Here are a few analogies to describe Netstreit (NTST):

• Like the real estate business of McDonald's, but instead of leasing properties only for McDonald's restaurants, it leases properties to a diverse portfolio of essential retail and service businesses.
• Think of it as like Amazon Web Services (AWS) or Microsoft Azure, but for physical locations – providing essential real estate infrastructure that many businesses depend on for their operations, and collecting recurring 'subscription-like' rent payments.

• Commercial Property Leasing (Single-Tenant Net Lease): Netstreit provides high-quality, individual retail and industrial properties for lease to single tenants under net lease agreements, where tenants are responsible for most property operating expenses.

Netstreit (NTST) is a real estate investment trust (REIT) that sells primarily to other companies by acquiring and leasing properties to them under long-term agreements. Its major customers are its tenants. Based on recent investor reports and SEC filings, Netstreit's top customers (tenants), representing a significant portion of its annualized base rent, include:

• CVS Health Corporation (CVS)
• Walmart Inc. (WMT)
• Walgreens Boots Alliance, Inc. (WBA)
• The Kroger Co. (KR)
• 7-Eleven, Inc. (Private Company)

Mark Manheimer, President and CEO

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 Netstreit, he was Chief Investment Officer of EB Arrow and Fund Manager of EB Arrow's Single-Tenant Net-Lease Group. He also served as Executive Vice President – Head of Asset Management of Spirit Realty Capital, where the company achieved a total return of 117% during his tenure. Earlier in his career, he was head of sale-leaseback acquisitions at Cole Real Estate Investments, where he sourced and structured over $2 billion in net lease real estate acquisitions. Manheimer also worked at Patriarch Partners, a private investment firm, investing and managing distressed debt and equity investments, indicating a pattern of involvement with private investment.

Daniel Donlan, CFO and Treasurer

Daniel Donlan was appointed Chief Financial Officer and Treasurer of Netstreit, effective April 10, 2023. He brings over 18 years of capital markets and net lease industry expertise. Before joining Netstreit, Donlan was Senior Vice President and Head of Capital Markets at Essential Properties Realty Trust, Inc., where he oversaw corporate finance, capital raising, and investor relations efforts from its IPO in 2018 through March 2023. Previously, he was a Managing Director at Ladenburg Thalmann & Co., serving as their lead REIT research analyst. His background also includes 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, Chief Accounting Officer for Netstreit.

Jeff Fuge, SVP, Acquisitions

Jeff Fuge is the Senior Vice President of Acquisitions at Netstreit.

Chad Shafer, SVP, Real Estate and Underwriting

Chad Shafer holds the position of Senior Vice President, Real Estate and Underwriting at Netstreit.

• Interest Rate Sensitivity: As a Real Estate Investment Trust (REIT), Netstreit's profitability is highly dependent on the spread between its cost of debt and the returns generated from its property investments. A higher cost of debt, especially given that a significant portion of its debt was issued during a high-interest-rate environment, can fundamentally impact the company's returns. While potential future rate cuts could be a positive catalyst, the full benefits may take years to materialize.
• Tenant Concentration and Portfolio Quality: A significant concern for Netstreit is its substantial exposure to specific tenant categories, particularly dollar stores and drug stores. This concentration in its portfolio poses risks to overall credit quality and diversification. These types of businesses have reportedly faced struggles, and geopolitical factors like trade war escalations could further exacerbate these issues.
• Low Average Rent Escalators: Netstreit's industry-low average rent escalator of 0.9% presents a challenge to its long-term competitiveness. While this might make properties attractive to tenants in the short term, it could impede the company's ability to keep pace with inflation and market rent growth, potentially leading to compressed margins and slower growth in Funds From Operations (FFO). This, in turn, could limit the company's capacity to increase dividends and reinvest in its portfolio.

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• The U.S. single-tenant net lease retail sector recorded approximately $5.7 billion in sales volume during the first half of 2025.
• In the first quarter of 2025, retail net lease investment volume in the U.S. reached $3.1 billion.
• Single-tenant retail sales in the U.S. totaled $2.2 billion in the second quarter of 2025.
• For the third quarter of 2025, single-tenant retail transactions accounted for $2.2 billion of the overall single-tenant net lease investment sales in the U.S.

NETSTREIT (NTST) is expected to drive future revenue growth over the next 2-3 years through a combination of strategic acquisitions, an emphasis on high-quality tenants, embedded rent escalations, and an optimized capital structure.

1. Strategic Acquisitions of Single-Tenant Retail Properties: NETSTREIT anticipates remaining highly acquisitive, supported by an improved cost of capital, a robust opportunity set, and a well-capitalized balance sheet. The company significantly increased its 2025 net investment guidance range to $350 million to $400 million, up from a previous range of $125 million to $175 million. This elevated investment activity, which included closing $203.9 million in Q3 2025 across 50 properties at a blended cash yield of 7.4%, is expected to accelerate the accretive growth of their portfolio and enhance earnings power into 2026 and beyond.
2. Expansion of High-Credit Quality, Necessity-Based Tenant Portfolio: The company's strategy focuses on acquiring and managing single-tenant retail properties leased to high-credit quality tenants in critical retail sectors. This focus underpins revenue stability and long-term growth prospects, with over 62% of NETSTREIT’s Annualized Base Rent (ABR) derived from investment-grade rated tenants or those with investment-grade profiles. Continuous portfolio diversification efforts, demonstrated by a 600-basis-point decline in their top 5 tenancy to 22.9% in 2025, further strengthens their revenue base by mitigating concentration risk.
3. Embedded Rent Growth and Lease Escalations: NETSTREIT's portfolio benefits from long-term net leases, with only 2.7% of its ABR expiring through 2027, ensuring predictable and consistent cash flow. The company has demonstrated its ability to achieve significant rent increases upon re-leasing; for instance, it expects to lease a previously vacant property to an investment-grade tenant at more than a 20% increase in rent, with commencement in late 2026. New acquisitions also come with attractive average lease terms of 13.4 years, often including built-in escalations that contribute to organic revenue growth.
4. Optimized Capital Structure and Improved Cost of Capital: An improved cost of capital and a strong balance sheet position NETSTREIT to fund its growth initiatives more efficiently. Significant equity raising and conservative balance sheet management provide ample liquidity to pursue attractive external growth opportunities, which are expected to positively impact Adjusted Funds From Operations (AFFO) per share and long-term earnings. This financial strength enables the company to capitalize on favorable investment spreads and enhance its overall earnings capacity.

Share Issuance

• In July 2025, Netstreit priced an upsized public offering of 10.8 million shares of common stock at $17.70 per share, which included forward sale agreements.
• The company completed a $219.8 million forward equity offering in July 2025.
• By Q3 2025, Netstreit had completed over $690 million in total capital raises, which incorporated the July 2025 forward equity offering and sales through an at-the-market (ATM) program.

Outbound Investments

• In Q3 2025, Netstreit recorded a record $203.9 million of gross investment activity across 50 properties, achieving a 7.4% blended cash yield.
• During Q2 2025, the company completed $117.1 million of gross investments at a 7.8% blended cash yield.
• Since Q3 2020, Netstreit has maintained a weighted average cash yield of 7.0% on its investments.

Capital Expenditures

• The primary focus of Netstreit's capital expenditures is the acquisition of single-tenant retail properties under long-term net leases.
• For Q3 2025, the company's gross investment activity, reflecting capital expenditures, reached a record $203.9 million across 50 properties.
• Net investment activity guidance for 2025, representing anticipated capital expenditures, was increased to a range of $350 million to $400 million.