Financial Data and Key Metrics Changes - The company achieved a 5.7% growth in AFFO for the year, which is among the best in the net lease industry, reflecting strong performance and record investment activity [4][14] - AFFO per share for Q4 was $1.27, a 5% increase year-over-year, while full-year AFFO totaled $4.97 per share [14] - The total return for shareholders was 25% for the year, placing the company in the top tier of publicly traded REITs [4] Business Line Data and Key Metrics Changes - The company allocated 68% of its investment volume to warehouse and industrial assets, with retail accounting for 22% [7] - The average cash cap rate for investments was 7.6%, translating into an average yield just above 9% over long-term leases averaging 17 years [6] - Contractual same-store rent growth averaged 2.4% for both Q4 and the full year, with CPI-linked rent escalations averaging 2.6% [15][16] Market Data and Key Metrics Changes - 26% of the investment volume was in Europe, while 74% was in North America, predominantly in the U.S. [7] - The company expects cap rates to be incrementally lower in 2026, anticipating going-in cap rates in the mid- to low-7% range compared to 2025's average of 7.6% [11] Company Strategy and Development Direction - The company aims to expand its retail presence, targeting 25%-30% of annual deal volume in retail, including both U.S. and European markets [34] - The Carey Tenant Solutions platform is expected to enhance the company's capabilities in build-to-suit and redevelopment projects, with a focus on increasing the volume of such projects [37][54] - The company plans to maintain a conservative approach to investment volume guidance, starting with a range of $1.25 billion to $1.75 billion for 2026 [11][21] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in sustaining high investment activity and delivering attractive AFFO growth in 2026, supported by a strong funding position [9][30] - The company anticipates a slight increase in contractual same-store rent growth for 2026, with expectations of maintaining portfolio occupancy over 98% [18][21] - Management noted that there are no significant disruptions in the market, and they expect to refine investment guidance as the year progresses [76] Other Important Information - The company successfully refinanced its euro-denominated term loan at an attractive rate below 3% and has a strong liquidity position of $2.2 billion [8][29] - The company has reduced its HELVIG exposure to 1.1% of total ABR by year-end and is actively engaged in transactions to further reduce this exposure [17] Q&A Session Summary Question: Expansion in U.S. retail and other targeted categories - Management indicated that retail accounted for about 22% of deal volume last year, with a goal to increase this to 25%-30% annually, focusing on tenant credit and lease structure [34][35] Question: Growth of Carey Tenant Solutions platform - Management expects the volume of projects under the Carey Tenant Solutions platform to increase, with $50 million completed and another $280 million in construction [36][37] Question: Industrial asset cap rates and competition - Management noted that industrial assets remain core to the business, with expectations of cap rates tightening slightly in 2026, while competition from Realty Income is more pronounced in Europe [41][44] Question: Credit loss estimates - Management set a conservative range for rent loss from tenant credit at $10-$15 million for 2026, with no specific concerns currently in the portfolio [86][90] Question: Debt refinancing strategy - Management plans to refinance upcoming bonds with unsecured debt in the same currencies, with current pricing expectations for euro bonds in the low 4% range [91][92]

NETSTREIT Investor Presentation February 2026 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 th ...

FEBRUARY 2026 Agree Realty Overview (NYSE: ADC) NET LEASE REIT FOCUSED ON THE ACQUISITION & DEVELOPMENT OF HIGH-QUALITY RETAIL PROPERTIES OUR COMPANY Founded in 1971 by Executive Chairman, Richard Agree Public on the NYSE since 1994 $12.6 billion retail net lease REIT headquartered in Royal Oak, Michigan(1) 2,674 retail properties totaling approximately 55.5 million square feet in all 50 states Investment grade issuer ratings of A- from Fitch, Baa1 from Moody's, and BBB+ from S&P RETHINK RETAIL Capitalize o ...

Core Viewpoint - Broadstone Net Lease, Inc. (BNL) is entering 2026 with strong momentum and a clear strategy for growth, as highlighted by CEO John Moragne [2][3]. Business Update - BNL has provided an update on its business activities through December 1, 2025, and issued guidance for fiscal year 2026, expecting an AFFO of $1.53 to $1.57 per diluted share, representing approximately 4.0% growth at the midpoint [3][4]. - The guidance is based on key assumptions regarding real estate investments, property dispositions, and capital market activities throughout the year [3]. Investor Day - The guidance was issued in conjunction with BNL's upcoming Investor Day scheduled for December 2, 2025, where the company plans to provide deeper insights into its long-term strategy and operational execution [4]. Development Projects - As of November 25, 2025, BNL has several in-process and stabilized development projects, including retail and industrial properties, with projected rentable square feet and annual rent escalations detailed in their reports [5][6]. - The company has invested $696.7 million year-to-date, including $416.6 million in new property acquisitions and $181.8 million in build-to-suit developments [6]. Financial Guidance - BNL maintains its 2025 AFFO guidance of $1.49 to $1.50 per share, indicating a growth of 4.2% to 4.9% [6]. - The company anticipates investments in real estate properties between $500 million and $625 million and dispositions between $75 million and $100 million [6]. Portfolio Overview - As of September 30, 2025, BNL's diversified portfolio consists of 759 individual net leased commercial properties across the U.S. and Canada, focusing on single-tenant commercial real estate [8].

Core Insights - The article focuses on the net lease real estate sector, which is characterized by corporate tenants and long-term leases, highlighting its significance within the broader real estate investment trust (REIT) landscape [1] Industry Overview - The net lease industry is described as a niche sector of real estate, emphasizing its unique attributes such as the presence of corporate tenants and the structure of long maturity leases [1]

Financial Data and Key Metrics Changes - NNN reported core FFO of $0.85 per share and AFFO of $0.86 per share for Q3 2025, representing increases of 1.2% and 2.4% year-over-year respectively [10] - Annualized base rent reached $912 million at the end of the quarter, an increase of over 7% year-over-year [10] - The company's NOI margin was 98% for the quarter, with G&A as a percentage of total revenues at about 5% [11] Business Line Data and Key Metrics Changes - NNN closed 20 deals containing 57 assets for $283 million during the quarter, with an initial cap rate of 7.3% and an average lease duration of nearly 18 years [2][7] - The company executed a high renewal rate of 92% for leases, with rental rates at 108% above prior rents [6] - Seven new properties were leased to new tenants at rates of 124% of previous rents, indicating strong demand [6] Market Data and Key Metrics Changes - The company is increasing its 2025 acquisition volume guidance to a midpoint of $900 million, which would be an all-time high for NNN [3][15] - NNN's balance sheet remains strong with $1.4 billion in liquidity and an industry-leading average debt maturity of nearly 11 years [2][8] Company Strategy and Development Direction - NNN's strategy focuses on disciplined growth, proactive management, and optimizing its portfolio to drive sustainable growth and enhance shareholder value [2][8] - The company aims to resolve more than 75% of its vacant assets by the end of Q1 2026, positioning itself for future growth [5][6] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving an occupancy rate exceeding 98% by year-end, despite temporary reductions due to legal disputes with tenants [5][6] - The company raised its guidance for core FFO per share to a range of $3.36-$3.40 and AFFO per share to $3.41-$3.45, reflecting year-to-date outperformance [15] Other Important Information - NNN has maintained a healthy 70% AFFO payout ratio with a quarterly dividend of $0.60, equating to a 5.6% annualized yield [14] - The company has proactively managed risks, including the successful resolution of the At Home bankruptcy, which significantly de-risked its capital structure [12][16] Q&A Session Summary Question: Could we get more color around the outsized interest income? - Management attributed the increase in interest income to a high cash balance and better-than-expected interest rates on short-term deposits [18] Question: What is the rationale behind using equity to fund acquisitions? - The company aims for a 60/40 mix of equity and debt for funding, and current market conditions allow for accretive acquisitions despite higher costs of capital [20][21] Question: Are you seeing increased competition impacting pricing? - Management acknowledged heightened competition but emphasized that NNN's long-standing tenant relationships allow for continued execution without significant pricing pressure [26] Question: What are the bad debt assumptions now compared to earlier in the year? - The company reduced its bad debt assumption for the full year to 25 basis points, down from 60 basis points, due to limited losses and successful tenant resolutions [30] Question: What is the expected occupancy trajectory going forward? - Management expects to resolve a significant number of vacancies by year-end, aiming for improved occupancy rates as leases are renewed and assets are disposed of [32][34] Question: How does the company plan to handle debt maturity in 2026? - NNN is exploring various options for refinancing, including bank loans and bond markets, to manage upcoming debt maturities effectively [59]

Group 1 - The recent months have seen a resurgence in net lease investments, indicating a positive trend in this sector [1] - Essential Properties Realty Trust, Inc. (EPRT) has been highlighted as a leader in the net lease market, showcasing its strong position [1]

Company Overview - Realty Income has an enterprise value of approximately $85 billion[6] - The company has approximately $61 billion in gross real estate value across 9 countries[7] - Approximately 32% of rent comes from investment-grade clients[6] - The company has declared 664 monthly dividends and has increased dividends for 112 consecutive quarters[9] Financial Performance - The company anticipates AFFO per share in the range of $4.25 to $4.27 for the year 2025[24] - The company's annualized dividend is $3.234[9] - The company's annualized base rent is approximately $5.2 billion[14] - The company invested $1.4 billion at an initial weighted average cash yield of 7.7% in Q3 2025, including $1 billion in Europe at 8.0% and $380 million in the U S at 7.0%[24] Portfolio and Operations - The company's portfolio consists of 15,542 commercial real estate properties[6] - The company's portfolio spans 1,647 industries[11] - The company's quarter-end occupancy was 98.7% with a rent recapture rate of 103.5% across 284 leases[24]

Core Viewpoint - Realty Income (O) has achieved an 11.6% year-to-date gain, leading to discussions about its valuation and whether it is a good time for investment [1][8] Performance Summary - Realty Income has outperformed peers in the free-standing retail space, including Agree Realty Corporation (ADC) and NNN REIT, Inc. (NNN), while also surpassing the broader Zacks REIT and Equity Trust - Retail industry, although it lags behind the S&P 500 composite [1][8] Growth and Expansion - The company is expanding in the U.S. and Europe, which supports its long-term growth outlook, and a recent dividend increase has positively impacted investor sentiment [2][8] - Realty Income owns over 15,600 properties across the U.S. and Europe, with a tenant mix focused on non-discretionary retail and service categories, contributing to stable cash flows [4][10] - The company has a disciplined acquisition strategy, maintaining a historical median occupancy rate of 98.3%, with current occupancy at 98.6% as of June 30, 2025 [5][10] Financial Strength - Realty Income has $5.1 billion in liquidity and maintains investment-grade credit ratings, with a dividend yield of 5.47% [10][18] - The company has increased its dividend for 112 consecutive quarters, with the most recent hike being its 132nd since its 1994 listing [10][18] Valuation Insights - Realty Income's stock is trading at a forward 12-month price-to-FFO of 13.53X, which is below the retail REIT industry average of 15.05X but above its one-year median of 13.15X [15] - The valuation is relatively favorable compared to Agree Realty Corporation, which trades at 15.89X, while NNN trades at 11.91X [15] Investment Outlook - Realty Income is recognized as a leading dividend-focused REIT, valued for its consistent payouts and long-term growth profile, with a diversified tenant base providing resilience during economic uncertainty [17][18] - The company’s strategic expansion in Europe and strong financial position suggest a solid foundation for long-term growth, although new investors may exercise caution until market conditions stabilize [18]

Financial Data and Key Metrics Changes - The company reported cash NOI of $41.9 million for Q2 2025, a 1.7% increase from Q2 2024, primarily driven by acquisitions [12] - AFFO was $0.54 per diluted share for Q2 2025, reflecting a 1.7% increase from Q2 2024, despite a 2.7% decrease year-over-year due to higher interest expenses [13][15] - The liquidity position at the end of the quarter was $568.8 million, with a net debt to EBITDAre ratio of 3.6 times [17] Business Line Data and Key Metrics Changes - The average EBITDARM coverage ratio improved to 5.31 times, up from 4.64 times in the previous year, indicating stronger tenant performance [16] - The company maintained a strong tenant base, with 40% associated with investment-grade rated tenants, up from 36.4% year-over-year [16] Market Data and Key Metrics Changes - The company closed on a two-property medical outpatient building portfolio for approximately $16.2 million, enhancing its operational synergies [20] - Year-to-date acquisitions totaled approximately $75 million, with over $70 million of properties under exclusive LOI [21] Company Strategy and Development Direction - The company focuses on necessity-based healthcare solutions, aiming to capitalize on the aging population and limited competition in its markets [5][19] - A strategic decision was made to demolish the Stoughton asset to halt expense leakage and maximize future land value [10][39] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to grow despite macroeconomic uncertainties, emphasizing a prudent capital allocation strategy [4][11] - The company aims to maintain a healthy dividend while pursuing growth through acquisitions and share repurchases [17] Other Important Information - The board approved a three-year share repurchase program for up to $75 million, with a cap of $25 million per year [15] - The company is currently under exclusive LOI for additional acquisitions, indicating a robust pipeline for future growth [21] Q&A Session Summary Question: What types of assets are included in the $70 million LOIs? - Management confirmed that the properties under LOI are consistent with their current portfolio and have long lease durations [25][26] Question: What is the current status of the Stoughton facility? - Management indicated that the demolition process is underway and will significantly reduce carrying costs [39][57] Question: How does the company evaluate share repurchases versus acquisitions? - Management stated that share repurchases are viewed as a tool, and decisions are based on the perceived disconnect between share price and intrinsic value [30][41] Question: What are the expectations for lease expirations in the near term? - Management is optimistic about renewing nearly all leases expiring in 2025 and 2026, with only minor exposures expected [42][46]