coverage ratio ≥ 1.50x 3.14x Maximum secured indebtedness ≤ 40.0% 0.2% Maximum recourse indebtedness ≤ 10.0% —% Unencumbered leverage ratio ≤ 60.0% 36.8% Unencumbered in
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: 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.