Netstreit Corp. · NYSE:NTST
Netstreit — Investor Presentation (December 2025)
37 slides from Netstreit's investor presentation, Dec 8, 2025
Slide 1: Investor Presentation December 2025
1 Investor Presentation December 2025 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 September 30, 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. Re
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: High-Quality, Diversified Portfolio Across 45 States
5.3% 5.2% 4.4% 4.1% 3.8% 3.7% 2.7% 2.7% 2.7% 2.5% A Portfolio Overview High-Quality, Diversified Portfolio Consisting of 62.1% IG and IG Profile Tenants Across 45 States 5 Source: Company data as of September 30, 2025, unless otherwise noted. 1. Includes acquisitions, mortgage loans receivable, and
Slide 6: Portfolio Diversification In Defensive Retail Sectors
Dollar Stores1: Convenience Stores: Home Improvement: 9.4% Grocery: 13.9% 1 Portfolio Diversification In Defensive Retail Sectors Nationally Diversified Portfolio Primarily Comprised of Recession Resilient Retail Tenants Source: Company data as of September 30, 2025. All figures represent percentage
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% 62.1% (46.9% IG and 15.2% IGP) Granular Assets in Highly Fragmented, Undercapitalized Market Segment $3.6 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 (min. 2.0x) and cost variability • Assess volatility and likelihood of cash flow weakness C B Tenant
Slide 10: Investment Grade vs. Investment Grade Profile 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 Framework
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: Key Unit-Level Investment Criteria
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
0% 2% 4% 6% 8% 10% 12% 14% 16% NR <1.00 1.00-1.49 1.50-1.99 >2.00 4% 9% 2% 7% 10% 9% 28% 31% 0% 5% 10% 15% 20% 25% 30% 35% Portfolio Health Statistics Durability Evidenced by Creditworthy Tenants with Large Revenue Bases and Strong Unit-Level Coverage 13 Source: Company data as of September 30, 2025
Slide 14: History of Sourcing Investments at Attractive Yields
14 Source: Company filings from August 2020 through September 30, 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. E
Slide 15: Investment Activity Summary Details
$119,128 $129,207 $115,734 $151,555 $195,079 $90,680 $117,063 $203,907 $0 $40,000 $80,000 $120,000 $160,000 $200,000 $240,000 4Q'23 1Q'24 2Q'24 3Q'24 4Q'24 1Q'25 2Q'25 3Q'25 G ro ss In ve st m en t A ct iv ity ($ 00 0s ) 15 Investment Activity Summary Details Source: Company data as of September 30,
Slide 16: Disposition Activity Summary Details
$15,995 $21,600 $12,707 $24,105 $59,337 $40,293 $60,391 $37,769 $0 $10,000 $20,000 $30,000 $40,000 $50,000 $60,000 $70,000 4Q'23 1Q'24 2Q'24 3Q'24 4Q'24 1Q'25 2Q'25 3Q'25 D is po si tio ns A ct iv ity ($ 00 0s ) 16 Disposition Activity Summary Details Source: Company data as of September 30, 2025. 1
Slide 17: Active Asset Management
17 Source: Company data as of September 30, 2025. Since inception, the Company has disposed of 201 properties totaling $499 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 September 30, 2025, unless otherwise noted. 1. Includes $200 million senior unsecured term loan that matures on March 25, 2031, and $250 million senior unsecured delayed draw term loan that matures on September 24, 2032. 2. Reflects the 25.4 million of unsettled forward equit
Slide 19: Portfolio Highlights Relative to Peers
97% 26% 78% 26% 28% 59%15% 15% 6% 46% 3% 40% 15% 12% FCPT NTST EPRT ADC O NNN Service Discount Necessity 1.7% 2.7% 7.4% 9.9% 11.8% 12.8% EPRT NTST ADC NNN O FCPT 47% 67% 53% 32% 14% 0% ADC FCPT NTST O NNN EPRT 5.1x 3.9x 3.6x NR NR NR FCPT NTST EPRT O NNN ADC Source: Public filings as of September 30
Slide 20: Multiple and Earnings Growth Comparison Relative to Peers
Source: Public filings, FactSet and S&P Capital IQ. Note: Market data as of December 4, 2025. Capitalization data as of Q3 2025. 1. AFFO per share growth CAGR is calculated using 2021A and 2024A AFFO per share. 2. FVR’s common stock began trading on the New York Stock Exchange on October 2, 2024. 3.
Slide 21: Implied Cap Rate and Net Asset Value Analysis
Implied Cap Rate G&A Adjusted Implied Cap Rate2 2025E AFFO Multiple 5.7% 5.3% 17.1x 5.9% 5.4% 16.3x 6.6% 6.0% 13.5x 6.8% 6.6% 13.3x 6.9% 6.1% 13.9x 7.0% 6.7% 12.0x Average ex NTST 6.4% 6.0% 14.4x (unaudited, in millions) Three Months Ended, September 30, 2025 NOI - Property $40.6 Straight-line Renta
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 September 30, 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 committ
Slide 26: Financial Information and Non-GAAP Reconciliations
26 Financial Information and Non-GAAP Reconciliations
Slide 27: Condensed Consolidated Statements of Operations
27 Condensed Consolidated Statements of Operations (unaudited, dollars in thousands, except per share data) Three Months Ended September 30, Nine Months Ended September 30, 2025 2024 2025 2024 REVENUES Rental revenue (including reimbursable) $ 45,026 $ 38,172 $ 132,774 $ 110,226 Interest income on l
Slide 28: Funds From Operations and Adjusted Funds From Operations
28 Funds From Operations and Adjusted Funds From Operations (unaudited, dollars in thousands, except per share data) Three Months Ended September 30, Nine Months Ended September 30, 2025 2024 2025 2024 GAAP Reconciliation: Net income (loss) $ 621 $ (5,322) $ 5,610 $ (6,576) Depreciation and amortiza
Slide 29: EBITDAre and Adjusted EBITDAre
29 EBITDAre and Adjusted EBITDAre (unaudited, dollars in thousands) 1. Adjustment reflects the estimated cash yield on developments in process as of September 30, 2025. 2. Adjustment assumes all re-leasing activity, investments in, and dispositions of real estate, including developments completed du
Slide 30: Net Operating Income
30 Net Operating Income (unaudited, dollars in thousands) 1. Adjustment assumes all re-leasing activity, investments in, and dispositions of real estate, including developments completed during the three months ended September 30, 2025, had occurred on July 1, 2025. Three Months Ended September 30,
Slide 31: Condensed Consolidated Balance Sheets
31 Condensed Consolidated Balance Sheets (unaudited, dollars in thousands, except per share data) September 30, 2025 December 31, 2024 Assets Real estate, at cost: Land $ 676,664 $ 571,272 Buildings and improvements 1,471,002 1,400,393 Total real estate, at cost 2,147,666 1,971,665 Less accumulated
Slide 32: Debt, Capitalization, and Financial Ratios
32 Debt, Capitalization, and Financial Ratios (unaudited, dollars in thousands) Fixed, 100% Fixed vs. Floating Debt $200 $250 $350 $500 $8 $200 $100 $0 $100 $200 $300 $400 $500 $600 $700 $800 $900 2025 2026 2027 2028 2029 2030 2031 2032 In M illi on s Debt Maturity Schedule Term Loan RCF Capacity Mo
Slide 33: Debt, Capitalization, and Financial Ratios (cont'd)
33 Debt, Capitalization, and Financial Ratios (cont’d) (unaudited, dollars in thousands) 1. Reflects 25,393,242 of unsettled shares under forward sale agreements at the September 30, 2025, available weighted average net settlement price of $16.98 per share. 2. Reflects 1,639,092 of shares sold at a
Slide 34: Non-GAAP Measures and Definitions
34 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 GAA
Slide 35: Non-GAAP Measures and Definitions (cont'd)
35 Non-GAAP Measures and Definitions (cont’d) 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 repo
Slide 36: Non-GAAP Measures and Definitions (cont'd)
36 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 operati
Slide 37: Non-GAAP Measures and Definitions (cont'd)
37 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.