Slide 1: NETSTREIT Investor Presentation July 2026
NETSTREIT Investor Presentation July 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 56.5% 89.1% Focused on growing portfolio with high quality tenants that Investment Grade (IG) and Necessity, Discount, and offer strong credit profiles and provide consistent performance Investment Grade Pr
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 has caused 3bps of annualized credit loss over the last six-plus year
Slide 5: Portfolio Overview
Portfolio Overview High-Quality, Diversified Portfolio Consisting of 56.5% IG and IG Profile Tenants Across 46 States Key Portfolio Stats Top 10 Tenants by % of ABR Investments1 859 States 46 BBB+ 4.2% Portfolio Square Feet (in millions) 15.4 Tenants 156 BBB 3.9% Retail Sectors 28 % Occupancy 100.0%
Slide 6: Portfolio Diversification In Defensive Retail Sectors
Portfolio Diversification In Defensive Retail Sectors Nationally Diversified Portfolio Primarily Comprised of Recession Resilient Retail Tenants 43.8% 11.5% Top Industries Necessity Discount Grocery 16.5% Convenience Stores 15.6% Home Improvement 8.0% Dollar Stores 7.3% Health and Fitness 6.4% Drug
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 89.1% E-commerce-Resistant Retail Industries1 56.5% Resilient, Cycle-Tested Investment Grade Credit ~50% (40.7%
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 Unit-Level • Evaluate corporate level financials Profitability • Review underlying key real • Determine r
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% >78% of our tenants generate <1.00x :0.4% NR, 3.3% 24% 1.00-1.49x: 23% 25% >$1B in annual r
Slide 14: History of Sourcing Investments at Attractive Yields
History of Sourcing Investments at Attractive Yields Consistently Invested at Above-Market Yields Despite Focus on High-Quality Tenants Sourcing Volume Since 3Q’20 Gross Volume ($ in millions) $3,405 $7,832 $3,971 $1,636 $6,237 Investment Grade % 49.8% 66.5% NA NA NA Investment Grade Profile1 % 13.9
Slide 15: Investment Activity
Investment Activity Summary Details $320,000 $298,857 $280,000 $245,431 $238,964 Gross Investment Activity $240,000 $203,907 $195,079 $200,000 ($000s) $151,555 $160,000 $117,063 $120,000 $90,680 $80,000 $40,000 $0 Investments 1 3Q'24 4Q'24 1Q'25 2Q'25 3Q'25 4Q'25 1Q'26 2Q'26 Number of Investments 33
Slide 16: Disposition Activity
Disposition Activity Summary Details $70,000 $59,337 $60,391 $60,000 $49,143 $50,000 Disposition Activity $40,293 $40,414 $40,000 $37,769 ($000s) $30,000 $24,105 $20,000 $11,053 $10,000 $0 Dispositions 3Q'24 4Q'24 1Q'25 2Q'25 3Q'25 4Q'25 1Q'26 2Q'26 Cash Cap Rates1 7.3% 7.1% 7.3% 6.5% 7.2% 6.9% 6.6%
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 $1,000 Well-Staggered Debt Maturity Profile: Weighted avera
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 65% Service Discount Necessity 3% 52% 13% 41% 44% 42% 32% 97% 30% 12% 77% 15% 6% 59% 13% 34% 27% 29% 0% ADC FCPT NTST O NNN EPRT Lease
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) Adj. Net Debt / EBITDA4 5.6x 5.8x 9.0% 8.7% 5.0x 5.2x 5.3x 5.3x 4.2x 5.4% 5.4% 3.2x 3.2x 3.5x 4.5% 3.4% 3.3% 3.0% NA2 NA3 2026E AFFO per Share Growth5 2026E AFFO per Share Mul
Slide 21: Applied Cap Rate and NAV Analysis
Applied Cap Rate and NAV Analysis Upside Potential Given Relative Valuation Applied Nominal Cap Rate – Sensitivity Analysis Peer Benchmarking Three Months Implied G&A Adjusted (unaudited, in thousands) Ended, 2026E AFFO Cap Implied Cap June 30, 2026 2 Multiple Rate Rate NOI - Property $52.2 Straight
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 17 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: Condensed Consolidated Statements of Operations
Condensed Consolidated Statements of Operations (unaudited, dollars in thousands, except per share data) Three Months Ended Six Months Ended June 30, June 30, 2026 2025 2026 2025 REVENUES Rental revenue (including reimbursable) $ 57,822 $ 45,158 $ 111,849 $ 87,748 Interest income on loans receivable
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 Six Months Ended June 30, June 30, 2026 2025 2026 2025 GAAP Reconciliation: Net income $ 6,311 $ 3,289 $ 12,022 $ 4,989 Depreciation and amortization of real estate 25
Slide 29: EBITDAre and Adjusted EBITDAre
EBITDAre and Adjusted EBITDAre (unaudited, dollars in thousands) 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 amortiz
Slide 30: Net Operating Income
Net Operating Income (unaudited, dollars in thousands) Three Months Ended June 30, 2026 2025 GAAP Reconciliation: Net income $ 6,311 $ 3,289 General and administrative 5,841 5,475 Depreciation and amortization 25,807 21,506 Provisions for impairment 4,199 4,422 Transaction costs, net 6 73 Interest e
Slide 31: Condensed Consolidated Balance Sheets
Condensed Consolidated Balance Sheets (unaudited, dollars in thousands, except per share data) 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 deprecia
Slide 32: Debt, Capitalization, and Financial Ratios
Debt, Capitalization, and Financial Ratios (unaudited, dollars in thousands) As of June 30, 2026 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 $ 198,500 —% 4.49% $ 301,350
Slide 33: Debt, Capitalization, and Financial Ratios (cont’d)
Debt, Capitalization, and Financial Ratios (cont’d) (unaudited, dollars in thousands) 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
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