# EDGAR Filing Document

**Accession Number:** 0001798100
**File Stem:** 0001628280-25-046447
**Filing Date:** 2025-10
**Character Count:** 140477
**Document Hash:** e35f36fa6003048ec07c2ccfb42bfc18
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001628280-25-046447.hdr.sgml**: 20251027

**ACCESSION NUMBER**: 0001628280-25-046447

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 74

**CONFORMED PERIOD OF REPORT**: 20251027

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Regulation FD Disclosure

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20251027

**DATE AS OF CHANGE**: 20251027

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** NETSTREIT Corp.
- **CENTRAL INDEX KEY:** 0001798100
- **STANDARD INDUSTRIAL CLASSIFICATION:** REAL ESTATE INVESTMENT TRUSTS [6798]
- **ORGANIZATION NAME:** 05 Real Estate & Construction
- **EIN:** 843356606
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-39443
- **FILM NUMBER:** 251420247

**BUSINESS ADDRESS:**
- **STREET 1:** 2021 MCKINNEY AVENUE
- **STREET 2:** SUITE 1150
- **CITY:** DALLAS
- **STATE:** TX
- **ZIP:** 75201
- **BUSINESS PHONE:** 972-200-7100

**MAIL ADDRESS:**
- **STREET 1:** 2021 MCKINNEY AVENUE
- **STREET 2:** SUITE 1150
- **CITY:** DALLAS
- **STATE:** TX
- **ZIP:** 75201

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** NetSTREIT Corp.
- **DATE OF NAME CHANGE:** 20191227

?xml version='1.0' encoding='ASCII'? ntst-20251027

**UNITED STATES** 

**SECURITIES AND EXCHANGE COMMISSION** 

**Washington, D.C. 20549** 

**FORM 8-K** 

**CURRENT REPORT** 

**PURSUANT TO SECTION 13 OR 15(D) OF THE** 

**SECURITIES EXCHANGE ACT OF 1934** 

**Date of report (Date of earliest event reported): October 27, 2025** 

**NETSTREIT Corp.**

**(Exact Name of Registrant as Specified in its Charter)** 

---

| | | | |
|:---|:---|:---|:---|
| **Maryland** | **001-39443** | **001-39443** | **84-3356606** |
| (State or Other Jurisdiction<br>of Incorporation) | (Commission<br>File Number) | (Commission<br>File Number) | (IRS Employer<br>Identification No.) |
| **2021 McKinney Avenue**<br>**Suite 1150**<br>**Dallas**, **Texas** | **2021 McKinney Avenue**<br>**Suite 1150**<br>**Dallas**, **Texas** | **75201** | **75201** |
| (Address of Principal Executive Offices) | (Address of Principal Executive Offices) | (Zip Code) | (Zip Code) |

---

**972-200-7100** 

(Registrant's telephone number, including area code)

Not applicable

(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

**Securities registered pursuant to Section 12(b) of the Act:**

---

| | | |
|:---|:---|:---|
| **Title of each class** | **Trading Symbol(s)** | **Name of each exchange on which registered** |
| Common Stock, <br>$0.01 par value per share | NTST | The New York Stock Exchange |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act**.** ☐

------

**Item 2.02. Results of Operations and Financial Condition.**

On October 27, 2025, NETSTREIT Corp. (the "Company") issued a press release announcing its financial results for the third quarter ended September 30, 2025. A copy of the press release is attached hereto as Exhibit 99.1 and incorporated by reference herein.

*The information contained in Exhibit 99.1 shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or incorporated by reference in any filing under the Securities Act of 1933, as amended ("Securities Act"), or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.*

**Item 7.01. Regulation FD Disclosure.**

On October 27, 2025, the Company furnished supplemental financial information for the third quarter ended September 30, 2025. Also on October 27, 2025, the Company furnished an updated investor presentation. The supplemental financial information and investor presentation are attached hereto as Exhibits 99.2 and 99.3, respectively, and incorporated by reference herein. The supplemental information and investor presentation also are available on the "Investors / Events & Presentations" page of the Company's website at www.netstreit.com. The information found on, or otherwise accessible through, the Company's website is not incorporated by reference herein.

*The information contained in Exhibits 99.2 and 99.3 shall not be deemed "filed" for purposes of Section 18 of the Exchange Act or incorporated by reference in any filing under the Securities Act or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.*

**Item 9.01. Financial Statements and Exhibits.**

---

| | |
|:---|:---|
| (d) | <u>Exhibits</u>. |
| **Exhibit No.** | **Description** |
| 99.1 | <u>[Press release dated](netstreitearningsrelease-q.htm)[October](netstreitearningsrelease-q.htm)[2](netstreitearningsrelease-q.htm)[7](netstreitearningsrelease-q.htm)[, 2025](netstreitearningsrelease-q.htm)</u> |
| 99.2 | <u>[Third](a3q25formattedsupplement.htm)[quarter 2025 supplemental financial information](a3q25formattedsupplement.htm)</u> |
| 99.3 | <u>[Third](ntstinvestorpresentation.htm)[quarter 2025 investor presentation](ntstinvestorpresentation.htm)</u> |
| 104 | Cover page interactive data file (embedded within the inline XBRL document). |

---

------

**<u>SIGNATURE</u>**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

---

| | |
|:---|:---|
| | **NETSTREIT Corp.** |
| October 27, 2025 | /s/ DANIEL DONLAN |
| Date | Daniel Donlan |
| | Chief Financial Officer and Treasurer |
| | (Principal Financial Officer) |

---

## Exhibit 99.1

![image_0a.jpg](image_0a.jpg)

**NETSTREIT REPORTS THIRD QUARTER 2025 FINANCIAL AND OPERATING RESULTS**

**– Net Income of $0.01 and Adjusted Funds from Operations ("AFFO") of $0.33 Per Diluted Share –**

**– Record $203.9 Million of Gross Investment Activity at 7.4% Blended Cash Yield –**

**– Completed $219.8 Million Forward Equity Offering in July 2025 –**

**– $20.7 Million of Forward Equity Sales through ATM –**

**– $450.0 Million Aggregate 5.5-Year and 7-Year Term Loan Issuance –**

**– Increases 2025 Net Investment Guidance to $350.0 to $400.0 Million –**

**Dallas, TX – October 27, 2025 – NETSTREIT Corp.** (NYSE: NTST) (the "Company") today announced financial and operating results for the third quarter ended September 30, 2025.

"We are pleased with our strong execution in the third quarter, achieving record gross investment volume fueled by an improving cost of capital and over $690 million of recently raised capital," said Mark Manheimer, Chief Executive Officer of NETSTREIT. "Through continued accretive dispositions, we are well ahead of schedule on our year-end diversification goals, positioning our portfolio to thrive in an increasingly uncertain macroeconomic environment. Additionally, with a lowly levered balance sheet and over $1.1 billion in available liquidity, we are well positioned to drive increased investments and strong long-term AFFO per share growth."

**THIRD QUARTER 2025 HIGHLIGHTS**

The following table summarizes the Company's select financial results<sup>1</sup> for the three and nine months ended September 30, 2025.

---

| | | | |
|:---|:---|:---|:---|
| | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Three Months Ended September 30,** |
| | **2025** | **2024** | **% Change** |
| | (Unaudited) | (Unaudited) | (Unaudited) |
| Net Income (Loss) per Diluted Share | $0.01 | $(0.07) | NA |
| Funds from Operations per Diluted Share | $0.29 | $0.32 | (9.4)% |
| Core Funds from Operations per Diluted Share | $0.31 | $0.32 | (3.1)% |
| Adjusted Funds from Operations per Diluted Share | $0.33 | $0.32 | 3.1% |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
| | **2025** | **2024** | **% Change** |
| | (Unaudited) | (Unaudited) | (Unaudited) |
| Net Income (Loss) per Diluted Share | $0.07 | $(0.09) | NA |
| Funds from Operations per Diluted Share | $0.89 | $0.87 | 2.3% |
| Core Funds from Operations per Diluted Share | $0.92 | $0.93 | (1.1)% |
| Adjusted Funds from Operations per Diluted Share | $0.98 | $0.94 | 4.3% |

---

*1.Funds from operations ("FFO"), core funds from operations ("Core FFO"), and adjusted funds from operations ("AFFO") are non-GAAP financial measures. See "Non-GAAP Financial Measures."*

------

**INVESTMENT ACTIVITY**

The following tables summarize the Company's investment, disposition, and loan repayment activities (dollars in thousands) for the three and nine months ended September 30, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended<br>September 30, 2025** | **Three Months Ended<br>September 30, 2025** | **Nine Months Ended<br>September 30, 2025** | **Nine Months Ended<br>September 30, 2025** |
| | **Number of Investments** | **Amount** | **Number of Investments** | **Amount** |
| Investments | 50 | $203907 | 107 | $411650 |
| Less Dispositions | 24 | 37769 | 60 | 138452 |
| Less Loan Repayments<sup>1</sup> | 10 | 24127 | 13 | 36143 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net Investment Activity** |  | $**142011** |  | $**237055** |
| **Investment Activity** |  |  |  |  |
| Cash Yield % |  | 7.4% |  | 7.6% |
| % of ABR derived from Investment Grade Tenants | % of ABR derived from Investment Grade Tenants | 27.5% |  | 27.2% |
| % of ABR derived from Investment Grade Profile Tenants | % of ABR derived from Investment Grade Profile Tenants | 5.9% |  | 11.2% |
| Weighted Average Lease Term (years) |  | 13.4 |  | 13.1 |
| **Disposition Activity** |  |  |  |  |
| Cash Yield % |  | 7.2% |  | 6.9% |
| Weighted Average Lease Term (years) |  | 11.8 |  | 10.2 |
| **Loan Repayments** |  |  |  |  |
| Cash Yield % |  | 8.0% |  | 8.4% |

---

*1.Amount includes mortgage loan sales and a partial principal repayment of a mortgage loan receivable.*

The following table summarizes the Company's ongoing development projects and estimated development costs (dollars in thousands) as of and for the three months ended September 30, 2025.

---

| | |
|:---|:---|
| **Developments** | **Three Months Ended<br>September 30, 2025** |
| Amount Funded During the Quarter | $— |
|  | **As of September 30, 2025** |
| Number of Developments | 2 |
| Amount Funded to Date | $1726 |
| Estimated Funding Remaining on Developments | 4599 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Estimated Development Cost** | $**6325** |

---

------

**PORTFOLIO UPDATE**

The following table summarizes the Company's real estate portfolio (weighted by ABR, dollars in thousands) as of September 30, 2025.

---

| | |
|:---|:---|
| | **As of September 30, 2025** |
| Number of Investments | 721 |
| ABR | $183163 |
| States | 45 |
| Square Feet | 13179983 |
| Tenants | 114 |
| Industries | 28 |
| Occupancy | 99.9% |
| Weighted Average Lease Term (years) | 9.9 |
| Investment Grade & Investment Grade Profile % | 62.1% |

---

**CAPITAL MARKETS AND BALANCE SHEET**

The following tables summarize the Company's leverage, liquidity, at-the-market equity program ("ATM") sales, and settlement of our forward equity offerings (dollars in thousands, except per share data) as of September 30, 2025.

---

| | |
|:---|:---|
| **Leverage**<sup>1</sup> | **As of September 30, 2025** |
| Net Debt / Annualized Adjusted EBITDA*re* | 6.3x |
| Adjusted Net Debt / Annualized Adjusted EBITDA*re* | 3.7x |
| Pro Forma Adjusted Net Debt / Annualized Adjusted EBITDA*re* | 3.6x |
| **Liquidity** | **As of September 30, 2025** |
| Unused Unsecured Revolver Capacity | $499850 |
| Cash, Cash Equivalents and Restricted Cash | 53324 |
| Net Value of Unsettled Forward Equity | 431246 |
| Undrawn Term Loan Balance | 150000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Liquidity | $1134420 |
| Subsequent 2025 ATM Sales<sup>(2)</sup> | 29682 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Pro Forma Liquidity** | $**1164102** |
| **July 2025 Forward Equity Offering** | **As of September 30, 2025** |
| Shares Sold | 12420000 |
| Price Per Share (Gross) | $17.70 |
| Net Value of Unsettled Forward Equity as of September 30, 2025 | $209746 |
| **Forward Equity Settlement Activity** | **As of September 30, 2025** |
| Shares Settled During Quarter |  |
| Weighted Average Price Per Share (Gross) | $— |
| Net Value of Settled Forward Equity as of September 30, 2025 | $— |
| **ATM Program** | **As of September 30, 2025** |
| Shares Sold During Quarter | 1152595 |
| Weighted Average Price Per Share (Gross) | $17.99 |
| Gross Value of Unsettled Forward ATM Shares | $20739 |
| ATM Program Total Capacity | $300000 |
| ATM Capacity Remaining as of September 30, 2025 | $230127 |

---

------

---

| | |
|:---|:---|
| **Unsettled Forward Equity** | **As of September 30, 2025** |
| Shares Unsettled as of September 30, 2025<sup>(3)</sup> | 25393242 |
| Weighted Average Price Per Share (Gross) | $17.76 |
| Net Value of Unsettled Forward Equity as of September 30, 2025 | $431246 |

---

*1.Net debt, adjusted net debt, pro forma adjusted net debt and annualized adjusted EBITDAre are non-GAAP financial measures. See "Non-GAAP Financial Measures."*

*2.Reflects 1,639,092 of shares sold at a weighted average net settlement price of $18.11 per share.*

*3.Includes 1,152,595 of forward equity shares sold under the ATM Program during the quarter.*

**SUBSEQUENT TO QUARTER END**

The Company sold 1,639,092 shares at a weighted average gross price of $18.25 per share under the ATM Program, of which 1,556,592 shares were sold on a forward basis.

**DIVIDEND**

On October 24, 2025, the Company's Board of Directors declared a quarterly cash dividend of $0.215 per share for the fourth quarter of 2025. The dividend will be paid on December 15, 2025 to shareholders of record on December 1, 2025. On an annualized basis, the dividend of $0.86 per share of common stock represents an increase of $0.02 per share over the prior year annualized dividend.

**2025 GUIDANCE** 

The Company is maintaining its full year 2025 AFFO per share guidance range of $1.29 to $1.31, and increasing its net investment activity guidance to $350.0 million to $400.0 million from $125.0 million to $175.0 million. The Company continues to expect cash G&A to range between $15.0 million to $15.5 million (exclusive of transaction costs and severance payments). In addition, our AFFO per share guidance range includes $0.015 to $0.025 per share of estimated dilution due to the impact of the Company's outstanding forward equity calculated in accordance with the treasury stock method.

The Company's 2025 guidance is based on a number of assumptions that are subject to change and many of which are outside the Company's control. If actual results vary from these assumptions, the Company's expectations may change. There can be no assurance that the Company will achieve these results.

AFFO is a non-GAAP financial measure. The Company does not provide a reconciliation of such forward-looking non-GAAP measure to the most directly comparable financial measures calculated and presented in accordance with GAAP because to do so would be potentially misleading and not practical given the difficulty of projecting event driven transactional and other non-core operating items in any future period. The magnitude of these items, however, may be significant.

**EARNINGS CONFERENCE CALL**

A conference call will be held on Tuesday, October 28, 2025 at 11:00 AM ET. During the conference call the Company's officers will review third quarter 2025 performance, discuss recent events, and conduct a question and answer period.

The webcast will be accessible on the "Investor Relations" section of the Company's website at <u>www.NETSTREIT.com</u>. To listen to the live webcast, please go to the site at least 15 minutes prior to the scheduled start time to register, as well as download and install any necessary audio software.

The conference call can also be accessed by dialing 1-877-451-6152 for domestic callers or 1-201-389-0879 for international callers. A dial-in replay will be available starting shortly after the call until November 4, 2025, which can be accessed by dialing 1-844-512-2921 for domestic callers or 1-412-317-6671 for international callers. The passcode for this dial-in replay is 13756019.

**SUPPLEMENTAL PACKAGE**

The Company's supplemental package will be available prior to the conference call in the Investor Relations section of the Company's website at <u>www.investors.netstreit.com</u>.

------

**About NETSTREIT Corp.**

NETSTREIT Corp. is an internally managed real estate investment trust (REIT) based in Dallas, Texas that specializes in acquiring single-tenant net lease retail properties nationwide. The growing portfolio consists of high-quality properties leased to e-commerce resistant tenants with healthy balance sheets. Led by a management team of seasoned commercial real estate executives, NETSTREIT's strategy is to create the highest quality net lease retail portfolio in the country with the goal of generating consistent cash flows and dividends for its investors.

**Investor Relations**

<u>ir@netstreit.com</u>

972-597-4825

**NON-GAAP FINANCIAL MEASURES**

This press release contains non-GAAP financial measures, including FFO, Core FFO, AFFO, EBITDA, EBITDA*re*, Adjusted EBITDA*re*, Annualized Adjusted EBITDA*re*, Property-Level NOI, Property-Level Cash NOI, Property-Level Cash NOI - Estimated Run Rate, Net Debt, Adjusted Net Debt, and Pro Forma Net Debt. A reconciliation of each non-GAAP financial measure to the most comparable GAAP measure, and definitions of each non-GAAP measure, are included below.

**FORWARD LOOKING STATEMENTS**

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such forward-looking statements include, without limitation, statements concerning our business and growth strategies, investment, financing and leasing activities, including estimated development costs, trends in our business, including trends in the market for single-tenant, retail commercial real estate, and our 2025 guidance. Words such as "expects," "anticipates," "intends," "plans," "likely," "will," "believes," "seeks," "estimates," and variations of such words and similar expressions are intended to identify such forward-looking statements. Such statements involve known and unknown risks, uncertainties and other factors that may cause our actual results, performance or achievements to be materially different from the results of operations or plans expressed or implied by such forward-looking statements. Although we believe that the assumptions underlying the forward-looking statements contained herein are reasonable, any of the assumptions could be inaccurate, and therefore such statements included in this press release may not prove to be accurate. In light of the significant uncertainties inherent in the forward-looking statements included herein, the inclusion of such information should not be regarded as a representation by us or any other person that the results or conditions described in such statements or our objectives and plans will be achieved. For a further discussion of these and other factors that could impact future results, performance or transactions, see the information under the heading "Risk Factors" in our Form 10-K for the year ended December 31, 2024 filed with the Securities and Exchange Commission (the "SEC") on February 24, 2025 and other reports filed with the SEC from time to time. Forward-looking statements and such risks, uncertainties and other factors speak only as of the date of this press release. New risks and uncertainties may arise over time and it is not possible for us to predict those events or how they may affect us. Many of the risks identified herein and in our periodic reports have been and will continue to be heightened as a result of the ongoing and numerous adverse effects arising from macroeconomic conditions, including inflation, interest rates and instability in the banking system. We expressly disclaim any obligation or undertaking to update or revise any forward-looking statement contained herein, to reflect any change in our expectations with regard thereto, or any other change in events, conditions or circumstances on which any such statement is based, except to the extent otherwise required by law.

------

**NETSTREIT CORP. AND SUBSIDIARIES**

**CONDENSED CONSOLIDATED BALANCE SHEETS**

(In thousands, except share and per share data)

(Unaudited)

---

| | | |
|:---|:---|:---|
| | **September 30, 2025** | **December 31, 2024** |
| **Assets** | | |
| Real estate, at cost: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Land | $676664 | $571272 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Buildings and improvements | 1471002 | 1400393 |
| Total real estate, at cost | 2147666 | 1971665 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less accumulated depreciation | (173846) | (143422) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Property under development | 1794 | 6118 |
| Real estate held for investment, net | 1975614 | 1834361 |
| Assets held for sale | 86060 | 48637 |
| Mortgage loans receivable, net | 138307 | 139409 |
| Cash, cash equivalents, and restricted cash | 53324 | 14320 |
| Lease intangible assets, net | 157671 | 164392 |
| Other assets, net | 56958 | 58227 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | $2467934 | $2259346 |
| **Liabilities and equity** |  |  |
| Liabilities: |  |  |
| Term loans, net | $1092746 | $622608 |
| Revolving credit facility |  | 239000 |
| Mortgage note payable, net | 7824 | 7853 |
| Lease intangible liabilities, net | 17522 | 20177 |
| Liabilities related to assets held for sale | 1954 | 1912 |
| Accounts payable, accrued expenses, and other liabilities | 41957 | 29664 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 1162003 | 921214 |
| **Commitments and contingencies (Note 13)** |  |  |
| Equity: |  |  |
| Stockholders' equity |  |  |
| Common stock, $0.01 par value, 400,000,000 shares authorized; 83,479,176 and 81,602,232 shares issued and outstanding as of September 30, 2025 and December 31, 2024, respectively | 835 | 816 |
| Additional paid-in capital | 1540070 | 1507995 |
| Distributions in excess of retained earnings | (235097) | (188046) |
| Accumulated other comprehensive (loss) income | (6619) | 10206 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total stockholders' equity | 1299189 | 1330971 |
| Noncontrolling interests | 6742 | 7161 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total equity | 1305931 | 1338132 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities and equity | $2467934 | $2259346 |

---

------

**NETSTREIT CORP. AND SUBSIDIARIES**

**CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS**

(In thousands, except share and per share data)

(Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended<br>September 30,** | **Three Months Ended<br>September 30,** | **Nine Months Ended<br>September 30,** | **Nine Months Ended<br>September 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| **Revenues** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Rental revenue (including reimbursable) | $45026 | $38172 | $132774 | $110226 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest income on loans receivable | 3282 | 3272 | 9485 | 8458 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other revenue |  |  | 245 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total revenues | 48308 | 41444 | 142504 | 118684 |
| **Operating expenses** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Property | 4302 | 4494 | 13589 | 12578 |
| &nbsp;&nbsp;&nbsp;&nbsp;General and administrative | 5128 | 4287 | 15772 | 15266 |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 21389 | 20438 | 63818 | 56522 |
| &nbsp;&nbsp;&nbsp;&nbsp;Provisions for impairment | 5493 | 9838 | 13531 | 17336 |
| &nbsp;&nbsp;&nbsp;&nbsp;Transaction costs | 19 | 26 | 139 | 201 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total operating expenses | 36331 | 39083 | 106849 | 101903 |
| **Other (expense) income** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest expense, net | (12636) | (7965) | (36734) | (21749) |
| &nbsp;&nbsp;&nbsp;&nbsp;Gain (loss) on sales of real estate, net | 1122 | (132) | 6730 | 874 |
| &nbsp;&nbsp;&nbsp;&nbsp;Loss on debt extinguishment |  |  | (46) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Other income (expense), net | 170 | 416 | 46 | (2451) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total other expense, net | (11344) | (7681) | (30004) | (23326) |
| Net income (loss) before income taxes | 633 | (5320) | 5651 | (6545) |
| Income tax expense | (12) | (2) | (41) | (31) |
| **Net income (loss)** | 621 | (5322) | 5610 | (6576) |
| Net income (loss) attributable to noncontrolling interests | 3 | (27) | 29 | (35) |
| **Net income (loss) income attributable to common stockholders** | $618 | $(5295) | $5581 | $(6541) |
| Amounts available to common stockholders per common share: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Basic | $0.01 | $(0.07) | $0.07 | $(0.09) |
| &nbsp;&nbsp;&nbsp;&nbsp;Diluted | $0.01 | $(0.07) | $0.07 | $(0.09) |
| Weighted average common shares: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Basic | 83472089 | 77610680 | 82344168 | 74822286 |
| &nbsp;&nbsp;&nbsp;&nbsp;Diluted | 85641948 | 77610680 | 83429550 | 74822286 |

---

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**NETSTREIT CORP. AND SUBSIDIARIES**

**RECONCILIATION OF NET INCOME TO FFO, CORE FFO AND ADJUSTED FFO**

(In thousands, except share and per share data)

(Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| | **(Unaudited)** | **(Unaudited)** | **(Unaudited)** | **(Unaudited)** |
| Net income (loss) | 621 | (5322) | 5610 | (6576) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization of real estate | 21315 | 20360 | 63598 | 56286 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Provisions for impairment | 4134 | 9838 | 12173 | 17336 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Gain) loss on sales of real estate, net | (1122) | 132 | (6730) | (874) |
| FFO | $24948 | $25008 | $74651 | $66172 |
| &nbsp;&nbsp;&nbsp;&nbsp;Adjustments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-recurring executive transition costs, severance, and related charges | 1 | 14 | 80 | 1495 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Debt related transaction costs | 92 |  | 495 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other non-recurring loss (gain), net | 1314 | (115) | 1314 | 3077 |
| Core FFO | $26355 | $24907 | $76540 | $70744 |
| &nbsp;&nbsp;&nbsp;&nbsp;Adjustments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Straight-line rent adjustments | (1126) | (749) | (3263) | (1829) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization of deferred financing costs | 756 | 558 | 2164 | 1673 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization of above/below-market assumed debt | 29 | 29 | 86 | 86 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization of loan origination costs and discounts | (147) | (265) | (197) | (242) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization of lease-related intangibles | (35) | (170) | (110) | (363) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Earned development interest | 36 | 259 | 118 | 962 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capitalized interest expense | (24) | (130) | (112) | (709) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-cash interest expense (income) | 721 | (990) | 2138 | (2948) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-cash compensation expense | 1484 | 1376 | 4393 | 4128 |
| AFFO | $28049 | $24825 | $81757 | $71502 |
| Weighted average common shares outstanding, basic | 83472089 | 77610680 | 82344168 | 74822286 |
| Operating partnership units outstanding | 421954 | 433942 | 423944 | 450952 |
| Unvested restricted stock units | 420132 | 115703 | 218847 | 117761 |
| Unsettled shares under open forward equity contracts | 1327773 | 10219 | 442591 | 311475 |
| Weighted average common shares outstanding, diluted | 85641948 | 78170544 | 83429550 | 75702474 |
| FFO per common share, diluted | $0.29 | $0.32 | $0.89 | $0.87 |
| Core FFO per common share, diluted | $0.31 | $0.32 | $0.92 | $0.93 |
| AFFO per common share, diluted | $0.33 | $0.32 | $0.98 | $0.94 |

---

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**NETSTREIT CORP. AND SUBSIDIARIES**

**RECONCILIATION OF NET INCOME TO EBITDA, EBITDA*re*, ADJUSTED EBITDA*re*, AND ANNUALIZED ADJUSTED EBITDA*re***

(In thousands)

(Unaudited)

---

| | |
|:---|:---|
| | **Three Months Ended September 30, 2025** |
| Net income | $621 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization of real estate | 21315 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization of lease-related intangibles | (35) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-real estate depreciation and amortization | 74 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest expense, net | 12636 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income tax expense | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization of loan origination costs and discounts | (147) |
| &nbsp;&nbsp;EBITDA | 34476 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adjustments: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Provisions for impairment | 4134 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gain on sales of real estate, net | (1122) |
| &nbsp;&nbsp;EBITDA*re* | 37488 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adjustments: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Straight-line rent adjustments | (1126) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Debt related transaction costs | 92 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-recurring executive transition costs, severance, and related charges | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other non-recurring loss, net | 1314 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transaction costs | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-cash compensation expense | 1484 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adjustment for construction in process <sup>(1)</sup> | 32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adjustment for intraquarter investment activities <sup>(2)</sup> | 2474 |
| Adjusted EBITDA*re* | 41778 |
| Annualized Adjusted EBITDA*re* <sup>(3)</sup> | $167112 |
| **Net Debt** | **As of September 30, 2025** |
| Principal amount of total debt | $1108084 |
| Less: Cash, cash equivalents, and restricted cash | (53324) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Debt | $1054760 |
| Less: Net value of unsettled forward equity <sup>(4)</sup> | (431246) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adjusted Net Debt | $623514 |
| Less: Subsequent ATM Sales<sup>(5)</sup> | (29682) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pro Forma Adjusted Net Debt | $593832 |
| **Leverage** |  |
| Net Debt / Annualized Adjusted EBITDA*re* | 6.3x |
| Adjusted Net Debt / Annualized Adjusted EBITDA*re* | 3.7x |
| Pro Forma Adjusted Net Debt / Annualized Adjusted EBITDA*re* | 3.6x |

---

1. Adjustment reflects the estimated cash yield on developments in process as of September 30, 2025.

2. Adjustment assumes all re-leasing activity, investments in, and dispositions of real estate, including developments completed during the three months ended September 30, 2025, had occurred on July 1, 2025.

3. We calculate Annualized Adjusted EBITDA*re* by multiplying Adjusted EBITDA*re* by four.

4. Reflects 25,393,242 of unsettled forward equity shares at the September 30, 2025, at a weighted average net settlement price of $16.98 per share.

5. Reflects 1,639,092 of shares sold at a weighted average net settlement price of $18.11 per share.

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**NETSTREIT CORP. AND SUBSIDIARIES**

**RECONCILIATION OF NET INCOME TO NOI, PROPERTY-LEVEL CASH NOI, AND PROPERTY-LEVEL** 

**CASH NOI - ESTIMATED RUN RATE**

(in thousands)

(Unaudited)

---

| | | |
|:---|:---|:---|
| | **Three Months Ended September 30,** | **Three Months Ended September 30,** |
| | **2025** | **2024** |
| Net income (loss) | $621 | $(5322) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;General and administrative expense | 5128 | 4287 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 21389 | 20438 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Provisions for impairment | 5493 | 9838 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transaction costs | 19 | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest expense, net | 12636 | 7965 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Gain) loss on sales of real estate, net | (1122) | 132 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income tax expense | 12 | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization of loan origination costs and discounts | (147) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest income on mortgage loans receivable | (3282) | (3272) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other (income) expense | (170) | 107 |
| Property-Level NOI | 40577 | 34201 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Straight-line rent adjustments | (1126) | (749) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization of lease-related intangibles | (35) | (170) |
| Property-Level Cash NOI | $39416 | $33282 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adjustment for intraquarter acquisitions, dispositions, and completed development <sup>(1)</sup> | 2691 |  |
| Property-Level Cash NOI - Estimated Run Rate | $42107 |  |

---

1. Adjustment assumes all re-leasing activity, investments in, and dispositions of real estate, including developments completed during the three months ended September 30, 2025, had occurred on July 1, 2025.

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**NON-GAAP FINANCIAL MEASURES**

***FFO, Core FFO, and AFFO***

The National Association of Real Estate Investment Trusts ("NAREIT"), an industry trade group, has promulgated a widely accepted non-GAAP financial measure of operating performance known as FFO. Our FFO is net income in accordance with GAAP, excluding gains (or losses) resulting from dispositions of properties, plus depreciation and amortization and impairment charges on depreciable real property.

Core FFO is a non-GAAP financial measure defined as FFO adjusted to remove the effect of unusual and non-recurring items that are not expected to impact our operating performance or operations on an ongoing basis. These include non-recurring executive transition costs, severance and related charges, other non-recurring losses (gains), and debt related transaction costs.

AFFO is a non-GAAP financial measure defined as Core FFO adjusted for GAAP net income related to non-cash revenues and expenses, such as straight-line rent, amortization of above- and below-market lease-related intangibles, amortization of lease incentives, capitalized interest expense and earned development interest, non-cash interest expense, non-cash compensation expense, amortization of deferred financing costs, amortization of above/below-market assumed debt, and amortization of loan origination costs.

Historical cost accounting for real estate assets implicitly assumes that the value of real estate assets diminishes predictably over time. In fact, real estate values historically have risen or fallen with market conditions. FFO is intended to be a standard supplemental measure of operating performance that excludes historical cost depreciation and valuation adjustments from net income. We consider FFO to be useful in evaluating potential property acquisitions and measuring operating performance.

We further consider FFO, Core FFO, and AFFO to be useful in determining funds available for payment of distributions. FFO, Core FFO, and AFFO do not represent net income or cash flows from operations as defined by GAAP. You should not consider FFO, Core FFO, and AFFO to be alternatives to net income as a reliable measure of our operating performance nor should you consider FFO, Core FFO, and AFFO to be alternatives to cash flows from operating, investing, or financing activities (as defined by GAAP) as measures of liquidity.

FFO, Core FFO, and AFFO do not measure whether cash flow is sufficient to fund our cash needs, including principal amortization, capital improvements, and distributions to stockholders. FFO, Core FFO, and AFFO do not represent cash flows from operating, investing, or financing activities as defined by GAAP. Further, FFO, Core FFO, and AFFO as disclosed by other REITs might not be comparable to our calculations of FFO, Core FFO, and AFFO.

***EBITDA, EBITDAre, Adjusted EBITDAre, and Annualized Adjusted EBITDAre***

We compute EBITDA as earnings before interest expense, income tax expense, and depreciation and amortization. In 2017, NAREIT issued a white paper recommending that companies that report EBITDA also report EBITDA*re*. We compute EBITDA*re* in accordance with the definition adopted by NAREIT. NAREIT defines EBITDA*re* as EBITDA (as defined above) excluding gains (or losses) from the sales of depreciable property and impairment charges on depreciable real property.

Adjusted EBITDA*re* is a non-GAAP financial measure defined as EBITDA*re* further adjusted to exclude straight-line rent, non-cash compensation expense, non-recurring executive transition costs, severance and related charges, debt related transaction costs, transaction costs, other non-recurring loss (gain), net, other non-recurring expenses (income) including lease termination fees, as well as adjustments for construction in process and for intraquarter activities. Annualized Adjusted EBITDA*re* is Adjusted EBITDA*re* multiplied by four.

We present EBITDA, EBITDA*re*, Adjusted EBITDA*re*, and Annualized Adjusted EBITDA*re* as they are measures commonly used in our industry. We believe that these measures are useful to investors and analysts because they provide supplemental information concerning our operating performance, exclusive of certain non-cash items and other costs. We use EBITDA, EBITDA*re*, Adjusted EBITDA*re*, and Annualized Adjusted EBITDA*re* as measures of our operating performance and not as measures of liquidity. EBITDA, EBITDA*re*, Adjusted EBITDA*re*, and Annualized Adjusted EBITDA*re* do not include all items of revenue and expense included in net income, they do not represent cash generated from operating activities and they are not necessarily indicative of cash available to fund cash requirements; accordingly, they should not be considered alternatives to net income as a performance measure or cash flows from operations as a liquidity measure and should be considered in addition to, and not in lieu of, GAAP financial measures. Additionally, our computation of EBITDA, EBITDA*re*, Adjusted EBITDA*re*, and Annualized Adjusted EBITDA*re* may differ from the methodology for calculating these metrics used by other equity REITs and, therefore, may not be comparable to similarly titled measures reported by other equity REITs.

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***Net Debt, Adjusted Net Debt, and Pro Forma Adjusted Net Debt***

We calculate Net Debt as the principal amount of our total debt outstanding, excluding deferred financing costs, net discounts, and debt issuance costs, less cash, cash equivalents, and restricted cash available for future investment.

We then adjust Net Debt by the net value of unsettled forward equity as of period end to derive Adjusted Net Debt. Further, we adjust Adjusted Net Debt by the value of any unsettled forward equity and at-the-market sales occurring subsequent to the period to derive Pro Forma Adjusted Net Debt.

We believe excluding cash, cash equivalents, and restricted cash available for future investment from the principal amount of our total debt outstanding, together with the exclusion of the net value of unsettled forward equity as of period end and the net value of unsettled forward equity and at-the-market sales subsequent to the period, all of which could be used to repay debt, provides a useful estimate of the net contractual amount of borrowed capital to be repaid. We believe these adjustments are additional beneficial disclosures to investors and analysts.

***Property-Level NOI, Property-Level Cash NOI, and Property-Level Cash NOI - Estimated Run Rate***

Property-Level NOI, Property-Level Cash NOI, and Property-Level Cash NOI - Estimated Run Rate are non-GAAP financial measures which we use to assess our operating results. We compute Property-Level NOI as net income (computed in accordance with GAAP), excluding general and administrative expenses, interest expense, net, income tax expense, amortization of loan origination costs and discounts, transaction costs, depreciation and amortization, gains (or losses) on sales of depreciable property, real estate impairment losses, interest income on mortgage loans receivable, debt related transaction costs, and other expense (income), net, including lease termination fees. We further adjust Property-Level NOI for non-cash revenue components of straight-line rent and amortization of lease-intangibles to derive Property-Level Cash NOI. We further adjust Property-Level Cash NOI for intraquarter acquisitions, dispositions, and completed development to derive Property-Level Cash NOI - Estimated Run Rate. We believe Property-Level NOI, Property-Level Cash NOI, and Property-Level Cash NOI - Estimated Run Rate provide useful and relevant information because they reflect only those income and expense items that are incurred at the property level and present such items on an unlevered basis.

Property-Level NOI, Property-Level Cash NOI, and Property-Level Cash NOI - Estimated Run Rate are not measurements of financial performance under GAAP and may not be comparable to similarly titled measures of other companies. You should not consider our measures as alternatives to net income or cash flows from operating activities determined in accordance with GAAP.

**OTHER DEFINITIONS**

<u>ABR</u> is annualized base rent for all leases that commenced and annualized cash interest for all executed mortgage loans as of September 30, 2025.

<u>Cash Yield</u> is the annualized base rent contractually due from acquired properties and completed developments, and interest income from mortgage loans receivable, divided by the gross investment amount, gross proceeds in the case of dispositions, or loan repayment amount.

<u>Investments</u> are lease agreements in place at owned properties, properties that have leases associated with mortgage loans receivable, developments where rent commenced, interest earning developments, or in the case of master lease arrangements each property under the master lease is counted as a separate lease.

<u>Investment Grade</u> are investments, or investments that are subsidiaries of a parent entity, with a credit rating of BBB- (S&P/Fitch), Baa3 (Moody's) or NAIC2 (National Association or Insurance Commissioners) or higher.

<u>Investment Grade Profile</u> are investments with investment grade credit metrics (more than $1.0 billion in annual sales and a debt to adjusted EBITDA ratio of less than 2.0x), but do not carry a published rating from S&P, Fitch, Moody's, or NAIC.

<u>Occupancy</u> is expressed as a percentage, and is the number of leased investments divided by the total number of investments owned, excluding properties under development.

<u>Weighted Average Lease Term</u> is weighted by the annualized base rent, excluding lease extension options and investments associated with mortgage loans receivable.

## Exhibit 99.2

![](a3q25formattedsupplement001.jpg)

Third Quarter 2025 Supplemental Financial Information

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![](a3q25formattedsupplement002.jpg)

**Table of Contents** 2 03 Corporate Overview 04 Quarterly Highlights 05 Condensed Consolidated Statements of Operations 06 Funds from Operations and Adjusted Funds from Operations 07 EBITDAre and Adjusted EBITDAre 08 Net Operating Income 09 Condensed Consolidated Balance Sheets 10 Debt, Capitalization, and Financial Ratios 12 Investment Activity 13 Portfolio Information 17 Lease Expiration Schedule 18 Non-GAAP Measures and Definitions 21 Forward-Looking and Cautionary Statements

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![](a3q25formattedsupplement003.jpg)

Management Team Mark Manheimer Chief Executive Officer and President Daniel Donlan Chief Financial Officer and Treasurer Sofia Chernylo Senior Vice President, Chief Accounting Officer Jeff Fuge Senior Vice President of Acquisitions Chad Shafer Senior Vice President of Real Estate and Underwriting 3 Corporate Overview Corporate Profile NETSTREIT Corp. (NYSE: NTST) is an internally managed real estate investment trust (REIT) based in Dallas, Texas that specializes in acquiring single-tenant net lease retail properties nationwide. The growing portfolio consists of high-quality properties leased to e- commerce resistant tenants with healthy balance sheets. Led by a management team of seasoned commercial real estate executives, NETSTREIT's strategy is to create the highest quality net lease retail portfolio in the country in order to generate consistent cash flows and dividends for its investors. Board of Directors Lori Wittman - Chair Michael Christodolou Heidi Everett Mark Manheimer Todd Minnis Matthew Troxell Robin Zeigler Corporate Headquarters 2021 McKinney Avenue Suite 1150 Dallas, Texas, 75201 Phone: (972) 597 - 4825 Website: www.netstreit.com Transfer Agent Computershare PO Box 43007 Providence, RI 09240-3007 Phone: (800) 736 - 3001 Website: www.computershare.com

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![](a3q25formattedsupplement004.jpg)

Quarterly Highlights (unaudited, dollars in thousands, except per share data) 4 Three Months Ended Financial Results September 30, 2025 June 30, 2025 March 31, 2025 December 31, 2024 September 30, 2024 Net income (loss) $621 $3,289 $1,700 $(5,424) $(5,322) Net income (loss) per common share outstanding - diluted $0.01 $0.04 $0.02 $(0.07) $(0.07) Funds from Operations (FFO) $24,948 $25,611 $24,091 $26,482 $25,008 FFO per common share outstanding - diluted $0.29 $0.31 $0.29 $0.32 $0.32 Core Funds from Operations (Core FFO) $26,355 $25,614 $24,570 $26,488 $24,907 Core FFO per common share outstanding - diluted $0.31 $0.31 $0.30 $0.32 $0.32 Adjusted Funds from Operations (AFFO) $28,049 $27,460 $26,248 $25,908 $24,825 AFFO per common share outstanding - diluted $0.33 $0.33 $0.32 $0.32 $0.32 Dividends per share $0.215 $0.210 $0.210 $0.210 $0.210 Weighted average common shares outstanding - diluted 85,641,948 82,494,129 82,132,524 82,153,404 77,610,680 Portfolio Metrics Number of investments(1) 721 705 695 687 671 Square feet 13,179,983 12,787,231 12,792,350 12,609,612 12,076,093 Occupancy(2) 99.9 % 99.9 % 99.9 % 99.9 % 100.0 % Weighted average lease term remaining (years)(3) 9.9 9.8 9.7 9.8 9.5 Investment grade (rated) - % of ABR(4) 46.9 % 52.2 % 54.7 % 55.8 % 60.9 % Investment grade profile (unrated) - % of ABR(5) 15.2 % 16.5 % 16.0 % 15.0 % 14.4 % Combined Investment grade (rated) & Investment grade profile (unrated) - % of ABR 62.1 % 68.7 % 70.7 % 70.8 % 75.3 % 1. Includes acquisitions, mortgage loans receivable, and completed developments. 2. Calculation excludes properties under development and one vacant property. 3. Weighted by ABR; excludes lease extension options and investments that secure mortgage loans receivable. 4. Investments, or investments that are subsidiaries of a parent entity, with a credit rating of BBB- (S&P/Fitch), Baa3 (Moody's), or NAIC2 (National Association of Insurance Commissioners) or higher. 5. Investments that have investment grade credit metrics (more than $1.0 billion in annual sales and a debt to adjusted EBITDA ratio of less than 2.0x), but do not carry a published rating from S&P, Fitch, Moody's, or NAIC. $0.94 $1.16 $1.22 $1.26 $0 $500 $1,000 $1,500 $2,000 $2,500 $3,000 $0.70 $0.80 $0.90 $1.00 $1.10 $1.20 $1.30 $1.40 $1.50 2021 2022 2023 2024 G ro ss R ea l E st a te V a lu e ($ i n m il li o n s) A F F O /s h Historical AFFO/sh and Asset Growth AFFO/sh Gross Real Estate Value AFFO/sh Growth CAGR 10.3%

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![](a3q25formattedsupplement005.jpg)

5 Three Months Ended September 30, Nine Months Ended September 30, 2025 2024 2025 2024 REVENUES Rental revenue (including reimbursable) $45,026 $38,172 $132,774 $110,226 Interest income on loans receivable 3,282 3,272 9,485 8,458 Other revenue — — 245 — Total revenues 48,308 41,444 142,504 118,684 OPERATING EXPENSES Property 4,302 4,494 13,589 12,578 General and administrative 5,128 4,287 15,772 15,266 Depreciation and amortization 21,389 20,438 63,818 56,522 Provisions for impairment 5,493 9,838 13,531 17,336 Transaction costs 19 26 139 201 Total operating expenses 36,331 39,083 106,849 101,903 OTHER (EXPENSE) INCOME Interest expense, net (12,636) (7,965) (36,734) (21,749) Gain (loss) on sales of real estate, net 1,122 (132) 6,730 874 Loss on debt extinguishment — — (46) — Other income (expense), net 170 416 46 (2,451) Total other expense, net (11,344) (7,681) (30,004) (23,326) Net income (loss) before income taxes 633 (5,320) 5,651 (6,545) Income tax expense (12) (2) (41) (31) Net income (loss) 621 (5,322) 5,610 (6,576) Net income (loss) attributable to noncontrolling interests 3 (27) 29 (35) Net income (loss) income attributable to common stockholders $618 $(5,295) $5,581 $(6,541) Amounts available to common stockholders per common share: Basic $0.01 $(0.07) $0.07 $(0.09) Diluted $0.01 $(0.07) $0.07 $(0.09) Weighted average common shares: Basic 83,472,089 77,610,680 82,344,168 74,822,286 Diluted 85,641,948 77,610,680 83,429,550 74,822,286 Condensed Consolidated Statements of Operations (unaudited, dollars in thousands, except per share data)

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![](a3q25formattedsupplement006.jpg)

Funds From Operations and Adjusted Funds From Operations (unaudited, dollars in thousands, except per share data) 6 Three Months Ended September 30, Nine Months Ended September 30, 2025 2024 2025 2024 GAAP Reconciliation: Net income (loss) $621 $(5,322) $5,610 $(6,576) Depreciation and amortization of real estate 21,315 20,360 63,598 56,286 Provisions for impairment 4,134 9,838 12,173 17,336 (Gain) loss on sales of real estate, net (1,122) 132 (6,730) (874) FFO $24,948 $25,008 $74,651 $66,172 Adjustments: Non-recurring executive transition costs, severance, and related charges 1 14 80 1,495 Debt related transaction costs 92 — 495 — Other non-recurring loss (gain), net 1,314 (115) 1,314 3,077 Core FFO $26,355 $24,907 $76,540 $70,744 Adjustments: Straight-line rent adjustments (1,126) (749) (3,263) (1,829) Amortization of deferred financing costs 756 558 2,164 1,673 Amortization of above/below-market assumed debt 29 29 86 86 Amortization of loan origination costs and discounts (147) (265) (197) (242) Amortization of lease-related intangibles (35) (170) (110) (363) Earned development interest 36 259 118 962 Capitalized interest expense (24) (130) (112) (709) Non-cash interest expense (income) 721 (990) 2,138 (2,948) Non-cash compensation expense 1,484 1,376 4,393 4,128 AFFO $28,049 $24,825 $81,757 $71,502 FFO per common share, diluted $0.29 $0.32 $0.89 $0.87 Core FFO per common share, diluted $0.31 $0.32 $0.92 $0.93 AFFO per common share, diluted $0.33 $0.32 $0.98 $0.94 Dividends per share $0.215 $0.210 $0.635 $0.620 Dividends per share as a percent of AFFO 65 % 66 % 65 % 66 % Weighted average common shares outstanding, basic 83,472,089 77,610,680 82,344,168 74,822,286 Operating partnership units outstanding 421,954 433,942 423,944 450,952 Unvested restricted stock units 420,132 115,703 218,847 117,761 Unsettled shares under open forward equity contracts 1,327,773 10,219 442,591 311,475 Weighted average common shares outstanding, diluted 85,641,948 78,170,544 83,429,550 75,702,474

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EBITDAre and Adjusted EBITDAre (unaudited, dollars in thousands) 7 Three Months Ended September 30, 2025 GAAP Reconciliation: Net income $621 Depreciation and amortization of real estate 21,315 Amortization of lease-related intangibles (35) Non-real estate depreciation and amortization 74 Interest expense, net 12,636 Income tax expense 12 Amortization of loan origination costs and discounts (147) EBITDA 34,476 Adjustments: Provisions for impairment 4,134 (Gain) loss on sales of real estate, net (1,122) EBITDAre 37,488 Adjustments: Straight-line rent adjustments (1,126) Debt related transaction costs 92 Non-recurring executive transition costs, severance, and related charges 1 Other non-recurring loss (gain), net 1,314 Transaction costs 19 Non-cash compensation expense 1,484 Adjustment for construction in process (1) 32 Adjustment for intraquarter investment activities (2) 2,474 Adjusted EBITDAre $41,778 Annualized Adjusted EBITDAre (3) $167,112 Net Debt As of September 30, 2025 Principal amount of total debt $1,108,084 Less: Cash, cash equivalents, and restricted cash (53,324) Net Debt $1,054,760 Less: Net value of unsettled forward equity(4) (431,246) Adjusted Net Debt $623,514 Less: Subsequent ATM Sales(5) (29,682) Pro Forma Adjusted Net Debt $593,832 Leverage Net Debt / Annualized Adjusted EBITDAre 6.3x Adjusted Net Debt / Annualized Adjusted EBITDAre 3.7x Pro Forma Adjusted Net Debt / Annualized Adjusted EBITDAre 3.6x 1. Adjustment reflects the estimated cash yield on developments in process as of September 30, 2025. 2. Adjustment assumes all re-leasing activity, investments in, and dispositions of real estate, including developments completed during the three months ended September 30, 2025, had occurred on July 1, 2025. 3. We calculate Annualized Adjusted EBITDAre by multiplying Adjusted EBITDAre by four. 4. Reflects 25,393,242 of unsettled forward equity shares at the September 30, 2025, available weighted average net settlement price of $16.98 per share. 5. Reflects 1,639,092 of shares sold at a weighted average net settlement price of $18.11 per share.

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Net Operating Income (unaudited, dollars in thousands) 8 Three Months Ended September 30, 2025 2024 GAAP Reconciliation: Net income (loss) $621 $(5,322) General and administrative expense 5,128 4,287 Depreciation and amortization 21,389 20,438 Provisions for impairment 5,493 9,838 Transaction costs 19 26 Interest expense, net 12,636 7,965 (Gain) loss on sales of real estate, net (1,122) 132 Income tax expense 12 2 Amortization of loan origination costs and discounts (147) — Interest income on mortgage loans receivable (3,282) (3,272) Other (income) expense (170) 107 Property-Level NOI 40,577 34,201 Straight-line rent adjustments (1,126) (749) Amortization of lease-related intangibles (35) (170) Property-Level Cash NOI $39,416 $33,282 Adjustment for intraquarter acquisitions, dispositions, and completed development (1) 2,691 Property-Level Cash NOI - Estimated Run Rate $42,107 Property Operating Expense Coverage Property operating expense reimbursement $3,743 $3,919 Property operating expenses (4,302) (4,494) Property operating expenses, net $(559) $(575) 1. Adjustment assumes all re-leasing activity, investments in, and dispositions of real estate, including developments completed during the three months ended September 30, 2025, had occurred on July 1, 2025.

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Condensed Consolidated Balance Sheets (unaudited, dollars in thousands, except per share data) 9 September 30, 2025 December 31, 2024 Assets Real estate, at cost: Land $676,664 $571,272 Buildings and improvements 1,471,002 1,400,393 Total real estate, at cost 2,147,666 1,971,665 Less accumulated depreciation (173,846) (143,422) Property under development 1,794 6,118 Real estate held for investment, net 1,975,614 1,834,361 Assets held for sale 86,060 48,637 Mortgage loans receivable, net 138,307 139,409 Cash, cash equivalents, and restricted cash 53,324 14,320 Lease intangible assets, net 157,671 164,392 Other assets, net 56,958 58,227 Total assets $2,467,934 $2,259,346 LIABILITIES AND EQUITY Liabilities: Term loans, net $1,092,746 $622,608 Revolving credit facility — 239,000 Mortgage note payable, net 7,824 7,853 Lease intangible liabilities, net 17,522 20,177 Liabilities related to assets held for sale 1,954 1,912 Accounts payable, accrued expenses, and other liabilities 41,957 29,664 Total liabilities $1,162,003 $921,214 Equity: Stockholders' equity Common stock, $0.01 par value, 400,000,000 shares authorized; 83,479,176 and 81,602,232 shares issued and outstanding as of September 30, 2025 and December 31, 2024, respectively $835 $816 Additional paid-in capital 1,540,070 1,507,995 Distributions in excess of retained earnings (235,097) (188,046) Accumulated other comprehensive (loss) income (6,619) 10,206 Total stockholders' equity 1,299,189 1,330,971 Noncontrolling interests 6,742 7,161 Total equity 1,305,931 1,338,132 Total liabilities and equity $2,467,934 $2,259,346

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Debt, Capitalization, and Financial Ratios (unaudited, dollars in thousands) 10 As of September 30, 2025 Debt Summary Fully Extended Maturity Principal Balance Fixed Rate SOFR Swap Interest Rate(1) Remaining Capacity Available Term (years) Unsecured revolver(2) January 15, 2030 $— —% —% $499,850 4.3 2028 Term Loan February 11, 2028 200,000 2.63% 3.78% — 2.4 2029 Term Loan(3) January 3, 2029 250,000 3.74% 4.89% — 3.3 2030 Term Loan A(4) January 15, 2030 175,000 2.40% 3.55% — 4.3 2030 Term Loan B(5) January 15, 2030 175,000 3.87% 5.02% — 4.3 2031 Term Loan(6) March 25, 2031 200,000 3.44% 4.59% — 5.5 2032 Term Loan(7) September 24, 2032 100,000 3.45% 4.95% 150,000 7.0 Mortgage note(8) November 1, 2027 8,084 —% 4.53% — 2.1 Total / Weighted Average $1,108,084 3.26% 4.45% $649,850 4.2 1. Rates presented exclude the impact of capitalized loan fee amortization. Effective September 25, 2025, credit spread adjustment was removed from the revolver and term loans. Interest rates that consist of fixed rate SOFR swaps include a borrowing spread of 1.15%. The borrowing spread for the 2032 Term Loan is 1.50%. 2. Interest rate reflects the all-in borrowing rate as of September 30, 2025. Facility fees are charged at an annual rate of 0.15% of the total facility size of $500 million, and are not included in the interest rate presented. The facility matures on January 15, 2029, and includes a one-year extension option. Remaining capacity reduced by $0.15 million for outstanding letters of credit. 3. The term loan matures on July 3, 2026, and includes two one-year extension options and one six-month extension option. 4. The term loan matures on January 15, 2029, and includes a one-year extension option. Existing fixed rate SOFR expires in January 2027; the term loan is unhedged beyond that date. 5. The term loan matures on January 15, 2029, and includes a one-year extension option. 6. The effective date for the SOFR swap is October 1, 2025. 7. $200.0 million of the term loan is hedged at an all-in rate of 4.92%. The remaining $50.0 million is unhedged. The effective date for the SOFR swap shown is October 1, 2025. Subsequent SOFR swaps will take effect on January 1, 2026, and April 1, 2026, on $50.0 million respectively. 8. The mortgage note was assumed as part of an asset acquisition during the third quarter of 2022. Fixed vs. Floating Debt Fixed, 100% $200 $250 $350 $500 $8 $200 $100 $0 $100 $200 $300 $400 $500 $600 $700 $800 $900 2025 2026 2027 2028 2029 2030 2031 2032 Debt Maturity Schedule Term Loan RCF Capacity Mortgage Note New Term Loans $150

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1. Reflects 25,393,242 of unsettled shares under forward sale agreements at the September 30, 2025, available weighted average net settlement price of $16.98 per share. 2. Reflects 1,639,092 of shares sold at a weighted average net settlement price of $18.11 per share. 3. Remaining capacity reduced by $0.15 million for outstanding letters of credit. 4. Value is based on the September 30, 2025, closing share price of $18.06 per share. Debt, Capitalization, and Financial Ratios (unaudited, dollars in thousands, except per share data) 11 Net Debt September 30, 2025 Principal amount of total debt $1,108,084 Less: Cash, cash equivalents, and restricted cash (53,324) Net Debt $1,054,760 Less: Net value of unsettled forward equity(1) (431,246) Adjusted Net Debt $623,514 Less: Subsequent ATM Sales(2) (29,682) Pro Forma Adjusted Net Debt $593,832 Net Debt / Annualized Adjusted EBITDAre 6.3x Adjusted Net Debt / Annualized Adjusted EBITDAre 3.7x Pro Forma Adjusted Net Debt / Annualized Adjusted EBITDAre 3.6x Key Debt Covenant Information Required Actual Consolidated total leverage ratio ≤ 60.0% 34.5% Fixed charge coverage ratio ≥ 1.50x 3.34x Maximum secured indebtedness ≤ 40.0% 0.3% Maximum recourse indebtedness ≤ 10.0% —% Unencumbered leverage ratio ≤ 60.0% 38.6% Unencumbered interest coverage ratio ≥ 1.75x 3.48x Liquidity As of September 30, 2025 Unused unsecured revolver capacity(3) $499,850 Cash, cash equivalents, and restricted cash 53,324 Net value of unsettled forward equity(1) 431,246 Undrawn Term Loan Balance 150,000 Total Liquidity $1,134,420 Subsequent ATM Sales(2) 29,682 Total Pro Forma Liquidity $1,164,102 Equity Ending Shares/ Units as of September 30, 2025 Equity Market Capitalization % of Total Common shares(4) 83,479,176 $1,507,634 99.5 % OP units(4) 421,954 7,620 0.5 % Total 83,901,130 $1,515,254 100.0 % Enterprise Value As of September 30, 2025 % of Total Adjusted Net Debt $623,514 24.3 % Net Value of Unsettled Forwards 431,246 16.8 % Equity Market Capitalization 1,515,254 59.0 % Total Enterprise Value $2,570,014 100.0 %

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Investment Activity (unaudited, dollars in thousands) 12 Three Months Ended September 30, June 30, March 31, December 31, September 30, 2025 2025 2025 2024 2024 Investments Number of Investments(1) 50 32 25 52 33 Gross Investment $203,907 $117,063 $90,680 $195,079 $151,555 Cash Yield(2) 7.4 % 7.8 % 7.7 % 7.4 % 7.5 % Weighted Average Lease Term (years)(3) 13.4 15.7 9.2 14.0 12.5 Investment Grade & Investment Grade Profile % 33.4 % 25.7 % 65.9 % 51.2 % 52.4 % Dispositions Number of Investments 24 20 16 30 8 Number of Vacant Properties — — 1 — — Gross Proceeds(4) $37,769 $60,391 $40,023 $59,337 $24,105 Cash Yield(5) 7.2 % 6.5 % 7.3 % 7.1 % 7.3 % Loan Repayments Number of Loan Repayments(6) 10 2 1 6 4 Amount of Repayment(7) $24,127 $7,318 $4,699 $13,627 $8,857 Cash Yield(8) 8.0 % 9.3 % 8.7 % 9.3 % 8.7 % Developments Industry Location Lease Term (years) Amount Funded to Date Actual/ Anticipated Rent Commencement Automotive Service Mobile, AL 15 $3,013 Commenced 1Q'25 Pet Supplies Sumter, SC 10 $3,733 Commenced 2Q'25 Automotive Service Cedar Rapids, IA 15 $2,700 Commenced 2Q'25 Dollar Stores Dallas, TX 10 $950 2Q'26 Automotive Service Goldsboro, NC 15 $775 3Q'26 1. Includes acquisitions, mortgage loans receivable, and completed developments. 2. ABR divided by the Gross Investment. 3. Weighted by ABR; excludes lease extension options and investments that secure mortgage loans receivable. 4. Excludes Transaction costs. 5. ABR divided by Gross Proceeds; excludes vacant properties. 6. Includes payoff of outstanding mortgage loans receivable and mortgage loan sales. Excludes partial payoff or amortization of existing mortgage loans receivable. 7. Includes payoff and partial payoff of outstanding mortgage loans receivable and mortgage loan sales. Excludes amortization of existing mortgage loans receivable. 8. Effective interest rate of mortgage loans receivable.

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Portfolio Information (unaudited, dollars in thousands) 13 1. Includes acquisitions, mortgage loans receivable, and completed developments. 2. Excludes investments that secure mortgage loans receivable and one vacant property. 3. Weighted by ABR; excludes lease extension options and investments that secure mortgage loans receivable. 4. Excludes one vacant property. 5. Due to rounding, respective ABR may not precisely reflect absolute figures. 6. Investments, or investments that are subsidiaries of a parent entity (with such subsidiary making up at least 50% of the parent company total revenue), with a credit rating of BBB- (S&P), Baa3 (Moody's), or NAIC2 (National Association of Insurance Commissioners) or higher. 7. Investments that have investment grade credit metrics (more than $1.0 billion in annual sales and debt to adjusted EBITDA ratio of less than 2.0x), but do not carry a published rating from S&P, Moody's, or NAIC. 8. Investments, or investments that are subsidiaries of a parent entity (with such subsidiary making up at least 50% of the parent company total revenue), with a credit rating of BB+ (S&P), Ba1 (Moody's), or NAIC3 (National Association of Insurance Commissioners) or lower. Portfolio Metrics September 30, 2025 Number of Investments(1) 721 Number of states 45 Square feet 13,179,983 Tenants 114 Industries 28 Occupancy(2) 99.9 % Weighted average lease term remaining (years)(3) 9.9 Tenant Quality Number of Investments(4) ABR(5) % of ABR Investment grade (rated)(6) 355 $85,881 46.9% Investment grade profile (unrated)(7) 92 27,867 15.2% Sub-Investment grade (rated)(8) 90 27,432 15.0% Sub-Investment grade profile (unrated) 183 41,983 22.9% Total 720 $183,163 100.0% Tenant Quality 62.1% of ABR Inv. Grade Inv. Grade Profile Defensive Category 86.8% of ABR Necessity Discount Service Necessity, 45.8% Discount, 14.7% Service, 26.3% Other, 13.2% Investment grade, 46.9% Investment grade profile, 15.2% Sub- Investment grade, 15.0% Sub-Investment grade profile, 22.9%

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Portfolio Information (cont'd) (unaudited) 14 1. If rated by a credit rating agency, reflects highest rating from S&P, Fitch, Moody's, or National Association of Insurance Commissioners. 2. Stats incorporate all completed activities as of October 27, 2025, as if they occurred by September 30, 2025; all other portfolio stats are as of September 30, 2025. Top Tenants Number of Investments % of ABR Credit rating(1) 83 5.4% BBB 31 5.2% BBB 10 4.4% BBB+ 5 4.1% A 17 3.8% IG Profile 24 3.7% Baa1 18 2.9% SIG (unrated) 44 2.8% SIG (unrated) 7 2.7% AA 50 2.5% A 18 2.4% A 2 2.3% B+ 7 2.2% A3 7 2.1% IG Profile 3 2.1% IG Profile Total 326 48.6% (2)

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Portfolio Information (cont'd) (unaudited) 15 State Number of Investments(1) % of ABR(2) Texas 88 15.4% Illinois 41 8.4% New York 40 7.2% Wisconsin 24 5.2% Georgia 33 5.2% North Carolina 69 4.4% Ohio 40 4.3% Indiana 28 4.0% Alabama 47 3.9% Florida 25 3.8% Other 285 38.2% Total 720 100.0% 1. Includes acquisitions, mortgage loans receivable, and completed developments, but excludes one vacant property. 2. Due to rounding, respective percentage of ABR may not precisely reflect absolute figures. ≥ 5% ABR ≥ 5% and <3% ABR ≥ 3% and <5% ABR < 1% ABR 0% ABR

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Portfolio Information (cont'd) (unaudited) 16 Industry Defensive Category Number of Investments % of ABR Grocery Necessity 47 13.9% Convenience Stores Service 124 12.8% Dollar Stores(1) Discount 147 9.5% Home Improvement Necessity 30 9.4% Drug Stores & Pharmacies Necessity 49 8.1% Farm Supplies Necessity 27 4.8% Discount Retail Discount 33 4.8% Sporting Goods Other 9 4.8% Automotive Service Service 53 4.5% Quick Service Restaurants Service 49 4.2% Healthcare Necessity 26 3.8% Health and Fitness Service 5 3.8% Arts & Crafts Other 16 3.8% General Retail Necessity 7 2.7% Auto Parts Necessity 53 2.5% Consumer Electronics Other 7 2.2% Apparel Other 6 0.9% Specialty Other 2 0.6% Casual Dining Service 6 0.6% Furniture Stores Other 2 0.5% Equipment Rental and Leasing Service 6 0.4% Banking Necessity 2 0.2% Wholesale Warehouse Club Necessity 1 0.2% Telecommunications Other 3 0.2% Beauty Supplies Other 1 0.2% Pet Supplies Necessity 1 0.1% Gift, Novelty, and Souvenir Shops Other 1 0.1% Home Furnishings Other 1 0.1% Total 720 100.0% Defensive Category Number of Investments % of ABR Necessity 243 45.8% Discount 186 14.7% Service 243 26.3% Other 48 13.2% Total 720 100.0% 1. Stats incorporate all completed activities as of October 27, 2025, as if they occurred by September 30, 2025; all other portfolio stats are as of September 30, 2025.

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Lease Expiration Schedule (unaudited, dollars in thousands) 17 ABR Expiring Year of Number of ABR as a % of Expiration Investments Expiring(1) Expiring(1) Total Portfolio(1) 2025 — $— 0.0% 2026 6 1,377 0.8% 2027 10 3,224 1.9% 2028 22 9,757 5.7% 2029 41 10,173 5.9% 2030 41 14,018 8.2% 2031 58 13,705 8.0% 2032 44 11,292 6.6% 2033 43 9,678 5.6% 2034 69 18,280 10.6% 2035 41 11,575 6.7% 2036 19 6,799 4.0% 2037 25 9,964 5.8% 2038 43 6,938 4.0% 2039 42 9,180 5.3% 2040 32 8,302 4.8% 2041 3 918 0.5% 2042 2 1,283 0.7% 2043 17 3,675 2.1% 2044 47 13,176 7.7% 2045 25 7,201 4.2% 2046 — — —% 2047 1 156 0.1% 2048 — — —% 2049 8 777 0.5% 2050 1 228 0.1% 2051 — — —% Total 640 $171,675 100.0% 1. Excludes the 80 investments associated with mortgage loans receivable.

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FFO, Core FFO, and AFFO The National Association of Real Estate Investment Trusts ("NAREIT"), an industry trade group, has promulgated a widely accepted non-GAAP financial measure of operating performance known as FFO. Our FFO is net income in accordance with GAAP, excluding gains (or losses) resulting from dispositions of properties, plus depreciation and amortization and impairment charges on depreciable real property. Core FFO is a non-GAAP financial measure defined as FFO adjusted to remove the effect of unusual and non- recurring items that are not expected to impact our operating performance or operations on an ongoing basis. These include non-recurring executive transition costs, severance and related charges, other non-recurring losses (gains), and debt related transaction costs. AFFO is a non-GAAP financial measure defined as Core FFO adjusted for GAAP net income related to non- cash revenues and expenses, such as straight-line rent, amortization of above- and below-market lease-related intangibles, amortization of lease incentives, capitalized interest expense and earned development interest, non-cash interest expense, non-cash compensation expense, amortization of deferred financing costs, amortization of above/below-market assumed debt, and amortization of loan origination costs. Historical cost accounting for real estate assets implicitly assumes that the value of real estate assets diminishes predictably over time. In fact, real estate values historically have risen or fallen with market conditions. FFO is intended to be a standard supplemental measure of operating performance that excludes historical cost depreciation and valuation adjustments from net income. We consider FFO to be useful in evaluating potential property acquisitions and measuring operating performance. We further consider FFO, Core FFO, and AFFO to be useful in determining funds available for payment of distributions. FFO, Core FFO, and AFFO do not represent net income or cash flows from operations as defined by GAAP. You should not consider FFO, Core FFO, and AFFO to be alternatives to net income as a reliable measure of our operating performance nor should you consider FFO, Core FFO, and AFFO to be alternatives to cash flows from operating, investing, or financing activities (as defined by GAAP) as measures of liquidity. FFO, Core FFO, and AFFO do not measure whether cash flow is sufficient to fund our cash needs, including principal amortization, capital improvements, and distributions to stockholders. FFO, Core FFO, and AFFO do not represent cash flows from operating, investing, or financing activities as defined by GAAP. Further, FFO, Core FFO, and AFFO as disclosed by other REITs might not be comparable to our calculations of FFO, Core FFO, and AFFO. Non-GAAP Measures and Definitions 18

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EBITDA, EBITDAre, Adjusted EBITDAre, and Annualized Adjusted EBITDAre We compute EBITDA as earnings before interest expense, income tax expense, and depreciation and amortization. In 2017, NAREIT issued a white paper recommending that companies that report EBITDA also report EBITDAre. We compute EBITDAre in accordance with the definition adopted by NAREIT. NAREIT defines EBITDAre as EBITDA (as defined above) excluding gains (or losses) from the sales of depreciable property and impairment charges on depreciable real property. Adjusted EBITDAre is a non-GAAP financial measure defined as EBITDAre further adjusted to exclude straight-line rent, non-cash compensation expense, non-recurring executive transition costs, severance and related charges, debt related transaction costs, transaction costs, other non-recurring loss (gain), net, other non-recurring expenses (income) including lease termination fees, as well as adjustments for construction in process and for intraquarter activities. Annualized Adjusted EBITDAre is Adjusted EBITDAre multiplied by four. We present EBITDA, EBITDAre, Adjusted EBITDAre, and Annualized Adjusted EBITDAre as they are measures commonly used in our industry. We believe that these measures are useful to investors and analysts because they provide supplemental information concerning our operating performance, exclusive of certain non-cash items and other costs. We use EBITDA, EBITDAre, Adjusted EBITDAre, and Annualized Adjusted EBITDAre as measures of our operating performance and not as measures of liquidity. EBITDA, EBITDAre, Adjusted EBITDAre, and Annualized Adjusted EBITDAre do not include all items of revenue and expense included in net income, they do not represent cash generated from operating activities and they are not necessarily indicative of cash available to fund cash requirements; accordingly, they should not be considered alternatives to net income as a performance measure or cash flows from operations as a liquidity measure and should be considered in addition to, and not in lieu of, GAAP financial measures. Additionally, our computation of EBITDA, EBITDAre, Adjusted EBITDAre, and Annualized Adjusted EBITDAre may differ from the methodology for calculating these metrics used by other equity REITs and, therefore, may not be comparable to similarly titled measures reported by other equity REITs. Net Debt, Adjusted Net Debt, and Pro Forma Adjusted Net Debt We calculate Net Debt as the principal amount of our total debt outstanding, excluding deferred financing costs, net discounts, and debt issuance costs, less cash, cash equivalents, and restricted cash available for future investment. We then adjust Net Debt by the net value of unsettled forward equity as of period end to derive Adjusted Net Debt. Further, we adjust Adjusted Net Debt by the value of any unsettled forward equity and at-the-market sales occurring subsequent to the period to derive Pro Forma Adjusted Net Debt. We believe excluding cash, cash equivalents, and restricted cash available for future investment from the principal amount of our total debt outstanding, together with the exclusion of the net value of unsettled forward equity as of period end and the net value of unsettled forward equity and at-the-market sales subsequent to the period, all of which could be used to repay debt, provides a useful estimate of the net contractual amount of borrowed capital to be repaid. We believe these adjustments are additional beneficial disclosures to investors and analysts. Enterprise Value We calculate Enterprise Value as the sum of our Adjusted Net Debt, market value of unsettled forwards, and equity market capitalization as of period end. Non-GAAP Measures and Definitions (cont'd) 19

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Non-GAAP Measures and Definitions (cont'd) 20 Property-Level NOI, Property-Level Cash NOI, and Property-Level Cash NOI - Estimated Run Rate Property-Level NOI, Property-Level Cash NOI, and Property-Level Cash NOI - Estimated Run Rate are non- GAAP financial measures which we use to assess our operating results. We compute Property-Level NOI as net income (computed in accordance with GAAP), excluding general and administrative expenses, interest expense, net, income tax expense, amortization of loan origination costs and discounts, transaction costs, depreciation and amortization, gains (or losses) on sales of depreciable property, real estate impairment losses, interest income on mortgage loans receivable, debt related transaction costs, and other expense (income), net, including lease termination fees. We further adjust Property-Level NOI for non-cash revenue components of straight-line rent and amortization of lease-intangibles to derive Property-Level Cash NOI. We further adjust Property-Level Cash NOI for intraquarter acquisitions, dispositions, and completed development to derive Property-Level Cash NOI - Estimated Run Rate. We believe Property-Level NOI, Property-Level Cash NOI, and Property-Level Cash NOI - Estimated Run Rate provide useful and relevant information because they reflect only those income and expense items that are incurred at the property level and present such items on an unlevered basis. Property-Level NOI, Property-Level Cash NOI, and Property-Level Cash NOI - Estimated Run Rate are not measurements of financial performance under GAAP and may not be comparable to similarly titled measures of other companies. You should not consider our measures as alternatives to net income or cash flows from operating activities determined in accordance with GAAP. Other Definitions ABR is annualized base rent for all leases that commenced and annualized cash interest for all executed mortgage loans as of September 30, 2025. Cash Yield is the annualized base rent contractually due from acquired properties and completed developments, and interest income from mortgage loans receivable, divided by the gross investment amount, gross proceeds in the case of dispositions, or loan repayment amount. Defensive Category is considered by us to represent tenants that focus on necessity goods and essential services in the retail sector, including discount stores, grocers, drug stores and pharmacies, home improvement, automotive service and quick-service restaurants, which we refer to as defensive retail industries. The defensive sub-categories as we define them are as follows: (1) Necessity, which are retailers that are considered essential by consumers and include sectors such as drug stores, grocers and home improvement, (2) Discount, which are retailers that offer a low price point and consist of off-price and dollar stores, (3) Service, which consist of retailers that provide services rather than goods, including, tire and auto services and quick service restaurants, and (4) Other, which are retailers that are not considered defensive in terms of being considered necessity, discount or service, as defined by us. Investments are lease agreements in place at owned properties, properties that have leases associated with mortgage loans receivable, developments where rent commenced, interest earning developments, or in the case of master lease arrangements each property under the master lease is counted as a separate lease. Occupancy is expressed as a percentage, and it is the number of leased investments divided by the total number of investments owned, excluding properties under development. OP Units means operating partnership units not held by NETSTREIT. Weighted Average Lease Term is weighted by the annualized base rent, excluding lease extension options and investments associated with mortgage loans receivable.

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Forward-Looking and Cautionary Statements 21 This supplemental report contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such forward-looking statements include, without limitation, statements concerning our business and growth strategies, investment, financing and leasing activities, including estimated development costs, and trends in our business, including trends in the market for single-tenant, retail commercial real estate. Words such as "expects," "anticipates," "intends," "plans," "likely," "will," "believes," "seeks," "estimates," and variations of such words and similar expressions are intended to identify such forward-looking statements. Such statements involve known and unknown risks, uncertainties and other factors that may cause our actual results, performance or achievements to be materially different from the results of operations or plans expressed or implied by such forward-looking statements. Although we believe that the assumptions underlying the forward-looking statements contained herein are reasonable, any of the assumptions could be inaccurate, and therefore such statements included in this supplemental report may not prove to be accurate. In light of the significant uncertainties inherent in the forward-looking statements included herein, the inclusion of such information should not be regarded as a representation by us or any other person that the results or conditions described in such statements or our objectives and plans will be achieved. For a further discussion of these and other factors that could impact future results, performance or transactions, see the information under the heading "Risk Factors" in our Annual Report on Form 10-K for the year ended December 31, 2024 filed with the SEC on February 24, 2025 and other reports filed with the SEC from time to time. Forward-looking statements and such risks, uncertainties and other factors speak only as of the date of this supplemental report. New risks and uncertainties may arise over time and it is not possible for us to predict those events or how they may affect us. Many of the risks identified herein and in our periodic reports have been and will continue to be heightened as a result of the ongoing and numerous adverse effects arising from macroeconomic conditions, including inflation, interest rates and instability in the banking system. We expressly disclaim any obligation or undertaking to update or revise any forward-looking statement contained herein, to reflect any change in our expectations with regard thereto, or any other change in events, conditions or circumstances on which any such statement is based, except to the extent otherwise required by law.

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## Exhibit 99.3

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1 Investor Presentation October 2025

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Disclaimer 2 This presentation contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such forward-looking statements include, without limitation, statements concerning our business and growth strategies, investment, financing and leasing activities, including estimated development costs, and trends in our business, including trends in the market for single-tenant, retail commercial real estate. Words such as "expects," "anticipates," "intends," "plans," "likely," "will," "believes," "seeks," "estimates," and variations of such words and similar expressions are intended to identify such forward-looking statements. Such statements involve known and unknown risks, uncertainties and other factors that may cause our actual results, performance or achievements to be materially different from the results of operations or plans expressed or implied by such forward-looking statements. Although we believe that the assumptions underlying the forward-looking statements contained herein are reasonable, any of the assumptions could be inaccurate, and therefore such statements included in this presentation may not prove to be accurate. In light of the significant uncertainties inherent in the forward-looking statements included herein, the inclusion of such information should not be regarded as a representation by us or any other person that the results or conditions described in such statements, or our objectives and plans will be achieved. For a further discussion of these and other factors that could impact future results, performance or transactions, see the information under the heading "Risk Factors" in our Form 10-K for the year ended December 31, 2024, filed with the SEC on February 24, 2025, and other reports filed with the SEC from time to time. Forward-looking statements and such risks, uncertainties and other factors speak only as of the date of this presentation. New risks and uncertainties may arise over time, and it is not possible for us to predict those events or how they may affect us. Many of the risks identified herein and in our periodic reports have been and will continue to be heightened as a result of the ongoing and numerous adverse effects arising from macroeconomic conditions, including inflation, interest rates and instability in the banking system. We expressly disclaim any obligation or undertaking to update or revise any forward-looking statement contained herein, to reflect any change in our expectations with regard thereto, or any other change in events, conditions or circumstances on which any such statement is based, except to the extent otherwise required by law. This presentation also includes certain financial measures not presented in accordance with generally accepted accounting principles ("GAAP") including, but not limited to, FFO, Core FFO, AFFO, EBITDA, EBITDAre, Adjusted EBITDAre, Annualized Adjusted EBITDAre, Property-Level NOI, Property-Level Cash NOI, Property-Level Cash NOI - Estimated Run Rate, Net Debt, Adjusted Net Debt, and Adjusted Net Debt. These non-GAAP financial measures are not measures of financial performance in accordance with GAAP and may exclude items that are significant in understanding and assessing the Company's financial results. Therefore, these measures should not be considered in isolation or as an alternative to net income, cash flows from operations or other measures of profitability, liquidity or performance under GAAP. You should be aware that the presentation of these measures may not be comparable to similarly-titled measures used by other companies. The Company believes these non-GAAP measures provide useful information to management and investors regarding certain financial and business trends relating to the Company's financial condition and results of operations. The Company believes that the use of these non-GAAP financial measures provides an additional tool for investors to use in evaluating ongoing operating results and trends in and in comparing its financial results with other similar companies, many of which present similar non-GAAP financial measures to investors. These non-GAAP financial measures are subject to inherent limitations as they reflect the exercise of judgments by management about which expense and income are excluded or included in determining these non-GAAP financial measures. Certain monetary amounts, percentages and other figures included in this presentation have been subject to rounding adjustments. Certain other amounts that appear in this presentation may not sum due to rounding.

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Investment Highlights & Business Update 3 Source: Company data and balance sheet as of September 30, 2025, unless otherwise noted. Figures represent percentage of ABR unless otherwise noted. Due to rounding, respective percentage of credit rating may not precisely reflect the absolute figures. 1. Represents tenants with investment grade credit metrics (more than $1.0 billion in annual sales and a debt to adjusted EBITDA ratio of less than 2.0x), but do not carry a published rating from S&P, Fitch, Moody's, or NAIC. 2. See slides 4 or 13 for further details. 3. Reflects 25.4 million of unsettled forward equity shares at the September 30, 2025, weighted average net settlement price of $16.98 per share, and includes 1.6 million of ATM shares sold in October 2025 at a weighted average net settlement price of $18.11 per share. 4. Includes the $150 million of undrawn term loan balance from the $250 million senior unsecured term loan. 87% Necessity, Discount, and Service-Oriented Tenants 99.9% Occupancy 3.9x Unit-Level Rent Coverage2 $1.2 billion Total PF Liquidity3, 4 3.6x PF Adj. Net Debt3 / Annualized Adj. EBITDAre ✓Focused on growing portfolio with high quality tenants that offer strong credit profiles and provide consistent performance through various economic cycles ✓Proven track record of full occupancy and strong unit-level coverage; NTST's lone vacancy has received strong interest from multiple retailers above the prior rent ✓Long weighted average lease term and de minimis intermediate-term lease expirations within the pharmacy and dollar store industries ✓Low leverage with no intermediate-term debt maturities ✓$431 million of unsettled forward equity at 3Q'25-end ✓Secured $450 million of new term loans in September 2025 High Credit Quality & Resilient Net Lease Portfolio Well Capitalized Balance Sheet 62% Investment Grade (IG) and Investment Grade Profile (IGP)1 7.0% Wtd. Avg. Cash Yield Since 3Q'20 ✓Strong investment pace since 2020 with a solid pipeline of investment opportunities at attractive cash yields ✓$412 million of gross investments completed YTD ✓Proven ability to source resilient investments as evidenced by our de minimis historical credit loss Proven Ability to Source Attractive Investment Opportunities 2028 First Term Loan Maturity $104 million Avg. Net Investments Per Quarter Since 3Q'20 22% PF Adj. Net Debt3 / Undepreciated Gross Assets 4bps Annual Credit Loss in 5.5 Yrs2 7.6% Wtd. Avg Cash Yield YTD 9.9 Years Weighted Average Lease Term (WALT) 21bps Pharmacy & Dollar Store ABR Expiring Thru YE'28

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$- $0.5 $1.0 $1.5 $2.0 $2.5 $3.0 $3.5 2Q'23 Pre-Bankruptcy Post-Bankruptcy Current & Former Big Lots Assets Disposed Assets Annualized Credit Loss Experience vs. Peers De Minimis Historical Annualized Credit Loss Since Inception 4 Since NETSTREIT's initial equity raise in 4Q'19, only one portfolio tenant – Big Lots – has experienced a credit event, which is projected to cause $404K1 in lost ABR for 4bps of annualized credit loss in 5.5 years Big Lots Historical ABR Source: Company data as of September 30, 2025. 1. Post bankruptcy rent loss with Big Lots is calculated using management's expected recovery on its vacant Big Lots asset in Bowie, MD, which remains subject to multiple LOIs that are in various stages of negotiation. In 2H'23, NTST disposed of three underperforming assets leased to Big Lots with $850K in ABR; post bankruptcy all three assets are vacant After 5.5 years of existence, NTST has lost just $404K1 of ABR from credit events "Historically, our longer-term average is closer to 25bps" (1Q'24 Earnings Transcript) Peer Commentary on Annualized Credit Loss "Historically, both under assumptions but also realized credit loss…we've probably been more in the 50bps to 75bps range" (1Q'25 Citi Conference Transcript) "We provided some good credit loss statistics in our NAREIT deck of 30bps per annum is our historical experience" (3Q'24 Earnings Transcript) "Historically, our credit loss typically runs in the kind of the 30bps to 50bps kind of range" (4Q'24 Earnings Transcript) "Historically about how when you exclude the pandemic, we've been right there around 25bps of credit loss in a given year as a % of revenue" (3Q'24 Earnings Transcript) With Big Lots footprint shrinking to ≈200 stores from ≈1,400 stores post bankruptcy (15% acceptance rate), NETSTREIT's 87.5% acceptance rate (7 of 8 leases accepted/assigned in bankruptcy) was significantly better than all other multi-unit landlords

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5.4% 5.2% 4.4% 4.1% 3.8% 3.7% 2.9% 2.8% 2.7% 2.5% A Portfolio Overview High-Quality, Diversified Portfolio Consisting of 62.1% IG and IG Profile Tenants Across 45 States 5 Source: Company data as of September 30, 2025, unless otherwise noted. 1. Includes acquisitions, mortgage loans receivable, and completed developments. 2. Calculation excludes properties under development and one vacant property. 3. Percentage represents investments, or investments that are subsidiaries of a parent entity, with a credit rating of BBB- (S&P/Fitch), Baa3 (Moody's), or NAIC2 (National Association of Insurance Commissioners) or higher, and investments with investment grade credit metrics (more than $1.0 billion in annual sales and a debt to adjusted EBITDA ratio of less than 2.0x), but do not carry a published rating from S&P, Moody's, Fitch, or NAIC. 4. Weighted by ABR; excludes lease extension options and investments that secure mortgage loans receivable. 5. Stats incorporate all completed activities as of October 27, 2025, as if they occurred by September 30, 2025; all other portfolio stats are as of September 30, 2025. Key Portfolio Stats Investments1 721 States 45 Portfolio Square Feet (in millions) 13.2 Tenants 114 Retail Sectors 28 % Occupancy2 99.9% % IG and IG Profile Tenants (by ABR) 3 62.1% WALT (Years)4 9.9 Lease Turnover Through 2027 (by ABR) 2.7% National Footprint in Attractive Markets Top 10 Tenants by % of ABR Investment Grade BBB Sub-Investment Grade (unrated)≥1% and <3% ABR <1% ABR ≥5% ABR ≥3% and <5% ABR 0% ABR AK HI WA OR MT CA AZ WY NV ID UT CO NM TX OK ND SD NE KS LA AR MO IA MN WI IL IN MI OH KY TN FL MS AL GA SC NC VA WV PA DE NJ NY ME VT NH MA MD CT RI SIG (unrated) Baa1 BBB SIG (unrated) IG Profile AA BBB+ A Investment Grade Profile 5

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Home Improvement: Convenience Stores: Dollar Stores1: 9.5% Grocery: 13.9% 1 Portfolio Diversification In Defensive Retail Sectors Nationally Diversified Portfolio Primarily Comprised of Recession Resilient Retail Tenants Source: Company data as of September 30, 2025. All figures represent percentage of ABR. Due to rounding, respective defensive retail sector exposure may not precisely reflect the absolute figures. 1. Stats incorporate all completed activities as of October 27, 2025, as if they occurred by September 30, 2025; all other portfolio stats are as of September 30, 2025. Top Industries45.8% Necessity 14.7% Discount 13.2% Other 9.4% 3 12.8% 2 4 Drug Stores & Pharmacies: 8.1% 5 26.3% Service 86.8% ABR Necessity Discount Service 6

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Resilient, Cycle-Tested Investment Grade Credit Tenants with Durable Cash Flows1 >60% 62.1% (46.9% IG and 15.2% IGP) Granular Assets in Highly Fragmented, Undercapitalized Market Segment $3.6 million Avg. Asset Size $1 to $10 million Avg. Asset Size Net Lease Retail Assets with Long Lease Term Benefiting From Contractual Rent Growth ~10 Year WALT 9.9 Year WALT2 Diversification by Industry, Tenant, State1 <15% Industry <50% Top 10 Tenants <15% State 13.9% Industry 37.5% Top 10 Tenants3 15.4% State Significant Focus on Fundamental Real Estate Underwriting Attractive cost basis with durable valuation supported by market rents and demos, physical structure and location, and alternative use analyses 7 Source: Company data as of September 30, 2025, unless otherwise noted. Due to rounding, respective percentage of credit rating may not precisely reflect the absolute figures. 1. Portfolio statistics as a percentage of ABR. 2. Weighted by ABR; excludes lease extension options and investments that secure mortgage loans receivables. 3. Stats incorporate all completed activities as of October 27, 2025, as if they occurred by September 30, 2025; all other portfolio stats are as of September 30, 2025. Current MetricsInvestment Philosophy Portfolio Strategy Defensive Tenancy in Necessity-Based and E-commerce-Resistant Retail Industries1 86.8%Primarily Consistent Investment Approach Disciplined and Deliberate Portfolio Construction

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"Market-Taker Assets" 8 Inefficiently Priced Assets TYPICAL TRANSACTION - Well marketed transaction - Straight-forward transaction - Ability to finance transaction - Highly competitive, well capitalized investors TYPICAL TRANSACTION - Not highly marketed - May involve transaction structuring that limits buyer pool - Limited financing options - Less competitive Efficiently Priced Assets Acquisition Strategy – Bell Curve Investing Acquisition Strategy is Focused on Inefficiently Priced Assets Where Risk Adjusted Returns are Higher

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9 Real Estate Valuation Unit-Level Profitability • Review underlying key real estate metrics to maximize re- leasing potential • Location analysis • Alternative use analysis • Determine rent coverage (min. 2.0x) and cost variability • Assess volatility and likelihood of cash flow weakness C B Tenant Credit Underwriting • Evaluate corporate level financials • Assess business risks • Determine ownership/sponsorship • Rigorous credit underwriting A L e v e l o f U n d e rw ri ti n g E m p h a s is Stringent Three-Part Underwriting Process Our Three-Pronged Approach Results in Superior Downside Protection

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Investment Grade (rated) Investment Grade Profile (unrated) Sub-IG (rated) & Sub-IG Profile (unrated) Description • Validated financial strength and stability • Professional management with standardized operational practices • Focus on corporate guarantee credit • Lower relative yields • Higher competition for deals • IG-caliber balance sheets without explicit rating • Threshold metrics: • At least $1B in sales • Debt / adjusted EBITDA of less than 2.0x • Well-capitalized retailers • National footprint with strong brand equity • Focus on real estate quality / unit- level profitability • Higher relative yields • Lower competition for deals Durability • Coverage and credit enhancements required given more susceptible to market disruptions % Of ABR 46.9% 15.2% 37.9% Lease Terms (WALT, Rent Bumps, etc.) Less negotiating leverage More negotiating leverage Most negotiating leverage Representative Tenants 10 Source: Company data as of September 30, 2025, unless otherwise noted. Due to rounding, respective percentage of credit rating may not precisely reflect the absolute figures. 62.1% IG and IG Profile Defensive, consistent performance through economic cycles Strong Tenant Credit Underwriting Credit-Focused Underwriting Approach Drives Stable Revenue and Long-Term Return on Investment

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11 Market-Level Considerations Property-Level Considerations • Fungibility of building for alternative uses • Replacement cost • Location analysis • Traffic counts • Nearby uses and traffic drivers, complementary nature thereof • Accessibility and parking capacity • Ingress and egress • Visibility / signage • Vacancy analysis • Marketability of the real estate without current tenant • List of likely replacement tenants • Rent analysis • Market rent versus in-place rent • Demographic analysis • Current demographics plus trends and forecasts • Competitive analysis • Market position versus competing retail corridors Real Estate Valuation Real Estate Closely Follows Credit as a Top Priority: We Utilize a Ground-Up Framework Rooted in Real Estate Fundamentals to Underpin Valuation and Further Quantify the Upside Potential of an Investment

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12 Obtain Financial Info Perform Financial Analysis 2 Assess Investment Merits 1 3 • Provides clarity into location-specific performance • Analyze store demand dynamics, cost structure and liquidity profile • Determine whether property meets investment criteria • Obtain unit-level financial information from parent company if possible • If financials are not provided, utilize data provided by third party vendors to estimate sales by location • Third party data includes: • Cell phone traffic • Point of sales (POS) data • Triangulate P&L based on available information • Foot traffic • Sales • EBITDAR margin • Rent • Account for variability in business model cost structure • Higher proportion of fixed costs = more variability in rent coverage • Determine store ranking within tenant's broader operating portfolio based on estimated sales Key Unit-Level Investment Criteria Target Rent Coverage of 2.0x on a Stabilized Basis ✓ Higher Variable Cost Structure✓ Ranks in Top Half of Tenant's Store Portfolio✓ Unit-Level Profitability Assess Unit-Level Financial Performance to Focus on Properties with Strong Rent Coverage and Higher Variability in Operating Costs

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0% 2% 4% 6% 8% 10% 12% 14% 16% NR <1.00 1.00-1.49 1.50-1.99 >2.00 4% 9% 2% 7% 10% 9% 28% 31% 0% 5% 10% 15% 20% 25% 30% 35% Portfolio Health Statistics Durability Evidenced by Creditworthy Tenants with Large Revenue Bases and Strong Unit-Level Coverage 13 Source: Company data as of September 30, 2025. "NR" stands for not reported. Please note that 0.8% of the non-reporting coverage tranche includes newly built locations that are required to provide unit-level financial information in the future. 1. Unit-level rent coverage is calculated using a.) unit-level financial reporting, which represents 33.9% of ABR, or b.) Placer.ai adjusted sales and corporate EBITDA margins, where unit level reporting is not required by a lease. 2. The chart illustrates the ABR attributable to leases with tenants having specified implied credit ratings based on their Moody's EDF-X scores. Moody's equates the EDF scores generated using EDF-X with a corresponding credit rating. For those tenants with an actual credit rating from S&P, Moody's, Fitch, or the National Association of Insurance Commissioners, the higher of the actual or implied credit rating is used. 3. Excludes investments that secure mortgage loans receivable and one vacant property. % of ABR by Tenant Revenue Tranche % of ABR by Unit-Level Coverage Tranche1 Unit-Level Coverage by Tenant Credit2 Unit-Level Coverage by Lease Expiration3 >85% of our tenants generate >$1B in annual revenue Our weighted average unit-level coverage for the portfolio is 3.9x ABR expiring through 2029 has coverage of 5.4x 91% of our ABR has unit- level coverage >1.5x >2.00x: 76.7% 1.50-1.99x: 14.2% 1.00-1.49x: 5.0% <1.00x :0.7% NR, 3.3% 0% 5% 10% 15% 20% 25% 30% NR <1.00 1.00-1.49 1.50-1.99 >2.00

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14 Source: Company filings from August 2020 through September 30, 2025. NNN and FCPT are as of June 30, 2025. 1. Investments that have investment grade credit metrics (more than $1.0 billion in annual sales and a debt to adjusted EBITDA ratio of less than 2.0x), but do not carry a published rating from S&P, Fitch, Moody's, or NAIC. 2. Excludes lease extension options and investments that secure mortgage loans receivable. 3. Assumes cash cap rate is 30bps lower than reported GAAP cap rate. Gross Volume ($ in millions) $2,622 $7,031 $3,359 $1,432 $5,552 Investment Grade % 57.4% 67.0% NA 54.8% NA Investment Grade Profile1 % 14.3% NA NA NA NA IG + IG Profile % 71.1% NA NA NA NA WALT2 11.6 10.1 12.4 11.1 15.7 Weighted Average Cash Yield 7.0% 6.4%3 7.0% 6.7% 7.6% History of Sourcing Investments at Attractive Yields Consistently Invested at Above-Market Yields Despite Focus on High-Quality Tenants Sourcing Volume Since 3Q'20

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$119,128 $129,207 $115,734 $151,555 $195,079 $90,680 $117,063 $203,907 $0 $40,000 $80,000 $120,000 $160,000 $200,000 $240,000 4Q'23 1Q'24 2Q'24 3Q'24 4Q'24 1Q'25 2Q'25 3Q'25 G ro s s I n v e s tm e n t A c ti v it y ($0 0 0 s) 15 Investment Activity Summary Details Source: Company data as of September 30, 2025. 1. Includes acquisitions, mortgage loans receivable, and completed developments. 2. Excludes lease extension options and investments that secure mortgage loans receivable. Investments1 4Q' 1Q'2 2Q'24 3Q'24 4Q' 1Q' 2Q' 3Q' Number of Investments 57 42 28 33 52 25 32 50 Average Investment $2,090 $3,076 $4,133 $4,593 $3,752 $3,627 $3,658 $4,078 Cash Cap Rates 7.2% 7.5% 7.5% 7.5% 7.4% 7.7% 7.8% 7.4% IG + IGP % 98.7% 84.8% 39.1% 52.4% 51.2% 65.9% 25.7% 33.4% Weighted Average Lease Term2 10.9 11.5 16.7 12.5 14.0 9.2 15.7 13.4

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$15,995 $21,600 $12,707 $24,105 $59,337 $40,293 $60,391 $37,769 $0 $10,000 $20,000 $30,000 $40,000 $50,000 $60,000 $70,000 4Q'23 1Q'24 2Q'24 3Q'24 4Q'24 1Q'25 2Q'25 3Q'25 D is p o s it io n s A c ti v it y ($0 0 0 s) 16 Disposition Activity Summary Details Source: Company data as of September 30, 2025. 1. Excludes vacant properties. Dispositions 4Q'23 1Q'24 2Q'24 3Q'24 4Q'24 1Q'25 2Q'25 3Q'25 Cash Cap Rates1 7.2% 6.8% 6.8% 7.3% 7.1% 7.3% 6.5% 7.2% Number of Investments 6 12 6 8 30 16 20 24 Weighted Average Lease Term 11.2 10.3 10.3 9.9 11.4 10.0 9.3 11.8

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17 Source: Company data as of September 30, 2025. Since inception, the Company has disposed of 201 properties totaling $499 million, which has materially improved portfolio performance metrics such as tenant quality, WALT, and geographic diversity Identify properties not meeting strategy and/or risk management criteria (i.e. rent coverage) Periodically review all properties for changes in performance, credit, and local conditions Leverage 1031 exchange transfers where possible to access deep, non- institutional market for portfolio optimization Strategic Recycling Perpetual Stratification Active Monitoring Identify Active Asset Management Continuously Track Property Performance to Stratify Portfolio and Ensure a Secure Rental Stream

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$200 $250 $350 $500 $8 $200 $100 $0 $100 $200 $300 $400 $500 $600 $700 $800 $900 2025 2026 2027 2028 2029 2030 2031 2032 In M ill io n s Term Loan RCF Capacity Mortgage Note New Term Loans Source: Company data as September 30, 2025, unless otherwise noted. 1. Includes $200 million senior unsecured term loan that matures on March 25, 2031, and $250 million senior unsecured delayed draw term loan that matures on September 24, 2032. 2. Reflects the 25.4 million of unsettled forward equity shares at the September 30, 2025, weighted average net settlement price of $16.98 per share, and 1.6 million of ATM shares sold in October 2025 at a weighted average net settlement price of $18.11 per share. 3. Includes the $150 million of undrawn term loan balance from the $250 million senior unsecured term loan. Conservative Balance Sheet with Strong Liquidity Balance Sheet Positioned for Growth Given Strong Liquidity Profile and Low Leverage Position Access to Debt: Secured $450 million in new term loans1 Abundant Liquidity to Support Growth: $1.2 billion in total PF liquidity2, 3 Well-Staggered Debt Maturity Profile: Increased weighted average debt maturity to 4.2 years; no term loan maturities expected until 2028 Unsecured Balance Sheet: Asset base is over 99% unencumbered Low Leverage: PF Adjusted Net Debt2 / Annualized Adjusted EBITDAre of 3.6x 18 Debt Maturity Schedule $150

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97% 26% 78% 26% 18% 60% 15% 15% 10% 46% 3% 40% 15% 12% FCPT NTST EPRT ADC O NNN Service Discount Necessity 5.0x 3.9x 3.6x 0.0x 0.0x 0.0x FCPT NTST EPRT O NNN ADC 47% 67% 54% 34% 14% 0% ADC FCPT NTST O NNN EPRT 1.7% 2.7% 7.4% 13.1% 13.2% 13.8% EPRT NTST ADC O NNN FCPT Source: Public filings as of September 30, 2025. FCPT, NNN, and O are as of June 30, 2025. 1. Examples of service includes convenience stores, quick service restaurants, automotive service, and health and fitness. Examples of discount include dollar store and discount retail. Examples of necessity include, drug stores & pharmacy, home improvement, auto parts, and banking. Realty Income's portfolio composition reflects their Top 20 industries only as they no longer disclose their complete list of industries. Portfolio Highlights Relative to Peers NTST's Stable & Predictable Cash Flow Profile Drives Superior Risk-Adjusted Returns Lease Rollover Through 2027 Unit-Level Rent Coverage Investment Grade % Portfolio Composition1 Weighted-Average Lease Term 19 14.4 9.9 8.0 9.0 9.8 7.2

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Source: Public filings, FactSet and S&P Capital IQ. Note: Market data as of October 24, 2025. Capitalization data as of Q3 2025 for ADC, EPRT, GTY and NTST, all others as of Q2 2025. 1. AFFO per share growth CAGR is calculated using 2021A and 2024A AFFO per share. 2. FVR's common stock began trading on the New York Stock Exchange on October 2, 2024. 3. During 2023, WPC spun-off NLOP. Year-over-year growth not comparable. Consensus WPC RemainCo 2023A AFFO not available. 4. 2026E AFFO per share growth is calculated using FactSet mean 2026E AFFO per share estimates and 2025E AFFO per share estimates. 5. Net Debt plus Preferred is adjusted for forward equity. For NTST, net debt is further adjusted to include the impact of ATM sales in October 2025. 6. 2026E AFFO per share multiple calculated using current price per share and FactSet mean 2026E AFFO per share estimates. Net Debt + Pref. / EBITDA5 Multiple and Earnings Growth Comparison Relative Valuation and Growth Remains Stable 20 AFFO per Share Growth CAGR1 (2021-2024) 2026E AFFO per Share Growth4 2026E AFFO per Share Multiple6 10.3% 9.1% 5.9% 5.7% 5.3% 3.5% 3.1% 3.0% NA NA 16.5x 15.3x 14.3x 13.7x 13.2x 13.2x 12.1x 12.0x 11.2x 11.0x 7.9% 5.3% 5.3% 3.8% 3.8% 3.4% 3.3% 2.9% 2.8% 2.7% 3.5x 3.6x 3.8x 4.5x 4.6x 5.2x 5.5x 5.5x 5.7x 5.8x 32

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(unaudited, in millions) Three Months Ended, September 30, 2025 NOI - Property $40.6 Straight-line Rental Adjustments (1.1) Amortization of Lease-Related Intangibles (0.0) Cash NOI - Property 39.4 Intraquarter Net Investment Activity 2.7 Normalized Cash NOI - Property 42.1 Annualized Normalized Cash NOI - Property $168.4 Applied Cap Rate 6.75% 6.50% 6.25% 6.00% 5.75% Implied Real Estate Value $2,495 $2,591 $2,695 $2,807 $2,929 Mortgage Loan Receivable 138.3 Property Under Development 1.8 Other Tangible Assets 57.0 Net Debt1 (623.5) Other Tangible Liabilities (41.8) Implied Equity Value $2,027 $2,123 $2,227 $2,339 $2,461 Total Shares and OP Units Outstanding 83.5 Unsettled Forward Shares1 25.4 Implied Equity Value per Share $18.62 $19.50 $20.45 $21.48 $22.60 Implied Cap Rate G&A Adjusted Implied Cap Rate2 2025E AFFO Multiple 5.4% 5.1% 17.3x 5.8% 5.4% 16.5x 6.5% 5.9% 13.7x 6.6% 5.8% 14.8x 6.7% 6.4% 14.1x 6.9% 6.5% 12.3x 6.9% 5.8% 11.6x Average ex NTST & FVR 6.3% 5.9% 14.8x If NTST traded to the peer avg. cap rate of 6.3%, it would imply a share price >$20 Applied Cap Rate and NAV Analysis Strong Upside Potential Given Relative Valuation Applied Nominal Cap Rate – Sensitivity Analysis 21 Peer Benchmarking Source: Public filings, FactSet and S&P Capital IQ. Note: Capitalization data as of Q3 2025 for ADC, EPRT, GTY and NTST, all others as of Q2 2025. Market data as of October 24, 2025; closing price per share of $19.26. Companies may define adjusted cash NOI differently. Accordingly, such data for these companies and NTST may not be comparable. 1. Assumes 25.4 million of unsettled forward equity shares were settled for cash on September 30, 2025, at a weighted average net settlement price of $16.98 per share. 2. (NOI – TTM G&A) / Implied Real Estate Value.

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22 Corporate Responsibility

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23 Source: Company data. 1. Reflects gender and racial / ethnic diversity. Annual Director Elections Majority Voting Standard For Election of Directors Director Resignation Policy Annual Director and Committee Assessments No poison pill or differential voting stock structure to chill shareholder participation Shareholders' right to amend the charter and bylaws by simple majority vote Separate non-executive Chair and CEO roles and Lead Independent Director with strong role and significant governance duties Governance Highlights Board Independence and Diversity 86% Independent Directors 50% Diverse Independent Directors1 43% Female Directors 4 Fully Independent Committees Governance We are committed to acting with honesty and integrity and conducting all corporate opportunities in an ethical manner.

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24 401K Plan 100% company match of up to a 6% contribution Insurance Health, dental, and vision insurance costs covered at 90% for employees and 80% for dependents Leave Ten weeks of paid maternity leave at 100% salary as well as four weeks of paid family bonding; Company also provides jury duty, witness leave, and military leave Paid Time Off A minimum of twenty-three PTO days Paid Holidays Fourteen days of paid holidays Employee Assistance 24/7 toll-free hotline to access confidential counseling on various physical and mental health needs Continuing Education Reimbursement for certifications, tuition, courses, and seminars for continuing professional education BenefitsWorkforce Diversity Source: Company data as of March 31, 2025. Social Responsibility Human capital management is the cornerstone of our ESG and corporate strategy. We believe in the value of a diverse workforce and inclusive culture. 44% Women 24% Ethnically Diverse

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25 Source: Tenants within our portfolio that have public environmental, social, or governance initiatives as of September 30, 2025. 1. The sustainability-linked loan feature is for the $250 million senior unsecured term loan, which matures in January 2029. Environmental Responsibility We are committed to fulfilling our responsibility as an outstanding corporate citizen. ✓ 19 of our top 20 tenants have corporate sustainability initiatives in place ✓ 58% of ABR represents top tenants with ESG initiatives ✓ We incorporated green lease clauses in our standard lease form and as part of our corporate guidelines ✓ We received Silver Level recognition from Green Lease Leaders for our efforts ✓ We incorporated sustainability-linked loan feature to our unsecured term loan1 ✓ We completed scope 1 and 2 greenhouse gas emissions inventory for our corporate headquarters ✓ We participated annually in GRESB Public Disclosure ✓ Corporate headquarters is LEED v4 O+M: EB Gold Certified, meeting strict guidelines set forth by the Environmental Protection Agency ✓ Implementation of conservation practices in office Corporate Sustainability Initiatives from Tenants Greenhouse Gas Emissions Green Lease Clauses Sustainable Practices Science Based Target initiatives ("SBTi") GRESB Public Disclosure

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26 Financial Information and Non-GAAP Reconciliations

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27 Condensed Consolidated Statements of Operations (unaudited, dollars in thousands, except per share data) Three Months Ended September 30, Nine Months Ended September 30, 2025 2024 2025 2024 REVENUES Rental revenue (including reimbursable) $45,026 $38,172 $132,774 $110,226 Interest income on loans receivable 3,282 3,272 9,485 8,458 Other revenue — — 245 — Total revenues 48,308 41,444 142,504 118,684 OPERATING EXPENSES Property 4,302 4,494 13,589 12,578 General and administrative 5,128 4,287 15,772 15,266 Depreciation and amortization 21,389 20,438 63,818 56,522 Provisions for impairment 5,493 9,838 13,531 17,336 Transaction costs 19 26 139 201 Total operating expenses 36,331 39,083 106,849 101,903 OTHER (EXPENSE) INCOME Interest expense, net (12,636) (7,965) (36,734) (21,749) Gain (loss) on sales of real estate, net 1,122 (132) 6,730 874 Loss on debt extinguishment — — (46) — Other income (expense), net 170 416 46 (2,451) Total other expense, net (11,344) (7,681) (30,004) (23,326) Net income (loss) before income taxes 633 (5,320) 5,651 (6,545) Income tax expense (12) (2) (41) (31) Net income (loss) 621 (5,322) 5,610 (6,576) Net income (loss) attributable to noncontrolling interests 3 (27) 29 (35) Net income (loss) income attributable to common stockholders $618 $(5,295) $5,581 $(6,541) Amounts available to common stockholders per common share: Basic $0.01 $(0.07) $0.07 $(0.09) Diluted $0.01 $(0.07) $0.07 $(0.09) Weighted average common shares: Basic 83,472,089 77,610,680 82,344,168 74,822,286 Diluted 85,641,948 77,610,680 83,429,550 74,822,286

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28 Funds From Operations and Adjusted Funds From Operations (unaudited, dollars in thousands, except per share data) Three Months Ended September 30, Nine Months Ended September 30, 2025 2024 2025 2024 GAAP Reconciliation: Net income (loss) $621 $(5,322) $5,610 $(6,576) Depreciation and amortization of real estate 21,315 20,360 63,598 56,286 Provisions for impairment 4,134 9,838 12,173 17,336 (Gain) loss on sales of real estate, net (1,122) 132 (6,730) (874) FFO $24,948 $25,008 $74,651 $66,172 Adjustments: Non-recurring executive transition costs, severance, and related charges 1 14 80 1,495 Debt related transaction costs 92 — 495 — Other non-recurring loss (gain), net 1,314 (115) 1,314 3,077 Core FFO $26,355 $24,907 $76,540 $70,744 Adjustments: Straight-line rent adjustments (1,126) (749) (3,263) (1,829) Amortization of deferred financing costs 756 558 2,164 1,673 Amortization of above/below-market assumed debt 29 29 86 86 Amortization of loan origination costs and discounts (147) (265) (197) (242) Amortization of lease-related intangibles (35) (170) (110) (363) Earned development interest 36 259 118 962 Capitalized interest expense (24) (130) (112) (709) Non-cash interest expense (income) 721 (990) 2,138 (2,948) Non-cash compensation expense 1,484 1,376 4,393 4,128 AFFO $28,049 $24,825 $81,757 $71,502 FFO per common share, diluted $0.29 $0.32 $0.89 $0.87 Core FFO per common share, diluted $0.31 $0.32 $0.92 $0.93 AFFO per common share, diluted $0.33 $0.32 $0.98 $0.94 Dividends per share $0.215 $0.210 $0.635 $0.620 Dividends per share as a percent of AFFO 65% 66% 65% 66% Weighted average common shares outstanding, basic 83,472,089 77,610,680 82,344,168 74,822,286 Operating partnership units outstanding 421,954 433,942 423,944 450,952 Unvested restricted stock units 420,132 115,703 218,847 117,761 Unsettled shares under open forward equity contracts 1,327,773 10,219 442,591 311,475 Weighted average common shares outstanding, diluted 85,641,948 78,170,544 83,429,550 75,702,474

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29 EBITDAre and Adjusted EBITDAre (unaudited, dollars in thousands) 1. Adjustment reflects the estimated cash yield on developments in process as of September 30, 2025. 2. Adjustment assumes all re-leasing activity, investments in, and dispositions of real estate, including developments completed during the three months ended September 30, 2025, had occurred on July 1, 2025. 3. We calculate Annualized Adjusted EBITDAre by multiplying Adjusted EBITDAre by four. 4. Reflects 25,393,242 of unsettled forward equity shares at the September 30, 2025, available weighted average net settlement price of $16.98 per share. 5. Reflects 1,639,092 of shares sold at a weighted average net settlement price of $18.11 per share. Three Months Ended September 30, 2025 GAAP Reconciliation: Net income $621 Depreciation and amortization of real estate 21,315 Amortization of lease-related intangibles (35) Non-real estate depreciation and amortization 74 Interest expense, net 12,636 Income tax expense 12 Amortization of loan origination costs and discounts (147) EBITDA 34,476 Adjustments: Provisions for impairment 4,134 (Gain) loss on sales of real estate, net (1,122) EBITDAre 37,488 Adjustments: Straight-line rent adjustments (1,126) Debt related transaction costs 92 Non-recurring executive transition costs, severance, and related charges 1 Other non-recurring loss (gain), net 1,314 Transaction costs 19 Non-cash compensation expense 1,484 Adjustment for construction in process(1) 32 Adjustment for intraquarter investment activities(2) 2,474 Adjusted EBITDAre $41,778 Annualized Adjusted EBITDAre(3) $167,112 Net Debt As of September 30, 2025 Principal amount of total debt 1,108,084 Less: Cash, cash equivalents, and restricted cash (53,324) Net Debt $1,054,760 Less: Net value of unsettled forward equity(4) (431,246) Adjusted Net Debt $623,514 Less: Subsequent ATM Sales(5) (29,682) Pro Forma Adjusted Net Debt $593,832 Leverage Net Debt / Annualized Adjusted EBITDAre 6.3x Adjusted Net Debt / Annualized Adjusted EBITDAre 3.7x Pro Forma Adjusted Net Debt / Annualized Adjusted EBITDAre 3.6x

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30 Net Operating Income (unaudited, dollars in thousands) 1. Adjustment assumes all re-leasing activity, investments in, and dispositions of real estate, including developments completed during the three months ended September 30, 2025, had occurred on July 1, 2025. Three Months Ended September 30, 2025 2024 GAAP Reconciliation: Net income (loss) $621 $(5,322) General and administrative expense 5,128 4,287 Depreciation and amortization 21,389 20,438 Provisions for impairment 5,493 9,838 Transaction costs 19 26 Interest expense, net 12,636 7,965 (Gain) loss on sales of real estate, net (1,122) 132 Income tax expense 12 2 Amortization of loan origination costs and discounts (147) — Interest income on mortgage loans receivable (3,282) (3,272) Other (income) expense (170) 107 Property-Level NOI 40,577 34,201 Straight-line rent adjustments (1,126) (749) Amortization of lease-related intangibles (35) (170) Property-Level Cash NOI $39,416 $33,282 Adjustment for intraquarter acquisitions, dispositions, and completed development (1) 2,691 Property-Level Cash NOI - Estimated Run Rate $42,107 Property Operating Expense Coverage Property operating expense reimbursement $3,743 $3,919 Property operating expenses (4,302) (4,494) Property operating expenses, net $(559) $(575)

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31 Condensed Consolidated Balance Sheets (unaudited, dollars in thousands, except per share data) September 30, 2025 December 31, 2024 Assets Real estate, at cost: Land $676,664 $571,272 Buildings and improvements 1,471,002 1,400,393 Total real estate, at cost 2,147,666 1,971,665 Less accumulated depreciation (173,846) (143,422) Property under development 1,794 6,118 Real estate held for investment, net 1,975,614 1,834,361 Assets held for sale 86,060 48,637 Mortgage loans receivable, net 138,307 139,409 Cash, cash equivalents, and restricted cash 53,324 14,320 Lease intangible assets, net 157,671 164,392 Other assets, net 56,958 58,227 Total assets $2,467,934 $2,259,346 LIABILITIES AND EQUITY Liabilities: Term loans, net $1,092,746 $622,608 Revolving credit facility — 239,000 Mortgage note payable, net 7,824 7,853 Lease intangible liabilities, net 17,522 20,177 Liabilities related to assets held for sale 1,954 1,912 Accounts payable, accrued expenses, and other liabilities 41,957 29,664 Total liabilities $1,162,003 $921,214 Equity: Stockholders' equity Common stock, $0.01 par value, 400,000,000 shares authorized; 83,479,176 and 81,602,232 shares issued and outstanding as of September 30, 2025 and December 31, 2024, respectively $835 $816 Additional paid-in capital 1,540,070 1,507,995 Distributions in excess of retained earnings (235,097) (188,046) Accumulated other comprehensive (loss) income (6,619) 10,206 Total stockholders' equity 1,299,189 1,330,971 Noncontrolling interests 6,742 7,161 Total equity 1,305,931 1,338,132 Total liabilities and equity $2,467,934 $2,259,346

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32 Debt, Capitalization, and Financial Ratios (unaudited, dollars in thousands) Fixed, 100% Fixed vs. Floating Debt $200 $250 $350 $500 $8 $200 $100 $0 $100 $200 $300 $400 $500 $600 $700 $800 $900 2025 2026 2027 2028 2029 2030 2031 2032 In M ill io n s Debt Maturity Schedule Term Loan RCF Capacity Mortgage Note New Term Loans $150 1. Rates presented exclude the impact of capitalized loan fee amortization. Effective September 25, 2025, credit spread adjustment was removed from the revolver and term loans. Interest rates that consist of fixed rate SOFR swaps include a borrowing spread of 1.15%. The borrowing spread for the 2032 Term Loan is 1.50%. 2. Interest rate reflects the all-in borrowing rate as of September 30, 2025. Facility fees are charged at an annual rate of 0.15% of the total facility size of $500 million, and are not included in the interest rate presented. The facility matures on January 15, 2029, and includes a one-year extension option. Remaining capacity reduced by $0.15 million for outstanding letters of credit. 3. The term loan matures on July 3, 2026, and includes two one-year extension options and one six-month extension option. 4. The term loan matures on January 15, 2029, and includes a one-year extension option. Existing fixed rate SOFR expires in January 2027; the term loan is unhedged beyond that date. 5. The term loan matures on January 15, 2029, and includes a one-year extension option. 6. The effective date for the SOFR swap is October 1, 2025. 7. $200.0 million of the term loan is hedged at an all-in rate of 4.92%. The remaining $50.0 million is unhedged. The effective date for the SOFR swap shown is October 1, 2025. Subsequent SOFR swaps will take effect on January 1, 2026, and April 1, 2026, on $50.0 million respectively. 8. The mortgage note was assumed as part of an asset acquisition during the third quarter of 2022. As of September 30, 2025 Debt Summary Fully Extended Maturity Principal Balance Fixed Rate SOFR Swap Interest Rate(1) Remaining Capacity Available Term (years) Unsecured revolver(2) January 15, 2030 $— —% —% $499,850 4.3 2028 Term Loan February 11, 2028 200,000 2.63% 3.78% — 2.4 2029 Term Loan(3) January 3, 2029 250,000 3.74% 4.89% — 3.3 2030 Term Loan A(4) January 15, 2030 175,000 2.40% 3.55% — 4.3 2030 Term Loan B(5) January 15, 2030 175,000 3.87% 5.02% — 4.3 2031 Term Loan(6) March 25, 2031 200,000 3.44% 4.59% — 5.5 2032 Term Loan(7) September 24, 2032 100,000 3.45% 4.95% 150,000 7.0 Mortgage note(8) November 1, 2027 8,084 —% 4.53% — 2.1 Total / Weighted Average $1,108,084 3.26% 4.45% $649,850 4.2

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33 Debt, Capitalization, and Financial Ratios (cont'd) (unaudited, dollars in thousands) 1. Reflects 25,393,242 of unsettled shares under forward sale agreements at the September 30, 2025, available weighted average net settlement price of $16.98 per share. 2. Reflects 1,639,092 of shares sold at a weighted average net settlement price of $18.11 per share. 3. Remaining capacity reduced by $0.15 million for outstanding letters of credit. 4. Value is based on the September 30, 2025, closing share price of $18.06 per share. Net Debt September 30, 2025 Principal amount of total debt $1,108,084 Less: Cash, cash equivalents, and restricted cash (53,324) Net Debt $1,054,760 Less: Net value of unsettled forward equity(1) (431,246) Adjusted Net Debt $623,514 Less: Subsequent ATM Sales(2) (29,682) Pro Forma Adjusted Net Debt $593,832 Net Debt / Annualized Adjusted EBITDAre 6.3x Adjusted Net Debt / Annualized Adjusted EBITDAre 3.7x Pro Forma Adjusted Net Debt / Annualized Adjusted EBITDAre 3.6x Key Debt Covenant Information Required Actual Consolidated total leverage ratio ≤ 60.0% 34.5% Fixed charge coverage ratio ≥ 1.50x 3.28x Maximum secured indebtedness ≤ 40.0% 0.3% Maximum recourse indebtedness ≤ 10.0% —% Unencumbered leverage ratio ≤ 60.0% 38.6% Unencumbered interest coverage ratio ≥ 1.75x 3.38x Liquidity As of September 30, 2025 Unused unsecured revolver capacity(3) $499,850 Cash, cash equivalents, and restricted cash 53,324 Net value of unsettled forward equity(1) 431,246 Undrawn Term Loan Balance 150,000 Total Liquidity $1,134,420 Subsequent ATM Sales(2) 29,682 Total Pro Forma Liquidity $1,164,102 Equity Ending Shares/ Units Equity Market Capitalization % of Total Common shares(4) 83,479,176 $1,507,634 99.5 % OP units(4) 421,954 7,620 0.5 % Total 83,901,130 $1,515,254 100.0 % Enterprise Value As of September 30, 2025 % of Total Adjusted Net Debt $623,514 24.3 % Market Value of Unsettled Forwards 431,246 16.8 % Equity Market Capitalization 1,515,254 59.0 % Total Enterprise Value $2,570,014 100.0 %

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34 Non-GAAP Measures and Definitions FFO, Core FFO, and AFFO The National Association of Real Estate Investment Trusts ("NAREIT"), an industry trade group, has promulgated a widely accepted non-GAAP financial measure of operating performance known as FFO. Our FFO is net income in accordance with GAAP, excluding gains (or losses) resulting from dispositions of properties, plus depreciation and amortization and impairment charges on depreciable real property. Core FFO is a non-GAAP financial measure defined as FFO adjusted to remove the effect of unusual and non-recurring items that are not expected to impact our operating performance or operations on an ongoing basis. These include non-recurring executive transition costs, severance and related charges, other non-recurring losses (gains), and debt related transaction costs. AFFO is a non-GAAP financial measure defined as Core FFO adjusted for GAAP net income related to non-cash revenues and expenses, such as straight-line rent, amortization of above- and below-market lease-related intangibles, amortization of lease incentives, capitalized interest expense and earned development interest, non-cash interest expense, non-cash compensation expense, amortization of deferred financing costs, amortization of above/below-market assumed debt, and amortization of loan origination costs. Historical cost accounting for real estate assets implicitly assumes that the value of real estate assets diminishes predictably over time. In fact, real estate values historically have risen or fallen with market conditions. FFO is intended to be a standard supplemental measure of operating performance that excludes historical cost depreciation and valuation adjustments from net income. We consider FFO to be useful in evaluating potential property acquisitions and measuring operating performance. We further consider FFO, Core FFO, and AFFO to be useful in determining funds available for payment of distributions. FFO, Core FFO, and AFFO do not represent net income or cash flows from operations as defined by GAAP. You should not consider FFO, Core FFO, and AFFO to be alternatives to net income as a reliable measure of our operating performance nor should you consider FFO, Core FFO, and AFFO to be alternatives to cash flows from operating, investing, or financing activities (as defined by GAAP) as measures of liquidity. FFO, Core FFO, and AFFO do not measure whether cash flow is sufficient to fund our cash needs, including principal amortization, capital improvements, and distributions to stockholders. FFO, Core FFO, and AFFO do not represent cash flows from operating, investing, or financing activities as defined by GAAP. Further, FFO, Core FFO, and AFFO as disclosed by other REITs might not be comparable to our calculations of FFO, Core FFO, and AFFO.

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35 Non-GAAP Measures and Definitions (cont'd) EBITDA, EBITDAre, Adjusted EBITDAre, and Annualized Adjusted EBITDAre We compute EBITDA as earnings before interest expense, income tax expense, and depreciation and amortization. In 2017, NAREIT issued a white paper recommending that companies that report EBITDA also report EBITDAre. We compute EBITDAre in accordance with the definition adopted by NAREIT. NAREIT defines EBITDAre as EBITDA (as defined above) excluding gains (or losses) from the sales of depreciable property and impairment charges on depreciable real property. Adjusted EBITDAre is a non-GAAP financial measure defined as EBITDAre further adjusted to exclude straight-line rent, non-cash compensation expense, non-recurring executive transition costs, severance and related charges, debt related transaction costs, transaction costs, other non-recurring loss (gain), net, other non-recurring expenses (income) including lease termination fees, as well as adjustments for construction in process and for intraquarter activities. Annualized Adjusted EBITDAre is Adjusted EBITDAre multiplied by four. We present EBITDA, EBITDAre, Adjusted EBITDAre, and Annualized Adjusted EBITDAre as they are measures commonly used in our industry. We believe that these measures are useful to investors and analysts because they provide supplemental information concerning our operating performance, exclusive of certain non-cash items and other costs. We use EBITDA, EBITDAre, Adjusted EBITDAre, and Annualized Adjusted EBITDAre as measures of our operating performance and not as measures of liquidity. EBITDA, EBITDAre, Adjusted EBITDAre, and Annualized Adjusted EBITDAre do not include all items of revenue and expense included in net income, they do not represent cash generated from operating activities and they are not necessarily indicative of cash available to fund cash requirements; accordingly, they should not be considered alternatives to net income as a performance measure or cash flows from operations as a liquidity measure and should be considered in addition to, and not in lieu of, GAAP financial measures. Additionally, our computation of EBITDA, EBITDAre, Adjusted EBITDAre, and Annualized Adjusted EBITDAre may differ from the methodology for calculating these metrics used by other equity REITs and, therefore, may not be comparable to similarly titled measures reported by other equity REITs. Net Debt, Adjusted Net Debt, and Pro Forma Adjusted Net Debt We calculate Net Debt as the principal amount of our total debt outstanding, excluding deferred financing costs, net discounts, and debt issuance costs, less cash, cash equivalents, and restricted cash available for future investment. We then adjust Net Debt by the net value of unsettled forward equity as of period end to derive Adjusted Net Debt. Further, we adjust Adjusted Net Debt by the value of any unsettled forward equity and at-the-market sales occurring subsequent to the period to derive Pro Forma Adjusted Net Debt. We believe excluding cash, cash equivalents, and restricted cash available for future investment from the principal amount of our total debt outstanding, together with the exclusion of the net value of unsettled forward equity as of period end and the net value of unsettled forward equity and at-the-market sales subsequent to the period, all of which could be used to repay debt, provides a useful estimate of the net contractual amount of borrowed capital to be repaid. We believe these adjustments are additional beneficial disclosures to investors and analysts. Enterprise Value We calculate Enterprise Value as the sum of our Adjusted Net Debt, market value of unsettled forwards, and equity market capitalization as of period end.

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36 Non-GAAP Measures and Definitions (cont'd) Property-Level NOI, Property-Level Cash NOI, and Property-Level Cash NOI - Estimated Run Rate Property-Level NOI, Property-Level Cash NOI, and Property-Level Cash NOI - Estimated Run Rate are non-GAAP financial measures which we use to assess our operating results. We compute Property-Level NOI as net income (computed in accordance with GAAP), excluding general and administrative expenses, interest expense, net, income tax expense, amortization of loan origination costs and discounts, transaction costs, depreciation and amortization, gains (or losses) on sales of depreciable property, real estate impairment losses, interest income on mortgage loans receivable, debt related transaction costs, and other expense (income), net, including lease termination fees. We further adjust Property-Level NOI for non-cash revenue components of straight-line rent and amortization of lease-intangibles to derive Property-Level Cash NOI. We further adjust Property-Level Cash NOI for intraquarter acquisitions, dispositions, and completed development to derive Property-Level Cash NOI - Estimated Run Rate. We believe Property-Level NOI, Property-Level Cash NOI, and Property-Level Cash NOI - Estimated Run Rate provide useful and relevant information because they reflect only those income and expense items that are incurred at the property level and present such items on an unlevered basis. Property-Level NOI, Property-Level Cash NOI, and Property-Level Cash NOI - Estimated Run Rate are not measurements of financial performance under GAAP and may not be comparable to similarly titled measures of other companies. You should not consider our measures as alternatives to net income or cash flows from operating activities determined in accordance with GAAP. Other Definitions ABR is annualized base rent for all leases that commenced and annualized cash interest for all executed mortgage loans as of September 30, 2025. Cash Yield is the annualized base rent contractually due from acquired properties and completed developments, and interest income from mortgage loans receivable, divided by the gross investment amount, gross proceeds in the case of dispositions, or loan repayment amount. Defensive Category is considered by us to represent tenants that focus on necessity goods and essential services in the retail sector, including discount stores, grocers, drug stores and pharmacies, home improvement, automotive service and quick-service restaurants, which we refer to as defensive retail industries. The defensive sub-categories as we define them are as follows: (1) Necessity, which are retailers that are considered essential by consumers and include sectors such as drug stores, grocers and home improvement, (2) Discount, which are retailers that offer a low price point and consist of off- price and dollar stores, (3) Service, which consist of retailers that provide services rather than goods, including, tire and auto services and quick service restaurants, and (4) Other, which are retailers that are not considered defensive in terms of being considered necessity, discount or service, as defined by us. Investments are lease agreements in place at owned properties, properties that have leases associated with mortgage loans receivable, developments where rent commenced, interest earning developments, or in the case of master lease arrangements each property under the master lease is counted as a separate lease. Occupancy is expressed as a percentage, and it is the number of leased investments divided by the total number of investments owned, excluding properties under development.

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37 Non-GAAP Measures and Definitions (cont'd) OP Units means operating partnership units not held by NETSTREIT. Weighted Average Lease Term is weighted by the annualized base rent, excluding lease extension options and investments associated with mortgage loans receivable.

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