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1. It's like Realty Income (O), but specifically focused on owning "Amazon-proof" single-tenant retail properties.

2. Think of it as a landlord for essential neighborhood businesses, similar to how American Tower (AMT) is a landlord for cell towers, but for individual retail stores like pharmacies and coffee shops.

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• Retail Property Leasing: Netstreit specializes in acquiring and owning single-tenant net lease retail properties nationwide, which it leases to e-commerce resistant tenants to generate consistent cash flows.

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Netstreit (NTST) is a Real Estate Investment Trust (REIT) that specializes in acquiring single-tenant net lease retail properties. Its major customers are the companies that lease these properties as tenants. Based on their portfolio composition, some of their major tenant customers include:

• Walmart (WMT)
• CVS Health (CVS)
• Dollar General (DG)
• O'Reilly Auto Parts (ORLY)
• The Home Depot (HD)
• McDonald's (MCD)

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Mark Manheimer, President and Chief Executive Officer

Mark Manheimer has served as President and Chief Executive Officer of NETSTREIT since December 2019, leading the company's transformation into a net lease REIT. Prior to his role at NETSTREIT, Mr. Manheimer was Chief Investment Officer of EB Arrow and Fund Manager of EB Arrow's Single-Tenant Net-Lease Group from February 2018 to December 2019. From April 2012 through September 2016, he served as Executive Vice President — Head of Asset Management of Spirit Realty Capital (NYSE: SRC), where the company achieved a total return of 117% during his tenure. Before Spirit, he was Head of Sale-Leaseback Acquisitions at Cole Real Estate Investments from October 2009 to April 2012, where he sourced and structured over $2 billion in net lease real estate acquisitions. His experience also includes underwriting net lease real estate transactions at Realty Income Corporation, investing and managing distressed debt and equity investments at Patriarch Partners (a private investment firm), and working in the Leveraged Finance department at First Union Securities.

Daniel P. Donlan, Chief Financial Officer and Treasurer

Daniel P. Donlan was appointed Chief Financial Officer and Treasurer of NETSTREIT, effective April 10, 2023. In this role, he is responsible for all corporate finance, accounting, treasury, capital markets, investor relations, human resources, and information technology activities. Mr. Donlan joined NETSTREIT from Essential Properties Realty Trust, Inc. (NYSE: EPRT), where he was Senior Vice President and Head of Capital Markets, leading the company's corporate finance, capital raising, and investor relations efforts. Previously, he was a Managing Director at Ladenburg Thalmann & Co., where he served as the lead REIT research analyst. He also held various REIT research roles at Janney Capital Markets and BB&T Capital Markets.

Sofia Chernylo, SVP, Chief Accounting Officer

Sofia Chernylo serves as the Senior Vice President and Chief Accounting Officer for NETSTREIT. She is also identified as the Principal Accounting Officer.

Jeff Fuge, SVP, Acquisitions

Jeff Fuge holds the position of Senior Vice President, Acquisitions at NETSTREIT.

Chad Shafer, SVP, Real Estate and Underwriting

Chad Shafer is the Senior Vice President of Real Estate and Underwriting at NETSTREIT.

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The primary risks to NETSTREIT's business operations stem from the inherent nature of its specialization in single-tenant net lease retail properties, exposing it to specific vulnerabilities within the real estate and financial markets.

1. Tenant Credit and Vacancy Risk: NETSTREIT's business model relies on single-tenant net leases, meaning that if a tenant defaults or vacates a property, the occupancy rate for that specific asset immediately drops to 0%, resulting in a complete loss of rental income for that property. The loss of a single tenant can be catastrophic for the specific property, and re-leasing specialized retail buildings can be challenging and costly, particularly if the location is not strong. While NETSTREIT aims for high-credit quality tenants and maintains a diversified tenant base, issues related to the credit quality or concentration in certain retail segments, such as dollar stores and drug stores, have been highlighted as potential risks to its credit quality and diversification goals.

2. Interest Rate Risk and Funding Costs: As a Real Estate Investment Trust (REIT), NETSTREIT is significantly exposed to fluctuations in interest rates. Rising interest rates directly increase borrowing costs for new acquisitions and refinancing existing debt, which can slow growth and raise the overall cost of capital. The net lease sector generally correlates closely with long-term borrowing rates. Furthermore, a potential downgrade in NETSTREIT's credit rating by agencies like Fitch could further increase its cost of funds, compress financing margins, strain liquidity, and make future debt market access more expensive or restricted.

3. Retail Market Obsolescence and Economic Downturns: Despite specializing in properties leased to "e-commerce resistant" tenants, NETSTREIT remains exposed to the broader risks of the physical retail market and general economic conditions. Economic downturns or unforeseen shifts in consumer behavior can impact even resilient retail tenants, affecting their ability to meet rent obligations. There is an ongoing risk that physical retail demand could weaken, or that returns on acquisitions might disappoint, thereby challenging the projected cash flow. The risk of market obsolescence, where properties may become less desirable over time due to changing retail trends or demographics, also poses a long-term threat to property values and rental income.

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The addressable market for NETSTREIT's main products and services, which involves acquiring single-tenant net lease retail properties, is primarily within the United States. In 2025, the total investment sales volume for the single-tenant net lease retail sector in the U.S. was approximately $10.75 billion. This figure is derived from quarterly sales volumes, with $3.05 billion in Q1 2025, $2.2 billion in Q2 2025, $2.2 billion in Q3 2025, and $3.3 billion in Q4 2025.

More broadly, the overall U.S. net-lease investment volume reached $51.4 billion in 2025, with the retail sector accounting for 21% of that volume. In 2024, annual investment sales for single-tenant net lease shops reached $20 billion.

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Share Issuance

• In February 2026, NETSTREIT completed a public offering of approximately 12.63 million common shares at $19.00 per share, generating approximately $240 million in gross proceeds, primarily intended for debt repayment, property acquisitions, and development activities.
• In July 2025, the company completed an upsized follow-on offering of 12.42 million shares of common stock at $17.70 per share, generating approximately $219.8 million in gross proceeds.
• As reported in February 2026 filings, the company issued common stock under its at-the-market (ATM) equity program, generating net proceeds of $51.6 million, and settled shares of common stock through forward sale agreements, receiving net proceeds of $137 million.

Capital Expenditures

• In 2025, NETSTREIT completed $657.1 million of gross investment activity, primarily property acquisitions, at a blended cash yield of 7.5%. This included the acquisition of 140 properties for a total purchase price of $603.0 million.
• For 2026, the company anticipates net investment activity (property acquisitions) to be in the range of $350.0 million to $450.0 million.
• The primary focus of these capital expenditures is on acquiring high-quality, single-tenant net lease retail properties with e-commerce resistant tenants, often in necessity-based and essential services industries, and with investment-grade credit ratings.