Netstreit Corp. · NYSE:NTST
Netstreit — Q4 2025 Earnings Presentation
37 slides from Netstreit's earnings presentation, Feb 11, 2026
Slide 1: NETSTREIT Investor Presentation
NETSTREIT Investor Presentation February 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% 87% offer strong credit profiles and provide consistent performance Investment Grade (IG) and Necessity, Discount, and through various economi
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 45 States Key Portfolio Stats Top 10 Tenants by % of ABR Investments1 758 States 45 BBB 4.8% Portfolio Square Feet (in millions) 13.7 Tenants 129 BBB 4.7% Retail Sectors 28 % Occupancy 99.9% B
Slide 6: Portfolio Diversification In Defensive Retail Sectors
Portfolio Diversification In Defensive Retail Sectors Nationally Diversified Portfolio Primarily Comprised of Recession Resilient Retail Tenants 44.5% 13.1% Top Industries Necessity Discount 1 Grocery: 14.0% 2 Convenience 13.7% Stores: 87.1% 3 Home 29.6% ABR 12.9% Improvement: 8.8% Necessity Service
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 87.1% E-commerce-Resistant Retail Industries1 58.3% Resilient, Cycle-Tested Investment Grade Credit >60% (44.3%
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 • Evaluate corporate level Unit-Level financials Profitability • Review underlying key real • Assess busi
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% <1.00x :1.2% NR, 3.4% >79% of our tenants generate 26% 91% of our ABR has unit- 25% 23% 1.0
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) $2,867 $7,031 $3,642 $1,514 $5,552 Investment Grade % 52.2% 67.0% NA 54.7% NA Investment Grade Profile1 % 1
Slide 15: Gross Investment Activity
Investment Activity Summary Details $280,000 $245,431 $240,000 $203,907 Gross Investment Activity $195,079 $200,000 $160,000 $151,555 ($000s) $129,207 $115,734 $117,063 $120,000 $90,680 $80,000 $40,000 $0 Investments 1 1Q'24 2Q'24 3Q'24 4Q'24 1Q'25 2Q'25 3Q'25 4Q'25 Number of Investments 42 28 33 52
Slide 16: Disposition Activity
Disposition Activity Summary Details $70,000 $60,391 $59,337 $60,000 $50,000 Disposition Activity $40,293 $40,414 $40,000 $37,769 ($000s) $30,000 $24,105 $21,600 $20,000 $12,707 $10,000 $0 Dispositions 1Q'24 2Q'24 3Q'24 4Q'24 1Q'25 2Q'25 3Q'25 4Q'25 Cash Cap Rates1 6.8% 6.8% 7.3% 7.1% 7.3% 6.5% 7.2%
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 $900 Well-Staggered Debt Maturity Profile: $800 Increased w
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 3% 53% 44% 12% 45% 40% 32% 97% 78% 15% 13% 15% 6% 59% 14% 30% 26% 28% 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 8.2% 9.0% 8.7% 4.9% 4.7% 5.3% 5.3% 4.1% 4.4% 3.6% 3.4% 3.4% 3.4% 3.4% 2.9% 3.4% 3.3% 2.9% 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 G&A Adjusted Ended, Implied Cap 2025E AFFO (unaudited, in millions) Implied Cap December 31, Rate 2 Multiple Rate 2025 NOI - Property $43.
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 16 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: Consolidated Statements of Operations
Consolidated Statements of Operations (unaudited, dollars in thousands, except per share data) Three Months Ended Twelve Months Ended December 31, December 31, 2025 2024 2025 2024 REVENUES Rental revenue (including reimbursable) $ 49,362 $ 40,598 $ 182,136 $ 150,823 Interest income on loans receivab
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 Twelve Months Ended December 31, December 31, 2025 2024 2025 2024 GAAP Reconciliation: Net income (loss) $ 1,328 $ (5,424) $ 6,938 $ (12,000) Depreciation and amortiza
Slide 29: EBITDAre and Adjusted EBITDAre
EBITDAre and Adjusted EBITDAre (unaudited, dollars in thousands) Three Months Ended December 31, 2025 2024 GAAP Reconciliation: Net income (loss) $ 1,328 $ (5,424) Depreciation and amortization of real estate 22,484 20,275 Amortization of lease-related intangibles (46) (95) Non-real estate depreciat
Slide 30: Net Operating Income
Net Operating Income (unaudited, dollars in thousands) Three Months Ended December 31, 2025 2024 GAAP Reconciliation: Net income (loss) $ 1,328 $ (5,424) General and administrative 5,951 4,456 Depreciation and amortization 22,558 20,349 Provisions for impairment 3,737 12,633 Transaction costs 79 158
Slide 31: Consolidated Balance Sheets
Consolidated Balance Sheets (unaudited, dollars in thousands, except per share data) 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
Slide 32: Debt, Capitalization, and Financial Ratios
Debt, Capitalization, and Financial Ratios (unaudited, dollars in thousands) As of December 31, 2025 Fully Extended Fixed Rate Interest Available Term Debt Summary Maturity Principal Balance SOFR Swap Rate(1) Remaining Capacity (years) Unsecured revolver(2) January 15, 2030 $ — —% —% $ 499,850 4.0 2
Slide 33: Debt, Capitalization, and Financial Ratios (cont'd)
Debt, Capitalization, and Financial Ratios (cont’d) (unaudited, dollars in thousands) 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 reco
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