Financial Data and Key Metrics Changes - The company reported net income of $1.7 million or $0.02 per diluted share for Q1 2025, with core FFO of $24.6 million or $0.30 per diluted share, and AFFO of $26.2 million or $0.32 per diluted share, representing a 3.2% increase year-over-year [15] - Total recurring G&A expenses increased by 5% year-over-year to $5.1 million, but represented 11% of total revenues compared to 13% in the prior year [15] - Adjusted net debt was $724 million with a weighted average interest rate of 4.57% and a weighted average debt maturity of 4.1 years [16][17] Business Line Data and Key Metrics Changes - The company completed $90.7 million of gross investments at a blended cash yield of 7.7%, with a weighted average lease term of 9.2 years [7][8] - The top five tenant concentration declined by 70 basis points to 28.2% of ABR, with Dollar General's share reducing by 50 basis points to 8.1% [9] - 71% of total ABR is leased to investment grade or investment grade profile tenants, with just 1.3% of ABR expiring through 2026 [9] Market Data and Key Metrics Changes - The company ended the quarter with investments in 695 properties leased to 101 tenants across 26 industries in 45 states [8] - The company is seeing strong demand for properties, particularly in necessity, discount, and service-oriented industries, which drive 88% of ABR [10] Company Strategy and Development Direction - The company aims to reduce tenant concentrations and diversify its portfolio, with a goal to have all tenants below 5% by December 31 [21] - The company is focused on maintaining a low leverage balance sheet and is prepared to accelerate investment activity if cost of equity improves [7][13] - The company continues to avoid specialized real estate and sectors more susceptible to distress during economic downturns [10] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving diversification goals and noted that the portfolio is resilient enough to weather economic challenges [10][12] - The company has maintained zero credit losses during COVID and continues to perform well despite negative headlines in the retail sector [11] - Management is optimistic about the operations of Family Dollar and Walgreens under new leadership, expecting them to operate with low leverage [12] Other Important Information - The Board declared a quarterly cash dividend of $0.21 per share, payable on June 16, with an AFFO payout ratio of 66% for Q1 [18] - The company is increasing the low end of its AFFO per share guidance to a range of $1.28 to $1.30, assuming net investment activity of $75 million to $125 million [17] Q&A Session Summary Question: Update on appetite for pharmacy and dollar stores - Management expects to reduce exposures to Dollar General, CVS, and Walgreens below target levels by year-end, with strong interest from institutional buyers [21] Question: Expectations for ratings upgrade - Preliminary discussions for a ratings upgrade are planned for the latter half of the year, with potential savings of at least 30 basis points on debt [23][26] Question: Clarification on net investment activity - Management indicated that they would not increase acquisitions unless equity prices improve, but they are actively engaged in capital recycling [29][30] Question: Update on Big Lots asset in Maryland - There is significant interest from retailers, and management is negotiating attractive LOIs while waiting for market dynamics to play out [37] Question: Impact of Walgreens take-private on risk profile - Management believes the focus on retail operations will be beneficial and does not expect significant risk to their assets [40] Question: Expectations for portfolio changes and cap rates - Dispositions are expected to occur at mid to high 6% cap rates, while acquisitions may continue at yields above 7.5% [48] Question: New store opening appetite and tariffs - Tenants are still in growth mode, but uncertainty from tariffs may slow decision-making [80][111] Question: Changes in credit underwriting criteria - No significant changes in underwriting criteria, but the focus remains on cash flow generation and location quality [100][102]

Investor Presentation April 2025 1 Disclaimer 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 ...

Company Performance - NETSTREIT (NTST) reported quarterly funds from operations (FFO) of $0.32 per share, exceeding the Zacks Consensus Estimate of $0.31 per share, and showing an increase from $0.31 per share a year ago, representing an FFO surprise of 3.23% [1] - The company achieved revenues of $45.91 million for the quarter ended March 2025, surpassing the Zacks Consensus Estimate by 1.43%, compared to revenues of $37.67 million in the same quarter last year [2] - Over the last four quarters, NETSTREIT has exceeded consensus FFO estimates three times and topped consensus revenue estimates four times [2] Stock Performance - NETSTREIT shares have increased approximately 10.4% since the beginning of the year, contrasting with the S&P 500's decline of -6.1% [3] - The current consensus FFO estimate for the upcoming quarter is $0.31 on revenues of $45.91 million, while for the current fiscal year, it is $1.27 on revenues of $179.97 million [7] Industry Outlook - The REIT and Equity Trust - Other industry, to which NETSTREIT belongs, is currently ranked in the bottom 31% of over 250 Zacks industries, indicating potential challenges ahead [8] - The performance of NETSTREIT's stock may be influenced by the overall outlook for the industry, as research indicates that the top 50% of Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1 [8]

[PART I — FINANCIAL INFORMATION](index=3&type=section&id=PART%20I%20%E2%80%94%20FINANCIAL%20INFORMATION) This section presents the unaudited condensed consolidated financial statements, management's discussion and analysis, market risk disclosures, and controls and procedures for the first quarter of 2025 [Item 1. Financial Statements (Unaudited)](index=3&type=section&id=Item%201.%20Financial%20Statements%20%28Unaudited%29) For the first quarter ended March 31, 2025, NETSTREIT Corp. reported total revenues of $45.9 million, a 21.9% increase year-over-year, and a net income of $1.7 million, up from $1.1 million in the prior year's quarter. Total assets grew to $2.29 billion from $2.26 billion at year-end 2024, primarily driven by property acquisitions and development. The company's financial activities included issuing new term loans, increasing borrowings on its revolving credit facility, and managing its portfolio through acquisitions and dispositions [Condensed Consolidated Balance Sheets](index=3&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) The balance sheet shows total assets increased to $2.29 billion by March 31, 2025, primarily due to real estate investments, while total liabilities also rose to $971.8 million Condensed Consolidated Balance Sheets (in thousands) | | March 31, 2025 | December 31, 2024 | | :--- | :--- | :--- | | **Assets** | | | | Real estate held for investment, net | $1,827,171 | $1,834,361 | | Assets held for sale | $79,838 | $48,637 | | Cash, cash equivalents, and restricted cash | $14,205 | $14,320 | | **Total assets** | **$2,285,278** | **$2,259,346** | | **Liabilities and Equity** | | | | Term loans, net | $795,534 | $622,608 | | Revolving credit facility | $114,500 | $239,000 | | **Total liabilities** | **$971,753** | **$921,214** | | **Total equity** | **$1,313,525** | **$1,338,132** | | **Total liabilities and equity** | **$2,285,278** | **$2,259,346** | [Condensed Consolidated Statements of Operations and Comprehensive (Loss) Income](index=5&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations%20and%20Comprehensive%20%28Loss%29%20Income) Total revenues increased to $45.9 million in Q1 2025, leading to a net income of $1.7 million, despite higher operating and interest expenses Condensed Consolidated Statements of Operations (in thousands, except per share data) | | Three Months Ended March 31, 2025 | Three Months Ended March 31, 2024 | | :--- | :--- | :--- | | **Total revenues** | **$45,910** | **$37,673** | | Rental revenue | $42,590 | $35,189 | | **Total operating expenses** | **$34,558** | **$31,141** | | Depreciation and amortization | $20,923 | $17,541 | | Interest expense, net | ($11,460) | ($6,180) | | **Net income** | **$1,700** | **$1,052** | | Net income attributable to common stockholders | $1,691 | $1,045 | | **Basic EPS** | **$0.02** | **$0.01** | | **Diluted EPS** | **$0.02** | **$0.01** | [Condensed Consolidated Statements of Changes in Equity](index=6&type=section&id=Condensed%20Consolidated%20Statements%20of%20Changes%20in%20Equity) Total equity decreased to $1.314 billion by March 31, 2025, mainly due to dividend payments and other comprehensive losses, partially offset by net income - Total equity decreased from **$1.338 billion** at the end of 2024 to **$1.314 billion** as of March 31, 2025. The decrease was primarily due to dividends and distributions of **$17.2 million** and an other comprehensive loss of **$9.9 million**, partially offset by net income of **$1.7 million**[14](index=14&type=chunk) - The company declared and paid dividends of **$17.2 million** on common stock and OP Units during the three months ended March 31, 2025[14](index=14&type=chunk) [Condensed Consolidated Statements of Cash Flows](index=8&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Operating cash flow significantly increased to $22.1 million, while investing activities saw reduced cash usage and financing activities provided less cash compared to the prior year Condensed Consolidated Statements of Cash Flows (in thousands) | | Three Months Ended March 31, 2025 | Three Months Ended March 31, 2024 | | :--- | :--- | :--- | | **Net cash provided by operating activities** | **$22,091** | **$11,651** | | **Net cash used in investing activities** | **($48,308)** | **($97,202)** | | Acquisitions of real estate | ($77,468) | ($95,153) | | Proceeds from sale of real estate | $38,563 | $20,466 | | **Net cash provided by financing activities** | **$26,102** | **$77,956** | | Proceeds from term loans | $218,675 | $100,000 | | Repayments under revolving credit facilities | ($214,000) | ($87,000) | | **Net change in cash** | **($115)** | **($7,595)** | [Notes to the Condensed Consolidated Financial Statements](index=10&type=section&id=Notes%20to%20the%20Condensed%20Consolidated%20Financial%20Statements) The notes provide detailed information on the company's real estate portfolio, property transactions, debt structure, hedging activities, equity programs, and subsequent events - The company is an internally managed REIT focused on single-tenant retail commercial properties under long-term net leases. As of March 31, 2025, it owned or had investments in **695 properties** in **45 states**[23](index=23&type=chunk) - During Q1 2025, the company acquired **18 properties** for **$77.5 million** and sold **16 properties** for **$38.6 million**, recognizing a net gain of **$2.1 million**[50](index=50&type=chunk)[56](index=56&type=chunk) - As of March 31, 2025, total debt outstanding was **$922.7 million**, consisting of various term loans, a revolving credit facility, and a mortgage note. The company amended several credit agreements in January 2025 to extend maturities and upsize its revolver[63](index=63&type=chunk)[69](index=69&type=chunk)[78](index=78&type=chunk) - The company uses interest rate swaps to hedge its variable-rate debt. As of March 31, 2025, it had **18 outstanding interest rate swaps** with a notional value of **$800 million**, designated as cash flow hedges[89](index=89&type=chunk)[96](index=96&type=chunk) - The company has active at-the-market (ATM) equity programs. As of March 31, 2025, **$300.0 million** remained available under the 2024 ATM Program. There were also significant unsettled shares under forward sale agreements from ATM programs and a January 2024 follow-on offering[105](index=105&type=chunk)[106](index=106&type=chunk)[107](index=107&type=chunk) - Subsequent to the quarter end, on April 25, 2025, the Board of Directors declared a Q2 2025 cash dividend of **$0.21 per share**[130](index=130&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=40&type=section&id=Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management attributes the 21.9% year-over-year revenue growth to the expansion of its property portfolio through acquisitions. Operating expenses increased primarily due to higher depreciation and property-related costs associated with the larger portfolio. Interest expense rose significantly due to new debt issuances and higher average borrowings. The company maintains a strong liquidity position with access to a $500 million revolving credit facility, unsettled forward equity proceeds, and an active ATM program to fund future growth and obligations - As of March 31, 2025, the company's portfolio consisted of **695 properties** with **99.9% occupancy** and a weighted average remaining lease term of **9.7 years**. Annualized base rent (ABR) was **$168.7 million**, with approximately **71%** from tenants rated investment grade or having an investment grade profile[134](index=134&type=chunk) - In January 2025, the company executed significant debt transactions, including amending credit agreements to extend maturities, upsizing its revolver to **$500 million**, and adding a new **$175.0 million** 2030 Term Loan B[135](index=135&type=chunk) - The company's primary capital resources include cash from operations, sales of equity securities (including ATM programs), and its credit facilities. Management believes current liquidity is sufficient for at least the next 12 months[149](index=149&type=chunk)[153](index=153&type=chunk) [Results of Operations Comparison](index=43&type=section&id=Results%20of%20Operations%20Comparison) Total revenues increased by 21.9% due to portfolio growth, while operating expenses and interest expense also rose significantly Comparison of Operating Results (in thousands) | | Three Months Ended March 31, 2025 | Three Months Ended March 31, 2024 | Change ($) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | **Total revenues** | **$45,910** | **$37,673** | **$8,237** | **21.9%** | | **Total operating expenses** | **$34,558** | **$31,141** | **$3,417** | **11.0%** | | Depreciation and amortization | $20,923 | $17,541 | $3,382 | 19.3% | | **Interest expense, net** | **($11,460)** | **($6,180)** | **($5,280)** | **85.4%** | | **Net income** | **$1,700** | **$1,052** | **$648** | **61.6%** | - The increase in revenue was driven by a larger portfolio of operating leases and mortgage loans. The rise in operating expenses was mainly due to higher depreciation and property expenses from portfolio growth. Interest expense increased by **$5.3 million** due to new term loans and higher average borrowings on the revolver[143](index=143&type=chunk)[144](index=144&type=chunk)[146](index=146&type=chunk) [Liquidity and Capital Resources](index=45&type=section&id=Liquidity%20and%20Capital%20Resources) The company maintains strong liquidity through term loans, a revolving credit facility, and unsettled forward equity contracts, supporting its operational and investment needs - As of March 31, 2025, the company had **$800 million** in term loans and **$114.5 million** outstanding on its **$500 million** revolver. It also had significant liquidity from unsettled forward equity contracts totaling **$184.5 million**[149](index=149&type=chunk)[183](index=183&type=chunk) - Cash from operating activities increased to **$22.1 million** in Q1 2025 from **$11.7 million** in Q1 2024, driven by higher rental receipts from a larger portfolio[159](index=159&type=chunk) - Cash used in investing activities decreased to **$48.3 million** from **$97.2 million** year-over-year, due to lower acquisition spending and higher proceeds from property sales[160](index=160&type=chunk) - Cash provided by financing activities decreased to **$26.1 million** from **$78.0 million**, mainly due to higher net repayments on the revolver, partially offset by proceeds from new term loans[161](index=161&type=chunk) [Non-GAAP Financial Measures](index=51&type=section&id=Non-GAAP%20Financial%20Measures) This section reconciles net income to key non-GAAP metrics such as FFO, Core FFO, AFFO, EBITDAre, and Adjusted EBITDAre, providing additional insights into operational performance Reconciliation of Net Income to FFO and AFFO (in thousands) | | Three Months Ended March 31, 2025 | Three Months Ended March 31, 2024 | | :--- | :--- | :--- | | Net income | $1,700 | $1,052 | | Depreciation and amortization of real estate | 20,850 | 17,462 | | Provisions for impairment | 3,616 | 3,662 | | Gain on sales of real estate, net | (2,075) | (997) | | **FFO** | **$24,091** | **$21,179** | | **Core FFO** | **$24,570** | **$22,450** | | **AFFO** | **$26,248** | **$22,863** | Reconciliation of Net Income to EBITDAre and Adjusted EBITDAre (in thousands) | | Three Months Ended March 31, 2025 | | :--- | :--- | | Net income | $1,700 | | Interest expense, net | 11,460 | | Depreciation and amortization | 20,853 | | **EBITDA** | **$33,952** | | **EBITDAre** | **$35,493** | | **Adjusted EBITDAre** | **$38,125** | | **Annualized Adjusted EBITDAre** | **$152,500** | - The company's Adjusted Net Debt to Annualized Adjusted EBITDAre ratio was **4.7x** as of March 31, 2025[180](index=180&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=57&type=section&id=Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company's primary market risk is interest rate fluctuation on its variable-rate debt, which includes four term loans and a revolving credit facility totaling $914.5 million as of March 31, 2025. To mitigate this risk, the company has entered into interest rate derivative contracts to effectively fix the rates on its term loans. The remaining exposure is on the revolving credit facility, where a 1% adverse change in interest rates would result in an estimated market risk exposure of approximately $1.0 million - The company is exposed to interest rate risk from its floating-rate debt, which includes the 2028, 2029, 2030A, and 2030B Term Loans, and the Revolver[187](index=187&type=chunk) - Interest rate derivative contracts are used to hedge the market risk on all term loans, converting the variable rates to fixed rates for the duration of the hedges[188](index=188&type=chunk) - The primary unhedged interest rate exposure is on the Revolver. A sensitivity analysis indicates that a **1% adverse change** in interest rates would have an approximate **$1.0 million** impact based on borrowings during 2025[189](index=189&type=chunk) [Controls and Procedures](index=59&type=section&id=Controls%20and%20Procedures) Based on an evaluation conducted by management, including the CEO and CFO, the company's disclosure controls and procedures were deemed effective as of March 31, 2025. There were no material changes to the company's internal control over financial reporting during the quarter - The Principal Executive Officer and Principal Financial Officer concluded that the company's disclosure controls and procedures were effective as of March 31, 2025[191](index=191&type=chunk) - No changes in internal control over financial reporting occurred during the quarter that have materially affected, or are reasonably likely to materially affect, the company's internal controls[192](index=192&type=chunk) [PART II – OTHER INFORMATION](index=60&type=section&id=PART%20II%20%E2%80%93%20OTHER%20INFORMATION) This section covers legal proceedings, risk factors, unregistered equity sales, defaults, mine safety disclosures, other information, and exhibits [Legal Proceedings](index=60&type=section&id=Item%201.%20Legal%20Proceedings) The company is not currently subject to any material lawsuits, claims, or other legal proceedings - The company is not currently a party to any material legal proceedings[193](index=193&type=chunk) [Risk Factors](index=60&type=section&id=Item%201A.%20Risk%20Factors) There have been no material changes to the risk factors previously disclosed in the company's Annual Report on Form 10-K for the year ended December 31, 2024 - No material changes have been made to the risk factors disclosed in the Annual Report on Form 10-K for the year ended December 31, 2024[194](index=194&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=60&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) The company reported no unregistered sales of equity securities and no company stock repurchases during the period - There were no unregistered sales of equity securities or company stock repurchases[195](index=195&type=chunk) [Defaults Upon Senior Securities](index=60&type=section&id=Item%203.%20Defaults%20Upon%20Senior%20Securities) This item is not applicable - Not applicable[195](index=195&type=chunk) [Mine Safety Disclosures](index=60&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) This item is not applicable - Not applicable[196](index=196&type=chunk) [Other Information](index=60&type=section&id=Item%205.%20Other%20Information) This item is not applicable - Not applicable[197](index=197&type=chunk) [Exhibits](index=61&type=section&id=Item%206.%20Exhibits) The report includes standard exhibits, such as CEO and CFO certifications pursuant to the Sarbanes-Oxley Act (Sections 302 and 906) and XBRL data files - Exhibits filed with the report include CEO and CFO certifications (31.1, 31.2, 32.1, 32.2) and XBRL interactive data files[199](index=199&type=chunk)

[Financial and Operating Results](index=1&type=section&id=Financial%20and%20Operating%20Results) [First Quarter 2025 Highlights](index=1&type=section&id=FIRST%20QUARTER%202025%20HIGHLIGHTS) NETSTREIT reported Q1 2025 net income of $0.02 per diluted share (100% increase) and AFFO of $0.32 per diluted share (3.2% increase) - The company's strategic focus is on active and accretive capital recycling to enhance portfolio diversity and reduce top tenant concentrations[2](index=2&type=chunk) Q1 2025 Financial Results per Diluted Share | Metric | Q1 2025 | Q1 2024 | % Change | | :--- | :--- | :--- | :--- | | Net Income per Diluted Share | $0.02 | $0.01 | 100.0% | | Funds from Operations per Diluted Share | $0.29 | $0.28 | 3.6% | | Core Funds from Operations per Diluted Share | $0.30 | $0.30 | — % | | Adjusted Funds from Operations per Diluted Share | $0.32 | $0.31 | 3.2% | [Investment Activity](index=2&type=section&id=INVESTMENT%20ACTIVITY) Q1 2025 saw $90.7 million in gross investments and $45.7 million in net investment activity, plus four ongoing development projects Investment and Disposition Activity (Q1 2025) | Activity | Number of Properties | Amount (in thousands) | Cash Yield | Weighted Avg. Lease Term (years) | | :--- | :--- | :--- | :--- | :--- | | **Investments** | 25 | $90,680 | 7.7% | 9.2 | | **Dispositions** | 16 | $40,293 | 7.3% | 10.0 | | **Loan Repayments** | 1 | $4,699 | 8.7% | N/A | | **Net Investment Activity** | | **$45,688** | | | - New investments in Q1 2025 were comprised of **38.6% ABR** from Investment Grade tenants and **27.3%** from Investment Grade Profile tenants[5](index=5&type=chunk) Development Projects as of March 31, 2025 | Metric | Value (in thousands) | | :--- | :--- | | Number of Developments | 4 | | Amount Funded During the Quarter | $757 | | Amount Funded to Date | $6,750 | | Estimated Funding Remaining | $4,846 | | **Total Estimated Development Cost** | **$11,596** | [Portfolio Update](index=3&type=section&id=PORTFOLIO%20UPDATE) NETSTREIT's Q1 2025 portfolio included 695 investments across 45 states, 99.9% occupancy, and $168.7 million ABR Portfolio Summary as of March 31, 2025 | Metric | Value | | :--- | :--- | | Number of Investments | 695 | | ABR (in thousands) | $168,702 | | States | 45 | | Tenants | 101 | | Occupancy | 99.9% | | Weighted Average Lease Term (years) | 9.7 | | Investment Grade % | 54.7% | | Investment Grade Profile % | 16.0% | [Capital Markets and Balance Sheet](index=3&type=section&id=CAPITAL%20MARKETS%20AND%20BALANCE%20SHEET) As of March 31, 2025, the company reported a Net Debt to Annualized Adjusted EBITDAre ratio of 6.0x (4.7x adjusted) and $584.0 million in total liquidity Leverage and Liquidity as of March 31, 2025 | Metric | Value | | :--- | :--- | | Net Debt / Annualized Adjusted EBITDAre | 6.0x | | Adjusted Net Debt / Annualized Adjusted EBITDAre | 4.7x | | **Total Liquidity (in thousands)** | **$584,036** | | - Unused Unsecured Revolver Capacity | $385,350 | | - Cash, Cash Equivalents and Restricted Cash | $14,205 | | - Net Value of Unsettled Forward Equity | $184,481 | - The company has **10,735,647** unsettled forward equity shares with a net value of **$184.5 million** as of the end of the quarter[11](index=11&type=chunk) [Dividend](index=4&type=section&id=DIVIDEND) The Board declared a Q2 2025 cash dividend of $0.21 per share, an annualized $0.84, up $0.02 year-over-year - A quarterly cash dividend of **$0.21 per share** was declared for Q2 2025[12](index=12&type=chunk) - The annualized dividend of **$0.84 per share** marks a **$0.02 per share** increase over the prior year[12](index=12&type=chunk) [2025 Guidance](index=4&type=section&id=2025%20GUIDANCE) The company increased its full-year 2025 AFFO per share guidance to $1.28-$1.30, maintaining net investment activity guidance - 2025 AFFO per share guidance was increased to a new range of **$1.28 to $1.30**[13](index=13&type=chunk) - Net investment activity guidance for 2025 is maintained at **$75.0 million to $125.0 million**[13](index=13&type=chunk) [Financial Statements](index=7&type=section&id=Financial%20Statements) [Condensed Consolidated Balance Sheets](index=7&type=section&id=NETSTREIT%20CORP.%20AND%20SUBSIDIARIES%20CONDENSED%20CONSOLIDATED%20BALANCE%20SHEETS) As of March 31, 2025, total assets reached $2.29 billion, liabilities $971.8 million, and equity $1.31 billion Balance Sheet Summary (in thousands) | Account | March 31, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Total assets | $2,285,278 | $2,259,346 | | Total liabilities | $971,753 | $921,214 | | Total equity | $1,313,525 | $1,338,132 | [Condensed Consolidated Statements of Operations](index=8&type=section&id=NETSTREIT%20CORP.%20AND%20SUBSIDIARIES%20CONDENSED%20CONSOLIDATED%20STATEMENTS%20OF%20OPERATIONS) Q1 2025 total revenues grew to $45.9 million, with net income attributable to common stockholders increasing to $1.7 million ($0.02 per diluted share) Statement of Operations Summary (in thousands, except per share data) | Metric | Three Months Ended March 31, 2025 | Three Months Ended March 31, 2024 | | :--- | :--- | :--- | | Total revenues | $45,910 | $37,673 | | Total operating expenses | $34,558 | $31,141 | | Net income attributable to common stockholders | $1,691 | $1,045 | | Diluted EPS | $0.02 | $0.01 | [Reconciliation of Net Income to FFO, Core FFO and AFFO](index=9&type=section&id=RECONCILIATION%20OF%20NET%20INCOME%20TO%20FFO,%20CORE%20FFO%20AND%20ADJUSTED%20FFO) Q1 2025 Net Income of $1.7 million reconciled to FFO of $24.1 million, Core FFO of $24.6 million, and AFFO of $26.2 million FFO and AFFO Reconciliation Summary (in thousands) | Metric | Three Months Ended March 31, 2025 | Three Months Ended March 31, 2024 | | :--- | :--- | :--- | | Net income | $1,700 | $1,052 | | FFO | $24,091 | $21,179 | | Core FFO | $24,570 | $22,450 | | AFFO | $26,248 | $22,863 | Per Diluted Share Reconciliation | Metric | Three Months Ended March 31, 2025 | Three Months Ended March 31, 2024 | | :--- | :--- | :--- | | FFO per common share, diluted | $0.29 | $0.28 | | Core FFO per common share, diluted | $0.30 | $0.30 | | AFFO per common share, diluted | $0.32 | $0.31 | [Reconciliation of Net Income to EBITDA, EBITDAre and Adjusted EBITDAre](index=10&type=section&id=RECONCILIATION%20OF%20NET%20INCOME%20TO%20EBITDA,%20EBITDAre%20AND%20ADJUSTED%20EBITDAre) Q1 2025 Net Income reconciled to Adjusted EBITDAre of $38.1 million, resulting in a 6.0x Net Debt to Annualized Adjusted EBITDAre ratio EBITDAre Reconciliation and Leverage (in thousands) | Metric | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Net income | $1,700 | $1,052 | | EBITDAre | $35,493 | $27,399 | | Adjusted EBITDAre | $38,125 | $31,805 | | **Annualized Adjusted EBITDAre** | **$152,500** | N/A | | **Net Debt / Annualized Adjusted EBITDAre** | **6.0x** | N/A | | **Adjusted Net Debt / Annualized Adjusted EBITDAre** | **4.7x** | N/A | [Reconciliation of Net Income to NOI and Cash NOI](index=11&type=section&id=RECONCILIATION%20OF%20NET%20INCOME%20TO%20NOI%20AND%20CASH%20NOI) Q1 2025 Net Income reconciled to Property-Level NOI of $38.2 million and Property-Level Cash NOI of $37.2 million, with total cash NOI run rate at $41.5 million NOI Reconciliation Summary (in thousands) | Metric | Three Months Ended March 31, 2025 | Three Months Ended March 31, 2024 | | :--- | :--- | :--- | | Net income | $1,700 | $1,052 | | Property-Level NOI | $38,245 | $31,126 | | Property-Level Cash NOI | $37,221 | $30,489 | | **Total Cash NOI - Estimated Run Rate** | **$41,458** | N/A | [Non-GAAP Financial Measures and Other Definitions](index=13&type=section&id=Non-GAAP%20Financial%20Measures%20and%20Other%20Definitions) [Non-GAAP Financial Measures](index=13&type=section&id=NON-GAAP%20FINANCIAL%20MEASURES) This section defines key non-GAAP financial measures like FFO, AFFO, EBITDAre, and NOI, used to supplement GAAP operating performance - **FFO (Funds from Operations):** Defined as GAAP net income, excluding gains/losses from property sales, plus depreciation, amortization, and impairment charges on real property[37](index=37&type=chunk) - **AFFO (Adjusted Funds from Operations):** Defined as Core FFO adjusted for non-cash revenues and expenses like straight-line rent, amortization of lease intangibles, and non-cash compensation[39](index=39&type=chunk) - **EBITDAre:** Defined as EBITDA excluding gains/losses from sales of depreciable property and impairment charges[43](index=43&type=chunk) - **Property-Level Cash NOI:** Defined as Property-Level NOI adjusted for non-cash revenue components like straight-line rent and amortization of lease-intangibles[51](index=51&type=chunk) [Other Definitions](index=15&type=section&id=OTHER%20DEFINITIONS) This section defines key operational and portfolio metrics, including ABR, Cash Yield, and Investment Grade tenant classifications - **ABR (Annualized Base Rent):** The annualized base rent for all commenced leases and annualized cash interest for all executed mortgage loans as of March 31, 2025[53](index=53&type=chunk) - **Investment Grade:** Tenants with a credit rating of BBB- (S&P/Fitch), Baa3 (Moody's), or NAIC2 or higher[55](index=55&type=chunk) - **Investment Grade Profile:** Unrated tenants with investment-grade credit metrics (over **$1.0 billion** in annual sales and debt-to-EBITDA ratio below **2.0x**)[55](index=55&type=chunk) - **Occupancy:** The number of leased investments divided by the total number of investments owned, excluding properties under development[57](index=57&type=chunk)

Group 1 - The market is experiencing significant volatility, likened to historical events such as the end of the gold standard in 1971, as noted by Bill Gross [1] - Pearl Gray is an investment fund and market research firm that focuses on systematic analysis, particularly in bonds, investment funds, and REITs, with a primary emphasis on financials and real estate sectors [1] - The mission of Pearl Gray is to identify actionable total return ideas that integrate rigorous academic theories, practical experience, and common sense [1] Group 2 - The content provided by Pearl Gray and similar platforms is intended for discussion purposes and does not constitute financial advice, encouraging consultation with a registered financial advisor before making investment decisions [2] - Seeking Alpha emphasizes that past performance does not guarantee future results and that the views expressed may not represent the platform as a whole [3]

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NETSTREIT Corp. (NYSE:NTST) Q4 2024 Earnings Conference Call February 25, 2025 11:00 AM ET Company Participants Amy An - Director of Investor Relations Mark Manheimer - President and Chief Executive Officer Daniel Donlan - Chief Financial Officer Conference Call Participants Elmer Chang - Scotiabank Michael Goldsmith - UBS Group AG Ravi Vaidya - Mizuho Securities Co., Ltd. Michael Gorman - BTIG, LLC Linda Tsai - Jefferies Group LLC Dan Guglielmo - Capital One Securities, Inc. Jay Kornreich - Wedbush Securit ...

Investor Presentation February 2025 1 Disclaimer 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 f ...

Core Insights - NETSTREIT (NTST) reported $44.1 million in revenue for Q4 2024, a year-over-year increase of 19.6% [1] - The company's EPS for the same period was $0.32, compared to $0.03 a year ago, indicating significant growth [1] - Revenue exceeded the Zacks Consensus Estimate of $43.32 million by 1.81%, and EPS also surpassed the consensus estimate of $0.31 by 3.23% [1] Revenue Breakdown - Interest income on loans receivable was reported at $3.10 million, slightly below the two-analyst average estimate of $3.28 million, reflecting a year-over-year increase of 38.3% [4] - Rental revenue, including reimbursable, was $40.60 million, exceeding the two-analyst average estimate of $39.53 million, with a year-over-year change of 17.3% [4] Stock Performance - NETSTREIT shares have returned -0.5% over the past month, matching the Zacks S&P 500 composite's -0.5% change [3] - The stock currently holds a Zacks Rank 4 (Sell), suggesting potential underperformance relative to the broader market in the near term [3]