Form 8-K
8-K — NETSTREIT Corp.
Accession: 0001628280-26-066715
Filed: 2026-10-21
Period: 2026-10-21
CIK: 0001798100
SIC: 6798 (REAL ESTATE INVESTMENT TRUSTS)
Item: Results of Operations and Financial Condition
Item: Regulation FD Disclosure
Item: Financial Statements and Exhibits
Documents
8-K — ntst-20261021.htm (Primary)
EX-99.1 (netstreitearningsrelease.htm)
EX-99.2 (a3q26_formattedsupplemen.htm)
GRAPHIC (a3q26_formattedsupplemen001.jpg)
GRAPHIC (a3q26_formattedsupplemen002.jpg)
GRAPHIC (a3q26_formattedsupplemen003.jpg)
GRAPHIC (a3q26_formattedsupplemen004.jpg)
GRAPHIC (a3q26_formattedsupplemen005.jpg)
GRAPHIC (a3q26_formattedsupplemen006.jpg)
GRAPHIC (a3q26_formattedsupplemen007.jpg)
GRAPHIC (a3q26_formattedsupplemen008.jpg)
GRAPHIC (a3q26_formattedsupplemen009.jpg)
GRAPHIC (a3q26_formattedsupplemen010.jpg)
GRAPHIC (a3q26_formattedsupplemen011.jpg)
GRAPHIC (a3q26_formattedsupplemen012.jpg)
GRAPHIC (a3q26_formattedsupplemen013.jpg)
GRAPHIC (a3q26_formattedsupplemen014.jpg)
GRAPHIC (a3q26_formattedsupplemen015.jpg)
GRAPHIC (a3q26_formattedsupplemen016.jpg)
GRAPHIC (a3q26_formattedsupplemen017.jpg)
GRAPHIC (a3q26_formattedsupplemen018.jpg)
GRAPHIC (a3q26_formattedsupplemen019.jpg)
GRAPHIC (a3q26_formattedsupplemen020.jpg)
GRAPHIC (a3q26_formattedsupplemen021.jpg)
GRAPHIC (a3q26_formattedsupplemen022.jpg)
GRAPHIC (image_0a.jpg)
XML — IDEA: XBRL DOCUMENT (R1.htm)
8-K
8-K (Primary)
Filename: ntst-20261021.htm · Sequence: 1
ntst-20261021
FALSE000179810000017981002026-10-212026-10-21
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(D) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of report (Date of earliest event reported): October 21, 2026
NETSTREIT Corp.
(Exact Name of Registrant as Specified in its Charter)
Maryland 001-39443 84-3356606
(State or Other Jurisdiction
of Incorporation)
(Commission
File Number)
(IRS Employer
Identification No.)
2021 McKinney Avenue
Suite 1150
Dallas, Texas
75201
(Address of Principal Executive Offices) (Zip Code)
972-200-7100
(Registrant’s telephone number, including area code)
Not applicable
(Former Name or Former Address, if Changed Since Last Report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each class Trading Symbol(s) Name of each exchange on which registered
Common Stock,
$0.01 par value per share
NTST The New York Stock Exchange
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 2.02. Results of Operations and Financial Condition.
On October 21, 2026, NETSTREIT Corp. (the “Company”) issued a press release announcing its financial results for the third quarter ended September 30, 2026. A copy of the press release is attached hereto as Exhibit 99.1 and incorporated by reference herein.
The information contained in Exhibit 99.1 shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or incorporated by reference in any filing under the Securities Act of 1933, as amended (“Securities Act”), or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.
Item 7.01. Regulation FD Disclosure.
On October 21, 2026, the Company furnished supplemental financial information for the third quarter ended September 30, 2026. The supplemental financial information is attached hereto as Exhibit 99.2, and incorporated by reference herein. The supplemental information also is available on the “Investors / Events & Presentations” page of the Company’s website at www.netstreit.com. The information found on, or otherwise accessible through, the Company’s website is not incorporated by reference herein.
The information contained in Exhibit 99.2 shall not be deemed “filed” for purposes of Section 18 of the Exchange Act or incorporated by reference in any filing under the Securities Act or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.
Item 9.01. Financial Statements and Exhibits.
(d)
Exhibits.
Exhibit No. Description
99.1
Press release dated October 21, 2026
99.2
Third quarter 2026 supplemental financial information
104 Cover page interactive data file (embedded within the inline XBRL document).
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
NETSTREIT Corp.
October 21, 2026 /s/ DANIEL DONLAN
Date Daniel Donlan
Chief Financial Officer and Treasurer
(Principal Financial Officer)
EX-99.1
EX-99.1
Filename: netstreitearningsrelease.htm · Sequence: 2
Document
NETSTREIT REPORTS THIRD QUARTER 2026 FINANCIAL AND OPERATING RESULTS
– Net Income of $0.08 and Adjusted Funds from Operations ("AFFO") of $0.35 Per Diluted Share –
– Completed Strong Gross Investment Activity of $273.1 Million at 7.4% Blended Cash Yield –
– Maintains 2026 AFFO Per Share Guidance Range of $1.37 to $1.39 –
– Secured $550.0 Million of Additional Financing Commitments –
– Extended Weighted Average Debt Maturity Profile with No Major Debt Maturities until 2029 –
Dallas, TX – October 21, 2026 – NETSTREIT Corp. (NYSE: NTST) (the “Company”) today announced financial and operating results for the third quarter ended September 30, 2026.
“I am pleased to report another solid quarter of investments that are leased to high quality net lease tenants. While rapid changes in the capital markets have increased capital costs across the net lease space, NETSTREIT’s low leverage and ample liquidity have uniquely positioned us to capitalize on future opportunities that may arise from any prolonged market dislocation. As such, we are reiterating our 2026 AFFO per share guidance and remain optimistic about our growth prospects given our resilient portfolio and capital runway through 2027,” said Mark Manheimer, Chief Executive Officer of NETSTREIT.
THIRD QUARTER 2026 HIGHLIGHTS
The following tables summarize the Company's select financial results1 for the three and nine months ended September 30, 2026.
Three Months Ended September 30,
2026 2025 % Change
(Unaudited)
Net Income per Diluted Share $ 0.08 $ 0.01 700.0 %
Funds from Operations per Diluted Share $ 0.35 $ 0.29 20.7 %
Core Funds from Operations per Diluted Share $ 0.34 $ 0.31 9.7 %
Adjusted Funds from Operations per Diluted Share $ 0.35 $ 0.33 6.1 %
Nine Months Ended September 30,
2026 2025 % Change
(Unaudited)
Net Income per Diluted Share $ 0.20 $ 0.07 185.7 %
Funds from Operations per Diluted Share $ 1.00 $ 0.89 12.4 %
Core Funds from Operations per Diluted Share $ 0.99 $ 0.92 7.6 %
Adjusted Funds from Operations per Diluted Share $ 1.03 $ 0.98 5.1 %
1.Funds from operations ("FFO"), core funds from operations ("Core FFO"), and adjusted funds from operations ("AFFO") are non-GAAP financial measures. See "Non-GAAP Financial Measures."
INVESTMENT ACTIVITY
The following tables summarize the Company's investment, disposition, and loan repayment activities (dollars in thousands) for the three and nine months ended September 30, 2026.
Three Months Ended
September 30, 2026 Nine Months Ended
September 30, 2026
Number of Investments Amount Number of Investments Amount
Investments 84 $ 273,144 235 $ 810,965
Less Dispositions 15 39,522 36 99,718
Less Loan Repayments1
15 28,222 44 65,131
Net Investment Activity $ 205,400 $ 646,116
Investment Activity
Cash Yield %
7.4 % 7.4 %
% of ABR derived from Investment Grade Tenants 25.2 % 25.6 %
% of ABR derived from Investment Grade Profile Tenants 18.7 % 15.9 %
Weighted Average Lease Term (years) 13.0 12.3
Disposition Activity
Cash Yield %2
7.2 % 7.0 %
Weighted Average Lease Term (years) 13.7 11.4
Loan Repayments
Cash Yield %
8.8 % 8.9 %
1.Amount includes mortgage loan sales and partial principal repayment of mortgage loan receivables.
2.Excludes vacant property sales.
The following table summarizes the Company's ongoing development projects and estimated development costs (dollars in thousands) as of and for the three months ended September 30, 2026.
Developments Three Months Ended
September 30, 2026
Amount Funded During the Quarter
$ 14,928
As of September 30, 2026
Number of Developments 6
Amount Funded to Date
$ 28,507
Estimated Funding Remaining on Developments
18,378
Total Estimated Development Cost $ 46,885
2
PORTFOLIO UPDATE
The following table summarizes the Company's real estate portfolio (weighted by ABR, dollars in thousands) as of September 30, 2026.
As of September 30, 2026
Number of Investments 913
ABR $ 246,322
States 46
Square Feet 16,466,499
Tenants 158
Industries 28
Occupancy 99.9 %
Weighted Average Lease Term (years) 10.1
Investment Grade % 40.1 %
Investment Grade Profile % 18.1 %
CAPITAL MARKETS AND BALANCE SHEET
The following tables summarize the Company's leverage, liquidity, at-the-market equity program ("ATM") sales, and forward equity activity (dollars in thousands, except per share data) as of and for the three months ended September 30, 2026.
Leverage1
As of September 30, 2026
Net Debt / Annualized Adjusted EBITDAre
5.0x
Adjusted Net Debt / Annualized Adjusted EBITDAre
3.7x
Liquidity As of September 30, 2026
Unused Unsecured Revolver Capacity $ 499,850
Cash, Cash Equivalents and Restricted Cash 42,305
Net Value of Unsettled Forward Equity 311,879
Undrawn 2033 Term Loan Balance 400,000
Total Liquidity
$ 1,254,034
ATM Program
Shares Sold During Quarter 991,775
Weighted Average Price Per Share (Gross) $ 21.39
Forward Equity Settlement Activity
As of September 30, 2026
Shares Settled During Quarter
24,000,000
Weighted Average Price Per Share $ 17.49
Net Value of Settled Proceeds $ 419,645
Unsettled Forward Equity
Shares Unsettled as of September 30, 2026 15,933,883
Weighted Average Price Per Share (Gross)
$ 20.09
Net Value of Unsettled Forward Equity as of September 30, 2026 $ 311,879
1.See "Non-GAAP Financial Measures" on page 6.
3
As of September 30, 2026
Outstanding Forward Equity Offerings
Shares Remaining
Anticipated Net Proceeds Remaining
Q1 2026 ATM 1,366,629 $ 27,250
February 2026 Follow On 4,570,289 81,835
Q2 2026 ATM 9,005,190 181,878
Q3 2026 ATM 991,775 20,917
Total 15,933,883 $ 311,879
DIVIDEND
On October 15, 2026, the Company’s Board of Directors declared a quarterly cash dividend of $0.225 per share for the fourth quarter of 2026. On an annualized basis, the dividend of $0.90 per share of common stock represents an increase of $0.02 per share over the prior annualized dividend. The dividend will be paid on December 15, 2026 to shareholders of record on December 1, 2026.
2026 GUIDANCE
The Company is maintaining both its full year 2026 AFFO per share guidance range of $1.37 to $1.39 and its cash G&A range of $16.5 million to $17.0 million (exclusive of transaction costs and severance payments). The Company now expects 2026 net investment activity of at least $800 million vs. its prior range of $700 million to $800 million. In addition, the Company's AFFO per share guidance now includes approximately $0.035 to $0.04 per share of estimated dilution (or 2.8 million to 3.1 million shares) due to the impact of the Company's outstanding forward equity calculated in accordance with the treasury stock method, which compares to the prior range of $0.05 to $0.08 per share of estimated dilution (or 3.6 million to 5.9 million shares). However, with the Company settling 24.0 million forward shares in the third quarter, the Company's estimated weighted average share count for 2026 is now approximately 2.0 million to 2.3 million shares higher than previously anticipated, which has an estimated dilutive impact of $0.025 to $0.03 per share.
The Company's 2026 guidance is based on a number of assumptions that are subject to change and many of which are outside the Company's control. If actual results vary from these assumptions, the Company's expectations may change. There can be no assurance that the Company will achieve these results.
AFFO is a non-GAAP financial measure. The Company does not provide a reconciliation of such forward-looking non-GAAP measure to the most directly comparable financial measures calculated and presented in accordance with GAAP because to do so would be potentially misleading and not practical given the difficulty of projecting event driven transactional and other non-core operating items in any future period. The magnitude of these items, however, may be significant.
4
EARNINGS CONFERENCE CALL
A conference call will be held on Thursday, October 22, 2026 at 11:00 AM ET. During the conference call the Company’s officers will review third quarter 2026 performance, discuss recent events, and conduct a question and answer period.
The webcast will be accessible on the “Investor Relations” section of the Company’s website at www.NETSTREIT.com. To listen to the live webcast, please go to the site at least 15 minutes prior to the scheduled start time to register, as well as download and install any necessary audio software.
The conference call can also be accessed by dialing 1-877-451-6152 for domestic callers or 1-201-389-0879 for international callers. A dial-in replay will be available starting shortly after the call until November 5, 2026, which can be accessed by dialing 1-844-512-2921 for domestic callers or 1-412-317-6671 for international callers. The passcode for this dial-in replay is 13763156.
SUPPLEMENTAL PACKAGE
The Company’s supplemental package will be available prior to the conference call in the Investor Relations section of the Company’s website at www.investors.netstreit.com.
About NETSTREIT Corp.
NETSTREIT Corp. is an internally managed real estate investment trust (REIT) based in Dallas, Texas that specializes in acquiring single-tenant net lease retail properties nationwide. The growing portfolio consists of high-quality properties leased to e-commerce resistant tenants with healthy balance sheets. Led by a management team of seasoned commercial real estate executives, NETSTREIT’s strategy is to create the highest quality net lease retail portfolio in the country with the goal of generating consistent cash flows and dividends for its investors.
Investor Relations
ir@netstreit.com
972-694-3066
5
NON-GAAP FINANCIAL MEASURES
This press release contains non-GAAP financial measures, which may include FFO, Core FFO, AFFO, EBITDA, EBITDAre, Adjusted EBITDAre, Annualized Adjusted EBITDAre, Property-Level NOI, Property-Level Cash NOI, Property-Level Cash NOI - Estimated Run Rate, Net Debt, Adjusted Net Debt, and Pro Forma Net Debt. A reconciliation of each non-GAAP financial measure to the most comparable GAAP measure, and definitions of each non-GAAP measure, are included below.
FORWARD LOOKING STATEMENTS
This press release 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 business and growth strategies, investment, financing and leasing activities, including estimated development costs, trends in our business, including trends in the market for single-tenant, retail commercial real estate, and our 2026 guidance. Words such as “expects,” “anticipates,” “intends,” “plans,” “likely,” “will,” “believes,” “seeks,” “estimates,” and variations of such words and similar expressions are intended to identify such forward-looking statements. Such statements involve known and unknown risks, uncertainties and other factors that may cause our actual results, performance or achievements to be materially different from the results of operations or plans expressed or implied by such forward-looking statements. Although we believe that the assumptions underlying the forward-looking statements contained herein are reasonable, any of the assumptions could be inaccurate, and therefore such statements included in this press release may not prove to be accurate. In light of the significant uncertainties inherent in the forward-looking statements included herein, the inclusion of such information should not be regarded as a representation by us or any other person that the results or conditions described in such statements or our objectives and plans will be achieved. For a further discussion of these and other factors that could impact future results, performance or transactions, see the information under the heading “Risk Factors” in our Form 10-K for the year ended December 31, 2025 filed with the Securities and Exchange Commission (the “SEC”) on February 10, 2026 and other reports filed with the SEC from time to time. Forward-looking statements and such risks, uncertainties and other factors speak only as of the date of this press release. New risks and uncertainties may arise over time and it is not possible for us to predict those events or how they may affect us. Many of the risks identified herein and in our periodic reports have been and will continue to be heightened as a result of the ongoing and numerous adverse effects arising from macroeconomic conditions, including inflation and interest rates. We expressly disclaim any obligation or undertaking to update or revise any forward-looking statement contained herein, to reflect any change in our expectations with regard thereto, or any other change in events, conditions or circumstances on which any such statement is based, except to the extent otherwise required by law.
6
NETSTREIT CORP. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands, except share and per share data)
(Unaudited)
September 30, 2026 December 31, 2025
Assets
Real estate, at cost:
Land $ 1,001,153 $ 772,417
Buildings and improvements 1,953,370 1,590,714
Total real estate, at cost 2,954,523 2,363,131
Less accumulated depreciation (241,350) (188,858)
Property under development 28,349 5,500
Real estate held for investment, net 2,741,522 2,179,773
Assets held for sale 52,783 40,976
Mortgage loans receivable, net 132,356 142,464
Cash, cash equivalents, and restricted cash 42,305 14,467
Lease intangible assets, net 206,404 173,440
Other assets, net 104,372 63,076
Total assets $ 3,279,742 $ 2,614,196
Liabilities and equity
Liabilities:
Term loans, net $ 1,191,813 $ 1,093,331
Mortgage note payable, net 7,780 7,814
Lease intangible liabilities, net 15,066 16,910
Liabilities related to assets held for sale 1,027 1,016
Accounts payable, accrued expenses, and other liabilities 55,255 42,559
Total liabilities 1,270,941 1,161,630
Commitments and contingencies
Equity:
Stockholders’ equity
Common stock, $0.01 par value, 400,000,000 shares authorized; 125,632,968 and 93,070,533 shares issued and outstanding as of September 30, 2026 and December 31, 2025, respectively
1,257 931
Additional paid-in capital 2,262,541 1,701,572
Distributions in excess of retained earnings (297,529) (251,926)
Accumulated other comprehensive income (loss) 36,967 (4,565)
Total stockholders’ equity 2,003,236 1,446,012
Noncontrolling interests 5,565 6,554
Total equity 2,008,801 1,452,566
Total liabilities and equity $ 3,279,742 $ 2,614,196
7
NETSTREIT CORP. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except share and per share data)
(Unaudited)
Three Months Ended
September 30, Nine Months Ended
September 30,
2026 2025 2026 2025
Revenues
Rental revenue (including reimbursable) $ 63,215 $ 45,026 $ 175,064 $ 132,774
Interest income on loans receivable 3,047 3,282 8,988 9,485
Other revenue — — 556 245
Total revenues 66,262 48,308 184,608 142,504
Operating expenses
Property 5,944 4,302 17,065 13,589
General and administrative 6,543 5,128 18,139 15,772
Depreciation and amortization 28,569 21,389 78,839 63,818
Provisions for impairment 1,878 5,493 8,139 13,531
Transaction costs, net 5 19 (49) 139
Total operating expenses 42,939 36,331 122,133 106,849
Other (expense) income
Interest expense, net (17,705) (12,636) (47,525) (36,734)
Gain on sales of real estate, net 1,361 1,122 3,142 6,730
Loss on debt extinguishment (48) — (48) (46)
Other income, net 1,658 170 2,659 46
Total other expense, net (14,734) (11,344) (41,772) (30,004)
Net income before income taxes 8,589 633 20,703 5,651
Income tax expense (82) (12) (174) (41)
Net income 8,507 621 20,529 5,610
Less: net income attributable to noncontrolling interests 30 3 80 29
Net income attributable to common stockholders $ 8,477 $ 618 $ 20,449 $ 5,581
Amounts available to common stockholders per common share:
Basic $ 0.08 $ 0.01 $ 0.21 $ 0.07
Diluted $ 0.08 $ 0.01 $ 0.20 $ 0.07
Weighted average common shares:
Basic 103,148,396 83,472,089 98,710,054 82,344,168
Diluted 108,174,030 85,641,948 103,384,685 83,429,550
8
NETSTREIT CORP. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME TO FFO, CORE FFO AND ADJUSTED FFO
(In thousands, except share and per share data)
(Unaudited)
Three Months Ended
September 30, Nine Months Ended
September 30,
2026 2025 2026 2025
Net income $ 8,507 $ 621 $ 20,529 $ 5,610
Depreciation and amortization of real estate 28,495 21,315 78,611 63,598
Provisions for impairment 1,878 4,134 7,565 12,173
Gain on sales of real estate, net (1,361) (1,122) (3,142) (6,730)
FFO 37,519 24,948 103,563 74,651
Adjustments:
Non-recurring executive transition costs, severance, and related charges 511 1 511 80
Debt-related transaction costs 177 92 193 495
Other non-recurring gain — — (375) —
Other (gain) loss, net (1,605) 1,314 (1,031) 1,314
Core FFO 36,602 26,355 102,861 76,540
Adjustments:
Straight-line rent adjustments (2,543) (1,126) (6,977) (3,263)
Amortization of deferred financing costs 852 756 2,795 2,164
Amortization of above/below-market assumed debt 29 29 86 86
Amortization of loan origination costs and discounts (81) (147) (316) (197)
Amortization of lease-related intangibles 108 (35) 267 (110)
Earned development interest 246 36 543 118
Capitalized interest expense (162) (24) (352) (112)
Non-cash interest expense 720 721 2,138 2,138
Non-cash compensation expense 1,735 1,484 5,176 4,393
AFFO $ 37,506 $ 28,049 $ 106,221 $ 81,757
Weighted average common shares outstanding, basic 103,148,396 83,472,089 98,710,054 82,344,168
Operating partnership units outstanding 391,510 421,954 400,567 423,944
Unvested restricted stock units and LTIP Units 563,951 420,132 543,115 218,847
Unsettled shares under open forward equity contracts 4,070,173 1,327,773 3,730,949 442,591
Weighted average common shares outstanding, diluted 108,174,030 85,641,948 103,384,685 83,429,550
FFO per common share, diluted $ 0.35 $ 0.29 $ 1.00 $ 0.89
Core FFO per common share, diluted $ 0.34 $ 0.31 $ 0.99 $ 0.92
AFFO per common share, diluted $ 0.35 $ 0.33 $ 1.03 $ 0.98
9
NETSTREIT CORP. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME TO EBITDA, EBITDAre AND ADJUSTED EBITDAre
(In thousands)
(Unaudited)
Three Months Ended September 30,
2026
Net income $ 8,507
Depreciation and amortization of real estate 28,495
Amortization of lease-related intangibles 108
Non-real estate depreciation and amortization 74
Interest expense, net 17,705
Income tax expense 82
Amortization of loan origination costs and discounts (81)
EBITDA 54,890
Adjustments:
Provisions for impairment 1,878
Gain on sales of real estate, net (1,361)
EBITDAre
55,407
Adjustments:
Debt-related transaction costs 177
Non-recurring executive transition costs, severance, and related charges 511
Other gain, net (1,605)
Other income, net (115)
Transaction costs, net 5
Adjustment for construction in process (1)
550
Adjustment for intraquarter investment activities (2)
3,168
Adjusted EBITDAre
$ 58,098
Annualized Adjusted EBITDAre (3)
$ 232,392
Net Debt
As of September 30, 2026
Principal amount of total debt $ 1,207,915
Less: Cash, cash equivalents and restricted cash (42,305)
Net Debt 1,165,610
Less: Net value of unsettled forward equity (4)
(311,879)
Adjusted Net Debt $ 853,731
Leverage
Net Debt / Annualized Adjusted EBITDAre
5.0 x
Adjusted Net Debt / Annualized Adjusted EBITDAre
3.7 x
1.Adjustment reflects the estimated cash yield on developments in process as of September 30, 2026.
2.Adjustment assumes all re-leasing activity, investments in and dispositions of real estate, including any developments completed during the three months ended September 30, 2026, had occurred on July 1, 2026.
3.We calculate Annualized Adjusted EBITDAre by multiplying Adjusted EBITDAre by four.
4.Reflects 15,933,883 of unsettled forward equity shares at the September 30, 2026, weighted-average net settlement price of $19.57 per share.
10
NETSTREIT CORP. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME TO NOI, PROPERTY-LEVEL CASH NOI, AND PROPERTY-LEVEL
CASH NOI - ESTIMATED RUN RATE
(in thousands)
(Unaudited)
Three Months Ended September 30,
2026 2025
Net income $ 8,507 $ 621
General and administrative 6,543 5,128
Depreciation and amortization 28,569 21,389
Provisions for impairment 1,878 5,493
Transaction costs, net 5 19
Interest expense, net 17,705 12,636
Gain on sales of real estate, net (1,361) (1,122)
Income tax expense 82 12
Amortization of loan origination costs and discounts (81) (147)
Loss on debt extinguishment 48 —
Interest income on mortgage loans receivable (3,047) (3,282)
Other income, net (1,727) (170)
Property-Level NOI 57,121 40,577
Straight-line rent adjustments (2,543) (1,126)
Amortization of lease-related intangibles 108 (35)
Property-Level Cash NOI $ 54,686 $ 39,416
Adjustment for intraquarter acquisitions, dispositions, and completed development(1)
3,116
Property-Level Cash NOI Estimated Run Rate $ 57,802
1.Adjustment assumes all re-leasing activity, investments in and dispositions of real estate, including any developments completed during the three months ended September 30, 2026, had occurred on July 1, 2026.
11
NON-GAAP FINANCIAL MEASURES
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, excluding gains (or losses) resulting from dispositions of properties, plus depreciation and amortization and impairment charges on depreciable real property.
Core FFO is a non-GAAP financial measure defined as FFO adjusted to exclude infrequent and unusual items not expected to impact our operating performance on an ongoing basis. These include executive transition costs, severance, and related charges, insurance proceeds, debt-related transaction costs, and other non-core losses (gains) as they occur.
AFFO is a non-GAAP financial measure defined as Core FFO adjusted for GAAP net income related to non-cash revenues and expenses, such as straight-line rent, amortization of above- and below-market lease-related intangibles, amortization of lease incentives, capitalized interest expense and earned development interest, non-cash interest expense, non-cash compensation expense, amortization of deferred financing costs, amortization of above/below-market assumed debt, and amortization of loan origination costs.
Historical cost accounting for real estate assets implicitly assumes that the value of real estate assets diminishes predictably over time. In fact, real estate values historically have risen or fallen with market conditions. FFO is intended to be a standard supplemental measure of operating performance that excludes historical cost depreciation and valuation adjustments from net income. We consider FFO to be useful in evaluating potential property acquisitions and measuring operating performance.
We further consider FFO, Core FFO, and AFFO to be useful in determining funds available for payment of distributions. FFO, Core FFO, and AFFO do not represent net income or cash flows from operations as defined by GAAP. You should not consider FFO, Core FFO, and AFFO to be alternatives to net income as a reliable measure of our operating performance nor should you consider FFO, Core FFO, and AFFO to be alternatives to cash flows from operating, investing, or financing activities (as defined by GAAP) as measures of liquidity.
FFO, Core FFO, and AFFO do not measure whether cash flow is sufficient to fund our cash needs, including debt service obligations, capital improvements, and distributions to stockholders. FFO, Core FFO, and AFFO do not represent cash flows from operating, investing, or financing activities as defined by GAAP. Further, FFO, Core FFO, and AFFO as disclosed by other REITs might not be comparable to our calculations of FFO, Core FFO, and AFFO.
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 also report EBITDAre. We compute EBITDAre in accordance with the definition adopted by NAREIT. NAREIT defines EBITDAre as EBITDA (as defined above) excluding gains (or losses) from the sales of depreciable property and impairment charges on depreciable real property.
Adjusted EBITDAre is a non-GAAP financial measure defined as EBITDAre further adjusted to exclude debt related transaction costs, executive transition costs, severance, and related charges, transaction costs, other non-recurring losses (gains), other non-recurring expenses (income), including lease termination fees, as well as adjustments for construction in process and for intraquarter activities. Annualized Adjusted EBITDAre is Adjusted EBITDAre multiplied by four.
We present EBITDA, EBITDAre, Adjusted EBITDAre, and Annualized Adjusted EBITDAre as they are measures commonly used in our industry. We believe that these measures are useful to investors and analysts because they provide supplemental information concerning our operating performance, exclusive of certain non-cash items and other costs. We use EBITDA, EBITDAre, Adjusted EBITDAre, and Annualized Adjusted EBITDAre as measures of our operating performance and not as measures of liquidity.
EBITDA, EBITDAre, Adjusted EBITDAre, and Annualized Adjusted EBITDAre do not include all items of revenue and expense included in net income, they do not represent cash generated from operating activities and they are not necessarily indicative of cash available to fund cash requirements; accordingly, they should not be considered alternatives to net income as a performance measure or cash flows from operations as a liquidity measure and should be considered in addition to, and not in lieu of, GAAP financial measures. Additionally, our computation of EBITDA, EBITDAre, Adjusted EBITDAre, and Annualized Adjusted EBITDAre may differ from the methodology for calculating these metrics used by other equity REITs and, therefore, may not be comparable to similarly titled measures reported by other equity REITs.
12
Net Debt, Adjusted Net Debt, and Pro Forma Adjusted Net Debt
We calculate Net Debt as the principal amount of our total debt outstanding, which excludes deferred financing costs, net discounts, and debt issuance costs, less cash, cash equivalents, and restricted cash available for future investment.
We then reduce Net Debt by the net value of unsettled forward equity as of period end to derive Adjusted Net Debt. Further, we reduce Adjusted Net Debt by the net value of any at-the-market sales, including forward equity sales, executed subsequent to the period to derive Pro Forma Adjusted Net Debt.
We believe reducing cash, cash equivalents, and restricted cash available for future investment from the principal amount of our total debt outstanding, together with the reduction of the net value of unsettled forward equity as of period end and the net value of any at-the-market sales, including forward equity sales, executed subsequent to the period, all of which could be used to repay debt, provides a useful estimate of the net contractual amount of borrowed capital to be repaid. We believe these adjustments are additional beneficial disclosures to investors and analysts.
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 results. We compute Property-Level NOI as net income (computed in accordance with GAAP), excluding general and administrative expenses, interest expense, net, income tax expense, amortization of loan origination costs and discounts, transaction costs, depreciation and amortization, gains (or losses) on sales of depreciable property, real estate impairment losses, interest income on mortgage loans receivable, debt-related transaction costs, and other expense (income), net, including lease termination fees. We further adjust Property-Level NOI for non-cash revenue components of straight-line rent and amortization of lease-intangibles to derive Property-Level Cash NOI. We further adjust Property-Level Cash NOI for intraquarter acquisitions, dispositions, and completed development to derive Property-Level Cash NOI - Estimated Run Rate. We believe Property-Level NOI, Property-Level Cash NOI, and Property-Level Cash NOI - Estimated Run Rate provide useful and relevant information because they reflect only those income and expense items that are incurred at the property level and present such items on an unlevered basis.
Property-Level NOI, Property-Level Cash NOI, and Property-Level Cash NOI - Estimated Run Rate are not measurements of financial performance under GAAP and may not be comparable to similarly titled measures of other companies. You should not consider our measures as alternatives to net income or cash flows from operating activities determined in accordance with GAAP.
OTHER DEFINITIONS
ABR is annualized base rent for all leases that commenced and annualized cash interest for all executed mortgage loans as of period end.
Cash Yield is the annualized base rent contractually due from acquired properties and completed developments, and interest income from mortgage loans receivable, divided by the gross investment amount, gross proceeds in the case of dispositions, or loan repayment amount.
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 separate lease.
Investment Grade are investments, or investments that are subsidiaries of a parent entity, with a credit rating of BBB- (S&P/Fitch), Baa3 (Moody's) or NAIC2 (National Association of Insurance Commissioners) or higher.
Investment Grade Profile are 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.
Occupancy is expressed as a percentage, and is the number of leased investments divided by the total number of investments owned, excluding properties under development.
Weighted Average Lease Term is weighted by the annualized base rent, excluding lease extension options and investments associated with mortgage loans receivable.
13
EX-99.2
EX-99.2
Filename: a3q26_formattedsupplemen.htm · Sequence: 3
a3q26_formattedsupplemen
Third Quarter 2026 Supplemental Financial Information
Table of Contents 2 03 Corporate Overview 04 Quarterly Highlights 05 Condensed Consolidated Statements of Operations 06 Funds from Operations and Adjusted Funds from Operations 07 EBITDAre and Adjusted EBITDAre 08 Net Operating Income 09 Condensed Consolidated Balance Sheets 10 Debt, Capitalization, and Financial Ratios 12 Investment Activity 13 Portfolio Information 17 Lease Expiration Schedule 18 Non-GAAP Measures and Definitions 21 Forward-Looking and Cautionary Statements
Management Team Mark Manheimer Chief Executive Officer and President Daniel Donlan Chief Financial Officer and Treasurer Matthew Fennewald Senior Vice President, Chief Accounting Officer Jeff Fuge Senior Vice President of Acquisitions Chad Shafer Senior Vice President of Real Estate and Underwriting 3 Corporate Overview Corporate Profile NETSTREIT Corp. (NYSE: NTST) is an internally managed real estate investment trust (REIT) based in Dallas, Texas that specializes in acquiring single-tenant net lease retail properties nationwide. The growing portfolio consists of high-quality properties leased to e- commerce resistant tenants with healthy balance sheets. Led by a management team of seasoned commercial real estate executives, NETSTREIT’s strategy is to create the highest quality net lease retail portfolio in the country in order to generate consistent cash flows and dividends for its investors. Board of Directors Lori Wittman - Chair Michael Christodolou Heidi Everett Mark Manheimer Todd Minnis Matthew Troxell Robin Zeigler Corporate Headquarters 2021 McKinney Avenue Suite 1150 Dallas, Texas, 75201 Phone: (972) 597 - 4825 Website: www.netstreit.com Transfer Agent Computershare PO Box 43006 Providence, RI 02940-3006 Phone: (800) 736 - 3001 Website: www.computershare.com
Quarterly Highlights (unaudited, dollars in thousands, except per share data) 4 1. Excludes six properties under development. 2. Weighted by ABR; excludes lease extension options and investments that secure mortgage loans receivable. 3. Investments, or investments that are subsidiaries of a parent entity, with a credit rating of BBB- (S&P/Fitch), Baa3 (Moody's), or NAIC2 (National Association of Insurance Commissioners) or higher. 4. 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. Three Months Ended Financial Results September 30, 2026 June 30, 2026 March 31, 2026 December 31, 2025 September 30, 2025 Net income $ 8,507 $ 6,311 $ 5,711 $ 1,328 $ 621 Net income per common share outstanding - diluted $ 0.08 $ 0.06 $ 0.06 $ 0.02 $ 0.01 Funds from Operations (FFO) $ 37,519 $ 34,577 $ 31,467 $ 26,594 $ 24,948 FFO per common share outstanding - diluted $ 0.35 $ 0.34 $ 0.32 $ 0.31 $ 0.29 Core Funds from Operations (Core FFO) $ 36,602 $ 34,218 $ 32,041 $ 26,638 $ 26,355 Core FFO per common share outstanding - diluted $ 0.34 $ 0.33 $ 0.32 $ 0.31 $ 0.31 Adjusted Funds from Operations (AFFO) $ 37,506 $ 35,491 $ 33,224 $ 28,167 $ 28,049 AFFO per common share outstanding - diluted $ 0.35 $ 0.35 $ 0.34 $ 0.33 $ 0.33 Dividends per share $ 0.225 $ 0.220 $ 0.220 $ 0.215 $ 0.215 Weighted average common shares outstanding - diluted 108,174,030 102,788,997 99,107,642 86,518,740 85,641,948 Portfolio Metrics Number of investments(1) 913 859 804 758 721 Square feet 16,466,499 15,418,621 14,498,665 13,721,337 13,179,983 Occupancy 99.9 % 100.0 % 99.9 % 99.9 % 99.9 % Weighted average lease term remaining (years)(2) 10.1 10.0 10.2 10.1 9.9 Investment grade (rated) - % of ABR(3) 40.1 % 40.7 % 42.3 % 44.3 % 46.9 % Investment grade profile (unrated) - % of ABR(4) 18.1 % 15.8 % 16.1 % 14.0 % 15.2 % Combined Investment grade (rated) & Investment grade profile (unrated) - % of ABR 58.2 % 56.5 % 58.3 % 58.3 % 62.1 % $0.94 $1.16 $1.22 $1.26 $1.31 $0 $500 $1,000 $1,500 $2,000 $2,500 $3,000 $0.70 $0.80 $0.90 $1.00 $1.10 $1.20 $1.30 $1.40 $1.50 2021 2022 2023 2024 2025 G ro ss R ea l E st at e V al ue ($ in m ill io ns ) A FF O /s h Historical AFFO/sh and Asset Growth AFFO/sh Gross Real Estate Value AFFO/sh Growth CAGR 8.7%
5 Three Months Ended September 30, Nine Months Ended September 30, 2026 2025 2026 2025 REVENUES Rental revenue (including reimbursable) $ 63,215 $ 45,026 $ 175,064 $ 132,774 Interest income on loans receivable 3,047 3,282 8,988 9,485 Other revenue — — 556 245 Total revenues 66,262 48,308 184,608 142,504 OPERATING EXPENSES Property 5,944 4,302 17,065 13,589 General and administrative 6,543 5,128 18,139 15,772 Depreciation and amortization 28,569 21,389 78,839 63,818 Provisions for impairment 1,878 5,493 8,139 13,531 Transaction costs, net 5 19 (49) 139 Total operating expenses 42,939 36,331 122,133 106,849 OTHER (EXPENSE) INCOME Interest expense, net (17,705) (12,636) (47,525) (36,734) Gain on sales of real estate, net 1,361 1,122 3,142 6,730 Loss on debt extinguishment (48) — (48) (46) Other income, net 1,658 170 2,659 46 Total other expense, net (14,734) (11,344) (41,772) (30,004) Net income before income taxes 8,589 633 20,703 5,651 Income tax expense (82) (12) (174) (41) Net income 8,507 621 20,529 5,610 Less: net income attributable to noncontrolling interests 30 3 80 29 Net income attributable to common stockholders $ 8,477 $ 618 $ 20,449 $ 5,581 Amounts available to common stockholders per common share: Basic $ 0.08 $ 0.01 $ 0.21 $ 0.07 Diluted $ 0.08 $ 0.01 $ 0.20 $ 0.07 Weighted average common shares: Basic 103,148,396 83,472,089 98,710,054 82,344,168 Diluted 108,174,030 85,641,948 103,384,685 83,429,550 Condensed Consolidated Statements of Operations (unaudited, dollars in thousands, except per share data)
Funds From Operations and Adjusted Funds From Operations (unaudited, dollars in thousands, except per share data) 6 Three Months Ended September 30, Nine Months Ended September 30, 2026 2025 2026 2025 GAAP Reconciliation: Net income $ 8,507 $ 621 $ 20,529 $ 5,610 Depreciation and amortization of real estate 28,495 21,315 78,611 63,598 Provisions for impairment 1,878 4,134 7,565 12,173 Gain on sales of real estate, net (1,361) (1,122) (3,142) (6,730) Funds from Operations (FFO) $ 37,519 $ 24,948 $ 103,563 $ 74,651 Adjustments: Non-recurring executive transition costs, severance, and related charges 511 1 511 80 Debt-related transaction costs 177 92 193 495 Other non-recurring gain — — (375) — Other (gain) loss, net (1,605) 1,314 (1,031) 1,314 Core Funds from Operations (Core FFO) $ 36,602 $ 26,355 $ 102,861 $ 76,540 Adjustments: Straight-line rent adjustments (2,543) (1,126) (6,977) (3,263) Amortization of deferred financing costs 852 756 2,795 2,164 Amortization of above/below-market assumed debt 29 29 86 86 Amortization of loan origination costs and discounts (81) (147) (316) (197) Amortization of lease-related intangibles 108 (35) 267 (110) Earned development interest 246 36 543 118 Capitalized interest expense (162) (24) (352) (112) Non-cash interest expense 720 721 2,138 2,138 Non-cash compensation expense 1,735 1,484 5,176 4,393 Adjusted Funds from Operations (AFFO) $ 37,506 $ 28,049 $ 106,221 $ 81,757 FFO per common share, diluted $ 0.35 $ 0.29 $ 1.00 $ 0.89 Core FFO per common share, diluted $ 0.34 $ 0.31 $ 0.99 $ 0.92 AFFO per common share, diluted $ 0.35 $ 0.33 $ 1.03 $ 0.98 Dividends per share $ 0.225 $ 0.215 $ 0.665 $ 0.635 Dividends per share as a percent of AFFO 64 % 65 % 65 % 65 % Weighted average common shares outstanding, basic 103,148,396 83,472,089 98,710,054 82,344,168 Operating partnership units outstanding 391,510 421,954 400,567 423,944 Unvested restricted stock units and LTIP Units 563,951 420,132 543,115 218,847 Unsettled shares under open forward equity contracts 4,070,173 1,327,773 3,730,949 442,591 Weighted average common shares outstanding, diluted 108,174,030 85,641,948 103,384,685 83,429,550
EBITDAre and Adjusted EBITDAre (unaudited, dollars in thousands) 7 Three Months Ended September 30, 2026 GAAP Reconciliation: Net income $ 8,507 Depreciation and amortization of real estate 28,495 Amortization of lease-related intangibles 108 Non-real estate depreciation and amortization 74 Interest expense, net 17,705 Income tax expense 82 Amortization of loan origination costs and discounts (81) EBITDA 54,890 Adjustments: Provisions for impairment 1,878 Gain on sales of real estate, net (1,361) EBITDAre 55,407 Adjustments: Debt-related transaction costs 177 Non-recurring executive transition costs, severance, and related charges 511 Other gain, net (1,605) Other income, net (115) Transaction costs, net 5 Adjustment for construction in process (1) 550 Adjustment for intraquarter investment activities (2) 3,168 Adjusted EBITDAre $ 58,098 Annualized Adjusted EBITDAre (3) $ 232,392 Net Debt As of September 30, 2026 Principal amount of total debt $ 1,207,915 Less: Cash, cash equivalents and restricted cash (42,305) Net Debt $ 1,165,610 Less: Net value of unsettled forward equity (4) (311,879) Adjusted Net Debt $ 853,731 Leverage Net Debt / Annualized Adjusted EBITDAre 5.0 x Adjusted Net Debt / Annualized Adjusted EBITDAre 3.7 x 1. Adjustment reflects the estimated cash yield on developments in process as of September 30, 2026. 2. Adjustment assumes all re-leasing activity, investments in and dispositions of real estate, including any developments completed during the three months ended September 30, 2026, had occurred on July 1, 2026. 3. We calculate Annualized Adjusted EBITDAre by multiplying Adjusted EBITDAre by four. 4. Reflects 15,933,883 of unsettled forward equity shares at the September 30, 2026, available weighted average net settlement price of $19.57 per share.
Net Operating Income (unaudited, dollars in thousands) 8 Three Months Ended September 30, 2026 2025 GAAP Reconciliation: Net income $ 8,507 $ 621 General and administrative 6,543 5,128 Depreciation and amortization 28,569 21,389 Provisions for impairment 1,878 5,493 Transaction costs, net 5 19 Interest expense, net 17,705 12,636 Gain on sales of real estate, net (1,361) (1,122) Income tax expense 82 12 Amortization of loan origination costs and discounts (81) (147) Loss on debt extinguishment 48 — Interest income on mortgage loans receivable (3,047) (3,282) Other income, net (1,727) (170) Property-Level NOI 57,121 40,577 Straight-line rent adjustments (2,543) (1,126) Amortization of lease-related intangibles 108 (35) Property-Level Cash NOI $ 54,686 $ 39,416 Adjustment for intraquarter acquisitions, dispositions, and completed development(1) 3,116 Property-Level Cash NOI Estimated Run Rate $ 57,802 Property Operating Expense Coverage Property operating expense reimbursement $ 5,098 $ 3,743 Property operating expenses (5,944) (4,302) Property operating expenses, net $ (846) $ (559) 1. Adjustment assumes all re-leasing activity, investments in and dispositions of real estate, including any developments completed during the three months ended September 30, 2026, had occurred on July 1, 2026.
Condensed Consolidated Balance Sheets (unaudited, dollars in thousands, except per share data) 9 September 30, 2026 December 31, 2025 ASSETS Real estate, at cost: Land $ 1,001,153 $ 772,417 Buildings and improvements 1,953,370 1,590,714 Total real estate, at cost 2,954,523 2,363,131 Less accumulated depreciation (241,350) (188,858) Property under development 28,349 5,500 Real estate held for investment, net 2,741,522 2,179,773 Assets held for sale 52,783 40,976 Mortgage loans receivable, net 132,356 142,464 Cash, cash equivalents, and restricted cash 42,305 14,467 Lease intangible assets, net 206,404 173,440 Other assets, net 104,372 63,076 Total assets $ 3,279,742 $ 2,614,196 LIABILITIES AND EQUITY Liabilities: Term loans, net $ 1,191,813 $ 1,093,331 Mortgage note payable, net 7,780 7,814 Lease intangible liabilities, net 15,066 16,910 Liabilities related to assets held for sale 1,027 1,016 Accounts payable, accrued expenses, and other liabilities 55,255 42,559 Total liabilities 1,270,941 1,161,630 Equity: Stockholders’ equity Common stock, $0.01 par value, 400,000,000 shares authorized; 125,632,968 and 93,070,533 shares issued and outstanding as of September 30, 2026 and December 31, 2025, respectively 1,257 931 Additional paid-in capital 2,262,541 1,701,572 Distributions in excess of retained earnings (297,529) (251,926) Accumulated other comprehensive income (loss) 36,967 (4,565) Total stockholders’ equity 2,003,236 1,446,012 Noncontrolling interests 5,565 6,554 Total equity 2,008,801 1,452,566 Total liabilities and equity $ 3,279,742 $ 2,614,196
Debt, Capitalization, and Financial Ratios (unaudited, dollars in thousands) 10 As of September 30, 2026 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 3.3 2029 Term Loan(3) January 3, 2029 250,000 3.74% 4.64% — 2.3 2030 Term Loan A(4) January 15, 2030 175,000 2.40% 3.30% — 3.3 2030 Term Loan B(5) January 15, 2030 175,000 3.87% 4.77% — 3.3 2031 Term Loan(6) March 25, 2031 300,000 3.17% 4.07% — 4.5 2032 Term Loan(7) September 24, 2032 300,000 3.16% 4.41% — 6.0 2033 Term Loan September 28, 2033 — —% —% 400,000 7.0 Mortgage note(8) November 1, 2027 7,915 —% 4.53% — 1.1 Total / Weighted Average $ 1,207,915 3.27% 4.26% $ 899,850 4.0 1. Rates presented exclude the impact of capitalized loan fee amortization. 2. Interest rate reflects the all-in borrowing rate as of September 30, 2026. Facility fees are charged at an annual rate of 0.20% of the total facility size of $500 million, and are not included in the interest rate presented. The facility matures on January 15, 2029, and includes a one-year extension option. Remaining capacity reduced by $0.15 million for outstanding letters of credit. 3. The term loan matures on July 3, 2027, and includes one one-year extension option and one six-month extension option. 4. The term loan matures on January 15, 2029, and includes a one-year extension option. Existing fixed rate SOFR expires in January 2027; the term loan is unhedged beyond that date. 5. The term loan matures on January 15, 2029, and includes a one-year extension option. 6. $100 million of principal fixed at 2.63% through February 2028, via swaps reassigned from the 2028 Term Loan repaid during the quarter. The remaining $200 million is fixed through maturity at 3.44%. 7. $100 million of principal fixed at 2.63% through February 2028, via swaps reassigned from the 2028 Term Loan repaid during the quarter. The remaining $200 million is fixed through maturity at 3.42%. 8. The mortgage note was assumed as part of an asset acquisition during the third quarter of 2022. Fixed, 100% Fixed vs. Floating Debt $8 $250 $350 $300 $300 $500 $400 $0 $200 $400 $600 $800 $1,000 2026 2027 2028 2029 2030 2031 2032 2033 In M illi on s Debt Maturity Schedule Mortgage Note Term Loan RCF Capacity New Term Loan
Debt, Capitalization, and Financial Ratios (unaudited, dollars in thousands, except per share data) 11 As of September 30, 2026 Key Debt Covenant Information Required Actual Consolidated total leverage ratio ≤ 60.0% 29.8% Fixed charge coverage ratio ≥ 1.50x 3.2x Maximum secured indebtedness ≤ 40.0% 0.2% Maximum recourse indebtedness ≤ 10.0% —% Unencumbered leverage ratio ≤ 60.0% 31.2% Unencumbered interest coverage ratio ≥ 1.75x 3.4x Liquidity As of September 30, 2026 Unused Unsecured Revolver Capacity (1) $ 499,850 Cash, Cash Equivalents and Restricted Cash 42,305 Net Value of Unsettled Forward Equity (2) 311,879 Undrawn 2033 Term Loan Balance 400,000 Total Liquidity $ 1,254,034 Equity Ending Shares/Units as of September 30, 2026 Equity Market Capitalization (3) % of Total Common shares 125,632,968 $ 2,221,191 99.7 % OP units 346,817 6,132 0.3 % Total (4) 125,979,785 $ 2,227,323 100.0 % Enterprise Value As of September 30, 2026 % of Total Adjusted Net Debt $ 853,731 25.2 % Net Value of Unsettled Forwards 311,879 9.2 % Equity Market Capitalization 2,227,323 65.6 % Total Enterprise Value $ 3,392,933 100.0 % As of September 30, 2026 Outstanding Forward Equity Offerings Shares Remaining Anticipated Net Proceeds Remaining Q1 2026 ATM 1,366,629 $ 27,250 February 2026 Follow On 4,570,289 81,835 Q2 2026 ATM 9,005,190 181,878 Q3 2026 ATM 991,775 20,917 Total 15,933,883 $ 311,879 1. Remaining capacity reduced by $0.15 million for outstanding letters of credit. 2. Reflects 15,933,883 of unsettled shares under forward sale agreements at the September 30, 2026, weighted average net settlement price of $19.57 per share. 3. Value is based on the September 30, 2026, closing share price of $17.68 per share. 4. Excludes unvested LTIP units and unvested restricted stock units.
1. Includes acquisitions, mortgage loans receivable, and completed developments. 2. ABR divided by the Gross Investment. 3. Weighted by ABR; excludes lease extension options and investments that secure mortgage loans receivable. 4. Excludes Transaction costs. 5. ABR divided by Gross Proceeds; excludes vacant properties. 6. Includes payoff of outstanding mortgage loans receivable and mortgage loan sales. Excludes partial payoff or amortization of existing mortgage loans receivable. 7. Includes payoff and partial payoff of outstanding mortgage loans receivable and mortgage loan sales. Excludes amortization of existing mortgage loans receivable. 8. Effective interest rate of mortgage loans receivable. Investment Activity (unaudited, dollars in thousands) 12 Three Months Ended September 30, June 30, March 31, December 31, September 30, 2026 2026 2026 2025 2025 Investments Number of Investments (1) 84 93 58 57 50 Gross Investment $ 273,144 $ 298,857 $ 238,964 $ 245,431 $ 203,907 Cash Yield (2) 7.4 % 7.4 % 7.5 % 7.5 % 7.4 % Weighted Average Lease Term (years) (3) 13.0 9.8 14.1 15.0 13.4 Investment Grade and Investment Grade Profile % 43.9 % 44.9 % 34.7 % 33.9 % 33.4 % Dispositions Number of Investments 15 16 5 17 24 Number of Vacant Properties — 2 — — — Gross Proceeds(4) $ 39,522 $ 49,143 $ 11,053 $ 40,414 $ 37,769 Cash Yield(5) 7.2 % 6.8 % 6.6 % 6.9 % 7.2 % Loan Repayments Number of Loan Repayments (6) 15 22 7 3 10 Amount of Repayment (7) $ 28,222 $ 20,093 $ 16,815 $ 6,714 $ 24,127 Cash Yield (8) 8.8 % 9.0 % 9.2 % 10.1 % 8.0 % Developments Industry Location Lease Term (years) Amount Funded to Date Est. Remaining Cost Actual/ Anticipated Rent Commencement Automotive Service Whitestown, IN 15 $5,014 $— Commenced 2Q'26 Health and Fitness Fort Worth, TX 20 $9,483 $1,956 4Q'26 Automotive Service Beavercreek, OH 15 $3,740 $832 4Q'26 Automotive Service Wadsworth, OH 15 $3,663 $1,250 1Q'27 Automotive Service Goldsboro, NC 15 $1,259 $2,492 1Q'27 Health and Fitness Benbrook, TX 20 $5,304 $6,335 1Q'27 Health and Fitness South Bend, IN 15 $5,057 $5,528 1Q'27
Portfolio Information (unaudited, dollars in thousands) 13 1. Excludes six properties under development. 2. Weighted by ABR; excludes lease extension options, investments that secure mortgage loans receivable. 3. Excludes six properties under development and one vacant property. 4. Due to rounding, respective ABR may not precisely reflect absolute figures. 5. Investments, or investments that are subsidiaries of a parent entity (with such subsidiary making up at least 50% of the parent company total revenue), with a credit rating of BBB- (S&P/Fitch), Baa3 (Moody's), or NAIC2 (National Association of Insurance Commissioners) or higher. 6. 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. 7. Investments, or investments that are subsidiaries of a parent entity (with such subsidiary making up at least 50% of the parent company total revenue), with a credit rating of BB+ (S&P/Fitch), Ba1 (Moody's), or NAIC3 (National Association of Insurance Commissioners) or lower. Portfolio Metrics September 30, 2026 Number of Investments(1) 913 Number of states 46 Square feet 16,466,499 Tenants 158 Industries 28 Occupancy 99.9 % Weighted average lease term remaining (years)(2) 10.1 Tenant Quality Number of Investments(3) ABR(4) % of ABR Investment grade (rated)(5) 386 $ 98,772 40.1% Investment grade profile (unrated)(6) 177 44,650 18.1% Sub-investment grade (rated)(7) 114 40,763 16.5% Sub-investment grade profile (unrated) 235 62,137 25.2% Total 912 $ 246,322 100.0% Tenant Quality Necessity, 42.8% Discount, 11.2% Service, 34.5% Other, 11.5% Defensive Category Investment grade, 40.1% Investment grade profile, 18.1% Sub- Investment grade, 16.5% Sub-Investment grade profile, 25.2% 58.2% of ABR Inv. Grade Inv. Grade Profile 88.5% of ABR Necessity Discount Service
14 Source: Company data as of September 30, 2026. “NR” stands for not reported. 1. Unit-level rent coverage is calculated using a.) unit-level financial reporting, which represents 36.5% of ABR, or b.) Placer.ai adjusted sales and corporate EBITDA margins, where unit level reporting is not required by a lease. 2. The chart illustrates the ABR attributable to leases with tenants having specified implied credit ratings based on their Moody’s EDF-X scores. Moody’s equates the EDF scores generated using EDF-X with a corresponding credit rating. For those tenants with an actual credit rating from S&P, Moody’s, Fitch, or the National Association of Insurance Commissioners, the higher of the actual or implied credit rating is used. 3. Excludes investments that secure mortgage loans receivable. 3% 16% 3% 6% 11% 13% 24% 23% 0% 5% 10% 15% 20% 25% 30% % of ABR by Tenant Revenue Tranche % of ABR by Unit-Level Coverage Tranche1 Unit-Level Coverage by Tenant Credit2 Unit-Level Coverage by Lease Expiration3 >78% of our tenants generate >$1B in annual revenue Our weighted average unit-level coverage for the portfolio is 3.9x ABR expiring through 2029 has coverage of 4.9x 93% of our ABR has unit- level coverage >1.5x >2.00x: 83.5% 1.50-1.99x: 9.6% 1.00-1.49x: 3.2% <1.00x :0.2% NR, 3.2% 0% 5% 10% 15% 20% 25% NR <1.00 1.00-1.49 1.50-1.99 >2.00 0% 5% 10% 15% 20% 25% NR <1.00 1.00-1.49 1.50-1.99 >2.00 Portfolio Health Statistics
(2) Portfolio Information (cont’d) (unaudited) 15 1. If rated by a credit rating agency, reflects highest rating from S&P, Fitch, Moody's, or National Association of Insurance Commissioners. 2. Speedfast is a convenience store brand owned by United Lone Enterprises. Top Tenants Number of Investments % of ABR Credit rating(1) 13 4.0% BBB+ 29 3.6% BBB 72 3.6% BBB 28 3.2% Baa1 5 3.1% A 49 2.7% A 17 2.7% IG Profile 16 2.3% SIG (unrated) 7 2.1% BB+ 4 2.0% BBB 17 2.0% SIG (unrated) 7 2.0% AA Total 264 33.3%
Portfolio Information (cont’d) (unaudited) 16 State Number of Investments(1) % of ABR(2) Texas 135 18.6% Illinois 65 8.5% New York 41 6.8% Georgia 45 4.9% Florida 37 4.6% Wisconsin 25 4.2% North Carolina 67 4.2% Alabama 58 3.6% Ohio 42 3.6% Other 398 40.8% Total 913 100.0% 1. Excludes six properties under development. 2. Due to rounding, respective percentage of ABR may not precisely reflect absolute figures. ≥ 5% ABR ≥ 1% and < 3% ABR ≥ 3% and <5% ABR < 1% ABR 0% ABR
Portfolio Information (cont’d) (unaudited) 17 Industry Defensive Category Number of Investments(1) % of ABR Grocery Necessity 74 15.7% Convenience Stores Service 161 15.2% Home Improvement Necessity 42 8.0% Dollar Stores Discount 136 6.7% Health and Fitness Service 17 6.3% Drug Stores & Pharmacies Necessity 46 5.6% Quick Service Restaurants Service 87 5.5% Sporting Goods Other 13 4.9% Discount Retail Discount 38 4.6% Healthcare Necessity 42 4.5% Automotive Service Service 72 4.5% Farm Supplies Necessity 31 4.0% Casual Dining Service 30 2.7% Arts & Crafts Other 16 2.6% Auto Parts Necessity 65 2.5% General Retail Necessity 7 2.0% Consumer Electronics Other 8 1.8% Apparel Other 7 0.8% Specialty Other 2 0.4% Furniture Stores Other 2 0.4% Equipment Rental and Leasing Service 6 0.3% Telecommunications Other 4 0.3% Wholesale Warehouse Club Necessity 1 0.2% Beauty Supplies Other 1 0.1% Pet Supplies Necessity 1 0.1% Gift, Novelty, and Souvenir Shops Other 1 0.1% Banking Necessity 1 0.1% Home Furnishings Other 1 0.1% Total 912 100.0% Defensive Category Number of Investments % of ABR Necessity 310 42.8% Discount 174 11.2% Service 373 34.5% Other 55 11.5% Total 912 100.0% 1. Excludes six properties under development and one vacant property.
Lease Expiration Schedule (unaudited, dollars in thousands) 18 ABR Expiring Year of Number of ABR as a % of Expiration Investments Expiring(1) Expiring(1) Total Portfolio(2) 2026 1 $ 417 0.2% 2027 7 1,110 0.5% 2028 21 9,573 4.1% 2029 42 10,877 4.6% 2030 47 15,787 6.7% 2031 69 16,791 7.1% 2032 62 17,452 7.4% 2033 54 14,001 6.0% 2034 88 23,401 9.9% 2035 70 15,898 6.8% 2036 33 10,302 4.4% 2037 31 11,457 4.9% 2038 47 9,392 4.0% 2039 41 11,138 4.7% 2040 33 10,129 4.3% 2041 32 10,045 4.3% 2042 3 1,611 0.7% 2043 18 3,901 1.7% 2044 48 13,656 5.8% 2045 47 13,861 5.9% 2046 47 12,576 5.3% 2047 1 159 0.1% 2048 1 170 0.1% 2049 9 949 0.4% 2050 3 622 0.3% Total 855 $ 235,278 100.0% 1. Excludes six properties under development, 57 investments that secure mortgage loans receivable, and one vacant property. 2. Due to rounding, respective percentage of ABR may not precisely reflect absolute figures.
Non-GAAP Measures and Definitions 19 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, excluding gains (or losses) resulting from dispositions of properties, plus depreciation and amortization and impairment charges on depreciable real property. Core FFO is a non-GAAP financial measure defined as FFO adjusted to exclude infrequent and unusual items not expected to impact our operating performance on an ongoing basis. These include executive transition costs, severance, and related charges, insurance proceeds, debt-related transaction costs, and other non-core losses (gains) as they occur. AFFO is a non-GAAP financial measure defined as Core FFO adjusted for GAAP net income related to non- cash revenues and expenses, such as straight-line rent, amortization of above- and below-market lease-related intangibles, amortization of lease incentives, capitalized interest expense and earned development interest, non-cash interest expense, non-cash compensation expense, amortization of deferred financing costs, amortization of above/below-market assumed debt, and amortization of loan origination costs. Historical cost accounting for real estate assets implicitly assumes that the value of real estate assets diminishes predictably over time. In fact, real estate values historically have risen or fallen with market conditions. FFO is intended to be a standard supplemental measure of operating performance that excludes historical cost depreciation and valuation adjustments from net income. We consider FFO to be useful in evaluating potential property acquisitions and measuring operating performance. We further consider FFO, Core FFO, and AFFO to be useful in determining funds available for payment of distributions. FFO, Core FFO, and AFFO do not represent net income or cash flows from operations as defined by GAAP. You should not consider FFO, Core FFO, and AFFO to be alternatives to net income as a reliable measure of our operating performance nor should you consider FFO, Core FFO, and AFFO to be alternatives to cash flows from operating, investing, or financing activities (as defined by GAAP) as measures of liquidity. FFO, Core FFO, and AFFO do not measure whether cash flow is sufficient to fund our cash needs, including debt service obligations, capital improvements, and distributions to stockholders. FFO, Core FFO, and AFFO do not represent cash flows from operating, investing, or financing activities as defined by GAAP. Further, FFO, Core FFO, and AFFO as disclosed by other REITs might not be comparable to our calculations of FFO, Core FFO, and AFFO.
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 also report EBITDAre. We compute EBITDAre in accordance with the definition adopted by NAREIT. NAREIT defines EBITDAre as EBITDA (as defined above) excluding gains (or losses) from the sales of depreciable property and impairment charges on depreciable real property. Adjusted EBITDAre is a non-GAAP financial measure defined as EBITDAre further adjusted to exclude debt related transaction costs, executive transition costs, severance, and related charges, transaction costs, other non-recurring losses (gains), other non-recurring expenses (income), including lease termination fees, as well as adjustments for construction in process and for intraquarter activities. Annualized Adjusted EBITDAre is Adjusted EBITDAre multiplied by four. We present EBITDA, EBITDAre, Adjusted EBITDAre, and Annualized Adjusted EBITDAre as they are measures commonly used in our industry. We believe that these measures are useful to investors and analysts because they provide supplemental information concerning our operating performance, exclusive of certain non-cash items and other costs. We use EBITDA, EBITDAre, Adjusted EBITDAre, and Annualized Adjusted EBITDAre as measures of our operating performance and not as measures of liquidity. EBITDA, EBITDAre, Adjusted EBITDAre, and Annualized Adjusted EBITDAre do not include all items of revenue and expense included in net income, they do not represent cash generated from operating activities and they are not necessarily indicative of cash available to fund cash requirements; accordingly, they should not be considered alternatives to net income as a performance measure or cash flows from operations as a liquidity measure and should be considered in addition to, and not in lieu of, GAAP financial measures. Additionally, our computation of EBITDA, EBITDAre, Adjusted EBITDAre, and Annualized Adjusted EBITDAre may differ from the methodology for calculating these metrics used by other equity REITs and, therefore, may not be comparable to similarly titled measures reported by other equity REITs. Net Debt, Adjusted Net Debt, and Pro Forma Adjusted Net Debt We calculate Net Debt as the principal amount of our total debt outstanding, which excludes deferred financing costs, net discounts, and debt issuance costs, less cash, cash equivalents, and restricted cash available for future investment. We then reduce Net Debt by the net value of unsettled forward equity as of period end to derive Adjusted Net Debt. Further, we reduce Adjusted Net Debt by the net value of any at-the-market sales, including forward equity sales, executed subsequent to the period to derive Pro Forma Adjusted Net Debt. We believe reducing cash, cash equivalents, and restricted cash available for future investment from the principal amount of our total debt outstanding, together with the reduction of the net value of unsettled forward equity as of period end and the net value of any at-the-market sales, including forward equity sales, executed subsequent to the period, all of which could be used to repay debt, provides a useful estimate of the net contractual amount of borrowed capital to be repaid. We believe these adjustments are additional beneficial disclosures to investors and analysts. Enterprise Value We calculate Enterprise Value as the sum of our Adjusted Net Debt, market value of unsettled forwards, and equity market capitalization as of period end. Non-GAAP Measures and Definitions (cont’d) 20
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 results. We compute Property-Level NOI as net income (computed in accordance with GAAP), excluding general and administrative expenses, interest expense, net, income tax expense, amortization of loan origination costs and discounts, transaction costs, depreciation and amortization, gains (or losses) on sales of depreciable property, real estate impairment losses, interest income on mortgage loans receivable, debt-related transaction costs, and other expense (income), net, including lease termination fees. We further adjust Property-Level NOI for non-cash revenue components of straight-line rent and amortization of lease-intangibles to derive Property-Level Cash NOI. We further adjust Property-Level Cash NOI for intraquarter acquisitions, dispositions, and completed development to derive Property-Level Cash NOI - Estimated Run Rate. We believe Property-Level NOI, Property-Level Cash NOI, and Property-Level Cash NOI - Estimated Run Rate provide useful and relevant information because they reflect only those income and expense items that are incurred at the property level and present such items on an unlevered basis. Property-Level NOI, Property-Level Cash NOI, and Property-Level Cash NOI - Estimated Run Rate are not measurements of financial performance under GAAP and may not be comparable to similarly titled measures of other companies. You should not consider our measures as alternatives to net income or cash flows from operating activities determined in accordance with GAAP. Other Definitions ABR is annualized base rent for all leases that commenced and annualized cash interest for all executed mortgage loans as of period end. Cash Yield is the annualized base rent contractually due from acquired properties and completed developments, and interest income from mortgage loans receivable, divided by the gross investment amount, gross proceeds in the case of dispositions, or loan repayment amount. Defensive Category is considered by us to represent tenants that focus on necessity goods and essential services in the retail sector, including discount stores, grocers, drug stores and pharmacies, home improvement, automotive service and quick-service restaurants, which we refer to as defensive retail industries. The defensive sub-categories as we define them are as follows: (1) Necessity, which are retailers that are considered essential by consumers and include sectors such as drug stores, grocers and home improvement, (2) Discount, which are retailers that offer a low price point and consist of off-price and dollar stores, (3) Service, which consist of retailers that provide services rather than goods, including, tire and auto services and quick service restaurants, and (4) Other, which are retailers that are not considered defensive in terms of being considered necessity, discount or service, as defined by us. 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 separate lease. Occupancy is expressed as a percentage, and it is the number of leased investments divided by the total number of investments owned, excluding properties under development. 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. Non-GAAP Measures and Definitions (cont’d) 21
Forward-Looking and Cautionary Statements 22 This supplemental report 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 business and growth strategies, investment, financing and leasing activities, including estimated development costs, and trends in our business, including trends in the market for single-tenant, retail commercial real estate. Words such as “expects,” “anticipates,” “intends,” “plans,” “likely,” “will,” “believes,” “seeks,” “estimates,” and variations of such words and similar expressions are intended to identify such forward-looking statements. Such statements involve known and unknown risks, uncertainties and other factors that may cause our actual results, performance or achievements to be materially different from the results of operations or plans expressed or implied by such forward-looking statements. Although we believe that the assumptions underlying the forward-looking statements contained herein are reasonable, any of the assumptions could be inaccurate, and therefore such statements included in this supplemental report may not prove to be accurate. In light of the significant uncertainties inherent in the forward-looking statements included herein, the inclusion of such information should not be regarded as a representation by us or any other person that the results or conditions described in such statements or our objectives and plans will be achieved. For a further discussion of these and other factors that could impact future results, performance or transactions, see the information under the heading “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2025 filed with the SEC on February 10, 2026 and other reports filed with the SEC from time to time. Forward-looking statements and such risks, uncertainties and other factors speak only as of the date of this supplemental report. New risks and uncertainties may arise over time and it is not possible for us to predict those events or how they may affect us. Many of the risks identified herein and in our periodic reports have been and will continue to be heightened as a result of the ongoing and numerous adverse effects arising from macroeconomic conditions, including inflation and interest rates. We expressly disclaim any obligation or undertaking to update or revise any forward-looking statement contained herein, to reflect any change in our expectations with regard thereto, or any other change in events, conditions or circumstances on which any such statement is based, except to the extent otherwise required by law.
GRAPHIC
GRAPHIC
Filename: a3q26_formattedsupplemen001.jpg · Sequence: 7
Binary file (181907 bytes)
Download a3q26_formattedsupplemen001.jpg
GRAPHIC
GRAPHIC
Filename: a3q26_formattedsupplemen002.jpg · Sequence: 8
Binary file (69384 bytes)
Download a3q26_formattedsupplemen002.jpg
GRAPHIC
GRAPHIC
Filename: a3q26_formattedsupplemen003.jpg · Sequence: 9
Binary file (130505 bytes)
Download a3q26_formattedsupplemen003.jpg
GRAPHIC
GRAPHIC
Filename: a3q26_formattedsupplemen004.jpg · Sequence: 10
Binary file (184357 bytes)
Download a3q26_formattedsupplemen004.jpg
GRAPHIC
GRAPHIC
Filename: a3q26_formattedsupplemen005.jpg · Sequence: 11
Binary file (143257 bytes)
Download a3q26_formattedsupplemen005.jpg
GRAPHIC
GRAPHIC
Filename: a3q26_formattedsupplemen006.jpg · Sequence: 12
Binary file (177764 bytes)
Download a3q26_formattedsupplemen006.jpg
GRAPHIC
GRAPHIC
Filename: a3q26_formattedsupplemen007.jpg · Sequence: 13
Binary file (145957 bytes)
Download a3q26_formattedsupplemen007.jpg
GRAPHIC
GRAPHIC
Filename: a3q26_formattedsupplemen008.jpg · Sequence: 14
Binary file (112566 bytes)
Download a3q26_formattedsupplemen008.jpg
GRAPHIC
GRAPHIC
Filename: a3q26_formattedsupplemen009.jpg · Sequence: 15
Binary file (138878 bytes)
Download a3q26_formattedsupplemen009.jpg
GRAPHIC
GRAPHIC
Filename: a3q26_formattedsupplemen010.jpg · Sequence: 16
Binary file (165456 bytes)
Download a3q26_formattedsupplemen010.jpg
GRAPHIC
GRAPHIC
Filename: a3q26_formattedsupplemen011.jpg · Sequence: 17
Binary file (150843 bytes)
Download a3q26_formattedsupplemen011.jpg
GRAPHIC
GRAPHIC
Filename: a3q26_formattedsupplemen012.jpg · Sequence: 18
Binary file (156830 bytes)
Download a3q26_formattedsupplemen012.jpg
GRAPHIC
GRAPHIC
Filename: a3q26_formattedsupplemen013.jpg · Sequence: 19
Binary file (150437 bytes)
Download a3q26_formattedsupplemen013.jpg
GRAPHIC
GRAPHIC
Filename: a3q26_formattedsupplemen014.jpg · Sequence: 20
Binary file (171304 bytes)
Download a3q26_formattedsupplemen014.jpg
GRAPHIC
GRAPHIC
Filename: a3q26_formattedsupplemen015.jpg · Sequence: 21
Binary file (99180 bytes)
Download a3q26_formattedsupplemen015.jpg
GRAPHIC
GRAPHIC
Filename: a3q26_formattedsupplemen016.jpg · Sequence: 22
Binary file (91255 bytes)
Download a3q26_formattedsupplemen016.jpg
GRAPHIC
GRAPHIC
Filename: a3q26_formattedsupplemen017.jpg · Sequence: 23
Binary file (128458 bytes)
Download a3q26_formattedsupplemen017.jpg
GRAPHIC
GRAPHIC
Filename: a3q26_formattedsupplemen018.jpg · Sequence: 24
Binary file (104915 bytes)
Download a3q26_formattedsupplemen018.jpg
GRAPHIC
GRAPHIC
Filename: a3q26_formattedsupplemen019.jpg · Sequence: 25
Binary file (244635 bytes)
Download a3q26_formattedsupplemen019.jpg
GRAPHIC
GRAPHIC
Filename: a3q26_formattedsupplemen020.jpg · Sequence: 26
Binary file (315974 bytes)
Download a3q26_formattedsupplemen020.jpg
GRAPHIC
GRAPHIC
Filename: a3q26_formattedsupplemen021.jpg · Sequence: 27
Binary file (323219 bytes)
Download a3q26_formattedsupplemen021.jpg
GRAPHIC
GRAPHIC
Filename: a3q26_formattedsupplemen022.jpg · Sequence: 28
Binary file (235144 bytes)
Download a3q26_formattedsupplemen022.jpg
GRAPHIC
GRAPHIC
Filename: image_0a.jpg · Sequence: 29
Binary file (13835 bytes)
Download image_0a.jpg
XML — IDEA: XBRL DOCUMENT
XML
Filename: R1.htm · Sequence: 31
v3.26.3
Cover
Oct. 21, 2026
Cover [Abstract]
Document Type
8-K
Document Period End Date
Oct. 21, 2026
Entity Registrant Name
NETSTREIT Corp.
Entity Incorporation, State or Country Code
MD
Entity File Number
001-39443
Entity Tax Identification Number
84-3356606
Entity Address, Address Line One
2021 McKinney Avenue
Entity Address, Address Line Two
Suite 1150
Entity Address, City or Town
Dallas
Entity Address, State or Province
TX
Entity Address, Postal Zip Code
75201
City Area Code
972
Local Phone Number
200-7100
Written Communications
false
Soliciting Material
false
Pre-commencement Tender Offer
false
Pre-commencement Issuer Tender Offer
false
Title of 12(b) Security
Common Stock, $0.01 par value per share
Trading Symbol
NTST
Security Exchange Name
NYSE
Entity Emerging Growth Company
false
Amendment Flag
false
Entity Central Index Key
0001798100
X
- Definition
Boolean flag that is true when the XBRL content amends previously-filed or accepted submission.
+ References
No definition available.
+ Details
Name:
dei_AmendmentFlag
Namespace Prefix:
dei_
Data Type:
xbrli:booleanItemType
Balance Type:
na
Period Type:
duration
X
- Definition
Area code of city
+ References
No definition available.
+ Details
Name:
dei_CityAreaCode
Namespace Prefix:
dei_
Data Type:
xbrli:normalizedStringItemType
Balance Type:
na
Period Type:
duration
X
- Definition
Cover page.
+ References
No definition available.
+ Details
Name:
dei_CoverAbstract
Namespace Prefix:
dei_
Data Type:
xbrli:stringItemType
Balance Type:
na
Period Type:
duration
X
- Definition
For the EDGAR submission types of Form 8-K: the date of the report, the date of the earliest event reported; for the EDGAR submission types of Form N-1A: the filing date; for all other submission types: the end of the reporting or transition period. The format of the date is YYYY-MM-DD.
+ References
No definition available.
+ Details
Name:
dei_DocumentPeriodEndDate
Namespace Prefix:
dei_
Data Type:
xbrli:dateItemType
Balance Type:
na
Period Type:
duration
X
- Definition
The type of document being provided (such as 10-K, 10-Q, 485BPOS, etc). The document type is limited to the same value as the supporting SEC submission type, or the word 'Other'.
+ References
No definition available.
+ Details
Name:
dei_DocumentType
Namespace Prefix:
dei_
Data Type:
dei:submissionTypeItemType
Balance Type:
na
Period Type:
duration
X
- Definition
Address Line 1 such as Attn, Building Name, Street Name
+ References
No definition available.
+ Details
Name:
dei_EntityAddressAddressLine1
Namespace Prefix:
dei_
Data Type:
xbrli:normalizedStringItemType
Balance Type:
na
Period Type:
duration
X
- Definition
Address Line 2 such as Street or Suite number
+ References
No definition available.
+ Details
Name:
dei_EntityAddressAddressLine2
Namespace Prefix:
dei_
Data Type:
xbrli:normalizedStringItemType
Balance Type:
na
Period Type:
duration
X
- Definition
Name of the City or Town
+ References
No definition available.
+ Details
Name:
dei_EntityAddressCityOrTown
Namespace Prefix:
dei_
Data Type:
xbrli:normalizedStringItemType
Balance Type:
na
Period Type:
duration
X
- Definition
Code for the postal or zip code
+ References
No definition available.
+ Details
Name:
dei_EntityAddressPostalZipCode
Namespace Prefix:
dei_
Data Type:
xbrli:normalizedStringItemType
Balance Type:
na
Period Type:
duration
X
- Definition
Name of the state or province.
+ References
No definition available.
+ Details
Name:
dei_EntityAddressStateOrProvince
Namespace Prefix:
dei_
Data Type:
dei:stateOrProvinceItemType
Balance Type:
na
Period Type:
duration
X
- Definition
A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 12
-Subsection b-2
+ Details
Name:
dei_EntityCentralIndexKey
Namespace Prefix:
dei_
Data Type:
dei:centralIndexKeyItemType
Balance Type:
na
Period Type:
duration
X
- Definition
Indicate if registrant meets the emerging growth company criteria.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 12
-Subsection b-2
+ Details
Name:
dei_EntityEmergingGrowthCompany
Namespace Prefix:
dei_
Data Type:
xbrli:booleanItemType
Balance Type:
na
Period Type:
duration
X
- Definition
Commission file number. The field allows up to 17 characters. The prefix may contain 1-3 digits, the sequence number may contain 1-8 digits, the optional suffix may contain 1-4 characters, and the fields are separated with a hyphen.
+ References
No definition available.
+ Details
Name:
dei_EntityFileNumber
Namespace Prefix:
dei_
Data Type:
dei:fileNumberItemType
Balance Type:
na
Period Type:
duration
X
- Definition
Two-character EDGAR code representing the state or country of incorporation.
+ References
No definition available.
+ Details
Name:
dei_EntityIncorporationStateCountryCode
Namespace Prefix:
dei_
Data Type:
dei:edgarStateCountryItemType
Balance Type:
na
Period Type:
duration
X
- Definition
The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 12
-Subsection b-2
+ Details
Name:
dei_EntityRegistrantName
Namespace Prefix:
dei_
Data Type:
xbrli:normalizedStringItemType
Balance Type:
na
Period Type:
duration
X
- Definition
The Tax Identification Number (TIN), also known as an Employer Identification Number (EIN), is a unique 9-digit value assigned by the IRS.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 12
-Subsection b-2
+ Details
Name:
dei_EntityTaxIdentificationNumber
Namespace Prefix:
dei_
Data Type:
dei:employerIdItemType
Balance Type:
na
Period Type:
duration
X
- Definition
Local phone number for entity.
+ References
No definition available.
+ Details
Name:
dei_LocalPhoneNumber
Namespace Prefix:
dei_
Data Type:
xbrli:normalizedStringItemType
Balance Type:
na
Period Type:
duration
X
- Definition
Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 13e
-Subsection 4c
+ Details
Name:
dei_PreCommencementIssuerTenderOffer
Namespace Prefix:
dei_
Data Type:
xbrli:booleanItemType
Balance Type:
na
Period Type:
duration
X
- Definition
Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 14d
-Subsection 2b
+ Details
Name:
dei_PreCommencementTenderOffer
Namespace Prefix:
dei_
Data Type:
xbrli:booleanItemType
Balance Type:
na
Period Type:
duration
X
- Definition
Title of a 12(b) registered security.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 12
-Subsection b
+ Details
Name:
dei_Security12bTitle
Namespace Prefix:
dei_
Data Type:
dei:securityTitleItemType
Balance Type:
na
Period Type:
duration
X
- Definition
Name of the Exchange on which a security is registered.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 12
-Subsection d1-1
+ Details
Name:
dei_SecurityExchangeName
Namespace Prefix:
dei_
Data Type:
dei:edgarExchangeCodeItemType
Balance Type:
na
Period Type:
duration
X
- Definition
Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as soliciting material pursuant to Rule 14a-12 under the Exchange Act.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 14a
-Subsection 12
+ Details
Name:
dei_SolicitingMaterial
Namespace Prefix:
dei_
Data Type:
xbrli:booleanItemType
Balance Type:
na
Period Type:
duration
X
- Definition
Trading symbol of an instrument as listed on an exchange.
+ References
No definition available.
+ Details
Name:
dei_TradingSymbol
Namespace Prefix:
dei_
Data Type:
dei:tradingSymbolItemType
Balance Type:
na
Period Type:
duration
X
- Definition
Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as written communications pursuant to Rule 425 under the Securities Act.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Securities Act
-Number 230
-Section 425
+ Details
Name:
dei_WrittenCommunications
Namespace Prefix:
dei_
Data Type:
xbrli:booleanItemType
Balance Type:
na
Period Type:
duration