NETSTREIT (NTST) Q1 2026 earnings summary

Executive summary

• Portfolio reached 808 properties across 46 states with 99.9% occupancy and a weighted average lease term of 10.2 years as of March 31, 2026, emphasizing high credit quality and resilience.

• Over 58% of annual base rent (ABR) comes from investment grade or investment grade profile tenants, with a focus on necessity, discount, and service-oriented sectors.

• $239 million invested in 58 property acquisitions and $5.4 million in developments during Q1 2026, with consistent investment activity and a trailing four-quarter average net investment of $150.2M.

• Completed $239.9 million follow-on equity offering and $314.3 million in gross forward equity sales, entering into forward sale agreements for 12.6 million shares.

• Portfolio is highly diversified by tenant, industry, and geography, with no single industry exceeding 15% of ABR.

Financial highlights

• Q1 2026 total revenues reached $57.1 million, up from $45.9 million in Q1 2025, driven by portfolio growth.

• Net income attributable to common stockholders was $5.7 million ($0.06 per diluted share), up from $1.7 million ($0.02 per diluted share) year-over-year.

• AFFO for Q1 2026 was $33.2 million ($0.34 per diluted share), up from $26.2 million ($0.32 per diluted share) in Q1 2025.

• Annualized Adjusted EBITDAre was $195.7 million, with Pro Forma Adjusted Net Debt/Annualized Adjusted EBITDAre at 3.2x.

• Property-level cash NOI for Q1 2026 was $49.5 million estimated run rate.

Outlook and guidance

• 2026 AFFO per share guidance raised to $1.36–$1.39, with net investment activity guidance increased to $550–$650 million.

• AFFO per share growth CAGR (2021–2025) was 8.7%, with 2026E AFFO per share growth projected at 8.2%.

• Management expects available liquidity from debt, forward equity, and cash flows to support operations and capital needs for at least the next 12 months.

• Four property developments under construction are expected to be completed through 2026 and early 2027.

• Cash G&A expected to range between $16.0–$17.0 million for 2026, excluding transaction costs and severance.