NETSTREIT (NTST) Q4 2025 earnings summary

Executive summary

• Achieved record $657.1 million in gross investments for 2025 at a 7.5% blended cash yield and 13.9 years weighted average lease term, with 31 new tenants added and 99.9% portfolio occupancy.

• Completed $245.4 million in Q4 investments, the highest quarterly total to date, and increased the quarterly dividend by 2.3% to $0.22 per share.

• Achieved investment-grade rating (BBB-) from Fitch in December 2025, reducing term loan pricing and saving $2 million annually.

• Annualized credit loss over six years was only 3bps, demonstrating strong tenant underwriting.

• Reached the high end of upwardly revised AFFO per share guidance for 2025.

Financial highlights

• Q4 2025 net income: $1.3 million ($0.02 per diluted share); AFFO: $28.2 million ($0.33 per share), up 3.1% year-over-year.

• Full-year 2025 AFFO per share: $1.31, up 4% from 2024, with a 65% payout ratio.

• Total revenues for 2025 were $195.0 million, up from $162.8 million in 2024.

• Net income attributable to common stockholders for 2025 was $6.9 million, compared to a loss of $12.0 million in 2024.

• Core FFO for Q4: $26.6 million ($0.31 per share); full-year core FFO: $1.23 per share.

Outlook and guidance

• Reaffirmed 2026 AFFO per share guidance of $1.35–$1.39, implying 5% growth at midpoint.

• Net investment activity expected between $350–$450 million in 2026.

• Cash G&A projected at $16–$17 million for 2026.

• AFFO guidance includes $0.015–$0.03 per share of estimated dilution from forward equity.

• AFFO per share growth CAGR (2021–2025) was 5.3%.