NETSTREIT (NTST) investor relations material

Executive summary

• Q3 gross investments reached $273.1 million at a 7.4% blended cash yield; management cited strong liquidity and low leverage as advantages in a shifting transaction market.

• Portfolio occupancy was 99.9%, with 58.2% of ABR from investment-grade and investment-grade-profile tenants.

Financial highlights

• Q3 revenue was $66.3 million versus $48.3 million YoY; net income was $8.5 million versus $0.6 million, and diluted EPS was $0.08 versus $0.01.

• Q3 FFO was $37.5 million, Core FFO $36.6 million and AFFO $37.5 million; diluted per-share figures were $0.35, $0.34 and $0.35, respectively. AFFO per share rose 6.1% YoY.

• Nine-month revenue was $184.6 million versus $142.5 million; diluted AFFO per share was $1.03 versus $0.98.

• Recurring G&A was $6 million, up 3.3% QoQ, and 9.1% of revenue versus 10.6% a year earlier.

Outlook and guidance

• FY 2026 AFFO guidance remained $1.37–$1.39 per share; cash G&A guidance was $16.5–$17.0 million, excluding transaction costs and severance.

• FY 2026 net investment activity guidance increased to at least $800 million from the prior $700–$800 million range.

• Management saw a path to mid-single-digit 2027 AFFO growth by deploying $550 million of net investment capacity through year-end 2027, without issuing equity in that period.

• Guidance includes $0.035–$0.04 per-share estimated forward-equity dilution; higher-than-expected settlements raised estimated weighted-average shares by 2.0–2.3 million, with $0.025–$0.03 per-share dilution.

• Q4 acquisitions may be back-end loaded as sellers reprice; deployment could exceed the implied $150 million if pricing improves.